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Category: Machine Learning

  • MIL-OSI: TeraWulf Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Announced strategic expansion into AI-driven HPC hosting with long-term data center leases expected to generate $1 billion in cumulative revenue over initial 10-year contract terms

    Annual revenue and non-GAAP adjusted EBITDA increase 102% and 89% year-over-year, respectively

    Expanded self-mining operating capacity by 94% year-over-year to 9.7 EH/s as compared to 5.0 EH/s in 2023

    Strengthened the Balance Sheet with cash and bitcoin holdings of $275 million as of December 31, 2024

    Proactively repaid legacy term loan debt ahead of schedule and financed HPC hosting growth with new 2.75% convertible notes issuance due 2030

    Authorized $200 million share repurchase program and executed over $150 million of repurchases equivalent to over 24 million shares of Common Stock to date

    EASTON, Md., Feb. 28, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Management Commentary

    “In 2024, TeraWulf achieved significant financial and operational milestones, further solidifying our leadership in sustainable digital infrastructure,” said Paul Prager, Chief Executive Officer of TeraWulf. “We expanded our self-mining capacity to 9.7 EH/s, secured long-term data center lease agreements with a credit-worthy counterparty that are expected to generate significant recurring revenue, providing a stable foundation for long-term growth, and enhanced our financial flexibility through strategic asset monetization and capital raises. As the scarcity of digital infrastructure intensifies, we believe we are exceptionally well-positioned to scale our high-performance compute (HPC) hosting and colocation services by 100-150 MW annually.”

    Patrick Fleury, Chief Financial Officer, added, “Our disciplined financial management was reflected in our $500 million oversubscribed convertible debt offering, which strengthened our liquidity and funded our initial expansion into HPC hosting. The $85 million sale of our 25% equity interest in Nautilus allowed us to monetize an asset with a declining value at peak pricing and reinvest in Lake Mariner’s HPC hosting capabilities. Demonstrating confidence in our long-term growth, we also strategically repurchased over $150 million in shares in late 2024 and early 2025 while maintaining a strong liquidity position.”

    Paul Prager concluded, “Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025. With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure.”

    Full Year 2024 Operational and Financial Highlights

    Key financial and operational highlights for the fiscal year ended December 31, 2024 include:

    • Revenue increased 102% to $140.1 million in 2024, as compared to $69.2 million in fiscal 2023, driven by increased bitcoin production and higher average realized bitcoin prices during the period.
    • Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million in 2024, as compared to $27.3 million in fiscal 2023, driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, a near doubling of network difficulty and the impacts of the bitcoin halving in April 2024, and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.
    • Non-GAAP adjusted EBITDA increased by $28.5 million to $60.4 million in 2024, as compared to $31.9 million in fiscal 2023.
    • Reported cash and cash equivalents of $274.1 million as of December 31, 2024, as compared to $54.4 million at fiscal year-end 2023.
    • The Company’s legacy term loan debt was eliminated in 2024, as compared to $139.4 million at fiscal year-end 2023, significantly improving strategic and financial flexibility.

    Expansion into HPC Hosting

    In 2024, TeraWulf expanded into the rapidly growing digital infrastructure market with a focus on AI and HPC hosting, backed by long-term customer agreements.

    A pivotal milestone in this expansion was achieved on December 23, 2024, when TeraWulf signed long-term data center lease agreements with Core42, securing 72.5 MW of hosting capacity at Lake Mariner for GPU cloud compute workloads. These lease agreements are expected to commence at various dates in 2025 and include an option to expand by an additional 135 MW.

    To support this diversification of its business, the Company has upgraded its digital infrastructure at Lake Mariner, incorporating advanced liquid cooling systems and Tier 3 redundancy to optimize high-density compute workloads. This cutting-edge infrastructure further strengthens TeraWulf’s ability to attract hyperscale and enterprise customers.

    Fiscal Year 2024 Financial Results

    Revenue for the year ended December 31, 2024 increased 102% to $140.1 million compared to $69.2 million in fiscal 2023. The increase in revenue is primarily attributable to a 129% increase in the average price of bitcoin year-over-year. The Company increased its mining capacity at Lake Mariner to 195 MW as of December 31, 2024, as compared to 110 MW as of December 31, 2023. Despite industry-wide headwinds from the April 2024 halving and network hashrate increases, TeraWulf maintained strong mining margins, leveraging its low-cost, predominantly zero-carbon infrastructure.

    Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million compared to $27.3 million in fiscal 2023. These increases were driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, the impacts of the bitcoin halving in April 2024 and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.

    Non-GAAP adjusted EBITDA for the year ended December 31, 2024 was $60.4 million, as compared to $31.9 million for the year ended December 31, 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company held $274.5 million in cash and cash equivalents and bitcoin on its balance sheet. As of the same period, the Company had outstanding indebtedness of approximately $500 million related to the 2.75% convertible senior notes due 2030. As of February 26, 2025, TeraWulf had 383,137,722 common shares outstanding.

    Investor Conference Call and Webcast

    As previously announced, TeraWulf will host its fourth quarter and full year 2024 earnings call and business update for investors today, Friday, February 28, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). Prepared remarks will be followed by a question-and-answer session with management.

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

    About TeraWulf

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

    Forward-Looking Statements

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

    Non-GAAP Measures

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

    Investors:
    Investors@terawulf.com 

    Media:
    media@terawulf.com 

    CONSOLIDATED BALANCE SHEETS
    AS OF December 31, 2024 AND 2023
    (In thousands, except number of shares, per share amounts and par value)

      December 31, 2024   December 31, 2023
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 274,065     $ 54,439  
    Digital currency   476       1,801  
    Prepaid expenses   2,493       4,540  
    Other receivables   3,799       1,001  
    Other current assets   598       806  
    Total current assets   281,431       62,587  
    Equity in net assets of investee   —       98,613  
    Property, plant and equipment, net   411,869       205,284  
    Operating lease right-of-use asset   85,898       10,943  
    Finance lease right-of-use asset   7,285       —  
    Other assets   1,028       679  
    TOTAL ASSETS   787,511       378,106  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable   24,382       15,169  
    Accrued construction liabilities   16,520       1,526  
    Accrued compensation   4,552       4,413  
    Other accrued liabilities   4,973       4,766  
    Share based liabilities due to related party   —       2,500  
    Other amounts due to related parties   1,391       972  
    Current portion of operating lease liability   25       48  
    Current portion of finance lease liability   2       —  
    Insurance premium financing payable   —       1,803  
    Current portion of long-term debt   —       123,465  
    Total current liabilities   51,845       154,662  
    Operating lease liability, net of current portion   3,427       899  
    Finance lease liability, net of current portion   292       —  
    Long-term debt   —       56  
    Convertible notes   487,502       —  
    TOTAL LIABILITIES   543,066       155,617  
           
    Commitments and Contingencies (See Note 12)      
           
    STOCKHOLDERS’ EQUITY:      
    Preferred stock, $0.001 par value, 100,000,000 authorized at December 31, 2024 and 2023; 9,566 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation preference of $12,609 and $11,423 at December 31, 2024 and 2023, respectively.   9,273       9,273  
    Common stock, $0.001 par value, 600,000,000 and 400,000,000 authorized at December 31, 2024 and 2023, respectively; 404,223,028 and 276,733,329 issued and outstanding at December 31, 2024 and 2023, respectively.   404       277  
    Additional paid-in capital   685,261       472,834  
    Treasury Stock at cost, 18,568,750 and 0 at December 31, 2024 and 2023, respectively   (118,217 )     —  
    Accumulated deficit   (332,276 )     (259,895 )
    Total stockholders’ equity   244,445       222,489  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 787,511     $ 378,106  
     

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands, except number of shares and loss per common share)

      Year Ended December 31,
        2024       2023       2022  
    Revenue $ 140,051     $ 69,229     $ 15,033  
               
    Costs and expenses:          
    Cost of revenue (exclusive of depreciation shown below)   62,608       27,315       11,083  
    Operating expenses   3,387       2,116       2,038  
    Operating expenses — related party   4,262       2,773       1,248  
    Selling, general and administrative expenses   57,883       23,693       22,770  
    Selling, general and administrative expenses — related party   12,695       13,325       13,280  
    Depreciation   59,808       28,350       6,667  
    Gain on fair value of digital currency, net   (2,200 )     —       —  
    Realized gain on sale of digital currency   —       (3,174 )     (569 )
    Impairment of digital currency   —       3,043       1,457  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209       —  
    Loss on nonmonetary miner exchange   —       —       804  
    Total costs and expenses   216,267       98,650       58,778  
               
    Operating loss   (76,216 )     (29,421 )     (43,745 )
    Interest expense   (19,794 )     (34,812 )     (24,679 )
    Loss on extinguishment of debt   (6,300 )     —       (2,054 )
    Other income   3,927       231       —  
    Loss before income tax and equity in net income (loss) of investee   (98,383 )     (64,002 )     (70,478 )
    Income tax benefit   —       —       256  
    Equity in net income (loss) of investee, net of tax   3,363       (9,290 )     (15,712 )
    Gain on sale of equity interest in investee   22,602       —       —  
    Loss from continuing operations   (72,418 )     (73,292 )     (85,934 )
    Loss from discontinued operations, net of tax   —       (129 )     (4,857 )
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
               
    Loss per common share:          
    Continuing operations $ (0.21 )   $ (0.35 )   $ (0.78 )
    Discontinued operations   —       —       (0.04 )
    Basic and diluted $ (0.21 )   $ (0.35 )   $ (0.82 )
               
    Weighted average common shares outstanding:          
    Basic and diluted   351,315,476       209,956,392       110,638,792  
     

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands)

      Year Ended December 31,
        2024       2023       2022  
    CASH FLOWS FROM OPERATING ACTIVITIES:          
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
    Amortization of debt issuance costs, commitment fees and accretion of debt discount   11,382       19,515       11,676  
    Related party expense to be settled with respect to common stock   —       2,917       2,083  
    Common stock issued for interest expense   —       26       82  
    Stock-based compensation expense   30,927       5,859       1,568  
    Depreciation   59,808       28,350       6,667  
    Amortization of right-of-use asset   1,373       1,001       303  
    Revenue recognized from digital currency mining and hosting services   (139,278 )     (63,877 )     (10,810 )
    Gain on fair value of digital currency, net   (2,200 )     —       —  
    Realized gain on sale of digital currency   —       (3,174 )     (569 )
    Impairment of digital currency   —       3,043       1,457  
    Proceeds from sale of digital currency   97,559       83,902       9,739  
    Digital currency paid as consideration for services   370       —       —  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209       —  
    Loss on nonmonetary miner exchange   —       —       804  
    Loss on extinguishment of debt   6,300       —       2,054  
    Deferred income tax benefit   —       —       (256 )
    Equity in net loss of investee, net of tax   (3,363 )     9,290       15,712  
    Gain on sale of equity interest in investee   (22,602 )     —       —  
    Loss from discontinued operations, net of tax   —       129       4,857  
    Changes in operating assets and liabilities:          
    Decrease (increase) in prepaid expenses   2,047       555       (3,601 )
    Decrease in amounts due from related parties   —       —       815  
    Increase in other receivables   (2,774 )     (1,001 )     —  
    Decrease (increase) in other current assets   288       (215 )     (46 )
    (Increase) decrease in other assets   (466 )     310       (994 )
    Increase (decrease) increase in accounts payable   740       (7,272 )     10,197  
    Increase (decrease) in accrued compensation and other accrued liabilities   694       (931 )     5,916  
    Increase (decrease) increase in other amounts due to related parties   480       (2,013 )     700  
    (Decrease) increase in operating lease liability   (11,113 )     (42 )     175  
    Net cash (used in) provided by operating activities from continuing operations   (24,422 )     4,160       (32,262 )
    Net cash (used in) provided by operating activities from discontinued operations   —       103       (1,804 )
    Net cash (used in) provided by operating activities   (24,422 )     4,263       (34,066 )
               
    CASH FLOWS FROM INVESTING ACTIVITIES:          
    Investments in joint venture, including direct payments made on behalf of joint venture   —       (2,845 )     (46,172 )
    Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner   —       —       (11,741 )
    Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner   —       —       11,716  
    Proceeds from sale of equity interest in investee   86,086       —       —  
    Purchase of and deposits on plant and equipment   (267,940 )     (75,168 )     (61,116 )
    Proceeds from sales of property, plant and equipment   23,324       —       —  
    Proceeds from sale of net assets held for sale   —       —       13,266  
    Proceeds from sale of digital currency   67,371       —       —  
    Net cash used in investing activities   (91,159 )     (78,013 )     (94,047 )
               
    CASH FLOWS FROM FINANCING ACTIVITIES:          
    Proceeds from issuance of long-term debt, net of issuance costs paid of $0, $0 and $38   —       —       22,462  
    Principal payments on long-term debt   (139,401 )     (6,599 )     —  
    Payments of prepayment fees associated with early extinguishment of long-term debt   (1,261 )     —       —  
    Principal payments on finance lease   (941 )     —       —  
    Proceeds from insurance premium and property, plant and equipment financing   211       2,513       7,041  
    Principal payments on insurance premium and property, plant and equipment financing   (2,103 )     (2,738 )     (4,924 )
    Proceeds from issuance of promissory notes to stockholders   —       —       3,416  
    Proceeds from issuance of common stock, net of issuance costs paid of $663, $1,051 and $142   188,715       135,917       47,326  
    Proceeds from exercise of warrants   4,808       2,500       5,700  
    Purchase of capped call   (60,000 )     —       —  
    Purchase of treasury stock   (118,217 )     —       —  
    Payments of tax withholding related to net share settlements of stock-based compensation awards   (23,654 )     (2,013 )     —  
    Proceeds from issuance of preferred stock   —       —       9,566  
    Proceeds from issuance of convertible notes, net of issuance costs paid of $12,950, $0, and $0   487,050       —       —  
    Proceeds from issuance of convertible promissory note   —       1,250       14,700  
    Principal payments on convertible promissory note   —       —       (15,306 )
    Payment of contingent value rights liability related to proceeds from sale of net assets held for sale   —       (10,964 )     —  
    Net cash provided by financing activities   335,207       119,866       89,981  
               
    Net change in cash, cash equivalents and restricted cash   219,626       46,116       (38,132 )
    Cash, cash equivalents and restricted cash at beginning of year   54,439       8,323       46,455  
    Cash, cash equivalents and restricted cash at end of year $ 274,065     $ 54,439     $ 8,323  
               
    Cash paid during the year for:          
    Interest $ 6,957     $ 19,572     $ 13,989  
    Income taxes $ —     $ —     $ —  
                           

    Non-GAAP Measure

    The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset and related party expense to be settled with respect to common stock, all of which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) one-time, non-recurring transaction-based compensation expense related to the 2030 Convertible Notes (iv) equity in net income (loss) of investee, net of tax, related to Nautilus and the gain on sale of interest in Nautilus; (v) other income which is related to interest income or income for which management believes is not reflective of the Company’s ongoing operating activities; (vi) loss on extinguishment of debt and net losses on disposals of property, plant and equipment, net, which are not reflective of the Company’s general business performance and (vii) losses from discontinued operations, net of tax, which is not be applicable to the Company’s future business activities. The Company’s Adjusted EBITDA also includes the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income (loss) of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

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

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

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

      Year Ended December 31,
        2024       2023  
    Net loss $ (72,418 )   $ (73,421 )
    Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:      
    Loss from discontinued operations, net of tax   —       129  
    Gain on sale of equity interest in investee   (22,602 )     —  
    Equity in net (income) loss of investee, net of tax, related to Nautilus   (3,363 )     9,290  
    Distributions from investee, related to Nautilus   22,776       21,949  
    Income tax benefit   —       —  
    Other income   (3,927 )     (231 )
    Loss on extinguishment of debt   6,300       —  
    Interest expense   19,794       34,812  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209  
    Depreciation   59,808       28,350  
    Amortization of right-of-use asset   1,373       1,001  
    Stock-based compensation expense   30,927       5,859  
    Transaction-based compensation expense   3,885       —  
    Related party expense to be settled with respect to common stock   —       2,917  
    Non-GAAP adjusted EBITDA $ 60,377     $ 31,864  

    The MIL Network –

  • MIL-OSI: Cheems Memecoin Surpasses 80,000 Holders, Solidifying Its Place as a Leading Meme Token on BNB Chain

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — The Cheems memecoin ($CHEEMS), one of the most prominent and beloved tokens on the BNB Chain inspired by the namesake meme, has officially surpassed 80,000 token holders, marking a major milestone in its journey as a community-driven digital asset. With 85,205 holders and over 1.8 million total transfers, Cheems continues to gain traction as a dominant force in the memecoin market.

    From Meme to Movement
    What began as a viral meme has transformed into a full-fledged movement. The Cheems IP has transcended internet culture, evolving into a rallying symbol for crypto enthusiasts navigating market cycles. With over 40 million TikTok views on recent campaigns and strong engagement across digital platforms, Cheems is more than just a token—it’s a revolution.

    Built on the principles of fun, inclusivity, and strong community engagement, Cheems has demonstrated remarkable growth since its inception. The token’s on-chain market capitalization currently stands at $188.4 million, with a circulating supply market cap of $178.9 million. As a testament to its widespread appeal, Cheems has become a cornerstone of the BNB Chain memecoin ecosystem, fostering a passionate and rapidly expanding community of supporters worldwide.

    Christian, Founder of Infini, a major Cheems tokenholder and spokesperson, expressed his excitement about this milestone:

    “Cheems is more than just a memecoin—it’s a movement. Surpassing 80,000 holders is a testament to the power of decentralized communities and the limitless potential of the BNB Chain ecosystem. The Cheems Army is growing stronger every day, and this is just the beginning. We’re committed to building a long-term, sustainable project that continues to engage and reward our holders.”

    The CHEEMS Advantage
    Built on the Binance Smart Chain’s scalable and efficient infrastructure, CHEEMS is a fully decentralized, community-owned token featuring:

    • Zero transaction taxes
    • 100% burned liquidity pool
    • No team allocations
    • Fully decentralized governance

    Strengthening the BNB Ecosystem
    The Binance listing comes after months of collaboration with the BNB Chain ecosystem, including:

    • Liquidity pool enhancements
    • Co-branded marketing initiatives
    • Ecosystem development grants

    Philanthropy & Real-World Impact
    Beyond blockchain, CHEEMS remains committed to giving back, aligning with its CryptoForGood initiative:

    • 100% of merchandise proceeds donated to animal welfare charities
    • Collaborations with Cheems’ real-life owner Kathy on global aid initiatives
    • Over 5,500 meals funded through viral TikTok challenges

    With a max total supply of 219,776,051,832,670.73 tokens and an ever-growing user base, Cheems is well-positioned for continued expansion. As the memecoin sector evolves, Cheems remains committed to leading the charge, embracing innovation, and solidifying its status as the “Lord Cheems” of BNB Chain.

    For more details and to join the Cheems movement, visit: https://linktr.ee/lordcheems_bsc

    About Cheems:
    Cheems is a community-driven memecoin built on the BNB Chain. Designed to bring fun and engagement to the crypto space, Cheems has grown into one of the most recognized and celebrated tokens in the memecoin sector. With a strong and dedicated holder base, Cheems continues to shape the future of meme-based digital assets.

    Media Contact:
    Cheems Foundation
    contact@cheems.pet

    Join the Cheems Community:

    • Twitter: @lordcheems_bsc
    • Telegram: t.me/LordCheems_Bsc
    • Contract: 0x0df0587216a4a1bb7d5082fdc491d93d2dd4b413

    Disclaimer: This press release is provided by Cheems Foundation. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4fe2fec-9459-4491-9a77-c24c46f6e005

    The MIL Network –

  • MIL-OSI Video: Secretary-General/Bangladesh, Ramadan, Türkiye & other topics – Daily Press Briefing (27 February)

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    Secretary-General/Bangladesh
    Secretary-General/Ramadan Message
    Türkiye
    Haiti
    Ukraine
    Sudan
    Democratic Republic of the Congo/Jean-Pierre Lacroix
    Democratic Republic of the Congo
    Occupied Palestinian Territory
    Lebanon
    Staff Security

    SECRETARY-GENERAL/BANGLADESH
    Every year, the Secretary-General does a Ramadan solidarity visit, where he likes to visit and fast with a Muslim community, which is facing distress. He began this tradition when he was High Commissioner for Refugees. In his own words, the Secretary-General said that Ramadan embodies the values of compassion, empathy and generosity. It is an opportunity to reconnect with family, with community and a chance to remember those less fortunate. These missions are to remind the world of the true face of Islam.
    This year, the Secretary-General will be going to Bangladesh from the 13-16 March. He will travel to Cox’s Bazaar to join an Iftar and meet with Rohingya refugees who have been forcibly displaced from their homes in Myanmar, and also, of course, with the host Bangladeshi communities who have been generously in hosting the refugees from Myanmar.
    During his visit, he will also be in the capital of Bangladesh, Dhaka, where he will meet with the Chief Adviser for the interim government, Professor Muhammed Yunus, as well as with young women and men and representatives from civil society.

    SECRETARY-GENERAL/RAMADAN MESSAGE
    In his annual message at the start of Ramadan, the Secretary-General expressed a special message of support to all those who will spend this sacred time in displacement and violence. From Gaza and the wider region, to Sudan, the Sahel and beyond.
    The Secretary-General stands with all those who are suffering and joins those observing Ramadan to call for peace and mutual respect.

    TÜRKIYE
    On the reports coming out of Türkiye regarding Abdullah Öcalan, the imprisoned leader of the Kurdistan Workers Party, the PKK, and his message calling for fighters to lay down their arms and the PKK to dissolve itself, the spokesperson said that the Secretary-General welcomes this important development. This represents a glimmer of hope, which would lead to the resolution of a long-standing conflict.

    HAITI
    The World Food Programme (WFP) today said that, as part of their emergency response in Haiti, they continue to provide critical food assistance, cash-based transfers, and hot meals across the Artibonite, Nord, and Ouest departments. This includes $1.2 million in cash assistance, as well as nearly 3,000 meals distributed in border regions to Haitians deported back to their country.
    Last week, the WFP organized the first of two humanitarian cargo flights from Panama City to Port-au-Prince. This was the first humanitarian cargo flight to land at the Port-au-Prince airport since its closure lastNovember.
    The flight carried medicines, vaccines, and medical supplies for eight humanitarian organizations. A second flight is scheduled in about one month.

    Full highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=27%20February%202025

    https://www.youtube.com/watch?v=nX1Wlh5xwHk

    MIL OSI Video –

  • MIL-OSI Asia-Pac: English Translation of Opening Address by Prime Minister Shri Narendra Modi at the Plenary Session with the President of the European Commission (February 28, 2025)

    Source: Government of India

    Posted On: 28 FEB 2025 5:39PM by PIB Delhi

    Your Excellencies,

    I warmly welcome you all to India. The engagement of the EU College of Commissioners with a single country on such a broad scale is unprecedented.

    It’s the first time that so many of my ministers have collected together for any bilateral discussions. I remember how you said that India and the EU are natural partners at the Raisina Dialogue in 2022. And that strengthening and energizing ties with India, will be a priority for the EU in the coming decade.

    And now, you’re visiting India at the very beginning of your new term.This is a milestone moment for India and the EU.

    Excellencies,

    The world is currently undergoing unprecedented change. AI and emerging technologies are leading to socio-economic transformations.

    Geo-economic and political circumstances are rapidly evolving. And old equations are breaking down. In times like these, the partnership between India and the EU becomes even more important.

    A shared belief in democratic values, strategic autonomy, and rule-based global order unite India and the EU.Both countries are mega diverse market economies. In a sense, we are natural strategic partners.

    Excellencies,

    India and the EU have completed twenty years of strategic partnership. And with your visit, we are laying the foundation for the next decade.

    In this context, the remarkable commitment shown by both parties is commendable. About twenty ministerial level meetings have taken place in the last two days.

    The Trade and Technology Council meeting was also successfully organised this morning. Both teams will present a report on the ideas generated and the progress made.

    Excellencies,

    I would like to identify some priority areas of cooperation.

    The first is Trade and Investment. It is crucial to conclude a mutually beneficial FTA and Investment Protection Agreement as soon as possible.

    The second is strengthening the Supply Chain Resilience. Our capabilities can complement each other in sectors such as Electronics, Semiconductors, Telecom, Engineering, Defence, and Pharma.This will strengthen diversification and de-risking, and will aid in the creation of a secure, reliable and trusted supply and value chain.

    The third is Connectivity. The IMEC Corridor launched during the G20 Summit is a transformational initiative. Both the teams must continue working on it with strong commitment.

    The fourth is Technology and Innovation. To realise our shared vision of tech sovereignty, we must continue to make swift progress ahead. In areas such as DPI, AI, Quantum Computing, Space and 6G, both parties must work together to connect our industries, innovators, and young talents.

    The fifth is Climate Action and Green Energy Innovation. India and the EU have prioritised the Green transition. Through cooperation in sustainable urbanization, water, and clean energy, we can become drivers of global green growth.

    The sixth is Defence. We can fulfil each others’ needs through co-development and co-production. We must work to prioritise each other in export control laws.

    The seventh is Security. There is a need for greater cooperation on challenges arising from terrorism, extremism, maritime security, cyber security and space security.

    The eighth is People-to-People Ties. It should be a priority for both parties to make Migration, Mobility, Schengen Visas and EU Blue Cards simple and smooth. This stands to fulfil the needs of the EU. And India’s young workforce shall be able to make an even greater contribution to Europe’s growth and prosperity.

    Excellencies,

    For the next India-EU Summit, we must move forward with ambition, action and commitment.

    In today’s AI era, the future shall belong to those who demonstrate vision and speed.

    Excellency, I now invite you to share your thoughts.

    *****

    MJPS/ST

    (Release ID: 2106997) Visitor Counter : 84

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI: Castellum, Inc. Announces 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Feb. 28, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (NYSE-American: CTM) (“Castellum” or “the Company”), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain unaudited highlights of its operating results for its year ended December 31, 2024.

    Revenue for 2024 was $44.8 million, down slightly from $45.2 million in 2023. Operating loss was ($7.2 million) versus ($16.7 million) in 2023, which included $6.9 million of non-cash charges for goodwill impairment.

    Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure of the Company’s operating performance. Adjusted EBITDA was $0.8 million for 2024 and excludes non-cash charges, such as stock-based compensation expense of $5.4 million, and depreciation and amortization of $2.2 million, compared to $0.2 million for 2023. See the reconciliation to GAAP in the chart below.

    Cash flow provided by operating activities for 2024 was $1.1 million versus ($2.3 million) in 2023.

    Total cash as of December 31, 2024, was $12.3 million versus $1.8 million as of December 31, 2023. Debt as of December 31, 2024, was $10.7 million versus $12.4 million as of December 31, 2023.

    Castellum’s fully audited financial results for the year ended December 31, 2024, are expected to be filed on or before March 15, 2025, on Form 10-K, available at www.sec.gov.

    “I’m encouraged by the progress we made in 2024, particularly since I assumed the role of CEO this past July,” said Glen Ives, President and Chief Executive Officer of the Company. “While we produced solid revenue and gross profit in 2024, 2025 will be our year of growth as new contract wins and continued execution on our existing contracts should lead to strong year-over-year growth in revenue and adjusted EBITDA. Our decreased debt and dramatic increase in cash from our offerings, combined with our recent IDIQ wins have really positioned us well for 2025.”

    About Castellum, Inc.:

    Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com.

    Cautionary Statement Concerning Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “plan,” “foresee,” “likely,” “will,” “would,” “appears,” “goal,” “target” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, improvements to cost structure, and profitability. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, including opportunities arising from its contracts with NAVAIR and other customers, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget, operating under a prolonged continuing resolution, government shutdown, or breach of the debt ceiling, as well as the imposition by the U.S. government of sequestration in the absence of an approved budget; the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience.. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Non-GAAP Financial Measures and Key Performance Metrics

    This press release contains Non-GAAP Adjusted EBITDA, which is a Non-GAAP financial measure that is used by management to measure the Company’s operating performance. A reconciliation of this measure to the most directly comparable GAAP financial measure is contained herein. To the extent required, statements disclosing this measure’s definition, utility, and purpose are also set forth herein.

    Definition:

    Adjusted EBITDA is a Non-GAAP measure, calculated as the Company’s earnings before (not including expenses related to) interest, taxes, depreciation, and amortization, also adjusted for other non-cash items such as stock-based compensation, and other non-recurring, cash items, such as expenses for a one-time policy change.

    Utility and Purpose:

    The Company discloses Non-GAAP Adjusted EBITDA because this Non-GAAP measure is used by management to evaluate our business, measure its operating performance, and make strategic decisions. We believe Non-GAAP Adjusted EBITDA is useful for investors and others in understanding and evaluating our operating results in the same manner as its management. However, Non-GAAP Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for GAAP operating loss or any other operating performance measure calculated in accordance with GAAP. Using this Non-GAAP measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report a measure titled Non-GAAP Adjusted EBITDA, this measure may be calculated differently from how we calculate this Non-GAAP financial measure, which reduces its overall usefulness as a comparative measure. Because of these inherent limitations, you should consider Non-GAAP Adjusted EBITDA alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.

    Castellum, Inc.
    Reconciliation of unaudited Non-GAAP Adjusted EBITDA to Operating Income/ (Loss)
    The Year Ended December 31, 2024, and 2023
        2024     2023  
    Revenues $ 44,764,852   $ 45,243,812  
    Gross Profit   18,266,415     18,675,327  
    Loss from operations before other income (expense)   (7,244,627 )   (16,668,825 )
         
    Add back:    
    Depreciation and amortization   2,220,185     2,528,815  
         
    Adjust for non-cash and one-time charges:    
    Stock based compensation   5,426,985     7,495,759  
    Goodwill Impairment   –     6,919,094  
    Change in FV of earnout   –     (92,000 )
    Non-recurring charges   445,007     –  
    Total non-cash charges   5,871,992     14,322,853  
         
    Non-GAAP Adjusted EBITDA $ 847,550   $ 182,843  
                 

    Contact:
    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d022e960-9912-4701-8fdb-fcb3ed07050a

    The MIL Network –

  • MIL-OSI Asia-Pac: CEDD and HKUST sign MOU on research studies (with photo)

    Source: Hong Kong Government special administrative region

         The Civil Engineering and Development Department (CEDD) and the Hong Kong University of Science and Technology (HKUST) signed a Memorandum of Understanding (MOU) today (February 28) to set out the framework of collaboration on research studies related to sustainable infrastructure development and land formation.
                 
         The MOU was signed by the Director of Civil Engineering and Development, Mr Michael Fong, and the Vice-President for Research and Development of the HKUST, Professor Tim Cheng, and witnessed by the Permanent Secretary for Development (Works), Mr Ricky Lau, and the President of the HKUST, Professor Nancy Ip.
          
         The MOU, effective from March 1 for a duration of two years, will cover research areas in novel construction materials, innovative landslide mitigation strategies, digitalisation, artificial intelligence technology, innovative engineering and sustainable solutions.
          
         Speaking at the signing ceremony, Mr Fong said that the CEDD has been applying innovative technologies to facilitate the implementation of construction projects. With the CEDD’s experience in construction projects and the HKUST’s top-notch research team, the collaboration between the two parties promotes the research in sustainable infrastructure development and land formation, and would help the industry enhance productivity, quality and site safety.
          
         Professor Cheng said that the HKUST’s multidisciplinary research expertise, covering AI, the Internet of Things, digital twins, material science and civil engineering, will synergise with the CEDD’s practical experience, work data and scenario applications to create innovative and practical solutions.

         The CEDD has been collaborating closely with academic institutions and the construction industry to develop various smart and innovative technologies for application in public works projects. The CEDD has applied research deliverables in various projects to effectively facilitate their implementation, such as optimising the design of debris-resisting barriers for landslide mitigation, and advocating the recycling of construction and demolition materials.   

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Excel in frontier tech by making best use of internationally-competitive infrastructure being set-up in India: Raksha Mantri to youth during National Science Day celebrations in Hyderabad

    Source: Government of India

    Excel in frontier tech by making best use of internationally-competitive infrastructure being set-up in India: Raksha Mantri to youth during National Science Day celebrations in Hyderabad

    “India can remain strong & secure in adverse situations if it has solutions to critical technological challenges”

    Govt’s endeavour is to harness the potential of India’s youth to achieve the goal of Viksit Bharat by 2047, says Shri Rajnath Singh

    Posted On: 28 FEB 2025 2:43PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh has called upon the youth to inculcate scientific temper and excel in frontier technologies by making best use of the internationally-competitive infrastructure being established in the country due to the Government’s efforts. He was inaugurating Vigyan Vaibhav, a two-day science and technology extravaganza organised in Hyderabad, Telangana as part of National Science Day celebrations on February 28, 2025.

    “War is increasingly moving from hardware to software-oriented. New technological breakthroughs are on the horizon and we have to take a lead in transformative technologies such as Artificial Intelligence, Quantum Computing, Machine Learning and Clean-tech. India can remain strong and secure in adverse situations if it has solutions to critical technological challenges. Our youth must adopt scientific outlook & critical thinking and try to go beyond the ordinary,” said Shri Rajnath Singh. He recalled the words of former President Dr APJ Abdul Kalam who said “Science is a beautiful gift to humanity; we should not distort it but use it for betterment of society”.

    Raksha Mantri reiterated Prime Minister Shri Narendra Modi-led Government’s commitment to harness modern technology for the safety and security of the nation, terming education in the field as crucial for the future. India’s youth possesses tremendous potential and it is the Government’s endeavour to harness their capabilities to achieve the vision of Viksit Bharat by 2047, he said.

    Shri Rajnath Singh threw light on the New Education Policy 2020 which aims to transform science education in the country by encouraging creativity, critical thinking and innovation. He added that the theme of this year’s National Science Day i.e. ‘Empowering Indian youth for global leadership in Science and Innovation for Viksit Bharat’ reflects the same approach. He described the theme as a reflection of New India’s aspiration for progress through innovation and global scientific leadership.

    Speaking on the occasion, Telangana Chief Minister Shri A Revanth Reddy stated that Hyderabad has long been a hub of scientific excellence and technological innovation. He urged the young minds participating in Vigyan Vaibhav 2025 to dream big and embrace innovation with passion.

    As part of the event, a grand exhibition has been organised which welcomed over 30,000 students. Featuring 200+ exhibition stalls, it provided a rare opportunity for students to witness cutting-edge defence and aerospace technologies developed by DRDO and leading Indian industries. The exhibition aimed to ignite curiosity, inspire innovation, and encourage young minds to pursue careers in STEM fields, fostering the next generation of scientists, engineers, techno-preneurs who will propel India towards global technological leadership.

    Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat; President, Aeronautical Society of India (AeSI) Dr G Satheesh Reddy; Director Generals and Directors of DRDO; CMDs of PSUs and heads of industries attended the event.

    Vigyan Vaibhav is jointly organised by DRDO, AeSI, and Kalam Institute of Youth Excellence to commemorate National Science Day in honour of legendary scientist Sir CV Raman and his ground-breaking contributions to science. The event brings together policymakers, scientists, industry leaders, academicians, and young innovators to discuss and showcase advancements that will shape the nation’s future. As India advances towards Viksit Bharat by 2047, it serves as a reminder that the path to self-reliance is paved with scientific excellence, innovation, and collaboration.

    ***

    SR/Savvy

    (Release ID: 2106896) Visitor Counter : 64

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA GRACES CONVOCATION CEREMONY OF NATIONAL FORENSIC SCIENCES UNIVERSITY

    Source: Government of India

    Posted On: 28 FEB 2025 12:35PM by PIB Delhi

    The President of India, Smt Droupadi Murmu, graced the convocation ceremony of the National Forensic Sciences University at Gandhinagar today (February 28, 2025). 

    Speaking on the occasion, the President said that a justice-based social system is considered the best in our country. By combining heritage and development, we are building a developed India based on justice. In the last few years, the Ministry of Home Affairs has taken several effective steps to strengthen the role of forensic sciences and develop facilities and capacity in this field. 

    The President said that any justice system would be considered robust only if it is truly inclusive. She told students that their goal should be to provide fair and speedy justice based on forensic evidence to all sections of society, especially those from the weaker and disadvantaged sections. She urged them to contribute to the good governance of the country. 

    The President said that changes related to crime investigation and evidence have been made in the three new criminal laws. In cases where the punishment period is seven years or more, it has now become mandatory for a forensic expert to visit the crime scene and investigate. The Bharatiya Nagarik Suraksha Sanhita made provision for development of Forensic facilities in all states in a time-bound manner. Time-bound forensic examination has been made mandatory in many statutes. The President said that these changes would increase demand for forensic experts.  

    The President said that due to rapid changes in technology, especially in the fields of digital technology and Artificial Intelligence, the capabilities of forensic sciences experts are increasing, but at the same time, criminals are also discovering new ways. People associated with our policing, prosecution and criminal justice delivery system can be successful in controlling crime and making justice accessible only by being smarter, more prompt and alert than the criminals. She expressed confidence that with the contribution of National Forensic Sciences University, a strong forensic system would develop, the conviction rate would increase and criminals would be afraid of committing crimes. 

    Please click here to see the President’s Speech

     

    *****

    MJPS/SR/BM

    (Release ID: 2106834) Visitor Counter : 85

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: National Waterways (Construction of Jetties/Terminals) Regulations, 2025; set to open new opportunities for private players in IWT sector

    Source: Government of India

    Posted On: 28 FEB 2025 12:27PM by PIB Delhi

    In a significant move to enhance infrastructure development and improve the ease of doing business, regulations have been put in place for the establishment of jetties and terminals by various entities, including private, public, and joint ventures, on national waterways across the country.

    The National Waterways (Construction of Jetties/Terminals) Regulations, 2025, formulated by Inland Waterways Authority of India (IWAI) under the Ministry of Ports, Shipping and Waterways (MoPSW), are designed to attract private sector investment in setting up terminals, streamline processes and promote efficient use of India’s vast waterways network.

    By enabling entities, including private players, to develop and operate jetties and terminals, these regulations open up new opportunities for investment, trade, and economic growth, while also improving logistical efficiency. This initiative is expected to contribute to the reduction of transportation costs, enhance cargo movement, and support the overall growth of the inland waterways sector, positioning it as a key driver of nation’s economy.

    Key Highlights of the Regulations

    Under the new regulations, any entity including private, wishing to develop or operate an inland waterway terminal on a national waterway need to obtain a ‘No Objection Certificate’ (NoC) from IWAI. Both existing and new terminals, whether permanent or temporary, are covered under these regulations. Permanent terminals can be maintained for the lifetime by the operator, while temporary terminals will have an initial five-year term with the possibility of extensions. The terminal developer and operator will be responsible for the technical design and construction of the terminal, ensuring it aligns with their business plan and provides adequate access.

    Digital Portal for Terminal Applications

    IWAI is developing an online application portal to streamline and digitise the application process for terminal developers and operators. This digital platform will enhance efficiency, transparency, and accessibility, in line with the government’s vision of Ease of Doing Business (EODB) and digitisation. The portal will provide a seamless interface for applicants to submit requests and track progress.

    Boosting Private Participation and Infrastructure Development

    Under the dynamic leadership of Prime Minister Shri Narendra Modi and the guidance of Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, IWAI has made significant strides in developing waterways as a key engine of economic growth. The cargo movement on national waterways has surged over the last decade, from 18 million tonnes to 133 million tonnes in FY 2023-24. This advancement is in line with the Prime Minister’s vision to promote sustainable development, foster private sector participation, and enhance Ease of Doing Business by leveraging digitalisation and streamlining processes.

    Additionally, the newly launched Jalvahak scheme, which aims to incentivize a shift in cargo transport by nearly 17% from the current 4700 million tonne kilometres on national waterways, is expected to further boost private sector participation.

    With the enforcement of the National Waterways (Construction of Jetties/Terminals) Regulations, 2025, private entities are expected to play a greater role in the development and expansion of inland waterway terminals, thus contributing to the overall growth of the sector.

    ***

    G.D. Hallikeri / Henry / Shweta

    (Release ID: 2106826) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Protecting consumers from online fraud and enhancing the security of online transactions – E-000769/2025

    Source: European Parliament

    Question for written answer  E-000769/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    Quite a number of EU citizens have fallen prey to organised cybercriminals who use email and social media phishing techniques to scam people by getting them to reveal their pin codes. At the same time, the ability to make instant payments at the tap of a finger, combined with the use of artificial intelligence, increase the risk of fraud and identity fraud through voice cloning and deepfake videos aimed at scamming people and getting them to transfer funds to another account. The total value of fraud across main payment instruments has been estimated at EUR 4.3 billion for 2022[1].

    In view of the above:

    • 1.What will the Commission do to protect consumers from such practices, with a focus on adapting to emerging challenges and threats and promoting technological capabilities for detecting payment fraud?
    • 2.Is it considering the possibility of setting up a European platform for the exchange of fraud-related information between service providers and the competent authorities to combat cross-border fraud?
    • 3.How does it intend to ensure that all parties in the chain, such as payment service providers, telecommunication services and digital platforms, work towards countering such attacks?

    Submitted: 19.2.2025

    • [1] ECB, Report on payment fraud, 2024
    Last updated: 28 February 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: English translation of Press Statement by Prime Minister Shri Narendra Modi during the Joint Press Conference with President of European Commission (February 28, 2025)

    Source: Government of India (2)

    Posted On: 28 FEB 2025 3:04PM by PIB Delhi

    Your Excellency, President of the European Commission,

    European College of Commissioners,

    Delegates,

    Friends from the media,

    Namaskar!

    This visit of the President of the European Commission and the College of Commissioners to India is unprecedented.

    This isn’t just the European Commission’s first visit to India, but also the first such comprehensive engagement of the European Commission in any single country. Also, this is one of the first visits of the new Commission in its latest term. On this historic occasion, I warmly welcome the President of the European Commission and the College of Commissioners to India.

    Friends,

    This two-decade long strategic partnership between India and EU is natural and organic. Its core is built on trust, a shared belief in democratic values, and a mutual commitment to prosperity and shared progress.

    In this spirit, we have held almost 20 ministerial level meetings of different sectors between yesterday and today. Sincere and meaningful discussions were held on various regional and global matters. Many important decisions have been taken to elevate and accelerate our partnership.

    We have prepared a blueprint for collaboration in the areas of Trade, Technology, Investment, Innovation, Green Growth, Security, Skilling and Mobility. We have directed our teams to conclude a mutually beneficial Bilateral Free Trade Agreement by the end of this year.

    Friends,

    To strengthen the investment framework, there has also been talk of moving forward on Investment Protection and GI Agreement. In the field of Technology and Innovation, a trusted and secure value chain is our common priority.

    We have also agreed on increasing cooperation in semiconductors, AI, high performance computing and 6G. We have also decided to initiate a Space Dialogue.

    Friends,

    A balance between Ecology and Economy has been our shared commitment, and our cooperation in this direction has been strong. We have decided to conduct a Green Hydrogen Forum and Offshore Wind Energy Business Summit. Joint research shall be undertaken on EV Batteries, Marine plastics and Green hydrogen. We shall also take forward our Joint Plan on Sustainable Urban Development.

    In the field of connectivity, concrete steps will be taken, to take forward the India – Middle East – Europe Economic Corridor or “IMEEC”. I firmly believe that “IMEEC” shall serve as an engine that drives global commerce, sustainable growth and prosperity in the days to come.

    Friends,

    Our growing cooperation on issues related to Defence and Security, is a symbol of our mutual trust. We will take forward our cooperation on Cyber Security, Maritime Security and Counter Terrorism.

    Both sides agree on the importance of peace, security, stability and prosperity in the Indo-Pacific region. We welcome the decision of the EU to join the “Indo Pacific Oceans Initiative”. We will work together on Triangular Development projects for sustainable and inclusive development in the Indo-Pacific region and Africa.

    Friends,

    People-to-people connect is the strongest asset of our relationship. Today, we have reached a new agreement to increase academia, research and industry partnerships between us. I believe that India’s young talent and Europe’s innovation can together create limitless possibilities.

    We welcome the new visa cascade regime of the EU. This will provide better mobility to the abilities of India’s talented youth.

    Today, we have decided to create a bold and ambitious roadmap for the India-EU partnership for the period beyond 2025. It will be launched during the next India-EU Summit.

    Excellency,

    Your visit to India has given new momentum, energy and enthusiasm to our partnership. This journey is the biggest catalyst that will translate our ambition into action.

    I eagerly look forward to the opportunity of welcoming you back to India for the next India-EU Summit.

    Thank you very much.

    ******

    MJPS/ST/SKS

    (Release ID: 2106908) Visitor Counter : 106

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China, UAE hold trade promotion event in Dubai

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

    DUBAI, Feb. 28 — The China-UAE Trade and Investment Forum, which also serves as a promotion event for the third China International Supply Chain Expo, was held in Dubai on Thursday, gathering over 120 business representatives and resulting in multiple trade and investment agreements.

    Ren Hongbin, chairman of the China Council for the Promotion of International Trade, emphasized in his speech that the council is committed to enhancing bilateral economic and trade cooperation with the United Arab Emirates (UAE) business community under the Belt and Road Initiative.

    Ren highlighted key areas for collaboration, including trade, energy, infrastructure, new energy and the digital economy, while emphasizing the need to strengthen industrial and supply chain ties and expand multilateral business partnerships.

    Maria Kassem, assistant undersecretary at the UAE Ministry of Economy, said China remains the UAE’s largest trading partner, with deepening economic ties driving investment and industrial development. She expressed confidence in further expanding bilateral cooperation and strengthening China-UAE relations.

    During the event, the China International Exhibition Group promoted the upcoming third edition of the expo.

    Chinese Consul General to Dubai, Ou Boqian, noted that the expo is increasingly recognized as an important international public good, setting a new benchmark for global supply chain cooperation and trade development.

    MIL OSI China News –

  • MIL-OSI United Kingdom: UK-Italy Trustworthy AI Visiting Researcher Programme

    Source: United Kingdom – Executive Government & Departments

    World news story

    UK-Italy Trustworthy AI Visiting Researcher Programme

    From 2023 to 2024 over 30 researchers from the UK and Italy participated in the UK-Italy Trustworthy Artificial Intelligence (AI) Visiting Researcher Programme

    Conference of UK-Italy Trustworthy AI Visiting Researcher Programme

    From 2023 to 2024 over 30 researchers from the UK and Italy participated in the UK-ItalyTrustworthy Artificial Intelligence (AI) Visiting Researcher Programme, fostering collaboration across diverse AI fields such as healthcare, cybersecurity, and machine learning. Supported by the FCDO Tech Standard and Partnership Fund, the initiative strengthened bilateral ties and advanced ethical AI research.

    Programme Highlights

    Launched at the Ital-IA conference in May 2023, the programme was delivered in collaboration with The Alan Turing Institute and FAIR Foundation. It tackled the challenges of developing trustworthy AI, ensuring AI systems are resilient, safe, secure and ethical.

    This critical area benefits from international collaboration to establish shared standards and practices. The exchange saw 36 researchers spending one week to two months in host institutions, generating 70 research outputs, including joint publications, conference submissions, and project proposals for European and national funding.

    Conference panel

    Key Impacts

    With an average cost of £2,400 per exchange, the initiative was a cost-effective way to generate impactful outcomes and foster a shared commitment to ethical AI research.

    • Enhanced Collaboration: Researchers developed joint algorithms, methodologies, and solutions in safety-critical domains. This fostered alignment in approaches and laid the groundwork for future long-term placements.
    • New Opportunities: Participants advanced proposals for initiatives like Horizon Europe and a Marie Curie Fellowship, ensuring continued innovation and funding prospects.
    • Widespread Engagement: Institutions across the whole of the UK and Italy accessed the programme, ensuring a balanced geographical representation and broadening research networks.
    • Professional Development: The programme supported early-career researchers, offering valuable opportunities to establish international partnerships and enhance expertise.

    Closing Workshop and Future Directions

    The programme culminated in November 2024 with a workshop, “UK-Italy Exchange of Researchers in Trustworthy AI: A Blueprint for Future Collaboration?”

    Hosted by SIN Italy, the event celebrated achievements and identified priorities for strengthening UK-Italy AI collaboration, aligning with the upcoming Science and Technology Dialogue between the Department for Science, Innovation and Technology (DSIT) and the Italian Ministry for University and Research.

    The UK-Italy Trustworthy AI Visiting Researcher Programme demonstrated the power of international cooperation in addressing the challenges of trustworthy AI. By creating lasting networks, advancing research, and aligning on ethical principles, this initiative sets a strong foundation for future bilateral collaboration in science and technology.

    For more information on this, please contact Alessandra Ferraris, SIN Italy: alessandra.ferraris@fcdo.gov.uk

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: City leaders reaffirm that innovation and growth remains priority

    Source: City of Leeds

    In response to the Government’s announcement of delays to the development of the new hospital at Leeds General Infirmary, leaders from Leeds City Council, the West Yorkshire Combined Authority, the University of Leeds, Leeds Beckett University and Leeds Teaching Hospitals NHS Trust have reaffirmed their unwavering commitment to innovation and growth across the city.

    The partnership has confirmed it would continue to deliver on its long-term vision for driving innovation and growth in the city to create a healthier, greener and more inclusive future for all.

    This follows the confirmation of funding and a start date of between 2033 and 2035 for the development of the new hospital at Leeds General Infirmary.

    Despite the Government’s announcement of delays to the development of the new hospital at Leeds General Infirmary, City leaders are pleased to announce that plans for the Leeds Innovation Village, a key neighbourhood within the city’s £2 billion Leeds innovation Arc, and one of the flagship projects of the £160 million West Yorkshire Investment Zone – will still go ahead, with ambitions to start construction later this year.

    The Village, which is set to bring about £13 billion in economic growth for the city and around 4,000 jobs will continue and is already into its first phase. This includes the redevelopment of the Old Medical School on the Leeds General Infirmary site into a cutting-edge healthtech innovation hub by one of the UK’s most active, privately-owned, mixed-use developers, Scarborough Group International.

    Dame Linda Pollard DBE DL Hon. LLD, Chair of Leeds Teaching Hospitals NHS Trust said:

    “Our plans for a new hospital are more than healthcare and play a pivotal role in harnessing innovation and stimulating growth across Leeds and beyond. Despite the announcement of disappointing delays to our new hospital at Leeds General Infirmary, plans for the Leeds Innovation Village will still go ahead, with early phases already underway.”

    The development of a new hospital at Leeds General Infirmary, alongside wider plans to boost growth and innovation across the city, are a central part of the West Yorkshire Mayor’s local growth plan, which aims to boost the region’s fastest growing business sectors with a special focus on health and life sciences, in line with the Government’s emerging national industrial strategy.

    This latest commitment builds on a wide range of successful innovation assets across the Innovation Arc including:

    · The successful and vibrant community of innovators and entrepreneurs at Nexus, a state-of-the-art innovation hub on the University of Leeds campus. Nexus has raised £134m in private investment since launching in 2019, with a return on investment of £1.92 for every £1. To date, it has worked with 191 companies and brings together the brightest minds in business, technology and academia and cites over half of its member businesses as healthtech innovators.

    · Leeds Teaching Hospital’s fast-growing Innovation Pop Up, located in the Innovation Village on the Leeds General Infirmary site, has grown its membership to over 50 industry members

    during its first three years and is currently collaborating on around 40 projects with industry partners. The Pop Up brings work nationally and internationally to bring together world-leading clinicians and healthtech industry partners to grow innovation, research and technology for the benefit of patients.

    · Leeds Becket University’s £80m Leeds School of Art building which provides industry standard facilities for over 2500 students and 100 staff studying and researching in film, TV, technology, sound, music, drama, dance and fashion. The centre provides wider cultural and industry partnerships across Leeds.

    · An envisaged route of the West Yorkshire Mayor’s Mass Transit system would see trams run along the spine of the Innovation Arc, linking Leeds station and the South Bank to Harehills. This would bring modern, sustainable transport modes to the heart of the Innovation Arc, reducing north-south travel times, creating potential hubs around stops, and providing connections to the wider area.

    The renewed commitment will see Leeds continue its journey as one of the UK’s most stable, forward-thinking and attractive locations for health and care research and innovation. With the backing of strong collaborative leadership, Leeds ranks as the third most attractive location for healthtech firms which are ready to launch or looking to move, having the highest number of biomedical scientist undergraduates in the country and being home to nine of the top 10 investors in research and development.*”

    Tracy Brabin, Mayor of West Yorkshire, said:

    “As the home of NHS England and Europe’s largest teaching hospital, Leeds is an international magnet for health innovation, and there is no setback that can stop us from realising our potential.

    “With our multimillion-pound Investment Zone driving the development of the Old Medical School into a world-leading centre of medical and technological innovation, we will deliver jobs and growth here in West Yorkshire while transforming the lives of patients worldwide.

    “We will also continue to make the case for the all-important new hospital at Leeds General Infirmary to be built as soon as possible, as part of our wider plans to build a well-connected Innovation Arc across the city of Leeds through our new Mass Transit system, driving growth.

    Councillor James Lewis, leader of Leeds City Council said:

    “We remain absolutely committed to our long-term vision for the city of stimulating innovation and economic growth that drives and delivers measurable impact towards a healthier, greener and inclusive future for all.

    “The Leeds Innovation Village, a key neighbourhood within the city’s £2 billion Innovation Arc, will progress as planned, and we’re excited about the potential it holds to drive economic growth, create jobs, and improve healthcare. The transformation of the Old Medical School into a new cutting-edge health innovation hub will further solidify Leeds’ position as a global healthtech hub.”

    -ENDS-

    For further information, please contact Jessica Hardman, Head of Communications (BtLW), Leeds Teaching Hospitals NHS Trust, Jessica.hardman3@nhs.net

    Notes

    This recommitment has been made by:

    Professor Phil Wood, Chief Executive, Leeds Teaching Hospitals NHS Trust; Cllr James Lewis, Leader, Leeds City Council; Tracy Brabin, Mayor, West Yorkshire Combined Authority; Professor Shearer West, Vice-Chancellor and President, University of Leeds; Professor Peter Slee, Vice Chancellor, Leeds Beckett University.

    *Pursing excellence report, an independent analysis of Leeds’ research and innovation in health and care, March 2024 (commissioned by Leeds Academic Health Partnership)

    The Leeds Innovation Arc, the city’s £2billion city centre science park, is a global destination for people, investment and innovation in one of the UK’s fastest growing and greenest cities with an ecosystem addressing the biggest societal challenges of our time through collaborative, diverse and innovative solutions. The Arc is home to some of the most significant innovation assets in the north of England, both public and private sector, including our two biggest universities, the hospital and Nexus at the University of Leeds, a hub for an increasing number of innovative businesses including SeeAI, Itecho Health and Atlas Endoscopy.

    Leeds City Council’s work as a city on innovation builds on our participation in the prestigious Massachusetts Institute of Technology Regional Entrepreneurship Accelerator Program (MIT REAP) which fueled Leeds’ drive to grow the regional innovation ecosystem and bench mark ourselves and our progress.

    The Government review into the New Hospital Programme, which the new hospital at Leeds General Infirmary was part, has now concluded. The Secretary of State for Health announced on Monday 20 January that the new hospital at Leeds General Infirmary has been included in Wave 2 of the programme and will not now start construction until some time between 2033-2035.

    MIL OSI United Kingdom –

  • MIL-OSI: Stars Align for Bybit’s Crypto Zodiac League Trading Competition with 1 Million USDT in Prizes

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is transforming solitary trading into a cosmic team sport in its most dramatic trading competition yet. In the Crypto Zodiac League event, traders will get to unite under their star signs to compete for a share of a 1,000,000 USDT prize pool. 

    This celestial-themed event reinvents traditional trading battles with a touch of astrological magic, grouping participants into 12 zodiac-based squads. Whether the user is a bold Aries or a strategic Capricorn, their birth date determines their team allocation. Each team will then race for top spots in the leaderboards for a chance to win from a grand prize pool of a million USDT.

    Event Timeline: 

    From now to Mar. 21, 2025, eligible users may sign up for the event where their designated squad is written in the stars. 

    The race for crypto trading excellence features various achievement categories. During the competition period from Mar. 3 to Mar. 28, 2025, individual traders and squads may compete on four leaderboards, ranked respectively by:

    1. Individual PnL% during the competition period with a 300,000 USDT prize pool
    2. Squad trading volume during the competition period with a 300,000 USDT prize pool
    3. Individual Spot trading volume during the competition period with a 100,000 USDT prize pool
    4. Daily individual trading volume in a total of 25 days, with 5,000 USDT up for grabs each day

    To top it off, eligible new users who sign up during the event period can receive a 5 USDT airdrop on a first-come, first-served basis. Additionally, all eligible users have the opportunity to earn USDT and MNT through mystery boxes by completing designated tasks.

    Special Livestream:

    To kick off this stellar event, Bybit will host a livestream on Mar. 4, 2025 at 8AM UTC, featuring expert insights and $500 in Red Packet giveaways. The session will shed light on rules and mechanisms, inspiration for strategies, and sound the battle hymns for the limited-time competition. Speakers include Bybit’s Shadie Berro, Head of Social Media, Stella Yuan, Global Campaigns Specialist, and Jack Zhou, Global Marketing Operations Specialist. 

    “We’re bringing a new dimension to competitive trading by combining the thrill of trading with the playful element of luck in astrology,” said Joan Han, Sales and Marketing Director at Bybit. “If a trader ever wonders if they were predestined to be winners, this is the perfect opportunity to find out while honing their trading skills,” she said. 

    For more information about joining the Crypto Zodiac League and terms and conditions, users may visit: Crypto Zodiac League: Squad Up for the Stars

    #Bybit / #TheCryptoArk 

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c82077e3-6669-440f-b3c0-2b4420514fe4

    The MIL Network –

  • MIL-OSI: BTCC Exchange Unveils $1 Million “Trade to Win” Campaign Featuring Tesla Cybertruck for TOKEN2049 Dubai

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Feb. 28, 2025 (GLOBE NEWSWIRE) — BTCC, a global leader in crypto trading, is proud to announce its participation as a gold sponsor at TOKEN2049 Dubai, the premier crypto industry event from April 30 to May 1, 2025. To celebrate, BTCC is launching a Trade to Win campaign with a $1 million prize pool, including the flagship prize of a Tesla Cybertruck. Users are invited to participate for exciting rewards and a chance to meet the team at the TOKEN2049 venue.

    TOKEN2049 is set to attract over 15,000 attendees from 4,000 companies worldwide in 2025. This two-day event at Madinat Jumeirah will feature insightful conferences led by industry leaders and influential voices, while also offering a unique experience with activities such as massages, shisha lounges, and live music.

    Participants can visit BTCC at booth no. P51, where its team and influencers will engage with attendees, share insights, and showcase their latest product offerings. Attendees will also have the opportunity to meet their official mascot, Nakamon, inspired by the legendary Satoshi Nakamoto, presented in a vibrant Arabian theme.

    BTCC will host two exclusive events for crypto influencers. The Dubai Safari Day Tour on April 29 will feature dune bashing, sandboarding, and camel rides. Following that, the KOL Yacht Party on May 2 will offer live DJ music and gourmet Japanese cuisine by chef Nishimura Yukou aboard a luxurious yacht with stunning views of the Dubai skyline.

    Regular users are encouraged to participate in the Trade to Win campaign, where they can trade over 300 future pairs to win incredible prizes from the $1 million prize pool, including a Tesla Cybertruck, a Ducati motorcycle, and a luxurious seven-star hotel stay in Dubai. Top performers will also have the opportunity to attend TOKEN2049 and meet the BTCC team in person.

    BTCC has actively participated in global events, including Paris Blockchain Week in 2024, to strengthen connections within the crypto community. “TOKEN2049 is more than just an event; it’s a platform for meaningful dialogue and collaboration,” said Aaryn Ling, Head of Branding at BTCC. “Our goal is to engage with the community and KOLs, fostering insightful discussions that drive our exchange forward,” Aaryn added.

    For more information about the Trade to Win campaign, please visit BTCC’s website.

    About BTCC Exchange

    BTCC is a leading cryptocurrency exchange offering a secure and user-friendly platform for traders globally. Since its launch in 2011, the exchange has maintained a flawless security record with zero incidents. A standout feature of the platform is copy trading which enables users to easily follow the strategies of top traders and replicate their success.

    Official website: https://www.btcc.com/en-US

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/567092fe-dbec-4e7c-8da5-f6d045e6becb

    The MIL Network –

  • MIL-OSI Economics: Swap Auction, February 28, 2025: Results

    Source: Reserve Bank of India

    Today, the Reserve Bank conducted a USD/INR Buy Sell swap auction for a notified amount of USD 10 billion as announced vide press release dated February 21, 2025.

    I. SUMMARY RESULTS

    Aggregate amount notified (USD Billion) 10.00
    Total amount bid by participants (USD Billion) 16.23
    Total amount accepted (USD Billion) 10.06
    Cut-off premium (in paisa) 655.10

    II. OTHER DETAILS

    USD/INR Buy Sell Swap auction
    No. of bids received 244
    Bid to cover ratio 1.62
    No. of bids accepted 161
    Partial allotment as % of competitive bids at cut-off premium NA
    Weighted Average Premium of accepted bids (in paisa) 673.29
    First leg settlement date March 04, 2025
    Second leg settlement date March 06, 2028

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2274

    MIL OSI Economics –

  • MIL-OSI United Kingdom: GBN at final stage of Small Modular Reactor selection process

    Source: United Kingdom – Executive Government & Departments

    Press release

    GBN at final stage of Small Modular Reactor selection process

    Great British Nuclear at final stage of Small Modular Reactor selection process

    Great British Nuclear (GBN) has entered the final stage of the UK’s Small Modular Reactor (SMR) selection process and is on track to make final decisions in the Spring.

    An Invitation to Submit Final Tender (ISFT) has been issued to the four remaining vendors, GE-Hitachi Nuclear Energy International LLC, Holtec Britain Ltd, Rolls-Royce SMR Ltd, and Westinghouse Electric Company UK Ltd.

    Earlier in February, the Prime Minister pledged to put Britain back in the global race for nuclear energy, and to reform planning rules to make it easier to build fleets of SMRs in England and Wales.

    SMRs are smaller than traditional nuclear power plants and their modular construction could provide a way of delivering nuclear more quickly and cost-effectively. They could also be built in a greater variety of locations, and be co-located with energy-intensive industrial sites such as AI data centres.

    GBN’s Chair, Simon Bowen, said:

    “This is an exciting moment for Great British Nuclear and the UK as we reach the final stage of the technology selection process for the Small Modular Reactor programme.”

    “Nuclear energy is vital for economic growth and delivering secure, reliable, home-generated power that is capable of meeting future demand, enabling Net Zero, and reducing the UK’s dependence on importing fossil fuels.”

    “Since GBN was launched in 2023, the team has made huge strides in delivering a fair, robust, and transparent process for technology selection.”

    Secretary of State for Energy Security and Net Zero, Rt Hon Ed Miliband MP, said:

    “Small modular reactors will support our mission to become a clean energy superpower.

    “That’s why we are backing new nuclear technology to help secure our energy independence and grow the economy.”

    For more information, please contact:

    Cory Reynolds, Director of Communications and Government Relations
    e: cory.reynolds@gbnuclear.gov.uk m: 07701 235045

    Ieuan Williams, Head of Stakeholder and Media Relations
    e: ieuan.williams@gbnuclear.gov.uk m: 07889 108555

    Notes to Editors

    • GBN has now concluded the negotiation phase with the four bidders participating in SMR competition
    • To reach this stage, each of the four designs was subject to a robust analysis
    • GBN has evaluated each technology, including aspects such as safety, deliverability, and their ability to support development of a fleet of SMRs
    • GBN considers the designs, each of which is proceeding through the UK’s regulatory process, are viable options for development
    • GBN owns land for potential new nuclear development at both Wylfa on Ynys Môn/Anglesey and Oldbury-on-Severn in Gloucestershire. GBN is working closely with the local communities at these sites to consider how future new nuclear projects could benefit their communities

    About Great British Nuclear (GBN)

    Great British Nuclear (GBN) is the Government delivery body dedicated to supporting the development and deployment of new nuclear technologies in the UK. As an executive non-departmental public body sponsored by the Department for Energy Security and Net Zero (DESNZ), GBN plays a crucial role in ensuring the UK’s energy security and achieving net-zero carbon emissions. GBN focuses on fostering innovation, facilitating investment, and coordinating efforts across the nuclear industry to build a resilient and sustainable energy future.

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Submer Expands Its Capabilities with New Business Units in Datacenter Design & AIaaS

    Source: GlobeNewswire (MIL-OSI)

    BARCELONA, Spain, Feb. 28, 2025 (GLOBE NEWSWIRE) — Submer, one of the key leaders in the datacenter liquid cooling market, is expanding its mission to revolutionize sustainable infrastructure by entering into datacenter design and construction and datacenter services for AI factories.

    To drive this initiative, Submer has launched two new business units to power the future of AI and sustainable digital infrastructure:

    Datacenter Design & Construction: Submer is leveraging its expertise to design and build next-generation liquid-cooled datacenters, enabling seamless transitions from air to liquid cooling (Direct Liquid Cooling and Immersion Cooling). These sustainable, high-density facilities will support AI workloads efficiently while paving the way for future-proof infrastructure.

    Datacenter Operations & AIaaS: As AI adoption accelerates, Submer is launching a datacenter operator and AI-as-a-Service (AIaaS) business unit, providing vertically integrated infrastructure—from chip to AI applications—for enterprises seeking to scale efficiently and sustainably.

    Submer’s core cooling technologies business unit will remain unchanged, continuing its focus on driving the adoption of liquid cooling and accelerating AI-ready infrastructure. With these new initiatives, Submer is strengthening its position as the leader in liquid-cooled datacenter innovation.

    Hundreds of Megawatts planned Across Europe, Starting with Barcelona

    To demonstrate these new capabilities, Submer is already developing its first owned and operated state-of-the-art 56MW datacenter in Barcelona. This facility will serve as a first phase of more deployments across Europe. It will showcase liquid cooling innovation, integrating a vertically optimized ecosystem that supports 150kW+ per rack or tank.

    The Barcelona facility will set new energy efficiency and sustainability benchmarks, leveraging liquid cooling technologies to drastically reduce energy consumption, zero water usage, and operational costs. By enabling higher compute densities with superior thermal management, it paves the way for a new era of AI-enabled, carbon-conscious datacenters that are more efficient, scalable, and environmentally responsible.

    A Legacy of Innovation

    Founded in 2015 by Daniel Pope and Pol Valls, Submer’s mission is to build Datacenters That Make Sense, with a strong focus on sustainability, efficiency, and a smarter usage of resources to make a planet-friendly datacenter industry landscape and lead the way to a greener future.

    Submer recently secured a new funding round, backed by leading impact VC funds such as M&G Catalyst, Planet First Partners, Norrsken, and Mundi Ventures. Before this, Patrick Smets joined as CEO to drive expansion and accelerate business execution. Submer has expanded its teams and broadened its management by bringing on industry experts with deep experience in data centers, AI, and sustainable infrastructure. With this team in place, Submer is confident and well-positioned to drive the next wave of growth and innovation.

    Before founding Submer, Daniel Pope was operating datacenters as early as the early 2000s and has been at the forefront of industry innovation for over 25 years. With deep expertise in managed datacenter infrastructure and cloud/AI software solutions, he will lead this new strategic initiative, driving the next generation of sustainable, AI-ready infrastructure.

    “Our mission is to ensure businesses can scale AI workloads efficiently while reducing environmental impact. The launch of our first 56MW facility in Barcelona is just the beginning—Submer is here to redefine how the world powers AI and build Datacenters That Make Sense,” said Daniel Pope, Submer’s Co-Founder.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/33f797a3-3fc8-4ade-88b9-b5c27a847d18

    The MIL Network –

  • MIL-OSI Africa: Beyond Finance, Afreximbank’s Impact Stories series spotlights Africa’s growth and economic potential

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

    CAIRO, Egypt, February 28, 2025/APO Group/ —

    Afreximbank (www.Afreximbank.com) is pleased to announce the launch of its new documentary series titled – Impact Stories, which aims to showcase the development impact of the Bank’s interventions across various sectors and countries on the continent and in the diaspora. Season One of the series consists of six episodes which went on air on Afreximbank TV (https://apo-opa.co/43aD48x) on 27th February 2025. 

    Produced by the Afreximbank TV team and CNN’s Create Studio services, the series aims to spotlight the Bank’s interventions, incorporating multi-faceted narratives that bring the Bank’s initiatives to life. Through testimonials of individuals, businesses, communities and economies that have been positively impacted by the interventions, the series creates an emotional connection, and a shared commitment of an African vision focused on transforming trade and economic self-determination.  

    Filmed across six countries and sectors, the inaugural season consists of six episodes that showcase some of Afreximbank’s development impact through inspiring short documentary-style films. The episodes feature the Zimborders Beitbridge project which involves the expansion, upgrade and improvement of Beitbridge Border Post in Zimbabwe, exploring the transformative effect of Afreximbank’s investment in modernising the border post, and showing how improved infrastructure is addressing trade inefficiencies, fostering intra-African trade and driving regional growth.  

    Other episodes include the Glo-Djigbé Industrial Zone (GDIZ) in Benin, a project led by Afreximbank investee company, Arise Integrated Industrial Platform (Arise IIP) focused on driving industrialisation, job creation and end-to-end production on the continent; an episode on Oando PLC, showcasing their successful acquisition in a key Nigerian oil sector joint venture and its transformative impact on local content and economic prosperity, as well as other episodes focused on Eva’s Coffee in Kenya, an SME business driving export development and local value chain expansion; Reine Ablaa – a rising music star and alumni of Afreximbank’s CANEX Music factory initiative and an episode on the ongoing success of the Bank’s Pan African Payments and Settlement System (PAPSS). 

    Mrs. Anne Ezeh, Director of Communications and Events at Afreximbank emphasised the Bank’s transformative role stating: “Afreximbank was founded to drive Africa’s economic independence through trade and trade-enabling infrastructure. For the past thirty-two years, we have consistently translated that mandate into impactful projects and initiatives across the continent. The Impact Stories series represents an avenue to showcase the tangible progress we are making to transform the economic fortunes of the African people while reminding us of the development challenges that remain.” 

    Impact storytelling goes beyond traditional creative metrics; it’s about people and economies whose everyday realities have been positively impacted by projects and developmental interventions. Compelling impact storytelling combines data, evidence, and personal stories, making them potent tools for advocating positive shifts and motivating others to champion a cause. 

    The first episode went on air on February 27th on Afreximbank TV, and new episodes will be released weekly. 

    MIL OSI Africa –

  • MIL-OSI Economics: Amgen strategic hiring push in India: GlobalData insights on R&D growth and tech integration

    Source: GlobalData

    Amgen strategic hiring push in India: GlobalData insights on R&D growth and tech integration

    Posted in Business Fundamentals

    Amgen is expanding its presence in India by ramping up hiring for its new technology and innovation center in Hyderabad. The company aims to strengthen its operations and R&D capabilities by recruiting tech professionals skilled in data analytics, AI, and digital health technologies. This investment highlights Amgen’s commitment to innovation and further solidifies Hyderabad as a key hub for life sciences and technology integration, according to GlobalData, a leading data and analytics company.

    Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “Amgen’s tech and innovation center in Hyderabad signals a strategic move to enhance its global R&D capabilities. By tapping into India’s thriving tech industry and emphasising on digital transformation, the US biotech major is looking to recruit tech professionals for integrating cutting-edge data analytics, AI, and digital health technologies into its operations.”

    An analysis of GlobalData’s Job Analytics Database reveals that Amgen’s hiring strategy in India reflects a strong emphasis on leadership in procurement, technology integration, and data-driven decision-making. The company is focused on developing and implementing innovative strategies for indirect materials procurement, overseeing data analytics governance, and spearheading efforts to improve procurement processes through technology.

    Additionally, Amgen is looking for professionals to drive end-to-end technology implementation and integrating new solutions to optimize procurement functions, while also focusing on supplier risk, cost analysis, and demand forecasting.

    Moreover, Amgen is prioritizing roles for the Hyderabad office for leading pharmacovigilance activities. The company is actively seeking individuals with expertise in cloud technology and generative AI to drive innovation.

    A deep dive into  GlobalData’s Company Filings Analytics Database and News Database also reveals that the company announced a $200 million investment in the newly opened technology and innovation center in Hyderabad. The company is focusing on driving efficiencies and prioritizing resources. This includes leveraging both automation and newly established innovation and technology hub in India to enhance digital capabilities, such as artificial intelligence, data science, life science, and medical advancements.

    Sriprada concludes: “The recent job postings, along with media reports on potential investment, not only suggest the company’s commitment to expanding its global footprint and enhancing its capabilities in India.”

    MIL OSI Economics –

  • MIL-OSI Economics: Anthropic Claude 3.7 Sonnet: Influencers weigh in on AI impact on coding, reveals GlobalData

    Source: GlobalData

    Anthropic Claude 3.7 Sonnet: Influencers weigh in on AI impact on coding, reveals GlobalData

    Posted in Business Fundamentals

    Anthropic, an American artificial intelligence (AI) public-benefit startup, has recently unveiled its first hybrid reasoning AI model “Claude 3.7 Sonnet,” along with its agentic coding tool “Claude Code.” The release has sparked significant buzz among social media influencers in late February 2025. Claude Code has garnered attention for its ability to automate and streamline complex coding tasks, with users reporting remarkable efficiency in task completion, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencer sentiment surrounding Claude Code is mixed. While many are optimistic about its potential to significantly reduce development time and effort, some express concern over the cost, citing the expense associated with running even relatively simple requests.”

    Despite the cost concerns, there is a consensus that the value provided by Claude Code justifies the expense for many coding tasks.

    Majumder adds: “There is optimism surrounding Sonnet 3.7’s speed and overall improvement compared to previous versions, but it is noted that those improvements may be difficult to fully appreciate through the Claude chat interface alone. Some influencers have shared that in early testing, Claude Code completed tasks in one pass that would normally take over 45 minutes of manual work.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Fred Oliveira, VP of Engineering at Capital Factory:

    “Claude Code looks great so far, but I sure am glad they included a /cost command, because at 50cents for a relatively simple couple of requests, this thing eats coins. Whether I think it is worth the cost is another matter, and I happen to think it is.”

    1. Pietro Schirano, Co-Founder at EverArt:

    “Claude Code is a command line tool that lets developers delegate substantial engineering tasks to Claude directly from their terminal. In early testing, Claude completed tasks in one pass that would normally take 45+ minutes of manual work.”

    1. Dan Shipper, Co-founder & CEO at Every:

    “Claude Sonnet 3.7 is out! We’ve had access for a few days @every and here’s a vibe check: It’s extremely fast. And it’s definitely better than 3.5 Sonnet. But other than that, though, I couldn’t tell! And I mean that honestly…it could be a totally genius model and it would be hard to say right now. I only had access through the Claude chat interface and LLM performance is basically already good enough there, so differences are hard to spot. It’s like getting a new graphics card and testing it out by doing your email. I’m psyched to try Claude Code though—and we’ll have a lot more thoughts once we’ve given it a thorough test drive.”

    1. Deedy Das, Principal at Menlo Ventures:

    “Claude Code w/Sonnet 3.7 is the closes thing to AGI I’ve seen. It’s magic. It built this Connect 4 app from scratch that 1. supports mobile 2. a minimax-tree AI 3. frontend, backend, DBs, git, and deploy! ~5000 lines of code, 30mins, $10. Why use Cursor anymore?…”

    1. John Rush, Founder at MarsX Inc:

    “36. Claude Code can search code, run tests, and push to GitHub. Claude Code is a CLI tool that lets you delegate engineering tasks to Claude with full access to your codebase, tests, and GitHub – all from your terminal.”

    1. Rowan Cheung, Founder & CEO at The Rundown:

    “Anthropic released the world’s first hybrid reasoning AI ‘Claude 3.7 Sonnet’ and a new CLI coding agent ‘Claude Code’ 3.7 achieves SOTA performance on real-world coding benchmarks and agentic tool use, beating o1, o3-mini, and DeepSeek R1.”

    Majumder concludes: “As AI technology evolves, hybrid reasoning models like Claude 3.7, integrated with existing development tools, have the potential to revolutionize software development. However, as influencers’ feedback suggests, their full impact will only become clear through comprehensive testing and deeper insights into their long-term influence on development workflows and cost-effectiveness. The true value of these innovations will unfold with continued practical application and analysis.”

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: FS explains fiscal plan on radio show

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan took questions on the 2025-26 Budget this morning as he engaged with members of the public on a radio phone-in programme.

    Mr Chan responded to questions about trade, cuts in government expenditure and investment in the development of artificial intelligence (AI), besides explaining the overall objectives and rationale of his Budget.

    With the city’s deficit projected to fall to $67 billion in the next fiscal year, Mr Chan said he believes the worst is over for Hong Kong, but stressed the need to take proactive steps to achieve balance.

    Referring to the Government’s fiscal plan, he said: “I would call it a fiscal consolidation plan, meaning that we have to reduce the expenditure growth, but at the same time increase our revenue, with the focus on the former, meaning that cutting expenditure growth is the primary tool to return us to balance.”

    This, he added, would include rationalising and improving some services to make their delivery efficient.

    In terms of the overall outlook, he expressed optimism that Hong Kong can seize on new opportunities and realign itself as a high value-added supply chain management centre, even amid external challenges.

    “Of course, there are uncertainties and external complexities, given the geopolitics, but on the other hand, the Mainland’s economy is growing. It is our hinterland.”

    Specifically on measures to reduce expenditure, Mr Chan sought to allay callers’ concerns.

    Regarding the abolition of a grant for secondary day-school, primary school and kindergarten students, he said: “The Education Bureau considered that this allowance, $2,500 at the moment, is regardless of means. It is really not very targeted to help those in need. And for those in need, we do have subsidies in other schemes to provide them with the needed support.

    “The budget allocation to education continues to exceed $100 billion a year, so it is a very substantial investment.”

    The finance chief also extolled the city’s competitive strengths as a super connector and super value-adder, as he was asked about the announcement in the Budget that $1 billion will be set aside to establish an AI research and development institute in the city.

    “Compared to Singapore, our advantage is that we have a vast Mainland market,” he said. “This will provide the user case for many of these AI companies. And compared to companies on the Mainland, in Shenzhen, we have the convenience of gathering talent, data, and also going global.

    “Particularly for those companies in different stages of development, we have a full chain of funding options, financing options.

    “And for talent, we do think here is the very convenient place of gathering not just Chinese talent, but also international talent.”

    MIL OSI Asia Pacific News –

  • MIL-OSI: Bybit Restores Assets and Confidence Through Transparent Recovery Process

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced significant progress in restoring assets and rebuilding trust following a recent security incident. Demonstrating its commitment to transparency and resilience, Bybit has swiftly implemented recovery measures and enhanced security protocols to protect its global user community.

    Key Recovery Milestones

    • AUM Recovery: Bybit has successfully restored 77% of its Assets Under Management (AUM) to pre-incident levels, underscoring its robust recovery strategy and sustained client confidence.
    • Enhanced Spot Liquidity: The platform now offers superior spot liquidity across the top 180 trading pairs, surpassing industry benchmarks and reflecting substantial improvements from pre-incident conditions.
    • Contract Market Resilience: The recovery of contract trading has outpaced expectations, with the top two indices reaching approximately 86% of normal levels and the top 70 exceeding 87%, outperforming competitors.
    • Sustained Trading Volume: Bybit’s trading activity remains strong, with volumes exceeding $40 billion in the past two days, a testament to the resilience and trust of its global user base.

    Strengthened Proof of Reserves

    In alignment with its commitment to transparency, Bybit has conducted an additional proof of reserves audit, supplementing its regular monthly verifications. The results confirm full collateralization of all client assets:

    • BTC: 102% 
    • ETH: 102% 
    • SOL: 103% 
    • USDT: 104%
    • USDE: 116% 
    • USDC: 229% 

    These figures underscore Bybit’s financial stability and its commitment to ensuring client assets remain fully backed at all times.

    “We have taken swift and decisive actions to reinforce our security measures and protect our users. Our top priority is to maintain the highest standards of transparency, resilience, and trust,” said Ben Zhou, Co-founder and CEO of Bybit. “We deeply appreciate the unwavering support from our clients and partners, which has been instrumental in our rapid recovery.”

    #Bybit / #TheCryptoArk

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com

    For updates, please follow: Bybit’s Communities and Social Media

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c4bf808-e6f1-40fb-a366-833f09db1d33

    The MIL Network –

  • MIL-OSI: Oma Savings Bank Plc’s Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC STOCK EXCHANGE RELEASE, 28 FEBRUARY 2025 AT 09.20 A.M EET, NOTICE OF ANNUAL GENERAL MEETING

    Oma Savings Bank Plc’s Notice of Annual General Meeting

    NOTICE TO GENERAL MEETING

    The shareholders of Oma Savings Bank Plc are invited to the Annual General Meeting to be held on Tuesday 8 April 2025 at 13.00 p.m. (EEST) at Scandic Helsinki Hub, Annankatu 18, Helsinki. The reception of persons who have registered for the meeting and distribution of voting tickets will begin at 11.00 a.m. (EEST) at the Meeting venue. Refreshments will be served before the meeting starting at 11:30 a.m.

    The new CEO will be introduced before the Annual General Meeting starting at 12.15 p.m. It is possible to follow the introduction of the CEO and the General Meeting via webcast. Instructions on how to follow the webcast are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. It is not possible to ask questions, make counterproposals, make other interventions, or vote via webcast. Following the meeting via webcast shall not be considered as participation in the General Meeting or as the exercise of shareholders’ rights.

    Prior to the meeting, shareholders may also submit written questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act on matters to be discussed at the meeting. Instructions on how to submit written questions are set out in Section C of this notice to the General Meeting.

    A. Matters to be discussed at the General Meeting 

    1. Opening the Meeting

    2. Matters of order for the Meeting

    3. Election of the persons to scrutinize the minutes and to supervise the counting of votes

    4. Recording the legal convening of the Meeting and quorum

    5. Establishment of the persons present and confirmation of the voting list

    6. Presentation of the financial statements, annual report and auditor’s report for the year 2024

    Presentation of the CEO’s review.
    As of 14 March 2025, the financial statements, the annual report and the auditor’s report are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    7. Adoption of the financial statements

    8. Resolution on the use of the profit shown on the balance sheet and the distribution of dividend

    The Board of Directors proposes that based on the balance sheet adopted for the financial year 2024, a dividend of EUR 0.36 per share be paid, totaling approximately EUR 12.0 million, and that the remainder of the distributable assets will be left in equity.

    The dividend shall be paid to shareholders registered in the register of shareholders of the Company maintained by Euroclear Finland Ltd on the record date of 10 April 2025. The Board of Directors proposes that the dividend shall be paid out on 17 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    9. Resolution on the discharge of the members of the Board of Directors and the President and CEO from liability

    10. Handling of the remuneration policy for governing bodies

    The Board of Directors proposes that the General Meeting approves the updated remuneration policy. In accordance with the Finnish Companies Act, the decision is advisory.

    The proposal for the Company’s remuneration policy for governing bodies is attached to this notice as Annex 1 and is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    11. Handling of the Remuneration Report for governing bodies

    As of 14 March 2025, the remuneration report for governing bodies will be available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    12. Resolution on the remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that remuneration for the members of the Board of Directors to be paid as follows:

    Annual fees:

    • Chairperson of the Board EUR 85,000
    • Vice Chairperson of the Board EUR 60,000
    • Other members of the Board EUR 40,000
    • Chairperson of the Remuneration Committee EUR 6,000
    • Chairperson of the Risk Committee EUR 9,000
    • Chairperson of the Audit Committee EUR 9,000

    Meeting fees:

    • Board or Committee meeting EUR 1,000
    • Email meeting of the Board or Committee EUR 500

    The Shareholders’ Nomination Committee proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

    In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

    13. Resolution on the number of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that seven members be elected for the Board of Directors.

    14. Election of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen having given their consent, shall be re-elected.

    1. All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.
    2. All nominees have given their consent to the election.
    3. At the time of election, all proposed nominees are independent in their relationship with the Company and its significant shareholders.
    4. Additional information on the members of the Board of Directors is available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    15. Resolution on the remuneration of the auditor

    The Board proposes to the Annual General Meeting that the reimbursements to the auditor are paid on the basis of reasonable invoicing approved by the Company.

    16. Election of the auditor

    The Board of Directors proposes that KPMG Oy Ab, a firm authorised public accountants, shall continue to be elected as the auditor for the term beginning at the end of the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.

    KPMG Oy Ab has indicated that if it is elected as an auditor M.Sc. (Econ.), APA Tuomas Ilveskoski would continue as auditor-in-charge.

    17. Resolution on the remuneration of the sustainability reporting assurer

    The Board proposes to the Annual General Meeting that the reimbursements to the sustainability reporting assurer are paid on the basis of reasonable invoicing approved by the Company.

    18. Election of the sustainability reporting assurer

    The Board of Directors, on the recommendation of the audit committee, proposes that KPMG Oy Ab, Authorized Sustainability Audit Firm, be elected as the Company’s sustainability reporting assurer for the term ending upon the conclusion of the next Annual General Meeting. KPMG Oy Ab has informed the Company that Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) Tuomas Ilveskoski would act as the principally responsible sustainability reporting assurer.

    19. Proposal by the Board of Directors to amend the Articles of Association

    The Board of Directors proposes to the Annual General Meeting that Section 6 (Nomination Committee) of the Company’s Articles of Association be amended by removing the provision regarding the due date for the Committee’s proposals.

    The Board further proposes to the Annual General Meeting that Section 10 (Notice of the meeting) of the Company’s current Articles of Association be supplemented with a provision regarding remote meetings. According to the proposed addition, the General Meeting could, by a decision of the Board, be held without a physical meeting venue, allowing shareholders to exercise their decision-making rights in full and in real time through telecommunication and technical means (remote meeting). Shareholders would thus be able to exercise their right to ask questions and vote in the same manner as in a physical meeting.

    Additionally, the Board proposes to the Annual General Meeting that Section 12 (General meeting) of the Company’s current Articles of Association, concerning the General Meeting, be supplemented to include provisions on deciding the remuneration of the sustainability reporting auditor and the appointment of the sustainability reporting auditor.

    The amended Articles of Association in their entirety are attached as Annex 2 to this notice of the Annual General Meeting.

    20. Resolution on the revised Charter of the Shareholders’ Nomination Committee

    The Shareholders’ Nomination Committee proposes that the Annual General Meeting resolve on the approval of the revised Charter of the Shareholders’ Nomination Committee.

    The proposed amendments to the Charter include, among other things, a provision requiring the Nomination Committee to submit its proposals regarding the composition and remuneration of the Board of Directors to the Company’s Board no later than the end of the calendar month preceding the Board meeting that decides on convening the Annual General Meeting.

    Additionally, the Charter is proposed to be amended to include a provision on the maximum continuous term of a Board member, ensuring alignment with the regulations, guidelines, and statements applicable to credit institutions, including the guidelines issued by the European Banking Authority (EBA).

    The proposed amendments also include certain technical revisions.

    The revised Charter in its proposed amended form is available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    21. Authorizing the Board of Directors to resolve on a share issue, the transfer of own shares and the issuance of special rights entitling to shares

    The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on the issuance of shares or transfer of the Company’s shares and the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act, subject to the following conditions:

    Shares and special rights can be issued or disposed of in one or more instalments, either in return for payment or free of charge.

    The total number of shares to be issued under the authorisation, including shares acquired on the basis of special rights, cannot exceed 3,000,000 shares, which corresponds to approximately 9 percent of the Company’s total number of shares on the day of the Annual General Meeting on the date of the notice of the meeting.

    The Board of Directors decides on all terms and conditions related to the issuance of shares. The authorisation concerns both the issuance of new shares and the transfer of own shares. A share issue and the issuance of special rights entitling to shares include the right to deviate from the pre-emptive right of shareholders if there is a weighty financial reason for the Company (special issue). A special share issue may be free of charge only if there is a particularly weighty financial reason from the point of view of the Company and in the interest of all its shareholders.

    The authorisation is proposed to be valid until the end of the next Annual General Meeting, but not later than 30 June 2026. The authorisation revokes previous authorisations given by the Annual General Meeting to decide on a share issue, as well as the option rights and the issuance of special rights entitling to shares.

    22. Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to decide on the repurchase of the Company’s own shares with funds belonging to the Company’s free equity under the following conditions:

    Maximum number of 1,000,000 own shares may be repurchased, representing approximately 3 percent of the Company’s total shares according to the situation on the date of the notice of the meeting, however, that the number of own shares held by the Company does not exceed 10 percent of the Company’s total shares of the Company at any time. This amount includes the own shares held by the Company itself and its subsidiaries within the meaning of Chapter 15, Section 11 (1) of the Finnish Companies Act.

    The Board of Directors is authorised to decide how to acquire own shares.

    Own shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase) at the price formed in public trading organized by Nasdaq Helsinki Ltd or at a price otherwise formed on the market. Own shares may be repurchased in one or more tranches.

    Shares purchased by the Company may be held by it, cancelled or transferred. The Board of Directors decides on other matters related to the repurchasing of own shares.

    The Board of Directors proposes that the authorisation repeal previous authorisations granted by the Annual General Meeting to decide on the repurchase of own shares.

    It is proposed that the authorisation remain valid until the closing of the next Annual General Meeting, but not later than 30 June 2026.

    23. Closing the meeting

    B. Documents of the General Meeting

    This notice, which contains all proposals for resolutions on the agenda of the General Meeting is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Oma Savings Bank Plc’s financial statements, annual report, auditor’s report and remuneration report will be available on said website by 14 March 2025. The updated remuneration policy is attached to this notice and is also available at https://www.omasp.fi/en/annual-general-meeting-year-2025. Copies of the above-mentioned documents will be sent to shareholders on request, and they will also be available on the Annual General Meeting.

    The minutes of the General Meeting will be available on the above-mentioned website from 22 April 2025 onwards.

    C. Instructions for meeting participants

    1. Shareholders registered in the shareholders’ register

    Shareholders who are registered in the shareholders’ register of Euroclear Finland Oy on the record date of the General Meeting 27 March 2025 are entitled to participate the General Meeting. Any shareholder whose Company shares are recorded in their personal Finnish book-entry account is automatically included in the Company’s shareholders’ register. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    The registration period for the General Meeting commences on 6 March 2025 at 9.00 a.m. (EET). A shareholder who is registered in the Company’s shareholders’ register and wishes to participate in the General Meeting must register for the Meeting no later than 1 April 2025 at 4.00 p.m. (EEST), by which time the registration must be received.

    A shareholder can register for the General Meeting:

    a)   via the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish, or Danish bank ID, or a mobile certificate.
    b)   by e-mail. Shareholders registering by e-mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to agm@innovatics.fi.
    c)   by mail. Shareholders registering by mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to Innovatics Oy, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki
    d)   by phone to Innovatics Ltd at +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    In connection with the registration, the shareholder must provide the requested information:

    1. his/her name and date of birth or business ID
    2. telephone number and/or email address
    3. name of the possible assistant or name, date of birth, telephone number and/or e-mail address of the representative

    The personal details that shareholders give to Oma Savings Bank Plc will only be used for purposes associated with the General Meeting and processing the relevant registrations.

    The shareholder, his/her authorised representative or proxy representative, shall on demand be able to prove his/her identity and/or right of representation.

    Further information related to the registration is available by phone during the registration period of the General Meeting at the phone number of Innovatics Ltd. +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares is entitled to participate the General Meeting based on the shares, which would entitle them entry into the shareholders’ register held by Euroclear Finland Oy on the record date for the General Meeting 27 March 2025. Participation also requires that the shareholder is temporarily registered in the shareholders’ register held by Euroclear Finland Oy by 3 April 2025 by 10.00 a.m. (EEST) at the latest. In the case of nominee-registered shares, this is considered as registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    A holder of nominee-registered shares is advised to request well in advance the necessary instructions from their custodian bank regarding temporary registration in the register of shareholders, the issuing of proxy documents and voting instructions, registration, and attendance at the General Meeting. The account manager of the custodian bank shall register the holder of nominee-registered shares who wishes to participate the General Meeting temporarily in the register of shareholders of the Company by the aforementioned date and time at the latest. Further information is also available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    3. Proxy representatives and powers of attorney

    Shareholders may participate in the General Meeting and exercise their rights through a representative. Shareholder’s representative must identify himself/herself to the electronic registration service with a strong identification, after which he/she can make the registration on behalf of the shareholder he/she represents. A shareholder’s proxy representative must present a dated proxy or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the General Meeting shall present a dated power of attorney or demonstrate their right to represent the shareholder in some other reliable way. If a shareholder is represented by more than one representative at the General Meeting, each of whom represents the shareholder with shares by the shareholder in different book-entry accounts, the shares by held which each representative represents the shareholder shall be identified in connection with the registration for the General Meeting.

    Possible powers of attorney are requested to be delivered before the end of the registration period primarily as an attachment in connection with electronic registration or alternatively or by letter to Innovatics Ltd, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by email to agm@innovatics.fi. In addition to the delivery of proxy documents, the shareholder or his/her proxy representative shall arrange for registration at the General Meeting as described above in this notice.

    As an alternative to the traditional power of attorney, shareholders may use the electronic authorisation service for authorising the representative. The representative is appointed on the suomi.fi service at www.suomi.fi/e-authorizations (authorisation matter “Representation at the General Meeting”). At the General Meeting Service, the delegate must identify himself/herself with a strong electronic identification when registering, and then the electronic authorisation is automatically verified. Strong electronic identification occurs with bank IDs or mobile certificate. More information about electronic authorisation is available at www.suomi.fi/e-authorizations.

    Model proxy documents and voting instructions are available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    4. Other instructions/information

    The meeting language is Finnish.

    Shareholders present at the General Meeting have the right to ask questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Limited Liability Companies Act. Shareholders may submit questions referred to in Chapter 5, Section 25 of the Limited Liability Companies Act on matters to be discussed at the meeting until 1 April 2025 also by email to lakiasiat@omasp.fi or by letter to Oma Savings Bank Plc, Legal Affairs, Kluuvikatu 3, 6th floor, 00100 Helsinki. The management of the Company will respond to such questions submitted in advance in writing at the General Meeting. At the time of asking a question, the shareholder shall provide an adequate explanation of his/her shareholding.

    Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s number of votes.

    On the date of the notice to the meeting, 28 February 2025, Oma Savings Bank Plc has a total of 33,292,771 shares representing the same amount of votes. The Company holds a total of 136,647 of its own shares which are not entitled to vote at the General Meeting.

    Oma Savings Bank Plc

    Board of Directors

    For more information:

    Hanna Sirkiä, CLO, tel. +358 44 022 4604, hanna.sirkia@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: UK’s global science and tech ambitions refreshed under new banner

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK’s global science and tech ambitions refreshed under new banner

    Worldwide team championing UK science and tech partnership as a force for good, to be re-launched as the Science and Technology Network.

    Science and Technology Network launched.

    • Worldwide team championing UK science and tech partnership as a force for good, to be re-launched as the Science and Technology Network
    • Network already has over 130 staff in 65 locations globally, building partnerships around the science and tech innovations set to make us collectively healthier, wealthier, more resilient and secure in support of the Plan for Change
    • Science Minister welcomes Network’s re-launch alongside leaders from across research, academia and business

    The UK’s global team for forging the international collaboration and championing the power of British science and tech expertise to solve some of the world’s most pressing problems– from clean energy to health – will be refreshed under a new banner, as officially unveiled by the Science Minister in Whitehall on Thursday 27 February.

    The Science and Technology Network (STN) will be the new name for the former Science and Innovation Network: a 130-strong team based in 65 locations worldwide, with a mission to forge deeper international partnerships on science and technology, and seek new opportunities for British sci-tech pioneers in support of the Plan for Change.

    The network’s new name reflects the circumstances we now live in, where breakthrough technologies like AI, quantum, and engineering biology hold enormous potential for tackling environmental and social challenges and unlocking economic growth. In a fast-changing global landscape, now more than ever we need to pool the bright talent and big ideas that are needed to harness these emerging technologies for good, at home and abroad.

    Recent announcements like the AI Opportunities Action Plan clearly show the government’s domestic ambitions for harnessing the power of technology to improve people’s lives, but these aspirations are not solely inward-facing. The UK wants to work with international partners to share expertise, unlock investment, and deliver transformational benefits for communities in the UK and around the world.

    UK Science Minister Lord Vallance said:

    Britain is stronger when it works together with others and nowhere is that more true than when it comes to science and technology. Genius is not bound by geography, and by building international ties, we stand the best chance of developing new ideas and breakthroughs to solve the toughest challenges that all societies face.

    The UK has a long track record as a global leader, when it comes to research and innovation. We are uniquely placed to convene international work that brings scientific expertise to bear on improving health, adoption clean sources of energy, and more. It is only right that we put the critically important role of technology, at the centre of those efforts.

    Foreign, Commonwealth and Development Office Minister Catherine West said:

    The UK harnesses cutting-edge technology to tackle the world’s toughest challenges, from the climate crisis to the threat of pandemics.

    With staff based in 65 locations, the newly-named Science and Technology Network will help us forge global partnerships and galvanise scientific expertise, to enhance security and growth around the world.

    Lord Vallance will speak to an audience of researchers, academics and business leaders at the Foreign, Commonwealth & Development Office, this evening – which also marks the Network’s 25th anniversary. He will be joined by FCDO’s Chief Scientific Adviser, Professor Charlotte Watts, as they welcome the Network’s new name and to emphasise the importance of its ongoing work.

    Some examples of STN wins include UK-Danish work in the Arctic that could be crucial to our understanding of climate change, the establishment of the UK-Japan Semiconductors Partnership, and a UK-USA partnership that is bringing the massive potential of quantum technologies to bear in health and life sciences.

    The Network has also supported the delivery of potentially lifesaving research as overseas aid, ranging from work tackling the Zika virus outbreak in Brazil, to a project trying to better forecast devastating typhoons in South-East Asia.

    The Science and Technology Network has 3 objectives:

    • promoting UK science, technology and innovation excellence and leadership globally
    • actively building and facilitating science, technology and innovation collaborations
    • providing insight on science and technology trends and opportunities

    Through its work, the Network aims to build international partnerships that can help seize the opportunities and mitigate the risks arising from critical and emerging technologies, as well as tackling the climate crisis and improving health.

    Sir Mark Walport, Vice President and Foreign Secretary of the Royal Society, said:

    Maintaining the position of the UK as a global leader in science, engineering and technology is essential for the UK’s long-term prosperity and international standing. Furthermore, diplomacy in support of science is at the heart of the development of international policies and collaboration to address issues such as climate change, loss of biodiversity, pandemics and food security. The Science and Technology Network’s team of diplomats and civil servants will play an extremely important role in support of these aims.

    Professor Christopher Smith, UK Research and Innovation’s International Champion, said:

    The rebrand of The Science and Technology Network is a reflection of its evolving role in fostering global research and innovation partnerships.

    The network has been instrumental in strengthening the UK’s position as a world leader in science, and we look forward to continuing our collaboration to drive international research excellence, support innovation-led growth, and tackle global challenges together across all disciplines and sectors.

    Maddalaine Ansell, Director Education, British Council, said:

    International collaboration in science and technology is critical if we are to overcome global challenges. The UK, which is ranked 3rd in the world for producing highly cited research outputs, must be part of the global effort. Playing our full part will also reinforce and further expand the UK’s reputation both for excellence in science and as a force for good in the global community. The Science & Technology Network is an important enabler of UK activity on the global stage, supporting the UK’s scientific community to develop stable and lasting partnerships with peers around the world.

    Jamie Arrowsmith, Director of Universities UK International, said:

    UK universities have a long-standing relationship with the Network, and our members get immense value from their in-country expertise, insight, and intelligence. This rebranding reflects the dynamic and evolving landscape of science and technology, and we believe it will further enhance the network’s ability to drive international collaboration and deliver on global and technological challenges. 

    Universities UK International is committed to fostering a globally collaborative higher education environment where research, science, and technology can thrive. We look forward to continuing to work with the Science and Technology Network to advance these shared goals.

    Beth Thompson, Executive Director Policy and Partnerships, Wellcome, said:

    Science and technology are pillars of the UK’s diplomatic work. We welcome the government’s recognition of the Science and Technology Network’s (STN) newly invigorated and invaluable role, fostering global partnerships that tackle shared challenges, and unlock new opportunities for collaboration.

    The UK has a world-class research sector, but progress is not achieved in isolation – it thrives on international cooperation. We have seen first-hand the value of the Network in helping us build relationships across the globe that are critical to advancing research. The refreshed STN will be instrumental in strengthening these international partnerships, ensuring science and technology continue to deliver a healthier, more prosperous future for the UK and the world.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024 
    (Not audited)

    DIGITALIST 2024 

    SUMMARY

    October–December 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%. 
    • EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
    • EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%). 
    • Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
    • Earnings per share EUR -0.00 (EUR -0.00).

    January–December 2024 (comparable figures for 2023 in parentheses): 

    • Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%. 
    • EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%). 
    • EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%). 
    • Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%). 
    • Earnings per share: EUR -0.01 (EUR -0.01). 
    • Earnings per share (diluted): EUR -0.01 (EUR -0.01). 
    • Cash flow from operations EUR -1.4 million (EUR -2.9 million). 
    • Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

    *) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    **) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

    CEO’s review 

    As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

    Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

    A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

    This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

    Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

    I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

    Magnus Leijonborg
    CEO, Digitalist Group

    Future prospects

    In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

    SEGMENT REPORTING

    Digitalist Group reports its business in a single segment.

    TURNOVER

    In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

    The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

    Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

    RESULT

    In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

    EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

    The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

    RETURN ON EQUITY

    The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

    BALANCE SHEET AND FINANCING

    The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%). 

    At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

    At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million). 

    In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

    CASH FLOW

    The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

    GOODWILL

    On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected. 

    PERSONNEL

    During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

    SHARES AND SHARE CAPITAL

    Share turnover and price

    During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).
         
    Share capital

    At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares. 

    Option plan 2019 and 2021

    The option plan 2019 has expired.

    The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

    The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

    Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

    Shareholders

    The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

    AUTHORIZATIONS OF THE BOARD OF DIRECTORS

    Annual General Meeting 25 April 2024

    The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

    The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

    The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

    The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

    The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

    Audit firm KPMG Oy Ab was appointed as the company’s auditor.

    Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

    The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

    The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

    Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

    The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

    The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

    The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

    The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

    In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

    The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

    The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

    It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

    ●     Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
    ●     the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

    It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

    It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

    The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    CHANGES IN THE GROUP STRUCTURE

    Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

    Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

    In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

    EVENTS SINCE THE FINANCIAL PERIOD

    There have been no significant events since the end of the financial period.

    RELATED-PARTY TRANSACTIONS 

    Financing arrangements with related parties:

    Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

    In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

    Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

    Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

    Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Digitalist Group structures its financing

    Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

    Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

    Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    OTHER EVENTS DURING THE FINANCIAL PERIOD

    Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

    The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

    The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

    The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

    The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

    During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

    Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

    The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

    Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

    The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

    Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

    The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

    General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

    LONG-TERM GOALS AND STRATEGY

    Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

    PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

    The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

    Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025. 
    Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

    NEXT REVIEW

    The Business review for January–March 2025 will be published on Friday 25 April 2025.

    DIGITALIST GROUP PLC
    Board of Directors

    Further information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    NASDAQ Helsinki

    Key media
    https://investor.digitalistgroup.com/investor

    DIGITALIST GROUP 

    SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

    CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Turnover 4,698.85 4,160.22 12,9 % 16,164.54 16,680.74 -3,1 %
    Other operating income -41.02 280.21 -114,6 % 50.00 1,006.67 -95,0 %
                 
    Materials and services -932.52 -639.82 -45,7 % -3,102.99 -3,202.01 3,1 %
    Expenses from employee benefits -3,251.70 -3,331.27 2,4 % -11,874.22 -12,269.02 3,2 %
    Depreciation and impairment -132.28 -218.14 39,4 % -469.53 -834.41 43,7 %
    Other operating expenses -673.33 -848.57 20,7 % -2,750.27 -3,077.67 10,6 %
    Total expenses -4,989.83 -5,037.80 1,0 % -18,197.01 -19,383.11 6,1 %
                 
    EBIT -331.99 -597.37 44,4 % -1,982.47 -1,695.70 -16,9 %
                 
    Financial income 78.27 4.17 1779,2 % 155.41 752.50 -79,3 %
    Financial expenses -695.08 -1,021.72 32,0 % -3,103.37 -3,026.21 -2,5 %
    Total financial income and expenses -616.81 -1,017.55 39,4 % -2,947.96 -2,273.71 -29,7 %
                 
    Profit before taxes -948.80 -1,614.92 41,2 % -4,930.43 -3,969.41 -24,2 %
    Income taxes -50.82 -3.87 -1214,3 % -87.04 -115.46 24,6 %
    PROFIT/LOSS FOR FINANCIAL PERIOD -999.62 -1,618.78 38,2 % -5,017.47 -4,084.87 -22,8 %
                 
    Distribution:            
    Parent company shareholders -875.12 -1,557.64 43,8 % -4,707.38 -4,042.14 -16,5 %
    Non-controlling interests -124.50 -61.15 -103,6 % -310.09 -42.73 -625,8 %
    Earnings per share:            
    Undiluted (EUR) 0.00 0.00   -0.01 -0.01  
    Diluted (EUR) 0.00 0.00   -0.01 -0.01  

    COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Profit/loss for the financial period -999.62 -1,618.78 38,2% -5,017.47 -4,084.87 -22,8%
    Other items of comprehensive income            
    Translation difference -140.67 663.20 -121,2% -67.99 229.71 -129,6%
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR -1,140.29 -955.58 -19,3% -5,085.47 -3,855.45 -31,9%
    Parent company shareholders -1,006.68 -869.23 -15,8% -4,759.00 -3,807.09 -25,0%
    Non-controlling interests -133.61 -86.35 -54,7% -327.00 -48.06 -580,4%

    CONSOLIDATED BALANCE SHEET, EUR THOUSAND

    ASSETS 31 December 2024 31 December 2023
    NON-CURRENT ASSETS    
    Intangible assets 313.78 422.06
    Goodwill 5,244.98 5,444.44
    Tangible assets 569.43 916.99
    Buildings and structures, rights-of-use 528.59 867.73
    Machinery and equipment 27.55 34.52
    Other tangible assets 13.29 14.74
    Investments 6.23 6.28
    Other non-current financial assets 88.02 24.35
    NON-CURRENT ASSETS 6,222.44 6,814.12
         
    CURRENT ASSETS    
    Trade and other receivables 2,612.34 3,508.10
    Income tax asset 320.88 228.46
    Cash and cash equivalents 943.53 893.65
    CURRENT ASSETS 3,876.75 4,630.21
    ASSETS 10,099.19 11,444.12
         
    SHAREHOLDERS’ EQUITY AND LIABILITIES    
    SHAREHOLDERS’ EQUITY    
    Parent company shareholders    
    Share capital 585.39 585.39
    Share premium account 218.73 218.73
    Invested non-restricted equity fund 73,916.78 73,916.78
    Retained earnings -107,368.76 -103,343.29
    Profit/loss for the financial period -4,707.38 -4,042.14
    Non-controlling interests -311.28 -53.08
    Parent company shareholders -37,355.24 -32,664.53
    SHAREHOLDERS’ EQUITY -37,666.53 -32,717.43
    NON-CURRENT LIABILITIES 25,438.08 3,748.88
    CURRENT LIABILITIES 22,327.73 40,412.84
    SHAREHOLDERS’ EQUITY AND LIABILITIES 10,099.29 11,444.28

    CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
    A:   Share capital
    B:   Share premium account
    C:  Invested unrestricted equity fund
    D:  Translation difference
    E:   Retained earnings
    F:   Total shareholders’ equity attributable to the parent company’s
    G: Non-controlling interests
    H:  Total shareholders’ equity

      A B C D E F G H
    Shareholders’ equity 1 Jan 2023 585.39 218.73 73,662.55 -1,197.92 -104,545.23 -31,276.47 503.13 -30,773.34
    Other changes                
    Profit/loss for the financial period         -4,042.14 -4,042.14 -42.73 -4,084.87
    Purchase of own shares       235.05   235.05 -5.33 229.72
    Other items of comprehensive income           -3,807.09    
    Paid in capital     253.98     253.98   253.98
    Translation difference         176.44 176.44   176.44
    Share-based remuneration         0.00 0.00   0.00
    Transactions with non-controlling interests             -508.15 1,480.52
    Shareholders’ equity 31 December 2023 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
                     
      A B C D E F G H
    Shareholders’ equity 1 Jan 2024 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
    Other changes       0.00 0.00      
    Profit/loss for the financial period         -4,707.38 -4,707.38 -310.09 -5,017.47
    Purchase of own shares       -51.33   -51.33 -16.66 -67.99
    Other items of comprehensive income           -4,758.71    
    Translation difference         54.23 54.23   54.23
    Share-based remuneration         -14.40 -14.40   -14.40
    Sale of subsidiary         13.81 13.81   13.81
    Transactions with non-controlling interests         14.18 14.18 68.55 82.73
    Shareholders’ equity 31 December 2024 585.00 219.00 73,916.78 -1,243.69 -110,832.45 -37,355.23 -311.29 -37,666.52

    CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND 

      1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 1 Jul – 31 Dec 24 1 Jul – 31 Dec 23
    Cash flow from operations        
    Earnings before taxes in the period -5,017.47 -4,084.87 -2,461.65 -2,094.96
    Adjustments to cash flow from operations:        
    Other income and expenses with no payment -235.55 -76.63 -261.44 -174.25
    Depreciation, impairment 469.53 834.41 265.81 417.90
    Income taxes 87.04 115.46 42.16 31.37
    Unrealised foreign exchange gains and losses -85.26 -255.59 124.47 -296.11
    Financial income and expenses 3,057.58 2,273.71 1,655.67 1,704.54
    Other adjustments 4.81 -561.90 3.25 -576.30
    Cash flow financing before changes in working capital -1,719.32 -1,755.41 -631.73 -987.82
             
    Change in working capital 1,290.45 -262.04 936.75 -313.93
    Interest received 47.37 0.72 10.04 3.07
    Interest paid -883.89 -710.82 -395.39 -333.90
    Taxes paid -133.04 -149.35 -40.34 -46.81
    Net cash flow from operations -1,398.42 -2,876.89 -120.68 -1,679.39
             
    Cash flow from investments        
    Acquisition of shares in group companies 0.00   0.00  
    Proceeds from disposal of shares in group companies 0.00   0.00  
    Investments in tangible and intangible assets -15.42 -22.33 -6.49 -9.95
    Proceeds from repayment of loans 0.00      
    Interest received on investments 0.00      
    Taxes paid on investments 0.00      
    Cash flow from investments -15.42 2,447.66 -6.49 1,049.09
             
    Net cash flow before financial items -1,413.84 -429.23 -127.18 -630.30
             
    Cash flow from financing activities        
    Transactions with non-controlling interests 19.53 136.18 -6.25 -12.17
    Drawdown of long-term loans 2,025.00 750.00 1,275.00 750.00
    Drawdown of short-term loans 0.00 736.90 -212.58  
    Repayment of short-term loans -129.07   -105.31 -1.81
    Repayment of lease liabilities -429.40 -697.51 -184.02 -354.56
    Net cash flow from financing 1,486.06 423.76 766.83 441.83
             
    Change in cash and cash equivalents 72.22 -5.46 639.66 -188.47
    Liquid assets, beginning of period 893.44 898.55 308.06 1,041.04
    Impact of changes in exchange rates -22.14 0.36 -4.20 40.88
    Liquid assets, end of period 943.53 893.44 943.53 893.44

    Accounting principles

    This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

    The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

    The original release is in Finnish. The English release is a translation of the original.

    Going concern

    The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

    • The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
    • Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
    • The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
    • Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

    EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

    At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

    Goodwill impairment testing and recognised impairment

    Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

    The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

    The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

    The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

    The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

    CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

      Q4/2024 Q3/2024 Q2/2024 Q1/2024 Q4/2023
      1.10.-31.12.24 1.7.-30.9.24 1.4.-30.6.24 1.1.-31.3.24 1.10.-31.12.21
    Turnover 4,698.85 3,585.61 4,021.60 3,858.48 4,160.22
    Other operating income and expenses -5,031.05 -3,898.35 -4,749.35 -4,468.49 -4,757.59
    EBIT -331.99 -312.54 -727.84 -610.10 -597.37
    Financial income and expenses -616.81 -1,158.14 -783.20 -389.80 -1,017.55
    Profit before taxes -948.80 -1,470.68 -1,511.03 -999.91 -1,614.92
    Income taxes -50.64 8.66 -1.20 -43.68 -3.87
    PROFIT/LOSS FOR COMPARISON PERIOD -999.62 -1,462.03 -1,512.24 -1,043.59 -1,618.78

    CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND
      

      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2023 4,677.98 109.82 65.08 1,135.06 101.76 6,090.22
    Increases   462.69 26.56 416.91 4.70 2,059.07
    Decreases            
    Changes in exchange rates 43.80 6.30 -0.40 -5.85   43.85
    Depreciation for the review period   -156.59 -37.63 -640.18   -834.47
    Carrying value 31 Dec 2023 5,444.44 422.53 48.47 867.05 6.27 6,789.76
                 
                 
      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2024 5,444.44 422.53 48.47 867.05 6.27 6,789.76
    Increases 0.00 0.42 15.97 482.60 0.00 498.99
    Decreases 0.00   0.00 -462.23 0.00 -462.23
    Changes in exchange rates -199.68 -22.70 -1.35 -12.90   -236.64
    Depreciation for the review period   -85.57 -22.18 -344.61   -452.36
    Carrying value 31 Dec 2024 5,244.75 314.67 40.91 529.90 6.27 6,137.51

    KEY INDICATORS

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    Earnings per share (EUR) diluted -0.01 0.00
    Earnings per share (EUR) -0.01 -0.01
    Shareholders’ equity per share (EUR) -0.05 -0.05
    Cash flow from operations per share (EUR) diluted 0.00 0.00
    Cash flow from operations per share (EUR) 0.00 0.00
    Return on capital employed (%) -161.86 -27.8
    Return on equity (%) neg. neg.
    Operating profit/turnover (%) -12.27 -10.2
    Gearing as a proportion of shareholders’ equity (%) -99.00 -106.5
    Equity ratio as a proportion of shareholders’ equity (%) -379.11 -285.9
    EBITDA (EUR thousand) -1,512.94 -861.30

    MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

    31 December 2023 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,865.85 3,067.25 340.83 2,726.43  
    Credit limits 8,525.07 8,525.07 8,525.07    
    Convertible bonds 5,767.94 6,849.62   0.00  
    Capital loans 16,865.42 19,265.00   0.00  
    Other related-party loans 750.00 876.00 0.00    
    Lease liabilities IFRS 16 973.00 961.00 701.00 260.00  
    Accounts payable 864.66 864.66 864.66    
               
    31 December 2024 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,783.19 2,828.47 2,362.78 465.69  
    Credit limits 8,258.19 8,258.19 8,258.19    
    Capital loans 23,867.82 29,233.30   29,233.30  
    Other related-party loans 2,775.00 3,191.33   907.67  
    Lease liabilities IFRS 16 555.71 562.27 298.30 264.32  
    Accounts payable 1,124.07 1,124.07 1,124.07 0.00  

    Credit limits are valid until further notice.

    OTHER INFORMATION

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    NUMBER OF EMPLOYEES, average 123 139
    Personnel at the end of the period 122 126
         
    LIABILITIES, EUR THOUSAND    
    Pledges made for own obligations    
    Corporate mortgages 13,300.00 13,300.00
         
    Total interest-bearing liabilities    
    Long-term loans from financial institutions 458.98 2,659.11
    Other long-term liabilities 24,902.02 1,007.67
    Short-term loans from financial institutions 2,221.92 414.39
    Other short-term interest-bearing liabilities 10,657.00 31,665.62
    Total 38,239.92 35,746.80
         

    CALCULATION OF KEY FINANCIAL FIGURES

    EBITDA = earnings before interest, tax, depreciation and amortisation

    Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

    Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

    Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

    Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

    Return on investment (ROI) =
    (Profit before taxes + Interest expenses + Other financial expenses) /
    (Balance sheet total – non-interest-bearing liabilities (average)) x 100

    Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

    Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

    Attachment

    The MIL Network –

  • MIL-OSI: Innofactor Plc Financial Statements Bulletin 2024 (IFRS)

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Financial Statements Bulletin February 28, 2025, at 9:00 a.m. Finnish time

    Key figures of the group, IFRS

    . Jul 1–Dec 31, 2024 Jul 1–Dec 31, 2023 Change   Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023 Change
    Net sales, EUR thousand 36,525 39,945 -8.6%   77,576 80,263 -3.3%
    Growth of net sales -8.6% 0.9%     -3.3% 12.8%  
    Operating result before depreciation and amortization (EBITDA), EUR thousand 3,134 4,849 -35.4%   6,338 9,101 -30.4%
    percentage of net sales 8.6% 12.1%     8.2% 11.3%  
    Operating profit/loss (EBIT), EUR thousand 1,693 3,140 -46.1%   3,386 5,835 -42.0%
    percentage of net sales 4.6% 7.9%     4.4% 7.3%  
    Earnings before taxes, EUR thousand 1,399 3,051 -58.4%   2,940 5,174 -45.7%
    percentage of net sales 3.8% 7.6%     3.8% 6.4%  
    Earnings, EUR thousand * -771 1,942 -146.5%   263 3,438 -96.2%
    percentage of net sales -2.1% 4.9%     0.3% 4.3%  
    Net gearing 30.1% 36.1% -5.8%   30.1% 36.1% -5.8%
    Net gearing without IFRS 16 12.2% 23.2% -10.8%   12.2% 23.2% -10.8%
    Equity ratio 46.8% 48.3% -1.8%   46.8% 48.3% -1.8%
    Equity ratio without IFRS 16 51.0% 51.5% -0.8%   51.0% 51.5% -0.8%
    Active personnel on average during the review period** 571 583 -2.1%   576 578  

    -0.3%
    Active personnel at the end of the review period** 571 581 -1.7%   571 581 -1.7%
    Earnings per share (EUR) -0.021 0.053 -146.2%   0.007 0.094 -96.2%

    *) In accordance with IFRS 3, the operating result for July 1–December 31, 2024, includes EUR 117 thousand (2023: 136) and for January 1–December 31, 2024, EUR 233 thousand (2023: 359) in depreciation related to acquisitions, consisting of allocations of the purchase price to intangible assets.

    On December 31, 2024, the Innofactor Group recognized write-downs on deferred tax assets related to the Group’s business operations in Denmark, as the Group considers it possible that it will not accrue taxable income against which the losses could be utilized.

    **) The Innofactor Group monitors the number of active personnel. The number of active personnel does not include employees who are on leave for more than three months.

    Innofactor’s future outlook for 2025

    Innofactor’s business is expected to continue as normal in 2025. Innofactor is in redemption proceedings concerning all shares in the company. The redemption proceedings are expected to be completed during the financial year, and the company will not issue more detailed financial guidance for the financial year 2025.

    CEO Sami Ensio’s review: I want to thank all of the investors and partners who participated in Innofactor’s journey as a listed company

    This Financial Statements Bulletin is likely to be Innofactor’s last earnings report as a listed company, at least for the time being. At the end of 2024, a consortium formed for the purposes of a voluntary recommended public cash tender offer achieved an ownership of over 90 percent of the company and commenced compulsory redemption proceedings for the remaining shares. It is estimated that the redemption proceedings will take a few months. Our period as a listed company lasted for over 14 great years, more than half of the total journey of Innofactor, which celebrated its 25th anniversary at the beginning of this year. Our years as a listed company included many successes but, naturally, also some challenges.

    Between 2012 and 2016, we achieved strong growth in the Nordic countries in line with our strategy, as we used our listed share as a means of payment for acquisitions. In 2013, the financial publication Kauppalehti rated Innofactor as Finland’s most successful listed company. The period from 2017 to 2020 was a more challenging time for the company, as we integrated the acquired entities and did not achieve much growth. We then resumed our growth in 2021 and 2022, but were subsequently affected by the challenges of the IT market in 2024.

    Delisting the company is not an easy decision for me, personally. However, I am confident that, in the present moment, it is unquestionably the best move with regard to the company’s success, customers, employees and investors. I want to take this opportunity to thank all of the investors and partners who have been part of our journey, and I wish you all success in the future.

    Innofactor updated its strategy and organizational structure effective from the beginning of 2025. Going forward, our business will be divided into four main business areas: Platforms, Solutions, Code and Dynasty, which have been incorporated into separate companies. The members of the Group Executive Board are as follows:

    • Sami Ensio, Chief Executive Officer
    • Anni Wahlroos, Chief People Officer and Deputy CEO
    • Aki Rahunen, Chief Financial Officer (appointed on February 7, 2025, will take up his post on May 8, 2025 at the latest)
    • Martin Söderlind, Chief Strategy Implementation Officer
    • Jørn Ellefsen, Managing Director, Innofactor Platforms
    • Jyrki Vepsäläinen, Managing Director, Innofactor Solutions
    • Marko Lybeck, Managing Director, Innofactor Code
    • Vesa Niinistö, Managing Director, Innofactor Dynasty

    In 2024, Innofactor’s business was affected by a number of extraordinary factors, including measures and costs related to the public tender offer and unforeseen legal costs related to an individual acquisition, as well as the preparation of the Group’s new strategy and the related changes in the organizational and corporate structure. Due to these factors and the challenging market situation in the IT industry, we were not able to achieve the targets we had set for our business for 2024. Net sales for the year 2024 totaled EUR 77.6 million, representing a year-on-year decrease of 3.3 percent. The operating margin (EBITDA) was EUR 6.3 million (8.2 percent of net sales).

    Board of Directors’ proposal on the distribution of profits

    Innofactor is a growing company and intends to use its operating profit on actions promoting growth, for example, on realizing mergers. According to the dividend distribution policy, Innofactor will generally not pay dividends in the future but will instead use the retained earnings for growth-enhancing measures.

    For 2024, the Group’s result for the financial period was EUR 263,161.73. In making the proposal on the dividend, the Board of Directors takes into account the company’s financial situation, profitability and near-term outlook. At the end of the financial year 2024, the distributable assets of the Group’s parent company amounted to EUR 7,949,235.09.

    The Board of Directors proposes that no dividend be distributed for the financial period of January 1–December 31, 2024.

    Espoo, February 28, 2025

    INNOFACTOR PLC

    Board of Directors

    Additional information:
    CEO Sami Ensio, Innofactor Plc
    tel. +358 50 584 2029
    sami.ensio@innofactor.com

    Financial releases in 2025

    The annual report for 2024 will be published on the company’s website on Monday, March 31, 2025.

    The Annual General Meeting is scheduled to be held on Wednesday, June 25, 2025.

    The schedule for financial releases in 2025 is as follows:

    • Half-yearly report January–June 2025 (H1) on Tuesday, September 30, 2025.

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. www.innofactor.com #AIDriven #PeopleFirst #BeTheRealYou

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  • MIL-OSI China: Baidu, CATL forge partnership on digital intelligence, autonomous driving

    Source: China State Council Information Office

    China’s tech giant Baidu and Contemporary Amperex Technology Co., Ltd. (CATL), a leading battery maker, recently signed a strategic cooperation agreement, Baidu announced in a statement on Friday.

    The partnership will focus on two core areas — digital intelligence and autonomous driving, advancing AI applications within the industry and promoting autonomous mobility services.

    Baidu will leverage its AI capabilities in digital intelligence development to support CATL across chips, platforms, and applications, the company said.

    In autonomous driving, the partnership will focus on integrating CATL’s battery technology, battery-swapping solutions, and skateboard chassis into the development of unmanned vehicles.

    As a leading company in autonomous driving, Baidu has tested robotaxi services in several Chinese cities including Beijing, Wuhan, Chongqing, Shenzhen and Shanghai.

    As of January this year, Baidu’s autonomous ride-hailing service has provided over 9 million rides nationwide.

    Founded in 2011 in Ningde, east China’s Fujian Province, CATL has quickly risen to become one of the world’s leading battery makers, with its products having drawn worldwide attention for high energy density and fast-charging capabilities. 

    MIL OSI China News –

  • MIL-OSI: 6/2025・Trifork Group AG – 2024 annual report and interim report for the quarter ending 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

     
     
    Trifork Group – 2024 annual report and interim report for the quarter ending 31 December 2024

    Company announcement no. 6 / 2025
    Schindellegi, Switzerland – 28 February 2025

    Trifork Group reports full-year 2024 net profit of EURm 17.9 and EPS growth of 13.3%. Trifork Segment reports Q4 2024 revenue growth of 1.8% and EBITDA margin of 16.1%.


    Full-year 2024

    • Trifork Group
      • In 2024, Trifork Group revenue amounted to EURm 205.9, a decline of 0.9% from 2023. Adjusted for the effect of third-party software and hardware sales, revenue grew by 0.4% of which inorganic growth of 3.0% was offset by an organic decline of 2.6%. The organic decline was driven by market headwinds throughout the year in Build and Run.
      • Trifork Group EBITDA amounted to EURm 24.7, corresponding to 12.0% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 8.2, corresponding to 4.0% EBIT margin.
      • Trifork Group net income amounted to EURm 17.9. Realized and unrealized gains in Trifork Labs of EURm 16.2 contributed significantly to net income.
      • Basic earnings per share was EUR 0.85 (2023: EUR 0.75). Diluted earnings per share was EUR 0.85 (2023: EUR 0.74).
    • Trifork Segment
      • In 2024, adjusted EBITDA of the Trifork segment amounted to EURm 26.9, a decline of 23.2% from 2023. The adjusted EBITDA margin was 13.1%, down from 16.9% in 2023 mainly due to lower revenue growth and increased investments in business development in the first half of the year.
      • Sub-segments
        • Inspire revenue increased by 18.1% to EURm 7.4 and realized an adjusted EBITDA of EURm -2.4 (2023: -2.7).
        • Build revenue declined by 0.2% to EURm 149.3 and realized an adjusted EBITDA margin of 13.4% (2023: 18.8%).
        • Run revenue declined by 4.3% to EURm 49.1 and realized an adjusted EBITDA margin of 24.5% (2023: 24.3%). If adjusted for sales of third-party licenses and hardware, Run grew 1.4%.
    • Trifork Labs
      • In 2024, Trifork Labs recorded EBT of EURm 13.3 driven by realized and unrealized gains from the agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.
      • At year-end 2024, the total book value of active Labs investments amounted to EURm 83.2 (2023: 69.7).

    Fourth quarter 2024

    • Trifork Group
      • In Q4 2024, Trifork Group revenue amounted to EURm 56.0, an increase of 1.8% from Q4 2023. Adjusted for the effect of third-party software and hardware sales, revenue declined by 0.2%.
      • Trifork Group EBITDA amounted to EURm 8.3, corresponding to 14.9% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 3.7, corresponding to 6.7% EBIT margin.
      • Trifork Group net income amounted to EURm 12.7. Realized and unrealized gains in Trifork Labs contributed significantly to net income.
    • Trifork Segment
      • In Q4 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 9.0, a decline of 23.4% from Q4 2023. The adjusted EBITDA margin was 16.1%, down from 21.4% in Q4 2023.
      • Sub-segments
        • Inspire revenue increased by 30.1% to EURm 3.7 and realized an adjusted EBITDA of EURm -0.8 (Q4 2023: EURm -0.3).
        • Build revenue increased by 0.2% to EURm 38.8 and realized an adjusted EBITDA margin of 13.2% (Q4 2023: 18.3%).
        • Run revenue increased by 4.3% to EURm 13.7 and realized an adjusted EBITDA margin of 31.0% (Q4 2023: 31.2%).
    • Trifork Labs
      • In Q4 2024, Trifork Labs recorded EBT of EURm 9.3 driven by realized and unrealized gains from an agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.

    Comment from CEO Jørn Larsen

    “2024 was an eventful year for Trifork, marked by an unstable economic environment and the growing negative impact of climate change worldwide. We all need to become more sustainable, and I am proud to observe the impact we have on our customers’ ESG agenda through digital innovation. In 2024, we also had exciting technological breakthroughs, and growing interest and strong operational performance in our portfolio companies in Trifork Labs. Despite the tough customer environment in the private sector and reduced EBITDA, our diluted earnings per share grew 15%, proving the strength of our two-legged business model – profitable operations in the Trifork Segment paired with strategic R&D investments in Trifork Labs. We had to adapt as some large customers scaled back, but won new business and grew our public sector revenue, and we continued to sharpen our go-to-market approach and product offering. Our products and capabilities within AI and spatial computing are in high demand, and these may become significant revenue drivers in the coming years. At the same time, our EURm 10 cost savings program will set us up for stronger margins in 2025.”

    Financial guidance for 2025 

    • Revenue is expected to be in the range of EURm 215-225 equal to 4.4-9.3% total growth
    • Organic revenue growth is expected in the range of 2.9-7.8%
    • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 32.0-37.0
    • EBIT in Trifork Group is expected to be in the range of EURm 14.5-19.5.

    The guidance does not include potential effects from new acquisitions or divestments.

    Mid-term financial targets for 2026

    Based on the lower-than-expected performance in 2024 and the continued instability in the economic environment in 2025, the mid-term revenue targets for 2026 are adjusted:
     

    • Total revenue CAGR of 10-15% from a baseline in 2024 (prev. 15-25% with a baseline in 2023)
    • Organic CAGR of 5-10% from a baseline in 2024 (prev. 10-15% with baseline in 2023)

    The margin and gearing targets for 2026 are maintained:

    • 16-20% adj. EBITDA margin in Trifork Segment in 2026
    • 10-14% EBIT margin in Trifork Group in 2026
    • Net interest-bearing debt leverage of up to 1.5x Group adj. EBITDA (may temporarily exceed during the period)

    Change to Executive Management

    The Group CRO role will transition into a decentralized structure, with four regional CRO positions covering our core markets in Denmark, US, Switzerland, and UK to better reflect our decentralized organization. Some of these positions will be filled internally. As a consequence, Trifork will reduce Executive Management to CEO Jørn Larsen and CFO Kristian Wulf-Andersen. Morten Gram will leave the Group Executive Management.

    Main events in 2024

    • Inspire
      Trifork’s Inspire sub-segment, where we arrange technology conferences and online tech content, planned to stabilize performance in 2024 compared to the loss of EURm -2.7 in 2023. Overall, it turned out to difficult and we did not see any major market improvements in willingness to invest in sponsorships to conferences and education of their employees. The result was a growth of 18.1% with an EBITDA improvement of just EURm 0.3 compared to 2023. This was not satisfactory and we have now decided to exit part of our conference activities in 2025 and co-work or potentially co-own minority stakes in some of these with other partners. In total, we had 5,900 attendees to our conferences. Our GOTO tech channels on YouTube and Instagram ended the year with more than 80 million accumulated views – equal to more than 18 million views in 2024. The YouTube channel now has more than 1 million subscribers and we received a gold-reward plate from Google. According to Tech Talk Weekly, GOTO was behind the single most watched tech talk on YouTube in 2024. GOTO had five videos in the top 10, and 22 times in the top 100.
    • Build
      Trifork’s Build sub-segment, where we develop innovative software solutions for customers, saw unchanged revenue compared to 2023. Build accounted for 72.5% of total revenue. Corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty. The continued low activity from private sector customers has been particularly visible in UK, whereas private sector engagements in US displayed comparatively better performance due to successful business development efforts. Overall, new customers accounted for 28% of revenue – similar to 2023. The public sector customer base primarily consists of Danish engagements. Danish public revenue grew 9.4% in 2024. After a soft start to the year with disruptions to existing customer engagements, the Danish Public business gained momentum with several key wins and ramp-up of delivery on existing framework agreements won in previous quarters and years. In January 2024, Trifork increased its stake in Erlang Solutions, a previous acquisition. In May, Trifork acquired Spantree in the US. In June, Trifork acquired Sapere Group in Denmark. All companies primarily deliver Build revenue.
    • Run
      Trifork’s Run sub-segment, where we operate and maintain internally or externally developed products for our customers, grew by 1.4% on hosting, service agreements, and Trifork licenses. Run-based revenue now accounts for 23.8% of total revenue. Growth was lower than expected due to delayed start or ramp-up of new agreements. During 2024, we continued to develop on existing Trifork IP and products but also launched new product offerings like Corax AI and Contain hosting platform products.
    • Trifork Labs
      Trifork Labs, the investment arm of Trifork Group that invests in strategic partnerships and uses venture-financing to grow some of our internally developed products, saw a continued strong momentum in 2024 in its 24 investments. Revenue in the portfolio companies (not consolidated in Trifork Group due to minority ownership stakes) surpassed EURm 100, up from EURm 50 two years ago. Trifork Labs co-founded TSBX and Mirage Insights, and made a new external investment in Rokoko Care. Trifork Labs provided additional funding to Arkyn Studios, Bluespace Ventures, and Dryp. A partial exit was announced in December in XCI where an institutional investor joined the growth journey with a 30% acquisition of existing shares. The sale was done above book value and contributed significantly to Group net income.


    Initiation of share buyback program

    Today, 28 February 2025, the Board of Directors decided to initiate a share buyback program of up to DKKm 14.92 (EURm 2.0) for the period from 4 March 2025 up to and including no later than 30 June 2025. A separate announcement will be distributed with further details.

    Results presentation

    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 28 February 2025 at 11:00 CET in a live webcast that can be accessed via the following link: https://investor.trifork.com/events/. A recording will be made available on our investor website.

    Investor and media contact

    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 7317

    About Trifork  

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.
     

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