NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Machine Learning

  • MIL-OSI USA News: Remarks by President Trump Before Cabinet Meeting

    Source: The White House

    class=”has-text-align-center”>Cabinet Room

    11:42 A.M. EST

         THE PRESIDENT:  Okay.  Thank you very much.  We appreciate you being here.  And we’ve put together a great Cabinet.  And we’ve had tremendous success.  We’ve been given a lot of credit for having a very successful first month, and we want to make that many months — and years, actually.  But we’re going to have many good months, and we’re going to have many good years, I hope.  And we’re going to solve a lot of problems. 

         We’re doing very well with Russia-Ukraine.  President Zelenskyy is going to be coming on Friday.  It’s now confirmed.  And we’re going to be signing an agreement, which will be a very big agreement.  And I want to thank Howard and Scott for the job you guys did in putting it together.  Really did an amazing job.  And that’ll be on rare earth and other things. 

         And as you know, we’re in for, probably, $350 billion and Europe is in for $100 billion.  And that’s a big difference.  So, we’re in for, probably, three times as much.  And yet, it’s very important to everybody, but Europe is very close.  We have a big ocean separating us.  So, it’s very important for Europe.  And they, hopefully, will step up and do maybe more than they’re doing and maybe a lot more.

         The previous administration put us in a very bad position, but we’ve been able to make a deal where we’re going to get our money back and we’re going to get a lot of money in the future.  And I think that’s appropriate, because we have taxpayers that are — shouldn’t be footing the bill, and they shouldn’t be footing the bill at more than the Europeans are paying. 

         So, it’s all been worked out.  We’re happy about it.  And I think that, very importantly, we’re going to be able to make a deal. 

         Most importantly, by far, we’re going to make a deal with Russia and Ukraine to stop killing people.  They’ll stop killing young Russian soldiers and young Ukrainian soldiers and other people, in addition, in the towns and cities.  And we will consider that a very important thing and a big accomplishment, because it was going nowhere until this administration came in.  They hadn’t spoken to President Putin in two years.  And so, we’ll keep you advised.

         Before we begin the Cabinet, I’d like to have Scott

    and a couple of people say a few things.  But most importantly — where are you?

         SECRETARY TURNER:  I’m right here, sir.

         THE PRESIDENT:  This is a gentleman who’s going places — the head of HUD.  And he’s going to say — you all know him.  And you’re going to say grace —

         SECRETARY TURNER:  Yes, sir.

         THE PRESIDENT:  — and then we’ll have our meeting, right?

    SECRETARY TURNER:  Yes.

         THE PRESIDENT:  Thank you very much. 

         SECRETARY TURNER:  Thank you, Mr. President.  Let’s pray.

         Father, we thank you for this awesome privilege, Father, to be in your presence.  God, thank you that you’ve allowed us to see this day.  The Bible says that your mercies are new every morning.  And, Father God, we give you the glory and the honor.  Thank you, God, for President Trump, Father, for appointing us.  Father God, thank you for anointing us to do this job.  Father, we pray you’ll give the president and the vice president wisdom, Father God, as they lead. 

         Father, I pray for all of my colleagues that are here around the table and in this room.  Lord God, we pray that we would lead with a righteous clarity, Father God, and as we serve the people of this country and every perspective agency, every job that we have, Father, we would humble ourselves before you that we would lead in a manner that you’ve called us to lead and to serve. 

         Father, the Bible says the blessed is the nation whose God is the Lord.  But, Father, we today honor you.  And in your rightful place, Father, thank you for giving us this opportunity to restore faith in this country and be a blessing to the people of America.  And, Lord God, today in our meeting, we pray that you will be glorified in our conversation.
        
         In Jesus’ name, amen.

         PARTICIPANTS:  Amen.

         THE PRESIDENT:  Scott, that was a very good job you did.  You’ve done that before, haven’t you?  (Laughter.)  Wow. 

         So, Scott Turner is a terrific young guy.  He’s heading up HUD, and he’s going to make us all very proud, right?

         SECRETARY TURNER:  Thank you, Mr. President.  Yes, sir.

         THE PRESIDENT:  Thank you very much.  Great job. 

         In just over one month, illegal border crossings have plummeted by numbers that nobody has actually ever seen before.  It’s much more than 100 percent. 

    And we’ve unleashed American energy at levels that will soon be reported, but we think we’re going to get it going very quickly.  We have incredible people on the energy front. 

    I think we have really great people on every front.  I’ll let you know if they’re not good, but I think they really are. 

    And we’re fighting every day to get the prices down.  The inflation is stopping slowly, but part of the reason it’s stopping is because of high interest rates and other problems that we inherited.  But we have to get the prices down — not the inflation down — the prices of eggs and various other things.  Eggs are a disaster. 

         The secretary of Agriculture is going to be showing you a chart that’s actually mindboggling what’s happened — how low they were with us and how high they are now.  But I think we can do something about it —

         SECRETARY ROLLINS:  Yes, sir.

         THE PRESIDENT:  — Madam Secretary.

         SECRETARY ROLLINS:  Yes, sir.

         THE PRESIDENT:  And I think you’re going to do a fantastic job in that position. 

    One of the most important initiatives is DOGE, and we have cut billions and billions and billions of dollars.  We’re looking to get it maybe to a trillion dollars.  If we can do that, we’re going to start getting to be at a point where we can think in terms of balancing budgets, believe it or not, something you haven’t heard in many, many years — decades, actually.  And it’s a big — whether it’s this year or next year, I think we’ll be very close to balancing budgets.  And the DOGE is very important. 

    And Elon is here to give you a summary of what’s happening, some of the things they found — some of the horrible things they found — some of the theft and fraud, and we call it waste and abuse, but a lot of fraud, and probably some fraud that we’re not going to be able to prove is fraud, but when you hear the names and the places where this money is going, it’s a disgrace. 

         But we’ve requested that a lot of people — we want to make sure that the people are working.  So, letters were sent out, and I think everyone at this table is very much behind it.  And if they aren’t, I’d want them to speak up.  But they’re very much behind it. 

         Letters were sent out to people just to find out, if the people exist, do they work?  Who do they work for?  Where are they?  You know, where have they been working?  Have they been working for other companies or other entities at all and being paid by the government, so they have two jobs, but they’re supposed to have one? 

    And the letter asks some simple questions like, “What have you done lately?”  And if they can answer that — because I can.  I can tell you everything I’ve done for the last long period of time — a lot more than a week. 

    And in many cases, we haven’t gotten responses.  Usually that means that maybe that person doesn’t exist or that person doesn’t want to say they’re working for another company while being paid by the United States government. 

    So, there’s a lot of interesting things.  It’s very unique, but we have a very unique situation because we have a lot of people that were scamming our country.  We have a lot of dishonest people.  We have a lot of people that took advantage of a lot of different situations, and we’re not going to let that happen. 

    So, I’m going to ask, if it’s possible, to have Elon get up first and talk about DOGE, because it seems to be of great interest to everyone. 

    I will say that there is a large group of people in this country that have such admiration for what we’re doing.  I got elected with a tremendous vote — winning every swing state, winning the popular vote, winning the counties by thousands of counties.  I think it was 2,800 to 500.  2,800 counties to 500 counties.  Think of that. 

    And so, we have a mandate to do this, and this is part of the reason I got elected.  I got elected based on taxes and based on many things, the border, but also based on balancing budgets and getting our country back into shape, and this is a big part of it. 

    So, Elon, if you could get up and explain where you are, how you’re doing, and how much we’re cutting.  And it’s an honor to have you.  He’s been a tremendously successful guy.  He’s really working so hard.  And he’s got businesses to run.  And in many ways, they say, “How do you do this?”  And, you know, he’s sacrificing a lot and — getting a lot of praise, I’ll tell you, but he’s also getting hit.  And we would expect that, and that’s the way it works. 

    So, I’d like to have Elon Musk please say a few words.

         MR. MUSK:  Well, tha- — thank you —
        
         THE PRESIDENT:  Thank you, Elon.

    MR. MUSK:  Thank you, Mr. President.  Well, I a- — I actually just call myself humble tech support here — (laughter) — because this is actually — as crazy as it sounds, that — that is almost a literal description of the work that the DOGE team is doing is helping fix the government computer systems.  Many of these systems are extremely old.  They don’t communicate.  There are a lot of mistakes in the systems.  The software doesn’t work.  The — so, we are actually tech support.  It’s — it’s a — it’s ironic, but it’s true.

    The — the overall goal here with the DOGE team is to help address the enormous deficit.  We simply cannot sustain, as a country, $2 trillion deficits.  The interest rates — just the interest on the national debt now exceeds the Defense Department spending. 

    We spend a lot on the Defense Department, but we’re spending, like, over a trillion dollars on interest.  If this continues, the country will go — become de facto bankrupt.  It’s — it’s not an optional thing.  It is an essential thing.  That — that’s — that’s the reason I’m here and taking a lot of flak and getting a lot of death threats, by the way.  I can, like, stack them up, you know.

    But if we don’t do this, America will go bankrupt.  That’s why it has to be done.  And I’m confident, at this point — knock on wood, you know — knock on my wooden head — (laughter) — the — there’s a lot of wood up there — that we can actually find a trillion dollars in savings.  That would be roughly 15 percent of the $7 trillion budget.

    And obviously, that can only be done with the support of everyone in this room.  And I’d like to thank everyone for — for your support.  Thank you very much this.  This — this can only be done with — with your support.

    So, this is — it’s really — DOGE is a support function for the president and for the — the agencies and departments to help achieve those savings and to effect- — effectively find 15 percent in reduction in fraud and — and waste.

    And — and we bring the receipts.  So, people say, like, “Well, is this real?”  Just go to DOGE.gov.  We l- — we — line item by line item, we specify each item.  So — and w- — and I — I should say, we — also, we will make mistakes.  We won’t be perfect.  But when we make mistake, we’ll fix it very quickly. 

    So, for example, with USAID, one of the things we accidentally canceled, very briefly, was Ebola — Ebola prevention.  I think we all wanted Ebola prevention.  So, we restored the Ebola prevention immediately, and there was no interruption.

    But we do need to move quickly if we’re — if we’re to achieve a trillion-dollar deficit reduction in tw- — in — in financial year 2026.  It requires saving $4 billion per day, every day from now through the end of September.  But we can do it, and we will do it.

    Thank you. 

    THE PRESIDENT:  Well, do you have any questions of Elon while we’re on the subject of DOGE?  Because we’ll finish off with that.  And if you would have any questions, please ask — you could ask me or Elon.

    Go ahead, please. 

    Q    Thank you, Mr. President.  Thank you, Mr. Musk.  I just wanted to ask you, the — President Trump put out a Truth Social today saying that everybody in the Cabinet was — was happy with you.  I just wondered if that — if you had heard otherwise, and if you had heard anything about members of the Cabinet who weren’t happy with the way things were going.  And if so, what are you doing to address those — any dissatisfaction?

    MR. MUSK:  To the best of —

    THE PRESIDENT:  Hey, Elon, let the Cabinet speak just for a second.  (Laughter.) 

         Is anybody unhappy with Elon?  If you are, we’ll throw them out of here.  (Laughter.)  Is anybody unhappy?  (Applause.)

    They are — they have a lot of respect for Elon and that he’s doing this.  And some disagree a little bit, but I will tell you, for the most part, I think everyone is not only happy, they’re thrilled. 

    So, go ahead, Elon.

    SECRETARY ROLLINS:  And grateful.

    MR. MUSK:  And President Trump has put together, I think, the best cabinet ever, literally.  So, I — and I do not give false praise.  This — this is an incredible group of people.  I don’t think such a talented team has actually ever been assembled.  I think it’s literally the best cabinet that the country has ever had.  And I think the companies should be incredibly appreciative of the people in this room.

    Q    Mr. President —

    THE PRESIDENT:  Please.  Yeah.  Go ahead.

    Q    Mr. President, thank you.  Mr. Musk.  Are there — about half of the government employees so far appear to have responded to your request for what they’ve been doing over the past week.  Is there a timeline in place for next moves for people being fired?  And when can the American people expect to see results from that?

    MR. MUSK:  Yes.  Well, to be — to be clear, like, the — I think that email, perhaps, was misinterpreted as a performance review, but actually it was a pulse check review.  “Do you have a pulse?”  (Laughter.)  “Do you have a pulse and two neurons?”  (Laughter.)  So, if you have a pulse and two neurons, you can reply to an email.

    This is, you know, I think, not a high bar, is what I’m saying.  This is a — should be — anyone could accomplish this. 

    But what we are trying to get to the bottom of is we think there are a number of people on the government payroll who are dead, which is probably why they can’t respond, and — and some people who are not real people, like they’re literally fictional individuals that are collecting payche- — well, somebody is collecting paychecks on a fictional individual.  So, we’re just literally trying to figure out are these people real, are they alive, and can they write an email, which I think is a reasonable expectation for the Amer- — you know, the American public would have at least that expectation of someone in the public sector.

    Q    Mr. Musk —

    Q    Mr. Musk —

    Q    — roughly a million employees —

    MR. MUSK:  (Laughs.)  This is not a — this is not a high bar, guys.  Come on.  (Laughter.)

    Q    Roughly a million employees have responded so far to this email.  Does that mean that the remaining 1 million or so federal employees now risk being terminated?  And is it your understanding and expectation when you post a directive on X that the Cabinet secretaries will follow that order?  Because several agencies have instructed employees that this is voluntary or not to respond.

    MR. MUSK:  Yeah.  Well, I mean, to be cl — so, I guess there was a — like, last week, the president en- — encouraged me, via Truth Social and also via phone call, to be more aggressive.  And I was like, “Okay.”  You know, “Yes, sir, Mr. President.  We will indeed do that.”  The president is the commander in chief.  I — I do what the president asks.

    So — and I said, “Can we send out an email to everyone, just saying, ‘What did you get done last week?’”  The president said yes.  So, I — I did that. 

    And, you know, we — we got a partial response.  But we — we’re going to send another email.  But we — our — our goal is not to be capricious or — or unfair.  It’s — we want to give people every opportunity to send an email and the email could simply be “What I’m working on is too sensitive or classified to — to describe.”  Like, literally, just re- — that would be sufficient.  We’re — we’re — you know, I think this is just common sense. 

    Q    And what is your target number for — for how many workers, employees you’re looking to cut total?

    MR. MUSK:  We — we wish to keep everyone who is doing a job that is essential and doing that job well.  But if — if they’re — if the job is not essential or they’re not doing the job well, they obviously should not be on the public payroll. 

    (Cross-talk.)

    THE PRESIDENT:  No, I have to — I would like to add —

    (Cross-talk.)

    Wait a minute.  Wait.  Wait.  I’d like to add that those million people that haven’t responded, though, Elon, they are on the bubble.  You know, I wouldn’t say that we’re thrilled about it.  You know, they haven’t responded.  Now, maybe they don’t exist.  Maybe we’re paying people that don’t exist.

    Don’t forget, we just got here.  This group just got here.  But those people are on the bubble, as they say.  You know, maybe they’re going to be gone.  Maybe they’re not around.  Maybe they have other jobs.  Maybe they moved and they’re not where they’re supposed to be.  A lot of things could have happened.

    I wouldn’t say that Biden ran a very tight administration.  They spent money like nobody has ever spent money before, wasted money — the Green New Scam, all of the different things they spent money on. 

    And you’ve seen that.  You’ve seen that with some of the things that I read in speeches.  I read them, and people can’t believe, when I read them, $20 million here, $30 million here for, you know, a little educational course on something.  Circumcision, right?  Circumcision.  $20 million to inform the people of such-and-such a country on other things and other things other than that.

    So, yeah, those people are — right now, we’re trying to find out who those people are that haven’t responded.  Now, there’ll be some agencies — like Marco has people within State that are right now doing very classified, very confidential work.  And we understand that, and we’ve talked.  And, you know, we’re being a little more surgical. 

    And Marco is doing a lot of things himself.  He’s — and some of the secretaries are.  We’re going to be going to them.  We’re going to be talking about it today.  We’re going to ask them to do their own DOGE.  In other words, they’ll look in their group and who —

    I spoke with Lee Zeldin, and he thinks he’s going to be cutting 65 or so percent of the people from Environmental, and we’re going to speed up the process, too, at the same time.  He had a lot of people that weren’t doing their job — they were just obstructionists — and a lot of people that didn’t exist, I guess, Lee, too.  You found a lot of empty spots that the people weren’t there.  They didn’t exist.

    And I think Education is going to be one of those.  You go around Washington, you see all these buildings — the Department of Education.  We want to move education back to the states, where it belongs.  Iowa should have education.  Indiana should run their own education.  You’re going to see education go way up.

    Right now, we’re ranked at the very bottom of the list, but we’re at the top of the list in one thing: the cost per pupil.  We spend more money per pupil than any other country in the world, and yet it’s Denmark and Norway, Sweden.  And I — you hate to say this — and, you know, we’re going to get along very well with China, but it’s a competitor: They’re at the top of the list.  They’re among the top 10, usually.  And they’re a very big country, so we can’t use that as an excuse — right? — because we’re a very big country too.

    But we’re – we were ranked last time — under Biden, we were ranked 40 out of 40.  They do the 40 certain nations that they’ve done for a long time.  It seems to be 40, for whatever reason.  And we were ranked number 40.  A year ago, we were 38.  Then we were 39.  We’re — we hit 40.  And so, we’re last in that, and we’re first in cost per pupil.  So, I would say that’s unacceptable.

    Lawrence, do you have something?  Go ahead.

    Q    So, Mr. President, I know you like competition, and I know it’s early.  So, which department are you most impressed with? 

    And then, to Mr. Mu- — (laughter).  That’s the first one.  And, Mr. Musk, which department have you received the most resistance from? 

         Mr. President, you first.

    THE PRESIDENT:  Well, I think both of those questions are a little bit — well, you’re a pretty controversial guy.  (Laughter.)  Look, it’s very early.  Right now, I think I’m impressed with everybody.  So far, everybody.  If I wasn’t, in the first month, we’d — and some of them just got here.  They just got approved two days ago, right?

    But I think I’m very impressed with everybody.  So far, I’m very happy with all of the choices.

    I think that Elon has done incredibly with some groups.  And some groups are much easier than others.  It is true: State is a, you know, very difficult situation.  We’re right now negotiating very successfully, I think, with Russia and with Ukraine, and we have a lot of countries involved.  And we have to be a little bit careful what we do and who we’re terminating.  But Marco is doing that very — I think he’s going to be very precise.  It’s going to be —

    We’re cutting down government.  We’re cutting down the size of government.  We have to.  We’re bloated.  We’re sloppy.  We have a lot of people that aren’t doing their job.  We have a lot of people that don’t exist. 

         You look at Social Security as an example.  I mean, you have so many people in Social Security where, if you believe it, they’re 200 years old.  And what we’re doing is finding out: Are checks going out for that and is somebody cashing those checks who’s maybe 35 years old?  Okay? 

         So, there’s a lot of dishonesty.  There’s a lot of fraud. 

         But I think at this moment, I’ll take Elon off the spot.  I think that he’s impressed — he said it very well –better than I can say it — that he’s impressed with the people in this room.  Very impressed.  And I am too.  And it’s too early to say, but I think everybody is on board.  They all know — we want to balance a budget.  We want to have a balanced budget within a reasonably short period of time, meaning maybe by next year or the year after, but maybe — maybe even sooner than that. 

         Q    Mr. President, your — your number one issue was the border.  We just got new information that they’re doxing our federal agents.  They’re putting their personal information out there, these activists, and they’re disrupting the operations.  So, you got Tren de Aragua running all across the country —

         THE PRESIDENT:  Well, we have activists.  That’s true.  And a lot of those —

         Q    So, what are we going to do about the activists —

         THE PRESIDENT:  Yeah.  A lot of those activists are acting illegally.  And we’ll give that to our attorney general, and she’ll take a look at that very strongly.  But we’re also having tremendous support from Border Patrol, from ICE.  The ICE agents have been unbelievable.  Border Patrol — their leadership at Border Patrol has been incredible, and they’re working very well. 

         And, as you know — and I saw you reporting it this morning, actually — we set records on the least number of illegal aliens coming in, migrants coming into our country that we’ve had in more than 50 years.  And we did this all within a period of weeks, because we took over a mess.  The world was pouring in.  And remember, they were coming in from jails and prisons and mental institutions and insane asylums, and they were gang members and drug dealers.  Anybody who wanted to come in, they came.  And from not just South America, from all over the world.  So, it’s amazing what they’ve done. 

         And Kristi and — and Tom Homan, the job they’ve done has been absolutely amazing.  We set records for — and we want people to come into our country, by the way, but they want to come in — they have to come in legally. 

         I want that to be really understood.  We want people in our country, but they have to come in legally. 

         Q    Can I follow on that, Mr. President?

    Q    Mr. President.

    Q    About the — the Trump gold card idea —

         THE PRESIDENT:  Yeah.

         Q    — that you unveiled yesterday.

         THE PRESIDENT:  I hope you liked it.  (Laughter.)

         Q    I await more information.  But the question is: Does this reflect a view, on your part, that the American immigration system has never been properly monetized as you feel it should be?
        

         THE PRESIDENT:  Well, not so much monetized.  It hasn’t been properly run.  I get calls from, as an example, companies where they want to hire the number one student at a school.  A person comes from India, China, Japan, lots of different places, and they go to Harvard, the Wharton School of Finance.  They go to Yale.  They go to all great schools.  And they graduate number one in their class, and they are made job offers, but the offer is immediately rescinded because you have no idea whether or not that person can stay in the country.  I want to be able to have that person stay in the country. 

         These companies can go and buy a gold card, and they can use it as a matter of recruitment. 

         At the same time, the company is using that money to pay down debt.  We’re going to — we’re going to pay down a lot of debt with that.

         Q    Are they going to have to —

         THE PRESIDENT:  And I think the gold card is going to be used by — not only for that.  I mean, they’ll be used by companies.  I mean, I could see Apple — I’ve spoken with Tim Cook — and, by the way, he’s going to make a $500 billion investment in the country only because of the results of the election and, I think, because of tariffs.  He’s going to want to be in the country because of tariffs.  Because if you’re in the country, there is no tariff.  If you’re out of the country, you got to pay tariffs.  And that’s going to be a great investment, I think, that he’s making.  I know it’s going to be a great investment. 

         But we have to be able to get people in the country, and we want people that are productive people.  And I will tell you, the people that can pay $5 million, they’re going to create jobs.  They’re going to spend a lot of money on jobs.  They’re going to have to pay taxes on that too.  So, they’re going to be hiring people, they’re going to be bringing people in and companies in.  And, I don’t know, maybe it will sell like crazy.  I happen to think it’s going to sell like crazy.  It’s a bargain.

         But we’ll —

         Q    Will they have to commit to a certain number?

         THE PRESIDENT:  — know fairly soon.  I think Howard and — and Scott — a few of you, really, are responsible for it.  But, Howard, if you want to discuss that for a couple of minutes, I think I’d like to have you.  I think it’s going to be a very successful program.

         SECRETARY LUTNICK:  Sure.

         THE PRESIDENT:  This is Commerce.

         SECRETARY LUTNICK:  So, the EB-5 program, which has been around for many years, had investment of a million dollars into projects in America.  And those projects were often suspect, they didn’t really work out, there wasn’t any oversight of it.  And so, for a million-dollar investment, you got a visa, and then you came into the country and ended up with a green card. 

         So, it was poorly overseen, poorly executed.  Then you had our border open, where millions of people came through. 

         So, the idea is we will have a proper business.  We will modify the EB-5 agreement.  Kristi and I are working on it together.  For $5 million, they’ll get a license from the Department of Commerce.  Then they’ll make a proper investment on the EB-5, right?  And we think Scott and I will design the EB-5 investment model, because Scott and I are the best people together to do that.  So, this is joint. 

         This is exactly the Trump administration.  We all work together.  We work it out to be the best.  And if we sell — just remember — 200,000 — there’s a line for EB-5 of 250,000 right now — 200,000 of these gold green cards is $1 trillion

    to pay down our debt, and that’s why the president is doing it, because we are going to balance this budget, and we are going to pay off the debt under President Trump. 

         Q    Mr. —

    Q    And to qualify, do you have to promise and make commitments to create a certain number of jobs here in the U.S.?

         THE PRESIDENT:  No.  No.  Because not all these people are going to be job builders.  They’ll be successful people, or they’ll be people that were hired from colleges, like — sort of like paying an athlete a bonus.  I mean, Apple or one of the companies will go out and they’ll spend five mil- — they’ll buy five of them, and they’re going to get five people. 

         Look, I’ve had the complaint where — I’ve had the complaint from a lot of companies where they go out to hire people, and they can’t hire them b- — out of colleges.  And you know what they do?  They go back to India, or they go back to the country where they came, and they open up a company, and they become billionaires.  They become — and they’re employing thousands and there are a lot of examples. 

    There are some really big examples where they were forced out of the country.  They graduated top in their class at a great school, and they weren’t able to stay.  This is all the time you hear it. 

    And the biggest complaint I get from companies, other than overregulation, which we took care of, but we’re going to have to take care of it here, because a lot of that was put back on by Biden.  But the biggest complaint is the fact that they can’t have any longevity with people.  This way, they have pretty much unlimited longevity. 

    Also, with the $5 million, you know, that’s a path to citizenship.  So, that’s going to be — it’s sort of a green card-plus, and it’s a path to citizenship.  We’re going to call it the gold card.  And I think it’s going to be very treasured.  I think it’s going to do very well.  And we’re going to start selling, hopefully, in about two weeks.

    Now, just so you understand, if we sell a million — right? — a million, that’s $5 trillion.  Five trillion.  Howard was using a different number, but that’s $5 trillion.  If we sell 10 million, which is possible — 10 million highly productive people coming in or people that we’re going to make productive — they’ll be young, but they’re talented, like a talented athlete — that’s $50 trillion. 

    That means our debt is totally paid off, and we have $15 trillion above that.  And — now, I don’t know that we’re going to sell that many.  Maybe we won’t so many at all.  But I think we’re going to sell a lot, because I think there’s — there really is a thirst. 

    No other country can do this, because people don’t want to go to other countries.  They want to come here.  Everybody wants to come here, especially since November 5th.  (Laughter.)

    (Cross-talk.)

    SECRETARY LUTNICK:  They’ll all be vetted, by the way.  All these people will be vetted. 

    Q    How?

    SECRETARY LUTNICK:  Okay?  They’ll be vetted.

    Q    Mr. President, on Ukraine.  Can you talk a lot — a little bit about what type of security guarantees you’re willing to make?

    THE PRESIDENT:  Well, I’m not going to make security guarantees beyond very much.  We’re going to have Europe do that, because it’s in — you know, we’re talking about Europe is their next-door neighbor.  But we’re going to make sure everything goes well. 

    And as you know, we’ll be making a — we’ll be really partnering with Ukraine in terms of rare earth.  We very much need rare earth.  They have great rare earth.  We’ll be working with Secretary Burgum and with Chris.  You’ll be working on that together. 

    And we’re going to be able to have tremendous — I mean, this gives us — because we don’t have that much of it here.  We have some, but we don’t have that much, and we need a lot more to really propel us to the next level of — to lead in every way.  We’re leading right now with AI.  We’re leading with everything right now, but we have to — we need resources. 

    We have to double our electric capacity.  We have to do many things.  We have to really triple, if you think of it, the electric capacity from what we have right now, if you can believe it.  (Laughter.) 

    Q    But will the United States — can I —

    THE PRESIDENT:  So, I just say this.  So, the deal we’re making gets us — it brings us great wealth.  We get back the money that we spent, and we hope that we’re going to be able to settle this up. 

    We want to settle it.  We want to stop — I tell you what.  I’m doing it for two reasons, but the number one reason, by far, is to watch — all these people being killed.  I see pictures every week from — I assume satellite pictures, mostly, but there’s some pictures on site of thousands of soldiers that are being killed.  They’re being decimated, because equipment today — military equipment is so powerful and so devastating.  And, number one, I want to see people stop. 

    And they’re not from here.  They’re from primarily two other countries. 

    And then, by the way, let’s talk about the Middle East.  We got to solve that problem too.  And that’s come a long way.  We’re doing very well in that also.  A lot of things are happening on that.  But I’m watching soldiers being killed — Ukrainian and Russian soldiers being killed.  My number one thing is to get that stopped. 

    My number two thing is I don’t want to have to pay any more money, because we’ve — Biden has spent $350 billion without any chance of getting it back.  Now we’re going to be getting all of that money back, plus a lot more.  And we provided a great thing.  I mean, we’ve provided something very important, and we’ll be working with Ukraine and — because we’ll be taking that — we’re going to be taking what we’re entitled to take. 

    Now, they spent $350 billion, and Europe spent $100 billion.  Now, does anybody really think that’s fair?  But then we find out, a little while ago — not so long ago, a few months ago, I found out that the money they spent, they get back, but the money we spent, we don’t get back.  I said, “Well, we’re going to get it back.” 

    And we’ll be able to make a deal.  And again, President Zelenskyy is coming to sign the deal.  And it’s a great thing.  It’s a great deal for Ukraine, too, because they get us over there, and we’re going to be working over there.  We’ll be on the land.  And, you know, in that way, it’s — there’s sort of automatic security, because nobody’s going to be messing around with our people when we’re there.  And so, we’ll be there in that way. 

    But Europe will be watching it very closely.  I know that UK has said and France has said that they want to put — they volunteered to put so-called peacekeepers on the site.  And I think that’s a good thing.

    (Cross-talk.)

    Q    Mr. President, you had mentioned the high cost of eggs, and we’ve seen consumer confidence this week have a sharp drop from last month — the biggest dip in, I believe, three years.  Why is that — your assessment, why is that the case and is there anything you can do? 

    THE PRESIDENT:  Well, I think that consumer confidence — if you look at confidence in the nation, it had the biggest increase in the history of the chart.  It went up 42 points in a period of, like, days after the election, since the election.  So, since the election, the confidence in our nation — including right track, wrong track — the first time it’s ever happened, where we were on the right track, because this country has been on the wrong track for a long time. 

    So, the confidence in business, confidence in the country has reached an all-time high.  We have never reached levels like we are right now.

    Okay.

    (Cross-talk.)

    Q    Mr. President, you said — Mr. President, you’ve been very clear in saying that as long as you’re president, Iran will never get a nuclear weapon. 

    THE PRESIDENT:  That’s true. 

    Q    Is it also your policy that as long as you’re president, China will never take Taiwan by force?

    THE PRESIDENT:  I never comment on that.  I don’t comment on any — because I don’t want to ever put myself in that position.  And if I said it, I certainly wouldn’t be saying it to you.  I’d be saying it to other people, maybe people around this table — (laughter) — and very specific people around this table.  

    Q    Is it a concern (inaudible)?

    THE PRESIDENT:  So, I don’t want to put myself in that position.  But I can tell you what, I have a great relationship with President Xi.  I’ve had a great relationship with him.  We want them to come in and invest. 

    I see so many things saying that we don’t want China in this country.  That’s not right.  We want them to invest in the United States.  That’s good.  That’s a lot of money coming in.  And we’ll invest in China.  We’ll do things with China. 

    The relationship we’ll have with China would be a very good one.  I see all of these phony reports that we don’t want their money; we don’t want anything to do with them.  That’s wrong. 

    We’re going to have a good relationship with China, but they won’t be able to take advantage of us.  What they did to Biden was — he didn’t know what was happening.  He didn’t know what he was doing.  The administration didn’t know what they were doing.  It was very sad to watch. 

         But we’re going to have a good relationship with China and Russia and Ukraine and the Middle East.  We’re doing things that —

    Look, when I left, we had no wars.  We had defeated ISIS totally.  We had no inflation.  We didn’t have the Afghanistan withdrawal — the worst withdrawal anybody has ever seen.  I think that’s one of the reasons that President Putin looked at that.  He said, “Wow, these guys are a paper tiger.  Look at” — we’re no paper tiger. 

    Don’t forget: We got rid of ISIS in three weeks.  People said it would take five years.  We did it, because when I came in, I let them do what they had to do.  And the man that headed that operation is now going to be your — your chairman, right?

    SECRETARY HEGSETH:  Yes, sir.

    THE PRESIDENT:  Chairman of the Joint Chiefs. 

    SECRETARY HEGSETH:  Yes, sir.

    THE PRESIDENT:  And — “Razin” Caine.  I liked him right from the beginning.  As soon as I heard his name, I said, “That’s my guy.” 

    Okay.  Any other questions?

    (Cross-talk.)

    Q    Mr. President, has there been enough de- — decreases in crossings at the border for you to continue the pause on tariffs against Mexico and Canada?  And, if not —

    THE PRESIDENT:  No, no.  I’m going to — I’m not stopping the tariffs, no.  Millions of people have died because of the fentanyl that comes over the border. 

    Q    Even with the 90 percent drop in border crossings, though, this —

    THE PRESIDENT:  Well, that’s — well —

    Q    — last month compared to about a year ago?

    THE PRESIDENT:  Yeah, they’ve been good, but that’s also due to us.  Mostly due to us.  I mean —

    Q    Mr. President —

         Q    Mr. President, on CBS — 

    THE PRESIDENT:  — it’s very hard.  It’s, right now, very hard to come through the border.  But the — look, the damage has been done.  We’ve lost millions of people due to fentanyl.  It comes mostly from China, but it comes through Mexico, and it comes through Canada. 

    Q    Mr. Presi- —

    THE PRESIDENT:  And I have to tell you that, you know, on April 2nd — I was going to do it on April 1st, but I’m a little bit superstitious, so I made it April 2nd — the tariffs go on, not all of them but a lot of them.  And I think you’re going to see something that’s going to be amazing. 

    We’ve been taken advantage of as a country for a long period of time.  We’ve been — we’ve been tariffed, but we didn’t tariff.  Now, I did.  When I was here, I tariffed.  We took in $700 billion from China — $700 billion.  Not one president in this — in the history of our country took in 10 cents from China.  At the same time, China respected us. 

    Now, when COVID came in, that was a different deal.  I used to call it the China virus.  I guess I can call it the China virus again, but, you know, it was — it’s an accurate term, but I won’t do that out of respect to China.  Okay?

    (Cross-talk.)

    Say it again.  What?

    Q    On Gaza.  I just wondered if there’s any progress towards the second phase of the ceasefire that you can tell us about.

    THE PRESIDENT:  Well, I’m very disappointed when I see four — four bodies came in today.  These are young people.  Young people don’t die.  Okay?  Young people don’t die.  These are young people.  Four bodies came in today.  They think they’re doing us a favor by sending us bodies. 

    So, look, that’s a decision that has to be made by Israel, by Bibi, but Israel has to make that decision.  We got a lot of hostages back, but it’s very sad what happened to those people.  I mean, you had a young lady with her hand practically blown off.  You know why it blew up?  Because she put up her hand to try and stop a bullet that was coming her way, and it hit her hand and blew off her fingers, big part of her hand. 

    This is a vicious group of people, and Israel is going to have to decide what they’re doing.  Phase one is going to be ending.  Think of it: Today, they sent in four bodies.  Bodies. 

    And I will say one thing, though.  I’ve spoken to a lot of the parents and a lot of the people involved.  They want those bodies almost as much and maybe even just as much as they wanted their son or their daughter.  Amazing.  “Please, sir.  Please.  My son is dead, but they have his body.  Please can you get it for us?”  They — it’s the biggest thing.  It’s incredible the level — they want the bodies of these people.  They’re dead.  They’re dead. 

    And, you know, when I saw the ones that came in two weeks ago, they looked like they just got out of a concentration camp.  Then, the following week, a group came in, and they weren’t as bad — in as bad of shape.

    But Israel is going to have to make a decision.  You’re right, phase one, and now phase two has started.  And today, we got some, you know, very, very sad — we knew they were dead, by the way.  We knew they were going to be bodies, as opposed to people that were living.  But it’s a very sad situation. 

    At some point, somebody is going to say we got to do something about this.

    (Cross-talk.)

    Q    Mr. President, you were just talking about Afghanistan and the botched withdrawal.  Have all the generals or command staff that were involved with the withdrawal been fired or relieved of duty?

    THE PRESIDENT:  Well, that’s a great idea.  It’s — (laughter) — sorry, I’m not going to tell this man what to do, but I will say that.  If I had his place, I’d fire every single one of them, Pete.  Pete, that’s a very good question. 

    SECRETARY HEGSETH:  Well, it’s a question we’ve thought a lot about.  We’re doing a complete review of every single aspect of what happened with the botched withdrawal of Afghanistan and plan to have full accountability.  It’s one of the first things we announced at the Defense Department for that reason, sir. 

    Certainly General “Razin” Caine, who’s on his way in, was not a part of that.  Instead, was a part of leading the effort against ISIS by untying the hands of war fighters and finishing the job properly and then bringing our troops home. 

    So, we’re taking a very different view, obviously, than the previous administration, and there will be full accountability. 

    THE PRESIDENT:  I don’t see big promotions in that group.  (Laughter.)  And I think they’re going to be largely gone.  I know the man on my left.  I think they’re going to be largely gone. 

    That was a horrible display.  And, you know, I’ve dealt with the parents and the family of the 13 that were killed.  But, you know, nobody ever talks about the 40 that were so badly hurt, with the arms and the legs and the face and the whole thing — the missing arms and legs.  It was so terrible, the way that was handled.

    And it should have been gone through Bagram.  We have a big base with big fences that nobody can get in, and you have, you know, hundreds of acres, instead of a little local airport where the whole place went crazy.  That was so badly handled.  And I would think that most of those people are going to be gone. 

    Q    Are we going to take Bagram back?

    THE PRESIDENT:  So, I’ll tell you what has bothered me very much — very, very much: We give billions of dollars to Afghanistan.  Nobody knows that.  Nobody knew that.  Do you know we give billions of dollars to Afghanistan?  And yet we left behind all of that equipment, which wouldn’t have happened. 

    You know, we were getting out under me.  I’m the one that got it down to 5,000 people.  We were going to get out, but we were going to keep Bagram, not because of Afghanistan but because of China, because it’s exactly one hour away from where China makes its nuclear missiles. 

    So, we were going to keep Bagram.  We were going to keep a small force on Bagram.  We were going to have Bagram Air Base, one of the biggest air bases in the world.  One of the biggest runways, one of the most powerful runways, in the sense that it was very heavy concrete and steel.  You could carry about anything.  You could land anything on those runways. 

    We gave it up.  And you know who’s occupying it right now?  China.  China.  Biden gave it up.  So, we’re going to keep that, and we’re going to have a withdrawal, and we’re going to take our equipment.  We’re going to do it properly.  We’re going to do it very — we’re going to keep the equipment. 

         Well, they ran out.  It was — what happened there was a — in fact, you know, in all fairness to Putin, when he saw that, he said, “Well, this is our time to go and go into Ukraine,” I guess, because it was — the timing seemed to be about right. 

         But we send them billions of dollars in aid, which nobody knows.  If they — if the American public knew that — they know it now.  And if we’re doing that, I think they should give our equipment back.  And I told Pete to study that. 

    But we left billions — tens of billions of dollars’ worth of equipment behind.  Brand-new trucks.  You see them display it every year on their little roadway someplace where they have a road and they drive the — you know, waving the flag and talking about America.  Beautiful equipment that’s all — I mean, the top-of-the-line stuff, brand-new stuff.  Now it’s getting older. 

         But you know what?  We’re going to pay them.  I think we should get a lot of that equipment back. 

         You know that Afghanistan is one of the biggest sellers of military equipment in the world.  You know why?  They’re selling the equipment that we left.  We’re first.  They were second or third.  Can you believe it?  They’re selling 777,000

    rifles, 70,000 armor-plated — many of them were armor-plated trucks and vehicles — 70,000. 

         If you think of a used car lot, the biggest one in the country, you have — I would say, JD, if somebody had 500 cars, that would be a lot. 

    THE VICE PRESIDENT:  Yeah, that would be quite a lot.

    THE PRESIDENT:  This is 70,000 vehicles we had there, and we left it for them.  I think we should get it back.

         (Cross-talk.)

         Q    Mr. President, the spending bill that passed last night aims to cut $2 trillion.

         THE PRESIDENT:  Right.

         Q    Can you guarantee that Medicare, Medicaid, Social Security will not be touched?

         THE PRESIDENT:  Yeah.  I mean, I have said it so many times, you shouldn’t be asking me that question.  Okay?  This will not be “read my lips.”  It won’t be “read my lips” anymore: We’re not going to touch it.

         Now, we are going to look for fraud.  I’m sure you’re okay with that, like people that shouldn’t be on, people that are illegal aliens and others — criminals, in many cases.  And that’s with Social Security.  We have a lot of people — you see that immediately.  When you see people that are 200 years old that are being sent checks for Social Security — some of them are actually being sent checks. 

    So, we’re tracing that down, and I have a feeling that Pam is going to do a very good job with that.  But you have a lot of fraud. 

         But, no, I’m not — we’re not doing anything on that.

         Q    Mr. President, part of your mission, sir —

         Q    Mr. President — Mr. President, on CBS News.  Mr. President, you’re in litigation —
        
         Q    Part of your mission has been — thank you.  I’m sorry. 

         Part of your mission has been to restore executive control over the executive branch.  Is it your view of your authority that you have the power to call up any one of or all of the people seated at this table and issue orders that they’re bound to follow?

         THE PRESIDENT:  Oh, yeah.  They’ll follow the orders.  Yes, they will. 

         Q    No exceptions? 

         THE PRESIDENT:  No except- — well, let’s see.  Let me think.  Oh, yeah.  Yeah.  She’ll have an exception.  (The president points at Secretary Rollins.)  (Laughter.)

         Of course, no exceptions.  You know that.

         Q    Mr. President, can you clarify the Canada/Mexico tariffs.  You had put that 30-day pause. 

    THE PRESIDENT:  Yeah.

    Q    You just referred to —

         THE PRESIDENT:  It’s 25 percent.

         Q    Twenty-five percent.  When does it go into effect?

         THE PRESIDENT:  April 2nd. 

         Q    April 2nd for Canada and Mexico?

         THE PRESIDENT:  Correct.  And for —

         Q    And for the reciprocal?

         THE PRESIDENT:  — and for everything. 

         SECRETARY LUTNICK:  Well, we have the — the — fentanyl-related is a pause.  If they can prove to the president they’ve done an excellent job, that’s what they first do in 30 days.

         Q    Have you guys seen any changes?

         SECRETARY LUTNICK:  But then the overall is April 2nd.  So, the big transaction is April 2nd, but the fentanyl-related things, if they’re working hard on the border, at the end of that 30 days, they have to prove to the president that they’ve satisfied him to that regard.  If they have —

         THE PRESIDENT:  It’s going to be hard to satisfy.

         SECRETARY LUTNICK:  — then we’ll give them a pause or he won’t. 

         THE PRESIDENT:  It’s going to be hard to satisfy.

         SECRETARY LUTNICK:  But that’s up to him to see.

         THE PRESIDENT:  We lose 300,000 people a year to fentanyl.  Not 100-, not 95-, not 60-, like you read.  You know, you’ve been reading it for years. 

         We lost, in my opinion, over the last couple of years, on average, maybe close to 300,000 people dead, and the families are ruined.  You know, when they lose a daughter, when they lose a son, the families are never the same.  You’re never going to be the same.  So, you’re talking about a million people. 

         But when the daughters die, I see it — daughters die and the sons die because of fentanyl.  And in some cases, they don’t even know they’re taking it.  They — they’re buying something else, and it’s laced with fentanyl, and they end up dying.  And I’ve known many people who have lost children to fentanyl and for other reasons, but to fentanyl.  It’s such a big killer.  And those people are never the same people. 
        
         I mean, I’ve seen people that — for the rest of their lives, they’re not the same people.  They’re so different, it’s not even believable.  Dynamic people, happy people that are — they die a miserable death.  And that’s because of the crap that comes in through China and through Mexico and through Canada.  A lot of it comes through Canada. 

         The — Canada — look, we support Canada $200 billion a year in subsidies one way or the other.  We let them make millions of cars.  We let them send us lumber.  We don’t need their lumber.  We’re going to free up our lumber.  Lee is going to do — the head of environmental.  We’re going to free up our lumber.  We have the best lumber there is.  We don’t need their lumber.  What do we need their lumber for?

         When you look at the — we subsidize them $200 billion a year.  Without us, Canada can’t make it.  You know, Canada relies on us 95 percent.  We rely on them 4 percent.  Big difference.  And I say Canada should be our 51st state.  There’s no tariffs, no nothing. 
        
         And — and I say that, we give them military protection.  They have a very small military.  They spend very little money on military.  Or NATO, they’re just about last in terms of payment, because they say, “Why should we spend on military?”  That’s a tremendous cost.  Most nations can’t afford to even think about it.  “Why should we spend on military?  The United States protects us.” 

         And I would say that’s largely true.  We protect Canada.  But it’s not fair.  It’s not fair that they’re not paying their way.  And if they had to pay their way, they couldn’t exist. 

         When I spoke to — let’s call it the prime minister, rather than the governor.  (Laughter.)  But when I spoke to him, I said, “Why are we giving you $200 billion a year?”  He was unable to answer the question.  I said, “Why are we letting you make millions of cars and send them in?”  He was unable to answer the question — Justin Trudeau, a nice guy.  I think he’s a very good guy.  I call him Governor Trudeau. 

         He should be governor, because the fact is that if we don’t give them cars — we don’t have to give them cars.  The c- — tariffs will make it impossible for them to sell cars into the United States.  The tariffs will make it impossible to — for them to sell lumber or anything else into the United States. 

    And all I’m asking to do is break even or lose a little bit, but not lose $200 million.  And we love Canada.  I love Canada.  I love the people of Canada.  And — but, honestly, it’s not fair for us to be supporting Canada.  And if we don’t support them, they don’t subsist as a — as a nation. 

    Okay.

    Q    Mr. President, when you were talking to Elon —

    Q    Mr. President, on the EU tariffs.  Mr. President, have you made a decision on what level you will seek on tariffs on the European Union?

    THE PRESIDENT:  We have made a decision, and we’ll be announcing it very soon.  And it’ll be 25 percent, generally speaking, and that’ll be on cars and all other things. 

    And European Union is a different case than Canada — different kind of case.  They’ve really taken advantage of us in a different way.  They don’t accept our cars.  They don’t accept, essentially, our farm products.  They use all sorts of reasons why not.  And we accept everything of them, and we have about a $300 billion deficit with the European Union. 

    Now, I love the countries of Europe.  I guess I’m from there at some point, a long time ago, right?  (Laughter.)  But indirectly — well, pretty directly, too, I guess.  But I love the countries of Europe.  I — I love all countries, frankly.  All different.

    But European Union has been — it was formed in order to screw the United States.  I mean, look, let’s be honest.  The European Union was formed in order to screw the United States.  That’s the purpose of it, and they’ve done a good job of it, but now I’m president.

    Q    What will happen if these countries or the EU retaliate?

    THE PRESIDENT:  They can’t.  I mean, they can try, but they can’t. 

    Q    China did.  They imposed tariffs —

    Q    They are pledging to, sir.

    Q    — that are — went into effect, China’s retaliatory tariffs —

    THE PRESIDENT:  That’s right.  That’s right.  But —

    Q    — on the — the 10th of February.  Has there been any —

    THE PRESIDENT:  That’s right.

    Q    — impact that you’ve been able to observe?

    THE PRESIDENT:  That’s right.  No, they can do it, and they can try, but the numbers can never equal what ours, because we can go off.  We are the pot of gold.  We’re the one that everybody wants.  And they can retaliate, but it cannot be a successful retaliation, because we just go cold turkey.  We don’t buy anymore.  And if that happens, we win. 

    Q    Are you talking to Erik Prince about privatat- —

    THE PRESIDENT:  No.

    Q    — privatizing deportations?

    THE PRESIDENT:  No, I haven’t.  I haven’t.

    Q    Mr. President, you’re in litigation with CBS News.  Is this a case that you’d like to see go to trial, or are you open a settelm- —

    THE PRESIDENT:  With who?

    Q    CBS, the — “60 Minutes.”

    THE PRESIDENT:  CBS?

    Q    Yes.

    THE PRESIDENT:  Well, CBS did something that was amazing.  Kamala was unable to answer a question properly, and they took the question that they asked, and they inserted an answer.  They gave her an answer.  This was two days before the election, right before — the Sunday night before the election.  And they wrote out a — they put her words from another question that was asked about a half an hour later, and they put that into the question. 

    Nobody’s ever even heard of it before.  Nobody’s ever heard of anything like this before.  But they then did it, they say, on numerous occasions.  And the FCC is looking at it very strongly, and everybody’s looking at it, and I’m — but nobody’s ever seen anything. 

    Think of it.  They took her answers, and they changed them.  And I don’t mean they changed a word or two, or they cut off a half a sentence, or they cut off a couple of words.  I mean, I’ve had that happen too.  But that, you — you just say — you know, then they say, “Well, we want brevity.  You know, we wanted to do it for time.” 

    Q    Would — would you encourage —

    THE PRESIDENT:  They took out her answer, and they inserted an entirely different answer that made her sound competent.  And they did this, and nobody’s ever — I thought I’ve heard of everything when it comes to that stuff.  No — I’ve never heard of it.  Nobody has ever seen.  So, we sued, and we are in discussions of settlement. 

    Q    What would a number be?  Like a hu- — what — what’s a number that you would think would be appropriate?

    THE PRESIDENT:  I think it’s a lot.  (Laughter.) 

    Q    What’s the timeline and process —

    THE PRESIDENT:  No, I mean, it — look, it could have — it probably did affect the election.  I mean, we won by a lot.  As I said, “Too big to rig.”  But it probably did affect the election.  Yeah, probably could have won by more, but I could have lost the election because of that. 

    It’s — we have to get to honest elections.  We have to go back to paper ballots.  We have to go back to voter ID.  One-day election, ideally, or short term, not these 48-day and 61-day elections where boxes are put in a room, and, “Oh, let’s move the boxes, because we’re putting in a new air conditioning system.”  Then you see the boxes move, and then you say, “Well, where are all the boxes?”  You know, —

    Q    But would you —

    THE PRESIDENT:  “What happened to the boxes that never came back?” 

    No, our elections are extremely dishonest.  We’re the only country in the world that has mail-in voting and all of these different things that we put in.  Nobody — no other country in the world has it. 

    You know, France went to — they had some of the things that we had, and they went to same-day voting, all paper.  And, you know, paper is very sophisticated now.  It’s a very sophisticated — it’s a very sophisticated form of voting right now.  It’s a very safe form of voting. 

    You know, the other thing is for the governors.  I wish the governors would do it, because the paper ballots will cost 9 percent of the machines, and they’re 100 percent.  You know, they’re — I don’t — nothing’s foolproof, but they’re as close as you get.  So, we’ll see what happens. 

    But on the “60 Minute” thing, nobody’s ever seen anything like it. 

    Q    And would you link the FCC action to the litigation?  I mean, does it make se- —

    THE PRESIDENT:  I don’t think it’s linked, but probably the lawyers look at it, you know, because I know it’s going along.  FCC is headed by a very competent person, and you have some very competent people on the board, and so I think they’re looking at it very seriously. 

    Yeah.

    Q    Mr. President —

    Q    Sir, of all the deals that you’ve done in your life, all the people you’ve sat across from and negotiated with, is President Putin distinct in any way?

    THE PRESIDENT:  He’s a very smart guy.  He’s a very cunning person.  But I’ve dealt with some people that — I’ve dealt with some really bad people.  But I will tell you, as far as this is concerned, we’ve — you have to understand, he was — he had no intention, in my opinion, of settling this war.  I think he wanted the whole thing. 

    When I got elected, we spoke, and I think we’re going to have a deal.  I can’t guarantee you that.  You know, a deal is a deal.  Lots of crazy things happen in deals, right?  But I think we’re going to have a deal. 

    If I didn’t get elected, I believe he would have just continued to go through Ukraine, and over a period of time, a lot of people — a lot of people would have been killed.  It would have lasted for a period of time. 

    And the reason that Ukraine — and I give — I have great respect for the Ukraine as fighters.  They have great fighters.  But without our equipment, that war would have been over, like people said, in a very short period of time. 

    Q    Is there a timeline (inaudible) — 

    THE PRESIDENT:  And if you remember, I gave the Javelins, and the Javelins are the things that knocked out those tanks right at the beginning of the war.  They said that — that Obama, at the time, gave sheets, and Trump gave Javelins.  Well, I was the one that did that.  But I want to see it come to an end. 

    Q    Will he have to make concessions — President Putin?

    THE PRESIDENT:  Yeah, he will.  He will.  He’s going to have to.  And —

    Q    Can you preview that?

    THE PRESIDENT:  And I think — I believe that, because we got elected, that war will come to an end.  And I also believe, if we didn’t get elected, if this administration didn’t win the election by a lot, that that war would go on for a long time, and he would want to take the whole thing. 

    Q    What concessions?  What concessions?

    Q    On the — on the —

    THE PRESIDENT:  The big question I had is: Does he want to take the whole thing?  But the reason — and — and the Ukrainians are good fighters, I have to say, but without the equipment — without our equipment — we have the best equipment in the world.  We have the best military equipment in the world.  Without our equipment, that would have been over very quickly. 

    Q    What concessions would you like to see? 

    Q    On the (inaudible), sir?  On — on the —

    Q    What concessions would you like to see?

    THE PRESIDENT:  Oh, I don’t want to tell right now.  But I can tell you that NATO, you can forget about.  That’s been — I think that’s probably the reason the whole thing started.  And I think, JD, we can say that. 

    What — do you have a statement on that?  You’ve been very much involved. 

    THE VICE PRESIDENT:  (Laughs.)

    THE PRESIDENT:  I gave him the beauty.

    THE VICE PRESIDENT:  Great.  You gave me the — the hardest question, sir. 

    Q    Concessions from Russia.

    THE VICE PRESIDENT:  I mean, look, as the president said, we’re not going to do the negotiation in public with the American media.  He’s going to do it in private with the president of — of Russia, with the president of Ukraine, and with other leaders.  And I think that’s how this has to go. 

    I think the — I just want to push back against some of the criticism I’ve seen in the administration on this, because every single time the president engages in diplomacy, you guys preemptively accuse him of conceding to Russia.  He hasn’t conceded anything to anyone.  He’s doing the job of a diplomat, and he is, of course, the diplomat in chief as the president of the United States. 

    Q    On the gold cards, sir.  Can you talk a little bit more about the vetting process, you know —

    THE PRESIDENT:  They’ll go through a process.  The process is being worked out right now, and we’re going to be — we’re going to be very careful. 

    Q    And will there be restrictions on, for instance, can Chinese nationals get one? 

    THE PRESIDENT:  No, we’re not going to restrict. 

    Q    Can Iranian nationals get —

    THE PRESIDENT:  We’re probably not going to be restricting too much in — in terms of countries, but maybe in terms of individuals.  We want to make sure we have people that love our country and are capable of loving the country.

    Q    Is there a process, sir —

    Q    Mr. President, there is a measles outbreak in Texas at the moment in which a child is reported to have died.  Do you have concerns about that?  And have you asked Secretary Kennedy to look into that outbreak? 

    THE PRESIDENT:  Well, why don’t we — Bobby, do you want to speak on that, please?

    SECRETARY KENNEDY:  We are following the measles epidemic every day.  I think there’s 124 people who have contracted measles at this point, mainly in Gaines County, Texas; mainly, we’re told, in the Mennonite community. 

    There are two people who have died, but the — we’re watching it.  And there — there are about 20 people hospitalized, mainly for quarantine. 

    We’re watching it.  We put out a post on it yesterday, and we’re going to continue to follow it. 

    Q    Mr. President —

    SECRETARY KENNEDY:  Inci- — incidentally, there have been four measles outbreaks this year in this country.  Last year, there were 16.  So, it’s not unusual.  We have measles outbreaks every year. 

    Q    You sound a little under the weather yourself right now.  Are you all right?

    SECRETARY KENNEDY:  I just — I have a permanently bad throat. 

    Q    (Inaudible) coughing.

    Q    Mr. President, would you — would you send U.S. peacekeepers to just — to support the — the European peacekeepers?  Would you do any sort of U.S. —

    THE PRESIDENT:  No, we’re going to support Europe, yeah. 

    Q    And how would we do that?  How would the United States do that?

    THE PRESIDENT:  We’re very friendly with Europe.  We have a great relationship with Europe.  I mean, you could ask — you could talk about France.  You could talk about any of them.  Yeah, we have a great relationship with Europe. 

    Q    But how will we — how will the United States do that?  Would there be boots on —

    THE PRESIDENT:  Well, how?  I mean, you’re asking me a question: What are we doing in the — let’s worry — I hope we have that problem, where we can worry about peacekeeping.  We got to get there first.

    (Secretary Lutnick knocks on the table.)

    But I hope we have the problem of worrying about peacekeeping.  That’ll be the easiest problem, I think, JD, that we’ve ever had.  (Laughter.)

    THE VICE PRESIDENT:  I think so, sir.

    Q    That would be part of the deal, presumably, that the Ukrainians —

    THE PRESIDENT:  We’ll — we’re —

    Q    — would want —

    THE PRESIDENT:  We’ll do it at the time, but we’ll — peacekeeping is very easy.  It’s making the deal that’s very tough. 

    And, again, nobody was speaking to Russia at all.  And, you know, probably a million and a half soldiers have been killed — close to a million and a half soldiers, not to mention a treme- — I will tell you, the — the thing with that horrible war that should have never started — it would have never started if I were president, and it didn’t start for four years, and it was not even thought about starting.  But the thing with that war is that you’re highly underestimating the number of people that have been killed.  Far more people have been killed in that war than you talk about.  You know, you like to talk about numbers, like, a million people.  Well, they had much more than a million soldiers killed.

    But you have a lot of cities that have been knocked to the ground.  They’re demolition sites.  Literally, demolition sites.  Every single building is knocked to the ground, and a lot of people were killed in those buildings.  And you’ll hear a report, “Two people were minorly injured” or “just injured a little bit.”  No.  No.  People were killed by the thousands.

    And there are a lot more people killed in that war than the media wants to talk about, because Biden did a horrible, horrible job.  He should have prevented that war.  He could have prevented that war. 

    Putin would have never gone in.  I’ll tell you one thing: He would have never gone in.  That war would never have taken place if I were president. 

    Q    I think what people are trying to understand, Mr. President —

    Q    Mr. President —

    Q    — is how would the United States — what would you be willing to do to support this European peacekeeping effort?  Would there be —

    THE PRESIDENT:  Again, you’re asking me the same question?  (Laughter.)

    Q    I’m just trying —

    THE PRESIDENT:  How many times do you have to answer it?  You’re talking about after we make peace.  Let me make peace first. 

    Once we make peace, I’ll give you all the answers you want.  But how many times can you ask the same question?

    Q    Mr. President, on the Middle East.  Did you receive —

    Q    Is loosening the sanctions on —

    THE PRESIDENT:  Yeah, go ahead.  Behind.

    Q    Is loosening the sanctions on Russia a potential option as part of an overall deal?

    THE PRESIDENT:  Not now, no.  No.  We have sanctions on Russia.  No, I want to see if we make a deal first.  But I think we will.  I’ve had very —

    Q    But is it a bargaining chip, I’m asking.

    THE PRESIDENT:  I’ve had very good conversations with President Putin.  I’ve had very good conversations with President Zelenskyy.  And until four weeks ago, nobody had conversations with anybody.  It wasn’t even a consideration.  Nobody thought you could make peace.  I think you can. 

    Q    Mr. President, just —

    Q    But if Mr. Putin gets to keep his —

    Q    — just to bring this —

    Q    — the land that was claimed by force, if the Russians get to keep the territory that they — they claimed by force, doesn’t that send a dangerous message, let’s say, to China about Taiwan?

    THE PRESIDENT:  Oh, okay.  You try and take it away, right?  We’re going to do the best we can.  (Laughter.)  We’re going to do the best we can to make the best deal we can for both sides.  But for Ukraine, we’re going to try very hard to make a good deal so that they can get as much back as possible.  We want to get as much back as possible. 

    Q    Mr. President, just to bring this full —

    THE PRESIDENT:  And we’ll — we’ll cut it out after maybe this question.  Go ahead.

    Q    To bring this full circle, back to —

    THE PRESIDENT:  Unless it’s a bad question, and then we’ll (inaudible).  (Laughter.)

    Q    And back to —

    THE PRESIDENT:  You always like to finish on a good one.

    THE VICE PRESIDENT:  But, sir, they want you to negotiate with them instead of President Putin.

    THE PRESIDENT:  I know.  I know.

    Q    Back to the question about the —

    THE PRESIDENT:  They want to continue to talk about the peacekeepers.  (Laughter.)  They’re — you have a lot of confidence in us, because you assume there’s going to be peace.  You know, it’s possible it doesn’t work out.  There is possibility. 

         Q    And I had —

         THE PRESIDENT:  But I hope it does, for the sake of humanity, because if you look at the pictures that I’ve looked at, you don’t want to look at them. 

         Go ahead.

         Q    I had a question back on these cuts to the federal workforce.  You mentioned you — you’re interested in doing another round of this email.  When would you like to

    see that?  What would be the deadline?  And —

         THE PRESIDENT:  I — I’m not — I think —

         Q    — this time, would it be mandatory?

         THE PRESIDENT:  I think Elon — I think Elon wants to.  And I think it’s a good idea because, you know, those people, as I said before, they’re on the bubble.  You got a lot of people that have not responded, so we’re trying to figure out, do they exist?  Who are they?  And it’s possible that a lot of those people will be actually fired. 

         Q    And —

         THE PRESIDENT:  And if that happened, that’s okay, because that’s what we’re trying to do. 

         This country has gotten bloated and fat and disgusting and incompetently run. 

         I think we had the worst president in the history of our country.  He just left office.  I think he’s a disgrace.  What he’s done to our country by allowing millions of people to come into our country like that and all of the other things — the inflation, which he caused because of energy and stupid spending.  To spend hundreds of millions, trillions and trillions of dollars on the Green New Scam — a total scam.  I have the best energy people, the best environmental people in the world around this table, and they — they can’t even believe he got away with it. 

         And then, in leaving office, to send $20 billion here and $20 million there and $10 million and $5 million, and they couldn’t spend the money fast enough, and “Let’s get it out before Trump gets in.  Let’s just get it out to anybody.”  This is a disgrace to our nation.

         And you don’t write the fair thing.  But, look, you know the good news?  The people see it, and that’s why we won the election by so much. 

         Thank you very much, everybody.  I appreciate it.  Thank you.  Thank you.   

         Q    Thank you, Mr. President.

         THE PRESIDENT:  Thank you very much, Doug.  Pulitzer Prize.

         THE VICE PRESIDENT:  Sir, how many peacekeepers are you going to send to — (laughter) —

         THE PRESIDENT:  “What will you do?”  “How will it be?”  (Laughter.)

         SECRETARY LUTNICK:  “How will you address this?”

                                    END            12:47 P.M. EST

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI USA: Sen. Nikki Merritt to Hold Press Conference on Georgia Legislative Black Caucus Priorities

    Source: US State of Georgia

    ATLANTA (February 26, 2025) — Tomorrow, February 27, 2025, from 2:45 p.m. – 3:30 p.m., Senator Nikki Merritt (D–Grayson) will host a press conference to unveil and discuss the priorities of the Georgia Legislative Black Caucus (GLBC).

    EVENT DETAILS:                      

    • Date: Thursday, February 27, 2025
    • Time: 2:45 p.m. – 3:30 p.m.
    • Location: South Steps, 206 Washington St SW, Atlanta, GA, 30334
    • This event is open to the public.

    ADDITIONAL QUESTIONS:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    # # # #

    Sen. Nikki Merritt represents the 9th Senate District which includes portions of Gwinnett County. She may be reached at 404.463.2260 or via email at nikki.merritt@senate.ga.gov

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI Economics: More big updates today for our Phi family of SLMs: Phi-4 multimodal and Phi-4 mini. Can’t wait to see what you build.

    Source: Microsoft

    Headline: More big updates today for our Phi family of SLMs: Phi-4 multimodal and Phi-4 mini. Can’t wait to see what you build.

    Get ready to geek out — Microsoft just unleashed the Phi-4 family, and these small language models (SLMs) are packing a huge punch! Phi-4-multimodal is an absolute beast at 5.6B parameters, juggling speech, vision, and text like a pro—all in one sleek package. Imagine your apps getting a brain boost with real-time audio-visual-text wizardry, perfect for edge devices. And the best part? They’re already live in Azure AI Foundry, HuggingFace, and NVIDIA’s API Catalog, ready for devs to dive in and build something mind-blowing. From smart home agents to in-car assistants, the possibilities are endless—this is versatility on steroids. If you’re itching to shout about this AI revolution from the rooftops (or at least your blog), WordGPT’s here to fuel the fire. It’s your all-in-one writing wingman with an in-cloud editor you can tap into anywhere, AI-powered writing and rephrasing to make your words sing, lightning-fast doc creation to catch the wave, exports to DOC or HTML for whatever you need, and even WordPress automation to blast your masterpiece out in record time. Want in? Try it free at wordgptpro.com — no credit card required—and let’s turn this Phi-4 frenzy into your next viral post! What do you say—ready to write the future?

    MIL OSI Economics –

    February 27, 2025
  • MIL-OSI Economics: Newest models in Microsoft’s Phi family empower developers with advanced AI capabilities

    Source: Microsoft

    Headline: Newest models in Microsoft’s Phi family empower developers with advanced AI capabilities

    We are excited to announce Phi-4-multimodal and Phi-4-mini, the newest models in Microsoft’s Phi family of small language models (SLMs). These models are designed to empower developers with advanced AI capabilities.

    We are excited to announce Phi-4-multimodal and Phi-4-mini, the newest models in Microsoft’s Phi family of small language models (SLMs). These models are designed to empower developers with advanced AI capabilities. Phi-4-multimodal, with its ability to process speech, vision, and text simultaneously, opens new possibilities for creating innovative and context-aware applications. Phi-4-mini, on the other hand, excels in text-based tasks, providing high accuracy and scalability in a compact form. Now available in Azure AI Foundry, HuggingFace, and the NVIDIA API Catalog where developers can explore the full potential of Phi-4-multimodal on the NVIDIA API Catalog, enabling them to experiment and innovate with ease. 

    What is Phi-4-multimodal?

    Phi-4-multimodal marks a new milestone in Microsoft’s AI development as our first multimodal language model. At the core of innovation lies continuous improvement, and that starts with listening to our customers. In direct response to customer feedback, we’ve developed Phi-4-multimodal, a 5.6B parameter model, that seamlessly integrates speech, vision, and text processing into a single, unified architecture.

    By leveraging advanced cross-modal learning techniques, this model enables more natural and context-aware interactions, allowing devices to understand and reason across multiple input modalities simultaneously. Whether interpreting spoken language, analyzing images, or processing textual information, it delivers highly efficient, low-latency inference—all while optimizing for on-device execution and reduced computational overhead.

    Redefining what’s possible with SLMs

    Natively built for multimodal experiences

    Phi-4-multimodal is a single model with mixture-of-LoRAs that includes speech, vision, and language, all processed simultaneously within the same representation space. The result is a single, unified model capable of handling text, audio, and visual inputs—no need for complex pipelines or separate models for different modalities.

    The Phi-4-multimodal is built on a new architecture that enhances efficiency and scalability. It incorporates a larger vocabulary for improved processing, supports multilingual capabilities, and integrates language reasoning with multimodal inputs. All of this is achieved within a powerful, compact, highly efficient model that’s suited for deployment on devices and edge computing platforms.

    This model represents a step forward for the Phi family of models, offering enhanced performance in a small package. Whether you’re looking for advanced AI capabilities on mobile devices or edge systems, Phi-4-multimodal provides a high-capability option that’s both efficient and versatile.

    Unlocking new capabilities

    With its increased range of capabilities and flexibility, Phi-4-multimodal opens exciting new possibilities for app developers, businesses, and industries looking to harness the power of AI in innovative ways. The future of multimodal AI is here, and it’s ready to transform your applications.

    Phi-4-multimodal is capable of processing both visual and audio together. The following table shows the model quality when the input query for vision content is synthetic speech on chart/table understanding and document reasoning tasks. Compared to other existing state-of-the-art omni models that can enable audio and visual signals as input, Phi-4-multimodal achieves much stronger performance on multiple benchmarks.

    Figure 1: Phi-4-multimodal audio and visual benchmarks.

    Phi-4-multimodal has demonstrated remarkable capabilities in speech-related tasks, emerging as a leading open model in multiple areas. It outperforms specialized models like WhisperV3 and SeamlessM4T-v2-Large in both automatic speech recognition (ASR) and speech translation (ST). The model has claimed the top position on the Huggingface OpenASR leaderboard with an impressive word error rate of 6.14%, surpassing the previous best performance of 6.5% as of February 2025. Additionally, it is among a few open models to successfully implement speech summarization and achieve performance levels comparable to GPT-4o model. The model has a gap with close models, such as Gemini-2.0-Flash and GPT-4o-realtime-preview, on speech question answering (QA) tasks as the smaller model size results in less capacity to retain factual QA knowledge. Work is being undertaken to improve this capability in the next iterations.

    Figure 2: Phi-4-multimodal speech benchmarks.

    Phi-4-multimodal with only 5.6B parameters demonstrates remarkable vision capabilities across various benchmarks, most notably achieving strong performance on mathematical and science reasoning. Despite its smaller size, the model maintains competitive performance on general multimodal capabilities, such as document and chart understanding, Optical Character Recognition (OCR), and visual science reasoning, matching or exceeding close models like Gemini-2-Flash-lite-preview/Claude-3.5-Sonnet.

    Figure 3: Phi-4-multimodal vision benchmarks.

    What is Phi-4-mini?

    Phi-4-mini is a 3.8B parameter model and a dense, decoder-only transformer featuring grouped-query attention, 200,000 vocabulary, and shared input-output embeddings, designed for speed and efficiency. Despite its compact size, it continues outperforming larger models in text-based tasks, including reasoning, math, coding, instruction-following, and function-calling. Supporting sequences up to 128,000 tokens, it delivers high accuracy and scalability, making it a powerful solution for advanced AI applications.

    To understand the model quality, we compare Phi-4-mini with a set of models over a variety of benchmarks as shown in Figure 4.

    Figure 4: Phi-4-mini language benchmarks.

    Function calling, instruction following, long context, and reasoning are powerful capabilities that enable small language models like Phi-4-mini to access external knowledge and functionality despite their limited capacity. Through a standardized protocol, function calling allows the model to seamlessly integrate with structured programming interfaces. When a user makes a request, Phi-4-Mini can reason through the query, identify and call relevant functions with appropriate parameters, receive the function outputs, and incorporate those results into its responses. This creates an extensible agentic-based system where the model’s capabilities can be enhanced by connecting it to external tools, application program interfaces (APIs), and data sources through well-defined function interfaces. The following example simulates a smart home control agent with Phi-4-mini.

    At Headwaters, we are leveraging fine-tuned SLM like Phi-4-mini on the edge to enhance operational efficiency and provide innovative solutions. Edge AI demonstrates outstanding performance even in environments with unstable network connections or in fields where confidentiality is paramount. This makes it highly promising for driving innovation across various industries, including anomaly detection in manufacturing, rapid diagnostic support in healthcare, and enhancing customer experiences in retail. We are looking forward to delivering new solutions in the AI agent era with Phi-4 mini.
     
    —Masaya Nishimaki, Company Director, Headwaters Co., Ltd. 

    Customization and cross-platform

    Thanks to their smaller sizes, Phi-4-mini and Phi-4-multimodal models can be used in compute-constrained inference environments. These models can be used on-device, especially when further optimized with ONNX Runtime for cross-platform availability. Their lower computational needs make them a lower cost option with much better latency. The longer context window enables taking in and reasoning over large text content—documents, web pages, code, and more. Phi-4-mini and multimodal demonstrates strong reasoning and logic capabilities, making it a good candidate for analytical tasks. Their small size also makes fine-tuning or customization easier and more affordable. The table below shows examples of finetuning scenarios with Phi-4-multimodal.

    Tasks Base Model Finetuned Model Compute
    Speech translation from English to Indonesian 17.4 35.5 3 hours, 16 A100
    Medical visual question answering 47.6 56.7 5 hours, 8 A100

    For more information about customization or to learn more about the models, take a look at Phi Cookbook on GitHub. 

    How can these models be used in action?

    These models are designed to handle complex tasks efficiently, making them ideal for edge case scenarios and compute-constrained environments. Given the new capabilities Phi-4-multimodal and Phi-4-mini bring, the uses of Phi are only expanding. Phi models are being embedded into AI ecosystems and used to explore various use cases across industries.

    Language models are powerful reasoning engines, and integrating small language models like Phi into Windows allows us to maintain efficient compute capabilities and opens the door to a future of continuous intelligence baked in across all your apps and experiences. Copilot+ PCs will build upon Phi-4-multimodal’s capabilities, delivering the power of Microsoft’s advanced SLMs without the energy drain. This integration will enhance productivity, creativity, and education-focused experiences, becoming a standard part of our developer platform.

    —Vivek Pradeep, Vice President Distinguished Engineer of Windows Applied Sciences.

    1. Embedded directly to your smart device: Phone manufacturers integrating Phi-4-multimodal directly into a smartphone could enable smartphones to process and understand voice commands, recognize images, and interpret text seamlessly. Users could benefit from advanced features like real-time language translation, enhanced photo and video analysis, and intelligent personal assistants that understand and respond to complex queries. This would elevate the user experience by providing powerful AI capabilities directly on the device, ensuring low latency and high efficiency.
    2. On the road: Imagine an automotive company integrating Phi-4-multimodal into their in-car assistant systems. The model could enable vehicles to understand and respond to voice commands, recognize driver gestures, and analyze visual inputs from cameras. For instance, it could enhance driver safety by detecting drowsiness through facial recognition and providing real-time alerts. Additionally, it could offer seamless navigation assistance, interpret road signs, and provide contextual information, creating a more intuitive and safer driving experience while connected to the cloud and offline when connectivity isn’t available.
    3. Multilingual financial services: Imagine a financial services company integrating Phi-4-mini to automate complex financial calculations, generate detailed reports, and translate financial documents into multiple languages. For instance, the model can assist analysts by performing intricate mathematical computations required for risk assessments, portfolio management, and financial forecasting. Additionally, it can translate financial statements, regulatory documents, and client communications into various languages and could improve client relations globally.

    Microsoft’s commitment to security and safety

    Azure AI Foundry provides users with a robust set of capabilities to help organizations measure, mitigate, and manage AI risks across the AI development lifecycle for traditional machine learning and generative AI applications. Azure AI evaluations in AI Foundry enable developers to iteratively assess the quality and safety of models and applications using built-in and custom metrics to inform mitigations.

    Both models underwent security and safety testing by our internal and external security experts using strategies crafted by Microsoft AI Red Team (AIRT). These methods, developed over previous Phi models, incorporate global perspectives and native speakers of all supported languages. They span areas such as cybersecurity, national security, fairness, and violence, addressing current trends through multilingual probing. Using AIRT’s open-source Python Risk Identification Toolkit (PyRIT) and manual probing, red teamers conducted single-turn and multi-turn attacks. Operating independently from the development teams, AIRT continuously shared insights with the model team. This approach assessed the new AI security and safety landscape introduced by our latest Phi models, ensuring the delivery of high-quality capabilities.

    Take a look at the model cards for Phi-4-multimodal and Phi-4-mini, and the technical paper to see an outline of recommended uses and limitations for these models.

    Learn more about Phi-4

    We invite you to come explore the possibilities with Phi-4-multimodal and Phi-4-mini in Azure AI Foundry, Hugging Face, and NVIDIA API Catalog with a full multimodal experience. We can’t wait to hear your feedback and see the incredible things you will accomplish with our new models. 

    Azure AI Foundry

    Design, customize, and manage AI apps and agents at scale.

    MIL OSI Economics –

    February 27, 2025
  • MIL-OSI China: National high-tech zones host two-thirds of China’s unicorn firms

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

    BEIJING, Feb. 26 — China’s national high-tech industrial development zones have become major bases for startups valued at over 1 billion U.S. dollars, according to the Ministry of Industry and Information Technology.

    The country’s 178 national high-tech industrial development zones were home to approximately 67 percent of China’s unicorn firms by the end of 2024, the ministry told a press conference on Wednesday.

    These zones housed about one-third of the country’s high-tech enterprises and 46 percent of its “little giant” firms, which refer to the novel elites among small and medium-sized enterprises that are engaged in manufacturing, specialize in a niche market and boast cutting-edge technologies.

    Notably, these zones host approximately 60 percent of the country’s publicly listed artificial intelligence (AI) companies and about half of its AI unicorns, the ministry said.

    These zones registered steady economic growth last year, with their total gross domestic product up 7.6 percent year on year in nominal terms.

    These high-tech zones also achieved fruitful results in opening-up and international cooperation, with total import and export volumes of goods and services hitting 9.5 trillion yuan, representing a 2.5 percent year-on-year growth.

    To boost their technological and industrial innovation, the government will combine zone development with strategic national sci-tech resources, and step up its cultivation of gazelle and unicorn companies, according to ministry official Wu Jiaxi.

    MIL OSI China News –

    February 27, 2025
  • MIL-OSI China: 5th China International Consumer Products Expo to spotlight high-tech innovation

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

    HAIKOU, Feb. 26 — The fifth China International Consumer Products Expo (CICPE), a key platform for global trade and consumption trends, will take place in Haikou, the capital city of south China’s Hainan Province, from April 13 to 18, the event’s organizers announced at a press briefing on Wednesday.

    Co-hosted by China’s Ministry of Commerce and the Hainan provincial government, this year’s expo will feature expanded international participation and first-time innovations.

    Aligning with China’s innovation priorities, the expo will highlight sectors such as artificial intelligence, low-altitude aviation, smart vehicles and digital health. Tech leaders like Huawei, iFLYTEK and Tesla will showcase cutting-edge solutions.

    The main venue remains the Hainan International Convention and Exhibition Center this year, with additional duty-free shopping zones in international duty-free complexes in Haikou and Sanya. A yacht exhibition will also be held in Sanya.

    Newcomers to the event will include delegations from Slovakia, Brazil and Singapore. Multinational giants such as U.S.-based Estée Lauder and Germany’s Volkswagen will also be among this year’s exhibitors.

    Domestic exhibitors will present premium and local products, and a section of the expo will be dedicated to connecting foreign buyers with Chinese manufacturers through tailored investment matchmaking.

    The CICPE is China’s only national-level exhibition featuring consumer products, and it is the largest consumer expo in the Asia-Pacific region.

    MIL OSI China News –

    February 27, 2025
  • MIL-OSI United Kingdom: Growth and security at heart of Prime Minister’s meeting with President Trump

    Source: United Kingdom – Executive Government & Departments

    Press release

    Growth and security at heart of Prime Minister’s meeting with President Trump

    The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

    • Prosperity and security for working people focus of Prime Minister’s meeting with President Trump.   

    • Special relationship between UK and US critical to deliver growth and security, with further collaboration on AI and tech.    

    • Prime Minister to reiterate shared US-UK commitment to reaching a durable and lasting peace in Ukraine, and the need for Europe to step up to the challenge.

    The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

    The UK and the US share a unique and historic relationship, based on shared values and a mutual commitment to economic and defence cooperation.  

    The UK and the US have one of the biggest trading relationships of any two countries in the world, worth around 400 billion dollars and supporting over 2.5 million jobs across both countries.     

    This visit comes just days after the third anniversary of Russia’s illegal invasion of Ukraine. The Prime Minister and President Trump share a commitment to delivering lasting peace in Ukraine, and the Prime Minister will reiterate the UK’s commitment to securing a just and enduring peace, bringing an end to Russia’s illegal war.     

    The Prime Minister will be clear that there can be no negotiations about Ukraine, without Ukraine and will recognise the need for Europe to play its part on global defence and step up for the good of collective European security.    

    On Tuesday, the Prime Minister announced that defence spending will increase to 2.5% of GDP from April 2027, with an ambition to reach 3% in the next parliament. This will drive economic growth and create jobs across the UK, while bolstering national security and protecting borders.   

    Prime Minister Keir Starmer said:    

    The world is becoming ever more dangerous, and it is more important than ever that we are united with our allies.     

    A stable economy, secure borders and national security are the foundations of my Plan for Change, and the US-UK relationship is integral to delivering them. These principles will be at the heart of discussions with President Trump today.     

    There are huge opportunities for us to deepen our special relationship, deliver growth and security, and improve the lives of working people in both our great nations.

    Both countries are world leaders in AI and advanced technologies, and the Prime Minister will be looking to build on these strong foundations to create jobs and economic growth.     

    The discussion will have a particular focus on the opportunities that further technology and AI partnerships could deliver. These include a proposal of high-ambition shared moonshot missions across top technologies including quantum and AI, and a deeper partnership on space.     

    The US and UK are the only two allied countries with trillion-dollar technology eco-systems, and the Prime Minister will make the case for further integration between the two countries’ tech sectors to make them the most efficient, ambitious technology sectors in the world.     

    In October, US tech firms announced a £6.3 billion package of investment to support UK data centres – a central pillar of the government’s plan to ramp up the country’s AI capacity. In January a further £12 billion investment from Vantage Data Centers created over 11,500 jobs as the government published its AI Opportunities Action Plan.   

    These investments represent just one facet of the deepening science, innovation, and technology collaboration between both countries. In AI, researchers from both sides of the Atlantic have dedicated research exchange programmes to share knowledge and expertise in delivering the next wave of cutting-edge innovations that improve people’s lives in areas such as personalised care, autonomous surgeries, and cancer diagnosis – on top of a broader AI partnership which has also been signed by the AI Institutes of both countries. 

    On a visit to the West Coast at the end of last year Technology Secretary Peter Kyle met a range of companies to bang the drum for further investment in the UK’s technology sector. Just two weeks ago, he also put pen to paper on a new partnership with leading AI firm Anthropic which will explore how the technology can be put to work to transform the public services that UK citizens rely on, and deliver on the government’s Plan for Change.   

    The Prime Minister will join President Trump at the White House on Thursday, where he will be greeted by the President before signing the White House Guest Book and a tete a tete at the Oval Office. This will be followed by a bilateral lunch, and a joint press conference. He will also carry out a defence focused visit.   

    On arrival on Wednesday night, he will meet a select group of CEOs from large US businesses to discuss their existing and growing presence in the UK, and the importance of UK-US trade and investment. He will outline the strength of the UK offer to investors: policy stability; an active partnership with government; an open, trading economy; and a reform agenda focused on making it easier to do business.   

    The Prime Minister will be accompanied by the Foreign Secretary David Lammy, who will join the Prime Minister’s programme at the White House.

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 26 February 2025

    MIL OSI United Kingdom –

    February 27, 2025
  • MIL-OSI United Nations: New report flags severity of US funding cuts to global AIDS response

    Source: United Nations 2

    26 February 2025 Health

    Shuttered clinics and health workers laid off around the world reflect the widespread, negative toll the United States funding freeze is taking on the global AIDS response, according to a new situation report released on Wednesday by the UN agency charged with responding to the disease.

    UNAIDS said that at least one status report on the impact of cuts has been received from 55 different countries up to the start of this week.

    That includes 42 projects that are supported by the US President’s Emergency Plan for AIDS Relief (PEPFAR) and 13 that receive some US support.

    Two days after President Trump’s executive order in late January declared a 90-day pause to all foreign assistance, the Secretary of State issued an emergency waiver to resume “life-saving” humanitarian assistance, including HIV treatment.

    UNAIDS reported just over a week later that there was widespread “confusion” over how the waiver was being implemented on the ground.

    The 16 reports received from UNAIDS country offices around the world during the week of 17 to 21 February show that these waivers have led to the resumption of some clinical services, such as HIV treatment and prevention of vertical transmission, in many countries that are highly dependent on US funding.

    © UNICEF/Rindra Ramasomanana

    A mother-to-be is tested for HIV in the Analanjirofo region of Madagascar.

    Many projects ineligible

    However, it’s unclear how long funding will last amid multiple reports that key US government systems and staff responsible for paying implementing partners are either offline or working at greatly reduced capacity, the UN agency said.

    In addition, critical layers of national AIDS responses are ineligible for these waivers, including many HIV prevention and community-led services for key populations and adolescent girls and young women, according to the UN agency.

    At the same time, data collection and analysis services have been disrupted in numerous countries, according to reports received last week, which note that the overall quantity and quality of HIV prevention, testing and treatment services has been eroded.

    © UNICEF/Olivier Asselin

    In Côte d’Ivoire, a woman living with HIV holds three pills she takes daily as part of antiretroviral therapy.

    Waiting times increase

    Staff working in health facilities are facing increased workloads, and patients are experiencing increased wait times to receive lifesaving services, UNAIDS said.

    Other concerns persist, from hobbled health systems to addressing gender-related priorities.

    “US Government statements to UN system organizations suggest US-funded programmes focused on gender equality and transgender populations may not resume,” according to the UNAIDS situation report.

    Fresh data analysis

    The situation report covers more granular analysis on the global AIDS response’s heavy reliance on US foreign assistance, extracted from the datasets managed by UNAIDS.

    For example, more than half of HIV medicines purchased for the Democratic Republic of Congo (DRC), Haiti, Mozambique, Tanzania and Zambia are purchased by the US.

    Before the freeze, the US Government provided two thirds of international financing for HIV prevention in low and middle-income countries, according to estimates from the Global HIV Prevention Coalition.

    The report also named the 20 countries that rely most heavily on funding from Washington: DRC, Haiti, Mozambique, Tanzania, Zambia, Uganda, Nigeria, Rwanda, Angola, Kenya, Ukraine, Burkina Faso, Burundi, El Salvador, Zimbabwe, Togo, Nepal, Côte d’Ivoire, Eswatini and Benin.

    Services at a standstill

    Civil society and community-led interventions are central to ending AIDS and to sustaining the gains into the future, according to UN agency.

    People living with HIV and key populations at higher risk of infection, play a crucial role in maintaining the local services needed to stay healthy, UNAIDS said.

    Yet, many critical services have ground to a halt. Here are some examples:

    • Mozambique: Community workers and test counsellors supported by PEPFAR funding are not being paid. As a result, HIV testing is unavailable in most parts of the country, enrolment of new patients is on hold and efforts to support people living with HIV to adhere to their treatment have been compromised
    • Tanzania: Young people working as peer educators, community health workers or lay counsellors funded by PEPFAR have been issued temporary job termination notices
    • Rwanda: Community-level and facility-based HIV-prevention services targeting populations at high risk of HIV infection, including adolescent girls and young women, gay men and sex workers were not covered by waivers received from the US Government
    • South Africa: US-funded facilities that support gay men, such as Engage Men’s Health, remain closed
    • Ghana: All civil society organizations funded by PEPFAR have halted services to people living with HIV and key populations

    Learn more about UNAIDS here.

    On the ground in Côte d’Ivoire

    Here is an emblematic snapshot of how the UN funding freeze has already affected this West African nation of 27 million, where Washington has supported more than half the total response to assist more than 400,000 adults and children living with AIDS.

    © UNICEF/Frank Dejong

    A mother, holding her two-year-old in southwest Côte d’Ivoire, discovered she was seropositive during her pregnancy. (file)

    • The stop-work order triggered a complete shutdown of services funded by the PEPFAR programme, which covers 516 health facilities in 70 per cent of the country’s health districts and 85 per cent of people living with HIV on treatment (about 265,000 people)
    • More than 8,600 staff were affected, including 597 clinical workers (doctors, nurses and midwives) and 3,591 community workers
    • Distribution of medicines and transport of diagnostic samples ground to halt
    • US-funded services partially resumed on 12 February following receipt of waivers, but the majority of US-funded HIV-prevention services for people at high risk of infection, remain shut
    • Other national health programmes and systems are affected by the freeze, including the malaria and tuberculosis control programmes and another serving mother and child health alongside the supply chain system for medicines and diagnostics

    MIL OSI United Nations News –

    February 27, 2025
  • MIL-OSI New Zealand: Speech to LGNZ All-of-Local-Government Forum

    Source: New Zealand Government

    Good morning, everybody.
    It’s great to see such a good cross-section of people from local government here today.
    Against a backdrop of skyrocketing rates and massive cost of living pressures, a lot has been made recently of the need to go ‘back to basics’ and to ‘go for growth.’
    These two things are critically linked.
    Moving back to basics means consciously reducing government scope to the bare minimum and avoiding unnecessary intervention in people’s lives.
    Reduced intervention frees people to do what they do best, and unlocks potential gains in efficiency, innovation, and productivity – all vital ingredients to deliver economic growth.
    With this in mind, it’s heartening to join you on a day focused on showing communities value, and sharpening councils’ value stories.
    However, I’m aware that the ability to sharpen value stories is inherently constrained when working with such a blunting instrument as the Resource Management Act.
    The RMA’s downfall
    There are endless examples of the absurdity that’s ensued under the RMA. Every week I am reading new articles, receiving new letters, and hearing new stories about the obstruction it has delivered.
    I think of the letter I received from an Upper Hutt man who was blocked from cutting down a tree on his own property, assessed as dangerous by both his neighbour and an arborist – a generic pin oak not even listed on the plan.
    I think of Tracy Fleet in Ashburton who, facing a similar situation, was slapped with a $7000 fine and a criminal conviction for pruning a tree so dangerous insurers were turning away, after a years-long, strung-out saga that was also swallowing up her ratepayer dollars in the process.
    I think of Curt and Tricia Zant whose Hawke’s Bay farm was slapped with an ‘Outstanding Natural Feature’ classification in the council’s plan, restricting their ability to invest time, care, and capital into their land to drive the growth we’re seeking, without any compensation for their loss – I’ll come back to this.
    I think of Datagrid whose land provides a great location to invest in a data centre and subsea cable network expansion. This would capitalise on the window of opportunity that is the spiking demand for data storage and faster connectivity in the age of artificial intelligence and the cloud. How ironic that this immense growth opportunity has been stalled by the imposition of a so-called ‘highly productive’ classification on their land, tying them up in consenting quicksand to protect a turnip crop.
    I think of attempts to build a new McDonald’s, Starbucks, Burger King, or even a supermarket, where the RMA’s breadth has somehow gotten us to a point where vexatious objectors have been able to weaponise any number of irrelevant ‘effects’ to obstruct things they don’t like.
    These are just some of the many examples up and down this country where people and organisations, big and small, are facing massive restrictions on the use of their property, too often for tenuous reasons enabled by the RMA that amount to little more than subjective ‘vibe’.
    Whether it’s protecting dangerous trees, debating the vibe of landscapes and architecture, pontificating on how a property owner should best use their own land, or having to consider all manner of reckons – from the health profile of food to the competition ‘effects’ of a new business – the current council ‘value’ story is a hard one to tell.
    The solution
    The good news is that our commitment to replace the RMA with a system based on property rights will reduce the scope of resource management and liberate councils to focus on things that actually deliver value for ratepayers.
    Last year, Cabinet agreed the principles and direction that would guide the replacement.
    First things first: we must narrow the scope of the system to focus on material effects, and to promote the enjoyment of property rights. As is clear from the examples above, and countless others, the RMA tries to do too many things, and in doing so has become a vehicle to stifle growth. 
    When the RMA was developed, the key downfall was integrating management of development and the environment into one purpose, which has treated development as a privilege. We’re going to change that by replacing the RMA with two Acts with distinct purposes – one to manage environmental effects arising from activities and another to enable urban development and infrastructure.
    Councils will have clarity on what environmental effects and domains need managing, what needs to be considered when setting limits appropriate to their regions, and the tools available to manage resources within those limits. These tools should include innovative methods for things like water allocation and discharges, so scarce resources go to where they’re needed most, and supply can respond to demand.
    What is not negotiable, though, is that human needs will be met. Frustrating development to resist growth doesn’t abate the need for it, nor does it change the reality that human existence necessarily has effects on the environment. If development cannot occur within an environmental limit in one place, then it must occur in another. But development must, and will, occur.
    Through codifying into standards established and accepted ways of undertaking activities, the new system will liberate councils from the regulatory anxiety which demands consents and treats applications for common activities like road construction as a potential extermination event. When we’ve done most things in most places before, there’s no reason to start from scratch each time.
    Spatial planning will be a core feature, with several important roles. It will separate incompatible land uses, provide protection for infrastructure, and identify natural hazards. The separation of incompatible land uses will be a key mechanism for managing potential neighbourhood effects like noise, odour, and the likes.
    A stricter effects-based system with a no duplication rule means stripping out regulation and consenting for anything that has no material effects on the natural environment or another property owner, is covered by and complies with another law or national standard, or is subject to a private agreement among all affected parties.
    A stricter effects-based system also means limiting who gets a say on what others do with their property if they are not directly affected. Gone will be the days of every Tom, Dick, and Harry sticking their noses into other people’s business at the other end of the country.
    All of this will go some way to respecting property rights.
    However, for potential situations where management of genuine effects presents residual friction with property rights, we must ask ourselves through this process “who benefits from such a constraint?” and, therefore, “who should bear the cost?”
    For example, coming back to the case of the Zants’ issues under the current system – should they be the ones to pay the price of someone else’s decision that the landscape their property sits on is ‘outstanding’ to look at? What incentives does this this create for making sound decisions about what is outstanding when it is costless to the decision maker?
    Through all this change to unshackle people from the burdensome approach of up-front consenting, Cabinet has also recognised a corresponding need for a strong compliance monitoring and enforcement regime, ensuring accountability among system participants so this replacement system delivers for both development and the environment.
    Conclusion
    This is just a sample of some of the key elements to be determined as we shore up the design of the new system, and no doubt there will be interest across other areas – from the role of a planning tribunal type function, to the shift to one plan per region, and beyond.
    With the Resource Management Expert Advisory Group now having taken Cabinet’s direction and developed a draft blueprint for RMA replacement, there will be more to share in due course.
    One thing that is clear, though, is that engagement of key system participants is important.
    Local government is a critical system participant, so I encourage you to take the opportunity to feed into this reform, 
    Because liberalising resource management is a critical step in helping councils sharpen their value stories and unlocking the innovation and economic growth we so desperately need.

    MIL OSI New Zealand News –

    February 27, 2025
  • MIL-OSI Economics: Xbox reveals agenda for developers at GDC 2025 March 17-21

    Source: Microsoft

    Headline: Xbox reveals agenda for developers at GDC 2025 March 17-21

    As we gear up for the Game Developers Conference (GDC) 2025, we couldn’t be more excited to meet up with our friends and colleagues in the industry and explore the many incredible new opportunities that await. This year, GDC takes place from March 17-21 at the Moscone Convention Center in San Francisco, California. We’ll host partner meetings, participate in conference sessions, and sponsor events like the IGF Awards and the ESA Foundation’s Nite to Unite. Attendees that come by the Xbox Lounge in Moscone South will have a chance to see the latest Xbox experience on PC, join a Q&A with an Xbox development expert, and learn about the opportunities and benefits of building with Xbox across PC, Cloud and Console.

    Xbox is expanding to any screen on any device, making it easier for anyone to play with the friends they want – whether they choose to play with Xbox console, PC, Smart TV or mobile. At GDC, we’re inviting game developers to go behind the scenes to better understand what it means for Xbox to be playable on any screen. We’re committed to empowering game developers to tap into that opportunity by building cross-capable games that take advantage of Xbox across devices. Our presence will reveal the many ways game developers can reach more players with Xbox and showcase success stories of developers who are maximizing the opportunity.

    Whether you’re an indie developer or a seasoned professional, Xbox speakers will be presenting insights for every stage of your development journey. Check out the full schedule below. If you will be engaging remotely, you can learn more by visiting our Game Development Resource Hub here and to learn more about AI for Gaming, check out our Gaming AI Resource Hub here.

    For us, GDC 2025 is as much about showcasing the Xbox developer experience as it is about fostering collaboration with partners and driving our gaming future, together. See you there!

    Monday, March 17

    UX Summit: UX Writing: A New(ish) Craft in Mobile Games
    Speaker: Patricia Gomez (King)
    Date: Monday, March 17
    Time: 9:30am – 10:30am
    Location: Room 2010, West Hall

    Community Management Summit: Social Media Microtalks: Authenticity from You and the Business “We”
    Speaker: Cindy Tran (Obsidian Entertainment), Antonio Cara (DeNA Corp.), Harper Jay MacIntyre (Double Fine Productions Inc), Livvy Hall (Xbox Game Studios Publishing), Megan Spurr (Microsoft)
    Date: Monday, March 17
    Time: 10:50am – 11:50am
    Location: Room 2014, West Hall

    Live Service Games Summit: Reinventing ‘Candy Crush Soda’ for the Next 10 years
    Speaker: Abigail Rindo (King), Paul Hellier (King)
    Date: Monday, March 17
    Time: 10:50am – 11:50am
    Location: Room 2006, West Hall

    Animation Summit: ‘Diablo 4’: Bringing to Life the Priestess of Hatred
    Speaker: Chad Waldschmidt (Blizzard Entertainment)
    Date: Monday, March 17
    Time: 3:50 pm – 4:20 pm
    Location: Room 2018, West Hall

    UX Summit: Making the World Playful: The Importance of Accessible Mobile Games
    Speaker:
    Emilio Jeldrez (King)
    Date: Monday, March 17
    Time: 5:30pm – 6:00pm
    Location: Room 2010, West Hall

    Tuesday, March 18

    Live Service Games Summit: Mass Engagement Winning Strategies: The 15M Player Tournament of ‘Candy Crush Saga’
    Speaker: Margaux Diaz (King), Roberto Kusabbi (King)
    Date: Tuesday, March 18
    Time: 9:30am – 10:30am
    Location: Room 2006, West Hall

    Thriving Players Summit: Prosocial Design Workshop
    Speaker:
    Natasha Miller (Blizzard Entertainment), Weszt Hart (Riot Games)
    Date: Tuesday, March 18
    Time: 9:30am – 11;50am
    Location: Room 3005, West Hall

    The Climate Crisis Workshop
    Speaker: Grant Shonkwiler (Shonkventures LLC), Trevin York (Dire Lark), Paula Angela Escuadra (Microsoft / Xbox), Jennifer Estaris (ustwo games), Arnaud Fayolle (Ubisoft)
    Date: Tuesday, March 18
    Time: 10:00am – 6:00pm
    Location: Room 204, South Hall

    Gaming Reimagined: Mobile’s Impact on Play Today (Presented by King)
    Speaker: Todd Green (King), Paula Ingvar (King), Peiwen Yao (Blizzard Entertainment)
    Date: Tuesday, March 18
    Time: 10:50am – 11:50am
    Location: Room 2000, West Hall

    Unpacking Anti-Toxicity Strategy in “Call of Duty” (Presented by Community Clubhouse)
    Speaker: Mark Frumkin (Modulate), Grant Cahill (Activision)
    Date: Tuesday, March 18
    Time: 2:40pm – 3:40pm
    Location: Esplanade 158, South Hall

    Live Service Games Summit: Game Designer’s Notebook
    Speakers: Marta Cortiñas (King), Kenny Dinkin (King)
    Time: 2:40pm – 3:40pm
    Location: Room 2006, West Hall

    Wednesday, March 19

    Opening a Billion Doors with Xbox (Presented by Microsoft)
    Speaker: Leo Olebe (Microsoft), Chris Charla (Microsoft)
    Date: Wednesday, March 19
    Time: 12:30pm – 1:30pm
    Location: Room 3022, West Hall

    Accelerating Your Inner Loop with Visual Studio and GitHub Copilot AI (Presented by Microsoft)
    Speaker: David Li (Microsoft), Michael Price (Microsoft)
    Date: Wednesday, March 19
    Time: 12:30pm – 1:30pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Grow Your Audience with the Updated Xbox Experience on PC (Presented by Microsoft)
    Speaker:
    Tila Nguyen (Microsoft), Jose Rady (Microsoft)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Make your Game Available ANYWHERE with Xbox Cloud Gaming (Presented by Microsoft)
    Speaker: Harrison Hoffman (Microsoft), Jordan Cohen (Microsoft)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: Room 2000, West Hall

    Masterworking Systems: Lessons Learned from the Engineering of Season of Loot Reborn in ‘Diablo IV’
    Speaker: Patrick Ferland (Blizzard Entertainment)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: Room 2006, West Hall

    Ask Game Lawyers Anything Roundtable Day 1
    Speaker: Ryan Black (DLA Piper (Canada) LLP), Brandon Huffman (Odin Law and Media), Angelo Alcid (Microsoft Corp.), Yan Perng (Netflix)
    Date: Wednesday, March 19
    Time: 3:30pm – 4:30pm
    Location: Room 308, South Hall

    Xbox Game Studios Panel: Scaling Cross-Platform Development Across Xbox and PC (Presented by Microsoft)
    Speaker: Kate Rayner (Microsoft), Soren Hannibal Nielsen (Microsoft, Chuck Rozhon (Obsidion Entertainment), Chad Dawson (Double Fine Productions) Phil Cousins (Microsoft), Magnus Auvinen (Machine Games)
    Date: Wednesday, March 19
    Time: 3:30pm – 4:30pm
    Location: Room 2000, West Hall

    Thursday, March 20

    DirectX State of the Union: Raytracing and PIX Workflows (Presented by Microsoft)
    Speaker: Claire Andrews (Microsoft), Austin Kinross (Microsoft)
    Date: Thursday, March 20
    Time: 9:30am – 10:30am
    Location: Room 2009, West Hall

    VFX Storytelling: How “Hearthstone” Breathes Life Into Hundreds of Cards
    Speaker: Alex Cortes (Blizzard Entertainment)
    Date: Thursday, March 20
    Time: 11:00am – 12:00pm
    Location: Room 2006, West Hall

    Strategies for Indie Devs: How to Succeed with Xbox (Presented by Microsoft)
    Speaker: James Lewis (Microsoft)
    Date: Thursday, March 20
    Time: 11:30am – 12:30pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    G.A.N.G. Demo Derby: Sound Design
    Speaker: Nick Hartman (Sound Lab), Scott Gershin (Sound Lab), Charles Deenen (Source Sound Inc), Gary Miranda (Injected Senses Audio), Brian Farr (Blizzard Entertainment)
    Date: Thursday, March 20
    Time: 12:15pm – 1:45pm
    Location: Room 3018, West Hall

    From Idea to Action: Lessons from a New Accessibility Initiative (Presented by The Entertainment Software Association)
    Speaker: Aubrey Quinn  (Entertainment Software Association), Paul Amadeus Lane  (Amadeus 4th Corp), Amy Lazarus  (Electronic Arts), Dara Monasch  (Google), Anna Waismeyer  (Microsoft/Xbox), Steven Evans  (Nintendo of America), David Tisserand  (Ubisoft)
    Date: Thursday, March 20
    Time: 12:15pm – 1:15pm
    Location: GDC Main Stage, West Hall, Street Level

    Windows Productivity Tools for Game Developers (Presented by Microsoft)
    Speaker: Demitrius Nelon (Microsoft), Kayla Cinnamon (Microsoft)
    Date: Thursday, March 20
    Time: 12:15pm – 1:15pm
    Location: Room 2024, West Hall

    Securing the Joy of Gaming: Xbox’s Commitment to Gaming Security and Innovation (Presented by Microsoft)
    Speaker: Temi Adebambo (Microsoft)
    Date: Thursday, March 20
    Time: 2:00pm – 3:00pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Xbox Play Anywhere Developer Roundtable (Presented by Microsoft)
    Speaker: Chris Charla (Microsoft)
    Date: Thursday, March 20
    Time: 2:00pm – 3:00pm
    Location: Room 2004, West Hall

    King: Enhancing Mobile Audio with Accessibility and Inclusion
    Speaker: Eduardo Broseta  (King)
    Date: Thursday, March 20
    Time: 2:30pm – 3:00pm
    Location: Room 3024, West Hall

    Friday, March 21

    Game Career Seminar: STR, DEX and INT: A Genre-Spanning Way to Think About Gameplay
    Speaker: Joseph Shely  (Blizzard Entertainment)
    Date: Friday, March 21
    Time: 11:50am – 12:20pm
    Location: Room 3005, West Hall

    Game Career Seminar: Killer Portfolio or Portfolio Killer Part 2: Portfolio Reviews
    Speakers:
    Greg Foertsch  (Bit Reactor), Sarah LeBlanc  (Bit Reactor), Rembert Montald  (Lightspeed LA), David Yee  (Unannounced), Jeffrey Johnson  (inXile Entertainment), Jade Law  (Wardog Studios), Gaurav Mathur  (E-Line Media), Jessica Kutrakun  (Hypixel Studios), Inmar Salvatier  (Maxis), Jeff Parrott  (Blizzard), Daanish Syed  (Bit Reactor), David Johnson  (UndertoneFX), Jeff Skalski  (Yellow Brick Games)
    Date:
    Friday, March 21
    Time:
    2:00pm – 5:00pm
    Location:
    Room 3000, West Hall

    MIL OSI Economics –

    February 27, 2025
  • MIL-OSI USA: Secretary Wright Emphasizes Importance of AI Leadership, Nuclear Modernization in Visit to Los Alamos and Sandia

    Source: US Department of Energy

    ALBUQUERQUE, NM – U.S. Secretary of Energy released the following statement after visiting Los Alamos National Laboratory yesterday and Sandia National Laboratories in New Mexico earlier today.

    “It was an honor to visit Los Alamos and Sandia National Laboratories, two institutions with rich histories in the development of American nuclear deterrence and essential roles in our future energy innovation,” said Secretary Wright. “I look forward to working closely with the scientists and engineers of Sandia and Los Alamos to modernize our nuclear weapons systems, unleash American nuclear energy, and ensure America continues to lead the world in scientific and technical innovation.

    “More than 70 years ago, these labs played an important role in the greatest scientific and engineering concerted effort in history: the Manhattan Project. Today, we are again calling on the brilliant minds of our great nation to win the next race: AI. This rapidly evolving technology will have enormous impacts on our national security, and President Trump and I remain committed to leveraging our nation’s unparalleled research and development infrastructure to win this great power competition.”

    IN CASE YOU MISSED IT:

    Albuquerque Journal: New Mexico’s National Labs Will Play an Essential Role in Unleashing American Energy

    By U.S. Secretary of Energy Chris Wright

    February 25, 2025

    “One of our country’s greatest assets and an envy of the world is the Department of Energy’s network of 17 National Laboratories. For over half a century, these labs have delivered groundbreaking advancements in technology and science, ensuring our nation’s security, preventing and ending wars, and playing a pivotal role in making America the most prosperous nation on earth.

    “As the nation’s Secretary of Energy and the leader of the department responsible for overseeing these labs, I am incredibly excited to be in New Mexico to visit Los Alamos National Laboratory and Sandia National Laboratories in Albuquerque – two institutions with rich histories in the development of American nuclear deterrence and essential roles in our future energy innovation.

    “President Trump and I are united by a shared passion for energy and a simple, yet powerful vision: American energy is essential to our country’s security, the well-being of our citizens, and lives of people around the world. We want to unleash American Energy.

    “My passion for energy began with a youthful fascination with astronomy, and a curiosity as to what powers stars? Energy from nuclear fusion was the answer. Can nuclear forces only be unleashed in the center of stars, or can they be harnessed right here on earth? That question was answered right here in New Mexico.

    “As World War II raged, nuclear physics continued to rapidly advance, raising concerns that Nazi Germany might be the first to harness nuclear energy in the form of a highly destructive bomb. That was a threat too great to fathom. The answer was the greatest scientific and engineering concerted effort in history: the Manhattan Project.

    “That historic effort involved bringing the world’s greatest scientists and engineers together in Los Alamos for a frantic, secret, patriotic effort to develop, build, test and deploy nuclear weapons to win the war and the subsequent peace. This stunning effort was led by General Leslie Groves and scientific lead, physicist J. Robert Oppenheimer.

    “The development of nuclear technology and the weapons at Los Alamos, along with the work of our other laboratories around the country, changed the world. The United States secured the ultimate guarantor of our nation’s sovereignty, ensuring victory in World War II, maintaining peace for decades afterward, and ultimately triumphing in the Cold War.

    . . .

    “The responsible stewardship and modernization of the nation’s nuclear weapons systems is a top priority for the Department of Energy and this administration – alongside unleashing an American renaissance in affordable, abundant commercial nuclear energy.

    “President Trump and I are committed to leveraging our nation’s unparalleled research and development infrastructure to reduce costs for American families, strengthen the reliability of our energy system, and bolster U.S. manufacturing competitiveness and supply chain security. Our efforts will focus on advancing affordable, reliable, and secure energy technologies, which includes nuclear.

    “Just as the patriotic collaborations helped shape history over 70 years ago, the United States is once again calling on its brightest minds to drive this mission.

    “The golden era of American energy dominance is upon us. I look forward to working alongside your communities to seize this moment and secure our nation’s future.”

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI Security: Former School District Employee Charged with Using AI Technology to Produce Sexual Abuse Images of Children in his Care, and Possession and Receipt of Child Pornography

    Source: Office of United States Attorneys

    MINNEAPOLIS – Defendant William Michael Haslach, 30, a former employee of Independent School District #622 (North St. Paul—Maplewood—Oakdale) and ISD #834 (Stillwater), has been charged with receipt and possession of child pornography as well as production of an obscene visual representation of child sexual abuse, announced Acting U.S. Attorney Lisa D. Kirkpatrick. 

    According to court documents, defendant Haslach, of Maplewood, Minnesota, occupied several positions of trust with children.  From August 2021 until January 2025, Haslach, 30, served as a lunch monitor and traffic guard for Independent School District #622 (North St. Paul—Maplewood—Oakdale).  From 2021 through 2024, Haslach also served as a paraprofessional and later as a youth summer programs assistant for Independent School District #834 (Stillwater).  Haslach used his access to children to take non-explicit photos of children in his care.  Haslach then used those images to produce morphed/AI photos of those minors engaging in sexually explicit conduct. As detailed in the indictment, Haslach also possessed and received child pornography involving children that were abused by others.  

    “Prosecuting the predators who walk amongst us—in our neighborhoods, our communities, and particularly in our schools—will always be the top priority in the District of Minnesota,” said Acting U.S. Attorney Lisa D. Kirkpatrick.  “My thoughts are with the many Minnesota parents who will be horrified to learn how Haslach used AI advances to victimize schoolchildren in his care. Rest assured, my office will prosecute this case to the fullest extent of the law.”  

    “Every child is entitled to a secure upbringing, and this case highlights the powerful collaboration among local, state, and federal law enforcement agencies in their mission to safeguard them,” said Special Agent in Charge Matthew Cybert, U.S. Secret Service – Minneapolis Field Office. 

    The federal indictment charges Haslach with five counts of receipt of child pornography, five counts of possession of child pornography, and one count of production of an obscene visual representation of child sexual abuse. Haslach made his initial appearance today in U.S. District Court before Judge Tony N. Leung.  He was ordered to remain in custody pending a formal detention hearing on Monday, March 3, before Judge Douglas L. Micko.

    Investigators believe there may be other victims relevant to this investigation. If your child has been in close contact with Haslach, and/or if you or your child is aware of Haslach taking a photo of your child, please contact the Minnesota BCA’s Tip Line at 651-793-2465 or email bca.tips@state.mn.us.

    If you are a parent of a child that has at any point been under the care of Haslach, the U.S. Attorney’s Office has set up a website to provide you with resources and further information about this case: www.justice.gov/usao-mn/haslach-child-exploitation-case-school-district-employee-0

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

    This case is the result of an investigation conducted by the United States Secret Service, Minnesota Bureau of Criminal Apprehension, and the Maplewood Police Department. 

    Assistant U.S. Attorney Carla J. Baumel is prosecuting the case.

    An indictment is merely an allegation and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    February 27, 2025
  • MIL-OSI Security: Former School District Employee Charged with Using AI Technology to Produce Sexual Abuse Images of Children in his Care, and Possession and Receipt of Child Pornography

    Source: Office of United States Attorneys

    MINNEAPOLIS – Defendant William Michael Haslach, 30, a former employee of Independent School District #622 (North St. Paul—Maplewood—Oakdale) and ISD #834 (Stillwater), has been charged with receipt and possession of child pornography as well as production of an obscene visual representation of child sexual abuse, announced Acting U.S. Attorney Lisa D. Kirkpatrick. 

    According to court documents, defendant Haslach, of Maplewood, Minnesota, occupied several positions of trust with children.  From August 2021 until January 2025, Haslach, 30, served as a lunch monitor and traffic guard for Independent School District #622 (North St. Paul—Maplewood—Oakdale).  From 2021 through 2024, Haslach also served as a paraprofessional and later as a youth summer programs assistant for Independent School District #834 (Stillwater).  Haslach used his access to children to take non-explicit photos of children in his care.  Haslach then used those images to produce morphed/AI photos of those minors engaging in sexually explicit conduct. As detailed in the indictment, Haslach also possessed and received child pornography involving children that were abused by others.  

    “Prosecuting the predators who walk amongst us—in our neighborhoods, our communities, and particularly in our schools—will always be the top priority in the District of Minnesota,” said Acting U.S. Attorney Lisa D. Kirkpatrick.  “My thoughts are with the many Minnesota parents who will be horrified to learn how Haslach used AI advances to victimize schoolchildren in his care. Rest assured, my office will prosecute this case to the fullest extent of the law.”  

    “Every child is entitled to a secure upbringing, and this case highlights the powerful collaboration among local, state, and federal law enforcement agencies in their mission to safeguard them,” said Special Agent in Charge Matthew Cybert, U.S. Secret Service – Minneapolis Field Office. 

    The federal indictment charges Haslach with five counts of receipt of child pornography, five counts of possession of child pornography, and one count of production of an obscene visual representation of child sexual abuse. Haslach made his initial appearance today in U.S. District Court before Judge Tony N. Leung.  He was ordered to remain in custody pending a formal detention hearing on Monday, March 3, before Judge Douglas L. Micko.

    Investigators believe there may be other victims relevant to this investigation. If your child has been in close contact with Haslach, and/or if you or your child is aware of Haslach taking a photo of your child, please contact the Minnesota BCA’s Tip Line at 651-793-2465 or email bca.tips@state.mn.us.
    If you are a parent of a child that has at any point been under the care of Haslach, the U.S. Attorney’s Office has set up a website to provide you with resources and further information about this case:  

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorney’s Offices and the Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit.

    This case is the result of an investigation conducted by the United States Secret Service, Minnesota Bureau of Criminal Apprehension, and the Maplewood Police Department. 

    Assistant U.S. Attorney Carla J. Baumel is prosecuting the case.

    An indictment is merely an allegation and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    February 27, 2025
  • MIL-OSI: UPDATE — Helium 10 Ushers in a Bold New Era of AI-Powered Advertising for Sellers with Helium 10 Ads Powered by Pacvue

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 26, 2025 (GLOBE NEWSWIRE) — Helium 10, the leading provider of e-commerce marketplace research data and cutting-edge e-commerce solutions for sellers, brands and agencies, today announced the launch of Helium 10 Ads, an unprecedented fusion of the industry’s best search optimization insights and enterprise-grade ad technology, powered by Pacvue, the leading commerce acceleration platform approaching $20 billion in ad spend managed. The new solution combines Pacvue’s enterprise-grade advertising technology with Helium 10 to help sellers of all experience levels unlock smarter advertising at scale and drive greater profitability.

    “In an industry where advertising is essential to stay ahead and every dollar matters, sellers and SMBs need tools they can trust without constant manual intervention,” said Zoe Lu, Senior Vice President of SMB at Pacvue. “Helium 10 Ads powered by Pacvue democratizes access to best-in-class AI advertising capabilities that automatically manage campaigns and optimize performance, so sellers can focus on what matters – growing their businesses. We’ve brought AI Advertising into Helium 10’s most popular plan at no additional cost for our Platinum customers, further lowering the barrier to entry for customers to quickly launch and scale advertising campaigns.”

    With Helium 10 Ads, sellers can now:

    • Effortlessly launch ad campaigns in minutes: AI-driven automation takes the complexity out of running ads across the top e-commerce marketplaces. Sellers can simply choose the product, advertising cost of sales (ACoS) target and daily budget, and AI Advertising handles the rest.
    • Fine tune ad campaigns with flexible, granular control: Rules-based advertising offers over a dozen criteria and actions to choose from and automate for experienced sellers looking for more control over their campaigns.
    • Leverage industry-leading research data: Improve discoverability with intelligence that helps sellers rank, boost visibility and convert by ensuring customers can find products when they search for them using Helium 10’s best-in-class keyword research database.
    • Access built-in best practices: Automatically applied proven PPC strategies ensure campaigns run more effectively, delivering better results with less manual intervention.
    • Gain enterprise-level ad technology: E-commerce Sellers and SMBs can now tap into the same advertising engine used by Fortune 100 brands, enabling access to the latest cutting-edge technology and APIs, robust automation, AI advancements, retailer expansion and future innovation.

    Helium 10 Ads has already delivered impressive results for sellers managing large volumes of SKUs. During beta testing, it enabled a seller to automate and streamline their campaigns, which resulted in a 20% reduction in ACoS while driving increased sales.

    “Helium 10 processes over two billion data points every day and offers the most powerful research database spanning 450M+ products to drive retail readiness at every stage across product discovery, keyword research and listing optimization. And now, with Pacvue’s powerful AI ad technology, sellers can reach their target audience with greater precision, scale smarter and drive sustainable growth with ease,” said Alfred Wang, Director of Data and Product Solutions at Pacvue.

    Pacvue is the first-to-market commerce platform integrating retail media, commerce management and measurement. Pacvue now works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. By combining Pacvue technology with Helium 10’s leading-edge research solutions, sellers are equipped with the competitive edge to compete at scale and increase profitability through automation.

    For more information about Helium 10 Ads, please visit helium10.com.

    About Pacvue
    Pacvue is the leading commerce acceleration platform that integrates retail media, commerce management and measurement. The company’s first-to-market platform drives incrementality, profitability and market share for brands, while turning insights into actionable recommendations. Backed by a global team of experts, Pacvue works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. With the incorporation of Pacvue’s enterprise solution with Helium 10 for SMBs, Pacvue is now the most comprehensive commerce and retail media platform available in the market. Founded in 2018, their global presence includes locations in Seattle, New York, Los Angeles, Washington DC, London, Shanghai and Tokyo. For more information, visit www.pacvue.com.

    About Helium 10
    Helium 10 is the leading all-in-one software platform for brands, agencies and sellers, delivering accurate, data-driven solutions. From opportunity seekers to solopreneurs, to full-time sellers, enterprises, agencies, and everyone in between, Helium 10 champions entrepreneurship at all stages with the playbook to build, grow and scale a meaningful and steadfast e-commerce business.

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Urgently Announces Capital Structure Improvements and Secures up to $20 Million in New Financing

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that it has reached an agreement with its lenders resulting in significant capital structure improvements. Urgently has entered into a new credit agreement for an asset-based revolving credit facility for up to $20 million with MidCap Financial, which will be used to repay existing indebtedness to its first lien lenders and to help the Company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility and technology transportation companies.

    “We are pleased to have announced our new credit facility, as well as the repayment of a significant amount of debt to our existing lenders,” said Tim Huffmyer, Chief Financial Officer of Urgently. “The new debt facility will support the business as we continue to transform the legacy roadside assistance market and to develop new connected mobility assistance services on a global scale. We appreciate MidCap Financial’s partnership and relationship-oriented approach.”

    Garrett Fletcher, President of Structured Finance at MidCap Financial, commented, “Urgently is a leading mobility services platform that utilizes technology to improve the consumer roadside experience. Given their continued improvement in financial performance, we are excited to partner with Urgently and support their ongoing efforts to capitalize and further strengthen their business.”

    Certain funds managed by Highbridge Capital Management, LLC (“Highbridge”), Onex Credit and Whitebox Advisors have also agreed to forego the repayment of certain fees under the company’s second lien agreements in exchange for the issuance of 1,358,073 shares of Urgently’s common stock and an extension of its second lien term loans until July 31, 2026.

    “We appreciate the support of Highbridge, Onex Credit and Whitebox Advisors as they extend their partnership with the Urgently team,” said Matt Booth, CEO of Urgently. “Their continued support is indicative of the confidence that exists among leading financial, automotive, mobility and strategic investors in the strong business we’ve built. These capital structure improvements will allow us to strengthen our commitment to our partners, service providers and consumers, as we continue to transform the market with our market-leading digital platforms, products and solutions.”

    Chardan served as exclusive financial advisor to Urgently to support the transaction.

    About Urgently

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

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    About MidCap Financial

    MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of December 31, 2024, MidCap Financial provides administrative or other services for over $53 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $751 billion as of December 31, 2024, in credit, private equity and real assets funds. 

    For more information about MidCap Financial, please visit http://www.midcapfinancial.com.

    For more information about Apollo, please visit http://www.apollo.com.

    *Including commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV

    Forward-Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s ability to successfully deploy the capital from the new debt facility and repay its new and existing debt facilities, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Element Reports Fourth Quarter and Record 2024 Financial Results; Reaffirms Full-Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted
     
    • Record 2024 net revenue of $1.1 billion driving record adjusted operating income, adjusted earnings per share and adjusted free cash flow per share
    • Record performance in 2024 underpinned by an 18% year-over-year increase in services revenue, and a 9% year-over-year increase in net financing revenue associated with higher net earning assets
       
    • Strong performance allowed for acceleration of strategic investments to position us for future success while delivering full-year adjusted operating margins within guidance range
       
    • Robust client demand, strong and growing pipeline, and a high-recurring-revenue business model, combined with the benefits of investments made in 2024, to drive continued growth across key financial metrics
       
    • Reaffirming 2025 guidance for net revenue growth of 6.5 to 8.5%, positive adjusted operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended December 31, 2024 and record results for full-year 2024.  The following table presents Element’s selected financial results.

      Q4 20241 Q3 20241 Q4 20231 QoQ YoY 2024   2023   YoY
    In US$ millions, except percentages and per share amount       % %     %
    Selected results – as reported                
    Net revenue 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Pre-tax income 121.4   134.0   103.4   (9)% 17% 513.6   448.9   14%
    Pre-tax income margin 44.8 % 47.9 % 42.2 % (310) bps 260  bps 47.2 % 46.8 % 40  bps
    Earnings per share (EPS) [basic] 0.23   0.24   0.20   (1)% 3% 0.96   0.84   12%
    EPS [basic] [$CAD] 0.32   0.33   0.27   (3)% 19% 1.31   1.13   16%
    Adjusted results (excludes one-time strategic project costs in  2024)1                
    Adjusted net revenue2 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Adjusted operating income (AOI)2 143.3   161.4   134.9   (11)% 6% 601.2   530.5   13%
    Adjusted operating margin2 52.9 % 57.7 % 55.0 % (480) bps (210) bps 55.3 % 55.3 % — bps
    Adjusted EPS2 [basic] 0.27   0.29   0.25   (7)% 8% 1.12   0.98   14%
    Adjusted EPS2[basic] [$CAD] 0.37   0.40   0.33   (8)% 12% 1.53   1.32   16%
    Other highlights:                
    Adjusted free cash flow per share2(FCF/sh) 0.30   0.36   0.29   (17)% 3% 1.38   1.24   11%
    Adjusted2 (FCF/sh) [$CAD] 0.41   0.49   0.40   (16)% 2% 1.89   1.67   13%
    Originations 1,498   1,716   1,490   (13)% 1% 6,732   6,340   6%
                               
    1. Strategic project costs totaled $20 million, of which $14 million was incurred in 2023 and $6 million in 2024, These costs were, attributable to leasing initiatives in Ireland, and were $2 million below planned investment as previously communicated. These costs for the quarterly periods in the above table were as follows: Q4 2023 ($11 million), Q3 2024 ($2 million), and Nil in Q4 2024. Additionally, Q3 2024 also included $7 million in acquisition-related costs, including severance, in connection with the Autofleet transaction.
    2. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP  under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

    “In 2024, we continued to execute our global growth strategy that builds on our considerable business momentum, delivering record results and value to clients, team members, and our shareholders. At the core of our efforts is a digital-first mindset and an unwavering commitment to operational excellence and prioritizing client success,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “Our robust performance relative to our plan allowed us to accelerate strategic investments aimed at enhancing our client experience, modernizing operations through digitization and automation, and strengthening our teams and culture. We achieved this while delivering within our full-year adjusted operating margin guidance and exceeding other key financial metrics. With these investments, we are building a stronger, more agile, and more innovative foundation to lead in defining the future of mobility. 

    Dottori-Attanasio continued, “We expect expense growth to moderate considerably in 2025 as the acceleration and benefits of this year’s investments begin to materialize. By optimizing costs and driving operational efficiencies through digital innovation, our disciplined approach to strategic investing in the areas that are critical to client success positions us well to both deliver on our financial targets and sustain success well into the future.”

    Net revenue growth

    Element grew 2024 net revenue 13% over 2023 (“year-over-year”) to $1.1 billion led largely by double-digit services revenue growth and higher net financing revenue.

    Q4 2024 net revenue increased $26 million or 11% on a year-over-year basis led largely by robust services revenue growth.  Q4 2024 net revenue decreased $9 million or 3% from a record Q3 2024 led largely by lower net financing revenue, lower syndication revenue and seasonal factors impacting Gains on Sale (“GOS”). This was partly offset by higher services revenue quarter-over-quarter.

    Service revenue

    Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

    2024 services revenue increased a strong 18% year-over-year to $596 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients and higher origination volumes.

    Q4 2024 services revenue grew a robust 25% year-over-year and  10% quarter-over-quarter driven primarily by higher penetration and utilization rates.

    Net financing revenue

    2024 net financing revenue grew $38 million or 9% year-over-year led largely by higher net earning assets resulting from higher originations across all geographies. This increase was partly offset by higher funding costs, including higher interest expense largely associated with financing the redemptions of our preferred shares (previously recorded below the AOI line). GOS was largely unchanged year-over-year, as increased volumes of vehicles for sale continue to mitigate used vehicle price normalization.

    Q4 2024 net financing revenue increased $1 million or 1% year-over-year led largely by the same reasons cited in the full-year 2024 explanation above. This increase was partly offset by a year-over-year decrease in GOS, and higher funding costs. A higher volume of vehicles for sale was more than offset by a decrease in used vehicle pricing in Mexico and ANZ.

    Q4 2024 net financing revenue decreased $13 million or 11% from Q3 2024. This quarter-over-quarter decrease was materially led by seasonal factors affecting GOS and for the same reasons cited directly above. Lower net earning assets and higher interest expense associated with financing the redemption of our preferred shares on September 30, 2024, and the impact of incremental debt due to the acquisition of Autofleet also contributed to the decrease.

    Syndication volume

    The Company syndicated a record $3.5 billion of assets in 2024, an increase of $984 million or 40% from 2023, and $1.0 billion in Q4 2024 – $330 million or 47% higher than Q4 2023. This growth was largely associated with higher origination volume, the Company’s ongoing focus on its capital lighter model, and management of its tangible leverage.  Overall, investor demand remains robust.

    2024 syndication revenue decreased $3 million or 6% year-over-year led largely by the bulk syndication of a Canadian lease portfolio in December 2024 (the “Bulk Sale”) in the amount of $346 million (CAD$474 million). This Bulk Sale further diversified our funding sources. Initial sale and setup costs impacted yields. Yields were further impacted by the Company’s syndication mix and scheduled reduction in bonus depreciation driving lower net yields. Gross yield, which is a measure of the value and demand for our core syndication product, was relatively unchanged from 2023. For further information on the Bulk Sale, please refer to the Element announces new strategic funding relationship section in this press release.

    Q4 2024 syndication revenue decreased $7 million or 55% year-over-year for the same reasons cited above for the full year 2024, and $11 million or 64% quarter-over-quarter largely due to lower net yields and setup costs associated with the sale of the Canadian portfolio. 

    Adjusted operating income and adjusted operating margins

    AOI was a record $601 million in 2024, an increase of $71 million or 13% year-over-year. This resulted in adjusted EPS of $1.12 in 2024, which is a 14% increase year-over-year. 2024 adjusted operating margin was 55.3%, unchanged from last year and at the mid-point of the Company’s revised 2024 guidance range between 55.0 to 55.5%. Excluding Autofleet, adjusted operating margins would have expanded 30 basis points year-over-year to 55.6%.

    Q4 2024 AOI was $143 million, an increase of $8 million or 6% year-over-year. Q4 2024 adjusted operating margin was 52.9% influenced by accelerated strategic investments, seasonal factors impacting GOS, $3 million in Autofleet operating costs, and the impact of the bulk sale of a portfolio of Canadian leases, which the Company believes will benefit 2025 and beyond. Excluding Autofleet, Q4 2024 adjusted operating margin was 54.1%.  

    Q4 2024 AOI decreased $18 million or 11% quarter-over-quarter led largely by the same reasons cited in the preceding paragraph. 

    Originations

    Element originated $6.7 billion of assets in 2024, which is a $392 million or 6% increase year-over-year led by growth across all regions. 

    Q4 2024 originations of $1.5 billion increased $8 million or 1% year-over-year; however, originations decreased $218 million or 13% quarter-over-quarter led largely by seasonal factors including historically slower client order volume during the summer months.

    Order volumes increased significantly in the last four months of 2024, reaching a record monthly high in December. This momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, is expected to drive solid origination volumes in the first half of 2025.

    The table below sets out the geographic distribution of Element’s originations for 2024 and 2023:

    (in US$000’s for stated values) December 31, 2024 December 31, 2023
      $ % $ %
    United States and Canada 5,206,339 77.34 % 4,850,411 76.50  %
    Mexico 1,035,249 15.38 % 1,028,165 16.22 %
    Australia and New Zealand 489,960 7.28 % 461,451 7.28 %
    Total 6,731,548 100.00 % 6,340,027 100.00 %
                 

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $1.38 of adjusted free cash flow (“FCF”) per share in 2024; up 11% year-over-year driven by growth in net revenues and higher originations, while investing approximately $77 million in total capital investments during the year. In Q4 2024, Element accelerated approximately $47 million of tax payments to the Australian Tax Office relating to the 2025 to 2027 taxation years. The tax payments relate to cash tax timing benefits received due to temporary accelerated depreciation available during the pandemic, effectively providing the Company with a tax deferral. The accelerated payment allows for future adjusted free cash flow to better represent the cash taxes that would be paid in the normal course of operations during those future years. This acceleration of Australian cash taxes is excluded from adjusted free cash flow per share.

    Element returned $336 million of cash to shareholders through common share dividends, common share buybacks and preferred share redemptions in 2024.

    Common dividend and share repurchases

    On February 26, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the first quarter of 2025. The dividend will be payable on April 15, 2025 to shareholders of record as at the close of business on March 31, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During 2024, the Company purchased 630,657 Common Shares for cancellation under its normal course issuer bids, for an aggregate amount of approximately $11 million at a volume weighted average price of CAD$23.77 per Common Share. During Q4 2024, the Company purchased 175,357 Common Shares under its NCIB, for cancellation, for an aggregate amount of approximately $4 million at a volume weighted average price of CAD$28.51 per Common Share.  During January and February 2025, the Company purchased 1.1 million Common Shares under its latest NCIB, for cancellation, for an aggregate amount of approximately $22 million at a volume weighted average price of CAD $28.75 per Common Share.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Preparing Element for the future

    In 2024, Element was purposeful in accelerating strategic investments in support of future growth.  The Company prioritized initiatives that elevate the client experience, modernize operations through digitization and automation, strengthen its teams and culture, and emphasized these efforts through the acquisition of Autofleet. While pursuing these strategic advancements, the Company exercised operational discipline to ensure that financial targets were achieved, maintaining operating margins within its 2024 guidance range of 55.0 to 55.5%. The Company expects expense growth to moderate considerably in 2025 as the benefits of these investments begin to materialize.

    Notable achievements include:

    • Centralizing accountability for its U.S. and Canadian leasing operations in Ireland and establishing a strategic sourcing presence in Singapore, with these initiatives expected to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028. Both units are fully operational with an expected payback period from the Company’s investments at less than 2.5 years. 
       
    • Acquiring Autofleet’s robust and highly scalable fleet optimization technology platform to substantially accelerate its digitization and automation initiatives, enhance the client experience and accelerate operational scalability, unlocking new growth and value creation potential.  The integration of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape. Priorities include developing a Digital Driver Experience app, building a digital client reporting portal, and gradually migrating Element’s applications to Autofleet’s cloud and AI-based platform.
       
    • Launching an Acceleration Office, to fast-track and prioritize strategic initiatives like our holistic digital and data analytics transformation, and our expansion into both Insurance and the Small-to Medium-Sized Fleets space.
       
    • In January 2025, the Company expanded beyond its core by announcing a new Insurance Risk solution – a fully integrated insurance and risk management offering. This new service, launched in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. The new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

    Guidance

    Full-year 2024 Guidance

    Element delivered full-year 2024 results within or above the high end of its previously provided guidance ranges on key metrics, with the exception of originations. The following table highlights our full-year 2024 guidance (as was updated alongside its Q2 2024 results release) compared to the full-year 2024 results.

    In US$, except per share amounts Full-year 2024 Guidance Full-year 2024 Actuals
    Net revenue $1.060 – $1.080 billion $1.088 billion
    YoY Growth 11-13 % 13%
    Adjusted operating margin1 55.0% – 55.5% 55.3%
    Adjusted operating income $575 – 595 million $601 million
    YoY Growth 8-12 % 13%
    Adjusted EPS [basic] $1.07 – $1.11 $1.12
    YoY Growth 9-13 % 14%
    Adjusted free cash flow per share $1.32 – 1.36 1.38
    YoY Growth 6-10 % 11%
    Originations $7.0 – 7.4 billion $6.7 billion
    YoY Growth 11-17 % 6%

     1. Excluding Autofleet, adjusted operating margin was 55.6% in 2024; representing adjusting operating margin expansion of 30 basis points year-over-year.     

    Certain year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

    Full-year 2025 Guidance

    The Company expects to see continued growth in its client base and net revenue, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. Strong order volumes over the last four months of 2024, bolstered by enhancements made through our U.S. and Canada leasing initiative in Ireland, is expected to drive solid originations volume in the first half of 2025. Originations are preceded by vehicle orders, which are binding commitments by clients to lease or purchase vehicles from Element.

    Element is committed to generating positive operating leverage in 2025, and expects to begin realizing the benefits of the investments undertaken in 2024.

    In US$, except per share amounts Full-year 2025 Initial  Guidance Full-year 2025 Guidance
    Net revenue 6.5 – 8.5% $1.160 – $1.185 billion
    Adjusted operating income High-single to low-double digit $645 – $670 million
    Adjusted operating margins   55.5 – 56.5%
    Adjusted EPS [basic] High-single to low-double digit $1.20 – $1.25
    Adjusted free cash flow per share High-single to low-double digit $1.48- $1.53
    Originations Low- to mid-single digit $6.9 – $7.1 billion

    The Company’s guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso (the Company has assumed an MXN-to-USD exchange rate of 20.5:1), higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation in the U.S. is likely to impact syndication yields. We also anticipate that our 2025 effective tax rate will average between 24.5% to 26.5%.

    The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada.

    Simplified capital structure

    To further optimize the Company’s balance sheet and simplify its capital structure, the Company redeemed the following during 2024: (1) all of its 5,126,400 issued and outstanding 6.21% Cumulative 5-Year Rate Reset Preferred Shares Series C (the “Series C Shares”) on June 20, 2024, at a price of CAD$25.00 per Series C Share for an aggregate total amount of approximately US$91.2 million; (2) all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) on September 30, 2024, at a price of CAD$25.00 per Series E Share for an aggregate amount of US$95 million approximately; and (3) all of its remaining outstanding 4.25% Convertible Unsecured Subordinated Debentures due June 30, 2024 for consideration of approximately 14.6 million Common Shares, issued from Treasury and delivered to beneficial holders.

    Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding.

    As at December 31, 2024, total Common Shares issued and outstanding were 404.5 million.

    Element announces new strategic funding relationship

    In December 2024, Element established a new strategic funding relationship with affiliates of Blackstone’s Infrastructure & Asset-Based Credit Group (“Blackstone”) involving a portfolio of Canadian fleet lease receivables valued at approximately $346 million (CAD$474 million). This initial transaction, which took place on December 20, 2024, has characteristics similar to that of a bulk syndication. Through this arrangement Element benefits from substantial derecognition of these finance lease receivables, diversifying and optimizing its funding profile, validating the high-quality of its asset origination platform, and supporting the Company’s continued growth. 

    This transaction further assists in diversifying the Company’s funding sources, reducing leverage and driving our capital lighter model. However, due to the initial sale, overall yield was negatively impacted by setup costs. These costs are not expected to recur in future transactions. Consequently, the Company expects higher syndication yields in 2025, while also benefiting from the derecognition of finance lease receivables that similar transactions would offer.

    Transitioning to debt-to-capital vs. tangible leverage ratio (“TLR”)

    In Q4 2024, in collaboration with its partners, the Company changed its banking covenants from TLR to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. Commencing in Q4 2024, the Company will prioritize the reporting and management of debt-to-capital metrics, though TLR will be still disclosed this quarter for consistency. The bank covenants are set at 80% of debt-to-capital, and the Company targets a range between 73% to 77%. The Company remains committed to maintaining a strong investment grade balance sheet and will continue to monitor TLR as a key internal metric, but it will be of reduced importance as an operating constraint.

    At December 31, 2024, the Company’s debt-to-capital ratio was 74.1% (December 31, 2023 72%) and its TLR was 7.56:1 (December 31, 2023 5.99:1).

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, February 27, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through March 27, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 3917835.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at December 31, 2024 and December 31, 2023, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended December 31, 2024 and December 31, 2023.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
     period ended
    For the year ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
                 
    Key annualized operating ratios            
                 
    Leverage ratios            
    Financial leverage ratio P/(P+R)   74.1 %   74.3 %   72.4 %   74.1 %   72.4 %
    Tangible leverage ratio P/
    (R-K)
      7.56     7.00     5.98     7.56     5.99  
    Average financial leverage ratio Q/(Q+V)   75.0 %   75.1 %   72.6 %   74.7 %   71.6 %
    Average tangible leverage ratio Q/(V-L)   7.60     6.80     5.75     6.72     5.53  
                 
    Other key operating ratios            
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.08 %   0.08 %   0.08 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.31 %   8.01 %   7.20 %   7.53 %   7.57 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   39.34 %   37.91 %   29.34 %   35.76 %   30.08 %
                 
    Per share information            
    Number of shares outstanding W   404,502     403,609     389,169     404,502     389,169  
    Weighted average number of shares outstanding [basic] X   404,578     403,609     389,115     396,880     390,297  
    Pro forma diluted average number of shares outstanding Y   404,726     403,768     404,068     404,164     405,242  
    Cumulative preferred share dividends during the period Z   —     1,434     4,418     7,222     17,625  
    Other effects of dilution on an adjusted operating income basis AA $ —   $ 0   $ 1,184   $ 2,412   $ 4,859  
    Net income per share [basic] (A-Z)/X $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    Net income per share [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
                 
    Adjusted EPS [basic] (D1)/X $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.99  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Reported results   US$ US$ US$ US$ US$
    Services income, net     161,461     146,903     129,657     595,540     502,659  
    Net financing revenue     103,453     116,090     102,211     449,130     410,853  
    Syndication revenue, net     5,976     16,643     13,261     42,890     45,587  
    Net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Operating expenses     141,234     139,367     134,085     544,681     481,749  
    Operating income     129,656     140,269     111,044     542,879     477,350  
    Operating margin     47.9 %   50.2 %   45.3 %   49.9 %   49.8 %
    Total expenses     149,463     145,669     141,716     574,003     510,153  
    Income before income taxes     121,427     133,967     103,413     513,557     448,946  
    Net income     92,057     98,565     81,567     387,137     345,599  
    EPS [basic]   $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    EPS [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
    Adjusting items            
    Impact of adjusting items on operating expenses:            
    Strategic initiatives costs – Salaries, wages, and benefits     —     4,633     5,329     5,593     5,329  
    Strategic initiatives costs – General and administrative expenses     —     4,283     5,437     7,806     8,342  
       Share-based compensation     13,687     12,242     12,346     43,435     36,429  
       Amortization of convertible debenture discount     —     —     772     1,517     3,038  
    Total impact of adjusting items on operating expenses     13,687     21,158     23,884     58,351     53,138  
    Total pre-tax impact of adjusting items     13,687     21,158     23,884     58,351     53,138  
    Total after-tax impact of adjusting items     10,265     15,667     17,667     43,763     27,478  
    Total impact of adjusting items on EPS [basic]     0.03     0.04     0.05     0.11     0.07  
    Total impact of adjusting items on EPS [diluted]     0.03     0.04     0.04     0.11     0.06  
                                     
                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Adjusted results   US$ US$ US$ US$ US$
    Adjusted net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Adjusted operating expenses     127,547     118,209     110,201     486,330     428,611  
    Adjusted operating income     143,343     161,427     134,928     601,230     530,488  
    Adjusted operating margin     52.9 %   57.7 %   55.0 %   55.3 %   55.3 %
    Provision for income taxes     29,370     35,402     21,846     126,420     103,347  
    Adjustments:            
    Pre-tax income     5,481     6,213     8,184     22,465     21,153  
    Foreign tax rate differential and other     985     275     5,092     1,474     5,607  
    Provision for taxes applicable to adjusted results     35,836     41,890     35,122     150,359     130,107  
    Adjusted net income     107,507     119,537     99,806     450,871     400,381  
    Adjusted EPS [basic]   $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.98  
    Adjusted EPS [diluted]   $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts                           For the three-month period ended For the year ended
    (in US$000’s unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
        US$ US$ US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,576,386   7,612,881   7,225,093   7,576,386   7,225,093  
    Allowance for credit losses F 6,168   6,069   5,539   6,168   5,539  
    Net investment in finance receivable G 4,968,294   5,251,679   4,964,175   4,968,294   4,964,175  
    Equipment under operating leases H 2,435,430   2,537,369   2,646,158   2,435,430   2,646,158  
    Net earning assets I=G+H 7,403,724   7,789,048   7,610,333   7,403,724   7,610,333  
    Average net earning assets J 7,848,023   8,059,992   7,494,361   7,980,144   7,008,655  
    Goodwill and intangible assets K 1,672,701   1,581,560   1,596,323   1,672,701   1,596,323  
    Average goodwill and intangible assets L 1,675,336   1,581,776   1,589,182   1,607,766   1,590,290  
    Borrowings M 8,463,789   8,472,130   8,018,132   8,463,789   8,018,132  
    Unsecured convertible debentures N —   —   127,816   —   127,816  
    Less: continuing involvement liability O (132,683 ) (125,225 ) (81,851 ) (132,683 ) (81,851 )
    Total debt P=M+N-O 8,331,106   8,346,905   8,064,097   8,331,106   8,064,097  
    Cash and restricted funds P1 408,621   337,247   350,637   408,621   350,637  
    Total net debt P2 = P-P1 7,922,485   8,009,658   7,713,460   7,922,485   7,713,460  
    Average debt Q 8,313,527   8,582,383   7,829,218   8,473,105   7,361,960  
    Total shareholders’ equity R 2,774,315   2,774,502   2,943,828   2,774,315   2,943,828  
    Preferred shares S —   —   181,077   —   181,077  
    Common shareholders’ equity T=R-S 2,774,315   2,774,502   2,762,751   2,774,315   2,762,751  
    Average common shareholders’ equity U 2,768,504   2,781,421   2,713,843   2,770,044   2,664,760  
    Average total shareholders’ equity V 2,768,504   2,843,024   2,949,789   2,868,593   2,921,281  
                           

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Reported Expenses 149,463 145,669   141,716 574,003 510,153
    Less:          
    Amortization of intangible assets from acquisitions 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Operating expenses 141,234 139,367   134,085 544,681 481,749
    Less:          
      Amortization of convertible debenture discount — —   772 1,517 3,038
      Share-based compensation 13,687 12,242   12,346 43,435 36,429
      Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
      Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total adjustments 13,687 21,158   23,884 58,351 53,138
    Adjusted operating expenses 127,547 118,209   110,201 486,330 428,611
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Income before income taxes 121,427 133,967   103,413 513,557 448,946
    Adjustments:          
    Amortization of convertible debenture discount — —   772 1,517 3,038
    Share-based compensation 13,687 12,242   12,346 43,435 36,429
    Amortization of intangible assets from acquisition 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
    Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total pre-tax impact of adjusting items — 8,916   10,766 13,399 13,671
    Adjusted operating income 143,343 161,427   134,928 601,230 530,488
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Net income 92,057   98,565   81,567   387,137   345,599  
    Amortization of convertible debenture discount —   —   772   1,517   3,038  
    Share-based compensation 13,687   12,242   12,346   43,435   36,429  
    Amortization of intangible assets from acquisition 7,819   6,970   6,971   28,734   27,912  
    Loss (gain) on investments 410   (668 ) 660   588   492  
    Strategic initiatives costs – Salaries, wages and benefits —   4,633   5,329   5,593   5,329  
    Strategic initiatives costs – General and administrative expenses —   4,283   5,437   7,806   8,342  
    Provision for income taxes 29,370   35,402   21,846   126,420   103,347  
    Provision for taxes applicable to adjusted results (35,836 ) (41,890 ) (35,122 ) (150,359 ) (130,107 )
    Adjusted net income 107,507   119,537   99,806   450,871   400,381  
                         

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios;  and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, Feb. 26, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2024. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $13.7 million in the fourth quarter, an increase of 40% year over year
    • Fourth-quarter gross profit grew 48% year over year to $10.4 million
    • Annual Recurring Revenue (ARR)1 at December 31, 2024, reaches $59.7 million, an increase of 60% year over year

    “Our sustained revenue growth, expanding margins and solid traction across all areas of Validation demonstrate the durability of our business model. With companies throughout the Life Sciences adopting new technologies to drive business value, Validation’s transition to digital is set to continue, with Kneat leading the way.”

    – said Eddie Ryan, Chief Executive Officer of Kneat. 

    Q4 2024 Highlights

    • Total revenues increased 40% to $13.7 million in the fourth quarter of 2024, compared to $9.8 million for the fourth quarter of 2023.
    • SaaS revenue for the fourth quarter of 2024 grew 41% to $12.5 million, versus $8.9 million for the fourth quarter of 2023.
    • Fourth-quarter 2024 gross profit was $10.4 million, up 48% from $7.0 million (adjusted)2 in gross profit for the fourth quarter of 2023.
    • Gross margin in the fourth quarter of 2024 was 75%, compared to 71% (adjusted)2 for the fourth quarter of 2023.
    • EBITDA3 in the fourth quarter of 2024 was $1.1 million, compared with ($0.1) million (adjusted)2 for the fourth quarter of 2023.
    • Adjusted EBITDA3 in the fourth quarter of 2024 was $2.6 million, compared with ($0.3) million (adjusted)2 for the fourth quarter of 2023.
    • Total ARR1, which includes SaaS license and recurring maintenance fees, was $59.7 million at December 31, 2024, an increase of 60% from $37.4 million at December 31, 2023.
    • SaaS ARR1, the proportion of ARR attributable to SaaS licenses, was $59.6 million at December 31, 2024, an increase of 60% from $37.3 million at December 31, 2023.

    Full Year 2024 Highlights

    • Total revenues for the full year 2024 increased 43% to $48.9 million, compared to $34.2 million for 2023.
    • SaaS revenue grew 48%, reaching $44.6 million for the full year 2024, versus $30.1 million for 2023.
    • Full-year 2024 gross profit was $36.8 million, an increase of 59% compared to $23.1 million (adjusted)2 for the full year 2023.
    • Gross margin for the full year 2024 was 75%, compared to 68% (adjusted)2 for all of 2023.
    • EBITDA3 for the full year 2024 was $5.6 million, compared with ($5.7) million (adjusted)2 for all of 2023.
    • Adjusted EBITDA3 for the full year 2024 was $7.0 million, compared with ($3.2) million (adjusted)2 for all of 2023.
    • Net Revenue Retention Rate (NRR)1, which reflects the expansion of ARR by customers on the platform at the start of 2024 over the course of the year, was 151% for the year ended December 31, 2024.

    2024 Business Highlights

    • Over the course of 2024, Kneat announced the addition of five large strategic customers, including a consumer products company; a critical care company; pharmaceutical company; a contract development and manufacturing organization; and a medical device maker.
    • In 2024, Kneat formalized its partner program further, exceeded its goal of new partner additions, and welcomed two large strategic partners, Körber and ALTEN Group, which plan to leverage Kneat Gx to digitize their own processes as well as those of their customers.
    • Throughout 2024, a number of business functions within Kneat leveraged AI tools to enhance productivity, including Customer Success, Support and R&D. Concurrently, our product team have been evaluating the potential for AI to enhance the efficiency of the Kneat Gx platform, and we expect to incorporate some AI capabilities into it this year.
    • Kneat completed two equity financings in 2024, in February and October. In total, 13,653,880 common shares of the Company were sold for aggregate gross proceeds of $55,625,110.
    • For the fourth consecutive year, Kneat was recognized as one of Ireland’s fastest-growing technology companies. At the 2024 Deloitte Technology Fast 50 Awards, which ranks the 50 fastest-growing technology companies across Ireland, Kneat was also honoured with the 2024 Scale Ireland award for global expansion.

    Kneat’s business momentum continues into 2025:

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat to digitize its validation processes.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.

    “We expected 2024 to be a year of material progress toward profitability, and it was. Gross profit grew at almost four times the rate of operating expense in 2024 as our land and expand strategy continued to deliver. We enter 2025 with a solid balance sheet and well-positioned to invest in ways that best serve the needs of companies looking to modernize their data-intensive work processes.”

    – said Hugh Kavanagh, Chief Financial Officer of Kneat. 

    _______________
    1 ARR, SaaS ARR, and NRR are supplementary measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.
    2 The Company has adjusted the comparative consolidated financial information for immaterial errors related to the accounting for share-based compensation. Refer to note 21 to the audited consolidated financial statements for the year ended December 31, 2024 for further details.
    3 EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s fourth-quarter and full-year 2024 results and hold a Q&A session for analysts and investors via webcast on February 27, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    ARR is used by Kneat to assess the expected recurring annual revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Software-as-a-Service Annual Recurring Revenue (“SaaS ARR”)

    SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Net Revenue Retention Rate (“NRR”)

    We believe that our Net Revenue Retention Rate is a key measure to provide insight into the long-term value of our customers and our ability to retain and expand revenue from our customer base over time. Our Net Revenue Retention Rate is calculated over a trailing twelve-month period by considering the cohort of customers on our platform as of the beginning of the period and dividing the ARR attributable to this group of customers at the end of the period by the ARR at the beginning of the period. By implication, this ratio excludes any ARR from new customers acquired during the period but includes revenue changes for this cohort base of customers during the period being measured. This measure provides insight into customer expansions, downgrades, and churn, and illustrates the level of scaling by those customers.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange loss (gain), and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated February 26, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

    kneat.com, inc.
    Consolidated Statements of Loss and Comprehensive Loss
    (expressed in Canadian dollars)
     
      Three-month period ended   Year ended
      December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
          (Adjusted)       (Adjusted)
    Revenue              
    SaaS License fees   12,537,109       8,922,491       44,569,846       30,066,905  
    On-premise license fees   –       –       –       436,126  
    Maintenance fees   123,667       46,819       322,335       277,199  
    Professional services and other   1,072,835       844,689       4,046,238       3,443,178  
    Total Revenue   13,733,611       9,813,999       48,938,419       34,223,408  
                   
    Cost of Revenue   (3,372,387 )     (2,811,181 )     (12,179,880 )     (11,091,576 )
    Gross Profit   10,361,224       7,002,818       36,758,539       23,131,832  
    Gross Margin   75 %     71 %     75 %     68 %
                   
    Expenses              
    Research and development   (4,545,776 )     (3,733,887 )     (17,268,722 )     (15,387,726 )
    Sales and marketing   (4,828,335 )     (4,500,992 )     (17,163,189 )     (14,266,739 )
    General and administrative   (1,823,992 )     (1,925,415 )     (8,273,995 )     (7,411,540 )
    Total Expenses   (11,198,103 )     (10,160,294 )     (42,705,906 )     (37,066,005 )
                   
    Operating Loss   (836,879 )     (3,157,476 )     (5,947,367 )     (13,934,173 )
                   
    Finance Expense   (1,034,424 )     (629,794 )     (3,665,098 )     (1,081,853 )
    Interest income   298,308       621       678,388       6,635  
    Foreign exchange loss/(gain)   (828,354 )     1,083,675       1,399,547       545,776  
                   
    Income (loss) before income taxes   (2,401,349 )     (2,702,974 )     (7,534,530 )     (14,463,615 )
    Income tax expense   (61,907 )     (47,342 )     (192,598 )     (55,891 )
                   
    Net loss for period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
                   
    Other comprehensive loss              
    Foreign currency translation adjustment to presentation currency   411,921       750,382       (995,322 )     (263,950 )
                   
    Comprehensive loss for the period   (2,051,335 )     (1,999,934 )     (8,722,450 )     (14,783,456 )
                   
    Loss per share – Basic and diluted $ (0.03 )   $ (0.04 )   $ (0.09 )   $ (0.19 )
                   
    Weighted Average Number of Common Shares Outstanding – Basic and diluted   93,005,493       78,093,350       86,545,119       77,833,268  
                   
    Reconciliation:              
    Total income (loss) for the period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
    Interest expense   863,766       629,794       3,494,441       1,081,853  
    Interest income   (298,308 )     (621 )     (678,388 )     (6,635 )
    Income taxes   61,907       47,342       192,598       55,891  
    Depreciation expense   174,751       192,038       745,639       786,085  
    Amortization expense   2,791,627       1,803,172       9,560,000       6,889,552  
    EBITDA   1,130,487       (78,591 )     5,587,162       (5,712,760 )
                   
    Adjustments to EBITDA              
    Foreign exchange (gain) loss   828,354       (1,083,675 )     (1,399,547 )     (545,776 )
    Stock-based compensation expense   669,201       834,569       2,785,906       3,049,967  
    Adjusted EBITDA   2,628,042       (327,697 )     6,973,521       (3,208,569 )
                                   
    kneat.com, inc.
    Consolidated Statements of Financial Position
    (expressed in Canadian dollars)
                   
      December 31,     December 31,  
      2024     2023  
              (Adjusted)  
    Assets              
                   
    Current assets              
    Cash   58,889,572       15,252,526  
    Amounts receivable   18,377,009       11,601,558  
    Prepayments   1,870,095       1,138,382  
        79,136,676       27,992,466  
    Non-current assets              
    Amounts receivable   2,368,006       1,650,795  
    Property and equipment   6,782,179       7,209,953  
    Intangible assets   36,290,869       29,005,092  
                   
    Total Assets   124,577,730       65,858,306  
                   
    Liabilities              
                   
    Current liabilities              
    Accounts payable and accrued liabilities   8,580,104       7,874,332  
    Contract liabilities   21,631,416       13,647,071  
    Loan payable and accrued interest   4,116,723       –  
    Lease liabilities   434,096       535,832  
        34,762,339       22,057,235  
    Non-current liabilities              
    Contract liabilities   33,393       41,084  
    Lease liabilities   5,671,952       5,976,380  
    Loan payable and accrued interest   19,038,203       21,657,423  
                   
    Total Liabilities   59,505,887       49,732,122  
                   
    Equity              
    Shareholders’ equity   65,071,843       16,126,184  
                   
    Total Liabilities and Equity   124,577,730       65,858,306  
                   
    kneat.com, inc.
    Consolidated Statement of Cash Flows
    (expressed in Canadian dollars)
    For the years ended
           
      December 31,   December 31,
        2024       2023  
          (Adjusted)
    Operating activities      
    Net loss for the year   (7,727,128 )     (14,519,506 )
    Charges to loss not involving cash:      
    Depreciation of property and equipment   745,639       786,085  
    Share-based compensation   3,825,512       3,998,749  
    Interest Expense   3,494,441       1,081,853  
    Tax expense   192,598       55,891  
    Amortization of the intangible asset   9,389,343       6,828,213  
    Amortization of loan issuance costs   171,593       61,164  
    Write-off of property and equipment   –       26,721  
    Impact of lease termination   –       (67,600 )
    Foreign exchange (gain)   (1,399,547 )     (545,776 )
    Decrease in non-current contract liabilities   (9,436 )     (905,846 )
    Net change in non-cash working capital related to operations   1,107,145       2,868,609  
    Net cash provided by/(used in) operating activities   9,790,160       (331,443 )
           
    Financing activities      
    Payment of principal and interest on loans payable   (2,475,283 )     (630,410 )
    Proceeds from the exercise of stock options   2,086,699       295,350  
    Repayment of lease liabilities   (744,061 )     (752,802 )
    Proceeds received from loan financing   –       21,978,000  
    Issuance costs associated with loan financing   –       (624,596 )
    Proceeds received from public equity financing   55,625,110       –  
    Share issuance costs associated with public equity financing   (3,869,212 )     –  
    Net cash provided by financing activities   50,623,253       20,265,542  
           
    Investing activities      
    Additions to the intangible asset   (19,716,562 )     (17,879,014 )
    Collection of research and development tax credits   2,360,342       1,185,720  
    Additions to property and equipment   (165,592 )     (181,358 )
    Net cash used in investing activities   (17,521,812 )     (16,874,652 )
           
    Effects of exchange rates on cash   745,445       (89,399 )
           
    Net change in cash during the year   43,637,046       2,970,048  
           
    Cash – Beginning of year   15,252,526       12,282,478  
           
    Cash – End of year   58,889,572       15,252,526  
                   
                   

    The MIL Network –

    February 27, 2025
  • MIL-OSI Australia: Australians at risk: how deceptive online tactics are manipulating us

    Source: University of South Australia

    27 February 2025

    Australians are being manipulated online every day through digital tactics designed to trick them into handing over personal data, making unintended purchases and engaging with online platforms in ways they had never intended.

    A new report by the University of South Australia reveals that these deceptive patterns – also known as ‘dark patterns’ – are found in 95% of the world’s most popular apps, and more than 11% of major online shopping platforms.

    They are widespread across social media, e-commerce and mobile applications, posing significant risks to consumers’ autonomy, privacy and financial security.

    The report, commissioned by the Federal Treasury, highlights the deceptive patterns that influence and manipulate consumer behaviour.

    These include misleading countdown timers that create a sense of urgency, hidden fees, pre-selected consent options, and obstacles to unsubscribing from services and websites.

    Lead author of the report, Dr James Baumeister from UniSA’s Australian Research Centre for Interactive and Virtual Environments (IVE) says that deceptive patterns have become a major consumer protection issue, with Australians spending more time and money online.

    “These tactics are designed to manipulate users into actions they wouldn’t normally take, whether it’s making an unintended purchase, giving away more data than necessary, or simply struggling to cancel an unwanted subscription,” Dr Baumeister says.

    The report reveals that no one is immune to deceptive patterns, but some groups are more vulnerable than others.

    Older Australians and those with lower digital literacy are at higher risk, often failing to recognise misleading online tactics. Teenagers are also targeted through social media platforms, where deceptive engagement techniques keep them scrolling for hours longer than intended.

    “The financial impact is substantial,” Dr Baumeister says. “One in four Australians report difficulty understanding promotional price tags in physical stores and this issue is exacerbated online, with hidden fees and misleading sales tactics leading to unexpected costs.”

    Report co-author, UniSA Enterprise Fellow Dr James Walsh, says companies are using artificial intelligence profiling to predict and manipulate user behaviour with increasing accuracy.

    “Fake reviews, manipulative cookie consent pop-ups, and misleading product recommendations are all being enhanced through AI technologies, making consumers even more vulnerable,” Dr Walsh says.

    The report argues that awareness alone is not enough to protect consumers. Regulatory reform and enforcement are urgently needed to curb deceptive practices and hold companies to account.

    “While Australian consumer laws address some blatant deceptive patterns, many subtle tactics still fall through legal loopholes.

    “We need a multi-faceted approach. Regulators must act, companies need to be held accountable, and consumers should be equipped with the knowledge and tools to protect themselves,” Dr Walsh says.

    Note to editors

    The report, titled “Patterns in the Dark: Deceptive Practices in Online Interactions,” was prepared by IVE researchers Dr James Baumeister, Ji-Young Park, Dr Andrew Cunningham, Associate Professor Stewart Von Itzstein, Professor Ian Gwilt, Dr Aaron Davis and Dr James Walsh.

    For a copy of the report please email candy.gibson@unisa.edu.au

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
    Research contact: Dr James Baumeister E: james.baumeister@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

    February 27, 2025
  • MIL-OSI: Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

    STRONG FULL-YEAR RESULTS REINFORCES ORMAT’S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028

    HIGHLIGHTS

    • TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTS
    • FULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELY
    • FOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELY
    • ORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS

    RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    KEY FINANCIAL RESULTS

      Q4
    2024
    Q4
    2023
    Change (%) 12 months 2024 12 months 2023 Change (%)  
    GAAP Measures              
    Revenues ($ millions)              
    Electricity 180.1   183.9   (2.1)%   702.3   666.8   5.3%    
    Product 39.6   50.4   (21.4)%   139.7   133.8   4.4%    
    Energy Storage 11.0   7.0   56.7%   37.7   28.9   30.6%    
    Total Revenues 230.7   241.3   (4.4)%   879.7   829.4   6.1%    
    Gross Profit              
    73.6   78.5   (6.2)%   272.6   264.0   3.3%    
    Gross margin (%)              
    Electricity 34.9%   39.5%     34.6%   36.6%      
    Product 24.5%   12.6%     18.4%   13.4%      
    Energy Storage 9.5%   (8.9)%     10.9%   6.4%      
    Gross margin (%) 31.9%   32.5%     31.0%   31.8%      
                   
    Operating income ($ millions) 49.1   51.6   (4.9)%   172.5   166.6   3.5%    
    Net income attributable to the Company’s stockholders 40.8   35.7   14.3%   123.7   124.4   (0.5)%    
    Diluted EPS ($) 0.67   0.59   13.6%   2.04   2.08   (1.9)%    
                   
    Non-GAAP Measures              
    Adjusted Net income attributable to the Company’s stockholders 43.6   40.5   7.7%   133.7   121.9   9.7%    
    Adjusted Diluted EPS ($) 0.72   0.67   7.5%   2.20   2.05   7.3%    
    Adjusted EBITDA1($ millions) 145.5   139.0   4.6%   550.5   481.7   14.3%    

    “2024 was another successful year for Ormat and our growth trajectory, highlighted by a top-line improvement of 6.1%, translating into a 3.5% increase in operating income and a 14.3% increase in adjusted EBITDA, with solid growth performance across all three of our business segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “In 2024, we added 253MW of new capacity organically and through strategic, accretive M&A, with 133MW added to our Electricity segment and 120MW to our Energy Storage business.”

    “Within our Electricity segment, the Enel assets Ormat acquired at the beginning of the year have been immediately accretive and have played a key role in our year-over-year growth. Our performance was further supported by the Heber complex repowering project, the enhanced output at the Olkaria power plant, and the improved generation performance and pricing at the Puna power plant, helping to more than offset the impact of unplanned maintenance at Dixie Valley and the previously disclosed curtailments in the U.S.”

    “We continue to make great progress towards improving the revenue and margin profile of our Energy Storage business, positioning the segment to become a more stable and consistent factor in our consolidated growth. This strategic effort is reflected by the 56.7% and 30.6% increase in revenue on a quarter-over-quarter and year-over-year basis, respectively. We expect this improved performance to carry forward into 2025 as we begin to recognize the benefits of the recent CODs at our 80MW/320MWh Bottleneck and 20MW/20MWh Montague facilities, as well as the other Energy Storage projects in our development pipeline that are expected to come online later this year.”

    Blachar continued, “Looking ahead, we expect to benefit from the growing global demand for renewable power needed to support data centers and the transition to a cleaner energy future. We are currently in negotiations for approximately 250MW with hyper-scalers with favorable conditions for both new projects and expiring PPAs at rates exceeding $100 per MWh. To help ensure that we are well-positioned to meet the growing level of demand we have taken strategic actions to safe harbor, for PTC eligibility (pursuant to the current provisions of the Inflation Reduction Act and related guidance), all geothermal projects with expected CODs through 2028, as well as the associated ITC benefits for all energy storage projects through 2026. This has strengthened our confidence in our trajectory, and we believe will help us remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the fourth quarter and for the full year 2024 was $40.8 million and $123.7 million, respectively, an increase of 14.3% and a decrease of 0.5%, respectively, compared to last year. Diluted EPS for the fourth quarter and for the full year 2024 were $0.67 and $2.04 per share, respectively, an increase of 13.6% and a decrease of 1.9%, respectively, compared to last year.
    • Adjusted net income attributable to the Company’s stockholders and diluted EPS for the fourth quarter increased 7.7% and 7.5% compared to last year. Adjusted net income attributable to the Company’s stockholders and diluted EPS for the full year 2024 increased 9.7% and 7.3% compared to last year.
    • Adjusted EBITDA for the fourth quarter and for the year was $145.5 million, and $550.5 million, respectively, an increase of 4.6% and 14.3%, respectively, compared to 2023. The year-over-year increase in Adjusted EBITDA was driven, in the Electricity segment, by the contribution of the acquired assets in the first quarter of 2024, the improved performance of the Olkaria complex in Kenya, higher pricing of our Puna power plant and the sale of tax benefits from newly built plants. In the Product segment, the increase was derived from the improved contracts’ margin and Energy Storage drove improved performance due to the contribution of the new assets as well as a legal settlement with a battery supplier, which we expect to continue to receive over the next 5 quarters, to compensate us for lost revenues as a result of battery non- supply.
    • Electricity segment revenues decreased by 2.1% for the fourth quarter and increased by 5.3% in the full year 2024, compared to 2023. The year-over-year decrease in fourth quarter revenue was driven by the partial outage at our Dixie Valley power plant, which returned to full operation in November 2024. Additionally, in the fourth quarter we experienced heavy curtailments mainly to our McGinness complex due to maintenance on the transmission line by the local grid operator. Full-year revenue growth was driven by the contribution of our acquired Enel assets, Heber complex repowering, and higher generation and pricing at Puna.
    • Product segment revenues decreased by 21.4% in the fourth quarter and increased by 4.4% in the full year 2024, largely due to the timing of revenue recognition. Gross margin increased from 12.6% in the fourth quarter 2023 to 24.5% in 2024 and from 13.4% in the full year 2023 to 18.4% in 2024.
    • Product segment backlog stands at a record of approximately $340.0 million as of February 25, 2025, and includes approximately $210.0 million from the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand.
    • Energy Storage segment revenues increased 56.7% for the fourth quarter and 30.6% for the full year compared to 2023, supported by a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 as well as new assets that came online during the second half of 2023.

    BUSINESS HIGHLIGHTS:

    • Won a tender, in February 2025, issued by the Israeli Electricity Authority and was awarded two separate 15-year tolling agreements for two energy storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh and we will have 50% equity interest.
    • In February 2025, commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, in which the Company holds a 49% equity interest.
    • Signed a 10-year Power Purchase Agreement (PPA), in January 2025, with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms that will replace the current lower price PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • In December 2024, commenced commercial operations at the Montague energy storage facility to deliver 20MW/20MWh of energy storage capacity to the PJM market.
    • In October 2024, commenced commercial operations of the 80MW/320MWh Bottleneck Energy Storage facility in the Central Valley of California. The Bottleneck facility is the Company’s largest energy storage facility in its portfolio.

    2025 GUIDANCE TBU

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $23 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and twelve months ended December 31, 2024. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On February 26, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on March 26, 2025, to stockholders of record as of the close of business on March 12, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, February 27, 2025, at 10:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9044930. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9044930. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and incentives and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the three and twelve month periods Ended December 31, 2024, and 2023

      Three Months Ended
    December 31,
    Year Ended 
    December 31,
      2024   2023   2024   2023  
      (Dollars in thousands, except per share data)
    Revenues:        
    Electricity 180,147   183,921   702,264   666,767  
    Product 39,643   50,432   139,661   133,763  
    Energy storage 10,951   6,987   37,729   28,894  
    Total revenues 230,741   241,340   879,654   829,424  
    Cost of revenues:        
    Electricity 117,340   111,201   459,526   422,549  
    Product 29,929   44,073   113,911   115,802  
    Energy storage 9,911   7,610   33,598   27,055  
    Total cost of revenues 157,180   162,884   607,035   565,406  
    Gross profit 73,561   78,456   272,619   264,018  
    Operating expenses:        
    Research and development expenses 1,391   2,452   6,501   7,215  
    Selling and marketing expenses 4,153   4,307   17,694   18,306  
    General and administrative expenses 19,583   18,654   80,119   68,179  
    Other operating income (3,125)   —   (9,375)   —  
    Impairment of long-lived assets —   —   1,280   —  
    Write-off of unsuccessful exploration activities and storage activities 2,474   1,415   3,930   3,733  
    Operating income 49,085   51,628   172,470   166,585  
    Other income (expense):        
    Interest income 1,389   2,363   7,883   11,983  
    Interest expense, net (34,525)   (25,803)   (134,031)   (98,881)  
    Derivatives and foreign currency transaction gains (losses) (4,319)   712   (4,187)   (3,278)  
    Income attributable to sale of tax benefits 20,020   18,676   73,054   61,157  
    Other non-operating income (expense), net 66   1,272   188   1,519  
    Income from operations before income tax and equity in earnings (losses) of investees 31,716   48,848   115,377   139,085  
    Income tax (provision) benefit 11,771   (8,188)   16,289   (5,983)  
    Equity in earnings (losses) of investees (862)   (1,827)   (425)   35  
    Net income 42,625   38,833   131,241   133,137  
    Net income attributable to noncontrolling interest (1,804)   (3,107)   (7,508)   (8,738)  
    Net income attributable to the Company’s stockholders 40,821   35,726   123,733   124,399  
    Earnings per share attributable to the Company’s stockholders:        
    Basic: 0.67   0.59   2.05   2.09  
    Diluted: 0.67   0.59   2.04   2.08  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:        
    Basic 60,480   60,367   60,455   59,424  
    Diluted 60,770   60,505   60,790   59,762  
             

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Periods Ended December 31, 2024, and 2023

      December 31,
    2024
      December 31,
    2023
    ASSETS
    Current assets:      
    Cash and cash equivalents 94,395     195,808  
    Restricted cash and cash equivalents (primarily related to VIEs) 111,377     91,962  
    Receivables:      
    Trade less allowance for credit losses of $224 and $90, respectively (primarily related to VIEs) 164,050     208,704  
    Other 50,792     44,530  
    Inventories 38,092     45,037  
    Costs and estimated earnings in excess of billings on uncompleted contracts 29,243     18,367  
    Prepaid expenses and other 59,173     41,595  
    Total current assets 547,122     646,003  
    Investment in an unconsolidated company 144,585     125,439  
    Deposits and other 75,383     44,631  
    Deferred income taxes 153,936     152,570  
    Property, plant and equipment, net ($3,271,248 and $2,802,920 related to VIEs, respectively) 3,501,886     2,998,949  
    Construction-in-process ($251,442 and $376,602 related to VIEs, respectively) 755,589     814,967  
    Operating leases right of use ($13,989 and $9,326 related to VIEs, respectively) 32,114     24,057  
    Finance leases right of use (none related to VIEs) 2,841     3,510  
    Intangible assets, net 301,745     307,609  
    Goodwill 151,023     90,544  
    Total assets 5,666,224     5,208,279  
           
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable and accrued expenses 234,334     214,518  
    Short term revolving credit lines with banks (full recourse) —     20,000  
    Commercial paper (less deferred financing costs of $23 and $29, respectively) 99,977     99,971  
    Billings in excess of costs and estimated earnings on uncompleted contracts 23,091     18,669  
    Current portion of long-term debt:      
    Limited and non-recourse (primarily related to VIEs):
    (primarily related to VIEs and less deferred financing costs of $8,473 and $7,889, respectively)
    70,262     57,207  
    Full recourse 161,313     116,864  
    Financing Liability 4,093     5,141  
    Operating lease liabilities 3,633     3,329  
    Finance lease liabilities 1,375     1,313  
    Total current liabilities 598,078     537,012  
    Long-term debt, net of current portion:      
    Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,849 and $7,889, respectively) 578,204     447,389  
    Full recourse (less deferred financing costs of $4,671 and $3,056, respectively) 822,828     698,187  
    Convertible senior notes (less deferred financing costs of $6,820 and $8,146, respectively) 469,617     423,104  
    LT Financing liability-Dixie 216,476     220,619  
    Operating lease liabilities 22,523     19,790  
    Finance lease liabilities 1,529     2,238  
    Liability associated with sale of tax benefits 152,292     184,612  
    Deferred income taxes 68,616     66,748  
    Liability for unrecognized tax benefits 6,272     8,673  
    Liabilities for severance pay 10,488     11,844  
    Asset retirement obligation 129,651     114,370  
    Other long-term liabilities 29,270     22,107  
    Total liabilities 3,105,844     2,756,693  
           
    Redeemable noncontrolling interest 9,448     10,599  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,500,580 and 60,358,887 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 61     60  
    Additional paid-in capital 1,635,245     1,614,769  
    Treasury stock, at cost (258,667 shares held as of December 31, 2024 and 2023, respectively) (17,964)     (17,964)  
    Retained earnings 814,518     719,894  
    Accumulated other comprehensive loss (6,731)     (1,332)  
    Total stockholders’ equity attributable to Company’s stockholders 2,425,129     2,315,427  
    Noncontrolling interest 125,803     125,560  
    Total equity 2,550,932     2,440,987  
    Total liabilities, redeemable noncontrolling interest and equity 5,666,224     5,208,279  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the three and twelve month period ended December 31, 2024 and 2023

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve month periods ended December 31, 2024, and 2023:

      Three Months Ended
    December 31,
      Year Ended December 31,
      2024     2023     2024     2023  
      (Dollars in thousands)   (Dollars in thousands)
    Net income 42,625     38,833     131,241     133,137  
    Adjusted for:              
    Interest expense, net (including amortization of deferred financing costs) 33,136     23,440     126,148     86,898  
    Income tax provision (benefit) (11,771)     8,188     (16,289)     5,983  
    Adjustment to investment in unconsolidated companies: our Proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 4,964     5,243     17,637     16,069  
    Depreciation, amortization and accretion 68,907     59,331     259,151     221,415  
    EBITDA 137,861     135,035     517,888     463,502  
    Mark-to-market on derivative instruments (14)     (2,490)     856     (2,206)  
    Stock-based compensation 5,310     4,243     20,197     15,478  
    Impairment of long-lived assets —     —     1,280     —  
    Allowance for bad debts 13     —     355     —  
    Merger and acquisition transaction costs 570     816     1,949     1,234  
    Legal fees related to a settlement agreement with a third-party battery systems supplier (750)     —     4,000     —  
    Write-off of unsuccessful exploration and Storage activities 2,474     1,415     3,930     3,733  
    Adjusted EBITDA 145,464     139,019     550,455     481,741  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three and twelve-month periods ended December 31, 2024, and 2023

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted EPS for the three and twelve -month periods ended December 31, 2024, and 2023.

                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024     2023   2024   2023  
                   
    GAAP Net income attributable to the Company’s stockholders 40.8     35.7   123.7   124.4  
    Impact of changes in the Kenya Finance Act 2023 —     2.0   —   (7.4)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.9     1.0   0.9   1.0  
    Impairment of long-lived assets —     —   1.0   —  
    Write-off of unsuccessful exploration activities and Storage activities 2.0     1.1   3.1   2.9  
    Merger and acquisition transaction costs 0.5     0.6   1.5   1.0  
    Allowance for bad debts 0.0     —   0.3   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.6)     —   3.2   —  
    Adjusted Net income attributable to the Company’s stockholders 43.6     40.5   133.7   121.9  
    GAAP diluted EPS 0.67     0.59   2.04   2.08  
    Impact of changes in the Kenya Finance Act 2023 —     0.03   —   (0.12)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.01     0.02   0.01   0.02  
    Impairment of long-lived assets         0.02    
    Write-off of unsuccessful exploration activities and Storage activities 0.03     0.02   0.05   0.05  
    Merger and acquisition transaction costs 0.01     0.01   0.03   0.02  
    Allowance for bad debts 0.00     —   0.00   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.01)     —   0.05   —  
    Diluted Adjusted EPS ($) 0.72     0.67   2.20   2.05  
    Ormat Technologies Contact: Investor Relations Agency Contact:
    Smadar Lavi Joseph Caminiti or Josh Carroll
    VP Head of IR and ESG Planning & Reporting Alpha IR Group
    775-356-9029 (ext. 65726) 312-445-2870
    slavi@ormat.com ORA@alpha-ir.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI: NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $39.3 billion, up 12% from Q3 and up 78% from a year ago
    • Record quarterly Data Center revenue of $35.6 billion, up 16% from Q3 and up 93% from a year ago
    • Record full-year revenue of $130.5 billion, up 114%

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 26, 2025, of $39.3 billion, up 12% from the previous quarter and up 78% from a year ago.

    For the quarter, GAAP earnings per diluted share was $0.89, up 14% from the previous quarter and up 82% from a year ago. Non-GAAP earnings per diluted share was $0.89, up 10% from the previous quarter and up 71% from a year ago.

    For fiscal 2025, revenue was $130.5 billion, up 114% from a year ago. GAAP earnings per diluted share was $2.94, up 147% from a year ago. Non-GAAP earnings per diluted share was $2.99, up 130% from a year ago.

    “Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the answer smarter,” said Jensen Huang, founder and CEO of NVIDIA.

    “We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”

    NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 2, 2025, to all shareholders of record on March 12, 2025.

    Q4 Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)
    Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.0% 74.6% 76.0% Down 1.6 pts Down 3.0 pts
    Operating expenses $4,689 $4,287 $3,176 Up 9% Up 48%
    Operating income $24,034 $21,869 $13,615 Up 10% Up 77%
    Net income $22,091 $19,309 $12,285 Up 14% Up 80%
    Diluted earnings per share* $0.89 $0.78 $0.49 Up 14% Up 82%
    Non-GAAP
    ($ in millions, except earnings
    per share)
    Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.5% 75.0% 76.7% Down 1.5 pts Down 3.2 pts
    Operating expenses $3,378 $3,046 $2,210 Up 11% Up 53%
    Operating income $25,516 $23,276 $14,749 Up 10% Up 73%
    Net income $22,066 $20,010 $12,839 Up 10% Up 72%
    Diluted earnings per share* $0.89 $0.81 $0.52 Up 10% Up 71%


    Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)
    FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.0% 72.7% Up 2.3 pts
    Operating expenses $16,405 $11,329 Up 45%
    Operating income $81,453 $32,972 Up 147%
    Net income $72,880 $29,760 Up 145%
    Diluted earnings per share* $2.94 $1.19 Up 147%
    Non-GAAP
    ($ in millions, except earnings
    per share)
    FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.5% 73.8% Up 1.7 pts
    Operating expenses $11,716 $7,825 Up 50%
    Operating income $86,789 $37,134 Up 134%
    Net income $74,265 $32,312 Up 130%
    Diluted earnings per share* $2.99 $1.30 Up 130%

    *All per share amounts presented herein have been retroactively adjusted to reflect the ten-for-one stock split, which was effective June 7, 2024.

    Outlook
    NVIDIA’s outlook for the first quarter of fiscal 2026 is as follows:

    • Revenue is expected to be $43.0 billion, plus or minus 2%.
    • GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
    • GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively.
    • GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities.
    • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

    Highlights

    NVIDIA achieved progress since its previous earnings announcement in these areas: 

    Data Center

    • Fourth-quarter revenue was a record $35.6 billion, up 16% from the previous quarter and up 93% from a year ago. Full-year revenue rose 142% to a record $115.2 billion.
    • Announced that NVIDIA will serve as a key technology partner for the $500 billion Stargate Project.
    • Revealed that cloud service providers AWS, CoreWeave, Google Cloud Platform (GCP), Microsoft Azure and Oracle Cloud Infrastructure (OCI) are bringing NVIDIA® GB200 systems to cloud regions around the world to meet surging customer demand for AI.
    • Partnered with AWS to make the NVIDIA DGX™ Cloud AI computing platform and NVIDIA NIM™ microservices available through AWS Marketplace.
    • Revealed that Cisco will integrate NVIDIA Spectrum-X™ into its networking portfolio to help enterprises build AI infrastructure.
    • Revealed that more than 75% of the systems on the TOP500 list of the world’s most powerful supercomputers are powered by NVIDIA technologies.
    • Announced a collaboration with Verizon to integrate NVIDIA AI Enterprise, NIM and accelerated computing with Verizon’s private 5G network to power a range of edge enterprise AI applications and services.
    • Unveiled partnerships with industry leaders including IQVIA, Illumina, Mayo Clinic and Arc Institute to advance genomics, drug discovery and healthcare.
    • Launched NVIDIA AI Blueprints and Llama Nemotron model families for building AI agents and released NVIDIA NIM microservices to safeguard applications for agentic AI.
    • Announced the opening of NVIDIA’s first R&D center in Vietnam.
    • Revealed that Siemens Healthineers has adopted MONAI Deploy for medical imaging AI.

    Gaming and AI PC

    • Fourth-quarter Gaming revenue was $2.5 billion, down 22% from the previous quarter and down 11% from a year ago. Full-year revenue rose 9% to $11.4 billion.
    • Announced new GeForce RTX™ 50 Series graphics cards and laptops powered by the NVIDIA Blackwell architecture, delivering breakthroughs in AI-driven rendering to gamers, creators and developers.
    • Launched GeForce RTX 5090 and 5080 graphics cards, delivering up to a 2x performance improvement over the prior generation.
    • Introduced NVIDIA DLSS 4 with Multi Frame Generation and image quality enhancements, with 75 games and apps supporting it at launch, and unveiled NVIDIA Reflex 2 technology, which can reduce PC latency by up to 75%.
    • Unveiled NVIDIA NIM microservices, AI Blueprints and the Llama Nemotron family of open models for RTX AI PCs to help developers and enthusiasts build AI agents and creative workflows.

    Professional Visualization

    • Fourth-quarter revenue was $511 million, up 5% from the previous quarter and up 10% from a year ago. Full-year revenue rose 21% to $1.9 billion.
    • Unveiled NVIDIA Project DIGITS, a personal AI supercomputer that provides AI researchers, data scientists and students worldwide with access to the power of the NVIDIA Grace™ Blackwell platform.
    • Announced generative AI models and blueprints that expand NVIDIA Omniverse™ integration further into physical AI applications, including robotics, autonomous vehicles and vision AI.
    • Introduced NVIDIA Media2, an AI-powered initiative transforming content creation, streaming and live media experiences, built on NIM and AI Blueprints.

    Automotive and Robotics

    • Fourth-quarter Automotive revenue was $570 million, up 27% from the previous quarter and up 103% from a year ago. Full-year revenue rose 55% to $1.7 billion.
    • Announced that Toyota, the world’s largest automaker, will build its next-generation vehicles on NVIDIA DRIVE AGX Orin™ running the safety-certified NVIDIA DriveOS operating system.  
    • Partnered with Hyundai Motor Group to create safer, smarter vehicles, supercharge manufacturing and deploy cutting-edge robotics with NVIDIA AI and NVIDIA Omniverse.
    • Announced that the NVIDIA DriveOS safe autonomous driving operating system received ASIL-D functional safety certification and launched the NVIDIA DRIVE™ AI Systems Inspection Lab.
    • Launched NVIDIA Cosmos™, a platform comprising state-of-the-art generative world foundation models, to accelerate physical AI development, with adoption by leading robotics and automotive companies 1X, Agile Robots, Waabi, Uber and others.
    • Unveiled the NVIDIA Jetson Orin Nano™ Super, which delivers up to a 1.7x gain in generative AI performance.

    CFO Commentary
    Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

    Conference Call and Webcast Information
    NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2026.

    Non-GAAP Measures
    To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

     NVIDIA CORPORATION 
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
     (In millions, except per share data) 
     (Unaudited) 
                       
          Three Months Ended   Twelve Months Ended
          January 26,   January 28,   January 26,   January 28,
            2025       2024       2025       2024  
                       
    Revenue $ 39,331     $ 22,103     $ 130,497     $ 60,922  
    Cost of revenue    10,608       5,312       32,639       16,621  
    Gross profit   28,723       16,791       97,858       44,301  
                       
    Operating expenses              
      Research and development     3,714       2,465       12,914       8,675  
      Sales, general and administrative   975       711       3,491       2,654  
        Total operating expenses   4,689       3,176       16,405       11,329  
                       
    Operating income   24,034       13,615       81,453       32,972  
      Interest income   511       294       1,786       866  
      Interest expense   (61 )     (63 )     (247 )     (257 )
      Other, net   733       260       1,034       237  
        Other income (expense), net   1,183       491       2,573       846  
                       
    Income before income tax   25,217       14,106       84,026       33,818  
    Income tax expense   3,126       1,821       11,146       4,058  
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
                       
    Net income per share:              
      Basic $ 0.90     $ 0.51     $ 2.97     $ 1.21  
      Diluted $ 0.89     $ 0.49     $ 2.94     $ 1.19  
                       
    Weighted average shares used in per share computation:              
      Basic   24,489       24,660       24,555       24,690  
      Diluted   24,706       24,900       24,804       24,940  
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
            January 26,   January 28,
            2025   2024
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 43,210   $ 25,984
      Accounts receivable, net     23,065     9,999
      Inventories     10,080     5,282
      Prepaid expenses and other current assets     3,771     3,080
        Total current assets     80,126     44,345
                 
    Property and equipment, net     6,283     3,914
    Operating lease assets     1,793     1,346
    Goodwill     5,188     4,430
    Intangible assets, net     807     1,112
    Deferred income tax assets     10,979     6,081
    Other assets      6,425     4,500
        Total assets   $ 111,601   $ 65,728
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 6,310   $ 2,699
      Accrued and other current liabilities     11,737     6,682
      Short-term debt     –     1,250
        Total current liabilities     18,047     10,631
                 
    Long-term debt     8,463     8,459
    Long-term operating lease liabilities     1,519     1,119
    Other long-term liabilities     4,245     2,541
        Total liabilities     32,274     22,750
                 
    Shareholders’ equity     79,327     42,978
        Total liabilities and shareholders’ equity   $ 111,601   $ 65,728
     NVIDIA CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
     (In millions) 
     (Unaudited) 
                     
          Three Months Ended     Twelve Months Ended 
         January 26,   January 28,   January 26,   January 28,
           2025       2024       2025       2024  
                      
    Cash flows from operating activities:              
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
    Adjustments to reconcile net income to net cash              
    provided by operating activities:              
      Stock-based compensation expense   1,321       993       4,737       3,549  
      Depreciation and amortization   543       387       1,864       1,508  
      Deferred income taxes   (598 )     (78 )     (4,477 )     (2,489 )
      Gains on non-marketable equity securities and publicly-held equity securities, net   (727 )     (260 )     (1,030 )     (238 )
      Other   (138 )     (109 )     (502 )     (278 )
    Changes in operating assets and liabilities, net of acquisitions:              
      Accounts receivable   (5,370 )     (1,690 )     (13,063 )     (6,172 )
      Inventories   (2,424 )     (503 )     (4,781 )     (98 )
      Prepaid expenses and other assets   331       (1,184 )     (395 )     (1,522 )
      Accounts payable   867       281       3,357       1,531  
      Accrued and other current liabilities   360       1,072       4,278       2,025  
      Other long-term liabilities   372       305       1,221       514  
    Net cash provided by operating activities   16,628       11,499       64,089       28,090  
                      
    Cash flows from investing activities:              
      Proceeds from maturities of marketable securities   1,710       1,731       11,195       9,732  
      Proceeds from sales of marketable securities   177       50       495       50  
      Proceeds from sales of non-marketable equity securities   –       –       171       1  
      Purchases of marketable securities   (7,010 )     (7,524 )     (26,575 )     (18,211 )
      Purchase related to property and equipment and intangible assets   (1,077 )     (253 )     (3,236 )     (1,069 )
      Purchases of non-marketable equity securities   (478 )     (113 )     (1,486 )     (862 )
      Acquisitions, net of cash acquired   (542 )     –       (1,007 )     (83 )
      Other   22       –       22       (124 )
    Net cash used in investing activities   (7,198 )     (6,109 )     (20,421 )     (10,566 )
                      
    Cash flows from financing activities:              
      Proceeds related to employee stock plans   –       –       490       403  
      Payments related to repurchases of common stock   (7,810 )     (2,660 )     (33,706 )     (9,533 )
      Payments related to tax on restricted stock units   (1,861 )     (841 )     (6,930 )     (2,783 )
      Repayment of debt   –       –       (1,250 )     (1,250 )
      Dividends paid   (245 )     (99 )     (834 )     (395 )
      Principal payments on property and equipment and intangible assets   (32 )     (29 )     (129 )     (74 )
      Other   –       –       –       (1 )
    Net cash used in financing activities   (9,948 )     (3,629 )     (42,359 )     (13,633 )
                      
    Change in cash, cash equivalents, and restricted cash   (518 )     1,761       1,309       3,891  
    Cash, cash equivalents, and restricted cash at beginning of period   9,107       5,519       7,280       3,389  
    Cash, cash equivalents, and restricted cash at end of period $ 8,589     $ 7,280     $ 8,589     $ 7,280  
                      
    Supplemental disclosures of cash flow information:              
    Cash paid for income taxes, net $ 4,129     $ 1,874     $ 15,118     $ 6,549  
    Cash paid for interest $ 22     $ 26     $ 246     $ 252  
       NVIDIA CORPORATION 
       RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES 
       (In millions, except per share data) 
       (Unaudited) 
                         
             Three Months Ended      Twelve Months Ended 
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
                             
      GAAP cost of revenue $ 10,608     $ 8,926     $ 5,312     $ 32,639     $ 16,621  
      GAAP gross profit $ 28,723     $ 26,156     $ 16,791     $ 97,858     $ 44,301  
        GAAP gross margin   73.0 %     74.6 %     76.0 %     75.0 %     72.7 %
        Acquisition-related and other costs (A)   118       116       119       472       477  
        Stock-based compensation expense (B)   53       50       45       178       141  
        Other (C)     –       –       4       (3 )     40  
      Non-GAAP cost of revenue $ 10,437     $ 8,759     $ 5,144     $ 31,992     $ 15,963  
      Non-GAAP gross profit $ 28,894     $ 26,322     $ 16,959     $ 98,505     $ 44,959  
        Non-GAAP gross margin   73.5 %     75.0 %     76.7 %     75.5 %     73.8 %
                             
      GAAP operating expenses $ 4,689     $ 4,287     $ 3,176     $ 16,405     $ 11,329  
        Stock-based compensation expense (B)     (1,268 )     (1,202 )     (948 )     (4,559 )     (3,408 )
        Acquisition-related and other costs (A)   (43 )     (39 )     (18 )     (130 )     (106 )
        Other (C)     –       –       –       –       10  
      Non-GAAP operating expenses $ 3,378     $ 3,046     $ 2,210     $ 11,716     $ 7,825  
                             
      GAAP operating income $ 24,034     $ 21,869     $ 13,615     $ 81,453     $ 32,972  
        Total impact of non-GAAP adjustments to operating income   1,482       1,407       1,134       5,336       4,162  
      Non-GAAP operating income $ 25,516     $ 23,276     $ 14,749     $ 86,789     $ 37,134  
                             
      GAAP other income (expense), net $ 1,183     $ 447     $ 491     $ 2,573     $ 846  
        Gains from non-marketable equity securities and publicly-held equity securities, net   (727 )     (37 )     (260 )     (1,030 )     (238 )
        Interest expense related to amortization of debt discount   1       1       1       4       4  
      Non-GAAP other income (expense), net $ 457     $ 411     $ 232     $ 1,547     $ 612  
                             
      GAAP net income $ 22,091     $ 19,309     $ 12,285     $ 72,880     $ 29,760  
        Total pre-tax impact of non-GAAP adjustments   756       1,371       875       4,310       3,928  
        Income tax impact of non-GAAP adjustments (D)   (781 )     (670 )     (321 )     (2,925 )     (1,376 )
      Non-GAAP net income  $ 22,066     $ 20,010     $ 12,839     $ 74,265     $ 32,312  
                             
      Diluted net income per share (E)                  
        GAAP   $ 0.89     $ 0.78     $ 0.49     $ 2.94     $ 1.19  
        Non-GAAP    $ 0.89     $ 0.81     $ 0.52     $ 2.99     $ 1.30  
                             
      Weighted average shares used in diluted net income per share computation (E)   24,706       24,774       24,900       24,804       24,936  
                             
      GAAP net cash provided by operating activities $ 16,628     $ 17,629     $ 11,499     $ 64,089     $ 28,090  
        Purchases related to property and equipment and intangible assets   (1,077 )     (813 )     (253 )     (3,236 )     (1,069 )
        Principal payments on property and equipment and intangible assets   (32 )     (29 )     (29 )     (129 )     (74 )
      Free cash flow   $ 15,519     $ 16,787     $ 11,217     $ 60,724     $ 26,947  
                             
       
                             
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 118     $ 116     $ 119     $ 472     $ 477  
        Research and development   $ 27     $ 23     $ 12     $ 79     $ 49  
        Sales, general and administrative   $ 16     $ 16     $ 6     $ 51     $ 57  
                             
      (B) Stock-based compensation consists of the following:      
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 53     $ 50     $ 45     $ 178     $ 141  
        Research and development   $ 955     $ 910     $ 706     $ 3,423     $ 2,532  
        Sales, general and administrative   $ 313     $ 292     $ 242     $ 1,136     $ 876  
                             
      (C) Other consists of IP-related costs and assets held for sale related adjustments
     
      (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).
                             
      (E) Reflects a ten-for-one stock split on June 7, 2024
     NVIDIA CORPORATION 
     RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK 
         
         Q1 FY2026 Outlook 
        ($ in millions)
         
    GAAP gross margin   70.6 %
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.4 %
    Non-GAAP gross margin   71.0 %
         
    GAAP operating expenses $ 5,150  
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,550 )
    Non-GAAP operating expenses $ 3,600  
           

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    Certain statements in this press release including, but not limited to, statements as to: AI advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce RTX, NVIDIA Cosmos, NVIDIA Spectrum-X, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE AGX Orin, NVIDIA Grace, NVIDIA Jetson Orin Nano, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Gibson Energy Announces 2024 Key Industry-Leading Sustainability Achievements and Safety Leadership

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 26, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”), a leading North American energy infrastructure company, today highlights the significant progress in its annual sustainability performance. The Company’s exceptional operational management and safety commitment to achieve zero harm to people, the environment and assets is foundational to these efforts. 2024 marked the Company’s latest safety leadership milestone by recording 8.8 million hours without a lost time injury for its employee and contract workforce.

    “Sustainable practices and operational safety will always be embedded into our day-to-day, and I’m proud of our team reaching this latest safety milestone,” said Curtis Philippon, President and Chief Executive Officer. “Looking broadly at our sustainability commitments, to be externally recognized by key global rating agencies, including the A- we recently received from the Climate Disclosure Project, scoring 96 out of 100 points in the Globe and Mail Board Games Governance Ranking and placing in the 97th percentile of all energy companies by the S&P Global Corporate Sustainability Assessment, reinforces the progress we made this year. Our focus will not change in 2025, we remain committed to safety, innovation, collaboration and accountability as we continue to work toward our ambitious goals.”

    Gibson’s sustainability strategy is built on strong governance and strategic initiatives that focus on long-term value for our shareholders, employees, communities, Indigenous Peoples, governments, customers and suppliers.

    “On behalf of the Management team, I’d also like to extend sincere thanks to our employees for their commitment to safety and our sustainability goals,” said Riley Hicks, Senior Vice President, Chief Financial Officer. “We will continue to build off this momentum, further leverage our world-class asset base and identify additional strategic growth opportunities to meet the evolving global energy demands.”

    2024 Ratings:

    The Company is proud to continue to rank at the top among its Canadian and US midstream peers, reaffirming its position as a global leader in sustainability.

    Rating Agency   Score / Ranking   Description of Score / Ranking
             
    MSCI ESG Risk Ratings   AAA   Gibson is one of only 10% of companies globally in the Oil & Gas Refining, Marketing, Transportation & Storage industry to receive this leadership rating

    Measurement of resilience to long-term, industry material ESG risks on a relative ranking from AAA being the best to CCC being the worst

    More information is available at www.msci.com

    CDP – Climate Change   A-   Maintained this leadership position within the CDP and among midstream peers for the fifth year in a row

    A- Supplier Engagement Rating

    A detailed and independent methodology is used by CDP with more information available at www.cdp.net

    S&P Global Corporate Sustainability Assessment   66   Gibson placed in the 97th percentile of all energy companies and was the highest scoring Canadian midstream company

    Gibson was recognized in the S&P Global Sustainability Yearbook for the fourth year in a row

    More information about The Sustainability Yearbook can be found here

    Sustainalytics ESG Risk Rating   16.0   Top 1% within Refiners & Pipelines industry group (2nd out of 208 companies)

    Gibson was once again recognized on the Sustainalytics 2024 Industry Top-Rated List

    More information about Sustainalytics is available at www.sustainalytics.com

    Globe and Mail Board Games Governance Ranking   12th   Top quartile, ranking 12th out of 215 companies and trusts in the S&P/TSX Composite Index

    Received a score of 96 based on a rigorous set of governance criteria on a scale of 100 being the best to 1 being the worst, tying the Company with a peer as the highest ranked energy company

             
    ISS Governance Quality Score   1   Denotes decile ranking score on a scale of 1 being the best to 10 being the worst, with a score of 1 indicating top 10% performance within Energy industry group
           
    ISS Environmental Quality Score   1  
           
    ISS Social Quality Score   2  


    Note: ESG ratings as at February 21, 2025

    Key Achievements:

    Environmental and Operations Impact

    • Published the 2023 Sustainability Report, detailing progress toward ambitious 2025 and 2030 ESG targets, including the Net Zero by 2050 commitment for Scope 1 and 2 emissions
    • Gibson, in its pursuit of Mission Zero, recorded 8.8 million hours without a lost time injury for its employee and contract workforce
    • Successfully completed the Gateway Terminal acquisition and implemented several key mitigation strategies to safeguard marine environments
    • Gibson received the ‘Union Pacific Railroad Pinnacle Award’, which recognizes customers who implement release prevention protocols, corrective action plans and have zero non-accident releases of regulated hazardous materials shipments
    • Continued to regularly conduct Process Hazard Analysis to proactively identify, monitor and mitigate any potential impacts to operational excellence

    Social Responsibility

    • Exceeded its 2025 target with over 24% racial and ethnic minority representation and 5% Indigenous representation in the workforce
    • Successfully implemented Gibson’s inaugural Indigenous Peoples Development Program and announced a partnership with the Canadian Council for Indigenous Business by participating in the PAIR program at the Committed level, both of which further embeds Indigenous Peoples culture, decision-making and business practices at all levels of the organization
    • Named as one of Alberta’s Top Employers and Canada’s Best Diversity Employers by the annual Canada’s Top 100 Employers Project for the third consecutive year
    • Maintained a best-in-class position in employee participation in our community giving program with a rate of 94%
    • Gibson was awarded the ‘Better Benefits Award’ from Fertility Matters Canada for its leadership position in creating a family-friendly benefit plan and also, the ‘Best Wellness Program’ at the Canada’s Safest Employers Awards

    Governance and Transparency

    • In the Globe & Mail annual Board Games results, Gibson ranked 12th out of 215 companies, scoring 96 out of 100 points, which recognized the company’s approach to strong governance practices and tied the Company with a peer as the highest ranked energy company
    • Ahead of the 2025 target dates, achieved both Governance ESG targets by having 50% female representation and three racial, ethnic and or Indigenous representation on its Board of Directors
    • In line with the Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act, published its inaugural Modern Slavery Report
    • Demonstrated a commitment to responsible procurement with 100% participation and completion of Supply Chain Human Rights training by members of Supply Chain Management, Legal and Sustainability teams
    • Published Gibson’s Sustainability Policy, which formalizes the Company’s long-standing sustainability commitments and enhances the governance approach

    Additional information on Gibson’s approach to Sustainability and ESG, is available at: https://www.gibsonenergy.com/sustainability.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Advisory Statements

    Definitions
    Scope 1 emissions are direct emissions from facilities owned and operated by Gibson.

    Scope 2 emissions are indirect emissions from the generation of purchased energy for Gibson’s owned and operated facilities.

    All references in this press release to Net Zero include Scope 1 and Scope 2 emissions only. Targets currently do not include the Gateway Terminal.

    All references in this press release to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “aim”, “target”, “goal”, “contemplate”, “continue”, “commit”, “estimate”, “expect”, “future”, “forecast”, “forward”, “further”, “intend”, “long-term”, “propose”, “might”, “may”, “maintain”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “opportunity”, “predict”, “pursue”, “potential” and “progress” and similar expressions are intended to identify forward-looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, its commitment to sustainability, ESG leadership and strong governance practices, its focus areas for 2025, its commitment to, and ability to maintain, its position as an industry ESG and sustainability leader; its ability to identify and realize opportunities to advance its sustainability journey and leverage its asset base and growth opportunities to a more secure and resilient energy future; its commitment to a safe and effective working environment; its sustainability strategy generating long-term value for key stakeholders; its Mission Zero commitment and the efforts undertaken to achieve such goal; the anticipated benefits of its renewable PPA and the timing thereof; the impact of the acquisition of STGT on Gibson’s sustainability profile; its ability to improve its operations, including with respect to emission reductions, biodiversity and Indigenous relations; its ESG goals, including its 2025 and 2030 ESG goals and its Net Zero by 2050 commitment; embedding Truth and Reconciliation principles into its culture and business practices; Gibson’s future climate and ESG targets and metrics and future ambitions, the global energy transition, and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein.

    Forward-looking statements involve known and unknown risks, assumptions, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, Gibson’s ability to execute its current strategy, related milestones; Gibson’s ability to meet its sustainability and ESG goals; risks inherent in applicable laws and government policies; economic, societal, political and industry trends; Gibson’s ability to access capital; Gibson’s ability to obtain the anticipated benefits of the acquisition of STGT and its renewable PPA; risks inherent our business and the businesses of our industry partners; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, materials, services and infrastructure; the development and execution of projects; prices of crude oil, natural gas, natural gas liquids and renewable energy; the development, performance and viability of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; assumptions relating to long-term energy future scenarios; carbon price outlook; the cooperation of joint venture partners in reaching the Net Zero by 2050 commitment and other ESG goals; the power system transformation and grid modernization; levels of demand for our services and the rate of return for such services; the likelihood, timing and financial impact of certain risks and uncertainties described under the heading “Risk Factors” and “Forward-Looking Information” in our current annual and interim management’s discussion and analysis and Annual Information Form (“AIF”) and identified in other documents the Company files from time to time with securities regulatory authorities, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    The forward-looking statements contained in this press release represent Gibson’s expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. ​Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see “Risk Factors” in our current annual and interim management’s discussion and analysis and AIF, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced fourth quarter and full year fiscal 2025 financial results for the period ended January 31, 2025.

    • Revenue for the fourth quarter of fiscal 2025 was $84.0 million, up 62.8% from $51.6 million in the same period in fiscal 2024. For the fiscal year ended January 31, 2025, revenue was $284.9 million, up 25.8% from $226.5 million for the fiscal year ended January 31, 2024.
    • Gross margin under U.S. generally accepted accounting principles (GAAP) for the fourth quarter of fiscal 2025 was 60.0%, compared with 59.8% for the same period in fiscal 2024. For the fiscal year ended January 31, 2025, GAAP gross margin was 60.5%, compared with 60.4% for the fiscal year ended January 31, 2024.
    • GAAP net loss for the fourth quarter of fiscal 2025 was $20.2 million, or loss per diluted ordinary share of $0.48, compared with a GAAP net loss of $60.6 million, or loss per diluted ordinary share of $1.50, for the same period in fiscal 2024. GAAP net loss for the fiscal year ended January 31, 2025 was $117.1 million, or loss per diluted ordinary share of $2.84. This compares with GAAP net loss of $169.4 million, or loss per diluted ordinary share of $4.25, for the fiscal year ended January 31, 2024.

    Financial results on a non-GAAP basis for the fourth quarter and full year fiscal 2025 are as follows:

    • Gross margin on a non-GAAP basis for the fourth quarter of fiscal 2025 was 62.0%, compared with 62.5% for the same period in fiscal 2024. For the fiscal year ended January 31, 2025, non-GAAP gross margin was 62.7%, compared with 63.3% for the fiscal year ended January 31, 2024.
    • Non-GAAP net profit for the fourth quarter of fiscal 2025 was $4.8 million, or earnings per diluted ordinary share of $0.11. This compares with non-GAAP net loss of $9.8 million, or loss per diluted ordinary share of $0.24, for the same period in fiscal 2024. Non-GAAP net loss for the fiscal year ended January 31, 2025 was $6.8 million, or loss per diluted ordinary share of $0.16. This compares with non-GAAP net loss of $33.1 million, or loss per diluted ordinary share of $0.83, for the fiscal year ended January 31, 2024.

    Based on information available as of today, Ambarella is offering the following guidance for the first quarter of fiscal year 2026, ending April 30, 2025:

    • Revenue is expected to be between $81.0 million and $87.0 million
    • Gross margin on a non-GAAP basis is expected to be between 61.0% and 62.5%
    • Non-GAAP operating expenses are expected to be between $50.0 million and $53.0 million

    Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation, acquisition-related costs and restructuring expense adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. Non-GAAP financial information also excludes the impact of the recognition or release of a valuation allowance on certain deferred tax assets. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.

    Total cash, cash equivalents and marketable debt securities on hand at the end of the fourth quarter of fiscal 2025 was $250.3 million, compared with $226.5 million at the end of the prior quarter and $219.9 million at the end of the same quarter a year ago.

    “We finished fiscal 2025 with strong results and are starting the new year with positive momentum. We exited the year with more than 70% of our total revenue from edge AI, representing both a quarterly and annual record. Cumulatively, we have shipped about 30 million edge AI processors, with each SoC integrating our proprietary deep learning AI accelerator,” said Fermi Wang, President & CEO. “In fiscal 2026, we anticipate mid to high teens revenue growth, led by our 5nm products, including the ongoing ramp in the CV5 family and now the CV7 family, which generated production revenue for the first time in Q4. Together with a focus on efficient operations, we intend to continue to drive positive operating leverage.”

    Quarterly Conference Call

    Ambarella plans to hold a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today with Fermi Wang, President and Chief Executive Officer, and John Young, Chief Financial Officer, to discuss the fourth quarter of fiscal year 2025 results. A live and archived webcast of the call will be available on Ambarella’s website at http://www.ambarella.com/ for up to 30 days after the call.

    About Ambarella

    Ambarella’s products are used in a wide variety of human vision and edge AI applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) offer high-resolution video compression, advanced image and radar processing, and powerful deep neural network processing to enable intelligent perception, fusion and planning. For more information, please visit www.ambarella.com.

    “Safe harbor” statement under the Private Securities Litigation Reform Act of 1995

    This press release contains forward-looking statements that are not historical facts and often can be identified by terms such as “outlook,” “projected,” “intends,” “will,” “estimates,” “anticipates,” “expects,” “believes,” “could,” “should,” or similar expressions, including the guidance for the first quarter of fiscal year 2026 ending April 30, 2025, and the comments of our CEO relating to our expectation of future revenue growth, customer demand and the growth potential for our edge AI inference products, including our CV5 and CV7 families of products, and our ability to generate positive operating leverage in future periods. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance.

    The risks and uncertainties referred to above include, but are not limited to, global economic and political conditions; changes in government policies, including possible trade tariffs and restrictions; revenue being generated from new customers or design wins, neither of which is assured; the commercial success of our customers’ products; our customers’ ability to manage their inventory requirements; our growth strategy; our ability to anticipate future market demands and future needs of our customers, particularly for AI inference applications; our ability to introduce, and to generate revenue from, new and enhanced solutions; our ability to develop, and to generate revenue from, new advanced technologies, such as computer vision, AI functionality and advanced networks, including vision-language models and GenAI; our ability to retain and expand customer relationships and to achieve design wins; the expansion of our current markets and our ability to successfully enter new markets, such as the OEM automotive and robotics markets; anticipated trends and challenges, including competition, in the markets in which we operate; risks associated with global health conditions and associated risk mitigation measures; our ability to effectively manage growth; our ability to retain key employees; and the potential for intellectual property disputes or other litigation.

    Further information on these and other factors that could affect our financial results is included in the company’s Annual Report on Form 10-K for our 2024 fiscal year, which is on file with the Securities and Exchange Commission. Additional information will also set forth in the company’s quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings the company makes with the Securities and Exchange Commission from time to time, copies of which may be obtained by visiting the Investor Relations portion of our web site at www.ambarella.com or the SEC’s web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. The results we report in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 could differ from the preliminary results announced in this press release.

    Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law.

    Non-GAAP Financial Measures

    The company has provided in this release non-GAAP financial information, including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.

    With respect to its financial results for the fourth quarter of fiscal year 2025, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the first quarter of fiscal year 2026, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

    AMBARELLA, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (unaudited)
                     
        Three Months Ended January 31,   Twelve Months Ended January 31,
          2025       2024       2025       2024  
             
    Revenue   $ 84,015     $ 51,616     $ 284,865     $ 226,474  
                     
    Cost of revenue     33,634       20,763       112,535       89,657  
    Gross profit     50,381       30,853       172,330       136,817  
                     
    Operating expenses:                
    Research and development     56,823       51,992       226,109       215,052  
    Selling, general and administrative     18,911       20,575       72,816       76,325  
                     
    Total operating expenses     75,734       72,567       298,925       291,377  
                     
    Loss from operations     (25,353 )     (41,714 )     (126,595 )     (154,560 )
                     
    Other income, net     2,360       2,107       8,867       6,030  
                     
    Loss before income taxes     (22,993 )     (39,607 )     (117,728 )     (148,530 )
                     
    Provision (benefit) for income taxes     (2,759 )     21,000       (602 )     20,887  
                     
    Net loss   $ (20,234 )   $ (60,607 )   $ (117,126 )   $ (169,417 )
                     
    Net loss per share attributable to ordinary shareholders:              
    Basic   $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Diluted   $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Weighted-average shares used to compute net loss per share              
    attributable to ordinary shareholders:                
    Basic     41,828,944       40,384,743       41,303,287       39,878,872  
    Diluted     41,828,944       40,384,743       41,303,287       39,878,872  
                     

    The following tables present details of stock-based compensation, acquisition-related costs and restructuring expense included in each functional line item in the consolidated statements of operations above:

      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Stock-based compensation:              
    Cost of revenue $ 931     $ 647     $ 3,270     $ 3,341  
    Research and development   18,372       17,950       73,025       72,759  
    Selling, general and administrative   8,245       9,923       31,748       35,216  
                   
    Total stock-based compensation $ 27,548     $ 28,520     $ 108,043     $ 111,316  
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Acquisition-related costs:              
    Cost of revenue $ 757     $ 757     $ 3,028     $ 3,028  
    Research and development   —       —       —       —  
    Selling, general and administrative   456       520       2,016       2,080  
                   
    Total acquisition-related costs $ 1,213     $ 1,277     $ 5,044     $ 5,108  
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Restructuring expense:              
    Cost of revenue $ —     $ —     $ —     $ 66  
    Research and development   —       36       —       708  
    Selling, general and administrative   —       68       —       182  
                   
    Total restructuring expense $ —     $ 104     $ —     $ 956  
                   

    The difference between GAAP and non-GAAP gross margin was 2.0% and 2.7%, or $1.7 million and $1.4 million, for the three months ended January 31, 2025 and 2024, respectively. The difference between GAAP and non-GAAP gross margin was 2.2% and 2.9%, or $6.3 million and $6.4 million, for the fiscal years ended January 31, 2025 and 2024, respectively. The differences were due to the effect of stock-based compensation, amortization of acquisition-related costs and restructuring expense.

    AMBARELLA, INC.
    RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS (LOSSES) PER SHARE
    (in thousands, except share and per share data)
                   
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited)
    GAAP net loss $ (20,234 )   $ (60,607 )   $ (117,126 )   $ (169,417 )
                   
    Non-GAAP adjustments:              
    Stock-based compensation expense   27,548       28,520       108,043       111,316  
    Acquisition-related costs   1,213       1,277       5,044       5,108  
    Restructuring expense   —       104       —       956  
    Income tax effect   (3,760 )     20,881       (2,744 )     18,971  
    Non-GAAP net income (loss) $ 4,767     $ (9,825 )   $ (6,783 )   $ (33,066 )
                   
    GAAP – diluted weighted average shares   41,828,944       40,384,743       41,303,287       39,878,872  
    Non-GAAP – diluted weighted average shares   42,533,654       40,384,743       41,303,287       39,878,872  
                   
    GAAP – diluted net loss per share $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Non-GAAP adjustments:              
    Stock-based compensation expense   0.66       0.71       2.62       2.79  
    Acquisition-related costs   0.03       0.03       0.12       0.13  
    Restructuring expense   —       —       —       0.02  
    Income tax effect   (0.09 )     0.52       (0.06 )     0.48  
    Effect of Non-GAAP – diluted weighted average shares   (0.01 )     —       —       —  
    Non-GAAP – diluted net income (loss) per share $ 0.11     $ (0.24 )   $ (0.16 )   $ (0.83 )
                   
    AMBARELLA, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands)
           
      January 31,   January 31,
        2025       2024  
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 144,622     $ 144,914  
    Marketable debt securities   105,643       75,013  
    Accounts receivable, net   29,767       24,950  
    Inventories   34,428       29,043  
    Restricted cash   7       7  
    Prepaid expenses and other current assets   6,084       6,230  
    Total current assets   320,551       280,157  
           
    Property and equipment, net   9,084       10,439  
    Intangible assets, net   47,279       55,136  
    Operating lease right-of-use assets, net   5,188       5,250  
    Goodwill   303,625       303,625  
    Other non-current assets   3,241       3,048  
           
    Total assets $ 688,968     $ 657,655  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable   21,775       28,503  
    Accrued and other current liabilities   80,781       48,598  
    Operating lease liabilities, current   2,829       3,443  
    Income taxes payable   1,383       1,541  
    Deferred revenue, current   14,226       894  
    Total current liabilities   120,994       82,979  
           
    Operating lease liabilities, non-current   2,436       1,896  
    Other long-term liabilities   4,126       12,909  
           
    Total liabilities   127,556       97,784  
           
    Shareholders’ equity:      
    Preference shares   —       —  
    Ordinary shares   19       18  
    Additional paid-in capital   813,683       694,967  
    Accumulated other comprehensive loss   (233 )     (183 )
    Accumulated deficit   (252,057 )     (134,931 )
    Total shareholders’ equity   561,412       559,871  
           
    Total liabilities and shareholders’ equity $ 688,968     $ 657,655  

    Contact:

    Louis Gerhardy
    408.636.2310
    lgerhardy@ambarella.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Magnite Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Total Revenue up 4% & Contribution ex-TAC(1)up 9% in Fourth Quarter

    Contribution ex-TAC(1)from CTV Grows 23% in Fourth Quarter

    Adjusted EBITDA Margin(2)of 42% in Fourth Quarter

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) —  Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company, today reported its results of operations for the fourth quarter and year ended December 31, 2024.

    Recent Highlights:

    • Revenue of $194.0 million for Q4 2024, up 4% from Q4 2023
    • Contribution ex-TAC(1) of $180.2 million for Q4 2024, an increase of 9% from Q4 2023
    • Contribution ex-TAC(1) attributable to CTV for Q4 2024 of $77.9 million, which exceeded guidance of $75 to $77 million, and was up 23% year-over-year
    • Contribution ex-TAC(1) attributable to DV+ for Q4 2024 of $102.3 million, an increase of 1% year-over-year
    • Net income for Q4 2024 of $36.4 million, or $0.24 per diluted share, compared to net income of $30.9 million, or $0.16 per diluted share for Q4 2023
    • Adjusted EBITDA(1) of $76.5 million in Q4 2024 representing a 42% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $70.4 million for Q4 2023
    • Non-GAAP diluted earnings per share(1) of $0.34 for Q4 2024, compared to non-GAAP diluted earnings per share(1) of $0.29 for Q4 2023
    • Operating cash flow(3) in Q4 2024 of $64.4 million
    • Contribution ex-TAC(1) attributable to CTV for the full-year 2024 of $260.2 million, an increase of 19% year-over-year, representing 43% of total Contribution ex-TAC(1)
    • Adjusted EBITDA(1) for the full-year 2024 of $196.9 million, an increase of 15% from the full-year 2023
    • Ended 2024 with $483.2 million in cash and cash equivalents

    Expectations:

    • Total Contribution ex-TAC(1) for Q1 2025 to be between $140 and $144 million
    • Contribution ex-TAC(1) attributable to CTV for Q1 2025 to be between $61 and $63 million
    • Contribution ex-TAC(1) attributable to DV+ for Q1 2025 to be between $79 and $81 million
    • Adjusted EBITDA operating expenses(4) for Q1 2025 to be between $111 and $113 million
    • Total Contribution ex-TAC(1) growth above 10% for the full-year 2025
    • Excluding political, total 2025 Contribution ex-TAC(1) growth in the mid-teens
    • Adjusted EBITDA margin(2) expansion of at least 100 basis points for 2025
    • Mid-teens percentage growth of Adjusted EBITDA(1) for 2025
    • High-teens to 20% growth in free cash flow(5) for 2025

    “CTV performed well above expectations based on strength from our partnerships with many of the largest industry players. Our DV+ business grew modestly in Q4 due to marketers pausing campaigns after the election, but has rebounded since the start of 2025 and resumed growth in the mid-to-high single digits. We are very encouraged with partner and agency traction to start 2025, and have also made strides to improve efficiency across our business.” said Michael G. Barrett, CEO of Magnite. “We look forward to a solid growth year in 2025, despite a mixed ad spend environment and political comps. We continue to balance top-line growth and profitability to drive free cash flow, which is reflected in our outlook for 2025. Key areas of investment will be live sports, ClearLine, agency marketplaces, curation, AI and overall platform efficiency.”

                         
    Magnite Fourth Quarter 2024 Results Summary
    (in millions, except per share amounts and percentages)
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      Change
    Favorable/
    (Unfavorable)
      December 31,
    2024
      December 31,
    2023
      Change
    Favorable/
    (Unfavorable)
    Revenue $194.0    $186.9   4%   $668.2     $619.7   8%
    Gross profit $126.2    $116.9   8%   $409.3     $209.8   95%
    Contribution ex-TAC(1) $180.2    $165.3   9%   $606.9     $549.1   11%
    Net income (loss) $36.4    $30.9   18%   $22.8     ($159.2)   NM
    Adjusted EBITDA(1) $76.5    $70.4   9%   $196.9     $171.4   15%
    Adjusted EBITDA margin(2)  42%    43%   (1) ppt    32%      31%   1 ppt
    Basic earnings (loss) per share $0.26   $0.22   18%   $0.16     ($1.17)   NM
    Diluted earnings (loss) per share $0.24   $0.16   50%   $0.16     ($1.17)   NM
    Non-GAAP earnings per share(1) $0.34   $0.29   17%   $0.71     $0.54   31%
                             

    NM = Not meaningful

    Notes:
    (1)   Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section called “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
    (2)   Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.
    (3)   Operating cash flow is calculated as Adjusted EBITDA less capital expenditures.
    (4)   Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.
    (5)   Free cash flow is defined as operating cash flow (Adjusted EBITDA less capital expenditures) less net interest expense.
         

    Fourth Quarter 2024 Results Conference Call and Webcast:

    The Company will host a conference call on February 26, 2025 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its fourth quarter of 2024.

       
    Live conference call  
    Toll free number: (844) 875-6911 (for domestic callers)
    Direct dial number: (412) 902-6511 (for international callers)
    Passcode: Ask to join the Magnite conference call
    Simultaneous audio webcast: http://investor.magnite.com, under “Events and Presentations”
       
    Conference call replay  
    Toll free number: (877) 344-7529 (for domestic callers)
    Direct dial number: (412) 317-0088 (for international callers)
    Passcode: 1991482
    Webcast link: http://investor.magnite.com, under “Events and Presentations”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform. Publishers use our technology to monetize their content across all screens and formats, including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile-high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Forward-Looking Statements:
    This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the Company’s guidance or expectations with respect to future financial performance; acquisitions by the Company, or the anticipated benefits thereof; macroeconomic conditions or concerns related thereto; the growth of ad-supported programmatic connected television; our ability to use and collect data to provide our offerings; the scope and duration of client relationships; the fees we may charge in the future; key strategic objectives; anticipated benefits of new offerings; business mix; sales growth; benefits from supply path optimization; our ability to adapt to advancements in artificial intelligence; the development of identity solutions; client utilization of our offerings; the impact of requests for discounts, rebates or other fee concessions; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

    We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

    Non-GAAP Financial Measures and Operational Measures:

    In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below.

    These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See “Reconciliation of Revenue to Gross Profit to Contribution ex-TAC,” “Reconciliation of net income (loss) to Adjusted EBITDA,” “Reconciliation of net income (loss) to non-GAAP income (loss),” and “Reconciliation of GAAP earnings (loss) per share to non-GAAP earnings (loss) per share” included as part of this press release.

    We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.

    Contribution ex-TAC:

    Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost (“TAC”). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

    Adjusted EBITDA:

    We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, non-operational real estate and other expenses (income), net, and provision (benefit) for income taxes. We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Total operating expenses include cost of revenue. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:

    • Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
    • Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.
    • Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:

    • Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
    • Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
    • Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
    • Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, and changes in the fair value of contingent consideration.
    • Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses.
    • Adjusted EBITDA does not reflect cash and non-cash charges related to certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.
    • Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net, which consists of transactions or expenses that are typically by nature non-operating, one-time items, or unrelated to our core operations.
    • Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
    • Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
    • Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

    Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.

    Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share:
    We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).

     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
     
      December 31, 2024   December 31, 2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 483,220     $ 326,219  
    Accounts receivable, net   1,200,046       1,176,276  
    Prepaid expenses and other current assets   19,914       20,508  
    TOTAL CURRENT ASSETS   1,703,180       1,523,003  
    Property and equipment, net   68,730       47,371  
    Right-of-use lease asset   50,329       60,549  
    Internal use software development costs, net   26,625       21,926  
    Intangible assets, net   21,309       51,011  
    Goodwill   978,217       978,217  
    Other assets, non-current   6,378       6,729  
    TOTAL ASSETS $ 2,854,768     $ 2,688,806  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued expenses $ 1,466,377     $ 1,372,176  
    Lease liabilities, current   16,086       20,402  
    Debt, current   3,641       3,600  
    Other current liabilities   9,880       5,957  
    TOTAL CURRENT LIABILITIES   1,495,984       1,402,135  
    Debt, non-current, net of debt issuance costs   550,104       532,986  
    Lease liabilities, non-current   38,983       49,665  
    Other liabilities, non-current   1,479       2,337  
    TOTAL LIABILITIES   2,086,550       1,987,123  
    STOCKHOLDERS’ EQUITY      
    Common stock   2       2  
    Additional paid-in capital           1,433,809       1,387,715  
    Accumulated other comprehensive loss   (4,421 )     (2,076 )
    Accumulated deficit   (661,172 )     (683,958 )
    TOTAL STOCKHOLDERS’ EQUITY   768,218       701,683  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,854,768     $ 2,688,806  
     
     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Revenue $ 193,968     $ 186,932     $ 668,170     $ 619,710  
    Expenses (1)(2):              
    Cost of revenue   67,786       70,025       258,838       409,906  
    Sales and marketing   40,628       37,575       166,142       173,982  
    Technology and development   22,262       23,183       95,243       94,318  
    General and administrative   23,074       21,025       96,860       89,048  
    Merger, acquisition, and restructuring costs   —       —       —       7,465  
    Total expenses   153,750       151,808       617,083       774,719  
    Income (loss) from operations   40,218       35,124       51,087       (155,009 )
    Other expense:              
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt   —       (8,348 )     7,706       (26,480 )
    Other income   (1,170 )     (1,287 )     (5,052 )     (5,304 )
    Total other (income) expense, net   (2,040 )     1,960       24,603       2,538  
    Income (loss) before income taxes   42,258       33,164       26,484       (157,547 )
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Net earnings (loss) per share:              
    Basic $ 0.26     $ 0.22     $ 0.16     $ (1.17 )
    Diluted $ 0.24     $ 0.16     $ 0.16     $ (1.17 )
    Weighted average shares used to compute net earnings (loss) per share:              
    Basic   141,106       138,212       140,557       136,620  
    Diluted   152,434       143,793       146,810       136,620  
     
    (1) Stock-based compensation expense included in our expenses was as follows:
      Three Months Ended   Year Ended
    December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Cost of revenue $ 423   $ 436   $ 1,924   $ 1,809
    Sales and marketing   7,473     6,394     31,436     27,263
    Technology and development   3,617     4,624     18,210     20,542
    General and administrative   5,845     5,701     24,949     22,860
    Merger, acquisition, and restructuring costs   —     —     —     143
    Total stock-based compensation expense $ 17,358   $ 17,155   $ 76,519   $ 72,617
     
    (2) Depreciation and amortization expense included in our expenses was as follows:
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Cost of revenue $ 13,538   $ 13,901   $ 47,570   $ 211,956
    Sales and marketing   2,473     2,628     10,157     27,584
    Technology and development   88     188     460     779
    General and administrative   71     103     323     501
    Total depreciation and amortization expense $ 16,170   $ 16,820   $ 58,510   $ 240,820
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    OPERATING ACTIVITIES:      
    Net income (loss) $ 22,786     $ (159,184 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
    Depreciation and amortization   58,510       240,820  
    Stock-based compensation   76,519       72,617  
    (Gain) loss on extinguishment of debt   7,706       (26,480 )
    Provision for doubtful accounts   587       4,666  
    Amortization of debt discount and issuance costs   4,119       6,279  
    Non-cash lease expense   (4,772 )     (1,712 )
    Deferred income taxes   95       (2,379 )
    Unrealized foreign currency (gain) loss, net   (7,001 )     1,266  
    Other items, net   23       3,007  
    Changes in operating assets and liabilities:      
    Accounts receivable   (26,024 )     (220,102 )
    Prepaid expenses and other assets   1,980       1,004  
    Accounts payable and accrued expenses   97,380       294,677  
    Other liabilities   3,293       (112 )
    Net cash provided by operating activities   235,201       214,367  
    INVESTING ACTIVITIES:      
    Purchases of property and equipment   (32,810 )     (26,764 )
    Capitalized internal use software development costs   (14,260 )     (10,619 )
    Other investing activities   (432 )     —  
    Net cash used in investing activities   (47,502 )     (37,383 )
    FINANCING ACTIVITIES:      
    Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount   413,463       —  
    Repayment of the Term Loan B Facility from refinancing and repricing activities   (403,113 )     —  
    Payment for debt issuance costs   (4,547 )     —  
    Repayment of debt   (1,823 )     (3,600 )
    Repurchase of Convertible Senior Notes   —       (165,518 )
    Proceeds from exercise of stock options   572       2,166  
    Proceeds from issuance of common stock under employee stock purchase plan   3,589       3,513  
    Taxes paid related to net share settlement   (22,472 )     (11,814 )
    Purchase of treasury stock   (14,573 )     —  
    Repayment of finance leases   —       (276 )
    Payment of indemnification claims holdback   —       (2,313 )
    Net cash used in financing activities   (28,904 )     (177,842 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (1,794 )     575  
    CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   157,001       (283 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period   326,219       326,502  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 483,220     $ 326,219  
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued)
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:      
    Cash paid for income taxes $ 3,870   $ 5,357
    Cash paid for interest $ 36,863   $ 37,028
    Capitalized assets financed by accounts payable and accrued expenses and other liabilities $ 6,742   $ 1,690
    Capitalized stock-based compensation $ 2,459   $ 2,012
    Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 13,628   $ 4,017
    Operating lease right-of-use assets reduction and corresponding adjustment to operating lease liabilities from lease terminations $ 4,622   $ —
    Non-cash financing activity related to Amendment No. 1 to the 2024 Credit Agreement $ 311,974   $ —
               
     
    MAGNITE, INC.
    CALCULATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
    (In thousands, except per share data)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
       
    Basic and Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Weighted-average common shares outstanding used to compute basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Basic earnings (loss) per share $ 0.26   $ 0.22     $ 0.16   $ (1.17 )
                   
    Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Adjustments:              
    Interest expense, Convertible Senior Notes, net of tax   517     508       —     —  
    Gain on extinguishment of debt, net of tax   —     (8,151 )     —     —  
    Net income (loss) for calculation of diluted income (loss) $ 36,924   $ 23,271     $ 22,786   $ (159,184 )
                   
    Weighted-average common shares used in basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Dilutive effect of weighted-average restricted stock units   5,044     545       3,731     —  
    Dilutive effect of weighted-average common stock options   2,012     1,156       1,811     —  
    Dilutive effect of weighted-average performance stock units   1,037     —       669     —  
    Dilutive effect of weighted-average ESPP shares   25     15       42     —  
    Dilutive effect of weighted-average convertible notes   3,210     3,865       —     —  
    Weighted-average shares used to compute diluted net earnings (loss) per share   152,434     143,793       146,810     136,620  
    Diluted net earnings (loss) per share $ 0.24   $ 0.16     $ 0.16   $ (1.17 )
     
     
    MAGNITE, INC.
    RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Revenue $ 193,968   $ 186,932   $ 668,170   $ 619,710
    Less: Cost of revenue   67,786     70,025     258,838     409,906
    Gross Profit   126,182     116,907     409,332     209,804
    Add back: Cost of revenue, excluding TAC   54,016     48,373     197,610     339,343
    Contribution ex-TAC $ 180,198   $ 165,280   $ 606,942   $ 549,147
                   
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Depreciation and amortization expense, excluding amortization of acquired intangible assets   8,698       9,198       28,376       38,330  
    Amortization of acquired intangibles   7,472       7,622       30,134       202,490  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Merger, acquisition, and restructuring costs, excluding stock-based compensation expense   —       —       —       7,322  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt   —       (8,348 )     7,706       (26,480 )
    Other debt refinancing expense   —       —       4,103       —  
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Adjusted EBITDA $ 76,513     $ 70,406     $ 196,850     $ 171,364  
     
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (LOSS)
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense   7,472       7,622       30,134       209,812  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    Interest expense, Convertible Senior Notes   421       508       1,686       2,620  
    (Gain) loss on extinguishment of debt   —       (8,348 )     7,706       (26,480 )
    Other debt refinancing expense   —       —       4,103       —  
    Tax effect of Non-GAAP adjustments(1)   (5,339 )     (10,218 )     (32,806 )     (23,740 )
    Non-GAAP income $ 51,613     $ 41,148     $ 106,624     $ 77,908  
     
    (1) Non-GAAP income (loss) includes the estimated tax impact from the reconciling items reconciling between net income (loss) and non-GAAP income (loss).
       
     
    MAGNITE, INC.
    RECONCILIATION OF GAAP EARNINGS (LOSS) PER SHARE TO NON-GAAP EARNINGS PER SHARE
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    GAAP net earnings (loss) per share (1):              
    Basic $ 0.26   $ 0.22   $ 0.16   $ (1.17 )
    Diluted $ 0.24   $ 0.16   $ 0.16   $ (1.17 )
                   
    Non-GAAP income (2) $ 51,613   $ 41,148   $ 106,624   $ 77,908  
    Non-GAAP earnings per share $ 0.34   $ 0.29   $ 0.71   $ 0.54  
                   
    Weighted-average shares used to compute basic net earnings (loss) per share   141,106     138,212     140,557     136,620  
    Dilutive effect of weighted-average common stock options, RSAs, RSUs, and PSUs   8,093     1,701     6,211     3,258  
    Dilutive effect of weighted-average ESPP shares   25     15     42     31  
    Dilutive effect of weighted-average Convertible Senior Notes   3,210     3,865     3,210     4,981  
    Non-GAAP weighted-average shares outstanding (3)   152,434     143,793     150,020     144,890  
     
    (1) Calculated as net income (loss) divided by basic and diluted weighted-average shares used to compute net income (loss) per share as included in the consolidated statement of operations.
    (2) Refer to reconciliation of net income (loss) to non-GAAP income (loss).
    (3) Non-GAAP earnings per share is computed using the same weighted-average number of shares that are used to compute GAAP net income (loss) per share in periods where there is both a non-GAAP loss and a GAAP net loss.
     
     
    MAGNITE, INC.
    CONTRIBUTION EX-TAC BY CHANNEL
    (In thousands, except percentages)
    (unaudited)
     
      Contribution ex-TAC
      Three Months Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 77,923   43 %   $ 63,530   38 %
    Mobile   71,660   40       71,566   44  
    Desktop   30,615   17       30,184   18  
    Total $ 180,198   100 %   $ 165,280   100 %
     
      Contribution ex-TAC
      Year Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 260,159   43 %   $ 218,494   40 %
    Mobile   242,018   40       226,826   41  
    Desktop   104,765   17       103,827   19  
    Total $ 606,942   100 %   $ 549,147   100 %

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Triumph Financial to Acquire Greenscreens.ai

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 26, 2025 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN), a financial and technology company specializing in payments, factoring, banking and intelligence solutions for the transportation industry, has agreed to acquire Greenscreens.ai.

    Greenscreens.ai is a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights. Using machine learning, their solutions help customers make data-informed pricing and purchasing decisions.

    “The acquisition of Greenscreens.ai marks another significant step in our strategy to transform data into actionable intelligence for the freight industry,” said Aaron P. Graft, founder, vice chairman and chief executive officer of Triumph Financial. “With our recent acquisition of Isometric Technologies, we laid the groundwork for performance-based intelligence. The acquisition of Greenscreens.ai will expand our capabilities into pricing intelligence.”

    Dawn Salvucci-Favier, chief executive officer of Greenscreens.ai, added, “Joining Triumph is an exciting opportunity for Greenscreens.ai. Since day one, our mission has been to provide the industry’s leading neutral platform for pricing and revenue optimization. As a part of Triumph, we can broaden our impact and accelerate innovation in freight pricing.”

    “This acquisition strengthens Triumph’s ability to deliver validated, high-quality data that enhances decision-making and drives efficiency,” Graft said. “As we expand our Intelligence segment, we remain committed to giving customers in our network access to actionable insights into the freight industry so they can transact confidently.”

    Under the terms of the agreement, Triumph will acquire Greenscreens.ai for $140 million in cash and $20 million in TFIN stock. The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close during the second quarter of 2025. J.P. Morgan is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Triumph Financial in connection with the transaction. DLA Piper is acting as legal counsel to Greenscreens.ai in connection with the transaction.

    About Triumph
    Triumph Financial, Inc. (Nasdaq: TFIN) is a financial holding company focused on payments, factoring, banking and intelligence. Headquartered in Dallas, Texas, its diversified portfolio of brands includes TriumphPay, Triumph, TBK Bank and LoadPay.

    About Greenscreens.ai
    Greenscreens.ai is transforming how the freight industry buys and sells freight through a collaborative and dynamic approach driven by clean data and innovative technology. Leveraging sophisticated machine learning algorithms, Greenscreens.ai provides market intelligence via an intuitive and integrated platform, empowering users to quickly adjust their freight strategies based on powerful real-time data insights. With two distinct products—one serving shippers and one serving brokers—customers buy and sell with confidence, unveil markets, and build resilience.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the ability of Triumph Financial to consummate the pending acquisition of Greenscreens.ai, including the possibility that the expected benefits related to the pending acquisition may not materialize as expected; the pending acquisition of Greenscreens.ai may not be timely completed, if completed at all; prior to the completion of the pending acquisition of Greenscreens.ai, Greenscreens.ai’s business could experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Triumph Financial may be unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies with Greenscreens.ai within Triumph Financial management’s expected timeframes or at all; the ability to satisfy the closing conditions to the Greenscreens.ai transaction in a timely basis or at all; the ability of Triumph Financial or Greenscreens.ai to retain and hire key personnel; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of TBK Bank and Greenscreens.ai to terminate the merger agreement; and the outcome of any legal proceedings that may be instituted against Triumph Financial, Greenscreens.ai or their respective directors, officers or employees. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Source: Triumph Financial, Inc.

    The MIL Network –

    February 27, 2025
  • MIL-OSI USA: Senators Collins, Gillibrand Introduce Bipartisan Bill to Increase Transparency of Milk Pricing

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Washington, D.C. – U.S. Senators Susan Collins and Kirsten Gillibrand (D-NY) introduced the Fair Milk Pricing for Farmers Act. This bipartisan legislation would require manufacturers to report dairy processing costs every 2 years, which would help dairy farmers make sure that their prices accurately reflect the costs of production.
    “Maine’s dairy farmers work hard to produce high-quality milk, but they often don’t have clear information on how processing costs affect the prices they receive for their product,” said Senator Collins. “This bipartisan bill would increase transparency across the dairy industry by requiring processors to report the costs of turning raw milk into products like cheese, butter, and yogurt, giving farmers the information they need to advocate for fairer pricing.”
    “New York dairy farmers deserve to be paid a fair price for their milk, and they need a milk pricing system that they can count on,” said Senator Gillibrand. “Requiring manufacturers to report dairy processing costs on a biennial basis will give dairy producers, processors, and cooperatives the data they need to ensure that their prices accurately reflect the costs of production. After successfully championing dairy pricing reforms in the last Congress, I look forward to supporting New York’s dairy industry by passing this vital bipartisan bill.”
    The Fair Milk Pricing for Farmers Act is endorsed by the International Dairy Foods Association, the National Milk Producers Federation, and Northeast Dairy Farmers Cooperatives.
    “Timely authorization for regularly updated cost of processing surveys will provide dairy processors and producers the transparent data to ensure that the Federal Milk Marketing Orders accurately reflect ‘make allowances’ for manufacturing dairy products,” said Michael Dykes, D.V.M., President and CEO of the International Dairy Foods Association. “This is critical to ensuring more accurate milk pricing, supporting continued investment in dairy, fostering innovation to meet consumer preferences, and driving overall demand for milk. IDFA is grateful to Senators Gillibrand and Collins for their leadership to advance this issue on behalf of the entire dairy industry.”
    “We thank Senators Kirsten Gillibrand, D-NY, and Susan Collins, R-ME, for once again writing bipartisan legislation to require USDA to conduct mandatory dairy manufacturing cost surveys every two years,” said the National Milk Producers Federation. “Regular studies on the costs of processing raw milk into manufactured dairy products would make future dairy pricing conversations more accurate and based on better information, allowing future adjustments to reflect market conditions. We look forward to working with the bill’s sponsors to enact it into law this year, as soon as possible.”
    “The Northeast Dairy Farmers Cooperatives (NDFC), representing dairy farmer families in New York and New England, supports the Fair Milk Pricing for Farmers Act,” said Northeast Dairy Farmers Cooperatives. “We commend Sens. Gillibrand (D-NY) and Collins (R-ME) for their prodigious leadership in introducing this legislation, which will empower the USDA to conduct mandatory, auditable surveys every two years. This will ensure accurate cost data to stabilize dairy programs and support systems.”
    Senator Collins has long been a champion for fair market practices in the dairy industry. Senator Collins is an original cosponsor of the DAIRY PRIDE Act, bipartisan legislation that would combat the unfair practice of mislabeling non-dairy products using dairy names by requiring non-dairy products made from nuts, seeds, plants, and algae to no longer be mislabeled with dairy terms such as milk, yogurt, or cheese.
    Additionally, Last September, Senator Collins, along with Senators Tammy Baldwin (D-WI), James Risch (R-ID), and Peter Welch (D-VT), sent a letter to the U.S. Department of Health and Human Services and U.S. Department of Agriculture urging the Departments to carefully consider any changes to the upcoming Dietary Guidelines for Americans that could add plant-based imitation products into the dairy category, despite their nutritional differences.

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI Australia: Why Productivity Matters

    Source: Reserve Bank of Australia

    Introduction

    Thank you for the opportunity to speak here today at the Australian Business Economists’ Annual Forecasting Conference. There has been lots of discussion about productivity in recent years. In some economies this discussion has been about subdued growth in overall productivity, including in Australia since just before the pandemic. There has also been discussion about the outlook for productivity. For example, the extent to which artificial intelligence, quantum computing and other technologies will support future productivity growth. These are important issues that I expect will come up in discussions today.

    In my remarks I’m going to focus on a different question: why does productivity matter? At the central bank we’re not experts in how to improve productivity. But trends in productivity are very important for the macroeconomy. In the context of the Australian economy, I will discuss how stronger productivity growth can support growth in aggregate supply, incomes and aggregate demand. I will then spend some time discussing recent productivity outcomes in Australia and how we’ve been thinking about those in our assessment of economic conditions.

    But first, what is productivity? When we talk about productivity, we’re talking about how much output we get relative to what we put in. At an individual level, I increase my own productivity by making a shopping list before I buy groceries, so I don’t forget anything and avoid multiple trips to the supermarket. At the firm level, productivity might be improved by implementing customer relationship management software to streamline communication with clients and automate routine tasks. At the economy-wide level – which is what matters for the central bank and our dual mandate of full employment and low and stable inflation – productivity reflects a multitude of decisions like these. Ultimately it’s about how efficiently capital and labour are employed across the economy to produce goods and services.

    How do we measure productivity? Economists typically focus on two measures: labour productivity, which measures how much output is produced for every hour worked; and multifactor productivity (MFP), which reflects how efficiently all inputs to production – such as labour, capital, energy and raw materials – are combined to produce output.

    In a simple production function framework where a firm produces output using two inputs – labour and capital – labour productivity depends on two things. The first is how much capital each person has to work with. Providing workers with more or better capital – like machines or faster computers – can increase the amount of output each worker produces. This is referred to as ‘capital deepening’. The second is MFP. Improving MFP involves finding new ways to combine labour and capital to produce more output. For example, by reorganising a production line or using GPS technology to precisely guide machinery for planting, fertilising and harvesting. In this respect, labour productivity is not just about labour efficiency; it depends on firms’ decisions about how much capital to employ and how efficiently labour and capital work together to produce output.

    In thinking about the relationship between productivity and aggregate supply, incomes and demand, I will focus mainly on labour productivity. This is because labour productivity most closely aligns with measures of economic living standards. It’s also easier to measure than MFP.

    As you might sense, productivity is not about working harder, but working smarter. Many of the biggest productivity improvements have come from things that have made our lives easier, like computers, robots, the internet and smartphones – though personally I’m still questioning whether smartphones are productivity enhancing or a productivity sapping distraction.

    Economists talk about productivity a lot. So I’ll now turn to the question of why productivity matters.

    Productivity and supply

    If productivity increases, the economy can produce more goods and services from all the available economic inputs. As such, productivity is a key driver of growth in the supply capacity of the economy, or potential output.

    Productivity in Australia has been volatile in recent years but, looking through the volatility, is around the same level as in the few years before the pandemic. Productivity growth has also been consistently below the RBA’s projections for some time now (Graph 1). This has generated internal discussions about what trend labour productivity growth might look like in the period ahead, and what that means for estimates of potential output growth over the forecast period. The current assumption is that annual labour productivity growth will pick up to around one per cent in the medium term, which is close to its longer run average. This could be consistent with, for example, the rapid adoption of technology across many industries leading to higher productivity outcomes. However, the projected pick-up in productivity growth has not materialised in recent years and staff are currently assessing whether weak productivity outcomes are likely to persist.

    Weak productivity growth in recent years has contributed to slower growth in the supply capacity, or potential output, of the economy than otherwise. Graph 2 shows one of our estimates of potential output, which is based on actual productivity outcomes observed in the data. The graph also shows a counterfactual path where productivity growth in recent years was higher, at its average rate in the two decades prior to the pandemic. This suggests that the size of the economy is a lot smaller than it would have been, had productivity growth been more like in the past (all else equal).

    It’s important to keep in mind that, in this counterfactual world where supply capacity was much higher, incomes and demand would also have been higher too. Let me turn to that now.

    Productivity, incomes and wages

    While productivity growth contributes to growth in the supply capacity of the economy, it also contributes to growth in incomes and demand.

    At times, labour productivity (output per hour worked) and real income per hour track one another closely (Graph 3). Looking through the volatility, both are currently around similar levels as in the period prior to the pandemic.

    Other factors besides productivity can affect growth in incomes per hour. For example, higher prices for Australian exports can generate higher incomes domestically. So the terms of trade – the prices we receive for our exports relative to the prices we pay for our imports – can also be an important driver of incomes in the domestic economy. We can see this in the decade from the early 2000s: despite the slowing in productivity growth, real incomes per hour continued to increase, partly owing to substantial increases in the prices received for Australian exports like iron ore and coal. The surge in demand for our exports, particularly from China, supported profits in the mining industry and related parts of the Australian economy, as well as demand for labour and wages growth.

    Over the longer run, labour productivity and real wages – as measured by average earnings from the national accounts – also tend to move together (Graph 4). Over the inflation targeting period, labour productivity has grown at an average annual rate of 1.1 per cent and real labour earnings have grown at 0.9 per cent. So, higher productivity not only benefits firms, it also benefits workers by increasing their purchasing power. The Productivity Commission has previously pointed to the productivity of bakers as a reason we can consume more bread or spend that extra money elsewhere – in 1901 it took 18 minutes of the average worker’s time to afford a loaf of bread, while today it’s just 4 minutes. There must be a joke in there somewhere about how we spend our dough.

    In the short run, however, growth in real wages and labour productivity can and do diverge as the economy adjusts to economic shocks. For example, and as noted previously, increases in the prices received for Australian exports can have an impact on domestic profits and wages (and without an increase in labour productivity). Ultimately, however, it is very hard for an economy to support real wages growth in the longer run without productivity growth.

    Productivity and consumption

    Productivity growth also tends to support consumption growth. When productivity and incomes are growing more strongly, people are able to spend more and consumption grows more quickly. Weak growth in consumption per capita over recent years has coincided with weak growth in productivity, real incomes and real wages (Graph 5).

    Similar patterns have been evident in other economies, where subdued productivity growth has been associated with slower growth in household incomes and consumption (Graph 6). The exception is the United States, where growth in both productivity and consumption has been relatively strong.

    Recent trends in productivity

    So far I’ve focused on the importance of productivity growth for aggregate supply, incomes and demand over the longer run. I’ll now turn to recent trends in productivity growth in Australia and some potential implications for the near-term economic outlook.

    Discerning recent trends in productivity is difficult because of volatility in the data associated with the pandemic and other supply disruptions. Looking through the volatility, labour productivity growth has been low, averaging 0.2 per cent per year between 2017/18 and 2023/24 (Graph 7).

    Reverting to the simple production function framework that I noted earlier, the slow growth in labour productivity over recent years has reflected slow growth in both MFP and the amount of capital available to each worker.

    MFP growth averaged 0.2 per cent per year between 2017/18 and 2023/24, which was well below its historical average. Some have argued that slower MFP growth could reflect temporary factors. For example, tight labour market conditions over recent years have been associated with large numbers of individuals entering the workforce or changing jobs; this may have weighed on productivity as some individuals were trained or retrained and some firms adapted production processes to accommodate strong employment growth. If this was the case, MFP growth could pick up as the economy adjusts. However, work by some RBA staff finds that temporary factors like these have not been the primary cause of slow MFP growth, suggesting that structural factors could be weighing on productivity growth.

    Slow growth in the amount of capital available for each worker in the Australian economy – or a lack of ‘capital deepening’ – has also contributed to slow growth in labour productivity (Graph 8). Capital per worker was broadly unchanged for around five years leading up to the pandemic and – looking through the volatility in the data during the pandemic – is currently a bit below those levels. In other words, overall investment has not kept pace with the strong growth in employment recently.

    To help understand the recent slow growth in productivity, I’ll look at productivity outcomes in various parts of the economy.

    I’ll start with the non-market sector – which includes the health care, education and public administration industries – where employment growth has been very strong over recent years. The level of measured productivity in some parts of the non-market sector is low relative to the aggregate economy. So, as the non-market sector has become a larger share of the economy in recent years, this has weighed on overall productivity growth in the economy. Our estimates suggest that the rising share of non-market employment lowered the economy-wide measure of labour productivity growth by around 0.3 percentage points per year on average from 2017/18 to 2023/24, as shown by the yellow bars in Graph 9. This compares with around 0.15 percentage points per year over the previous decade, and so the recent effects have been a bit larger than in the past.

    But there is more to the story about productivity and the non-market sector. I have emphasised measured productivity because it is very difficult to measure output – and therefore productivity – in parts of the non-market sector. The central measurement problem is a lack of meaningful prices for some non-market output, such as public hospital services provided to public patients. This makes it very difficult to accurately identify quantities of output, which are needed to measure productivity. For example, research by the Productivity Commission suggests that productivity in the health care industry is higher than official estimates. As such, the drag on productivity from the non-market sector may be overstated.

    Noting the challenges of measuring productivity in the non-market sector, what’s been going on in the rest of the economy? Labour productivity growth in the market sector averaged around 0.6 per cent per year from 2017/18 to 2023/24 – below its average of 1.6 per cent over the previous two decades – though it picked up in 2023/24.

    Table 1: Growth in Labour Productivity

    Average annual growth rates (per cent)(a)

    Sector 1998/99 to 2017/18 2017/18 to 2023/24
    All industries 1.3 0.2
    Non-farm 1.1 0.1
    Market sector 1.6 0.6
    Market sector ex mining 1.4 1.0

    (a) Average growth rates calculated between financial years.

    Sources: ABS; RBA.

    While the level of productivity in the mining industry in Australia is higher than in other industries, productivity growth in that industry has declined over recent years. Excluding mining, productivity growth in the market sector since 2017/18 has averaged 1 per cent per year, though this is still lower than its average over the preceding two decades and well below the rates recorded during the high productivity growth period in the 1990s.

    More generally, a range of explanations have been provided for the slowing in productivity growth globally since the 1990s. A well-documented one for Australia is declining ‘economic dynamism’ – it now takes longer for inputs to production to move to higher productivity firms, and it also takes longer for firms to catch up to the global frontier of performance and technology. Evidence suggests that at least part of the decline in economic dynamism relates to declining competition in the economy. Regulatory barriers also appear to have played a role in Australia, notably in the construction industry. Other explanations include slowing human capital accumulation, declining trade integration, and mismeasurement.

    What does the recent subdued growth in productivity mean for our assessment of economic conditions? While productivity growth is associated with growth in incomes and wages over the longer run, in the short run there can be material divergences between these variables. Over the past year or so, real average hourly earnings in the economy have grown faster than labour productivity. This exerts upward pressure on firms’ unit labour costs and is consistent with our assessment that labour market conditions are still tight, notwithstanding some easing in those conditions over the past couple of years.

    What will happen from here? Our latest forecasts in the Statement on Monetary Policy incorporate a pick-up in productivity growth over the next couple of years, which would add to the economy’s supply capacity and help alleviate cost pressures. But there is considerable uncertainty around this projection. If productivity growth remains weak, the near-term outlook will depend critically on how the economy adjusts. If growth in demand is also weaker and wages adjust quickly to this slower growth in the supply capacity of the economy, there might not be a material impact on cost pressures. But if demand picks up as expected or wages adjust slowly to continued weak productivity outcomes, cost pressures could be higher than we expect. We will continue to monitor these developments carefully, alongside the full range of indicators we use to assess current economic conditions.

    Concluding remarks

    To conclude, productivity matters because it is a key driver of economic living standards. Over the longer run, higher productivity growth expands the supply capacity of the economy and supports growth in incomes, wages and aggregate demand. In the short run, however, there can be meaningful divergences in the growth rates of these important macroeconomic variables. Recent weak growth in productivity has constrained growth in aggregate supply. Whether productivity growth improves from here and how the economy adjusts are important questions for the economic outlook.

    Thank you for your time today. I look forward to your questions.

    MIL OSI News –

    February 27, 2025
  • MIL-OSI: Quidnet Energy Demonstrates Long-Duration Geomechanical Energy Storage at MWh Scale and Completes Accelerated Lifetime Testing

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — Quidnet Energy (“Quidnet”), a pioneer in long-duration energy storage solutions for delivering baseload power, announced today that the company has successfully completed demonstration and testing of its Geomechanical Energy Storage (GES) technology at megawatt-hour (MWh) scale. The tests confirm that Quidnet’s innovative GES solution is prepared to deliver robust, grid-scale energy storage to meet the fast-growing demand for reliable power.

    At the company’s test site in Greater Houston, Quidnet completed MWH scale functional testing and accelerated lifetime testing of the GES technology. In addition to proving the viability of its technology at grid-scale, Quidnet’s results validated the capabilities of the GES technology across critical performance benchmarks, including negligible self-discharge and capacity degradation. These metrics provide real-world validation of GES as a long-life asset for supporting grid stability and delivering reliable power.

    “Achieving this level of performance and scale marks a major milestone in our development of the GES technology,” said Joe Zhou, CEO of Quidnet Energy. “These tests confirm that our storage technology is ready for commercial deployments just as electrical grids grapple with the rapid rise in load growth from industrial electrification and AI data centers. With a mature, well-established supply chain and proven technology, we look forward to delivering GES at scale at a critical time for the energy industry.”

    In conducting its MWh field test in Texas, Quidnet highlights the great market potential for reliable power in its home state, which will experience one of the largest increases in electricity demand in the years ahead. The growth in energy-intensive data centers and the need to prepare for weather-related grid events underscore the essential demand for the stable power provided by Quidnet’s GES. These tests also mark a key technology milestone in Quidnet’s developmental support from Dallas-based Hunt Energy Network following their $10 million investment announced in 2024.

    “With the completion of these tests, we are excited to see Quidnet demonstrate the viability of their GES technology at MWh scale and further establish confidence for the durability of this storage solution,” said Pat Wood, CEO of Hunt Energy Network. “As Quidnet prepares for commercial projects, we look forward to collaborating with the company on our 300 MW partnership for storage in Texas.”

    Learn more about GES and Quidnet at https://www.quidnetenergy.com/.

    About Quidnet Energy
    Houston-based Quidnet Energy is an energy storage company that uses the subsurface as a sustainable natural resource. Quidnet Energy’s patented Geomechanical Energy Storage technology utilizes excess electricity from the grid to store water beneath the ground under pressure, delivering that energy later to provide firm, reliable power to the grid. Visit www.quidnetenergy.com to learn more.

    Media Contact
    Justin Williams
    Trevi Communications for Quidnet Energy
    justin@trevicomm.com
    +1 (978) 539-7157

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42e702a8-b47e-4c84-b9d1-ac2ff0f6cd36
    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8fc0257-d7f9-447d-bdb8-db70f259a2bc
    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cdfe456-aea6-437a-af50-5fad7e911f34

    The MIL Network –

    February 27, 2025
  • MIL-OSI: AlphaSavings Unveils Hands-Free Investing with Fully Managed Wealth Solutions

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 26, 2025 (GLOBE NEWSWIRE) — AlphaSavings, a leading provider of innovative financial solutions, has launched its fully managed wealth solutions, offering investors a hands-free approach to stock and bond investing. With an advanced portfolio management system that integrates professional expertise and real-time market analytics, AlphaSavings is transforming how individuals and institutions manage their investments.

    As financial markets become increasingly complex, many investors struggle to allocate their assets effectively while keeping up with market shifts. AlphaSavings’ hands-free investment solutions provide a seamless experience, allowing clients to enjoy professionally managed stock and bond portfolios without the need for constant monitoring or decision-making.

    A New Era of Hands-Free Investing

    AlphaSavings’ fully managed wealth solutions are designed for individuals who seek stable, long-term financial growth without the complexity of active trading. By leveraging expert portfolio management, real-time market adjustments, and data-driven investment strategies, AlphaSavings enables investors to maximize returns while minimizing risk exposure.

    How Hands-Free Investing Works at AlphaSavings:

    • Personalized Portfolio Construction – Investments are tailored to individual financial goals, risk tolerance, and market conditions.
    • Automated Asset Allocation – Portfolios maintain an optimal mix of stocks and bonds, adjusting dynamically based on economic trends.
    • Real-Time Market Monitoring – AI-enhanced analytics track stock and bond markets 24/7, ensuring timely investment decisions.
    • Risk-Managed Growth – Strategies are designed to minimize volatility while maximizing long-term wealth accumulation.
    • No Manual Trading Required – Investors no longer need to analyze markets, pick stocks, or make buy/sell decisions—the system does it all.

    What Sets AlphaSavings Apart from Traditional Investing?

    Traditional investment methods often require active involvement, whether through stock trading, bond selection, or frequent portfolio rebalancing. AlphaSavings removes these challenges by offering a fully automated, expert-managed investment experience.

    Key Benefits of Hands-Free Investing with AlphaSavings:

    • Stress-Free Wealth Growth – No need for clients to spend time researching or managing investments.
    • Consistent, Market-Beating Performance – AlphaSavings’ expert portfolio managers use data-driven strategies to deliver high returns.
    • Diversified Stock & Bond Portfolios – Investments are spread across multiple asset classes to ensure risk-adjusted growth.
    • Smart Rebalancing – Portfolios are adjusted regularly to maintain optimal performance and respond to market fluctuations.
    • Transparency & Control – Clients can track their portfolio’s progress without needing to make investment decisions themselves.

    Bringing Institutional-Grade Investment Management to Everyday Investors

    Historically, fully managed investment services were reserved for high-net-worth individuals and institutional investors. AlphaSavings is democratizing access to these expert-guided wealth solutions, ensuring that everyday investors can benefit from hands-free, data-driven portfolio management.

    By integrating advanced financial modeling, AI-driven risk assessments, and human expertise, AlphaSavings provides the same level of sophisticated asset management that top hedge funds and wealth managers use.

    How AlphaSavings’ Fully Managed Wealth Solutions Work

    Step 1: Tailored Investment Strategy Development

    Clients answer a few questions about their financial goals, investment horizon, and risk tolerance. AlphaSavings then designs a personalized, diversified portfolio suited to their individual needs.

    Step 2: Smart Asset Allocation & Investment Execution

    AlphaSavings selects a mix of high-growth stocks and stable bonds to ensure both capital appreciation and risk mitigation. Investments are automatically adjusted in response to market trends.

    Step 3: Continuous Market Monitoring & Risk Management

    Unlike traditional investment firms that rebalance portfolios quarterly or annually, AlphaSavings monitors investments in real-time, making instant adjustments when necessary to protect investor capital.

    Step 4: Hands-Free Wealth Growth & Performance Tracking

    Clients can track their investment performance through AlphaSavings’ intuitive platform, receiving updates on returns, portfolio adjustments, and market insights.

    Who Can Benefit from Hands-Free Investing?

    • Professionals & Business Owners – Those who lack the time to research or actively manage investments.
    • First-Time Investors – Individuals who want to grow their wealth without the complexity of trading.
    • Retirement Planners – Investors looking for stable, long-term asset appreciation.
    • High-Net-Worth Individuals – Those seeking professional wealth management with minimal involvement.
    • Institutional Investors – Companies and organizations looking for expertly managed investment strategies.

    A Smarter, Safer Approach to Stock & Bond Investing

    Stock and bond markets are often unpredictable, with interest rate changes, inflation concerns, and geopolitical factors influencing market performance. AlphaSavings’ hands-free investment system ensures clients stay ahead of market shifts while protecting their capital from excessive volatility.

    By combining expert-driven financial strategies with automated portfolio adjustments, AlphaSavings reduces risks associated with emotional decision-making, market timing, and investment mismanagement.

    How AlphaSavings Mitigates Market Volatility:

    • Adaptive Portfolio Strategies – The investment team dynamically adjusts asset allocations to reduce risk exposure.
    • Diversification Across Asset Classes – Stocks, bonds, and fixed-income securities are balanced to ensure stability.
    • AI-Powered Predictive Analytics – Market trends are analyzed in real-time to anticipate potential downturns before they occur.
    • Automatic Stop-Loss & Risk Controls – The system prevents excessive losses by reallocating assets in response to market turbulence.

    Regulatory Compliance & Transparency

    AlphaSavings adheres to industry best practices, regulatory guidelines, and fiduciary responsibilities to provide investors with a secure, trustworthy investment experience. Clients receive:

    • Regular financial reports detailing portfolio growth and market performance.
    • Full visibility into investment allocations, risk assessments, and wealth management strategies.
    • Transparent pricing with no hidden fees or commissions.

    The Future of Wealth Management: Hands-Free, Data-Driven Investing

    As financial technology evolves, hands-free investing is becoming the future of wealth management. Investors are shifting away from traditional, manual stock and bond selection processes toward AI-driven portfolio management and automated financial strategies.

    AlphaSavings is at the forefront of this transformation, providing a scalable, intelligent investment solution that eliminates the stress of daily portfolio management while delivering superior long-term results.

    Get Started with Hands-Free Investing Today

    For those looking to grow their wealth with minimal effort, AlphaSavings offers the perfect solution. Clients can access fully managed stock and bond portfolios, backed by expert analysis, automated market insights, and risk-optimized investment strategies.

    Visit AlphaSavings today to explore fully managed wealth solutions designed for long-term financial success.

    About AlphaSavings

    AlphaSavings is a leading provider of fully managed stock and bond investment solutions, offering hands-free investing for individuals and institutions. By combining expert-driven portfolio management with automated market insights, AlphaSavings delivers stress-free wealth growth with market-beating returns.

    The MIL Network –

    February 27, 2025
  • MIL-OSI Economics: Verizon sets new 5G upload speed record as it continues to advance its network to manage AI and other emerging workloads

    Source: Verizon

    Headline: Verizon sets new 5G upload speed record as it continues to advance its network to manage AI and other emerging workloads

    NEW YORK – As the ecosystem around 5G evolves, Verizon has been actively optimizing its network with 5G advanced technology, high-speed fiber, edge computing and intelligent management to efficiently handle the massive data demands of real-time applications, seamless cloud connectivity, and data-intensive demands of AI-driven workloads.

    Verizon and its collaborators Ericsson and Qualcomm Technologies, Inc., just made another large leap forward in advancing that ecosystem. Using a combination of two TDD carrier component aggregation with C-band spectrum and uplink MIMO (Multiple Input, Multiple Output) technology, the companies achieved a US record-breaking 480 Mbps uplink speed using sub-6 GHz spectrum.

    “Emerging applications, such as smart surveillance, industrial automation, augmented reality devices and generative AI models, require massive amounts of data to be continuously uploaded for analysis, decision-making, and model training,” said Srini Kalapala, Senior Vice President of Technology and Product Development at Verizon. “Faster uplink speeds, in combination with the other advancements we’ve been introducing into our network, ensure that AI-driven systems can process real-time video feeds, sensor data, and user interactions without lag, improving responsiveness and accuracy. The work we are doing to drive uplink speeds is a key variable that will allow our customers to take advantage of these AI applications on our network.”

    Extremely fast upload speeds are particularly critical for time-sensitive applications like healthcare diagnostics, remote robotics, and live broadcasting, where delays in data transmission can impact outcomes. Higher uplink speeds for solutions such as these provide seamless data transmission from customers’ devices to the cloud, enable low-latency interactions and reduce bottlenecks in data-heavy applications. With the 5G enhanced uplink capabilities demonstrated in this trial, businesses and industries will be able to unlock many benefits of AI, enabling smarter automation, improving efficiencies, and delivering more immersive user experiences. Real-time applications such as video conferencing, cloud gaming, IoT communications, and augmented reality (AR) also rely on robust uplink capabilities for seamless performance. Additionally, as more users generate and upload high-resolution content to platforms like social media and streaming services, strong uplink capabilities help maintain smooth performance and enhance customers’ experience.

    “Reaching 480 Mbps uplink speeds is a remarkable achievement and highlights the strength of Ericsson’s RAN technology,” said Hannes Ekström, Vice President and Head of Customer Unit Verizon for Ericsson North America. “This breakthrough not only boosts data upload efficiency but also meets the high demands of real-time applications and AI-driven tasks. Our technology is essential for providing smooth performance and outstanding user experiences across enterprise and consumer applications alike.”

    About the trial

    In this demonstration of technological capabilities, Verizon, Ericsson and Qualcomm Technologies used 200 MHz of C-band spectrum, employing 2×2 MIMO on each 100MHz channel, hosted on Ericsson’s state-of-the-art Generation 4 RAN Processor 6672 and Massive MIMO TDD antenna integrated radio AIR 6449.

    MIMO is a technology that uses multiple antennas on both the network and the device to send and receive multiple data streams simultaneously. It enhances throughput, reliability, and coverage by leveraging multiple antennas to combat interference and improve signal strength.

    The trial also employed TDD (Time Division Duplex.) TDD is a method that allows both uplink and downlink to share the same frequency band but at different time slots. It is used to dynamically allocate time for uploads and downloads based on dynamically shifting network demands, and improves spectral efficiency, especially in scenarios where download and upload needs vary.

    “This achievement is a powerful demonstration of Verizon, Ericsson, and Qualcomm Technologies’ commitment to advancing the 5G frontier. Fast upload speeds are essential for applications where every second matters, ensuring seamless data transmission from devices to the cloud for real-time interactions. We are thrilled to be at the forefront of empowering businesses to fully leverage AI, driving smarter automation, greater efficiency, and more engaging user experiences,” said Sunil Patil, vice president, product management, Qualcomm Technologies, Inc.e MIMO TDD antenna integrated radio AIR 6449.

    MIL OSI Economics –

    February 27, 2025
  • MIL-Evening Report: DeepSeek is now a global force. But it’s just one player in China’s booming AI industry

    Source: The Conversation (Au and NZ) – By Mimi Zou, Professor, School of Private & Commercial Law, UNSW Sydney

    Dorason/Shutterstock

    When small Chinese artificial intelligence (AI) company DeepSeek released a family of extremely efficient and highly competitive AI models last month, it rocked the global tech community. The release revealed China’s growing technological prowess. It also showcased a distinctly Chinese approach to AI advancement.

    This approach is characterised by strategic investment, efficient innovation and careful regulatory oversight. And it’s evident throughout China’s broader AI landscape, of which DeepSeek is just one player.

    In fact, the country has a vast ecosystem of AI companies.

    They may not be globally recognisable names like other AI companies such as DeepSeek, OpenAI and Anthropic. But each has carved out their own speciality and is contributing to the development of this rapidly evolving technology.

    Tech giants and startups

    The giants of China’s technology industry include Baidu, Alibaba and Tencent. All these companies are investing heavily in AI development.

    Alibaba CEO Eddie Wu earlier this month said the multibillion dollar company plans to “aggressively invest” in its pursuit of developing AI that is equal to, or more advanced than, human intelligence.

    The company is already working with Apple to incorporate its existing AI models into Chinese iPhones. (Outside China, iPhones offer similar integration with OpenAI’s ChatGPT.)

    But a new generation of smaller, specialised AI companies has also emerged.

    For example, Shanghai-listed Cambricon Technologies focuses on AI chip development. Yitu Technology specialises in healthcare and smart city applications.

    Megvii Technology and CloudWalk Technology have carved out niches in image recognition and computer vision, while iFLYTEK creates voice recognition technology.

    Multibillion dollar Chinese tech company Alibaba plans to aggressively invest in AI.
    testing/Shutterstock

    Innovative paths to success

    Despite United States’ chip sanctions and China’s restricted information environment, these Chinese AI companies have found paths to success.

    US companies such as OpenAI have trained their large language models on the open internet. But Chinese companies have used vast datasets from domestic platforms such as WeChat, Weibo and Zhihu. They also use government-authorised data sources.

    Many Chinese AI companies also embrace open-source development. This means they publish detailed technical papers and release their models for others to build upon. This approach focuses on efficiency and practical application rather than raw computing power.

    The result is a distinctly Chinese approach to AI.

    Importantly, China’s state support for AI development has also been substantial. Besides the central government, local and provincial governments have provided massive funding through venture funds, subsidies and tax incentives.

    China has also established at least 48 data exchanges across different cities in recent years. These are authorised marketplaces where AI companies can purchase massive datasets in a regulated environment.

    By 2028, China also plans to establish more than 100 “trusted data spaces”.

    These are secure, regulated environments designed to standardise data exchanges across sectors and regions. They will form the foundation of a comprehensive national data market, allowing access to and use of diverse datasets within a controlled framework.

    A strong education push

    The growth of the AI industry in China is also tied to a strong AI education push.

    In 2018, China’s Ministry of Education launched an action plan for accelerating AI innovation in universities.

    Publicly available data shows 535 universities have established AI undergraduate majors and some 43 specialised AI schools and research institutes have also been created since 2017. (In comparison, there are at least 14 colleges and universities in the United States offering formal AI undergraduate degrees.)

    Together, these institutions are building an AI talent pipeline in China. This is crucial to Beijing’s ambition of becoming a global AI innovation leader by 2030.

    China’s AI strategy combines extensive state support with targeted regulation. Rather than imposing blanket controls, regulators have developed a targeted approach to managing AI risks.

    The 2023 regulations on generative AI are particularly revealing of Beijing’s approach.

    They impose content-related obligations specifically on public-facing generative AI services, such as ensuring all content created and services provided are lawful, uphold core socialist values and respect intellectual property rights. These obligations, however, exclude generative AI used for enterprise, research and development. This allows for some unrestricted innovation.

    There are 43 specialised AI schools and research institutes in China, including at Renmen University in Beijing.
    humphery/Shutterstock

    International players

    China and the US dominate the global AI landscape. But several significant players are emerging elsewhere.

    For example, France’s Mistral AI has raised over €1 billion (A$1.6 billion) to date to build large language models. In comparison, OpenAI raised US$6.6 billion (A$9.4 billion) in a recent funding round, and is in talks to raise a further US$40 billion.

    Other European companies are focused on specialised applications, specific industries or regional markets. For example, Germany’s Aleph Alpha offers an AI tool that allows companies to customise third-party models for their own purposes

    In the United Kingdom, Graphcore is manufacturing AI chips and Wayve is making autonomous driving AI systems.

    Challenging conventional wisdom

    DeepSeek’s breakthrough last month demonstrated massive computing infrastructure and multibillion dollar budgets aren’t always necessary for the successful development of AI.

    For those invested in the technology’s future, companies that achieve DeepSeek-level efficiencies could significantly influence the trajectory of AI development.

    We may see a global landscape where innovative AI companies elsewhere can achieve breakthroughs, while still operating within ecosystems dominated by American and Chinese advantages in talent, data and investment.

    The future of AI may not be determined solely by who leads the race. Instead, it may be determined by how different approaches shape the technology’s development.

    China’s model offers important lessons for other countries seeking to build their AI capabilities while managing certain risks.

    Mimi Zou has previously received funding from the British Academy. She is affiliated with the Asia Society Australia.

    – ref. DeepSeek is now a global force. But it’s just one player in China’s booming AI industry – https://theconversation.com/deepseek-is-now-a-global-force-but-its-just-one-player-in-chinas-booming-ai-industry-250494

    MIL OSI Analysis – EveningReport.nz –

    February 27, 2025
←Previous Page
1 … 517 518 519 520 521 … 735
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress