Category: Machine Learning

MIL-OSI Economics: [World Sleep Day] Recovering From Daylight Saving Time May Take More Than Three Weeks, Youngest Hit Hardest

Source: Samsung

Do you find yourself feeling more tired once the clocks spring forward for Daylight Saving Time (DST)? Well, you’re not alone. Although losing an hour the night of DST may seem insignificant, examining the sleep patterns of global Samsung Health users1 from the US, Canada and more than 40 European countries reveals a ripple effect that causes weeks-long disruptions to sleep patterns, hitting younger age groups the hardest.

DST Takes a Toll on Sleep, With Younger Generations Most Disrupted
When looking into how much of an impact DST has on people the morning after, one thing is clear, everyone’s sleep patterns are thrown off. In fact, people spent a little too much time counting sheep the night of the time change, falling asleep 33 minutes later than the previous night, waking up 19 minutes earlier. While losing sleep isn’t easy at any age, those in their 20s likely felt it the most thanks to an extremely late bedtime and a seeming inability to sleep in.

Moreover, Sleep Score — calculated based on an evaluation of a users’ total sleep time, awake time, sleep cycle, plus physical and mental recovery — was at the worst level for weeks after DST — and again, people in their 20s appeared to be most affected. When examining in the seven-day Sleep Score average, the 20s age group demonstrated the slowest score recovery rate, while older age groups adapted much quicker. By the third week, Sleep Score for all age groups were still not stable as normal, showing fluctuations in the quality of a good night’s rest.

Useful Tips To Help You Get a Good Night’s Sleep and a Quicker Recovery
The transition into DST clearly affects the sleep patterns of all age groups long after the clocks change, but for younger generations, prioritizing sleep management during this time couldn’t be more important. In recognition of World Sleep Day, Samsung is sharing useful tips that make understanding your sleep patterns and habits as seamless and effortless as possible for a better night’s rest.

Creating an ideal sleep environment is critical to a good night’s sleep. Later this month, Samsung Health app update2 will make this possible by providing guidance and analysis on the key factors that influence sleep quality, including temperature, humidity, CO2 and illuminance via a Sleep Environment Report3 — leveraging SmartThings and the power of Samsung’s extensive device ecosystem. With a better understanding of how your environment affects sleep, easily optimize your room conditions for an improved night’s rest.
In addition to perfecting your sleep environment, understanding how activity can impact energy level is key. Samsung Health app updates also bring enhancements to Energy Score,4 which provides an indicator of how much energy users can expend throughout the day. In addition to sleep and heart rate, a new detailed factor about activity — Activity Consistency — will help you understand your overall condition in greater detail by evaluating your activity levels over the past four weeks.
It’s also important to understand how you’re sleeping and make necessary adjustments through sleep training. Sleep Coaching makes this simple by seamlessly tracking your sleep patterns over 7 days and assigning a sleep animal based on the results. With a personalized coaching program, develop healthy habits and routines that set you on a positive path to achieving your sleep goals.

World Sleep Day serves as an important reminder of the importance of sleep. With the latest Samsung Health app updates and the Galaxy ecosystem, Samsung remains committed to helping users optimize their sleep and lead healthier, more balanced life.

1 Findings analyzed sleep data of Samsung Health users via Galaxy Watch series during DST in the spring of 2024.2 Certain features may vary by market, carrier or paired device.3 Sleep Environment Report feature will be available on smartphone with One UI 7 and Samsung Health app version 6.29.5 or higher, and when device is connected to SmartThings.4 Galaxy AI features track data and require compatible Samsung Galaxy phone, Samsung Health app and Samsung account.

MIL OSI Economics –

March 6, 2025
MIL-OSI Canada: Ratification vote upcoming on K’ómoks Treaty, Constitution
Source: Government of Canada regional news

Eligible voters are voting whether to ratify the K’ómoks Treaty and Constitution on Saturday, March 8, 2025.

In July 2024, the chief negotiators from all three parties — K’ómoks First Nation (K’ómoks), the Government of Canada (Canada) and the Government of British Columbia (B.C.) — initialed the K’ómoks Treaty. This milestone in the treaty negotiations process signalled the conclusion of substantive negotiations subject to certain caveats, such as ongoing legal and technical review, and consultation with neighbouring First Nations. The legal and technical review of the treaty concluded in November 2024, resulting in the ratification version of the K’ómoks Treaty.

Ratification follows initialling of the treaty and is the approval process that treaties must go through before they can come into effect. The first step in this process is the K’ómoks ratification vote. To ratify, the treaty and constitution require a double majority vote outcome by K’ómoks eligible voters. This means more than 50% of eligible voters on the voters list cast a ballot, and more than 50% of those voters cast a ballot in favour of the treaty and constitution.

Should eligible voters vote in favour of ratifying the K’ómoks Treaty and Constitution, B.C. and Canada will undergo their own respective ratification approval processes. This includes introducing provincial, then federal treaty implementation legislation to bring the K’ómoks Treaty into law. If ratified by all three parties, the treaty is anticipated to have an effective date in 2028.

K’ómoks entered treaty negotiations in the early 1990s. Working closely with the BC Treaty Commission, an independent facilitator of the made-in-B.C. treaty negotiations framework, negotiators for K’ómoks, Canada and B.C. reached an agreement-in-principle (AIP) in 2012. The AIP established agreement on the substantive elements to be detailed in the completed treaty.

In the years since, K’ómoks, B.C. and Canada have engaged with all levels of government, industry, interest holders and people in the region about various elements of the proposed treaty. K’ómoks has worked closely with its local government partners to invest in shared services and regional economic development. B.C. and Canada are also continuing Crown consultation with neighbouring and overlapping First Nations.

Engagement has provided opportunities for people to share their needs and shape treaty provisions. As a result, the ratification version of the K’ómoks Treaty reflects work together on shared regional priorities established in the 2012 AIP.

If ratified, the proposed treaty would:
- ensure Aboriginal rights are recognized, and not extinguished, for K’ómoks, and describe the parties’ agreement on the exercise of rights;
- clarify that the treaty does not infringe or extinguish the rights of neighbouring First Nations;
- lay out negotiated approaches to self-governance and confirm land parcels to be owned and governed by K’ómoks;
- address existing interests and tenures on proposed treaty lands (interest holders have been engaged on the proposed approach to their tenure or interest); and
- formalize consultation and opportunities for co-management of resources within the First Nations’ traditional territory.
Once the ratification vote is complete, there will be further opportunities for regional and public engagement, as well as ongoing consultation with neighbouring First Nations.

Learn More:

More information, including the ratification version of the K’ómoks Treaty, is available here: https://engage.gov.bc.ca/govtogetherbc/engagement/komoks-treaty

Treaty and enrolment information for eligible voters is available here: https://komoks.ca/treaty/

MIL OSI Canada News –
March 6, 2025
MIL-OSI Economics: 5G-Advanced and AI Combine Their Strengths to Take Mobile AI to New Heights

Source: Huawei

Headline: 5G-Advanced and AI Combine Their Strengths to Take Mobile AI to New Heights

[Barcelona, Spain, March 5, 2025] At the Mobile World Congress (MWC) Barcelona 2025, Huawei held its Mobile AI Network Summit. In attendance were a broad lineup of partners, including representatives from leading analytics firms Ookla, Omdia, and ABI, AI technology developers like Zhipu AI, and AI device innovators like SHARGE. Together, they discussed a long list of topics of industry-wide interest, from mobile AI industry upgrades to network construction best practices. They proposed the construction of a mobile AI infrastructure to accelerate network evolution to 5G-Advanced and high-level autonomy for the mobile AI era.
Dang Wenshuan, Huawei’s Chief Strategy Architect, speaking at the summit

Huawei Chief Strategic Architect Dang Wenshuan presented insights into the global AI boom. AI is creating business opportunities in many domains, from full-process experience operations to AI New Calling, AI homes, and services and products for SMEs. According to Dang, “to make the most of mobile AI, 5G-Advanced is essential for creating new business value for operators and their vertical partners.” Networks are improving quickly to support 10 times faster uplink speed and 10 dB better coverage with 10 times higher spectral efficiency. This means networks will become a strong foundation for the universal accessibility of AI. Conversely, AI has massive potential for improving networks. AI can make networks more productive by increasing O&M efficiency by 30%, lowering energy consumption by 20%, and enabling the service assurance rate to exceed 90%.
Representatives from Ookla, Omdia, ABI, Zhipu AI, and SHARGE affirmed that the rapid progress of large language models attributes to the boom in mobile AI. The increasing popularity of AI phones, glasses, and many other intelligent devices is making multimodal interaction more available and useful. This amplifies the importance of real-time mobile connections and sets the stage for drastic data traffic increases in networks. For operators, this means new opportunities for business monetization and new tests for their mobile networks in uplink bandwidth, latency, and seamless coverage across indoor and outdoor areas. Networks are becoming increasingly complex as the mobile AI era fast approaches, so mobile operators share a common goal of using large language models, digital twins, and other cutting-edge technologies to develop agents for greater network productivity.
Operator guests shared the success stories of 5G construction and network architecture upgrade. They discussed spectrum convergence, multi-antenna improvement, and SA architecture evolution for rapid implementation of 5G across all bands. These innovations address the user experience requirements of diverse mobile AI services, while enabling lower energy consumption. By making full use of the respective strengths of AI and mobile networks, intelligent networks can achieve deterministic service experience and high-level network autonomy through greater human-machine collaboration. This is conducive to improving user experience and making O&M more efficient.
At this summit, Huawei highlighted two directions for adapting to the mobile AI era. To help operators improve networks to make the most of the AI boom, Huawei offers next-generation GigaGreen, GigaBand, and GigaSpot solutions that feature stronger frequency aggregation. These solutions enable operators to simplify network deployment for flexible network capacity increase and superior ubiquitous connection experiences while realizing green sustainability. To help operators maximize the benefits of AI for stronger networks and quickly advance to AN L4, Huawei has introduced an agentic choreography pipeline to its agent-based digital-person team. The agentic choreography pipeline enables elaborate radio resource orchestration to guarantee differentiated experience, and supports multi-agent orchestration for automated complex task execution. Furthermore, working with the RAN Intelligent Service Engine (RISE), which is an intelligent capability openness platform that is first launched by Huawei, the agentic choreography pipeline provides operators with end-to-end automation for orchestrating customer-oriented provisioning for new services, thereby accelerating their rollout in the market. This enables operators to make networks even more intelligent, flexible, and efficient.
MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.
In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world.
For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

MIL OSI Economics –

March 6, 2025
MIL-OSI Economics: bKash and Huawei Win GSMA GLOMO “Best FinTech Innovation” Award

Source: Huawei

Headline: bKash and Huawei Win GSMA GLOMO “Best FinTech Innovation” Award

[Barcelona, Spain, March 5, 2025] During MWC Barcelona 2025, bKash and Huawei were awarded the GSMA GLOMO “Best FinTech Innovation” for digital loan solution for all. This award recognises groundbreaking advancements in financial technology that are transforming the way people and businesses manage, access, and utilise financial services. bKash and Huawei pioneered the ‘Pay Later’ service in Bangladesh, providing short-term microloans to unbanked users, helping them address short-term financial gaps in daily expenses.
bKash and Huawei jointly win the GSMA GLOMO “Best FinTech Innovation” award

Since its launch in 2018, bKash has expanded financial access to 61% of Bangladeshi adults, However, 37% of citizens still rely on high-interest informal lenders for urgent needs, while only 9% of adults have access to formal banking services. To address this, Huawei partnered with bKash to introduce the “Pay Later” financial service, offering instant, paperless microloans and delivering a seamless digital payment experience to the majority of Bangladesh’s unbanked population. This service particularly benefits groups, including rural women and small businesses, helping them secure working capital, reduce poverty, and drive local e-commerce growth.
Mohammad Azmal Huda, Chief Product and Technology Officer (CPTO) of bKash, stated, “Leveraging the easy-to-integrate and scalable capabilities of Huawei mobile money platform, we have rapidly expanded more than 20 key payment scenarios and embedded ‘Pay Later’ micro financial services. This initiative has empowered millions of people to attain financial dignity and has accelerated our mission to drive financial inclusion across Bangladesh.”
“We are honored to jointly receive the GLOMO Best FinTech Innovation Award with bKash. Huawei will continue to invest in product innovation, integrate the strengths of our partners, and create greater commercial and social value for our customers.” said by Maurice Ma, President of Huawei Software Business Unit.
Over the last decade, Huawei’s Mobile Money solution has benefited 480 million users across over 40 countries globally. The solution uses a unique cloud-native distributed architecture, achieving 99.999% platform reliability and unlimited scalability, ensuring zero business interruption. Powered by a robust data and AI engine, Huawei Mobile Money enables agile financial risk assessment and drives healthy revenue growth. Additionally, the platform’s openness enables agile business innovation, accelerating the development of digital lifestyle gateways, and providing more convenient financial services to global users.
MWC Barcelona 2025 will be held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1. In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world. For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

MIL OSI Economics –

March 6, 2025

MIL-OSI: South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2024 financial and operational results and provides its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

Highlights

Spinoff transaction

Launched as an independent company on Oct. 1, 2024, completing the planned separation (the Spinoff) from TC Energy Corp. (TC Energy).
Completed an initial notes offering on Aug. 28, 2024, raising approximately $5.8 billion, in aggregate, of U.S. and Canadian dollar-denominated senior unsecured notes and U.S. dollar-denominated junior subordinated notes. As part of the Spinoff, South Bow repaid the outstanding long-term debt owed to affiliates of TC Energy on Oct. 1, 2024.

Safety and operational performance

Demonstrated safety excellence in 2024, achieving record occupational and process safety performance during a transformative period.
Delivered record system availability in 2024, with an annual System Operating Factor (SOF) of 95% for the Keystone Pipeline due to continued improvements in system reliability.
Recorded annual average throughput on the Keystone Pipeline of approximately 626,000 barrels per day (bbl/d) in 2024, an increase of 5% relative to 2023. Throughput on the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 795,000 bbl/d, increasing by 15% relative to 2023.
- Fourth-quarter 2024 throughput on the Keystone Pipeline and the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 621,000 bbl/d and approximately 784,000 bbl/d, respectively.
Advanced the Blackrod Connection Project in Alberta, anticipated to be ready for in-service in early 2026. South Bow is in the final stages of completing construction of the project’s 25-km crude oil and natural gas pipeline segments, with welding complete and hydrostatic testing activities underway. Facility construction, including the tank terminal, is expected to be completed in late 2025.
Received approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA) in Jan. 2025 of South Bow’s remedial work plan, substantially completing the conditions in the Amended Corrective Action Order (ACAO) related to the Milepost 14 incident (MP-14). In early March 2025, South Bow received approval from PHMSA to lift the pressure restriction on the affected segment to 72% of the specified minimum yield strength of the pipeline. The affected segment includes the section of the pipeline where the MP-14 incident occurred.

Financial performance

Delivered strong financial performance in 2024, underscored by the highly contracted nature of South Bow’s assets. Revenue and normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA) increased relative to 2023 due to significant demand for uncommitted capacity on the Keystone Pipeline in the first quarter of 2024, and strong demand for capacity on the U.S. Gulf Coast segment of the Keystone Pipeline System throughout the year.
- Generated revenue of $488 million and $2,120 million for the three months and year ended Dec. 31, 2024, respectively.
- Recognized net income of $55 million ($0.26/share) and $316 million ($1.52/share) during the three months and year ended Dec. 31, 2024, respectively.
- Recorded normalized EBITDA¹ of $290 million for the three months ended Dec. 31, 2024, an increase of 11% from the three months ended Sept. 30, 2024, primarily due to the timing of trade settlements within South Bow’s Marketing segment. Normalized EBITDA for the year ended Dec. 31, 2024 was $1,091 million, an increase of 2% from 2023.
- Delivered distributable cash flow¹ of $183 million and $608 million for the three months and year ended Dec. 31, 2024, respectively.
Exited 2024 with total long-term debt and net debt¹ outstanding of $5.7 billion and $4.9 billion, respectively. South Bow’s net debt-to-normalized EBITDA ratio¹ was 4.5 times at Dec. 31, 2024, supported by the Company’s starting working capital balances and strong normalized EBITDA generated in 2024.
- South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.

Returns to shareholders

Committed to paying a strong and sustainable dividend, declared South Bow’s inaugural quarterly dividend of $104 million ($0.50/share) on Nov. 7, 2024. The dividend was paid on Jan. 31, 2025 to shareholders of record on Dec. 31, 2024.
South Bow’s board of directors (the Board) has approved a quarterly dividend of $0.50/share, payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

South Bow’s audited consolidated financial statements and notes (the financial statements), management’s discussion and analysis (MD&A), and annual information form (AIF) as at and for the year ended Dec. 31, 2024 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024 is incorporated by reference into this news release.

South Bow’s standalone financial statements were prepared using information derived from the consolidated financial statements and accounting records of TC Energy, including the historical cost basis of assets and liabilities comprising the Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company, using the historical accounting policies applied by TC Energy. The presentation of certain prior period comparatives have been updated for consistency with current year presentation.

_________________________

¹ Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

Financial and operational results

$ millions, unless otherwise noted	Three Months Ended					Year Ended
$ millions, unless otherwise noted	Sept. 30, 2024		Dec. 31, 2024	Dec. 31, 2023		Dec. 31, 2024	Dec. 31, 2023
FINANCIAL RESULTS
Revenue	534		488	540		2,120	2,005
Income from equity investments	12		12	13		49	50
Net income	61		55	103		316	442
Per share¹	0.29		0.26	0.50		1.52	2.13
Normalized net income²	86		112	94		383	504
Per share^{1 2}	0.41		0.54	0.45		1.84	2.43
Normalized EBITDA²	262		290	278		1,091	1,074
Keystone Pipeline System	257		250	264		1,028	981
Marketing	(7	)	24	(2	)	12	42
Intra-Alberta & Other	12		16	16		51	51
Distributable cash flow²	163		183	161		608	785
Dividends declared	—		104	—		104	—
Per share¹	—		0.50	—		0.50	—
Capital expenditures³	61		28	11		122	37
Total long-term debt	10,452		5,716	5,967		5,716	5,967
Net debt^{2 4}	4,827		4,901	5,715		4,901	5,715
Net debt-to-normalized EBITDA (ratio)²	4.5		4.5⁵	5.3		4.5⁵	5.3
Common shares outstanding, weighted average diluted (millions)⁶	207.6		208.4	207.6		208.2	207.6
Common shares outstanding (millions)⁶	207.6		208.0	207.6		208.0	207.6

OPERATIONAL RESULTS
Keystone Pipeline SOF (%)	95		96	92		95	93
Keystone Pipeline throughput (Mbbl/d)	616		621	612		626	595
U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d)⁷	815		784	783		795	694
Marketlink throughput (Mbbl/d)	636		615	610		614	537

Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
Non-GAAP financial measure or non-GAAP ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
Includes 50% equity treatment of South Bow’s junior subordinated notes.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

Outlook

Capital allocation priorities

South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
- paying a sustainable base dividend;
- strengthening the Company’s investment-grade financial position; and
- leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

Market outlook

Every day, South Bow safely and reliably transports crude oil to key demand and refining markets in the U.S. Midwest and Gulf Coast. With substantially all of the crude oil imported into the U.S. Midwest originating from Canada, and refining facilities in the U.S. Gulf Coast set up to process heavy crude oil, these markets rely heavily on Canadian crude oil supplies to meet their energy needs.
While approximately 90% of South Bow’s normalized EBITDA is contracted through committed arrangements, which carry minimal commodity price or volumetric risk, demand for uncommitted capacity on the Keystone System is anticipated to remain subdued in 2025 as Western Canadian Sedimentary Basin (WCSB) crude oil pipeline capacity exceeds supply.
The potential for, and continuation of, tariffs on energy imposed by the U.S. government and counter-tariffs imposed by the Canadian government have created economic and geopolitical uncertainty, resulting in volatility in pricing differentials. Persistence of this uncertainty may create additional headwinds for uncommitted capacity on South Bow’s pipeline systems and impact South Bow’s Marketing segment results. Given the uncertainty, South Bow’s guidance for 2025 does not account for the future potential impact of sustained tariffs.

2025 guidance

South Bow’s guidance aims to inform readers about Management’s expectations for financial and operational results in 2025. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.
The financial outlook for South Bow in 2025 is supported by the Company’s highly contracted cash flows and strong structural demand for services. Normalized EBITDA is projected to be approximately $1.01 billion, within a range of 3%, with approximately 90% secured through committed arrangements. South Bow reaffirms its long-term normalized EBITDA growth outlook of 2% to 3%.
South Bow has reduced its outlook for normalized EBITDA for its Marketing segment by approximately $30 million relative to 2024, due to continued impacts of WCSB crude oil pipeline capacity exceeding supply and South Bow’s response to market uncertainty caused by the potential for, and continuation of, tariffs, including the unwinding of certain positions to minimize South Bow’s exposure to further pricing volatility.
South Bow anticipates that its interest expense for 2025 will be approximately $325 million, within a range of 2%, and that the Company’s current tax rate will range from 23% to 24%.
Distributable cash flow is expected to be approximately $535 million, within a range of 3%, which South Bow will use to fund its expected annual dividend of $416 million ($2.00/share), subject to approval and declaration by the Board, and investments required to continue advancing the Blackrod Connection Project.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
South Bow plans to invest approximately $110 million, within a range of 3%, in growth capital expenditures for the Blackrod Connection Project in 2025. The total expected capital cost of the project is estimated to be $180 million, targeted to be ready for in-service in early 2026. As of Dec. 31, 2024, South Bow has invested $62 million in the project.
Maintenance capital expenditures are estimated to be approximately $65 million, within a range of 3%, in 2025, as South Bow proactively completes maintenance activities while demand for uncommitted capacity is expected to be subdued, and invests in information services infrastructure. These expenditures are generally recoverable through South Bow’s tolling arrangements.

South Bow’s 2025 annual guidance and a review of 2024 actual results are outlined below:

$ millions, except percentages ¹	2024 Actuals	2025 Guidance
Normalized EBITDA	1,091	1,010 ± 3%
Interest expense	388	325 ± 2%
Current tax rate (%)	23%	23% – 24%
Distributable cash flow	608	535 ± 3%
Capital expenditures
Growth	73	110 ± 3%
Maintenance ²	61	65 ± 3%

Assumes average foreign exchange rate of C$/U.S.1.4286.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Refer to the section entitled “Guidance” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Conference call and webcast details

South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).


Date	March 6, 2025
Time	8 a.m. MT (10 a.m. ET)
Webcast link	https://edge.media-server.com/mmc/p/fqe5oacv
Conference call link	https://register.vevent.com/register/BIbb6663202d26443895983db438ccaf6e

Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

Visit www.southbow.com/investors for the replay following the event.

Non-GAAP financial measures

In this news release, South Bow references certain non-GAAP financial measures and non-GAAP ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

South Bow’s non-GAAP financial measures and non-GAAP ratios include:

normalized EBITDA;
normalized net income;
normalized net income per share;
distributable cash flow;
net debt; and
net debt-to-normalized EBITDA ratio.

These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

Normalizing items

Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

Normalized EBITDA

Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest expense	115		84		105		388		220
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 costs	—		4		—		4		—
Separation costs	20		(1	)	3		29		3
Keystone XL costs and other	15		(13	)	—		2		10
Normalized EBITDA	262		290		278		1,091		1,074

The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

$ millions	Three Months Ended Sept. 30, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	173		17		(100	)	90
Adjusted for specific items:
Depreciation and amortization	59		—		2		61
Interest expense	(1	)	—		116		115
Interest income and other	—		(1	)	(26	)	(27	)
Risk management instruments	—		(23	)	—		(23	)
Keystone variable toll disputes	11		—		—		11
MP-14 costs	—		—		—		—
Separation costs	—		—		20		20
Keystone XL costs and other	15		—		—		15
Normalized EBITDA	257		(7	)	12		262

$ millions	Three Months Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	205		(32	)	(101	)	72
Adjusted for specific items:
Depreciation and amortization	59		—		3		62
Interest expense	(1	)	—		85		84
Interest income and other	(1	)	(1	)	30		28
Risk management instruments	—		57		—		57
Keystone variable toll disputes	(3	)	—		—		(3	)
MP-14 costs	4		—		—		4
Separation costs	—		—		(1	)	(1	)
Keystone XL costs and other	(13	)	—		—		(13	)
Normalized EBITDA	250		24		16		290

$ millions	Three Months Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	203		14		(86	)	131
Adjusted for specific items:
Depreciation and amortization	60		—		1		61
Interest expense	3		1		101		105
Interest income and other	(2	)	(2	)	(3	)	(7	)
Risk management instruments	—		(15	)	—		(15	)
Keystone variable toll disputes	—		—		—		—
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	—		—		—		—
Normalized EBITDA	264		(2	)	16		278

$ millions	Year Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	778		6		(366	)	418
Adjusted for specific items:
Depreciation and amortization	238		—		8		246
Interest expense	1		1		386		388
Interest income and other	(3	)	(3	)	(6	)	(12	)
Risk management instruments	—		8		—		8
Keystone variable toll disputes	8		—		—		8
MP-14 costs	4		—		—		4
Separation costs	—		—		29		29
Keystone XL costs and other	2		—		—		2
Normalized EBITDA	1,028		12		51		1,091

$ millions	Year Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	687		19		(144	)	562
Adjusted for specific items:
Depreciation and amortization	239		—		5		244
Interest expense	7		2		211		220
Interest income and other	(4	)	(4	)	(24	)	(32	)
Risk management instruments	—		25		—		25
Keystone variable toll disputes	42		—		—		42
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	10		—		—		10
Normalized EBITDA	981		42		51		1,074

Normalized net income and normalized net income per share

Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. This per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

The following table reconciles net income to normalized net income for the indicated periods:

$ millions, except common shares outstanding and per share amounts	Three Months Ended						Year Ended
	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Net income	61		55		103		316		442
Adjusted for specific items:
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 settlement	—		4		—		4		—
Separation costs	20		27		3		67		3
Keystone XL costs and other	15		(13	)	3		2		17
Tax effect of the above adjustments	(8	)	(15	)	—		(22	)	(25	)
Normalized net income	76		112		94		383		504
Common shares outstanding, weighted average diluted (millions)	207.6		208.4		207.6		208.2		207.6
Normalized net income per share	0.41		0.54		0.45		1.84		2.43

Distributable cash flow

Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Normalizing items, net of tax¹	18		34		(9	)	39		62
Income from equity investments	(12	)	(12	)	(13	)	(49	)	(50	)
Distributions from equity investments	17		20		15		70		71
Maintenance capital expenditures²	(22	)	(15	)	(2	)	(61	)	(19	)
Current income tax recovery (expense)	38		(6	)	(15	)	(43	)	(53	)
Distributable cash flow	163		183		161		608		785

Normalizing items per normalized EBITDA reconciliation, net of tax.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Net debt and net debt-to-normalized EBITDA ratio

Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. This measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

Net debt-to-normalized EBITDA ratio is used to monitor the South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

$ millions, except ratios	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023
Current portion of long-term debt to affiliates of TC Energy	4,677		—		—
Senior unsecured notes	4,686		4,629		5,967
Junior subordinated notes	1,089		1,087		—
Total long-term debt	10,452		5,716		5,967
Adjusted for:
Hybrid treatment for junior subordinated notes¹	(545	)	(544	)	—
Operating lease liabilities	22		22		10
Dividends payable	—		104		—
Cash and cash equivalents	(622	)	(397	)	(262	)
Restricted cash held in escrow²	(4,480	)	—		—
Net debt	4,827		4,901		5,715
Normalized EBITDA	1,079		1,091		1,074
Net debt-to-normalized EBITDA (ratio)	4.5		4.5		5.3

Includes 50% equity treatment of South Bow’s junior subordinated notes.
Senior unsecured notes and junior subordinated notes were issued on Aug. 28, 2024, of which $1.25 billion was used to repay long-term debt to affiliates of TC Energy; the remaining proceeds were held in escrow until completion of the Spinoff on Oct. 1, 2024.

Forward-looking information and statements

This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities and outlook; the Blackrod Connection Project, including completion of crude oil and natural gas pipeline segments, testing activities, in-service dates, and costs thereof; expected in-service dates and costs related to announced projects and projects under construction; PHMSA approvals and completion of the ACAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; and South Bow’s financial strength and flexibility.

The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s AIF dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About South Bow

South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

Contact information

*Investor Relations*	*Media Relations*
Martha Wilmot investor.relations@southbow.com	Katie Stavinoha communications@southbow.com

The MIL Network –

March 6, 2025

MIL-OSI: Hivello integrates Nosana to boost passive income yield and expand DePIN network

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its investee, Hivello Holdings Ltd (“Hivello”) has integrated with the Nosana network to increase passive income yield for Hivello users.

Nosana is one of the highest-yielding DePIN networks for GPU-based compute with significant demand from Artificial Intelligence (AI) and software developers.

Justin Rosenberg, CEO of Blockmate Ventures, commented, “Generative AI has exploded into mainstream internet use over the past year and these apps require large amounts of computing power to compete by generating outputs at high speed. Helping to fill a supply void for decentralized GPU power, we’re delighted for Hivello to integrate with Nosana in a move that will see an increase in GPU node participation and earning opportunities for Hivello users seeking higher-yielding passive income.”

Below is the press release from Hivello:

Hivello Integrates Nosana to Boost GPU Earnings and Expand DePIN Opportunities

LONDON and AMSTERDAM, March 04, 2025 — Hivello, an aggregator of decentralized physical infrastructure networks (DePINs), is excited to announce its latest integration with Nosana, a decentralized compute network designed to power AI and CI/CD workloads using GPU resources. This partnership marks a significant step in expanding earning opportunities for users with GPUs, as Nosana is one of the highest-yielding DePIN networks for GPU-based compute.

GPU-powered DePIN networks are among the most in-demand and profitable, and Nosana’s integration allows Hivello users to maximize their earnings by contributing their GPUs to a decentralized AI and software development ecosystem. With Nosana now part of Hivello’s automated compute aggregation platform, users can seamlessly connect their idle GPU power and generate higher returns while supporting the infrastructure behind AI model training and continuous software integration.

With Nosana now integrated, Hivello expects to see a surge in GPU node participation, giving more users the ability to earn rewards, stake $HVLO, and contribute to the next wave of DePIN-powered applications.

“The future of infrastructure is decentralized, and DePIN is leading this transformation,” said Domenic Carosa, Co-Founder and Chairman of Hivello. “Nosana’s integration is another step toward making GPU-powered compute more accessible, rewarding, and scalable. Hivello is committed to supporting the growth of DePIN by enabling anyone, anywhere, to contribute to and benefit from a more open and distributed infrastructure.”

(ENDS)

About Hivello
Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to earn passive income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources and earn passive income, with no technical knowledge required. It’s as easy as downloading, installing, and running nodes, making complex technologies accessible and beneficial to all.

For more information about Hivello and to stay updated on its developments, visit www.hivello.com

Website | X | Discord | LinkedIn | Telegram

About Nosana
Nosana is a decentralized GPU-powered compute network, supporting AI and CI/CD workloads. By leveraging distributed GPU resources, Nosana enables scalable AI training, software testing, and DevOps processes while rewarding node operators for their contributions.

About Blockmate Ventures Inc.

Blockmate Ventures is a venture creator focussing on building fast-growing technology businesses relating to cutting-edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

ON BEHALF OF THE BOARD OF DIRECTORS

Justin Rosenberg, CEO
Blockmate Ventures Inc
justin@blockmate.com
(+1-580-262-6130)

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

Forward-Looking Information
This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

The MIL Network –

March 6, 2025
MIL-OSI China: China unveils resilient growth target with strong policy support

Source: China State Council Information Office 2

China has set an economic growth target of around 5 percent for 2025, reflecting a sound economic outlook despite increasing global uncertainties, as policymakers are determined to secure steady recovery through decisive and effective measures.
Premier Li Qiang on Wednesday announced the goal when delivering the government work report to the annual session of the National People’s Congress for deliberation. The report outlines an array of other key development goals for this year, including a surveyed urban unemployment rate of around 5.5 percent, over 12 million new urban jobs, and an around 2 percent increase in the consumer price index.

This photo shows the booth of Contemporary Amperex Technology Co., Limited at the 22nd Guangzhou International Automobile Exhibition at the China Import and Export Fair Complex in Guangzhou, south China’s Guangdong Province, Nov. 15, 2024. (Xinhua/Deng Hua)
The country achieved economic growth of 5 percent in 2024 as an impactful policy package, along with other pro-growth measures, helped fuel strong economic momentum.
As 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025) period and is crucial for crafting the next five-year blueprint, observers believe that the government policies will not only drive sustained growth this year but also lay the groundwork for the country’s modernization drive in the long run.
REASONABLE, ACHIEVABLE GOAL
Why has the Chinese government maintained the growth target at around 5 percent?
The premier explained that the goal, backed by growth potential and favorable conditions, meets the need to stabilize employment, prevent risks and improve the people’s wellbeing, while also being well aligned with the country’s mid- and long-term objectives.

An aerial drone photo taken on Jan. 6, 2025 shows a view of the Shichengzi photovoltaic power station in Hami City, northwest China’s Xinjiang Uygur Autonomous Region. (Photo by Feng Yang/Xinhua)
Huang Qunhui, a national political advisor from the Institute of Economics of the Chinese Academy of Social Sciences, described this year’s economic growth target as scientifically grounded and realistic.
“In the face of a challenging global environment, the proactive and resilient goal suggests that China is braving uncertainties with a clear, determined approach to growth,” he said.
On a global scale, an around 5-percent growth rate places China among the world’s fastest-growing major economies, with the economic increment equating to the annual output of a mid-sized nation.
“Achieving this year’s targets will not be easy, and we must make arduous efforts to meet them,” the premier said, citing challenges from an increasingly complex and severe external environment, including rising unilateralism and protectionism, and domestic difficulties, such as insufficient effective demand.
The premier called for facing difficulties head-on with stronger confidence in development.
According to the report, China will adopt a more proactive fiscal policy and a moderately loose monetary policy.

This photo taken on Nov. 13, 2024 shows exhibits related to low-altitude economy at Airshow China in Zhuhai, south China’s Guangdong Province. (Xinhua/Liang Xu)
Specific measures include a new government debt increase to enable a notably higher level of spending, with 5.66 trillion yuan (about 790 billion U.S. dollars) of government deficit, up 1.6 trillion yuan from a year ago, and the issuance of 4.4 trillion yuan of local government special-purpose bonds, an increase of 500 billion yuan over last year.
The monetary policy will ensure adequate liquidity by making timely cuts to required reserve ratios and interest rates, and offering more support for innovation, green development, consumption, private businesses and small firms, as well as the real estate and stock markets.
The policy mix will play a crucial role in ensuring that the strong economic momentum seen in the fourth quarter of 2024 will be sustained this year, said Tian Xuan, a national lawmaker and president of the National Institute of Financial Research of Tsinghua University.
Recently, the International Monetary Fund, Nomura, and other global institutions raised their growth forecasts for China.

A person uses DeepSeek app on a mobile phone on Feb. 17, 2025. (Xinhua/Huang Zongzhi)
Lu Ting, chief China economist at Nomura, said the forecast upgrade was due to the better-than-expected economic performance in the fourth quarter of 2024, growing investment in emerging sectors from AI to cloud computing, a stock market rally, and the improving real estate market.
China’s mid-March economic data will show a solid start for 2025, a Citi Research report said, highlighting a rebound in consumer confidence.
MORE DYNAMIC, SUSTAINABLE
Fostering high-quality development is a key focus on this year’s government agenda, with priorities ranging from stimulating domestic demand to developing new quality productive forces.
“We will take a people-centered approach and place a stronger economic policy focus on improving living standards and boosting consumer spending,” the premier said.

Consumers learn about relevant policies during a consumer goods trade-in event in Qingdao City, east China’s Shandong Province, May 17, 2024. (Xinhua/Li Ziheng)
Domestic demand will be made the main engine and anchor of economic growth, the report said. Ultra-long special treasury bonds totaling 300 billion yuan will be issued to support consumer goods trade-in programs.
New quality productive forces will be nurtured in line with local conditions, according to the report. China aims to foster emerging and future industries, such as quantum technology and the low-altitude economy, accelerate the upgrading of traditional industries, and combine digital technologies such as AI with manufacturing and market strengths.
The pursuit of new momentum has led to renewed vitality in the Chinese economy since the start of the year, with a vibrant consumer market mirrored by Chinese animated blockbuster “Ne Zha 2” and major breakthroughs in cutting-edge technology, including the rise of DeepSeek.
Analysts highlighted the resilience of China’s tech industry amid a complex international landscape and the vast potential of the domestic market.

People watch “Ne Zha 2” in 4D at a cinema in Dongcheng District in Beijing, capital of China, Feb. 16, 2025. (Xinhua/Chen Yehua)
The new economic trend is also creating fresh opportunities for foreign investors and businesses.
Reaffirming China’s commitment to opening up, the report laid out a series of initiatives, including expanding trials to open telecom, medical services, and education, supporting foreign enterprises in joining industrial chain collaboration, and ensuring national treatment in fields such as government procurement.
Foreign-funded businesses actively embraced these measures.
The report sent a strong signal that the country will continue to expand opening up and improve its business environment, said Nancy Liu, president of luxury travel retailer DFS China.
China’s opening up has created enormous opportunities for the company, which has made its largest single investment in 60 years in the country’s southern Hainan Province, Liu said. “We are fully confident in the long-term development of the Chinese market.”

MIL OSI China News –

March 6, 2025
MIL-OSI USA: AI pioneers Andrew Barto and Richard Sutton win 2025 Turing Award for groundbreaking contributions to reinforcement learning
Source: US Government research organizations

NSF funded Barto’s research journey from basic science to pioneering breakthroughs in artificial intelligence
The computing world is celebrating a major milestone as Andrew Barto, professor emeritus at the University of Massachusetts Amherst, and Richard Sutton, professor of computer science at the University of Alberta, Canada, have been awarded the 2024 Association for Computing Machinery A.M. Turing Award — often called the “Nobel Prize of computing” — for “developing the conceptual and algorithmic foundations of reinforcement learning.”

The legacy in reinforcement learning

Barto and Sutton are widely recognized as pioneers of the modern computational reinforcement learning (RL), a field that addresses the challenge of learning how to act based on evaluative feedback. Their work has laid the conceptual and algorithmic foundations of RL, shaping the future of artificial intelligence and decision-making systems.

The influence of RL extends across multiple disciplines, including computer science (machine learning), engineering (optimal control), mathematics (operations research), neuroscience (optimal decision-making), psychology (classical and operant conditioning) and economics (rational choice theory). Researchers in these fields continue to be profoundly shaped by the contributions of Sutton and Barto.

From NSF Grants to AI Breakthroughs

Barto’s contributions were made possible through a series of U.S. National Science Foundation-funded projects that sustained AI research long before its recent boom. His research was supported through grants from NSF programs including the National Robotics Initiative, Robust Intelligence, Collaborative Research in Computation Neuroscience, Human-Centered Computing, Biological Information Technology and Systems, Artificial Intelligence and Cognitive Science, which have driven the long-term, fundamental advances in machine learning that we see today.

“Barto’s research exemplifies the power of foundational computational research that has not only advanced state-of-the-art decision-making machines and intelligent systems but has also provided critical insights into understanding intelligence itself,” said Greg Hager, NSF assistant director for Computer and Information Science and Engineering.

“Andy Barto’s work laid the foundation for modern reinforcement learning, influencing generations of researchers, including myself. His insights with Rich Sutton into how agents can learn and adapt in complex environments form the backbone of how automated behavior is generated in the field of artificial intelligence. Without his pioneering research, many of today’s — and tomorrow’s — AI breakthroughs wouldn’t be possible,” said Michael Littman, director for the NSF Division of Information and Intelligent Systems.

The impact of Barto and Sutton’s work

For decades, NSF has supported fundamental research in AI, with Barto’s work being among the most influential. Barto and Sutton formalized RL concepts through decades of research, beginning with Sutton’s time as Barto’s first doctoral student. Their collaboration continued as Sutton later joined Barto at the UMass Amherst as a senior research scientist from 1995 to 1998 and beyond, producing many of the foundational RL approaches that remain in use today.

Reinforcement learning methods built on Sutton and Barto’s work today underpin:
- Chatbots: Conversational AI agents learn to answer questions helpfully and accurately with the help of a technique called reinforcement learning from human feedback, as deployed in ChatGPT and other leading bots.
- Games: From Jeopardy to Go to video games, RL algorithms have made it possible for computer players to achieve world-class performance and have even influenced the strategies of the best human players.
- Robot motor skill learning: RL enables robots to learn autonomously through trial and error how to carry out intricate tasks.
- Microprocessor layout and circuit design: RL systems make decisions for composing components that make up computer chips
- Personalized recommendations: Online services like Netflix and YouTube rely on RL techniques to tailor recommendations.
- Autonomous vehicles: RL models help self-driving cars learn how to navigate complex traffic environments.
- Supply chain optimization: RL-enabled systems learn what items need to be stored where so that customers can receive goods quickly and cheaply.
- Algorithm design: Researchers have broken new ground and solved long-standing problems with the help of RL systems.
Breakthroughs in RL have fueled a multibillion-dollar industry, with major companies like DeepMind and OpenAI relying on RL as a core technology. Additionally, many major tech firms now have dedicated RL research teams. It is also recognized as a core topic of study. For example, RL was added to the Computer Science Standards of Learning for Virginia Public Schools earlier this year.

Bridging AI and neuroscience

The influence of Barto and Sutton’s work extends far beyond computer science and AI, forging crucial connections between RL and brain sciences, including cognitive science, psychology and neuroscience. Their research has provided groundbreaking insights into how learning can occur, both in machines and in the human brain.

One of their earliest breakthroughs came in 1981 when they showed that temporal difference (TD) learning could explain certain learning behaviors that the existing Rescorla-Wagner model couldn’t. This discovery opened the door to a new way of understanding how learning happens. Building on this idea, a 1995 study found a connection between the TD algorithm and how dopamine neurons in the brain behave. This insight laid the groundwork for later experiments that confirmed that TD learning accurately describes how dopamine influences reward-based learning.

With the 2025 A.M. Turing Award recognizing Barto and Sutton’s lifetime achievements, their legacy underscores the importance of sustained federal investment in basic research — the kind of support that has fueled AI’s breakthroughs over the last four decades.

For more details on this year’s award, please visit https://amturing.acm.org/
MIL OSI USA News –
March 6, 2025
MIL-Evening Report: Australian university workers: ‘We will not be silenced over Palestine’

SPECIAL REPORT: By Markela Panegyres and Jonathan Strauss in Sydney

The new Universities Australia (UA) definition of antisemitism, endorsed last month for adoption by 39 Australian universities, is an ugly attempt to quash the pro-Palestine solidarity movement on campuses and to silence academics, university workers and students who critique Israel and Zionism.

While the Scott Morrison Coalition government first proposed tightening the definition, and a recent joint Labor-Coalition parliamentary committee recommended the same, it is yet another example of the Labor government’s overreach.

It seeks to mould discussion in universities to one that suits its pro-US and pro-Zionist imperialist agenda, while shielding Israel from accountability.

So far, the UA definition has been widely condemned.

Nasser Mashni, of Australia Palestine Advocacy Network, has slammed it as “McCarthyism reborn”.

The Jewish Council of Australia (JCA) has criticised it as “dangerous, politicised and unworkable”. The NSW Council of Civil Liberties said it poses “serious risks to freedom of expression and academic freedom”.

The UA definition comes in the context of a war against Palestinian activism on campuses.

The false claim that antisemitism is “rampant” across universities has been weaponised to subdue the Palestinian solidarity movement within higher education and, particularly, to snuff out any repeat of the student-led Gaza solidarity encampments, which sprung up on campuses across the country last year.

Some students and staff who have been protesting against the genocide since October 2023 have come under attack by university managements.

Some students have been threatened with suspension and many universities are giving themselves, through new policies, more powers to liaise with police and surveil students and staff.

Palestinian, Arab and Muslim academics, as well as other anti-racist scholars, have been silenced and disciplined, or face legal action on false counts of antisemitism, merely for criticising Israel’s genocidal war on Palestine.

Randa Abdel-Fattah, for example, has become the target of a Zionist smear campaign that has successfully managed to strip her of Australian Research Council funding.

Intensify repression
The UA definition will further intensify the ongoing repression of people’s rights on campuses to discuss racism, apartheid and occupation in historic Palestine.

By its own admission, UA acknowledges that its definition is informed by the antisemitism taskforces at Columbia University, Stanford University, Harvard University and New York University, which have meted out draconian and violent repression of pro-Palestine activism.

The catalyst for the new definition was the February 12 report tabled by Labor MP Josh Burns on antisemitism on Australian campuses. That urged universities to adopt a definition of antisemitism that “closely aligns” with the International Holocaust Remembrance Alliance (IHRA) definition.

It should be noted that the controversial IHRA definition has been opposed by the National Tertiary Education Union (NTEU) for its serious challenge to academic freedom.

As many leading academics and university workers, including Jewish academics, have repeatedly stressed, criticism of Israel and criticism of Zionism is not antisemitic.

UA’s definition is arguably more detrimental to freedom of speech and pro-Palestine activism and scholarship than the IHRA definition.

In the vague IHRA definition, a number of examples of antisemitism are given that conflate criticism of Israel with antisemitism, but not the main text itself.

By contrast, the new UA definition overtly equates criticism of Israel and Zionism with antisemitism and claims Zionist ideology is a component part of Jewish identity.

The definition states that “criticism of Israel can be anti-Semitic . . . when it calls for the elimination of the State of Israel”.

Dangerously, anyone advocating for a single bi-national democratic state in historic Palestine will be labelled antisemitic under this new definition.

Anyone who justifiably questions the right of the ethnonationalist, apartheid and genocidal state of Israel to exist will be accused of antisemitism.

Sweeping claims
The UA definition also makes the sweeping claim that “for most, but not all Jewish Australians, Zionism is a core part of their Jewish identity”.

But, as the JCA points out, Zionism is a national political ideology and is not a core part of Jewish identity historically or today, since many Jews do not support Zionism. The JCA warns that the UA definition “risks fomenting harmful stereotypes that all Jewish people think in a certain way”.

Moreover, JCA said, Jewish identities are already “a rightly protected category under all racial discrimination laws, whereas political ideologies such as Zionism and support for Israel are not”.

Like other aspects of politics, political ideologies, such as Zionism, and political stances, such as support for Israel, should be able to be discussed critically.

According to the UA definition, criticism of Israel can be antisemitic “when it holds Jewish individuals or communities responsible for Israel’s actions”.

While it would be wrong for any individual or community, because they are Jewish, to be held responsible for Israel’s actions, it is a fact that the International Criminal Court (ICC) has issued arrest warrants for Israel’s Prime Minister Benjamin Netanyahu and his former minister Yoav Gallant for Israel’s war crimes and crimes against humanity.

But under the UA definition, since Netanyahu and Gallant are Jewish, would holding them responsible be considered antisemitic?

Is the ICC antisemitic? According to Israel it is.

The implication of the definition for universities, which teach law and jurisprudence, is that international law should not be applied to the Israeli state, because it is antisemitic to do so.

The UA’s definition is vague enough to have a chilling effect on any academic who wants to teach about genocide, apartheid and settler-colonialism. It states that “criticism of Israel can be antisemitic when it is grounded in harmful tropes, stereotypes or assumptions”.

What these are is not defined.

Anti-racism challenge
Within the academy, there is a strong tradition of anti-racism and decolonial scholarship, particularly the concept of settler colonialism, which, by definition, calls into question the very notion of “statehood”.

With this new definition of antisemitism, will academics be prevented from teaching students the works of Chelsea Watego, Patrick Wolfe or Edward Said?

The definition will have serious and damaging repercussions for decolonial scholars and severely impinges the rights of scholars, in particular First Nations scholars and students, to critique empire and colonisation.

UA is the “peak body” for higher education in Australia, and represents and lobbies for capitalist class interests in higher education.

It is therefore not surprising that it has developed this particular definition, given its strong bilateral relations with Israeli higher education, including signing a 2013 memorandum of understanding with Association of University Heads, Israel.

It should be noted that the NTEU National Council last October called on UA to withdraw from this as part of its Boycott, Divestment and Sanctions resolution.

All university students and staff committed to anti-racism, academic freedom and freedom of speech should join the campaign against the UA definition.

Local NTEU branches and student groups are discussing and passing motions rejecting the new definition and NTEU for Palestine has called a National Day of Action for March 26 with that as one of its key demands.

We will not be silenced on Palestine.

Jonathan Strauss and Markela Panegyres are members of the National Tertiary Education Union and the Socialist Alliance. Republished from Green Left with permission.

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
MIL-OSI Australia: Innovative technology installed in Menindee to restore native fish passages

Source: New South Wales Ministerial News

Published: 6 March 2025

Released by: Minister for Agriculture, Minister for Water

The Minns Labor Government is trialling Fishheart; a state-of-the-art temporary fish passage technology in the Lower Darling-Baaka River near Menindee, western NSW.

The goal of this initiative is to test options to connect the Northern and Southern Basin and reduce the accumulation of fish, as part of the Government’s response to the Office of the NSW Chief Scientist and Engineer (OCSE) independent review into the March 2023 mass fish kill.

The NSW Government continues to make good progress in addressing the recommendations identified in the OSCE report, with 10 of the 26 actions we’ve committed to now complete and the remaining 16 underway funded under the $25 million Restoring the Darling-Baaka River Program.

One of the key actions the NSW Government has committed to is a $6.52 million trial of new temporary fish passage technology at Menindee.

Australian native fish need to migrate to feed, breed and seek new habitat but due to the introduction of barriers to fish passage, like dams and weirs, fish migration pathways have been impacted.

Currently in the Lower Darling-Baaka, fish can only migrate upstream as far as Lake Wetherell and Menindee Main Weir. The Fishheart unit is a floating hydraulic fishway system designed to assist fish moving over existing barriers. Construction commenced to install the Fishheart unit to the Lake Wetherell outlet regulator in December 2024.

Work continued over the summer, with the technology being lowered into the Lower Darling-Baaka River in late January 2025. Calibration and testing of the Fishheart is currently underway.

The Fishheart unit works by attracting fish into the fishway and then using Artificial Intelligence (AI) to detect and collect fish in the chambers, counting fish, gathering data before moving fish up and over barriers like the Lake Wetherell outlet regulator.

This is the first time that this innovative technology will be trialled at this scale on Australian inland freshwater fish and builds on Fishheart’s work in Europe and the USA that has shown plenty of promise.

The aim of the project is to test options to connect sections of the river, thereby helping move some fish out of the Menindee town weir pool to complete their life cycle and reducing the biomass and associated risks for water quality and fish kills.

Fisheries Scientists from the Department of Primary Industries and Regional Development (DPIRD) Fisheries will conduct the monitoring program, using underwater sonar and video capture technology, plus trapping activities under appropriate permits.

For more information about the project visit the Menindee Lower Darling-Baaka Temporary Tube Fishway Trial webpage.

To read the NSW Government’s six-month Darling-Baaka progress report, visit the Restoring the Darling-Baaka program webpage.

Minister for Agriculture and Regional NSW, Tara Moriarty said:

“This is the first time that this fishway technology will be trialled under Australian conditions at this scale and on native inland freshwater fish and it demonstrates the commitment of the Minns Labor Government to address environmental issues using innovative approaches, especially in western NSW.

“While there is no one size fits all solution to restore fish passage in the Lower Darling-Baaka River or the Menindee Lakes system, this project aims to use innovative science, data and infrastructure as we promised to do.

“Construction has been progressing through very hot days out at Menindee and we are grateful to all the personnel for their efforts in ensuring the fishway can get operational as soon as possible.

“The Fishheart will be trialled for three breeding seasons, to measure its effectiveness in Menindee. But overseas experiences provide strong indicators for success, for moving fish through the fishway safely and hopefully reduce the risks of future fish kills in the Lower Darling-Baaka.”

Minister for Water Rose Jackson said:

“It’s fantastic to see the fish passage being trialled in Menindee which is one of the innovative infrastructure solutions proposed to prevent future fish deaths.

“We pledged to take decisive action on water quality in the Darling-Baaka to improve fish health and we are delivering on this promise, with a six-month progress report now available to show the community where we are up to.

“So far, we have developed new water quality triggers, overhauled our emergency response plans, continued to upgrade monitoring and added additional resources while also exploring state-of-the-art infrastructure solutions such as the tube fishway and microbubble technology.

“I’m encouraged by the progress in a short space of time, which the Chief Scientist himself has acknowledged publicly, but there is still a lot of work to be done.

“The reality is this is an incredibly complex river system with significant challenges that won’t go away overnight, but we are in a much stronger position to respond to changing conditions than ever before, and we are undoubtedly moving in the right direction.”

MIL OSI News –

March 6, 2025
MIL-OSI United Kingdom: Security and growth at the centre of the UK-Ireland Summit
Source: United Kingdom – Executive Government & Departments

Press release

Security and growth at the centre of the UK-Ireland Summit

National security, growth and energy security will be top of the agenda at the first annual UK-Ireland Summit tomorrow as the Prime Minister underscores the importance of delivering for the people of the UK.
Ensuring peace, prosperity and security in Europe and around the world will be at the heart of discussions with Taoiseach Micheál Martin at the UK-Ireland Summit

Comes as new UK-Irish cooperation cuts red tape for offshore energy developers in the Irish and Celtic Seas – delivering greater economic security for the hardworking British people

New Irish investments, worth £185.5 million, set to see thousands of jobs created across the country

National security, growth and energy security will be top of the agenda at the first annual UK-Ireland Summit tomorrow as the Prime Minister underscores the importance of delivering for the people of the UK.

The meeting comes after the Prime Minister hosted 18 leaders in London on Sunday where he reiterated the UK’s unwavering support for Ukraine and European security. As part of that commitment, tomorrow the two leaders will announce closer collaboration on energy security to harness the full potential of the Irish and Celtic seas.

Through a new data sharing arrangement, the UK and Irish governments will lay the groundwork for commercial developers to increase offshore energy by cutting red tape and minimising the burden of maritime and environmental consent processes for developers.

This will speed up developments and mobilise investments in offshore energy infrastructure.

This new collaboration will increase renewable energy production and enhance the UK’s energy security, delivering on this Government’s Plan for Change.

Prime Minister Keir Starmer said:

Energy security and national security are two sides of the same coin, that is why we must work with our allies and partners across the world to protect the hardworking British people from external factors driving up household bills.

As our closest neighbour our partnership with Ireland is testament to the importance of working with international partners to deliver for people at home.

Now more than ever we must work with likeminded partners in the pursuit of global peace, prosperity and security.

Tomorrow, the Prime Minister and Taoiseach will host a joint business roundtable with industry leaders and businesses across tech, finance, clean energy, manufacturing and construction from the UK and Ireland. The discussion will focus on potential opportunities for growth and investment, and how the UK and Ireland can work together to build an even more resilient and successful trading relationship. They will also discuss how both countries can work closer together on renewable energy, tech, AI and security.

As part of tomorrow’s summit, the UK has welcomed new Irish investments worth £185.5 million creating 2,540 jobs across the country from Version 1, Applegreen, Omniplex, Galvia, Buymedia, Uniquely, Walsh Mushrooms and PM Group. From Evesham to Edinburgh, new investments show confidence in the UK as an attractive place to invest and delivers on the government’s Plan for Change to kickstart economic growth.

The UK will also announce that W.H. Davis, part of Buckland Group, has won a £100 million contract with Irish Rail supporting their investment in railway infrastructure in Ireland.

Ireland is the UK’s 6th largest trading partner with the trading relationship worth nearly £80 billion last year across sectors including renewable energy, life sciences, creative industries and tech.

Tomorrow’s events follow a cultural reception hosted by the Prime Minister and Taoiseach this evening, with representatives from both the UK and Ireland showcasing the world-class talent on both sides of the Irish sea.

After the summit, the Prime Minister will travel to a defence company to meet employees and apprentices working in the national security sector.

Visit comes after the Prime Minister’s landmark announcement made last week on increasing defence spending to 2.5% of GDP by April 2027.

In 2023-24, defence spending supported over 430,000 jobs across the UK, the equivalent to one in every 60, with 16,900 in the North West.

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Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI: James Altucher Declares 2025 as ‘The Great Gain’—A New Era of Opportunity for Americans
Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — Renowned entrepreneur, best-selling author, and economic visionary James Altucher has identified 2025 as a pivotal year for American prosperity, calling it “The Great Gain”—a moment in history where major economic and technological forces are converging to create new opportunities unlike anything seen before. “The first 365 days of Trump’s presidency will be remembered as… The best time to get rich in American history.”

Altucher argues that two major economic forces are colliding for the first time in history to create an unprecedented wave of opportunity. “For the first time in US history… Two major Wealth Drivers are on a collision course.”

A Once-in-a-Generation Moment

Altucher, known for his ability to forecast major economic and technological shifts, believes that 2025 will be remembered as one of the most transformative years in modern history. He compares it to past eras of rapid progress, such as the Industrial Revolution, the rise of Silicon Valley, and the early internet boom of the 1990s.

“The Industrial Revolution created unprecedented business empires. The dot-com boom built some of today’s biggest companies.”

According to Altucher, this moment is different from previous cycles because of the convergence of two Wealth Drivers:
1. A Political and Economic Shift – A radical move in the first 100 days of the new administration is set to open new doors for growth.
2. A Historical Economic Cycle – A peak in the 4-year wealth cycle, which “last time… turned more than 80,000 people into new millionaires.”
A Call to Action for Americans

Altucher urges Americans to stay ahead of these changes by recognizing the emerging trends that could redefine the economy. From career opportunities and entrepreneurship to advancements in automation and artificial intelligence, the coming months will present once-in-a-lifetime chances to adapt, grow, and thrive. “In our nation’s history… There have been only a few times… Where regular Americans could quickly gain enough wealth… To radically improve their standard of living.”

About James Altucher

James Altucher is not only a tech expert, he’s a former hedge fund manager and best-selling author. Altucher has also launched and sold multiple businesses and advised Fortune 500 companies. His work has been featured on Fox Business, CNBC, Yahoo Finance, The New York Times, and Business Insider.

His podcast, The James Altucher Show, has been downloaded over 40 million times, featuring guests such as Mark Cuban, Richard Branson, and Peter Thiel.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –
March 6, 2025
MIL-OSI USA: Update on Alert: Fluid Delivery Set Issue from Medline

Source: US Department of Health and Human Services – 3

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602500214
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601403921
MTS, STROKE/EMBO, KIT, NORTH SHORE UNIV
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601403921
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601403921
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0000136559
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601305210
MTS, YELLOW, /, RED, MULTILINE, KIT, MAIMONIDE
0000130984
10193489070989
30193489070983

601400110
MTS, YELLOW, /, RED, MULTILINE, KIT, MAIMONIDE
0000128757
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30193489071331

MIL OSI USA News –

March 6, 2025
MIL-OSI: Quick Custom Intelligence (QCI) and Seven Feathers Casino Resort in Canyonville, OR, Celebrate Successful Deployment of QCI Enterprise Platform

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, March 05, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of advanced data analytics solutions, and Seven Feathers Casino Resort are pleased to announce the successful deployment of the QCI Enterprise Platform. This collaborative effort marks a significant milestone in data management and analytics for Seven Feathers Casino Resort, positioning them at the forefront of cutting-edge technology in the gaming and hospitality industry.

The implementation of the QCI Enterprise Platform at Seven Feathers Casino Resort has been meticulously executed, with all data successfully verified for accuracy and security. This achievement showcases the commitment of both QCI and Seven Feathers Casino Resort to providing the most advanced and reliable data analytics capabilities available.

Jay Ellenberger, General Manager of Seven Feathers Casino Resort, expressed his enthusiasm for this milestone, stating, “The successful deployment of the QCI Enterprise Platform represents a significant step forward in our commitment to providing exceptional experiences for our guests. With QCI’s innovative solutions, we are able to make more informed decisions, tailor our services, and ultimately elevate the level of satisfaction among our valued patrons.”

Andrew Cardno, CTO of Quick Custom Intelligence, commented on the partnership, saying, “We are delighted to collaborate with Seven Feathers Casino Resort and support their mission to deliver world-class experiences. Our QCI Enterprise Platform is designed to empower organizations like Seven Feathers with actionable insights derived from data, and we are excited to see our technology driving innovation and success within their operations.”

The deployment of the QCI Enterprise Platform at Seven Feathers Casino Resort reinforces QCI’s commitment to delivering cutting-edge solutions that drive business growth and enhance customer experiences. This partnership exemplifies how organizations in the gaming and hospitality industry can leverage data analytics to gain a competitive edge and create memorable moments for their guests.

ABOUT Seven Feathers Casino Resort
Discover the ultimate getaway at Seven Feathers Casino Resort in Southern Oregon! With a modern gaming floor, award-winning dining, luxurious River Rock Spa, and top-notch entertainment, it’s the perfect blend of excitement and relaxation. Enjoy a 300-room hotel, heated pool, and exceptional service. Seven Feathers—where fun and comfort meet! Visit us at www.SevenFeathers.com

ABOUT QCI
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354

The MIL Network –

March 6, 2025
MIL-OSI: Urgently Announces Fourth Quarter and Full-Year 2024 Earnings Release Date and Conference Call

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., March 05, 2025 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced that it will host a conference call on Wednesday, March 12, 2025, at 5:00 p.m. Eastern Time to discuss its financial results for the fourth quarter and full-year ended December 31, 2024. Financial results will be issued in a press release prior to the call.

Those wishing to participate via webcast should access the call through Urgently’s Investor Relations website at https://investors.geturgently.com. Those wishing to participate via telephone may dial in at 1-844-481-2521 (USA) or 1-412-317-0549 (International). The replay will be available via webcast through Urgently’s Investor Relations website.

About Urgently

Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

Contacts:
For Press: media@geturgently.com
For Investor Relations: investorrelations@geturgently.com

The MIL Network –

March 6, 2025
MIL-OSI United Nations: Funding cuts jeopardize global fight against tuberculosis, WHO warns

Source: United Nations 2

5 March 2025 Health

The UN World Health Organization (WHO) warned on Wednesday that severe funding cuts – particularly in the United States – are threatening decades of progress in the fight against tuberculosis (TB), still the world’s deadliest infectious disease.

The health agency highlighted that essential prevention, testing and treatment services are collapsing, leaving millions at risk.

The hardest-hit regions include Africa, Southeast Asia, and the Western Pacific, where national TB programmes depend heavily on international support.

“Any disruption to TB services – whether financial, political or operational – can have devastating and often fatal consequences for millions worldwide,” said Tereza Kasaeva, Director of WHO Global Programme on TB and Lung Health.

Last week, UN Secretary-General António Guterres also raised the alarm over funding cuts, noting the immediate impact on key health programmes combatting HIV/AIDS, tuberculosis, malaria and cholera.

A devastating setback

Over the past two decades, global TB programmes have saved more than 79 million lives, averting approximately 3.65 million deaths last year alone.

A significant portion of this success has been driven by US Government funding, which has provided about $200 to $250 million annually – approximately a quarter of the total international donor funding secured.

The US has been the largest bilateral donor for programmes combatting the disease.

However, newly announced cuts for 2025 through executive orders will have devastating impacts on TB response efforts in at least 18 high-burden countries, where 89 per cent of expected US funding was allocated for patient care.

The impact will be particularly devastating in Africa, where treatment disruptions and staff layoffs could exponentially increase TB transmission rates.

Immense burden

Early reports from TB-affected countries indicate that funding constraints are already dismantling essential health services.

Among the most pressing concerns are health worker layoffs, drug shortages and supply chain breakdowns, data and surveillance systems are collapse, and disruptions to TB research and funding.

“Without immediate action, hard-won progress in the fight against TB is at risk. Our collective response must be swift, strategic and fully resourced to protect the most vulnerable and maintain momentum toward ending TB,” urged Dr. Kasaeva.

Call for urgent action

WHO reaffirmed its commitment to supporting governments and global partners in the fight against TB.

“In these challenging times, WHO remains steadfast in its commitment to supporting national governments, civil society and global partners in securing sustained funding and integrated solutions to safeguard the health and well-being of those most vulnerable to TB,” the agency said.

MIL OSI United Nations News –

March 6, 2025

MIL-OSI: Rigetti Computing Reports Fourth Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

BERKELEY, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the fourth quarter and year ended December 31, 2024.

Fourth Quarter and Full-Year 2024 Financial Highlights

Revenues for the three months ended December 31, 2024 were $2.3 million
Operating expenses for the three months ended December 31, 2024 were $19.5 million
Operating loss for the three months ended December 31, 2024 was $18.5 million
Net loss for the three months ended December 31, 2024 was $153.0 million, including $135.1 million of non-cash charges for the fair value change in the earn-out and derivative warrant liabilities
For the year ended December 31, 2024, revenues were $10.8 million, operating expenses were $74.2 million, operating loss was $68.5 million and net loss was $201.0 million, including $133.9 million of non-cash charges for the fair value change in the earn-out and derivative warrant liabilities
As of December 31, 2024 cash, cash equivalents and available-for-sale securities totaled $217.2 million
Received net proceeds of $153.3 million during the three months ended December 31, 2024 from the sale of 88.1 million shares of common stock through a registered direct offering and completion of our at-the-market equity offering
Prepaid in full all remaining amounts owed under our loan agreement with Trinity Capital, Inc.

Business & Strategic Collaboration Updates

New strategic collaboration with Quanta Computer
Rigetti has entered into a strategic collaboration agreement with Quanta Computer, Inc. (“Quanta”), a Taiwan-based Global Fortune 500 company and the global leader of computer server manufacturing, with the goal of accelerating the development and commercialization of superconducting quantum computing. The companies have committed to investing more than $100 million each over the next five years pursuant to the collaboration agreement, with both sides focusing on their complementary strengths to develop superconducting quantum computing technologies. In addition, pursuant to a securities purchase agreement, Quanta will invest $35 million to purchase shares of Rigetti common stock, subject to regulatory clearance. The agreements were signed on February 27, 2025.

“Quanta’s collaboration with Rigetti is designed to strengthen our position in this flourishing market. Our companies’ complementary strengths — Rigetti as a pioneer in superconducting quantum technology, with open, modular architecture enabling integration of innovative solutions across the stack, and Quanta as the world’s leading notebook/server manufacturer with $43 billion in annual sales — will support us in our goal to be at the forefront of the quantum computing industry,” says Dr. Subodh Kulkarni, Rigetti CEO.

Montana State University purchases a Novera QPU
Rigetti sold a Novera QPU to Montana State University (MSU) in December 2024, which was the Company’s first QPU sale to an academic institution. The Novera will be located at MSU’s QCORE to educate and train scientists and engineers on quantum computing technologies, in addition to being used to create a testbed for quantum computing R&D. MSU’s QCORE is a new center of excellence for quantum enabling technologies established to accelerate workforce development and the regional quantum innovation ecosystem.

Technology Milestones

84-qubit Ankaa-3 system launches with record high fidelity
Rigetti launched its 84-qubit Ankaa™-3 system in December 2024. Ankaa-3 features an extensive hardware redesign that enables superior performance. Rigetti achieved major two-qubit gate fidelity milestones with Ankaa-3: successfully halving error rates in 2024 to achieve a 99.0% median iSWAP gate fidelity and demonstrating 99.5% median fidelity with fSim gates. Rigetti’s newest flagship quantum computer continues to feature Rigetti’s scalable, industry-leading chip architecture with 3D signal delivery while incorporating major enhancements to key technologies.

Ankaa-3 is available to Rigetti’s partners via the Rigetti Quantum Cloud Services platform (QCS^®) and to the general public via Microsoft Azure and Amazon Braket.

“We believe that superconducting qubits are the winning modality for quantum computers given their fast gate speeds and scalability. We’ve developed critical IP to scale our systems and remain confident in our plans to scale to 100+ qubits by the end of the year with a targeted 2x reduction in error rates from the error rates we achieved at the end of 2024. We believe our leadership in superconducting quantum computing continues to be reinforced as we push the boundaries of our system performance, as evidenced by the success of Ankaa-3,” says Dr. Kulkarni.

Successful AI-powered calibration of a Rigetti QPU
AI-powered tools from Quantum Elements and Qruise remotely automated the calibration of a Rigetti QPU integrated with Quantum Machines’ control system. This work was part of the “AI for Quantum Calibration Challenge” (the “Challenge”) hosted at the Israeli Quantum Computing Center. The two companies participating in the Challenge, Quantum Elements and Qruise, automated the calibration of a 9-qubit Rigetti Novera™ QPU integrated with Quantum Machines’ advanced OPX1000 control system and NVIDIA DGX Quantum, a unified system for quantum-classical computing that NVIDIA built with Quantum Machines. This achievement showcases the potential of AI in quantum computer calibration and also highlights the growing collaboration within the quantum computing ecosystem.

Quantum Elements, Cruise, and Quantum Machines are members of Rigetti’s Novera QPU Partner Program — an ecosystem of quantum computing hardware, software, and service providers who build and offer integral components of a functional quantum computing system.

“We believe that another advantage we leverage is our modular approach to developing our technology. By enabling our partners to integrate their technology with ours, we can explore and advance creative and flexible ways to improve quantum computing capabilities,” says Dr. Kulkarni.

Research demonstrating optical reading technique published in Nature Physics
Joint research with QphoX and Qblox demonstrating the ability to readout superconducting qubits with an optical transducer was recently published in Nature Physics. This approach to qubit signal processing could have benefits in building scalable quantum computers as it could be a more compact, modular approach for measuring qubit performance in quantum computing systems that rely on microwave amplification. Current qubit readout techniques used by superconducting quantum computer systems in cryogenic environments can be resource intensive from a thermal and power usage perspective. A potential solution to this problem may be to replace coaxial cables and other cryogenic components with optical fibers, which have a considerably smaller footprint and negligible thermal conductivity. To demonstrate the potential of this technology, QphoX, Rigetti and Qblox connected a transducer to a superconducting qubit, with the goal of measuring its state using light transmitted through an optical fiber. It was discovered that the transducer is capable of converting the signal that reads out the qubit and the qubit can also be sufficiently protected from decoherence introduced by thermal noise or stray optical photons from the transducer during operation.

Conference Call and Webcast
Rigetti will host a conference call later today, March 5, 2025, at 5:00 pm ET, or 2:00 pm PT, to discuss its fourth quarter and full-year 2024 financial results.

You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/5jaikwa8/ or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

To participate in the live call, you must register using the following link: https://register.vevent.com/register/BIc3642ee5e70e4bea9d3311a88c4e128a. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.

Contacts

Rigetti Computing Investor Contact:
IR@Rigetti.com

Rigetti Computing Media Contact:
press@rigetti.com

Cautionary Language Concerning Forward-Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s future success and performance, including expectations with respect to future revenues and the timing, availability and impact of government programs relating to quantum information science; expectations regarding the advantages and impact of the strategic collaboration agreement with Quanta Computer on our operations, technology roadmap, milestones, and our position in the industry; the expectation that Rigetti and Quanta will each invest more than $100 million over the next five years; expectations regarding Quanta’s anticipated $35 million investment in Rigetti through a purchase of Rigetti’s common stock; anticipated regulatory clearance; expectations related to the Company’s ability to achieve milestones including the development of future generations of hardware, including any future generations developed to achieve our targeted fidelities and qubit counts, or to demonstrate narrow quantum advantage or broad quantum advantage, each of which is an important anticipated milestone for our technology roadmap and commercialization of our quantum computers; expectations with respect to scaling to create larger qubit systems without sacrificing gate performance using the Company’s modular chip architecture, including expectations with respect to the Company’s anticipated systems and targeted error rate reduction; expectations with respect to future sales or leases of the Novera QPU, customer adoption of the Ankaa-3 systems and Novera QPU; the possibility that reading out superconducting qubits with an optical transducer could have benefits in building scalable quantum computers; the possibility that replacing coaxial cables and other cryogenic components with optical fibers could result in less thermal and power usage; expectations with respect to the Company’s partners and customers and the quantum computing plans and activities thereof; and expectations with respect to the anticipated stages of quantum technology maturation, including the Company’s ability to develop a quantum computer that is able to solve practical, operationally relevant problems significantly better, faster, or cheaper than a current classical solution and achieve quantum advantage on the anticipated timing or at all. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the ability of the Company to expand its QPU sales and the Novera QPU Partnership Program; the success of the Company’s partnerships and collaborations, including the strategic collaboration with Quanta Computer; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare and terrorist attacks; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

RIGETTI COMPUTING, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares and par value)

	December 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	67,674		$	21,392
Available-for-sale investments – short-term		124,420			78,537
Accounts receivable		2,427			5,029
Prepaid expenses		3,156			1,938
Other current assets		9,081			771
Total current assets		206,758			107,667
Available-for-sale investments – long-term		25,068			—
Property and equipment, net		44,643			44,483
Operating lease right-of-use assets		7,993			7,634
Other assets		325			129
Total assets	$	284,787		$	159,913

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,590		$	5,772
Accrued expenses and other current liabilities		8,005			8,563
Current portion of deferred revenue		113			343
Current portion of debt		—			12,164
Current portion of operating lease liabilities		2,159			2,210
Total current liabilities		11,867			29,052
Debt, less current portion		—			9,894
Deferred revenue, less current portion		698			—
Operating lease liabilities, less current portion		6,641			6,297
Derivative warrant liabilities		93,095			2,927
Earn-out liabilities		45,897			2,155
Total liabilities		158,198			50,325
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding		—			—
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 283,546,871 shares issued and outstanding at December 31, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023		29			14
Additional paid-in capital		681,202			463,089
Accumulated other comprehensive income		105			244
Accumulated deficit		(554,747	)		(353,759	)
Total stockholders’ equity		126,589			109,588
Total liabilities and stockholders’ equity	$	284,787		$	159,913

RIGETTI COMPUTING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)


	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Revenue	$	2,274		$	3,376		$	10,790		$	12,008
Cost of revenue		1,271			860			5,093			2,800
Total gross profit		1,003			2,516			5,697			9,208
Operating expenses:
Research and development		13,657			12,787			49,750			52,768
Selling, general and administrative		5,840			6,936			24,457			27,744
Restructuring		—			—			—			991
Total operating expenses		19,497			19,723			74,207			81,503
Loss from operations		(18,494	)		(17,207	)		(68,510	)		(72,295	)
Other income (expense), net
Interest expense		(446	)		(1,268	)		(3,255	)		(5,779	)
Interest income		1,546			1,330			5,113			5,076
Change in fair value of derivative warrant liabilities		(90,885	)		3,160			(90,168	)		(1,160	)
Change in fair value of earn-out liabilities		(44,256	)		1,413			(43,742	)		(949	)
Loss on extinguishment of debt		(426	)		—			(426	)		—
Total other expense, net		(134,467	)		4,635			(132,478	)		(2,812	)
Net loss before provision for income taxes		(152,961	)		(12,572	)		(200,988	)		(75,107	)
Provision for income taxes		—			—			—			—
Net loss	$	(152,961	)	$	(12,572	)	$	(200,988	)	$	(75,107	)
Net loss per share attributable to common stockholders – basic and diluted	$	(0.68	)	$	(0.09	)	$	(1.09	)	$	(0.57	)
Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted		226,364			140,537			184,666			131,977

RIGETTI COMPUTING INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(in thousands)

	Year Ended December 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(200,988	)	$	(75,107	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		6,906			7,426
Stock-based compensation		13,069			12,409
Change in fair value of earn-out liabilities		43,742			949
Change in fair value of derivative warrant liabilities		90,168			1,160
Change in fair value of forward contract		—			2,229
Impairment of deferred offering costs		—			836
Accretion of available-for-sale securities		(3,622	)		(3,121	)
Loss on extinguishment of debt		426			—
Amortization of debt issuance costs, commitment fees and accretion of final payment fees		844			1,453
Non-cash lease expense		1,909			1,682
Changes in operating assets and liabilities:
Accounts receivable		2,602			1,206
Prepaid expenses, other current assets and other assets		(2,434	)		(259	)
Deferred revenue		468			(618	)
Accounts payable		(1,036	)		895
Accrued expenses and operating lease liabilities		(2,681	)		(1,719	)
Net cash used in operating activities		(50,627	)		(50,579	)
Cash flows from investing activities:
Purchases of property and equipment		(11,098	)		(9,059	)
Purchases of available-for-sale securities		(224,764	)		(109,252	)
Maturities of available-for-sale securities		157,500			119,084
Net cash (used in) provided by investing activities		(78,362	)		773
Cash flows from financing activities:
Principal repayments and prepayment and final payment fees of notes payable		(23,328	)		(8,333	)
Net payments of tax withholdings on sell-to-cover equity award transactions		(6,272	)		—
Proceeds from sale of common stock through Common Stock Purchase Agreement		12,838			20,544
Proceeds from sale of common stock through At-The-Market (ATM) Offering		97,500			—
Proceeds from sale of common stock through registered direct offering		96,000			—
Payments of offering costs		(1,833	)		(107	)
Proceeds from issuance of common stock upon exercise of stock options and warrants		554			1,126
Net cash provided by financing activities		175,459			13,230
Effects of exchange rate changes on cash and cash equivalents		(188	)		80
Net increase (decrease) in cash and cash equivalents		46,282			(36,496	)
Cash and cash equivalents – beginning of period		21,392			57,888
Cash and cash equivalents – end of period	$	67,674		$	21,392
Supplemental disclosures of other cash flow information:
Cash paid for interest	$	2,350		$	4,340
Non-cash investing and financing activities:
Capitalization of deferred costs to equity upon share issuance		—			13
Purchases of property and equipment recorded in accounts payable		466			3,612
Purchases of property and equipment recorded in accrued expenses		150			1,019
Non-cash addition to operating lease right-of-use assets and lease liability		2,268			—
Unrealized gain on short term investments		66			325

The MIL Network –

March 6, 2025

MIL-OSI: OTC Markets Group Announces Fourth Quarter and Full Year 2024 Earnings Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM) today announced it will report its financial results for the fourth quarter and fiscal year ended December 31, 2024, after the close of the U.S. capital markets on Wednesday, March 12, 2025.

In addition, OTC Markets Group will host a conference call and webcast on Thursday, March 13, 2025, at 8:30 a.m. eastern time, during which management will discuss the financial results in further detail.

Webcast:
The conference webcast and management presentation can be accessed at the following link (the replay will be available until March 12, 2026):
https://edge.media-server.com/mmc/p/n6hcdcqb

Live Call:
Participants intending to ask a question during the live call and Q&A session should also register in advance at:
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Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

The Annual Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of the OTC Markets Group website at www.otcmarkets.com/investor-relations/overview.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market, and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Investor Contact:

Antonia Georgieva
Chief Financial Officer
Phone: (212) 220-2215
Email: ir@otcmarkets.com

Media Contact:

OTC Markets Group Inc.
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Email: media@otcmarkets.com

The MIL Network –

March 6, 2025

MIL-OSI: Amplify Energy Announces Fourth Quarter and Full-Year 2024 Results, Year-End 2024 Proved Reserves, Juniper Capital Acquisition Update and Standalone Full-Year 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 05, 2025 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today its operating and financial results for the fourth quarter and full-year 2024, year-end 2024 proved reserves, Juniper Capital (“Juniper”) acquisition update and full-year 2025 standalone guidance for the Company.

Key Highlights

2025 strategic initiatives include:
- Completing the previously announced transformational combination with certain Juniper portfolio companies which own substantial oil-weighted producing assets and significant leasehold interests in the DJ and Powder River Basins (the “Transaction”) and integrating such assets into our operations
- Continuing the Beta development program with six completions planned for 2025 including the C-48 and the A-45 which were deferred from the 2024 program
- Expanding Magnify Energy Services, a wholly owned subsidiary of Amplify (“Magnify”), to enhance Amplify’s competitive advantage in operating our mature assets located in East Texas and Oklahoma
- Creating incremental value in East Texas by monetizing portions of our portfolio and/or participating in joint development opportunities focused within the Haynesville formation
During the fourth quarter of 2024, the Company:
- Achieved average total production of 18.5 MBoepd
- Generated net cash provided by operating activities of $12.5 million and a net loss of $7.4 million
- Delivered Adjusted EBITDA of $21.8 million and Adjusted Net Income of $5.1 million
- Generated $2.9 million of free cash flow
- Completed the sale of undeveloped Haynesville acreage in East Texas for $1.4 million
For full-year 2024, the Company:
- Achieved average total production of 19.5 MBoepd
- Generated net cash provided by operating activities of $51.3 million and net income of $12.9 million
- Delivered Adjusted EBITDA of $103.0 million and Adjusted Net Income of $35.8 million
- Generated $18.0 million of free cash flow
- Renegotiated prior surety bonds and reduced sinking fund payments by approximately $7.0 million per year
- Initiated development drilling program at Beta, with the completion of two wells, which outperformed type curves
- Generated $3.1 million of Adjusted EBITDA at Magnify
- Renegotiated the iodine contract in Oklahoma, increasing annual Adjusted EBITDA by $2.4 million
Amplify’s year-end 2024 total proved reserves, utilizing Securities and Exchange Commission (“SEC”) pricing of $75.48/Bbl for oil and NGLs and $2.13/MMBtu for natural gas, totaled 93 MMBoe and had a PV-10 value of approximately $736 million
As of December 31, 2024, Amplify had $127.0 million outstanding under the revolving credit facility
- Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.2x¹


	(1)	Net debt as of December 31, 2024, consisting of $127 MM outstanding under its revolving credit facility with ~$0.0 MM of cash and cash equivalents, and LTM Adjusted EBITDA as of the fourth quarter of 2024.

Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “In early 2024, we told stakeholders that 2024 had the potential to be a transformative year for the Company, and we believe that we delivered on that expectation throughout the year. The recently announced transaction with Juniper Capital expands our operations into the DJ and Powder River Basins, increases our scale, operating efficiency and margins, improves our inventory of attractive drilling locations, and provides us with a new core area for potential M&A activity. The transaction also resulted in a new long-term partnership with Juniper Capital, who have a long history of delivering substantial value to shareholders. At Beta, we safely and successfully initiated a drilling program, which has increased our confidence regarding the future inventory of the field and has enabled us to expand our development plans for this prolific asset in 2025 and beyond.”

Mr. Willsher continued, “While we have focused our attention and resources on these two significant initiatives, our team has also delivered value to stockholders by pursuing opportunities to reduce operating expenses and maximize the value of our existing asset base. For example, Magnify Energy Services, our wholly owned subsidiary that provides oilfield services to Amplify-operated wells, expanded meaningfully in scope, realizing a significant increase in revenue and efficiency and reducing operating costs in East Texas and Oklahoma. We also renegotiated several existing contracts, like our iodine extraction contract, to receive improved economics. Although smaller in scope, these efforts have demonstrated management’s commitment to identifying areas to improve our operations and deliver value to stockholders. On the value maximizing front, we were able to monetize a portion of our acreage with Haynesville rights for several million dollars, while retaining an interest to realize upside value.”

Mr. Willsher concluded, “We believe that our strategic and operational accomplishments in 2024 set the foundation for Amplify’s future and that in 2025 we will begin to capitalize on the growth potential of this significantly enhanced asset base. By delivering on our 2025 strategic initiatives, we believe we can create immediate and long-term value for Amplify’s stockholders.”

Juniper Capital Rocky Mountain Assets Update

On January 15, 2025, Amplify announced that it has entered into a definitive merger agreement with privately held Juniper to combine with certain Juniper portfolio companies owning assets and leasehold interests in the DJ and Powder River Basins. Such portfolio companies are oil-weighted and include approximately 287,000 net acres. We expect to close the acquisition in the second quarter of 2025. Amplify has provided more information on the portfolio companies and their assets and the value potential of the Transaction in its latest investor presentation, available on its investor relations website.

On March 4, 2025, a definitive proxy statement was filed providing additional details on the Transaction. A special meeting of stockholders, to be held virtually, has been scheduled for April 14, 2025, at 9:00 am Central Time, where stockholders of record as of March 3, 2025 can vote to approve the issuance of common stock, par value $0.01 per share (the “Common Stock”) (as described in more detail in the definitive proxy statement) in connection with the Transaction. In order to virtually attend, stockholders must register in advance at www.cesonlineservices.com/ampysm_vm prior to April 13, 2025 at 9:00 a.m. Central Time. More information can be found in the definitive proxy statement on the SEC’s website at www.sec.gov and the Company’s website, www.amplifyenergy.com, under the Investor Relations section. Upon approval from our stockholders of the issuance of Common Stock and the resulting closing of the Transaction, Amplify and Juniper are expected to own approximately 61% and 39%, respectively, of the combined company’s outstanding equity.

In anticipation of closing, Amplify is currently working with Juniper and its portfolio companies on integrating the Juniper assets into the Amplify organization. Furthermore, the Company expects to refinance a substantial portion of its outstanding debt and approximately $133 million in principal amount of the portfolio companies’ outstanding debt prior to closing the Transaction. Amplify intends to update the market with developments of the Transaction as they progress.

East Texas Haynesville Monetization Update

Starting in 2024, several operators expressed increased interest in buying or partnering with Amplify on our East Texas Haynesville interests. In December 2024, Amplify monetized ninety percent (90%) of its interests in certain units with Haynesville rights in Panola and Shelby Counties, while retaining a ten percent (10%) working interest and the ability to participate in any well drilled within the boundary of such units. Upon closing, such transaction generated approximately $1.4 million in proceeds.

In January 2025, Amplify completed a second transaction with a separate counterparty. Amplify sold ninety percent (90%) of its interest in certain units with Haynesville rights in Harrison County, Texas, in addition to 11 gross operated wells. This transaction also established an Area of Mutual Interest (“AMI”) with the counterparty covering 10,000 gross acres. Amplify retained a ten percent (10%) working interest in the units it divested and purchased a ten percent (10%) working interest in the counterparty’s acreage. Amplify generated net proceeds of $6.2 million from these transactions and estimates the AMI has more than 30 potential gross drilling locations.

2024 Year-End Proved Reserve Update

The Company’s estimated proved reserves at SEC pricing for year-end 2024 totaled 93.0 MMBoe, which consisted of 82.2 MMBoe of proved developed reserves and 10.8 MMBoe of proved undeveloped reserves. Proved developed reserves were lower year-over-year, primarily due to lower SEC pricing for oil and natural gas, which fell from $78.22 to $75.48 for oil and from $2.64 to $2.13 for natural gas, and the impact of 2024 production roll-off. Total proved reserves were comprised of 44% oil, 19% NGLs, and 37% natural gas.

At year-end 2024, Amplify’s total proved reserves and proved developed reserves had PV-10 values of approximately $736 million and $507 million, respectively, using SEC pricing. Proved developed reserve value at Bairoil was lower than 2023 due to a combination of SEC pricing, production performance and higher operating cost assumptions due to significant increases in regulated electricity rates. Proved undeveloped reserves have increased materially as a result of the successful 2024 Beta development program, with the Company adding 23 additional locations and approximately $200 million in PV-10 value. The initial production rates for the two Beta wells brought on-line in 2024 exceeded the type-curves included in our year-end reserve report, and Amplify will consider increasing the type curve assumptions for Beta development wells after evaluating results from the 2025 development program. Detail on the Company’s reserves by asset is provided in the table below. Additionally, Amplify has provided more information on its Beta development program and the substantial value potential of the field in its latest investor presentation, available on its investor relations website.

	Estimated Net Reserves¹
Region	MMBoe	% Oil and NGL	Proved Developed PV-10	Proved Undeveloped PV-10	Total Proved PV-10
			(in millions)

Beta	19.1	100%	$144	$214	$358
Oklahoma	27.0	46%	138	–	138
Bairoil	16.4	100%	118	–	118
East Texas/ North Louisiana	28.0	30%	75	4	79
Eagle Ford (Non-op)	2.5	90%	32	11	43

Total	93.0	63%	$507	$229	$736

(1)	Amplify’s year-end 2024 total proved reserves, utilizing SEC pricing of $75.48/Bbl for oil and NGLs and $2.13/MMBtu for natural gas.

Amplify’s reserves estimates were prepared by its third-party independent reserve consultant, Cawley, Gillespie & Associates, Inc.

Key Financial Results

During the fourth quarter of 2024, the Company reported a net loss of approximately $7.4 million. The net loss was primarily attributable to a non-cash unrealized loss on commodity derivatives during the period. Excluding the impact of the non-cash unrealized loss on commodity derivatives in addition to other one-time impacts, Amplify generated Adjusted Net Income of $5.1 million in the fourth quarter of 2024.

Fourth quarter Adjusted EBITDA was $21.8 million, a decrease of approximately $3.7 million from $25.5 million in the prior quarter. The decrease was primarily due to lower realized oil prices (net of hedges) in the fourth quarter compared to the prior quarter.

Free cash flow was $2.9 million for the fourth quarter, a decrease of $0.7 million compared to the prior quarter. Amplify has now generated positive free cash flow in 18 of the last 19 fiscal quarters.

	Fourth Quarter			Third Quarter
$ in millions	2024				2024
Net income (loss)		($7.4	)		$22.7
Net cash provided by operating activities		$12.5			$15.7
Average daily production (MBoe/d)		18.5			19.0
Total revenues excluding hedges		$69.0			$69.9
Adjusted EBITDA (a non-GAAP financial measure)		$21.8			$25.5
Adjusted net income (loss), (a non-GAAP financial measure)		$5.1			$9.8
Total capital		$15.3			$18.2
Free Cash Flow (a non-GAAP financial measure)		$2.9			$3.6

Revolving Credit Facility

As of December 31, 2024, Amplify had $127.0 million outstanding under its revolving credit facility, and net debt to LTM Adjusted EBITDA was 1.2x (net debt as of December 31, 2024 and 4Q24 LTM Adjusted EBITDA). Fourth quarter net debt increased from the prior quarter due to expected changes in working capital and increased development activity, primarily at Beta.

Corporate Production and Pricing

During the fourth quarter of 2024, average daily production was approximately 18.5 Mboepd, a decrease of 0.5 Mboepd from the prior quarter. The decrease in production was driven by gas volumes, which were impacted by gas plant realizations in East Texas. Our oil volumes, although slightly higher compared to the prior quarter, were impacted by platform shutdowns following the completion of the emission reduction and electrification facility projects and several unexpected well failures and subsequent interventions at Beta. With the successful completion of the electrification and emissions reduction project in the fourth quarter 2024 and the intervention projects completed by end of January 2025, we are projecting Beta production to be significantly higher than the fourth quarter, before the impact of the 2025 drilling program. As of March 2, 2025, current 7-day average production rates at Beta were 4,834 gross Bopd (3,635 net Bopd), representing an approximate 9% increase from fourth quarter 2024 volumes, with minimal contribution from the recently completed C48 well, which we continue to draw down since completing in mid-February.

The Company’s product mix for the quarter was 45% crude oil, 17% NGLs, and 38% natural gas.

	Three Months			Three Months
	Ended			Ended
	December 31, 2024			September 30, 2024

Production volumes – MBOE:
Bairoil		293			294
Beta		308			304
Oklahoma		436			454
East Texas / North Louisiana		609			638
Eagle Ford (Non-op)		60			62
Total – MBoe		1,706			1,752
Total – MBoe/d		18.5			19.0
% – Liquids		62	%		60	%

Total oil, natural gas and NGL revenues for the fourth quarter of 2024 were approximately $67.2 million, before the impact of derivatives. The Company realized a net gain on commodity derivatives of $4.1 million during the fourth quarter. Oil, natural gas and NGL revenues, net of realized hedges, decreased $3.3 million for the fourth quarter compared to the prior quarter.

The following table sets forth information regarding average realized sales prices for the periods indicated:

	Crude Oil ($/Bbl)					NGLs ($/Bbl)						Natural Gas ($/Mcf)

	Three Months Ended December 31, 2024		Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Three Months Ended September 30, 2024

Average sales price exclusive of realized derivatives and certain deductions from revenue	$	66.82	$	71.74		$	23.46		$	21.63		$	2.52		$	1.84
Realized derivatives		1.43		(0.24	)		–			–			0.76			1.38

Average sales price with realized derivatives exclusive of certain deductions from revenue	$	68.25	$	71.50		$	23.46		$	21.63		$	3.28		$	3.22
Certain deductions from revenue		–		–			(1.37	)		(1.33	)		(0.01	)		0.00

Average sales price inclusive of realized derivatives and certain deductions from revenue	$	68.25	$	71.50		$	22.09		$	20.30		$	3.27		$	3.22

Costs and Expenses

Lease operating expenses in the fourth quarter of 2024 were approximately $35.1 million, or $20.57 per Boe, a $1.8 million increase compared to the prior quarter. Due to increased well failures in the fourth quarter, Beta lease operating costs were higher compared to the prior quarter. Lease operating expenses do not reflect $0.9 million of income generated by Magnify in the fourth quarter.

Severance and ad valorem taxes in the fourth quarter were approximately $5.4 million, a decrease of $0.6 million compared to $6.0 million in the prior quarter, and in line with expectations. Severance and ad valorem taxes as a percentage of revenue were approximately 8.0% in the fourth quarter.

Amplify incurred $4.5 million, or $2.62 per Boe, of gathering, processing and transportation expenses in the fourth quarter, compared to $4.3 million, or $2.45 per Boe, in the prior quarter.

Cash G&A expenses in the fourth quarter were $6.3 million, an increase of $0.1 million compared to the prior quarter and in-line with expectations.

Depreciation, depletion and amortization expense in the fourth quarter totaled $8.4 million, or $4.93 per Boe, compared to $8.1 million, or $4.62 per Boe, in the prior quarter.

Net interest expense was $3.7 million in the fourth quarter, a decrease of $0.1 million compared to $3.8 million in the prior quarter.

Amplify recorded a current income tax benefit of $2.1 million in the fourth quarter.

Fourth Quarter and Full-Year Capital Investments

Cash capital investment during the fourth quarter of 2024 was approximately $15.3 million. During the fourth quarter, the Company’s capital allocation was approximately 65% for Beta development drilling and facility projects, with the remainder distributed across the Company’s other assets.

The following table details Amplify’s capital invested during the fourth quarter of 2024:

	Fourth Quarter		Full-Year
	2024 Capital		2024 Capital
	($ MM)		($ MM)
Bairoil	$	0.2	$	2.9
Beta	$	10.0	$	53.7
Oklahoma	$	0.1	$	3.2
East Texas / North Louisiana	$	2.8	$	5.6
Eagle Ford (Non-op)	$	2.1	$	4.1
Magnify Energy Services	$	0.1	$	1.1
Total Capital Invested	$	15.3	$	70.6

2025 Operations & Development Plan

The following table details Amplify’s 2025 projected capital investments of $70 – $80 million:

Capital Investment by Type (% of Total):
Beta Development	41	%
Beta Facility	16	%
Workovers & Other Facilities	25	%
Non-op Development	18	%
Total Capital Investments:	100	%

Amplify’s 2025 operations and development plan is designed to continue unlocking the underlying value of the Company’s assets. To achieve this goal, we intend to 1) continue our development program at Beta, 2) execute on low-cost, high-return workover projects, and 3) reduce operating costs by increasing activity at Magnify.

At Beta, Amplify intends to complete six wells in 2025. The C48 well, the first of the six wells to be completed in 2025, was drilled in the fourth quarter of 2024 and completed in mid-February. Similar to the A50 and C59 wells drilled in 2024, the completion of the C48 well was initially designed to target the D-sand. However, drilling conditions encountered in the D-sand and the quality of the C-Sand observed while drilling through the formation, led the team to alter the completion design and target the C-sand instead. The C48 will be the first test of the horizontal potential of the C-sand and we will share the results of the C48 well after obtaining sufficient initial production data.

In 2024 Amplify brought online two new wells at Beta, the A50 well (brought online in June) and the C59 well (brought online in October), both of which exceeded internal projections and increased Beta’s overall production approximately 15% in January 2025 compared to January of 2024. Similarly, the six Beta completions planned in 2025 are expected to significantly increase Amplify’s oil production year-over-year. Additional information regarding the Beta development plan can be found in the investor presentation on the Company’s investor relations website.

In addition to drilling and completing the six wells, Amplify intends to make continued investments in Beta’s facilities. In 2025, the Company expects to invest approximately $8 million to upgrade a 2-mile pipeline that ships all produced fluid from platform Eureka to platform Elly.

At Bairoil, we continue to focus on enhancing water-alternating-gas injection performance through targeted well recompletions and conversions, which helps offset the asset’s nominal production declines. Our plan also includes an investment at our CO₂ gas plant intended to reduce overall power usage and lease operating expenses in the second half of 2025.

Amplify’s operating strategy in Oklahoma remains focused on prioritizing a stable free cash flow profile by managing production through an active workover program, artificial lift enhancements, extending well run-times and continuing to reduce operating costs.

In East Texas, we are participating in the completion of four non-operated development projects, which we expect to be online by mid-year. The Company also continues to focus on prudent management of the field, such as optimizing field compression, artificial lift enhancement, and equipment insourcing, which is expected to improve the production profile and lower lease operating costs.

In late 2023, we formed Magnify to in-source specific oilfield services to improve service reliability and to reduce overall operating expenses for the Company. Since its inception, Magnify has generated $3.7 million of Adjusted EBITDA with a capital investment of only $1.7 million. In 2025, we expect to invest an additional $1.4 million of capital in Magnify and project 2025 Adjusted EBITDA of approximately $5 million (with an annualized run rate of $6 million by year-end). We are evaluating additional accretive services for Magnify to service Amplify operated assets.

In the Eagle Ford, we are participating in 14 gross (0.7 net) new development wells and two gross (0.4 net) recompletion projects. These non-operated wells, with highly accretive returns, are currently scheduled to be completed in the first half of 2025.

Full-Year 2025 Guidance

The following standalone guidance is subject to the cautionary statements and limitations described under the “Forward-Looking Statements” caption at the end of this press release. Amplify’s 2025 guidance is based on its current expectations regarding capital investment levels and flat commodity prices for crude oil of $71/Bbl (WTI) and natural gas of $3.75/MMBtu (Henry Hub), and on the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products. Additionally, the Company expects to invest approximately 90% of its capital in the first three quarters of the year primarily in connection with the Beta development program. Upon closing of the Transaction with Juniper, the Company will provide updated guidance to include the acquired assets.

A summary of the standalone guidance is presented below:

	FY 2025E

	Low		High

Net Average Daily Production
Oil (MBbls/d)	8.5	–	9.4
NGL (MBbls/d)	3.0	–	3.3
Natural Gas (MMcf/d)	45.0	–	51.0
Total (MBoe/d)	19.0	–	21.0

Commodity Price Differential / Realizations (Unhedged)
Oil Differential ($ / Bbl)	($3.25)	–	($4.25)
NGL Realized Price (% of WTI NYMEX)	27%	–	31%
Natural Gas Realized Price (% of Henry Hub)	85%	–	92%

Other Revenue
Magnify Energy Services ($ MM)	$4	–	$6
Other ($ MM)	$2	–	$3
Total ($ MM)	$6	–	$9

Gathering, Processing and Transportation Costs
Oil ($ / Bbl)	$0.65	–	$0.85
NGL ($ / Bbl)	$2.75	–	$4.00
Natural Gas ($ / Mcf)	$0.55	–	$0.75
Total ($ / Boe)	$2.25	–	$2.85

Average Costs
Lease Operating ($ / Boe)	$18.50	–	$20.50
Taxes (% of Revenue) ⁽¹⁾	6.0%	–	7.0%
Cash General and Administrative ($ / Boe) ⁽²⁾⁽³⁾	$3.40	–	$3.90

Adjusted EBITDA ($ MM) ⁽²⁾⁽³⁾	$100	–	$120
Cash Interest Expense ($ MM)	$12	–	$18
Capital Expenditures ($ MM)	$70	–	$80
Free Cash Flow ($ MM) ⁽²⁾⁽³⁾	$10	–	$30

⁽¹⁾ Includes production, ad valorem and franchise taxes
⁽²⁾ Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of Cash G&A, Adjusted EBITDA and free cash flow, non-GAAP measures (cash income taxes, which are not included in free cash flow, are expected to range between $0 – $2 million for the year)
⁽³⁾ Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.

Hedging

Recently, the Company took advantage of volatility in the futures market to add to its hedge position, further protecting future cash flows. Amplify executed crude oil swaps covering the second half of 2025 through year-end 2026 at a weighted average price of $68.10. The Company also added natural gas collars for a portion of 2027 with a weighted average floor of $3.63 per MMBtu and a weighted average ceiling of $3.98 per MMBtu.

The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed floor and ceiling prices at which production is hedged for January 2025 through December 2027, as of March 4, 2025:

		2025		2026		2027

Natural Gas Swaps:
Average Monthly Volume (MMBtu)		585,000		500,000		87,500
Weighted Average Fixed Price ($)	$	3.75	$	3.79	$	3.76

Natural Gas Collars:
Two-way collars
Average Monthly Volume (MMBtu)		500,000		500,000		87,500
Weighted Average Ceiling Price ($)	$	3.90	$	4.06	$	4.20
Weighted Average Floor Price ($)	$	3.50	$	3.55	$	3.50

Oil Swaps:
Average Monthly Volume (Bbls)		128,583		72,750
Weighted Average Fixed Price ($)	$	70.85	$	69.19

Oil Collars:
Two-way collars
Average Monthly Volume (Bbls)		59,500
Weighted Average Ceiling Price ($)	$	80.20
Weighted Average Floor Price ($)	$	70.00

Amplify has posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.

Annual Report on Form 10-K

Amplify’s financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2024, which Amplify expects to file with the SEC on March 5, 2025.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

Conference Call

Amplify will host an investor teleconference tomorrow at 10 a.m. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing (888) 999-5318 at least 15 minutes before the call begins and providing the Conference ID: AEC4Q24. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Access Code: 71724906. A transcript and a recorded replay of the call will also be available on our website after the call.

Forward-Looking Statements

This press release includes “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. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the Company’s ability to successfully complete the proposed business combination between the Company and certain of Juniper’s portfolio companies, or the “Mergers”; the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; and the impact of local, state and federal governmental regulations, including those related to climate change and hydraulic fracturing, and the current administration’s potential reversal thereof. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

No Offer or Solicitation

A portion of this press release relates to a proposed business combination transaction between the Company and certain Juniper portfolio companies. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed business combination transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Important Additional Information Regarding the Mergers Will Be Filed With the SEC

In connection with the proposed transaction, the Company has filed a definitive proxy statement. The definitive proxy statement will be sent to the stockholders of the Company. The Company may also file other documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS OF AMPLIFY ARE ADVISED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS, THE PARTIES TO THE MERGERS AND THE RISKS ASSOCIATED WITH THE MERGERS. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed by Amplify with the SEC from the SEC’s website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents (when available) by (1) directing your written request to: 500 Dallas Street, Suite 1700, Houston, Texas or (2) contacting our Investor Relations department by telephone at (832) 219-9044 or (832) 219-9051. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company’s website at http://www.amplifyenergy.com.

Participants in the Solicitation

Amplify and certain of its respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Amplify in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the definitive proxy statement filed with the SEC. Additional information regarding the Company’s directors and executive officers is also included in Amplify’s Notice of Annual Meeting of Stockholders and 2024 Proxy Statement, which was filed with the SEC on April 5, 2024. These documents are available free of charge as described above.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted net income, free cash flow, net debt, PV-10 and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does.

Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense; Income tax expense (benefit); DD&A; Impairment of goodwill and long-lived assets (including oil and natural gas properties); Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of assets and other, net; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related expenses; Reorganization items, net; Severance payments; and Other non-routine items that we deem appropriate. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities.

Adjusted Net Income. Amplify defines Adjusted Net Income as net income (loss) adjusted for loss (gain) on commodity derivative instruments, acquisition & divestiture related expenses, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including derivative gains and losses. This measure is not meant to disassociate these items from management’s performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP.

Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities.

Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company’s capital structure and financial leverage.

PV-10. PV-10 is a non-GAAP financial measure that represents the present value of estimated future cash inflows from proved oil and natural gas reserves that are calculated using the unweighted arithmetic average first-day-of-the-month prices for the prior 12 months, less future development and operating costs, discounted at 10% per annum to reflect the timing of future cash flows. The most directly comparable GAAP measure to PV-10 is standardized measure. PV-10 differs from standardized measure in its treatment of estimated future income taxes, which are excluded from PV-10. Amplify believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 is not intended to represent the current market value of our estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP.

Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to cash G&A is total G&A expenses.

Contacts

Jim Frew — Senior Vice President and Chief Financial Officer
(832) 219-9044
jim.frew@amplifyenergy.com

Michael Jordan — Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com

Selected Operating and Financial Data (Tables)

Amplify Energy Corp.
Selected Financial Data – Unaudited
Statements of Operations Data

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			September 30, 2024

Revenues:
Oil and natural gas sales	$	67,189		$	68,135
Other revenues		1,832			1,723
Total revenues		69,021			69,858

Costs and Expenses:
Lease operating expense		35,100			33,255
Pipeline incident loss		2,405			247
Gathering, processing and transportation		4,468			4,290
Exploration		10			–
Taxes other than income		5,356			5,997
Depreciation, depletion and amortization		8,418			8,102
General and administrative expense		9,486			8,251
Accretion of asset retirement obligations		2,156			2,125
Realized (gain) loss on commodity derivatives		(4,052	)		(6,375	)
Unrealized (gain) loss on commodity derivatives		13,357			(18,672	)
(Gain) loss on sale of properties		(1,367	)		–
Other, net		334			38
Total costs and expenses		75,671			37,258

Operating Income (loss)		(6,650	)		32,600

Other Income (Expense):
Interest expense, net		(3,684	)		(3,756	)
Other income (expense)		(113	)		(130	)
Total other income (expense)		(3,797	)		(3,886	)

Income (loss) before reorganization items, net and income taxes		(10,447	)		28,714

Income tax benefit (expense) – current		2,132			(412	)
Income tax benefit (expense) – deferred		886			(5,650	)

Net income (loss)	$	(7,429	)	$	22,652

Earnings per share:
Basic and diluted earnings (loss) per share	$	(0.19	)	$	0.54

Selected Financial Data – Unaudited
Operating Statistics

	Three Months		Three Months
	Ended		Ended
(Amounts in $000s, except per unit data)	December 31, 2024		September 30, 2024

Oil and natural gas revenue:
Oil Sales	$	50,817	$	54,353
NGL Sales		6,602		6,096
Natural Gas Sales		9,770		7,686
Total oil and natural gas sales – Unhedged	$	67,189	$	68,135

Production volumes:
Oil Sales – MBbls		760		758
NGL Sales – MBbls		299		301
Natural Gas Sales – MMcf		3,883		4,165
Total – MBoe		1,706		1,752
Total – MBoe/d		18.5		19.0

Average sales price (excluding commodity derivatives):
Oil – per Bbl	$	66.82	$	71.74
NGL – per Bbl	$	22.09	$	20.29
Natural gas – per Mcf	$	2.52	$	1.85
Total – per Boe	$	39.37	$	38.88

Average unit costs per Boe:
Lease operating expense	$	20.57	$	18.98
Gathering, processing and transportation	$	2.62	$	2.45
Taxes other than income	$	3.14	$	3.42
General and administrative expense	$	5.56	$	4.71
Realized gain/(loss) on commodity derivatives	$	2.38	$	3.64
Depletion, depreciation, and amortization	$	4.93	$	4.62

Selected Financial Data – Unaudited
Asset Operating Statistics

	Three Months			Three Months
	Ended			Ended
	December 31, 2024			September 30, 2024

Production volumes – MBOE:
Bairoil		293			294
Beta		308			304
Oklahoma		436			454
East Texas / North Louisiana		609			638
Eagle Ford (Non-op)		60			62
Total – MBoe		1,706			1,752
Total – MBoe/d		18.5			19.0
% – Liquids		62	%		60	%

Lease operating expense – $M:
Bairoil	$	11,800		$	13,164
Beta		12,113			9,520
Oklahoma		3,948			3,644
East Texas / North Louisiana		5,887			5,592
Eagle Ford (Non-op)		1,351			1,335
Total Lease operating expense:	$	35,099		$	33,255

Capital expenditures – $M:
Bairoil	$	190		$	1,224
Beta		10,001			12,047
Oklahoma		168			1,449
East Texas / North Louisiana		2,758			2,303
Eagle Ford (Non-op)		2,125			1,157
Magnify Energy Services		82			44
Total Capital expenditures:	$	15,324		$	18,224

Selected Financial Data – Unaudited
Balance Sheet Data

(Amounts in $000s)	December 31, 2024			September 30, 2024

Assets
Cash and Cash Equivalents	$	–		$	–
Accounts Receivable		39,713			32,295
Other Current Assets		32,064			37,862
Total Current Assets	$	71,777		$	70,157

Net Oil and Gas Properties	$	386,218		$	378,871
Other Long-Term Assets		289,081			290,188
Total Assets	$	747,076		$	739,216

Liabilities
Accounts Payable	$	13,231		$	18,107
Accrued Liabilities		43,413			36,699
Other Current Liabilities		11,494			11,362
Total Current Liabilities	$	68,138		$	66,168

Long-Term Debt	$	127,000		$	120,000
Asset Retirement Obligation		129,700			127,556
Other Long-Term Liabilities		13,326			10,822
Total Liabilities	$	338,164		$	324,546

Shareholders’ Equity
Common Stock & APIC	$	440,380		$	438,709
Accumulated Earnings (Deficit)		(31,468	)		(24,039	)
Total Shareholders’ Equity	$	408,912		$	414,670

Selected Financial Data – Unaudited
Statements of Cash Flows Data

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s)	December 31, 2024			September 30, 2024


Net cash provided by (used in) operating activities	$	12,455		$	15,737
Net cash provided by (used in) investing activities		(19,379	)		(18,078	)
Net cash provided by (used in) financing activities		6,924			1,839

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s)	December 31, 2024			September 30, 2024

Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities:
Net cash provided by operating activities	$	12,455		$	15,737
Changes in working capital		4,770			5,937
Interest expense, net		3,684			3,756
Cash settlements received on terminated commodity derivatives		–			(793	)
Amortization of gain associated with terminated commodity derivatives		159			–
Amortization and write-off of deferred financing fees		(315	)		(310	)
Exploration costs		10			–
Acquisition and divestiture related costs		1,424			186
Plugging and abandonment cost		754			372
Current income tax expense (benefit)		(2,132	)		412
Pipeline incident loss		2,405			247
(Gain) loss on sale of properties		(1,367	)		–
Adjusted EBITDA:	$	21,847		$	25,544

Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:
Adjusted EBITDA:	$	21,847		$	25,544
Less: Cash interest expense		3,598			3,721
Less: Capital expenditures		15,324			18,224
Free Cash Flow:	$	2,925		$	3,599

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow


	Twelve Months			Twelve Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			December 31, 2023

Reconciliation of Adjusted EBITDA¹to Net Cash Provided from Operating Activities:
Net cash provided by operating activities	$	51,293		$	141,590
Changes in working capital		32,272			(8,517	)
Interest expense, net		14,599			17,719
Cash settlements received on terminated commodity derivatives		(793	)		(658	)
Amortization of gain associated with terminated commodity derivatives		159			658
Amortization and write-off of deferred financing fees		(1,233	)		(1,980	)
Exploration costs		61			57
Acquisition and divestiture related costs		1,633			219
Plugging and abandonment cost		1,640			2,239
Current income tax expense (benefit)		232			4,817
Pipeline incident loss		3,859			19,981
(Gain) loss on sale of properties		(1,367	)		–
LOPI – timing differences		–			(4,636	)
Litigation settlement		–			(84,875	)
Other		686			1,418
Adjusted EBITDA:	$	103,041		$	88,032

Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:
Adjusted EBITDA¹:	$	103,041		$	88,032
Less: Cash interest expense		14,438			16,263
Less: Capital expenditures		70,644			33,744
Free Cash Flow:	$	17,959		$	38,025

	(1)	Adjusted EBITDA includes a revenue suspense release of $8.4 million for the twelve months ended December 31, 2024. See “Revenue Payables in Suspense” table for additional information.

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA¹ and Free Cash Flow

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s)	December 31, 2024			September 30, 2024

Reconciliation of Adjusted EBITDA to Net Income (Loss):
Net income (loss)	$	(7,429	)	$	22,652
Interest expense, net		3,684			3,756
Income tax expense (benefit) – current		(2,132	)		412
Income tax expense (benefit) – deferred		(886	)		5,650
Depreciation, depletion and amortization		8,418			8,102
Accretion of asset retirement obligations		2,156			2,125
(Gains) losses on commodity derivatives		9,305			(25,047	)
Cash settlements received (paid) on expired commodity derivative instruments		4,052			5,582
Amortization of gain associated with terminated commodity derivatives		159			–
Acquisition and divestiture related costs		1,424			186
Share-based compensation expense		1,686			1,815
(Gain) loss on sale of properties		(1,367	)		–
Exploration costs		10			–
Loss on settlement of AROs		334			38
Bad debt expense		28			26
Pipeline incident loss		2,405			247
Adjusted EBITDA¹:	$	21,847		$	25,544

Reconciliation of Free Cash Flow to Net Income (Loss):
Adjusted EBITDA:	$	21,847		$	25,544
Less: Cash interest expense		3,598			3,721
Less: Capital expenditures		15,324			18,224
Free Cash Flow:	$	2,925		$	3,599

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow


	Twelve Months			Twelve Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			December 31, 2023


Reconciliation of Adjusted EBITDA¹to Net Income (Loss):
Net income (loss)	$	12,946		$	392,750
Interest expense, net		14,599			17,719
Income tax expense (benefit) – current		232			4,817
Income tax expense (benefit) – deferred		2,196			(253,796	)
Depreciation, depletion and amortization		32,586			28,004
Accretion of asset retirement obligations		8,438			7,951
(Gains) losses on commodity derivatives		2,047			(40,343	)
Cash settlements received (paid) on expired commodity derivative instruments		17,617			(8,273	)
Amortization of gain associated with terminated commodity derivatives		159			658
Acquisition and divestiture related costs		1,633			219
Share-based compensation expense		6,799			5,280
(Gain) loss on sale of properties		(1,367	)		–
Exploration costs		61			57
Loss on settlement of AROs		470			1,003
Bad debt expense		80			98
Pipeline incident loss		3,859			19,981
LOPI – timing differences		–			(4,636	)
Litigation settlement		–			(84,875	)
Other		686			1,418
Adjusted EBITDA:	$	103,041		$	88,032

Reconciliation of Free Cash Flow to Net Income (Loss):
Adjusted EBITDA¹:	$	103,041		$	88,032
Less: Cash interest expense		14,438			16,263
Less: Capital expenditures		70,644			33,744
Free Cash Flow:	$	17,959		$	38,025

	(1)	Adjusted EBITDA includes a revenue suspense release of $8.4 million for the twelve months ended December 31, 2024. See “Revenue Payables in Suspense” table for additional information.

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Net Income (Loss) to Adjusted Net Income (Loss)

	Three Months			Three Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			September 30, 2024

Reconciliation of Adjusted Net Income (Loss):
Net income (loss)	$	(7,429	)	$	22,652
Unrealized (gain) loss on commodity derivatives		13,357			(18,672	)
Acquisition and divestiture related costs		1,424			186
Non-recurring costs:
Income tax expense (benefit) – deferred		(886	)		5,650
Gain on sale of properties		(1,367	)		–
Litigation settlement		–			–
Tax effect of adjustments		(12	)		(39	)
Adjusted net income (loss)	$	5,087		$	9,777

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Net Income (Loss) to Adjusted Net Income (Loss)

	Twelve Months			Twelve Months
	Ended			Ended
(Amounts in $000s, except per share data)	December 31, 2024			December 31, 2023

Reconciliation of Adjusted Net Income (Loss):
Net income (loss)	$	12,946		$	392,750
Unrealized (gain) loss on commodity derivatives		20,457			(47,958	)
Acquisition and divestiture related costs		1,633			219
Non-recurring costs:
Income tax expense (benefit) – deferred¹		2,196			(253,796	)
Gain on sale of properties		(1,367	)		–
Litigation settlement²		–			(84,875	)
Tax effect of adjustments³		(56	)		17,778
Adjusted net income (loss)	$	35,809		$	24,118

	(1)	In 2023, we achieved three years of cumulative book income which resulted in the release of our valuation allowance of $284.9 million.
	(2)	In 2023, non-recurring costs included a litigation settlement with the shipping companies and the containerships whose anchors struck the Company’s pipeline.
	(3)	The federal statutory rates were utilized for all periods presented.

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Cash General and Administrative Expenses

	Three Months		Three Months
	Ended		Ended
(Amounts in $000s)	December 31, 2024		September 30, 2024

General and administrative expense	$	9,486	$	8,251
Less: Share-based compensation expense		1,686		1,815
Less: Acquisition and divestiture costs		1,424		186
Less: Bad debt expense		28		26
Less: Severance payments		—		—
Total Cash General and Administrative Expense	$	6,348	$	6,224

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Cash General and Administrative Expenses

	Twelve Months		Twelve Months
	Ended		Ended
(Amounts in $000s)	December 31, 2024		December 31, 2023

General and administrative expense	$	35,895	$	32,984
Less: Share-based compensation expense		6,799		5,280
Less: Acquisition and divestiture costs		1,633		219
Less: Bad debt expense		80		98
Less: Severance payments		344		965
Total Cash General and Administrative Expense	$	27,039	$	26,422

Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Revenue Payables in Suspense

	Three Months		Twelve Months
	Ended		Ended
(Amounts in $000s)	December 31, 2024		December 31, 2024


Oil and natural gas sales	$	–	$	4,023
Other revenues		–		4,829
Severance tax and other deducts		–		(433	)
Total net revenue	$	–	$	8,419

Production volumes:
Oil (MBbls)		–		33
NGLs (MBbls)		–		31
Natural gas (MMcf)		–		441
Total (Mboe)		–		138
Total (Mboe/d)		–		0.38

	As of	As of
	December 31,	December 31,
	2024	2023
Standardized measure of future net cash flows, discounted at 10% ($ M)	$608,239	$626,131
Add: PV of future income tax, discounted at 10% ($ M)	$127,526	$130,882
PV-10 ($ M)	$735,765	$757,013

The MIL Network –

March 6, 2025

MIL-OSI: Micron Appoints Mark Liu and Christie Simons to Board of Directors

Source: GlobeNewswire (MIL-OSI)

BOISE, Idaho, March 05, 2025 (GLOBE NEWSWIRE) — Micron Technology Inc. (Nasdaq: MU) today announced it has appointed two experienced business leaders, Mark Liu and Christie Simons, to its board of directors.

Liu spent over 30 years with Taiwan Semiconductor Manufacturing Company (TSMC), where he held increasingly important leadership positions, including senior vice president (2004-2012), co-chief operations officer (2012-2013), president and co-CEO (2013-2018), and executive chairman (2018-2024). Under his leadership, TSMC became the world’s largest semiconductor foundry. Currently, he is the founder and chairman of J&M Copper Beech Ventures, a multi-strategy investment fund. Liu began his career at Intel Corporation as part of the company’s development of its 32-bit microprocessor technology. He then moved to AT&T Bell Laboratory where he conducted fundamental high-speed electronics research. Liu’s other board commitments include the University of California, Berkeley Engineering Advisory Board. He holds a bachelor’s degree in electrical engineering from National Taiwan University, and master’s and Ph.D. degrees in electrical engineering and computer science from the University of California, Berkeley.

“Mark is a visionary leader with deep technical expertise and business acumen. He has decades of experience leading one of the world’s most advanced and sophisticated semiconductor companies, with fab operations at the largest scale,” said Micron Chairman, President and CEO Sanjay Mehrotra. “His experience will help guide Micron as we scale our business to address the growing opportunities unleashed by AI — from the data center to the edge.”

Simons is a senior audit and assurance partner of Deloitte & Touche LLP. She is retiring from the company in May with nearly 30 years of experience serving technology clients worldwide. She has held several significant leadership roles at Deloitte while leading teams to address clients’ most challenging problems, including global equity and debt offerings and enterprise-wide digital transformations. Simons recently led Deloitte’s Global Semiconductor Center of Excellence, integrating the organization’s multifaceted capabilities to serve global semiconductor clients across consulting, advisory, tax, and assurance. She also recently served as the U.S. Technology, Media, and Telecommunications industry leader for Deloitte’s audit and assurance practice. Simons holds a bachelor’s degree in international business and finance from the Leeds School of Business at the University of Colorado, Boulder, is a Certified Public Accountant in California, and is a member of the American Institute of CPAs.

“Christie’s extensive experience in global technology and finance will provide invaluable insights as we continue to optimize Micron’s business to focus on innovation and growth,” said Mehrotra. “Her specific experience with the semiconductor industry will be a great asset as our board continues to shape Micron’s strategy to address the opportunities ahead.”

“I am very pleased to welcome Mark and Christie to the Micron board of directors,” said Lynn Dugle, Micron’s lead independent director. “Mark’s executive experience with the world’s largest semiconductor foundry and Christie’s work delivering an array of services to global semiconductor companies bring additional strength to our board. We look forward to their contributions as we continue to position Micron for long-term success.”

About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Media Relations Contact
Mark Plungy
Micron Technology, Inc.
+1 (408) 203-2910
mplungy@micron.com

Micron Investor Relations Contact
Satya Kumar
Micron Technology, Inc.
+1 (408) 450-6199
satyakumar@micron.com

The MIL Network –

March 6, 2025

MIL-OSI: Zscaler Reports Second Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Second Quarter Highlights

Revenue grows 23% year-over-year to $647.9 million
Calculated billings grows 18% year-over-year to $742.7 million
Deferred revenue grows 25% year-over-year to $1,878.5 million
GAAP net loss of $7.7 million compared to GAAP net loss of $28.5 million on a year-over-year basis
Non-GAAP net income of $127.1 million compared to non-GAAP net income of $99.4 million on a year-over-year basis

SAN JOSE, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its second quarter of fiscal year 2025, ended January 31, 2025.

“Growing adoption of Zero Trust and AI is driving strong demand for our platform, resulting in yet another strong quarter that exceeded our guidance on both top and bottom line. We are leading the industry towards Zero Trust Everywhere by transforming security from legacy appliance-based to a Zero Trust architecture,” said Jay Chaudhry, Chairman and CEO of Zscaler. “By combining AI with Zero Trust, we are delivering several key innovations to secure our customers’ use of AI applications, creating new avenues of growth.”

Second Quarter Fiscal 2025 Financial Highlights

Revenue: $647.9 million, an increase of 23% year-over-year.
Income (loss) from operations: GAAP loss from operations was $40.1 million, or 6% of revenue, compared to $45.5 million, or 9% of revenue, in the second quarter of fiscal 2024. Non-GAAP income from operations was $140.5 million, or 22% of revenue, compared to $103.2 million, or 20% of revenue, in the second quarter of fiscal 2024.
Net income (loss): GAAP net loss was $7.7 million, compared to $28.5 million in the second quarter of fiscal 2024. Non-GAAP net income was $127.1 million, compared to $99.4 million in the second quarter of fiscal 2024.
Net income (loss) per share, diluted: GAAP net loss per share was $0.05, compared to $0.19 in the second quarter of fiscal 2024. Non-GAAP net income per share was $0.78, compared to $0.63 in the second quarter of fiscal 2024.
Cash flows: Cash provided by operations was $179.4 million, or 27% of revenue, compared to $142.1 million, or 27% of revenue, in the second quarter of fiscal 2024. Free cash flow was $143.4 million, or 22% of revenue, compared to $100.8 million, or 19% of revenue, in the second quarter of fiscal 2024.
Deferred revenue: $1,878.5 million as of January 31, 2025, an increase of 25% year-over-year.
Cash, cash equivalents and short-term investments: $2,880.2 million as of January 31, 2025, an increase of $470.6 million from July 31, 2024.

Recent Business Highlights

Introduced the industry’s first Zero Trust Segmentation solution for branches and cloud environments. The new solution improves customers’ security posture by preventing lateral movement from ransomware attacks, while cutting firewall and infrastructure spend in half.
Started offering the Zero Trust Network Access (ZTNA) service natively integrated within RISE with SAP. Zscaler Private Access™ (ZPA™) for SAP helps enable SAP customers with on-premises ERP workloads to simplify and de-risk their cloud migration, without the complexity and risk associated with traditional VPNs.
Appointed Phil Tee as EVP of AI Innovations. Tee previously co-founded an enterprise AI-driven provider of intelligent monitoring solutions for DevOps and ITOps.
Achieved FedRAMP authorization for Zscaler Zero Trust Browser. The authorization assures agencies of compliance with rigorous security standards, facilitating cloud adoption and streamlining the procurement process.
Announced that Nokia, a multinational technology leader, is migrating from its traditional firewall-based security model to the Zscaler Zero Trust Exchange to enhance its security, improve operational efficiency, and strengthen cloud capabilities.

Change in Non-GAAP Measures Presentation

Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

Financial Outlook

For the third quarter of fiscal 2025, we expect:

Revenue of $665 million to $667 million
Non-GAAP income from operations of $140 million to $142 million
Non-GAAP net income per share of approximately $0.75 to $0.76, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

For the full year of fiscal 2025, we expect:

Revenue of approximately $2.640 billion to $2.654 billion
Calculated billings of $3.153 billion to $3.168 billion
Non-GAAP income from operations of $562 million to $572 million
Non-GAAP net income per share of $3.04 to $3.09, assuming approximately 163.5 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.

For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

Conference Call and Webcast Information

Zscaler will host a conference call for analysts and investors to discuss its second quarter of fiscal 2025 and outlook for its third quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

Date:	Wednesday, March 5, 2025
Time:	1:30 p.m. PT
Webcast:	https://ir.zscaler.com
Dial-in:	To join by phone, register at the following link: (https://register.vevent.com/register/BI81201a44d72f48cab018ea30aa79b03b). After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.

Upcoming Conferences

Third quarter of fiscal 2025 investor conference participation schedule:

Morgan Stanley Technology, Media and Telecom Conference in San Francisco
Thursday, March 6, 2025

Susquehanna Travel, Tech + Gambling Forum (Virtual)
Friday, March 7, 2025

Loop Capital Markets 2025 Investor Conference (Virtual)
Monday, March 10, 2025

Stifel Technology 2025 Technology One-on-One Conference in New York City
Tuesday, March 11, 2025

Cantor Global Technology Conference in New York City
Wednesday, March 12, 2025

Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the third quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions.

Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 filed on December 5, 2024 and our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Use of Non-GAAP Financial Information

We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

About Zscaler

Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

Investor Relations Contacts

Ashwin Kesireddy
VP, Investor Relations and Strategic Finance
(415) 798-1475
ir@zscaler.com

Natalia Wodecki
Media Relations Contact
press@zscaler.com


ZSCALER, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702
Cost of revenue^{(1) (2)}		148,498			117,199			289,960			228,593
Gross profit		499,402			407,800			985,895			793,109
Operating expenses:
Sales and marketing^{(1) (2)}		307,872			276,481			613,959			543,592
Research and development^{(1) (2)}		170,860			122,181			325,114			235,720
General and administrative⁽¹⁾		60,810			54,595			117,629			105,311
Total operating expenses		539,542			453,257			1,056,702			884,623
Loss from operations		(40,140	)		(45,457	)		(70,807	)		(91,514	)
Interest income		30,878			28,385			60,926			54,327
Interest expense⁽³⁾		(2,339	)		(3,605	)		(5,482	)		(6,764	)
Other income (expense), net		(4,936	)		172			(5,588	)		(1,040	)
Loss before income taxes		(16,537	)		(20,505	)		(20,951	)		(44,991	)
Provision for (benefit from) for income taxes⁽⁴⁾		(8,813	)		7,964			(1,176	)		16,961
Net loss	$	(7,724	)	$	(28,469	)	$	(19,775	)	$	(61,952	)
Net loss per share, basic and diluted	$	(0.05	)	$	(0.19	)	$	(0.13	)	$	(0.42	)
Weighted-average shares used in computing net loss per share, basic and diluted		153,672			148,951			153,114			148,287

⁽¹⁾Includes stock-based compensation expense and related payroll taxes as follows:
Cost of revenue	$	17,619	$	13,434	$	33,412	$	26,389
Sales and marketing		69,979		65,855		134,845		124,523
Research and development		65,896		44,120		124,761		85,163
General and administrative		22,862		22,127		43,912		42,190
Total	$	176,356	$	145,536	$	336,930	$	278,265

⁽²⁾Includes amortization expense of acquired intangible assets as follows:
Cost of revenue	$	3,815	$	2,717	$	7,490	$	5,434
Sales and marketing		425		226		850		452
Research and development		5		140		145		233
Total	$	4,245	$	3,083	$	8,485	$	6,119

⁽³⁾Includes amortization of debt issuance costs

982

978

1,963

1,955

⁽⁴⁾Benefit from a release of valuation allowance (*)	$	17,188			$	—			$	17,188			$	—

^(*) During the three months ended January 31, 2025, we recognized a tax benefit of $17.2 million attributable to the release of the valuation allowance on United Kingdom (U.K.) deferred tax assets.


ZSCALER, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
	January 31,			July 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	1,758,506		$	1,423,080
Short-term investments		1,121,734			986,574
Accounts receivable, net		514,314			736,529
Deferred contract acquisition costs		156,079			148,873
Prepaid expenses and other current assets		114,573			101,561
Total current assets		3,665,206			3,396,617
Property and equipment, net		422,315			383,121
Operating lease right-of-use assets		83,703			89,758
Deferred contract acquisition costs, noncurrent		284,286			296,525
Acquired intangible assets, net		55,658			63,835
Goodwill		417,730			417,029
Other noncurrent assets		77,070			58,083
Total assets	$	5,005,968		$	4,704,968

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	24,600		$	23,309
Accrued expenses and other current liabilities		90,626			91,708
Accrued compensation		140,430			160,810
Deferred revenue		1,595,780			1,643,919
Convertible senior notes		1,147,513			1,142,275
Operating lease liabilities		49,917			50,866
Total current liabilities		3,048,866			3,112,887
Deferred revenue, noncurrent		282,725			251,055
Operating lease liabilities, noncurrent		40,912			44,824
Other noncurrent liabilities		26,119			22,100
Total liabilities		3,398,622			3,430,866
Stockholders’ Equity
Common stock		155			152
Additional paid-in capital		2,797,350			2,426,819
Accumulated other comprehensive loss		(22,304	)		(4,789	)
Accumulated deficit		(1,167,855	)		(1,148,080	)
Total stockholders’ equity		1,607,346			1,274,102
Total liabilities and stockholders’ equity	$	5,005,968		$	4,704,968


ZSCALER, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Six Months Ended
	January 31,
	2025			2024
Cash Flows from Operating Activities
Net loss	$	(19,775	)	$	(61,952	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense		45,911			29,361
Amortization expense of acquired intangible assets		8,485			6,119
Amortization of deferred contract acquisition costs		79,191			61,504
Amortization of debt issuance costs		1,963			1,955
Non-cash operating lease costs		31,565			21,633
Stock-based compensation expense		329,295			269,570
Accretion of investments purchased at a discount		(10,110	)		(9,582	)
Unrealized losses on hedging transactions		3,036			2,841
Deferred income taxes		(17,359	)		(1,437	)
Other		1,303			1,403
Changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable		222,043			102,374
Deferred contract acquisition costs		(74,158	)		(67,744	)
Prepaid expenses, other current and noncurrent assets		(12,144	)		2,660
Accounts payable		98			(2,412	)
Accrued expenses, other current and noncurrent liabilities		(11,481	)		6,020
Accrued compensation		(20,380	)		562
Deferred revenue		(16,469	)		62,477
Operating lease liabilities		(30,246	)		(22,477	)
Net cash provided by operating activities		510,768			402,875
Cash Flows from Investing Activities
Purchases of property, equipment and other assets		(32,043	)		(59,553	)
Capitalized internal-use software		(43,416	)		(17,816	)
Payments for business acquisitions, net of cash acquired		(834	)		(4,377	)
Purchase of strategic investments		(786	)		(2,000	)
Purchases of short-term investments		(729,066	)		(761,796	)
Proceeds from maturities of short-term investments		605,003			594,687
Proceeds from sale of short-term investments		—			2,105
Net cash used in investing activities		(201,142	)		(248,750	)
Cash Flows from Financing Activities
Proceeds from issuance of common stock upon exercise of stock options		3,456			3,848
Proceeds from issuance of common stock under the employee stock purchase plan		22,344			18,407
Net cash provided by financing activities		25,800			22,255
Net increase in cash and cash equivalents		335,426			176,380
Cash and cash equivalents at beginning of period		1,423,080			1,262,206
Cash and cash equivalents at end of period	$	1,758,506		$	1,438,586


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024

Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702

Non-GAAP Gross Profit and Non-GAAP Gross Margin
GAAP gross profit	$	499,402		$	407,800		$	985,895		$	793,109
Add: Stock-based compensation expense and related payroll taxes		17,619			13,434			33,412			26,389
Add: Amortization expense of acquired intangible assets		3,815			2,717			7,490			5,434
Non-GAAP gross profit	$	520,836		$	423,951		$	1,026,797		$	824,932
GAAP gross margin		77	%		78	%		77	%		78	%
Non-GAAP gross margin		80	%		81	%		80	%		81	%

Non-GAAP Income from Operations and Non-GAAP Operating Margin
GAAP loss from operations	$	(40,140	)	$	(45,457	)	$	(70,807	)	$	(91,514	)
Add: Stock-based compensation expense and related payroll taxes		176,356			145,536			336,930			278,265
Add: Amortization expense of acquired intangible assets		4,245			3,083			8,485			6,119
Non-GAAP income from operations	$	140,461		$	103,162		$	274,608		$	192,870
GAAP operating margin	(6		)%	(9		)%	(6		)%	(9		)%
Non-GAAP operating margin		22	%		20	%		22	%		19	%


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Non-GAAP Net Income per Share, Diluted
GAAP net loss	$	(7,724	)	$	(28,469	)	$	(19,775	)	$	(61,952	)
Add: GAAP provision for (benefit from) income taxes		(8,813	)		7,964			(1,176	)		16,961
GAAP loss before income taxes		(16,537	)		(20,505	)		(20,951	)		(44,991	)
Add:
Stock-based compensation expense and related payroll taxes		176,356			145,536			336,930			278,265
Amortization expense of acquired intangible assets		4,245			3,083			8,485			6,119
Amortization of debt issuance costs		982			978			1,963			1,955
Non-GAAP net income before income taxes		165,046			129,092			326,427			241,348
Non-GAAP provision for income taxes⁽¹⁾		37,965			29,691			75,083			55,510
Non-GAAP net income	$	127,081		$	99,401		$	251,344		$	185,838

GAAP provision for (benefit from) income taxes	$	(8,813	)	$	7,964		$	(1,176	)	$	16,961
Add: Income tax and other tax adjustments⁽²⁾		46,778			21,727			76,259			38,549
Non-GAAP provision for income taxes⁽¹⁾	$	37,965		$	29,691		$	75,083		$	55,510
Non-GAAP effective tax rate⁽¹⁾		23	%		23	%		23	%		23	%

Non-GAAP net income		127,081			99,401			251,344			185,838
Add: Non-GAAP interest expense, net of tax related to the convertible senior notes		276			276			552			552
Numerator used in computing non-GAAP net income per share, diluted	$	127,357		$	99,677		$	251,896		$	186,390

GAAP net loss per share, diluted	$	(0.05	)	$	(0.19	)	$	(0.13	)	$	(0.42	)
Stock-based compensation expense and related payroll taxes		1.09			0.91			2.08			1.75
Amortization expense of acquired intangible assets		0.03			0.02			0.05			0.04
Amortization of debt issuance costs		0.01			0.01			0.01			0.01
Income tax and other tax adjustments⁽²⁾		(0.29	)		(0.14	)		(0.47	)		(0.24	)
Non-GAAP interest expense related to the convertible senior notes		—			—			—			—
Adjustment to total fully diluted earnings per share⁽³⁾		(0.01	)		0.02			0.01			0.03
Non-GAAP net income per share, diluted	$	0.78		$	0.63		$	1.55		$	1.17

Weighted-average shares used in computing GAAP net loss per share, diluted		153,672			148,951			153,114			148,287
Add: Outstanding potentially dilutive equity incentive awards		2,988			4,670			2,848			4,226
Add: Convertible senior notes		7,626			7,626			7,626			7,626
Less: Antidilutive impact of capped call transactions⁽⁴⁾		(1,769	)		(2,093	)		(1,505	)		(1,254	)
Weighted-average shares used in computing non-GAAP net income per share, diluted		162,517			159,154			162,083			158,885

___________

⁽¹⁾ Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

⁽²⁾ Consists of income tax adjustments related to our long-term non-GAAP effective tax rate of 23%. In the three months ended January 31, 2025, the adjustments exclude the tax benefit of $17.2 million attributable to the release of the valuation allowance on U.K. deferred tax assets.

⁽³⁾ The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.

⁽⁴⁾ We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price.


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Calculated Billings
Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702
Add: Total deferred revenue, end of period		1,878,505			1,502,175			1,878,505			1,502,175
Less: Total deferred revenue, beginning of period		(1,783,720	)		(1,399,544	)		(1,894,974	)		(1,439,676	)
Calculated billings	$	742,685		$	627,630		$	1,259,386		$	1,084,201

Free Cash Flow
Net cash provided by operating activities	$	179,433		$	142,069		$	510,768		$	402,875
Less: Purchases of property, equipment and other assets		(15,018	)		(30,894	)		(32,043	)		(59,553	)
Less: Capitalized internal-use software		(20,987	)		(10,387	)		(43,416	)		(17,816	)
Free cash flow	$	143,428		$	100,788		$	435,309		$	325,506

Free Cash Flow Margin
Net cash provided by operating activities, as a percentage of revenue		27	%		27	%		40	%		39	%
Less: Purchases of property, equipment and other assets, as a percentage of revenue	(2		)%	(6		)%	(3		)%	(6		)%
Less: Capitalized internal-use software, as a percentage of revenue	(3		)%	(2		)%	(3		)%	(2		)%
Free cash flow margin		22	%		19	%		34	%		32	%

ZSCALER, INC.
Explanation of Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.

Expenses Excluded from Non-GAAP Measures

Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance.

Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

Non-GAAP Financial Measures

Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.

Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net loss excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes.

Calculated Billings. We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.

Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.

The MIL Network –

March 6, 2025

MIL-OSI: Silvaco Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Achieved record gross bookings of $65.8 million and revenue of $59.7 million in full-year 2024

Signed 46 new customers in 2024 and expanded relationship with existing customers across key markets including power, automotive, memory, foundry, and display

Expanded Product Portfolio with the Acquisition of Cadence’s Process Proximity Compensation Product Line

SANTA CLARA, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its fourth quarter and full year 2024 results.

“We are proud to close out the year with strong momentum and growing customer traction, including 46 new customer wins in 2024 and multiple bookings on our AI based, flagship FTCO platform,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “Our first acquisition as a public company marks a significant milestone in executing our M&A strategy for talent, technology and expanding through inorganic growth. With a continued focus on innovation and execution, we are well-positioned to build on this success and drive further growth in 2025 for our EDA and TCAD product lines.”

Fourth Quarter 2024 and Recent Business Highlights

Acquired 13 new customers across key markets including Photonics, Power, Automotive, Memory, and Foundry, which represented approximately 9% of gross bookings for the quarter.
Announced a partnership with Micon Global to expand Silvaco’s reach across the EMEA market, leveraging Micon’s expertise to deliver cutting-edge TCAD, EDA, and SIP solutions to new customers.
Joined the SMART USA Institute under the CHIPS Manufacturing USA program to advance digital twin technologies in semiconductor manufacturing, reinforcing Silvaco’s leadership in innovation. We received our first booking from this program.
Received a $5.0 million follow-on order for FTCO™ digital-twin modeling product from a strategic memory customer. This order extends the footprint of our FTCO™ product line and further validates our strategic focus on this unique technology.
Achieved ISO 9001 certification, underscoring Silvaco’s commitment to quality and continuous improvement across its TCAD, EDA, and SIP product portfolio.
On March 4, 2025, Silvaco closed the acquisition of the Process Proximity Compensation (PPC) product line from Cadence Design Systems, Inc. The addition, an optical proximity correction suite of tools, is highly complementary to Silvaco’s EDA and TCAD tool suites.

Full Year 2024 Business Highlights

Acquired 46 new customers across key markets including Power, Automotive, Government/Mil-Aero, Photonics, IOT, 5G/6G, Memory, and Foundry, which represented approximately 10% of gross bookings for the year.
Expanded Victory TCAD and Digital Twin Modeling Platform to Planar CMOS, FinFET and Advanced CMOS Technologies which is a necessary step to enable FTCO for Advanced Process.
Silvaco Announced that the Ninth Circuit Court of Appeals affirmed the dismissal of all claims against Silvaco brought by Aldini AG.
Silvaco was added to the Russell 2000^®, Russell 3000^®, and Russell Microcap^® indexes in September 2024.
Completed initial public offering in May 2024, raising $106 million net of underwriters’ fees.

Fourth Quarter 2024 Financial Results

GAAP Financial Results

Revenue of $17.9 million, up 43% year-over-year and up 63% quarter-over-quarter.
- TCAD revenue of $12.7 million, up 65% year-over-year.
- EDA revenue of $4.2 million, up 57% year-over-year.
- SIP revenue of $0.9 million, down 57% year-over-year.
GAAP gross profit and GAAP gross margin were $15.4 million and 86%, respectively, which includes the impact of $194,000 stock-based compensation expense, $249,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $9.8 million and 79% in Q4 2023.
GAAP net income of $4.2 million, compared to a GAAP net loss of $2.2 million in Q4 2023.
GAAP basic and diluted net income per share of $0.14, compared to GAAP basic and diluted net loss per share of $(0.11) in Q4 2023.
As of December 31, 2024, cash and cash equivalents and marketable securities totaled $87.5 million.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $20.3 million, up 30% year-over-year.
As of December 31, 2024, the remaining performance obligation balance of $34.3 million, 46% of which is expected to be recognized as revenue in the next 12 months.
Non-GAAP gross profit and non-GAAP gross margin were $16.0 million and 89%, respectively, up from $9.8 million and 79% year-over-year.
Non-GAAP net income of $4.3 million, compared to Non-GAAP net loss of $(1.6) million in Q4 2023.
Non-GAAP diluted net income per share of $0.15, compared to Non-GAAP diluted net loss per share of $(0.08) in Q4 2023.

Full Year 2024 Financial Results

GAAP Financial Results

Revenue of $59.7 million, up 10% year-over-year.
- TCAD revenue of $40.2 million, up 25% year-over-year.
- EDA revenue of $14.6 million, up 4% year-over-year.
- SIP revenue of $4.9 million, down 40% year-over-year.
GAAP gross profit and GAAP gross margin were $47.6 million and 80%, respectively, which includes the impact of $3.0 million stock-based compensation expense, $747,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $44.9 million and down from 83% in 2023.
GAAP net loss of $(39.4) million, compared to $(0.3) million in 2023.
GAAP basic and diluted net loss per share of $(1.53), compared to $(0.02) in 2023.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $65.8 million, up 13% year-over-year.
Non-GAAP gross profit and non-GAAP gross margin were $51.4 million and 86%, respectively, up from $44.9 million and 83% year over year.
Non-GAAP net income of $6.7 million, compared to $3.4 million in 2023.
Non-GAAP diluted net income per share of $0.25, compared to $0.17 in 2023.

For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

Supplementary materials to this press release, including our fourth quarter 2024 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

First Quarter and Full Year 2025 Financial Outlook

As of March 5, 2025, Silvaco is providing guidance for its first quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and payroll tax from the IPO lock-up release. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, IPO preparation costs, and executive severance costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

Based on current business trends and conditions, the Company expects for first quarter 2025 the following:

Gross bookings in the range of $16.0 million to $19.0 million, which would compare to $16.1 million in the first quarter of 2024.
Revenue in the range of $14.5 million to $17.0 million, which would compare to $15.9 million in the first quarter of 2024.
Non-GAAP gross margin in the range of 84% to 87%, which would compare to 88% in the first quarter of 2024.
Non-GAAP operating income in the range of ($1.0) million loss to $1.0 million income, compared to $3.3 million in the first quarter of 2024.
Non-GAAP diluted net income per share in the range of ($0.03) loss to $0.03, compared to $0.12 in the first quarter of 2024.

For full year 2025, the Company expects:

Gross bookings in the range of $72.0 million to $79.0 million, which would represent a 9% to 20% increase from $65.8 million in 2024.
Revenue in the range of $66.0 million to $72.0 million, which would represent a 11% to 21% increase from $59.7 million in 2024.
Non-GAAP gross margin in the range of 84.0% to 89.0%, which would compare to 86% in 2024.
Non-GAAP operating income in the range of $2.0 million to $7.0 million, which would compare to $5.5 million in 2024.
Non-GAAP diluted net income per share in the range of $0.07 to $0.19, compared to $0.25 in 2024.

Q4 2024 Conference Call Details

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Wednesday, March 5, 2025
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco

Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement

This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; (w) our use of the net proceeds from our initial public offering, and (x) our ability to successfully integrate, retain key personnel, and realize the anticipated benefits of the acquisition of Cadence’s PPC product line.

It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Discussion of Non-GAAP Financial Measures

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a mean to assist us in evaluating period-to-period comparisons.

We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and payroll tax from the IPO lock-up release. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, and executive severance costs. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.


SILVACO GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and par value amounts)
	December 31,			December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	19,606		$	4,421
Short-term marketable securities		63,071			–
Accounts receivable, net		9,211			4,006
Contract assets, net		11,932			8,749
Prepaid expenses and other current assets		3,460			2,549
Deferred transaction costs		–			1,163
Total current assets		107,280			20,888
Non-current assets:
Non-current marketable securities		4,785			–
Property and equipment, net		865			591
Operating lease right-of-use assets, net		1,711			1,963
Intangible assets, net		4,369			342
Goodwill		9,026			9,026
Non-current portion of contract assets, net		12,611			6,250
Other assets		1,698			1,825
Total non-current assets		35,065			19,997
Total assets	$	142,345		$	40,885

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,316		$	2,495
Accrued expenses and other current liabilities		19,801			10,255
Accrued income taxes		1,668			1,626
Deferred revenue, current		7,497			7,882
Operating lease liabilities, current		744			735
Related party line of credit		–			2,000
Vendor financing obligations, current		1,462			–
Total current liabilities		34,488			24,993
Non-current liabilities:
Deferred revenue, non-current		3,593			5,071
Operating lease liabilities, non-current		946			1,198
Vendor financing obligations, non-current		2,928			–
Other non-current liabilities		307			221
Total liabilities		42,262			31,483
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024; no shares authorized as of December 31, 2023		–			–
Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,526,615 shares issued and outstanding as of December 31, 2024; 25,000,000 shares authorized; 20,000,000 shares issued and outstanding as of December 31, 2023		3			2
Additional paid-in capital		130,360			–
(Accumulated deficit) Retained earnings		(28,012	)		11,392
Accumulated other comprehensive loss		(2,268	)		(1,992	)
Total stockholders’ equity		100,083			9,402
Total liabilities and stockholders’ equity	$	142,345		$	40,885

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands except share and per share amounts)

	Three months Ended December 31,						Twelve months Ended December 31,
		2024			2023			2024			2023

Revenue:
Software license revenue	$	13,870		$	8,738		$	43,991		$	39,331
Maintenance and service		3,989			3,748			15,689			14,915
Total revenue		17,859			12,486			59,680			54,246
Cost of revenue		2,422			2,682			12,042			9,354
Gross profit		15,437			9,804			47,638			44,892
Operating expenses:
Research and development		5,283			3,337			20,740			13,170
Selling and marketing		3,983			3,833			18,300			12,707
General and administrative		7,529			4,570			37,571			17,881
Estimated litigation claim		(3,782	)		–			11,306			–
Total operating expenses		13,013			11,740			87,917			43,758
Operating (loss) income		2,424			(1,936	)		(40,279	)		1,134
Loss on debt extinguishment		–			–			(718	)		–
Interest income		1,077			2			2,976			6
Interest and other expenses, net		(67	)		(95	)		(899	)		(630	)
(Loss) income before income tax provision		3,434			(2,029	)		(38,920	)		510
Income tax provision (benefit)		(723	)		218			484			826
Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
(Loss) earnings per share attributable to common stockholders:
Basic and diluted	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Weighted average shares used in computing per share amounts:
Basic and diluted		28,734,082			20,000,000			25,672,845			20,000,000

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
	Year Ended December 31
		2024			2023
Cash flows from operating activities:
Net loss	$	(39,404	)	$	(316	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		1,285			601
Stock-based compensation expense		26,915			–
Provision for credit losses		351			220
Accretion of discount on marketable securities, net		(1,685	)		–
Estimated litigation claim		11,306			–
Loss on debt extinguishment		718			–
Change in fair value of contingent consideration		(27	)		325
Changes in operating assets and liabilities:
Accounts receivable		(5,971	)		1,378
Contract assets		(10,293	)		(5,208	)
Prepaid expense and other current assets		(790	)		133
Other assets		57			(267	)
Accounts payable		1,326			156
Accrued expenses and other current liabilities		(2,160	)		2,015
Accrued income taxes		74			(23	)
Deferred revenue		(1,585	)		2,268
Other non-current liabilities		109			(102	)
Net cash (used in) provided by operating activities		(19,774	)		1,180
Cash flows from investing activities:
Purchases of marketable securities		(99,630	)		–
Maturities of marketable securities		33,600			–
Purchases of property and equipment		(505	)		(339	)
Net cash used in investing activities		(66,535	)		(339	)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting fees		106,020			–
Proceeds from issuance of convertible note, net of debt issuance costs		4,852			–
Proceeds from loan facility		4,250			–
Repayment of loan facility		(4,250	)		–
Proceeds from related party line of credit		–			1,000
Repayment of related party line of credit		(2,000	)		(1,000	)
Proceeds from issuance of common stock for share-based awards		315			–
Payroll taxes related to shares withheld from employees		(4,575	)		–
Deferred transaction costs		(2,649	)		(650	)
Contingent consideration		(74	)		(1,002	)
Payments of vendor financing obligation		(588	)		–
Net cash provided by (used in) financing activities		101,301			(1,652	)
Effect of exchange rate fluctuations on cash and cash equivalents		193			(246	)
Net increase (decrease) in cash and cash equivalents		15,185			(1,057	)
Cash and cash equivalents, beginning of period		4,421			5,478
Cash and cash equivalents, end of period	$	19,606		$	4,421

SILVACO GROUP, INC.
REVENUE
(Unaudited)

	2023										2024
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4		Year
Revenue by Region:
Americas	35	%	29	%	31	%	29	%	31	%	27	%	51	%	31	%	40	%	38	%
APAC	51	%	62	%	61	%	63	%	59	%	62	%	41	%	58	%	52	%	53	%
EMEA	14	%	9	%	8	%	8	%	10	%	11	%	8	%	11	%	8	%	9	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Product Line:
TCAD	62	%	62	%	52	%	62	%	59	%	66	%	69	%	59	%	71	%	68	%
EDA	29	%	20	%	31	%	22	%	26	%	30	%	20	%	24	%	24	%	24	%
SIP	9	%	18	%	17	%	16	%	15	%	4	%	11	%	17	%	5	%	8	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue Item Category:
Software license revenue	75	%	71	%	74	%	70	%	73	%	77	%	74	%	62	%	78	%	74	%
Maintenance and service	25	%	29	%	26	%	30	%	27	%	23	%	26	%	38	%	22	%	26	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Country:
United States	34	%	28	%	28	%	28	%	30	%	51	%	30	%	39	%	39	%	37	%
China	19	%	29	%	16	%	29	%	23	%	17	%	25	%	23	%	23	%	18	%
Other	47	%	43	%	56	%	43	%	47	%	32	%	45	%	38	%	38	%	45	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

SILVACO GROUP, INC.
GAAP to Non-GAAP Reconciliation
(Unaudited, in thousands except per share amounts)

	Three Months Ended						Twelve Months Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023

GAAP Cost of revenue	$	2,422		$	2,682		$	12,042		$	9,354
Less: Stock-based compensation expense		(194	)		–			(2,974	)		–
Less: Amortization of acquired intangible assets		(249	)		–			(747	)		–
Less: Payroll tax from the IPO lock-up release		(80	)		–			(80	)		–
Non-GAAP Cost of revenue	$	1,899		$	2,682		$	8,241		$	9,354
GAAP Gross profit	$	15,437		$	9,804		$	47,638		$	44,892
Add: Stock-based compensation expense		194			–			2,974			–
Add: Amortization of acquired intangible assets		249			–			747			–
Add: Payroll tax from the IPO lockup release		80			–			80			–
Non-GAAP Gross profit	$	15,960		$	9,804		$	51,439		$	44,892
GAAP Research and development	$	5,283		$	3,337		$	20,740		$	13,170
Less: Stock-based compensation expense		(535	)		–			(5,091	)		–
Less: Executive severance		(215	)		–			(215	)		–
Less: Payroll tax from the IPO lock-up release		(397	)		–			(397	)		–
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Research and development	$	4,093		$	3,255		$	14,831		$	12,831
GAAP Sales and marketing	$	3,983		$	3,833		$	18,300		$	12,707
Less: Stock-based compensation expense		(388	)		–			(4,319	)		–
Less: Payroll tax from the IPO lock-up release		(85	)		–			(85	)		–
Less: IPO preparation costs		–			–			(178	)		–
Non-GAAP Sales and marketing	$	3,510		$	3,833		$	13,718		$	12,707
GAAP General and administrative	$	7,529		$	4,570		$	37,571		$	17,881
Less: Stock-based compensation expense		(1,410	)		–			(14,531	)		–
Less: Acquisition-related estimated litigation claim and legal costs		(523	)		(515	)		(4,629	)		(1,707	)
Less: Executive severance		(200	)		–			(200	)		–
Less: Payroll tax from the IPO lock-up release		(163	)		–			(163	)		–
Less: IPO preparation costs		–			(45	)		(695	)		(1,221	)
Non-GAAP General and administrative	$	5,233		$	4,010		$	17,353		$	14,953
GAAP Estimated Litigation claim	$	(3,782	)	$	–		$	11,306		$	–
Add (Less): Acquisition-related estimated litigation claim and legal costs		3,782			–			(11,306	)		–
Non-GAAP Litigation claim	$	–		$	–		$	–		$	–
GAAP Operating expenses	$	13,013		$	11,740		$	87,917		$	43,758
Less: Stock-based compensation expense		(2,333	)		–			(23,941	)		–
Less: Acquisition-related estimated litigation claim and legal costs		3,259			(515	)		(15,935	)		(1,707	)
Less: Executive severance		(415	)		–			(415	)		–
Less: Payroll tax from the IPO lock-up release		(645	)		–			(645	)		–
Less: IPO preparation costs		–			(45	)		(873	)		(1,221	)
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Operating expenses	$	12,836		$	11,098		$	45,902		$	40,491
GAAP Operating (loss) income	$	2,424		$	(1,936	)	$	(40,279	)	$	1,134
Add: Stock-based compensation expense		2,527			–			26,915			–
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Amortization of acquired intangible assets		292			82			953			339
Non-GAAP Operating (loss) income	$	3,124		$	(1,294	)	$	5,537		$	4,401
GAAP Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
Add: Stock-based compensation expense		2,527			–			26,915			–
Add: Amortization of acquired intangible assets		292			82			953			339
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive Severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Loss on debt extinguishment		–			–			718			–
Add (Less): Change in fair value of contingent consideration		(9	)		(7	)		(27	)		325
Add (Less): Foreign exchange (gain) loss		(14	)		(3	)		404			335
Add: Income tax effect of non-GAAP adjustment		(566	)		(27	)		(831	)		(169	)
Non-GAAP Net (loss) income	$	4,268		$	(1,642	)	$	6,676		$	3,442
GAAP Net income (loss) per share:
Basic and diluted:	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Non-GAAP Net income (loss) per share:
Basic	$	0.15		$	(0.08	)	$	0.26		$	0.17
Diluted	$	0.15		$	(0.08	)	$	0.25		$	0.17
Weighted average shares used in GAAP and non-GAAP net income (loss) per share:
Basic		28,734,082			20,000,000			25,672,845			20,000,000
Diluted		28,849,041			20,000,000			26,841,901			20,000,000

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Farhad Hayat
press@silvaco.com

The MIL Network –

March 6, 2025

MIL-OSI: SVT Robotics Unveils New Cloud-Based Portal for SOFTBOT® Platform, Providing Unprecedented Automation Visibility Across Multiple Sites

Source: GlobeNewswire (MIL-OSI)

NORFOLK, Va., March 05, 2025 (GLOBE NEWSWIRE) — SVT Robotics, a software provider that empowers companies to integrate, monitor and scale automation, announced the launch of its new cloud-based portal for the SOFTBOT Platform, providing IT and operations teams with a central control hub for monitoring and managing automation across multiple sites.

“As automation adoption continues to grow, companies need a centralized way to monitor and troubleshoot their technology,” said A.K. Schultz, CEO of SVT Robotics. “These new SOFTBOT Platform advancements provide real-time monitoring across diverse facilities, instant alerts on system issues, and faster resolution—all from a single, unified interface. This level of transparency and control allows businesses to reduce downtime and dependency on limited IT resources and ultimately unlock new levels of automation scalability.”

SVT’s new cloud-based portal provides a centralized monitoring toolset, where operational and IT users gain real-time visibility into critical issues and early warning signs before they escalate. To ensure teams can respond instantly to errors, the portal offers unified engine management and alerts, streamlining oversight across all deployments. When combined with the enhanced troubleshooting capabilities, the process of diagnosing and resolving issues is simplified and accelerated.

Nick Leonard, SVP of Product, explained, “Managing automation at scale has historically been complex, but the new SOFTBOT Platform portal makes it significantly easier. Enhanced troubleshooting tools like workflow tracking and execution logs accelerate issue resolution, while role-based access control simplifies user management as teams scale. Together, these advancements help IT and operations teams manage their automation with greater efficiency.”

SVT Robotics will be at ProMat 2025, March 17-20, booth S3184, where attendees can get exclusive insights into the new SOFTBOT Platform enhancements directly from SVT experts, and discover how these innovations can simplify their automation management needs and drive efficiency across diverse facilities.

About SVT Robotics
SVT Robotics empowers IT teams to integrate, orchestrate, monitor, and scale industrial software and robotics with the tech-agnostic SOFTBOT Platform. This reduces custom development and support needs by providing a standard way for technologies to communicate. The SOFTBOT Platform also delivers enhanced system visibility, simplified troubleshooting, maximized uptime, and access to aggregated data, enabling companies to optimize operations across their businesses. Visit svtrobotics.com.

Contact:
Trevi Communications for SVT Robotics
Gene Hunt
gene@trevicomm.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/313a95e3-a192-41df-865c-5736719bc7eb

The MIL Network –

March 6, 2025
MIL-OSI Asia-Pac: Keynote speech by SITI at GSMA Ministerial Programme of Mobile World Congress 2025 in Barcelona (English only)

Source: Hong Kong Government special administrative region

Keynote speech by SITI at GSMA Ministerial Programme of Mobile World Congress 2025 in Barcelona (English only)
******************************************************************************************

Following is the keynote speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Global System for Mobile Communications Association (GSMA) Ministerial Programme of the Mobile World Congress (MWC) 2025 in Barcelona, Spain on March 5 (Barcelona time): Distinguished speakers, guests, ladies and gentlemen, Buenas tardes! Good afternoon! It is a privilege to join you all at the MWC Barcelona 2025, Europe’s pre-eminent mobile tech summit hosted in the fascinating city of Barcelona. Renowned for its architectural brilliance and rich cultural tapestry, Barcelona is undoubtedly a beacon of creativity in Europe. More than ten thousand kilometers away, Hong Kong shares the same dynamic spirit and strong commitment to innovation. This brings me here today to share with you Hong Kong’s innovation and technology (I&T) landscape as well as opportunities that connect people around the world. Hong Kong: Our odyssey to be an International I&T Centre Well known for the free, international and business-friendly environment, Hong Kong ranks first in Asia and third in the world in the Global Financial Centres Index. The success of this Asia’s World City is our spirit of embracing changes and evolving with times. The theme of this year’s MWC Barcelona, “Converge, Connect, Create”, aptly encapsulates the key directions of Hong Kong’s new mission. We are racing to become an international I&T centre, as enshrined in our I&T Development Blueprint promulgated in 2022. We strive to perfect Hong Kong’s I&T ecosystem with conducive policies to support the development of strategic tech industries, including AI and robotics, life and health technologies, new energy and advanced manufacturing industries. The Blueprint not only converges and connects our game plan on technological innovation and talent cultivation, but also creates new impetus to Hong Kong’s high quality development and enhances our citizens’ quality of life with day-to-day convenience brought about by technology innovation. Bridging the digital divide by building a Smart City and a Digital Inclusive Society Hong Kong is among the world’s top 20 smart cities in the Smart City Index released by the IMD (International Institute for Management Development). One of the board development direction set out in our I&T Blueprint is to promote digital economy and develop Hong Kong into a smart city. Over the years, the Hong Kong Special Administrative Region Government has rolled out various measures to make Hong Kong a more advanced and livable smart city, such as developing new digital infrastructure, opening up public data, and enhancing government services by applying advanced technologies such as blockchain and IoT (Internet of Things). Indeed, one of the best testimonies to a city’s I&T achievement is the degree of digitalisation. In Hong Kong, all submissions and payments to the Government have electronic options. More than three millions of people are enjoying the convenience and efficiency of accessing government services and online identity verification through a mobile application called “iAM Smart”. A corporate version of “iAM Smart”, nick-named CorpID, is upcoming too. Known for the cultural diversity and international landscape, digital inclusiveness is an area that we take pride in. In Hong Kong, where the household broadband penetration rate and smartphone penetration rate are both approximately 97 per cent, the internet usage rate among Hong Kong citizens aged 65 and above rocketed, from 56 per cent in 2018 to 84 per cent in 2023, slightly ahead of the European rate of around 78 per cent. Hong Kong’s life expectancy has seen a steady increase over the past half century, reaching 83 years for men and 88 years for women in 2023. As society becomes so digitally knitted and increasingly mobile, we recently launched the “Smart Silver” Digital Inclusion Programme for Elders, to address the challenges of an increasingly aging society. This programme fortifies our digital inclusive efforts by providing elders with community-based training and on-the-spot helpdesks to enhance elders’ knowledge on new digital technologies and support their navigation by common mobile applications. Hong Kong’s Research and Development (R&D) Excellence driving global I&T collaboration Global collaboration is a necessity to tackle unprecedented challenges. Hong Kong is the only city in the world housing five of the world’s top 100 universities, providing a readily available pool of R&D capabilities, know-how and talent. These favourable conditions make possible many scientific and technological breakthroughs by harnessing cutting-edge innovations from both the East and the West. You may wish to know that our flagship R&D initiative – InnoHK has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, set up a total of 30 research laboratories. Of these, 16 of them focus on AI and robotics-related technologies. Our goal is to converge top-notch researchers from all over the world to conduct world-class and impactful collaborative researches. The vigorous development of AI is reshaping global economic landscape. Our AI Supercomputing Centre has just commenced operation, and the computing power will be ramped up gradually to 3 000 petaFLOPS this year. Newly announced in our annual Government Budget last week, we will earmark $1 billion Hong Kong dollars, equivalent to 120 million euros, for the establishment of the Hong Kong AI Research and Development Institute. Hong Kong stands ready to play a full role in promoting global I&T collaboration. Hong Kong: an Ideal Home to I&T enterprises and start-ups In fact, Hong Kong stands in a prime location for I&T and business collaborations. With the distinctive advantages of “one country, two systems”, over 1 400 companies from outside Hong Kong have set up regional headquarters in Hong Kong, including some global tech giants. Our strategic location and unique role as a “super-connector” and “super value-adder” empower them to tap into the vast markets of Mainland China including the Guangdong-Hong Kong-Macao Greater Bay Area, the Asia-Pacific region and also the Belt-and-Road countries. Hong Kong is also an ideal home for breeding I&T start-ups. According to the Global Start-up Ecosystem Report 2024, Hong Kong ranks first in Asia and third globally among the top 100 emerging ecosystems. As of 2024, the number of start-ups in Hong Kong has surged to about 4 700, reaching the record highs. Our two I&T flagships, the Hong Kong Science and Technology Parks Corporation and the digital tech-oriented Cyberport, provide robust support for start-ups through various incubation programmes. They also offer opportunities for start-ups to participate in I&T mega events, which include, of course, the MWC Barcelona. If you are interested in discovering Hong Kong’s vibrant I&T scene, be sure to visit the Hong Kong Tech Pavilion at Hall 6 and speak to our tech ventures there. Concluding remarks Ladies and gentlemen, I hope my sharing just now could vividly show the colours of Hong Kong’s I&T scene, just like the beautiful city of Barcelona. Seeing is believing. I welcome you all to Hong Kong to explore more on our robust digital infrastructure, smart city initiatives and digital economy development. Before I close, I would like to extend my heartfelt thanks to GSMA for inviting me to the Ministerial Programme. I wish everyone here a fruitful exchange. Gracias! Thank you!

Ends/Wednesday, March 5, 2025Issued at HKT 23:25

NNNN

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI USA: DLNR News Release – STUDENT FILM SHOWCASE BRINGS FOCUS TO CLIMATE ACTION, March 5, 2025
Source: US State of Hawaii

DLNR News Release – STUDENT FILM SHOWCASE BRINGS FOCUS TO CLIMATE ACTION, March 5, 2025

Posted on Mar 5, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF LAND AND NATURAL RESOURCES

KA ‘OIHANA KUMUWAIWAI ‘ĀINA

JOSH GREEN, M.D.
GOVERNOR

DAWN CHANG
CHAIRPERSON

STUDENT FILM SHOWCASE BRINGS FOCUS TO CLIMATE ACTION

FOR IMMEDIATE RELEASE

March 5, 2025

HONOLULU — The Sustainability Film Series: Student Film Showcase, an event highlighting action and engagement around climate change mitigation, takes place this Sunday, March 9, at the Doris Duke Theatre in Honolulu. Community members are invited to attend free of charge.

The Sustainability Film Series, presented by the Hawaiʻi State Climate Change Mitigation and Adaptation Commission (CCMAC) in collaboration with the University of Hawaiʻi at Mānoa Institute for Sustainability and Resilience, the Better Tomorrow Speaker Series and the Honolulu Museum of Art, showcases a selection of short films on climate action created by students from the School of Cinematic Arts at UH Mānoa.

Following the screenings there will be a Q&A with the filmmakers, offering an opportunity for the community to engage with the creative minds behind the films.

The series explores contemporary topics and aims to inspire public engagement on important social and environmental issues impacting Hawaiʻi and the Pacific region. Through thought-provoking films and a lively panel discussion, the event seeks to build connections among students and the broader community to support cooperative action toward lasting climate change solutions.

Event details:
- Date and Time: Sunday, March 9, 5:00 p.m.
- Location: Doris Duke Theatre at the Honolulu Museum of Art
- Admission: Free with registration
- Register online at www.honolulumuseum.org/events
# # #

RESOURCES

(All images/video courtesy: DLNR)

Flyer: attached

Event Registration (direct link): https://www.eventbrite.com/e/sustainability-film-series-student-film-showcase-tickets-1236615031849?aff=oddtdtcreator

For more information, contact Bill Unruh, Climate Outreach Leader at: [email protected].

Media Contact:

Ryan Aguilar

Communications Specialist

Hawaiʻi Dept. of Land and Natural Resources

808-587-0396

Email: Dlnr.comms@hawaii.gov

MIL OSI USA News –
March 6, 2025
MIL-OSI USA: NEWS RELEASE: DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025
Source: US State of Hawaii

NEWS RELEASE: DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025

Posted on Mar 5, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

RESEARCH AND ECONOMIC ANALYSIS DIVISION

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

JAMES KUNANE TOKIOKA

DIRECTOR

KA LUNA HOʻOKELE
1. EUGENE TIAN
CHIEF STATE ECONOMIST

DBEDT REDUCES HAWAI‘I ECONOMIC GROWTH RATE TO 1.7 PERCENT FOR 2025

FOR IMMEDIATE RELEASE

March 5, 2025

The Department of Business, Economic Development and Tourism (DBEDT) released its first quarter 2025 Statistical and Economic Report today. In the report, DBEDT adjusted its economic growth projections for 2025 to 1.7 percent, lower than the 2.0 percent projected in the previous quarter. The downward adjustment was mainly due to the expected slowdown in tourism growth, higher projected consumer inflation and increasing policy uncertainty at the national and international levels. Economic growth is expected to reach 2.0 percent in 2026 and to continue steady growth to 1.8 percent in 2028. The labor market is expected to remain stable, with low unemployment.

The resilience of Hawaiʻi’s economic growth in the next few years will rely on the strong performance of construction, real estate, health care, professional services, and the continued recovery of tourism.

Economic Recovery Status

As measured by real gross domestic product (GDP), Hawai‘i’s economy rebounded to exceed pre-pandemic (first three quarters of 2019) levels by 1.5 percent during the first three quarters of 2024. Hawai‘i’s overall economy was fully recovered to pre-pandemic levels by the third quarter of 2023. By comparison, the U.S. economy has been fully recovered since the first quarter of 2021. Hawaiʻi was the second-slowest state in terms of economic recovery from the 2019 COVID recession. The U.S. economy was 12.6 percent higher than the 2019 level for the same indicator during the same period.

While tourism-related sectors (Accommodation, Transportation, Retail Trade, Recreation, and Food Services) have only recovered to 94.5 percent of pre-pandemic levels as of the third quarter of 2024, non-tourism sectors have shown firm growth. Compared to real GDP in the last quarter of 2019, the Information sector has grown by 35.1 percent; the Professional, Scientific, and Technical Services sector by 25.0 percent; the Agricultural sector by 14.9 percent, and the Health Care and Social Assistance sector by 12.9 percent. The Wholesale Trade, Utilities, Accommodation and Food Services, and Other Services sectors are still below real GDP levels for the first three quarters of 2019.

Compared to 2019, statewide non-agriculture annual average payroll jobs were still short by 20,900 jobs in 2024. However, Construction annual average payroll jobs were above 2019 levels by 4,000 jobs, Health Care and Social Assistance by 2,900, and Private Educational Services by 700. Job counts in all other sectors were still lower than the levels in 2019. Retail Trade lost the most jobs at 6,900, followed by Financial Activities at 3,200, and Accommodations at 3,000.

During 2024, total visitor arrivals recovered 93.3 percent from the levels of 2019. Visitors from the U.S. increased by 6.7 percent, while international visitor recovery was 64.9 percent. The recovery rate of Japanese visitors was 45.7 percent and for Canadian visitors, the recovery rate was 80.2 percent.

Visitor arrivals to the island of Maui during 2024 were 76.6 percent of the level in 2019. Arrivals to O‘ahu were at 94.5 percent and arrivals to Hawai‘i Island were at 98.0 percent of the same period 2019 levels. Visitor arrivals to Kaua‘i were flat between the two periods.

Construction Industry Continues Booming

Statistics in the construction industry were great in 2024 and will have positive impacts on activities in 2025 and beyond. DBEDT estimates that construction activity in 2025 will be stronger than previously expected for several reasons:
1. The value of all building permits approved in 2024 increased by 27.1 percent from 2023 and most of these projects will be under construction in 2025.
2. The number of residential housing units authorized in 2024 increased by 78.1 percent as compared with 2023, and it was the highest in the past 17 years.
3. Construction completed as measured by the state contracting tax base increased 20.3 percent during the first 10 months of 2024 from the same period in 2023. DBEDT estimated that total construction value in 2024 could be over $14 billion.
4. Based on preliminary estimates, construction industry payroll jobs increased 9.2 percent in 2024 as compared with 2023.
5. A significant number of government construction projects are either ongoing or in the pipeline to be started.
6. More than 1,000 hotel units are either under construction or will start construction, with plans to open in 2025 and 2026.
Home Sales and Prices Continue Increasing

After declining 26 percent in 2023, Hawai‘i home sales as recorded at the Bureau of Conveyances increased 15.1 percent during 2024. Sales of single-family homes increased 14.3 percent and sales of condominium homes increased 15.9 percent. The average sale price of single-family homes was $1,093,445 during 2024, representing an 8.1 percent increase compared to 2023. The average sale price for condominium homes was $797,674, representing an increase of 5.7 percent from the year before.

Tourism Industry Growth is Likely to Slow Down

According to the airline schedules, total air seats to the state will decrease by 1.1 percent during the first 10 months of 2025. The decrease is mainly due to the decrease in flights from international locations, especially from Japan. The number of air seats on international flights is expected to decrease by 5.5 percent during the first 10 months of 2025 as compared with the same period in 2024. Air seats will decrease 5.5 percent from Japan, decrease 5.1 percent from Canada, and decline 3.2 percent from the Other Asia market, but will increase 1.7 percent from the Oceania market (Australia and New Zealand).

The number of scheduled air seats from the continental U.S. is flat during the first 10 months of 2025, an increase of a mere of 0.1 percent. While air seats from the U.S. East will increase 2.7 percent, seats will decrease by 0.2 percent from the U.S. West market. Part of the decrease in the air seats from the U.S. West market is the result of flight consolidations between Alaska and Hawaiian Airlines after their merger.

Labor Market Remains Stable

In 2024, the unemployment rate decreased 0.1 percentage point from the previous year’s 3.0 percent, to reach 2.9 percent. According to the Bureau of Labor Statistics, Hawai‘i was among the 17 U.S. states without statistically significant unemployment rate changes from December 2023 to December 2024 (seasonally adjusted). Hawai‘i’s unemployment rate was the 10^th lowest in the U.S. during 2024.

In the fourth quarter of 2024, Hawai‘i’s non-agricultural wage and salary jobs averaged 645,800 jobs, an increase of 10,400 jobs or 1.6 percent from the same quarter of 2023. In 2024, average non-agricultural wage and salary jobs increased 0.9 percent or 5,500 jobs from the previous year. The job increase in the fourth quarter of 2024 was due to job increases in both the private sector and the government sector. In that quarter, the private sector added about 8,600 non-agricultural jobs compared to the fourth quarter of 2023. The number of jobs increased the most in Construction, which added 3,400 jobs or 8.9%, followed by Health Care and Social Assistance, which added 2,100 jobs or 2.8 percent, Food Services and Drinking Places, which added 1,900 jobs or 2.9 percent, Professional and Business Services, which added 1,400 jobs or 2.0 percent, and Accommodations, which added 700 jobs or 1.8 percent in the quarter.

The average number of weekly initial unemployment claims was 1,090 during 2024, lower than the weekly average experienced in 2019 at 1,200. All counties have seen decreased and stable unemployment claims, but the average weekly unemployment claims for Maui County numbered 204 during 2024, 42 percent higher than the 2019 level of 144.

DBEDT expects that the labor market conditions will remain stable and that the unemployment rate will improve slightly in 2025.

Consumer Inflation Remains High

Honolulu consumer inflation, as measured by the Honolulu Consumer Price Index for Urban Consumers (CPI-U), was 4.4 percent in 2024, 1.4 percentage points higher than the state’s inflation rate in 2023. This measurement was 1.5 percentage points above the 2.9 percent U.S. inflation rate.

In 2024, Honolulu consumer inflation was mainly driven up by Housing which increased 7.1 percent compared to 2023, and Food and Beverages (3.8 percent). Housing normally accounts for 50 percent of Honolulu consumer inflation.

In January 2025, the Honolulu consumer inflation rate was at 4.1 percent, still higher than the U.S. consumer inflation at 3.0 percent. Honolulu consumer inflation in January 2025 was mainly in transportation (+6.8 percent), housing (+4.4 percent), and food and beverages (+4.4 percent).

National and International Economic Conditions

U.S. real GDP increased at an annual rate of 2.5 percent in the fourth quarter of 2024 compared to the fourth quarter a year ago, according to the latest estimate released by the U.S. Bureau of Economic Analysis. Real GDP increased 2.8 percent in 2024 from the 2023 annual level.

Policy uncertainty with respect to the imposition of tariffs and potential trade wars have negatively impacted the U.S. and global outlook for growth and inflation.

According to the most recent (February 2025) economic projections by the top 50 economic forecasting organizations published in Blue Chip Economic Indicators, U.S. economic growth is expected to be 2.2 percent in 2025 and 2.0 percent in 2026.

In February 2025, compared to January 2025, the Blue Chip International Consensus Forecasts for economic growth have been revised downward for 2025 in Canada and for the European countries. It was revised upward (0.1 percentage point) for Japan. The projected Japanese exchange rate was maintained at around 148.1 yen per dollar in 2025.

The Federal Reserve kept its fed funds rate (FFR) target unchanged at its January 28-29 FOMC meeting. The Federal Reserve cut its key interest rates twice last year, reducing the Federal Funds rate by 75 basis points to a range of 4.5 percent to 4.75 percent. The market expectations of the future number and magnitude of cuts by the Federal Reserve have been reduced in recent surveys. Inflation expectations have also been revised upward.

Forecasting Results

In the newly released report, DBEDT predicts that the economic growth rate for Hawai‘i, as measured by the year-over-year percentage change in real GDP, to slow down to 1.7 percent in 2025, reflecting policy uncertainty at the national and international levels. Economic growth is expected to reach 2.0 percent in 2026 and will show steady growth to around 1.8 percent in 2028.

Visitor arrivals are projected to increase by 1.0 percent in 2025 and will grow at a stable pace of around 2 percent each year between 2026 and 2028. Full recovery in arrivals will not happen until 2028 when 10.4 million visitors will come to the state. Visitor spending is projected to be $21.3 billion in 2025 and is expected to increase to $23.7 billion by 2028.

Non-agriculture payroll jobs are expected to grow by 1.2 percent in 2025, with growth of 1.1 percent, 1.0 percent and 0.9 percent in 2026, 2027, and 2028, respectively. A full recovery of non-agriculture payroll jobs is expected to occur in 2027, when the total will reach 658,800 jobs, surpassing the 2019 total of 658,600.

The state unemployment rate is expected to be 2.9 percent in 2025 and will improve to 2.7 percent in 2026, and 2.6 percent in 2027 and 2028. Personal income is expected to grow at 4.9 percent in 2025, 4.8 percent in 2026, 4.6 percent in 2027 and 4.5 percent in 2028.

As measured by the Honolulu Consumer Price Index for Urban Consumers, inflation is expected to be at 3.9 percent in 2025, which is higher than the projected U.S. consumer inflation rate of 2.7 percent for the same year. Hawai‘i consumer inflation is expected to decrease to 2.9 percent by 2028.

Hawai‘i’s population is expected to increase by 0.2 percent each year for 2025 and 2026 and at 0.3 percent each year for 2027 and 2028.

Statement of DBEDT Director James Kunane Tokioka

While the domestic and international economic outlook has become more uncertain, we expect Hawai‘i’s economy to demonstrate resiliency. In addition to firm performance in the construction industry, we will continue to see growth in other industries including professional services and healthcare. We expect that the tourism industry will continue to recover in the next few years, even if at a slower pace than previously anticipated.

With the income tax reform and the increase in the supply of affordable housing, we expect that living in our state will be more affordable and support our state’s workforce formation and retention.

The full report is available at dbedt.hawaii.gov/economic/qser/.

# # #

Media Contacts:

Dr. Eugene Tian

Research and Economic Analysis Division

Department of Business, Economic Development and Tourism
Phone: 808-586-2470
Email: [email protected]

Laci Goshi

Department of Business, Economic Development and Tourism

Cell: 808-518-5480

Email: [email protected]

MIL OSI USA News –
March 6, 2025
MIL-OSI Economics: China Mobile and Huawei Win the GSMA GLOMO Best Network Software Breakthrough and CTO Choice: Outstanding Mobile Technology Award

Source: Huawei

Headline: China Mobile and Huawei Win the GSMA GLOMO Best Network Software Breakthrough and CTO Choice: Outstanding Mobile Technology Award

[Barcelona, Spain, March 5, 2025] At Mobile World Congress (MWC) 2025, China Mobile and Huawei were honored with the prestigious GSMA GLOMO Best Network Software Breakthrough and CTO Choice: Outstanding Mobile Technology Award for their groundbreaking Autonomous Networks (AN) solution, powered by a telecom foundation model. The GSMA CTO Choice: Outstanding Mobile Technology Award, which is the highest honor in the communications industry, was first presented to Huawei in 2018. This year’s recognition underscores Huawei’s innovations in telecom foundation model and other software technologies, as well as Huawei and China Mobile’s achievements in advancing commercial practices in AN.
China Mobile and Huawei win the GSMA GLOMO Best Network Software Breakthrough and CTO Choice: Outstanding Mobile Technology Award

Over the past year, Huawei has applied the telecom foundation model to develop role-based copilots and scenario-specific agents for high-value scenarios in three key areas: intelligent O&M, network optimization, and user experience operations. Additionally, Huawei has developed the autonomous driving network (ADN) Level 4 solution and collaborated with China Mobile to deliver best practices in the integrated innovation project for network intelligence. The ADN Level 4 solution, powered by the telecom foundation model, has been commercially deployed across China Mobile’s live networks in Guangdong, Zhejiang, Fujian, Henan, and other provinces, significantly boosting network O&M efficiency and delivering a premium user experience.
Achievements:
End-to-end (E2E) troubleshooting: The fault agent uses a chain-of-thought to break down complex problems, achieving automatic orchestration of the fault diagnosis process in the wireless, Slicing Packet Network (SPN), and core network domains. Copilots provide real-time information query services for network operations center (NOC) experts and field engineers, enhancing network O&M efficiency. The deployment of agents and copilots has increased the fault diagnosis automation rate from 60% to 90%, significantly reducing fault locating time.
Core network complaint handling: The intelligent O&M copilot and complaint handling agent automatically parse and identify signaling anomalies, and analyze and handle tickets. These innovations enable process automation, significantly reducing the E2E complaint ticket handling duration and boosting efficiency by over 60%.
Wireless network optimization: The network optimization agent monitors the network status in real time, automatically detects abnormal traffic, and predicts risks. It has also enabled the evolution from single-objective optimization toward multi-objective collaborative optimization for network optimization tasks, resolving weak coverage issues, automating network optimization, and enhancing service experience through coordination with the beam tracing unit.
China Mobile stated: In 2025, we will continue to focus on achieving AN Level 4 in high-value scenarios. By developing E2E intelligent O&M processes and accelerating the large-scale commercial use of Level 4, we aim to deliver a superior user experience, enhance network flexibility, and reduce OPEX.
Huawei added: Huawei’s ADN Level 4 solution is a cornerstone of network O&M in the company’s latest AI-centric network solution. Huawei will further improve the ADN Level 4 solution based on the telecom foundation model and other crucial technologies, prioritizing high-value scenarios in three key areas, including network maintenance, user experience optimization, and service enablement. We are committed to enabling communications service providers around the world to accelerate their evolution to AN Level 4.
MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1. In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world. For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

MIL OSI Economics –

March 6, 2025
MIL-OSI Economics: Tech companies can play key roles in making rural healthcare safer

Source: Microsoft

Headline: Tech companies can play key roles in making rural healthcare safer

A new report on how Microsoft is helping rural communities protect critical healthcare infrastructure

Last year, Microsoft launched its Cybersecurity for Rural Hospitals Program an initiative designed to help protect access to healthcare for the 46 million people living in rural America. Funded through a philanthropic investment, the program now has more than 550 rural hospitals, nearly one-third of all US rural hospitals, participating to receive free cybersecurity assessments, cybersecurity training, Microsoft security product discounts, and AI solutions designed to promote hospital resiliency.

Today, we are releasing a new white paper sharing what we’ve learned in the last year, including insights on the current cybersecurity landscape for rural health and the role technology companies can play. Our goal with this program is to address both the immediate cyber risks facing these critical community resources as well as broader systemic challenges facing rural health.

Click here to read the Microsoft report

Rural hospitals are a cornerstone of healthcare in communities across the United States, providing critical services for roughly 14% of the U.S. population. The need to support rural hospitals is immense. These hospitals are often the only healthcare option for over 50 miles in the communities they serve. A cyberattack that disrupts care for weeks or months in these isolated settings can have a devastating impact and endanger human lives. When a rural hospital’s IT systems go down, patients often need to travel even longer distances for medical care. Long travel distances for healthcare are directly associated with higher mortality rates, particularly for time-sensitive conditions like heart attacks and strokes.

The rural health cybersecurity landscape

According to an FBI report, the healthcare sector reported more ransomware attacks in 2023 than any of the other critical infrastructure areas in the study. Given the highly sensitive personal data involved, healthcare is a rich target for increasingly sophisticated cybercriminals and nation-state threat actors launching cyberattacks. According to a recent report based on a survey of 402 healthcare organizations, 67% experienced a ransomware attack in the past year, with the average admitted ransom payment amounting to $4.4 million.

And while larger hospitals can often pay ransoms to avoid patient care disruptions, ransomware attacks pose a particular threat to rural hospitals who operate with much smaller operational teams and financial margins. Rural hospitals are prime targets for these attacks due to their often-limited resources and legacy technology. For rural hospitals, a ransomware attack may represent a tipping point toward closure, impacting not just the hospital, but the communities they serve with potentially life-threatening consequences.

As we’ve worked with these hospitals in the last year, our goal has been to help create strong security not just through our products but to also help address specific practice needs and identify broader systemic issues. For example, early on, we found most rural hospitals hadn’t implemented basic cybersecurity best practices, such as email security and multi-factor authentication. By delivering a holistic solution that includes free assessment, curated learning pathways for employees, and non-profit pricing for Critical Access and Rural Emergency Hospitals, we can help these hospitals to be less vulnerable to common threats and ultimately, better serve their communities.

Supporting rural health resilience

With the release of today’s white paper, we hope to increase awareness and understanding of these issues and drive more collaboration between technology companies, policymakers, and healthcare providers to enhance the cybersecurity resilience of rural hospitals.

In the coming months, Microsoft will continue to expand efforts to support rural hospitals, ensuring they have the tools and resources needed to mitigate cyber threats and enhance their overall resilience. Leveraging AI for greater efficiency—by streamlining and automating some hospital processes—is just one way we are looking to provide support.

By addressing both immediate cybersecurity risks and broader systemic challenges, we can help ensure that rural hospitals remain a vital part of the healthcare ecosystem, providing essential services to millions of Americans.

Tags: AI, cybersecurity, healthcare, Microsoft Cybersecurity Program, Rural America, Rural Hospitals

MIL OSI Economics –

March 6, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the Post-Budget Webinar on the theme ‘Investing in People’

Source: Government of India

Prime Minister Shri Narendra Modi addresses the Post-Budget Webinar on the theme ‘Investing in People’

The vision of Investment in People is based on 3 pillars: Education, Skill and Healthcare”; increasing investment in these sectors will contribute to actualizing the dream of Viksit Bharat: Prime Minister

“Through day-care cancer centres and digital healthcare infrastructure, we want to take quality healthcare to the last mile”

“Initiatives like ‘Heal in India’ are attracting medical tourists from around the world. Efforts are being made to establish India as a global tourism and wellness hub”

Since 2014, the number of medical colleges has surged from 387 to 780; remarkable increase observed in undergraduate and postgraduate medical seats, with an increase of 130% and 135% respectively: Union Health Minister

There is a need for creating a curriculum that is more vibrant, meaningful and fit to current challenges, optimum utilization of existing health infrastructure and emphasised the need to enhance the soft skills of the medical students: Shri Nadda

Posted On: 05 MAR 2025 9:34PM by PIB Delhi

Prime Minister of India, Shri Narendra Modi addressed the Post-Budget Webinar on employment via video conferencing, today. The theme of the webinarwas “Investing in People, Economy, and Innovation,”which was attended by 29 Ministries of the Government of India, 100 panelists and more than 25,000 participants to discuss 43 articles of the recent Union Budget 2025-26.

Addressing the gathering, Prime Minister underlined that “the theme of the webinar, ‘Investing in People’, defines the roadmap of Viksit Bharat and the impact of this theme can be seen at a large level on the budget.” He underlined that “the budget has emerged to be the ‘blueprint of India’s future’ where investing in people, economy and innovation has been given equal priority to investment in infrastructure and industry.”

Prime Minister emphasized that “capacity-building and talent-nurturing will prove to be the foundation stones of the country’s progress, therefore in the next stage of development, we need to increase investment in these sectors. For which, all the stakeholders need to come forward as it is not only necessary for the economic success of the country but also for the success of all organizations.”

Prime Minister highlighted that “the vision of Investment in People is based on 3 pillars: Education, Skill and Healthcare” and urged all the stakeholders “to increase investment in these sectors” and contribute to the government’s vision for these sectors to actualize the dream of Viksit Bharat.

Highlighting the government’s efforts and the budget’s provisions, the Prime Minister stated that “in the budget, 10,000 additional medical seats have been announced and the government is working with the target of adding 75,000 seats in medical education in the next 5 years.”

Highlighting the developments in the healthcare landscape, the Prime Minister stated that “tele-medicine facility is being expanded to all the Primary Health Centres.ThroughDay Care Cancer Centres and digital healthcare infrastructure, we want to take quality healthcare to the last mile that will ensure significant transformation in people’s lives.”

Highlighting the importance and potential of the tourism sector, the Prime Minister stated that initiatives like “Heal in India” are attracting medical tourists from around the world” and “efforts are being made in the direction of making India a global-level tourism and wellness hub.” He urged all the stakeholders in the healthcare sector “to grab this opportunity and invest to promote health tourism” and emphasized on “utilizing the potential of Yoga and wellness tourism.”

The Prime Minister also called for a detailed discussion and an extended roadmap for increasing the scope of medical tourism and urged all the stakeholders to work in the direction of making the budget announcements a reality so that their benefits can be taken to the people.

Addressing the gathering, Union Minister for Health & Family, Shri Jagat Prakash Nadda stated that “the biggest investment is the investment in people”. He underlined that the government is working with a “holistic approach” that focuses not only at the curative aspect but also on the preventive, palliative, and rehabilitative approach. He added that “we are also trying to include the AYUSH and other medical systems to ensure the availability and access to heathcare for the people.”

Shri Nadda stated that “since the cancer treatment is a lengthy process with long cycle of chemotherapy, the government is focusing on engaging with Day Care Cancer Centres rather than big hospitals to ensure engagement of patients, post-chemotherapy sessions. The government will establish Day Care Cancer Centres (DCCCs) in all district hospitals over the next three years, with establishing 200 this year itself.”

Underlining the importance of strengthening the medical health system, the UnionHealthMinister reiterated the budget announcements of additional medical seats. He also highlighted the government’s efforts to ensure the availability and accessibility of quality healthcare to the people through more than 1.75 lakh Ayushman Aarogya Mandirs and facility of voluntary screenings for individuals aged 30 years and above at Ayushman Arogya Mandirs for oral, breast and cervical cancers along with the screening for hypertension and diabetes.

Shri Nadda highlighted the government’s efforts for facilitating self-assessment of healthcare facilities and ensure the adherence of all the Ayushman Aarogya Mandirs with the National Quality Assurance Standards. He also added that “since 2014, the number of medical colleges has surged from 387 to 780 today, He emphasized the remarkable increase in both undergraduate and postgraduate medical seats, with an increase of 130% and 135% respectively.”

Shri Nadda also underlined the key challenges identified and suggestions made during the webinar, including faculty development, periodic assessment of faculty gaps and timely recruitment after assessment to avoid any hindrances before running education and ensure smooth functioning in medical colleges. He also supported the suggestions like faculty pooling among medical institutes, hiring retired teachers as visiting faculties for making the unviable institutions viable; incorporation of competency-based medical education, early clinical exposure for students, and enhanced communication skills for both students and faculty.

Additionally, he also advocated for including latest developments in technology, Artificial Intelligence, tele-medicine, digital healthcare in the revised curriculum of medical education. In his concluding remarks, he urged “for creating a curriculum that is more vibrant, meaningful and fit to current challenges” and “optimum utilization of existing infrastructure and medical faculty. He also emphasised the need to add soft skills to increase the empathy, ethics and communication skills of the medical students.”

Shri Nadda highlighted the developments made in medical infrastructure for ensuring cancer care in the country like the establishment ofNational Cancer Institute (NCI) of AIIMS, Jhajjar, upgradation of Chittaranjan National Cancer Institute (CNCI), Kolkata, establishment of Oncology departments in all 22 AIIMS. Citing a recent LANCET study, he underlined that “timely cancer treatment initiation has improved significantly because of the Ayushman Bharat Jan Aarogya Yojna. Patients enrolled under AB-PMJAY saw 90% rise in access to cancer treatment within 30 days.”

In his concluding remarks, the Union Health Minister stated that “the Government will continue its efforts through the holistic approach to ensure healthcare for allwhile working in the direction of strengthening the base of the medical educationpyramid through ensuring the training and recruitment of nursing, paramedics and assistive staff.”

In his address during the inaugural session of the Webinar, Dr. V. K. Paul, Member (Health), NITI Aayog, focused on strengthening key aspects of the health sector. Highlighting significant advancements in India’s healthcare and medical education sectors, he stated that “the number of medical colleges in India has surged by an impressive 102% over the past decade, increasing from 387 to 780, resulting in a greater number of government medical colleges than private institutions, thereby enhancing affordability for aspiring medical students”. Dr. Paul emphasized the remarkable increase in both undergraduate and postgraduate medical seats, with undergraduate seats.He also discussed the key initiatives that include a special scheme aimed at upgrading district and referral hospitals into medical colleges; the introduction of the District Residence Program links public healthcare with medical education, allowing postgraduate residents to gain real-life experience in district hospitals.

Addressing the rising burden of cancer, Dr. Paul underscored the urgent need for early detection, with a nationwide screening initiative reaching 26 crore people for oral cancer, 18crorefor breast cancer, and 9 crore for cervical cancer.He outlined the strategic roadmap for rolling out DCCCs nationwide, which includes the target of establishing one Day Care Cancer Centre in every district.Hereiterated the government’s commitment towards establishing cancer institutes and tertiary cancer care systems while ensuring financial coverage for cancer care through Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) that offers multiple care packages, while affordable medications through Jan AushadhiKendras. He concluded his remarks with a vision for a healthcare system that meets the standards of developed nations by 2047, describing the budget announcements as “aspirational and game-changing.”

Ms Punya Salila Srivastava, Secretary of the Ministry of Health & Family Welfare, underscored the importance of collaboration between the central and state governments. She pointed out that the immediate priority is to identify high-burden districts for the first phase of implementation. She noted that India sees approximately 50% of cancer patients seeking treatment in tertiary hospitals, often leading to overcrowding and delays. The government aims to significantly reduce this burden by enabling district-level chemotherapy and immunotherapy services. She also emphasised the need for timely infrastructure development and the establishment of strong referral pathways linking DCCCs to State Cancer Institutes and tertiary hospitals.

The Secretary also addressed the importance of workforce capacity-building. While oncologists are essential for specialised care, training general physicians, nurses, and pharmacists to manage chemotherapy administration and supportive care at DCCCs will be a game-changer. She called for increased partnerships with medical colleges, cancer research institutes, and nursing training centres to create a steady pipeline of skilled healthcare workers for these centres.

A breakout session on strengthening cancer care in the country, was also organized during the webinar, focusing on expanding Day Care Cancer Centres (DCCCs). The session highlighted the government’s commitment to making cancer treatment more accessible and decentralised, in line with the Union Budget 2025-26 announcement of establishing 200 new DCCCs in district hospitals.Several experts shared insights on different aspects of the initiative that included: the need for structured training programs to equip medical professionals with the skills required to deliver quality treatment at DCCCs; importance of standardising chemotherapy protocols across all centres to maintain uniformity in treatment; challenges of drug procurement and the need for efficient supply chain management, particularly for life-saving oncology drugs that are often expensive and require specialised handling. Tamil Nadu and Odisha officials presented their successful models of decentralised cancer care, offering practical solutions for other states. These models demonstrated how strategic investments in district-level cancer care have resulted in earlier diagnosis, better treatment outcomes, and reduced patient migration to metropolitan hospitals.

The session concluded with a call to action for all stakeholders. State governments were urged to fast-track the establishment of DCCCs by allocating necessary resources and ensuring trained personnel are available. Healthcare institutions were encouraged to support research, training, and service delivery. The private sector was invited to contribute through funding and infrastructure support. At the same time, civil society organisations were encouraged to promote awareness, early detection, and patient support programs.

The Post-Budget Webinar on Budget Announcement also included a breakout session on“Expansion of Medical Education”. The panelists provided their insights and suggestions for the implementation of this ambitious initiative of expanding medical education in the countrywhich aligns with the broader objective of enhancing the accessibility, quality and sustainability of medical education in the country.

The webinar was attended by officers from Ministry of Health & Family Welfare along withrepresentatives from NMC, ICMR, State Health Ministries, renowned doctors, medical professionals and faculty from renowned medical institutions.

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MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: India Semiconductor Mission, Tata Electronics, and Tata Semiconductor Manufacturing Sign Fiscal Support Agreement for Semiconductor Fab

Source: Government of India (2)

India Semiconductor Mission, Tata Electronics, and Tata Semiconductor Manufacturing Sign Fiscal Support Agreement for Semiconductor Fab

The signing of the FSA is a major step towards implementing over ₹91,000 Crore semiconductor project

Transforming India from a technology consumer into a global manufacturing powerhouse

Posted On: 05 MAR 2025 7:53PM by PIB Delhi

In a significant milestone for India’s semiconductor industry, India Semiconductor Mission (ISM), Tata Electronics Private Limited (TEPL), and Tata Semiconductor Manufacturing Private Limited (TSMPL) have signed a Fiscal Support Agreement (FSA) in the presence of Chief Minister of Gujarat Shri Bhupendra Patel for India’s first commercial semiconductor fab in Dholera, Gujarat. This breakthrough agreement represents a decisive step forward in strengthening India’s technological self-reliance under the modified programme for semiconductor & display manufacturing ecosystem in India.

50% Fiscal support for eligible project

Tata Electronics’ semiconductor fab in the Dholera (SIR) commands a total investment of over ₹91,000 crore with a capacity of 50,000 wafers starts per month (WSPM). The Government of India, through the India Semiconductor Mission, has committed 50% fiscal support on a pari-passu basis for eligible project costs—demonstrating unwavering national commitment to building a world-class semiconductor ecosystem within Indian borders.

India as a global manufacturing powerhouse

Set to generate over 20,000 direct and indirect skilled jobs, this groundbreaking project brings Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) expertise to India, creating a powerful technological alliance. The facility will address critical global semiconductor markets in automotive, computing, communications, and artificial intelligence sectors—transforming India from a technology consumer into a global manufacturing powerhouse.

Shri Sushil Pal, CEO of the India Semiconductor Mission, emphasized that “the Government of India is committed to the timely disbursement of fiscal support for the execution of this project. This initiative underscores India’s ambitions in indigenous semiconductor manufacturing. We are confident that Tata Electronics will play a pivotal role in strengthening the electronics value chain and make a significant contribution to India’s overarching goals in this sector.”

Dr Randhir Thakur, CEO and MD, Tata Electronics, said, “This is a historic milestone for India and Tata Electronics in its journey of establishing a semiconductor manufacturing industry in India. The Fiscal Support Agreement (FSA) solidifies our partnership with MeitY and ISM to realize our Hon’ble Prime Minister’s vision of manufacturing ‘Chips for Viksit Bharat’. We are grateful to the MeitY and ISM leadership for their unwavering support and resolve in not only defining but operationalizing a globally leading subsidy framework through this FSA. With construction being undertaken with a great sense of urgency, Tata Electronics is deeply committed to building India’s first AI enabled Fab in Dholera.”

Expansion of the country’s semiconductor industry

By advancing semiconductor manufacturing and creating employment opportunities, this project will drive technological innovation and deliver substantial contributions to India’s economic growth. It establishes India as a reliable partner in building resilient, efficient, and sustainable global semiconductor supply chains.

The strategic fiscal support from the Government of India will accelerate the transformative expansion of the country’s semiconductor industry, positioning India as a key player on the global semiconductor stage and launching a new era of technological self-reliance for the nation.

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Dharmendra Tewari/ Navin Sreejith

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MIL OSI Asia Pacific News –

March 6, 2025

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India Semiconductor Mission, Tata Electronics, and Tata Semiconductor Manufacturing Sign Fiscal Support Agreement for Semiconductor FabThe signing of the FSA is a major step towards implementing over ₹91,000 Crore semiconductor project

India Semiconductor Mission, Tata Electronics, and Tata Semiconductor Manufacturing Sign Fiscal Support Agreement for Semiconductor Fab

The signing of the FSA is a major step towards implementing over ₹91,000 Crore semiconductor project