Category: Machine Learning

MIL-OSI United Kingdom: New reforms to support victims of child sexual abuse
Source: United Kingdom – Executive Government & Departments

Victims of child sexual abuse will be better supported with new reforms that prioritise their rights.
Three-year limit for compensation claims to be axed – enabling victims to come forward when ready

Burden of proof to shift from survivors to defendants – protecting victims from reliving trauma

Measures deliver recommendations of Independent Inquiry into Child Sexual Abuse

The Government is delivering on recommendations from the Independent Inquiry into Child Sexual Abuse (IICSA) to make it easier for victims to gain an apology and to pursue claims in the civil court.

The three-year time limit for victims to bring personal injury claims will be removed. So will the burden of proof that currently rests on victims’ shoulders, who must prove it is possible to hold a fair trial for one to go ahead. Now, that burden is lifted off victims and placed on defendants, who must show a fair trial cannot proceed if they intend to block one. This will enable cases to be heard more easily, and protect victims from reliving their trauma.

The Law of the Apologies will also be amended to encourage employers to apologise to people wronged by their employees, where currently they fear doing so because of institutional liability, meaning that victims are likelier to receive apologies from schools, care facilities or hospitals for abuse carried out by an individual at these institutions.

The Government has listened to victims, survivors and experts through two consultations – and they have said they want action.

Lord Chancellor Shabana Mahmood said:

Child sexual abuse causes lifelong trauma and these important changes, recommended by Professor Jay, are long overdue.

These measures help survivors pursue their path to justice. They build on the Government’s mission of halving violence against women and girls and support our Plan for Change.

Currently civil child sexual abuse claims must be brought within three years of turning 18, unless the victim can prove a fair trial can proceed despite the time lapse. But as the IICSA heard, a “significant number” of claims are being rejected because it can take “decades for survivors to feel able to discuss their sexual abuse”.

As a direct result of today’s reforms, all cases brought will proceed unless the defendant proves that a fair hearing cannot take place, for example due to lack of evidence.

IICSA also heard that in many child sexual abuse cases, an apology by an institution was desired but never delivered, blocking victims’ path to closure.

Often organisations are reluctant to apologise because of concerns it may be interpreted by individuals such as insurers, as an admission of fault. The Government will clarify, as per the IICSA recommendation, that apologies could and should be offered by employers for the actions of current or former employees.

Justice Minister Sarah Sackman KC said:

The courts must work for the public they serve – and we recognise that victims and survivors need time to process their trauma.

By changing the law, it will now be possible for victims to come forward, and seek justice, when they feel ready to do so.

The Independent Inquiry into Child Sexual Abuse heard the powerful testimonies of more than 7,000 victims and made 20 final recommendations.

The measures announced today build on action already taken across government to respond to horrific child sexual abuse crimes, including providing £10 million to drive change at a local level to protect children across the country from grooming gangs, and a suite of legislative measures to tackle online child sexual abuse, including two world leading measures on AI-generated child sexual abuse material. These measures form part of our commitment – underscored by our Plan for Change – to halve violence against women and girls this decade.

Legislation will also be brought forward to make grooming an aggravating factor in the sentencing of child sexual offences, and introduce a new Mandatory Reporting duty, in the Crime and Policing Bill to be put before Parliament this Spring. A new offence will also be created so anyone covering up child sexual abuse will face criminal sanctions.

Changes to the Law of Apologies and Limitation Law, follow two Government consultations in 2024.

Gabrielle Shaw, Chief Executive of the National Association for People Abused in Childhood (NAPAC), said:

This is a watershed moment for survivors of child sexual abuse. These reforms recognise the long-term impact of trauma and ensure survivors are not excluded from seeking redress simply because of the time taken to come forward.

NAPAC also welcomes greater clarity on apologies. A sincere apology, when freely given and supported by meaningful action, is invaluable – especially as part of wider efforts to ensure accountability and prevent future harm.

These important changes reflect the growing understanding of what survivors need to access justice and healing, and we welcome the government’s commitment to making them a reality.

Civil claims are made where someone feels that they have suffered a harm or a wrong which another person or organisation is accountable for. It is made by issuing a claim form at the relevant court (such as the County Court), and serving it on the defendant.

Further information:

The apologies legislation would not apply to all types of civil litigation or regulatory disputes, including public inquiries or defamation cases.

The apologies legislation will not be retrospective. The changes for both reforms require primary legislation and will be implemented in due course.

To read the full apologies consultation response visit: https://www.gov.uk/government/consultations/reforming-the-law-of-apologies-in-civil-proceedings

As recommended by the IICSA, removal of the three-year limitation period will apply to all civil child sexual abuse claims brought by victims and survivors (though not to claims brought on behalf of victims and survivors` estates) except where claims have been dismissed by a court or settled by agreement.

To read the full limitation consultation response visit: https://www.gov.uk/government/consultations/limitation-law-in-child-sexual-abuse-cases

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Published 5 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI: Veea Issues Letter to Shareholders

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Veea Inc. (NASDAQ: VEEA), a pioneer in edge computing and AI-driven solutions, today issued a Letter to Shareholders from Founder and Chief Executive Officer Allen Salmasi.

Dear Fellow Shareholders,

On the occasion of Veea ringing the Nasdaq Opening Bell on February 5, I want to welcome our shareholders and share our insights with respect to our vision, strategy, and the opportunities that lie ahead.

Connecting the World at the Edge
I am thrilled to share with you that a monumental shift in technology has occurred, one that now directly aligns with our vision of the future dating back to the founding of the company ten years ago. This transformation is the convergence of Edge Computing, Hyperconverged Networks, and the application of Artificial Intelligence (AI) at the very edge that all things connect to the network, commonly referred to as Edge AI.

We have developed a portfolio of fully integrated, scalable, and turnkey wireless and wired communications and computing devices and services – VeeaHub products, VeeaWare, and VeeaCloud – that deliver cloud-to-edge solutions and allow businesses to manage high volumes of data to enable real-time applications and maintain system reliability. Our solutions have been iterated over the last several years to minimize production costs, reduce installation expenses, and deliver scalability with easy integration to third party solutions, resulting in a lower total cost of ownership compared to typical edge computing solutions.

We possess more than 100 exclusively-owned patents covering 26 patent families, and a significant partner ecosystem. Our products have been deployed to enterprises and SMB/SMEs across several countries, providing real-world solutions across various end markets. We are transforming lives from remote villages in Indonesia, where Veea’s mesh network is empowering internet connectivity in health, education, and agriculture, to retailers in Mexico, farms in North America, a campus in Hong Kong, and a 21-acre commercial building complex in Orlando, Florida where our Veea Edge Platform is enabling common indoor and outdoor common area Wi-Fi.

Well Positioned to Support the 5^thIndustrial Revolution
Significant advances in AI technologies are now driving the 5th Industrial Revolution, fundamentally reshaping how we live, work, and interact. Unlike previous industrial revolutions driven by mechanization, electricity, computing, and automation, the 5th Industrial Revolution is characterized by the seamless integration of AI and human intelligence to enhance decision-making, improve productivity, and drive innovation across every sector. This is not just a technological trend; it is a pivotal force shaping the future of industries, economies, and our organization.

AI inferencing is at the heart of this revolution, driving a new business paradigm that demands a fresh approach to technology infrastructure and service delivery. AI inferencing refers to the process where a trained AI model applies its learned knowledge to analyze new, unseen data and generate predictions or decisions based on the patterns it has identified during training; essentially, it’s the “action” of using an AI model to make sense of “new information” and draw conclusions from it. For many enterprise and consumer use cases massive amounts of data must be collected and processed at the edge. Among many of its utilities, this is what Veea Edge Platform does most efficiently.

Veea’s unique implementation of Edge AI brings the power of AI closer to where data is generated—at the “edge” of networks. This means faster decision-making, reduced latency, enhanced security, increased reliability, data privacy and sovereignty, and real-time insights without the dependency on centralized cloud infrastructure. Edge Computing complements this by processing data locally, significantly improving efficiency and reducing bandwidth costs.

Edge Computing is not just a supporting technology—it is the core capability that enables AI inferencing to deliver real-time, context-aware insights to both enterprises and consumers alike. By processing data closer to the source, Edge Computing ensures that AI applications are responsive, resilient, and efficient. This shift requires businesses to adopt new operational models, emphasizing agility, scalability, and decentralized intelligence.

AI-as-a-Service (AIaaS)
At Veea, we are at the forefront of this transformation, leveraging Edge Computing to power our AI-as-a-Service (AIaaS) offerings. Traditional business models are no longer sufficient to support the speed, scale, and complexity required by broadly adopted AI-driven applications. Some believe that AI Agents will eventually replace SaaS solutions.

Hyperconverged Networking (HCN) is the backbone that supports this rapid data processing and AI-driven environment. By integrating computing, storage, and networking into a unified system, HCN enhances scalability, simplifies IT infrastructure, and ensures robust data flow between edge devices and core systems. Veea’s virtualized software environment, supporting cloud-native applications, together with one of the most advanced HCN implementations, positions us very well to lead in the delivery of highly optimized solutions in this new era, creating unparalleled value for our customers and sustainable growth for our shareholders.

Through the seamless integration of Edge AI, Edge Computing, and Hyperconverged Networking, all supported by Veea’s cloud-managed products, we are driving:

– Innovation: Delivering cutting-edge products and services that meet the demands of the widest range of the rapidly evolving digital landscape.

– Operational Efficiency: Reducing costs and improving performance for many industries.

– Growth Opportunities: Expanding into new markets and sectors that are rapidly adopting AI inferencing and edge technologies.

– Shareholder Value: Enhancing our competitive advantage, creating revenue streams, and supporting long-term financial performance.

A Unique Business Model Supported by Technology that Delivers Solutions to Real World Problems
What sets Veea apart in this transformative era is our unique business model as a Managed Service Provider (MSP) that is delivering solutions such i) as 5G fixed wireless access through our VeeaHub edge computing products with AI-driven cybersecurity, and a range of value-added services currently being rolled-out by network operators to SMBs and SME, as one of its highly scalable use cases, and ii) Edge AI inferencing through our innovative AIaaS offering with complete turnkey hardware and software solutions (i.e., full stack). This model allows us to deliver AI-powered applications and insights at scale without requiring the end-users to invest heavily in infrastructure or specialized talent.

Through our AIaaS platform, we provide end-to-end management of AI workloads, from deployment and optimization to continuous monitoring and maintenance. This approach offers several key differentiators:

– Scalability: Clients can easily scale their AI capabilities as their business grows, without the complexities of managing hardware and software.

– Cost Efficiency: By offering AI on a subscription basis, we lower the barriers to entry, making advanced AI accessible to organizations of all sizes.

– Agility: Our managed services enable rapid deployment and iteration, allowing businesses to adapt quickly to changing market demands.

– Expertise: Clients benefit from our deep expertise in AI, edge computing, and hyperconverged networking, ensuring optimal performance and reliability.

AI inferencing supported by Edge AI represents a compelling business model and a significant growth opportunity for several reasons:

– Explosive Market Demand: The global demand for real-time, data-driven decision-making is rising across industries including retail, healthcare, manufacturing, smart buildings, smart cities, and smart farming. Organizations need solutions that process data instantly, making Edge AI inferencing critical.

– Recurring Revenue Streams: The MSP and AIaaS business models enable predictable, recurring revenue through subscription-based offerings. This stabilizes our financial outlook and supports sustainable growth.

– Competitive Advantage: Edge AI allows businesses to differentiate themselves through faster, smarter, and more secure operations. By providing managed AI inferencing services, we help our clients maintain a competitive edge, which in turn strengthens our market position.

– Lower Total Cost of Ownership (TCO): Our managed services reduce the cost and complexity for customers, making it more attractive for businesses to adopt advanced AI without large upfront investments.

– Global Scalability: The decentralized nature of Edge AI allows us to serve clients worldwide, expanding our reach and unlocking new markets without the limitations of traditional centralized data processing.

– Rapid Innovation Cycle: Continuous improvements in AI algorithms, edge devices, and networking technologies create opportunities for us to innovate and offer enhanced services regularly, driving both customer retention and new customer acquisition.

– Portable Software Stack: Our full stack software can run on third-party hardware (i.e., CPU-based or GPU-based servers, Access Points (APs), routers, etc.) with a Linux host that meet our minimum requirements, making our cloud-managed platform hardware agnostic.

In Closing
Our commitment to innovation and excellence, combined with a differentiated business model, not only strengthens our value proposition to customers but also positions us to develop a robust, recurring revenue stream that drives sustainable growth and profitability.

We are committed to investing in these transformative technologies, fostering strategic partnerships, and continuing to lead in innovation. Our goal is to ensure that Veea remains at the forefront of this technological revolution, delivering growth and value to our shareholders.

Thank you for your continued support and trust in our vision. Together, we are shaping the future.

Warm regards,

Allen Salmasi
Founder & Chief Executive Officer

About Veea
Veea Inc. (NASDAQ: VEEA) was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies. Veea makes living and working at the edge simpler and more secure. Veea has unified multi-tenant computing, multiaccess multiprotocol communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s fully integrated turnkey solution offers end-to-end cloud management of devices, applications and services with Zero Trust Network Access (ZTNA), optionally with a highly simplified plug and play 5G-based Secure Access Service Edge (SASE) offering. Veea Edge Platform™ enables direct connections from the wide area optical fiber, cellular and satellite networks to devices on the local area networks created by a VeeaHub® mesh cluster over network-managed Wi-Fi and IoT devices – a unique patented capability called Multiprotocol Private Network Slicing (MPNS) for ISPs to offer subscription-based services for one or a group of endpoints. Veea Developer Portal and development tools provide for rapid development of edge applications including federated learning with pre-trained models for inferencing to cost-effectively enable Edge AI for most enterprise use cases.

Veea was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform™ and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World’s in its research report published in October 2023 as one of the top 10 Edge AI solution providers alongside IBM, Microsoft, Amazon Web Services among others. For more information about Veea and its product offerings, visit veea.com and follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Veea’s Form 10-Q for the fiscal quarter ended September 30, 2024 and any subsequent filings which Veea makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

The Equity Group

Devin Sullivan
Managing Director
dsullivan@equityny.com

Conor Rodriguez
Analyst
crodriguez@equityny.com

The MIL Network –

February 5, 2025
MIL-OSI USA: Chairman Mast Exposes Outrageous USAID and State Department Grants

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast released the following video exposing radical, far-left grants issued by the State Department and United States Agency for International Development under the Biden administration.

WATCH HERE

Democrats and unaccountable bureaucrats don’t want Americans to know how their hard-earned tax dollars are being wasted abroad. Chairman Mast is here to set the record straight.

Several egregious examples include:

$15 million for condoms to the Taliban through USAID.

$446,700 to promote the expansion of atheism in Nepal through the State Department.

$1 million to boost French-speaking LGBTQ groups in West and Central Africa through the State Department.

$14 million in cash vouchers for migrants at the southern border through the State Department.

$20,600 for a drag show in Ecuador through the State Department.

$47,020 for a transgender opera in Colombia through the State Department.

$32,000 for an LGBTQ-centered comic book in Peru through the State Department.

$55,750 for a climate change presentation warning about the impact of climate change in Argentina to be led by female and LGBT journalists through the StateDepartment.

$3,315,446 for “being LGBTQ in the Caribbean” through USAID.

$7,071.58 for a BIPOC speaker series in Canada through the State Department.

$80,000 for an LGBTQ community center in Bratislava, Slovakia through the State Department.

$3.2 million to help Tunisian migrants readjust to life in Tunisia after deportation through the State Department.

$16,500 to foster a “united and equal queer-feminist discourse in Albanian society” through the State Department.

$10,000 to pressure Lithuanian corporations to promote “DEI values” through the State Department.

$8,000 to promote DEI among LGBTQ groups in Cyprus through the State Department.

$1.5 million to promote job opportunities for LGBTQ individuals in Serbia through USAID.

$70,884 to create a U.S.-Irish musical to promote DEI in Ireland through the State Department.

$39,652 to host seminars at the Edinburgh International Book Festival on gender identity and racial equality through the State Department.

$2.5 million to build electric vehicle charging stations in Vietnam’s largest cities through USAID.

$425,622 to help Indonesian coffee companies become more climate and gender friendly through USAID.

###

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Superseding Indictment Charges Chinese National in Relation to Alleged Plan to Steal Proprietary AI Technology

Source: US State of California

Note: View the superseding indictment here.

A federal grand jury returned a superseding indictment today charging Linwei Ding, also known as Leon Ding, 38, with seven counts of economic espionage and seven counts of theft of trade secrets in connection with an alleged plan to steal from Google LLC (Google) proprietary information related to AI technology.

Ding was initially indicted in March 2024 on four counts of theft of trade secrets. The superseding indictment returned today describes seven categories of trade secrets stolen by Ding and charges Ding with seven counts of economic espionage and seven counts of theft of trade secrets.

According to the superseding indictment, Google hired Ding as a software engineer in 2019. Between approximately May 2022 and May 2023, Ding uploaded more than 1,000 unique files containing Google confidential information from Google’s network to his personal Google Cloud account, including the trade secrets alleged in the superseding indictment.

While Ding was employed by Google, he secretly affiliated himself with two People’s Republic of China (PRC)-based technology companies. Around June 2022, Ding was in discussions to be the Chief Technology Officer for an early-stage technology company based in the PRC. By May 2023, Ding had founded his own technology company focused on AI and machine learning in the PRC and was acting as the company’s CEO.

The superseding indictment alleges that Ding intended to benefit the PRC government by stealing trade secrets from Google. Ding allegedly stole technology relating to the hardware infrastructure and software platform that allows Google’s supercomputing data center to train and serve large AI models. The trade secrets contain detailed information about the architecture and functionality of Google’s Tensor Processing Unit (TPU) chips and systems and Google’s Graphics Processing Unit (GPU) systems, the software that allows the chips to communicate and execute tasks, and the software that orchestrates thousands of chips into a supercomputer capable of training and executing cutting-edge AI workloads. The trade secrets also pertain to Google’s custom-designed SmartNIC, a type of network interface card used to enhance Google’s GPU, high performance, and cloud networking products.

As alleged, Ding circulated a PowerPoint presentation to employees of his technology company citing PRC national policies encouraging the development of the domestic AI industry. He also created a PowerPoint presentation containing an application to a PRC talent program based in Shanghai. The superseding indictment describes how PRC-sponsored talent programs incentivize individuals engaged in research and development outside the PRC to transmit that knowledge and research to the PRC in exchange for salaries, research funds, lab space, or other incentives. Ding’s application for the talent program stated that his company’s product “will help China to have computing power infrastructure capabilities that are on par with the international level.”

If convicted, Ding faces a maximum penalty of 10 years in prison and up to a $250,000 fine for each trade-secret count and 15 years in prison and $5,000,000 fine for each economic-espionage count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The FBI is investigating the case.

Assistant U.S. Attorneys Casey Boome and Molly K. Priedeman for the Northern District of California and Trial Attorneys Stephen Marzen and Yifei Zheng of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

Today’s action was coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states.

A superseding indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

February 5, 2025

MIL-OSI: Bitdeer Announces Strategic Acquisition of 101 MW Site and Gas-fired Power Project in Alberta to Deliver the Industry’s First Fully-Vertically Integrated Bitcoin Mining Site

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the successful close of the acquisition of a fully licensed and permitted 101 MW site and gas-fired power project situated on 19 acres of land near Fox Creek, Alberta in an all-cash transaction for $21.7 million. The site has potential to scale to 1 GW of power, reflecting Alberta’s abundant energy resources, supportive regulatory posture and pro-business environment.

The 101 MW gas-fired power project includes all permits and licenses required to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”). Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.

Concurrently, the Company plans to build 99 MW of datacenter capacity for Bitcoin mining. This newly acquired site and power generation project provides the Company a unique opportunity to become the world’s first fully-vertically integrated Bitcoin miner at scale and potentially achieve some of the lowest Bitcoin mining production costs in the industry.

Strategic Benefits

Full vertical integration: The Company will have control of the land, power generation, electrical and datacenter infrastructure as well as using its own internally developed and manufactured Bitcoin mining machines. The Company can deploy approximately [9] EH/s of its SEALMINER A3 mining machines upon completion, which are anticipated to have industry leading machine-level efficiency of 11-12 J/TH.
Low Power Costs: Projected energy production costs of approximately $20 to $25 per MWh¹, based on current gas prices.
Sustainability & Potential Carbon Credit Upside: As part of the project acquisition, Bitdeer will deploy a carbon utilization system that captures CO2 making the project a net zero carbon producer. This initiative aims to offset Canada’s carbon tax obligations and may generate future revenue through carbon credits.
Energy Cost Optimization & Revenue Flexibility: The Company expects to curtail and sell power back to the Alberta grid to stabilize prices during periods of high demand. The Company estimates this could potentially optimize costs even further.

“We are really excited about planting roots in Alberta, our first site in Canada. This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium. It marks a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability,” said Haris Basit, Chief Strategy Officer at Bitdeer. “By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics.”

Regarding the project, Danielle Smith, Premier of Alberta said, “We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility — right here in Alberta. Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.”

Estimated Costs and Development Timeline
The Company plans to commence site preparation and initial infrastructure development in Q2 2025 and energization in Q4 2026.

Asset	Actual and Estimated Costs
101 MW Fox Creek Site and 19-acre land near Fox Creek, Alberta	$21.7 million cash
Gas-fired power plant	~$90 million
Electrical & datacenter infrastructure	$300K per MW or ~$30 million

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

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

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

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
bitdeerIR@orangegroupadvisors.com

Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com

¹ Assumes natural gas costs of ~$2.06 / GJ, plus regular maintenance and O&M

The MIL Network –

February 5, 2025

MIL-OSI USA: Welch on Elon Musk’s USAID Takeover: “Constitutionally, no President and no unelected billionaire can unlawfully shut a Congressionally authorized agency down.”

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) tonight took to the Senate floor to speak on President Trump and Elon Musk’s unconstitutional actions to dismantle the U.S. Agency for International Development (USAID) and call on Congress to protect the agency, which has played an indispensable role in protecting the interests, security, and reputation of the United States around the globe.
Watch Senator Welch’s speech below:

Read Senator Welch’s remarks as delivered here.
Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:

Senate Committee on Finance

Senate Committee on Agriculture, Nutrition, & Forestry

Ranking Member, Subcommittee on Rural Development, Energy, and Credit

Senate Committee on the Judiciary

Ranking Member, Subcommittee on the Constitution

Senate Committee on Rules & Administration

Senator Peter Welch has spent the bulk of his life working to improve the lives of folks who too often get left behind. After fighting housing discrimination in Chicago, he enrolled in law school at the UC-Berkeley, and later settled in White River Junction, Vermont, where he worked as a public defender before founding a small law practice. He was first elected to represent Windsor County in the Vermont Senate in 1980. Peter was elected to the U.S. House of Representatives where he served for 16 years before being elected to the Senate in 2022. In the Senate, he’s focused on lowering costs for Vermonters, making Washington work better for Vermont, and protecting civil rights and democracy in America and abroad.
Learn more about his work by visiting his website or by following him on social media.

MIL OSI USA News –

February 5, 2025
MIL-OSI: Avoiding Burnout in Legal Practice: How Practice AI Lightens the Load for Attorneys
Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 04, 2025 (GLOBE NEWSWIRE) — Burnout has become a significant challenge in the legal industry, particularly for personal injury attorneys managing demanding caseloads. Practice AI is tackling this issue head-on with its cutting-edge solutions, AI Demands and AI Doc Reader, designed to streamline workflows, reduce repetitive tasks, and help attorneys focus on higher-value legal work.

The Growing Challenge of Burnout in Law

The legal profession is known for its high-stress levels, long hours, and intense pressure to deliver results. Attorneys often find themselves buried in paperwork, from drafting demand letters to reviewing complex legal and medical documents. This burden can lead to fatigue, decreased efficiency, and ultimately burnout.

“With the increasing complexity of legal work, it’s critical to equip attorneys with tools that reduce stress and improve efficiency,” said Hamid Kohan, CEO of Practice AI. “Our goal is to empower lawyers with AI-driven solutions that handle the heavy lifting, allowing them to focus on what they do best: Advocating for their clients.”

How Practice AI Reduces Workload and Enhances Productivity

Practice AI provides two essential tools that transform the way attorneys handle their most time-consuming tasks:
- AI Demands : Automates the drafting of personal injury demand letters, ensuring accuracy, compliance, and customization in a fraction of the time.
- AI Doc Reader : Extracts critical information from legal and medical records, summarizing key details for faster case analysis and decision-making.
The Impact of AI on Legal Workflows

Legal professionals can now generate demand letters in minutes instead of hours, significantly cutting down on administrative work and freeing up time for strategic case management. Document review, which traditionally consumes valuable hours, is streamlined through AI Doc Reader, allowing attorneys to access relevant information quickly and efficiently.

A Smarter Approach to Legal Work

Rather than replacing attorneys, Practice AI ensures that technology enhances their capabilities. “AI should be seen as an assistant, not a replacement,” Kohan emphasized. “By integrating AI, we’re reducing the mental load of repetitive tasks, enabling attorneys to maintain quality work while improving their overall well-being.”

Key Benefits for Attorneys
- Time-Saving Automation: Attorneys can focus on case strategy and client relationships instead of routine paperwork.
- Enhanced Accuracy and Compliance: AI ensures that legal and medical details are correctly incorporated into demand letters and case summaries.
- Reduced Workload, Reduced Burnout: With less administrative burden, attorneys experience lower stress and improved work-life balance.
Experience Demands AI Today

Practice AI invites legal professionals to experience the efficiency and relief our AI solutions bring to daily practice.

How to Get Started
1. Visit the Platform: Head to mylawfirm.ai to sign up—NO CREDIT CARD REQUIRED.
2. Create Your Account: Create a user and your organization by following the steps.
3. Access the Trial: Enjoy the benefits of the trial mode by generating your first demand at no extra fees.
4. Subscribe: By adding your credit card, you can subscribe to Demands and generate your demand letters. We offer a transparent pricing structure.
This simple process ensures that attorneys can quickly integrate Demands into their practices.

About Law Practice AI

Practice AI leads the way in developing AI-powered solutions tailored for legal and medical professionals. With products like AI Demands and AI Doc Reader, the company focuses on streamlining workflows, enhancing accuracy, and delivering secure, compliant tools that improve outcomes for professionals and their clients.

For more information about Practice AI’s tools, visit Practice AI or contact us below.

For media inquiries, please contact:
Practice AI
Address: 21731 Ventura Blvd. #175, Woodland Hills, CA 91364
Phone: (424) 476-5858
Email: sales@mylawfirm.ai

Visit us on social media:
Facebook | Instagram | LinkedIn | YouTube | X.com

The MIL Network –
February 5, 2025
MIL-OSI: North American Construction Group Ltd. Fourth Quarter Results Conference Call and Webcast Notification

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) announced today that it will release its financial results for the fourth quarter ended December 31, 2024 on Wednesday, March 5, 2025 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, March 6, 2025, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

The call can be accessed by dialing:
Toll free: 1-800-717-1738
Conference ID: 71653

A replay will be available through April 6, 2025, by dialing:
Toll Free: 1-888-660-6264
Conference ID: 71653
Playback Passcode: 71653

A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

The live presentation and webcast can be accessed at: North American Construction Group Ltd. Fourth Quarter Results Conference Call and Webcast Registration

A replay will be available until April 6, 2025, using the link provided.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Canada, the U.S. and Australia. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information, please contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
Phone: (780) 960-7171
Email: ir@nacg.ca

The MIL Network –

February 5, 2025
MIL-OSI Security: Superseding Indictment Charges Chinese National in Relation to Alleged Plan to Steal Proprietary AI Technology

Source: United States Attorneys General 12

Note: View the superseding indictment here.

A federal grand jury returned a superseding indictment today charging Linwei Ding, also known as Leon Ding, 38, with seven counts of economic espionage and seven counts of theft of trade secrets in connection with an alleged plan to steal from Google LLC (Google) proprietary information related to AI technology.

Ding was initially indicted in March 2024 on four counts of theft of trade secrets. The superseding indictment returned today describes seven categories of trade secrets stolen by Ding and charges Ding with seven counts of economic espionage and seven counts of theft of trade secrets.

According to the superseding indictment, Google hired Ding as a software engineer in 2019. Between approximately May 2022 and May 2023, Ding uploaded more than 1,000 unique files containing Google confidential information from Google’s network to his personal Google Cloud account, including the trade secrets alleged in the superseding indictment.

While Ding was employed by Google, he secretly affiliated himself with two People’s Republic of China (PRC)-based technology companies. Around June 2022, Ding was in discussions to be the Chief Technology Officer for an early-stage technology company based in the PRC. By May 2023, Ding had founded his own technology company focused on AI and machine learning in the PRC and was acting as the company’s CEO.

The superseding indictment alleges that Ding intended to benefit the PRC government by stealing trade secrets from Google. Ding allegedly stole technology relating to the hardware infrastructure and software platform that allows Google’s supercomputing data center to train and serve large AI models. The trade secrets contain detailed information about the architecture and functionality of Google’s Tensor Processing Unit (TPU) chips and systems and Google’s Graphics Processing Unit (GPU) systems, the software that allows the chips to communicate and execute tasks, and the software that orchestrates thousands of chips into a supercomputer capable of training and executing cutting-edge AI workloads. The trade secrets also pertain to Google’s custom-designed SmartNIC, a type of network interface card used to enhance Google’s GPU, high performance, and cloud networking products.

As alleged, Ding circulated a PowerPoint presentation to employees of his technology company citing PRC national policies encouraging the development of the domestic AI industry. He also created a PowerPoint presentation containing an application to a PRC talent program based in Shanghai. The superseding indictment describes how PRC-sponsored talent programs incentivize individuals engaged in research and development outside the PRC to transmit that knowledge and research to the PRC in exchange for salaries, research funds, lab space, or other incentives. Ding’s application for the talent program stated that his company’s product “will help China to have computing power infrastructure capabilities that are on par with the international level.”

If convicted, Ding faces a maximum penalty of 10 years in prison and up to a $250,000 fine for each trade-secret count and 15 years in prison and $5,000,000 fine for each economic-espionage count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The FBI is investigating the case.

Assistant U.S. Attorneys Casey Boome and Molly K. Priedeman for the Northern District of California and Trial Attorneys Stephen Marzen and Yifei Zheng of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

Today’s action was coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states.

A superseding indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

February 5, 2025
MIL-OSI Submissions: Europe – Research Highlights: 5K+ Women Reveal Career Progression Barriers In Tech Industry

Source: Women Go Tech

Women Go Tech published results from a Google.org and OSCE-backed study on the challenges and disparities facing women at all levels of the tech sector. Over 40 experts and 5,000 women provided insight into how the situation can be improved, mostly through public policy and private development.

February 5, Vilnius–Lithuania. Women Go Tech, a Lithuanian NGO focused on empowering women in tech, recently released a new study highlighting the challenges women in Central and Eastern Europe face during their career progression in the tech industry, and presenting strategies to empower women in tech.

The study, “Building the Future Power Hub for Women in Tech,” surveyed 5,475 women across 13 countries, with support from Google.org and the Organization for Security and Cooperation in Europe (OSCE). The results revealed which countries are most ready to enable women in tech: Bulgaria, Lithuania, Romania, and Latvia. On the other hand, Slovakian, Czech, and Croatian women are experiencing the most barriers to enter the industry.

“After women shared their experiences, they were analyzed by more than 40 experts, outlining solutions to shift the tech industry landscape to help women succeed faster, in CEE and around the world,” Žydrūnė Vitaitė, co-founder of Women Go Tech, shared.

In the study, respondents from all CEE countries agreed that ageism, negative stereotypes about women’s abilities, and education bias were all factors holding women back or discouraging them from pursuing careers in tech. Women also reported poor work-life balance and low representation in leadership roles as influencing their career decisions, as well as fewer opportunities to learn about tech compared to men.

Specifically in Slovakia, Czechia, Croatia, Slovenia, Hungary, Poland, Austria, Estonia, and Latvia, women also believe it is harder for them to succeed in the tech sector than for men. Croatian and Slovenian women are still facing the strongest stereotypes regarding female incapacity to work in the tech sector.

“Although women in the tech sector today face several challenges, this study also explains where the tech industry can improve and how it can attract more female talent,” noted Žydrūnė. “We need to create a robust environment where women feel supported and empowered not only by the government but also by their peers and other women. A more gender-balanced company will understand and serve the diverse demands of its users and clients, resulting in better products and services. This in turn will help unlock the CEE’s potential to become a global leader in tech innovation.”

Bulgaria, for instance, boasts one of the highest rates of women in tech and science in all of Europe, and respondents in the WGT study recognized opportunities for upskilling as well as equal access to education and jobs. The country’s tech sector grew by 12% in 2023 and has witnessed steady growth over the past 15 years and is one of Europe’s most dynamic tech hubs.

According to a 2023 McKinsey study of 1,265 companies in 23 countries, those companies performing in the top quartile of gender representation had a 39% better chance of financial outperformance versus their peers in the bottom quartile. The same held true for diversity on companies’ boards of directors, with a 27% greater likelihood of outperformance. Moreover, the study concluded that diverse representation will foster diverse talent and innovation.

Governmental input into mentorship programs is needed to close the gap

Better compensation is the primary motivator for women of any age or experience to enter the tech sector, despite the persistence of a pay gap. Work flexibility and work-life balance are also important incentives. Unfortunately, many women working in tech report a lack of these elements in their jobs.

“This discrepancy may be discouraging to women’s willingness to mentor and inspire others to join the industry,” said Vitaitė.

Study revealed that most women surveyed did not have a mentor while progressing through a tech sector.

Survey also revealed that to change the dynamic, policymakers should invest in mentorship and training programs tailored to women. While this is recommended on a governmental level, businesses should also prioritize mentorship programs for women, embrace diverse hiring practices, and work to increase female representation in leadership positions.

An issue that remains in the industry is equal pay, alongside the need to promote transparent equal pay policies. The study encourages hybrid and remote work options in tech. Enabling equal career progression for IT professionals is crucial as Europe faces Information and Communication Technology (ICT) skills shortage–only 12 million specialists are projected by 2030 despite EU’s target of 20 million.

“Building the Future Power Hub for Women in Tech” also included a section focusing on the barriers and biases faced by Ukrainian women in exile who are working to build professional lives within the tech sector.

About Women Go Tech

The organization “Women Go Tech” is an NGO navigating women toward careers in tech. Started as a first mentorship program for women in Lithuania in 2017, it has now expanded activities in the CEE. The organization is committed to educating 20,000 women on the use of AI tools and applications. So far, 700+ women have successfully transitioned into the IT industry with the help of the mentorship program and over 19,000 women participated in the introduction course “Discover Tech”. Having positively impacted the lives of hundreds of women and cultivated a new generation of female role models in tech, the NGO has grown from a local project into a movement with significant influence across the region. The organization is a long-term grantee of Google.org.

MIL OSI – Submitted News –

February 5, 2025
MIL-OSI USA: PREPARED REMARKS: Sanders on America’s Dangerous Movement Toward Oligarchy, Authoritarianism & Kleptocracy

US Senate News:

Source: United States Senator for Vermont – Bernie Sanders

WASHINGTON, Feb. 4 – Sen. Bernie Sanders (I-Vt.) today gave remarks on the floor of the Senate outlining the Trump administration’s movement toward oligarchy, authoritarianism and kleptocracy.

Sanders remarks, as prepared for delivery, are below and can be watched HERE:

M. President: Today, we find ourselves in a pivotal moment in American history and millions of Americans, by their actions or lack of action, will determine the future of this country for decades.

M. President: In my view, the Trump administration is moving this country very aggressively into an oligarchic form of society where extraordinary power rests in the hands of a small number of unelected multi-billionaires.

The Trump administration is moving this country very aggressively into an authoritarian society where the rule of law, and our constitution, are being ignored and undermined in order to give more power to the White House and the billionaires who now control our government.

In my view, the Trump administration is moving this country very rapidly toward a kleptocracy – where the function of government is not to serve the people of America, but to enrich those who are in power.

M. President: I think that today is a good day to recall what one of our great presidents said at Gettysburg in November of 1863. Looking out at a battlefield where thousands of Union soldiers had just sacrificed their lives in the defense of freedom, Lincoln famously stated:

“The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us – that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion – that we here highly resolve that these dead shall not have died in vain – that this nation, under God, shall have a new birth of freedom – and that government of the people, by the people, for the people, shall not perish from the earth.

“Government of the people, by the people, for the people, shall not perish from the earth.”

M. President: Under President Trump we are not seeing a “government of the people, by the people, for the people.” Quite the contrary.

We are seeing a government of the billionaire class, by the billionaire class, for the billionaire class. And it’s not being done secretly. It’s right out there for all to see.

Several weeks ago, Donald Trump was inaugurated for his second term as President of the United States. Standing right behind him were the three richest men in the country – Elon Musk, Jeff Bezos and Mark Zuckerberg – worth a combined $920 billion. These 3 men have more wealth than the bottom half of America – 170 million people. And I should point out, and this should tell you exactly where we are going as a nation, these 3 men have become some $232 billion richer since Trump was elected. In just two weeks under Trump their wealth has exploded by $232 billion dollars.

M. President: This is how an oligarchic system works. Elon Musk, the richest person in the world, and now a key part of the administration, spent over $277 million to get Trump elected. In other words, within a corrupt campaign finance system he helped buy the election for Donald Trump.

Jeff Bezos and Mark Zuckerberg, the second and third wealthiest people in our country, both kicked a million each into Trump’s inauguration fund.

And let’s remember that Mr. Bezos, who owns the Washington Post, rescinded the endorsement of Kamala Harris of the Washington Post’s editorial board. Mr. Bezos was showing early on that he was willing to bend the knee for Donald Trump.

Mark Zuckerberg, the founder and CEO of Meta, which owns Facebook and Instagram, agreed to settle a lawsuit with Trump for $25 million.

These three multibillionaires are working with Trump because they understand one very important reality. Trump’s policies are designed to make the very richest people in this country even richer.

Since Trump’s election, Mr. Musk has become $154 billion richer, Mr. Bezos has become $35 billion richer, and Mr. Zuckerberg has become $43 billion richer.

M. President: I am growing increasingly concerned that in our country, under the leadership of President Trump, we are moving rapidly towards authoritarianism.

And all over this country people are alarmed and shocked by what they are seeing.

Just a few examples.

Last week, Trump attempted to suspend all federal grants and loans in direct violation of the U.S. Constitution and federal law. As every 3rd grader knows, the power of the purse belongs to Congress, not the president.

Let’s be clear. The president can recommend legislation, he can veto legislation, but he does not have the power to unilaterally terminate funding and legislation passed by the U.S. Congress. That is a dangerous and blatantly unconstitutional act.

And I should add that Trump’s blocking of federal funding would have had an horrific impact on millions of Americans who utilize programs like Medicaid, Head Start, community health centers, Meals on Wheels, homeless veterans’ programs and many, many other initiatives.

Tens of millions of Americans, including some of the most vulnerable people in our country, were impacted by that decision.

But that’s not all.

A few days ago, Trump fired 17 inspectors general – independent government watchdogs that were created by Congress, in the wake of the Watergate scandal, to prevent the abuse of power by the executive branch.

Last week, President Trump fired a member of the National Labor Relations Board, and in so doing, effectively neutered the only federal agency in America with the authority to hold corporations accountable for illegal union busting and to protect the constitutional right of workers to form a union and to collectively bargain for better wages, benefits and working conditions.

Not only is this move blatantly illegal, it is exactly what Elon Musk, the owner of Tesla, and Jeff Bezos, the owner of Amazon, have been fighting for for months. This is a huge gift to the two wealthiest people in our country who are both strongly anti-union.

The President also illegally fired members of the Equal Employment Opportunity Commission – the only independent commission in our country that protects workers against discrimination in the workplace.

Further, and this should upset every American regardless of political view, in direct violation of the Constitution and federal law, Trump is intimidating the media with lawsuits against ABC, CBS, Meta and the Des Moines Register. His FCC is now threatening to investigate PBS and NPR. Take a deep breath my fellow Americans.

What Trump is essentially saying to every media outlet in America: If you say or do anything that is critical of me, that displeases me, you may be subject to a lawsuit or a federal investigation.

If this is not a direct attack on the First Amendment, the U.S. Constitution and Freedom of Speech, I don’t know what is.

But that’s not all.

Elon Musk and his unelected minions at DOGE have forced out officials at the Treasury Department and illegally shut down US AID – a program which, among other things, helps feed and provide medical help to starving and desperate children all over the world. Presidents, much less unelected billionaires, do not have the unilateral right to shut down federal agencies established by Congress.

When we talk about the dangerous movement towards authoritarianism let us not forget Trump’s pardoning of the January 6th insurrectionists who injured 174 police officers at the Capitol.

Even worse, Trump is undermining the FBI by investigating the agents there who helped bring these violent criminals to justice.

In other words, what Trump is saying is that violence against police officers, when done in his name is ok, but when law enforcement officers try to hold criminals accountable that is not ok.

M. President: Under Trump, we are rapidly moving towards a kleptocracy as well.

Just before Trump was inaugurated, he and his wife Melania launched their own cryptocurrency coins giving them the potential to earn tens of billions of dollars.

M. President: If Wall Street CEOs tried to bribe the President with a bag full of money that would be against the law.

But now, they don’t have to do that.

Today, if a multi-billionaire or the head of a foreign country wants to curry favor with the President, all they have to do is buy his cryptocurrency coins and, when they do that, they are directly enriching Donald Trump and the First Lady.

That is unacceptable and cannot stand.

So, M. President, the question then becomes, where do we go from here?

Instead of moving toward an economy which is designed to benefit the very richest people in our society we have got to fight hard to create a government that works for all of us, not just Mr. Musk or Mr. Bezos or Mr. Zuckerberg and other multi-billionaires.

M. President, at a time of massive wealth and income inequality we must not provide more tax breaks to billionaires paid for by huge cuts in Medicaid and other programs that working families and low-income people desperately need.

But let me tell you what we should be doing.

At a time when 85 million Americans are uninsured or under-insured we have got to do what every major country on earth does and that is to guarantee health care as a human right to every man, woman and child in this country.

At a time when 1 out of 4 Americans cannot afford the medicine that their doctors prescribe we have got to end the absurdity of Americans paying by far the highest prices in the world for prescription drugs.

We have got to cut the cost of prescription drugs in half.

M. President: The federal minimum wage of $7.25 an hour is a starvation wage. While 60% of our people live paycheck to paycheck, we must raise that minimum wage to a living wage, at least $17 an hour. If you work 40 hours a week, you should not be living in poverty.

Mr. Musk and Mr. Bezos want to make it harder for workers to join unions. Well, we have got to do exactly the opposite. We must pass the PRO Act so that anti-union CEOs cannot act unconstitutionally to deny workers the right to join a union.

At a time when we need the best educated workforce in the world, we need to have the best public schools in the world. And, among other things, that means we need to substantially raise teacher salaries. If we want the best and the brightest to become educators no teacher in America should earn less than $60,000 a year.

M. President: All over this country, we have a major housing crisis. And it’s not just the 800,000 who are homeless. It is millions of working families who are spending 40, 50 or 60 percent of their limited incomes on housing. Instead of spending almost a trillion dollars a year on a wasteful and bloated Pentagon budget, we have got to build millions of units of low-income and affordable housing. And when we do that, we put large numbers of people to work at good-paying union jobs.

M. President: I hear from Trump supporters that the president won the election and he has been given this huge mandate to do whatever he wants. Well, no president has the right to move us to oligarchy, authoritarianism and kleptocracy. But more importantly, let us not forget that while Trump did win this election he actually received 4 million fewer votes in 2024 than Biden did in 2020 when Biden won the election.

MIL OSI USA News –

February 5, 2025
MIL-OSI: Veea to Ring the Nasdaq Opening Bell on February 5, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Veea, Inc. (NASDAQ: VEEA), a pioneering technology company specializing in edge computing and AI with smart connectivity solutions, today announced that it will ring the Opening Bell at the Nasdaq MarketSite in Times Square, New York City on Wednesday, February 5, 2025.

Allen Salmasi, Founder and Chief Executive Officer, will be joined by members of Veea’s board of directors, management team, SPAC sponsor Plum Acquisition Corp. I, and advisors.

“We are honored to commemorate Veea’s public listing on Nasdaq’s global stage,” said Mr. Salmasi. “This event is a testament to the dedication of our team in developing and delivering innovative solutions that reshape how data is processed, secured, and leveraged for a smarter, more connected future.”

Founded in 2014, Veea develops fully integrated, scalable, and turnkey wireless communication solutions that make living and working at edge – where people, places, and things connect to the network – simpler and more secure.

The live broadcast of the Nasdaq Opening Bell ceremony will begin at 9:15 a.m. Eastern Time and will available at: https://www.nasdaq.com/marketsite/bell-ringing-ceremony

About Veea
Veea Inc. (NASDAQ: VEEA) was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies. Veea makes living and working at the edge simpler and more secure. Veea has unified multi-tenant computing, multiaccess multiprotocol communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s fully integrated turnkey solution offers end-to-end cloud management of devices, applications and services with Zero Trust Network Access (ZTNA), optionally with a highly simplified plug and play 5G-based Secure Access Service Edge (SASE) offering. Veea Edge Platform™ enables direct connections from the wide area optical fiber, cellular and satellite networks to devices on the local area networks created by a VeeaHub® mesh cluster over network-managed Wi-Fi and IoT devices – a unique patented capability called Multiprotocol Private Network Slicing (MPNS) for ISPs to offer subscription-based services for one or a group of endpoints. Veea Developer Portal and development tools provide for rapid development of edge applications including federated learning with pre-trained models for inferencing to cost-effectively enable Edge AI for most enterprise use cases.

Veea was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform™ and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World’s research report published in October 2023 as one of the top 10 Edge AI solution providers alongside IBM, Microsoft, Amazon Web Services among others. For more information about Veea and its product offerings, visit veea.com and follow us on LinkedIn.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions.

Examples of forward-looking statements in this press release include, but are not limited to, statements regarding the Company’s upcoming technology deployments, partnerships, and anticipated commencement dates. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Veea’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied upon by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. If any of these risks materialize or the parties’ assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. There may be additional risks that Veea presently knows or currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Veea assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

The Equity Group

Devin Sullivan
Managing Director
dsullivan@equityny.com

Conor Rodriguez
Associate
crodriguez@equityny.com

The MIL Network –

February 5, 2025

MIL-OSI: Hut 8 Operations Update for January 2025

Source: GlobeNewswire (MIL-OSI)

Infrastructure upgrades near completion in advance of expected miner deliveries

205 MW Vega project advancing on track for Q2 2025 energization

MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for January 2025.

“With infrastructure upgrades for our initial fleet upgrade near completion, we believe we are well-positioned to energize new miners upon expected delivery in the coming weeks,” said Asher Genoot, CEO of Hut 8. “While these upgrades resulted in downtime during the month, we remain focused on optimizing returns from our existing fleet, leveraging Reactor to dynamically curtail operations, particularly at our Alpha site, where power prices were elevated.”

“We continue to execute on key growth initiatives across our digital infrastructure layer. Data center construction at Vega is progressing rapidly, keeping us on schedule for energization in Q2 2025 as we prepare for the launch of our ~15 EH/s colocation agreement with BITMAIN. As we focus on AI data center development, we also advanced and expanded our development pipeline.”

Highlights

Infrastructure upgrades near completion in advance of expected miner deliveries for initial fleet upgrade
Data center construction at Vega progressing rapidly, on track for Q2 energization (image to left)
Advanced AI data center development opportunities across development pipeline

Operating Metrics

Average during the period unless otherwise noted¹	January 2025	December 2024
Total energy capacity under management (mining)^2,3,4	665 MW	665 MW
Total deployed miners under management⁵	115.3K	121.4K
Total hashrate under management⁶	12.7 EH/s	13.2 EH/s

Self-Mining⁷
Deployed miners^8,9	47.1K	53.2K
Deployed hashrate¹⁰	5.0 EH/s	5.5 EH/s
Bitcoin produced³^,¹¹	65 BTC	89 BTC
Bitcoin held in reserve³^,12	10,208 BTC	10,171 BTC

Managed Services¹³
Energy capacity under management³	280 MW	280 MW
Deployed miners under management⁹	85.7K	85.5K
Hashrate under management	9.4 EH/s	9.4 EH/s

Hosting
Deployed miners under management^9,14	68.1K	68.2K
Hashrate under management¹⁵	7.7 EH/s	7.7 EH/s

Energy Infrastructure Platform³

				Current/Contracted Revenue Stream(s)¹⁶
Site	Location	Owner¹⁷	Power Capacity	Self- Mining	Managed Services	Hosting	HPC	Power Sales
Vega¹⁸	Texas Panhandle	Hut 8	205 MW			Yes¹⁹
Medicine Hat	Medicine Hat, AB	Hut 8	67 MW	Yes
Salt Creek	Orla, TX	Hut 8	63 MW	Yes
Alpha	Niagara Falls, NY	Hut 8	50 MW			Yes
Drumheller²⁰	Drumheller, AB	Hut 8	42 MW
Kelowna	Kelowna, BC	Hut 8	1.1 MW				Yes
Mississauga	Mississauga, ON	Hut 8	0.9 MW				Yes
Vaughan	Vaughan, ON	Hut 8	0.6 MW				Yes
Vancouver II	Vancouver, BC	Hut 8	0.5 MW				Yes
Vancouver I	Vancouver, BC	Hut 8	0.3 MW				Yes
King Mountain²¹	McCamey, TX	Hut 8 (JV)	280 MW	Yes	Yes	Yes		Yes
Iroquois Falls²²	Iroquois Falls, ON	Hut 8 (JV)	120 MW					Yes
Kingston²²	Kingston, ON	Hut 8 (JV)	110 MW					Yes
North Bay²²	North Bay, ON	Hut 8 (JV)	40 MW					Yes
Kapuskasing²²	Kapuskasing, ON	Hut 8 (JV)	40 MW					Yes
Total			1,020 MW

Upcoming Conferences & Events

February 24–25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
February 24–28, 2025: Bitcoin Investor Week, New York
February 25–27, 2025: Infocast ERCOT Market Summit, Austin
March 3–6, 2025: Morgan Stanley Energy & Power Conference, New York

Notes:

	(1)	All figures exclude Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), which was terminated effective December 10, 2024.
	(2)	Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain.
	(3)	As of the end of the period.
	(4)	Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN.
	(5)	Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
	(6)	Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
	(7)	Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
	(8)	Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 38.4K during January 2025 and 44.5K during December 2024.
	(9)	Miners are rounded to the nearest 100.
	(10)	Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during both January 2025 and December 2024.
	(11)	Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 51 BTC during January 2025 and 74 BTC during December.
	(12)	Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
	(13)	Managed Services includes 280 MW of capacity under management at King Mountain.
	(14)	34.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during January 2025 and December 2024.
	(15)	3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during both January 2025 and December 2024.
	(16)	Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
	(17)	Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
	(18)	Site is currently under development.
	(19)	Anticipated to begin generating revenue by Q2 2025.
	(20)	Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
	(21)	Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
	(22)	Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.

About Hut 8

Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising fifteen sites: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the completion of the Company’s infrastructure upgrades, the timing of the delivery and energization of Company’s initial fleet upgrade, the Company’s execution on key growth initiatives, the timing for the buildout and energization of the Company’s Vega site, and the Company’s continuing progress and expansion of its development pipeline.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Media Relations
media@hut8.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9acab77-45dc-4fc4-9d65-ccaa8aa90be2

The MIL Network –

February 5, 2025

MIL-OSI: Diversified Royalty Corp. Announces February 2025 Cash Dividend

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of February 1, 2025 to February 28, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on February 28, 2025 to shareholders of record as of the close of business on February 14, 2025.

About Diversified Royalty Corp.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the February 2025 dividend to be paid to DIV’s shareholders; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 21, 2024 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

In formulating the forward-looking information contained herein, management has assumed that, among other things, DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Additional Information

Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

Contact:
Sean Morrison, President and Chief Executive Officer
Diversified Royalty Corp.
(236) 521-8470

Greg Gutmanis, Chief Financial Officer and VP Acquisitions
Diversified Royalty Corp.
(236) 521-8471

The MIL Network –

February 5, 2025
MIL-OSI Economics: IPAA Supports Hoeven and Pfluger CRA to Block Implementation of Methane Tax

Source: Independent Petroleum Association of America

Headline: IPAA Supports Hoeven and Pfluger CRA to Block Implementation of Methane Tax

Feb 4, 2025 IPAA Supports Hoeven and Pfluger CRA to Block Implementation of Methane Tax

Posted at 16:48h in Press Releases by Jennifer Pett

WASHINGTON – The Independent Petroleum Association of America (IPAA) issued the following statement on bicameral Congressional Review Act legislation introduced by Senator John Hoeven (R-ND) and Congressman August Pfluger (R-TX-11) to block implementation of the Biden Administration’s methane tax.

IPAA President & CEO Jeff Eshelman: “The Independent Petroleum Association of America (IPAA) appreciates and supports Senator Hoeven’s and Congressman Pfluger’s leadership to overturn the EPA’s Waste Emissions Charge (Methane Tax) regulations. The Congressional Review Act (CRA) resolution introduced today will allow Congress to nullify the regulations the Biden Administration established to implement the misguided methane tax. The Biden Administration and Democrats in Congress passed the methane tax to single out and punish the oil and natural gas industry despite its already burdensome EPA regulatory framework. The tax was passed without appropriate understanding of its impact or industry safeguards. IPAA has always opposed the methane tax and believe it is simply a tax designed to hamper American oil and gas production. We encourage Congress to work with the Trump Administration to eliminate this unnecessary tax on American oil and natural gas producers as soon as possible.”

IPAA also supports legislation led by Senator Ted Cruz (R-TX) and Congressman Pfluger to repeal the Methane Tax.

###

MIL OSI Economics –

February 5, 2025
MIL-OSI USA: “Brazen and Illegal” — King, Colleagues Raise Alarm Over Trump Administration’s Attempt to Dismantle Critical National Security Agency
US Senate News:
Source: United States Senator for Maine Angus King

WASHINGTON, D.C. — U.S. Senator Angus King (I-ME) and 36 of his colleagues have contacted Secretary of State Marco Rubio, expressing their deep concern regarding the growing chaos at the U.S. Department of State and the Trump Administration’s attempt to abolish the U.S. Agency for International Development (USAID). In a letter to Secretary Rubio, the Senators highlighted that USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. By law, USAID is an independent agency and cannot be dismantled without approval from Congress.

Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department — despite no legal authority to do so. The Trump Administration has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

“…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the senators.

The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

“Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

The letter is signed by U.S. Senators Tim Kaine (D-VA), Cory Booker (D-NJ), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Andy Kim (D-NJ), Adam Schiff (D-CA), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Jack Reed (D-RI), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), and Elissa Slotkin (D-MI).

The full text of the letter is available here and below.

+++

Dear Secretary Rubio:

The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority.

As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

We request immediate clarification on the following:

Status of USAID:
1. Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.
2. Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs.
3. The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.
4. Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security.
5. Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.
Personnel:
1. Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.
2. The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.
3. The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.
4. Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.
5. Clarification of which Administration official directed the implementation of this mass furlough.
6. Clarification of whether these individuals were directed to be terminated without cause.
7. Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.
8. Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.
9. Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.
10. Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.
11. Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.
12. Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.
13. Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.
Resumption of Foreign Assistance:
1. The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.
2. The mechanisms and metrics established for this waiver process.
3. The timeline for full resumption of legally mandated foreign assistance activities.
4. Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.
5. Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.
We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

Respectfully,
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Kaine Leads 37 Senators in Raising Alarm Over Trump Administration Chaos at Critical National Security Agencies
US Senate News:
Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Foreign Relations Committee, led 37 of his colleagues in sending a letter to Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID). USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

“…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the senators.

The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

“Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

The letter is signed by U.S. Senators Cory Booker (D-NJ), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Andy Kim (D-NJ), Adam Schiff (D-CA), Angus S. King (I-ME), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Jack Reed (D-RI), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), Elissa Slotkin (D-MI), and Reverend Raphael Warnock (D-GA).

The full text of the letter is available here and below.

Dear Secretary Rubio:

The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority.

As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

We request immediate clarification on the following:

Status of USAID:
1. Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.
2. Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs.
3. The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.
4. Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security.
5. Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.
Personnel:
1. Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.
2. The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.
3. The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.
4. Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.
5. Clarification of which Administration official directed the implementation of this mass furlough.
6. Clarification of whether these individuals were directed to be terminated without cause.
7. Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.
8. Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.
9. Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.
10. Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.
11. Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.
12. Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.
13. Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.
Resumption of Foreign Assistance:
1. The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.
2. The mechanisms and metrics established for this waiver process.
3. The timeline for full resumption of legally mandated foreign assistance activities.
4. Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.
5. Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.
We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

Respectfully,
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Padilla Introduces Bicameral Legislation to Ensure Access to Legal Counsel When Entering the United States
US Senate News:
Source: United States Senator Alex Padilla (D-Calif.)

Padilla Introduces Bicameral Legislation to Ensure Access to Legal Counsel When Entering the United States
WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, introduced the Access to Counsel Act to ensure that U.S. citizens, green card holders, and other individuals with legal status can consult with an attorney, relative, or other interested parties to seek assistance if they are detained by Customs and Border Protection (CBP) for more than an hour at ports of entry, including airports. U.S. Representative Pramila Jayapal (D-Wash.-07) is leading companion legislation in the House of Representatives.

The bill was introduced in conjunction with the NO BAN Act, legislation to prevent another Muslim Ban, which is led by Senator Chris Coons (D-Del.) and Representative Judy Chu (D-Calif.-28). Senator Padilla is cosponsoring the NO BAN Act.

“In his first term, President Trump’s cruel and unlawful travel ban led to the detention of countless legally present noncitizens at airports and ports of entry while denying them their basic legal rights,” said Senator Padilla. “Now, with another executive order setting the stage for a new travel ban, the Access to Counsel Act is more important than ever. These important guardrails would prevent CBP from blocking noncitizens it has detained with lawful permission to be in the United States from calling a lawyer or a trusted contact.”

“It was incredibly clear how critical this legislation was under the first Trump Administration, as he stripped basic civil rights away from individuals for reasons ranging from the color of their skin to the country of their origin. I remember rushing to my local airport and found a U.S. citizen woman waiting to welcome her husband who had been put on a plane back without being allowed to see an attorney, despite traveling on a valid visa,” said Representative Jayapal. “It is more important now than ever, under a second Trump Administration, that we codify the right to access counsel for detained persons who are legally allowed access to the United States. As we continue to see him scapegoat immigrants, we must protect people from unjust detention.”

The previous Muslim Ban in Trump’s first term unleashed chaos at airports and ports of entry across the country. People from Muslim-majority countries, with lawful permission to enter, were detained for hours without food or water before being deported. These individuals were often pressured to sign documents that amounted to them giving up their legal status. In many cases, these individuals had no opportunity to see an attorney or call anyone for legal guidance. Since then, there have been numerous instances of individuals in California and across the country being denied access to legal counsel while detained for long periods despite having valid visas.

Specifically, the Access to Counsel Act would:

Require the Department of Homeland Security to ensure that people with valid travel documents who present themselves at the border, airports, or other points of interaction can communicate with counsel and other interested parties if they are subjected to prolonged inspection by CBP.

Allow counsel or a covered interested party the ability to advocate on behalf of the individual by providing information or documentation in support of the individual.

Invalidate any effort by CBP to persuade someone to relinquish their legal status if that person has been denied access to counsel.

In the Senate, the legislation is cosponsored by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Edward J. Markey (D-Mass.), Patty Murray (D-Wash.), Jacky Rosen (D-Nev.), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.).

The bill is also endorsed by American Immigration Lawyers Association, Asian Americans Advancing Justice | AAJC, Asian Pacific Institute on Gender-Based Violence, Center for Gender & Refugee Studies, Coalition for Humane Immigrant Rights (CHIRLA), Council on American-Islamic Relations (CAIR), Illinois Coalition for Immigrant and Refugee Rights, Immigration Equality Action Fund, Kids in Need of Defense, National Immigrant Justice Center, National Partnership for New Americans, OneAmerica, Sikh American Legal Defense and Education Fund (SALDEF), Southeast Asia Resource Action Center (SEARAC), and UnidosUS.

Full text of the bill is available here.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Senate Minority Leader Harold Jones II and Sen. Sally Harrell to Hold Press Conference on Protecting Reproductive Freedom
Source: US State of Georgia

ATLANTA (February 4, 2025) — On Wednesday, February 5, at 2:00 p.m., Senate Minority Leader Harold Jones II (D–Augusta) and Sen. Sally Harrell (D–Atlanta) will hold a press conference on Senate Resolution 84. SR 84 proposes a constitutional amendment that would aim to protect access to abortion. It also aims to protect both those who seek an abortion and those who assist a pregnant individual in accessing an abortion from prosecution.

EVENT DETAILS:
- Date: Wednesday, February 5, 2025
- Time: 2:00 p.m.
- Where: 203 Coverdell Legislative Office Building, 18 Capitol Square, S.W., Atlanta, Georgia 30334
- This Event is Open to the Public.
MEDIA OPPORTUNITIES:

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

More information about SR 84 can be found here.

# # # #

Sen. Harold V. Jones II serves as the Democratic Leader. He represents the 22nd Senate District, which includes portions of Richmond County. He may be reached at 404.656.0036 or via email at harold.jones@senate.ga.gov

Sen. Sally Harrell represents the 40^th Senate District which includes portions of DeKalb and Gwinnett County. She may be reached by phone at (404) 463-2260 via email at sally.harrell@senate.ga.gov.

MIL OSI USA News –
February 5, 2025
MIL-OSI Europe: Highlights – Enforcement of the Digital Markets Act – Committee on the Internal Market and Consumer Protection

Source: European Parliament

Cyborg hand holding cloud of justice and law icon bubble © Production Perig / AdobeStock

On 28 January 2025, the Chair of the Digital Markets Act Working Group (DMA WG), Mr Andreas Schwab, reported to Committee Members on the first meeting of the DMA WG of 16 January 2025. Members engaged in a discussion with the European Commission, who reaffirmed its commitment to a consistent and steady enforcement of DMA. One of the key takeaways is the need to advocate for reinforced staffing within the Commission.

Another key point is the need to ensure a balanced regulatory approach in relation to gatekeepers. Members also emphasised the importance of further investigations into AI and cloud services. Representatives from academia and the European Cloud Service Providers also contributed on the enforcement of the DMA.
On 23 January 2025, the Members of the DMA WG, together with the IMCO Chair and other MEPs sent a letter to Executive Vice-Presidents Virkkunen and Ribera. The letter (below) urged the Commission to expedite ongoing investigations, closely monitor AI and cloud services, and assess their potential designation as core platform services.

MIL OSI Europe News –

February 5, 2025
MIL-OSI Europe: Highlights – Visit to Washington DC – Committee on the Internal Market and Consumer Protection

Source: European Parliament

Reinforcing the transatlantic bonds © European Parliament

Between 24 and 28 February 2025, IMCO Members are going to visit Washington DC. The main aim of this delegation visit is to strengthen the transatlantic cooperation on key policy IMCO areas while obtaining feedback from U.S. stakeholders on the implementation and impact of major EU legislation, including the Digital Services Act (DSA), Digital Markets Act (DMA), EU AI Act, Cyber Resilience Act (CRA), Data Act, and Political Advertising Regulation.

The visit will also address shared challenges in digital innovation, cybersecurity, AI, and fair competition, while informing IMCO’s parliamentary oversight and future legislative priorities.

MIL OSI Europe News –

February 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced financial results for the fourth quarter and full year of 2024. Fourth quarter revenue was a record $7.7 billion, gross margin was 51%, operating income was $871 million, net income was $482 million and diluted earnings per share was $0.29. On a non-GAAP^(*) basis, gross margin was 54%, operating income was a record $2.0 billion, net income was a record $1.8 billion and diluted earnings per share was $1.09.

For the full year 2024, AMD reported record revenue of $25.8 billion, gross margin of 49%, operating income of $1.9 billion, net income of $1.6 billion, and diluted earnings per share of $1.00. On a non-GAAP^(*) basis, gross margin was a record 53%, operating income was $6.1 billion, net income was $5.4 billion and diluted earnings per share was $3.31.

“2024 was a transformative year for AMD as we delivered record annual revenue and strong earnings growth,” said AMD Chair and CEO Dr. Lisa Su. “Data Center segment annual revenue nearly doubled as EPYC processor adoption accelerated and we delivered more than $5 billion of AMD Instinct accelerator revenue. Looking into 2025, we see clear opportunities for continued growth based on the strength of our product portfolio and growing demand for high-performance and adaptive computing.”

“We closed 2024 with a strong fourth quarter, delivering record revenue up 24% year-over-year, and accelerated earnings expansion while investing aggressively in AI and innovation to position us for long-term growth and value creation,” said AMD EVP, CFO and Treasurer Jean Hu.

GAAP Quarterly Financial Results

	Q4 2024	Q4 2023	Y/Y	Q3 2024	Q/Q
Revenue ($M)	$7,658	$6,168	Up 24%	$6,819	Up 12%
Gross profit ($M)	$3,882	$2,911	Up 33%	$3,419	Up 14%
Gross margin	51%	47%	Up 4 ppts	50%	Up 1%
Operating expenses ($M)	$3,022	$2,575	Up 17%	$2,709	Up 12%
Operating income ($M)	$871	$342	Up 155%	$724	Up 20%
Operating margin	11%	6%	Up 5 ppts	11%	Flat
Net income ($M)	$482	$667	Down 28%	$771	Down 37%
Diluted earnings per share	$0.29	$0.41	Down 29%	$0.47	Down 38%

Non-GAAP(*) Quarterly Financial Results

	Q4 2024	Q4 2023	Y/Y	Q3 2024	Q/Q
Revenue ($M)	$7,658	$6,168	Up 24%	$6,819	Up 12%
Gross profit ($M)	$4,140	$3,133	Up 32%	$3,657	Up 13%
Gross margin	54%	51%	Up 3 ppts	54%	Flat
Operating expenses ($M)	$2,125	$1,727	Up 23%	$1,956	Up 9%
Operating income ($M)	$2,026	$1,412	Up 43%	$1,715	Up 18%
Operating margin	26%	23%	Up 3 ppts	25%	Up 1 ppt
Net income ($M)	$1,777	$1,249	Up 42%	$1,504	Up 18%
Diluted earnings per share	$1.09	$0.77	Up 42%	$0.92	Up 18%

Annual Financial Results

	GAAP			Non-GAAP^(*)
	2024	2023	Y/Y	2024	2023	Y/Y
Revenue ($M)	$25,785	$22,680	Up 14%	$25,785	$22,680	Up 14%
Gross profit ($M)	$12,725	$10,460	Up 22%	$13,759	$11,436	Up 20%
Gross margin %	49%	46%	Up 3 ppts	53%	50%	Up 3 ppts
Operating expenses ($M)	$10,873	$10,093	Up 8%	$7,669	$6,616	Up 16%
Operating income ($M)	$1,900	$401	Up 374%	$6,138	$4,854	Up 26%
Operating margin %	7%	2%	Up 5 ppts	24%	21%	Up 3 ppts
Net income ($M)	$1,641	$854	Up 92%	$5,420	$4,302	Up 26%
Diluted earnings per share	$1.00	$0.53	Up 89%	$3.31	$2.65	Up 25%

Segment Summary

Data Center segment revenue in the quarter was a record $3.9 billion, up 69% year-over-year primarily driven by the strong ramp of AMD Instinct™ GPU shipments and growth in AMD EPYC™ CPU sales.
- For 2024, Data Center segment revenue was a record $12.6 billion, an increase of 94% compared to the prior year, driven by growth in both AMD Instinct and EPYC processors.
Client segment revenue in the quarter was a record $2.3 billion, up 58% year-over-year primarily driven by strong demand for AMD Ryzen™ processors.
- For 2024, Client segment revenue was a record $7.1 billion, up 52% compared to the prior year, due to strong demand for AMD Ryzen processors in desktop and mobile.
Gaming segment revenue in the quarter was $563 million, down 59% year-over-year, primarily due to a decrease in semi-custom revenue.
- For 2024, Gaming segment revenue was $2.6 billion, down 58% compared to the prior year, primarily due to a decrease in semi-custom revenue.
Embedded segment revenue in the quarter was $923 million, down 13% year-over-year, as end market demand continues to be mixed.
- For 2024, Embedded segment revenue was $3.6 billion, down 33% from the prior year, primarily due to customers normalizing their inventory levels.

Recent PR Highlights

AMD continues expanding its partnerships to deliver highly performant AI infrastructure at scale:
- IBM announced plans to deploy AMD Instinct MI300X accelerators to power generative AI and HPC applications on IBM Cloud.
- Vultr and AMD announced a strategic collaboration to leverage AMD Instinct MI300X accelerators and AMD ROCm™ open software to power Vultr’s cloud infrastructure for enterprise AI development and deployment.
- Aleph Alpha announced that it will leverage AMD Instinct MI300 Series accelerators and ROCm software to enable its tokenizer-free LLM architecture, a new approach to generative AI that aims to simplify the development of sovereign AI solutions for governments and enterprises.
- Fujitsu and AMD announced a strategic partnership to develop more sustainable computing infrastructure to accelerate open source AI.
- AMD expanded strategic investments to advance the AI ecosystem and solutions, including investments in LiquidAI, Vultr and Absci.

AMD is accelerating its AI software roadmap to deliver a robust open AI stack for the ecosystem:
- AMD released ROCm 6.3 with numerous performance enhancements enabling faster inferencing on AMD Instinct accelerators as well as additional compiler tools and libraries.
- AMD shared an update on its 2025 plans for the ROCm software stack to enable easier adoption of and improved out of box support for both inferencing and training applications.
Dell and AMD announced that AMD Ryzen AI PRO processors will power new Dell Pro notebook and desktop PCs, bringing exceptional battery life, on-device AI, Copilot+ experiences and dependable productivity to enterprise users. For the first time, Dell will offer a full portfolio of commercial PCs based on Ryzen processors, marking a significant milestone in the companies’ collaboration.
AMD expanded its broad consumer and commercial AI PC portfolio:
- New AMD Ryzen AI Max and Ryzen AI Max PRO Series processors deliver workstation-level performance and next-gen AI performance for gaming, content creation and complex AI-accelerated workloads.
- Expanded Ryzen AI 300 and Ryzen AI 300 PRO Series processors bring premium AI capabilities to mainstream and entry-level notebooks, as well as enhanced security, manageability and support for Microsoft Copilot+ experiences tailored for business users.
- Additional Ryzen 200 and Ryzen 200 PRO Series processors offer incredible AI experiences, performance and battery life for everyday users and professionals.
- More than 150 Ryzen AI platforms are expected to be available from leading OEMs this year.
AMD extended its leadership in high performance computing (HPC), enabling the most powerful and many of the most energy efficient supercomputers in the world:
- The El Capitan supercomputer at Lawrence Livermore National Laboratory became the second AMD supercomputer to surpass the exascale barrier, placing #1 on the latest Top500 list.
- The Hunter supercomputer at the High-Performance Computing Center of the University of Stuttgart (HLRS), powered by AMD Instinct MI300A APUs, began service, delivering HPC and AI resources for scientists, researchers, industry and the public sector.
- AMD EPYC processors and AMD Instinct accelerators power many new supercomputing projects and AI deployments, including the Eni HPC 6 system, the University of Paderborn’s latest supercomputer and the Sigma2 AS system which is slated to be the fastest system in Norway.
AMD powers incredible experiences for gamers across a broad range of devices:
- At CES 2025, AMD announced new AMD Ryzen 9000X3D, Ryzen Z2 and Ryzen 9000HX processors, extending its leadership in desktop, mobile and handheld gaming.
- AMD shared the latest version of AMD Software: Adrenalin Edition™, 24.9.1, continuing to enhance gaming experiences with AMD Fluid Motion Frames 2 and AMD HYPR-RX.
AMD continues to deliver leadership compute performance and capabilities at the edge with an expanded portfolio of solutions:
- New AMD Versal™ Gen 2 portfolio with next-generation interface and memory technologies for data-intensive applications in the data center, communications, test and measurement and aerospace and defense markets.
- AMD Versal RF Series adaptive SoCs, combining high-resolution radio frequency data converters, dedicated DSP hard IP, AI engines and programmable logic in a single chip.
- Vodafone and AMD announced they are collaborating on mobile base station silicon chip designs to enable higher-capacity AI and digital services.

Current Outlook

AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

For the first quarter of 2025, AMD expects revenue to be approximately $7.1 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 30% and a sequential decline of approximately 7%. Non-GAAP gross margin is expected to be approximately 54%.

AMD Teleconference
AMD will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter and full year 2024 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in millions, except per share data) (Unaudited)

	Three Months Ended									Year Ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
GAAP gross profit	$	3,882		$	3,419		$	2,911		$	12,725		$	10,460
GAAP gross margin		51	%		50	%		47	%		49	%		46	%
Stock-based compensation		6			5			6			22			30
Amortization of acquisition-related intangibles		252			233			215			946			942
Acquisition-related and other costs ⁽¹⁾		—			—			1			1			4
Inventory loss at contract manufacturer ⁽²⁾		—			—			—			65			—
Non-GAAP gross profit	$	4,140		$	3,657		$	3,133		$	13,759		$	11,436
*Non-GAAP gross margin*		54	%		54	%		51	%		53	%		50	%

GAAP operating expenses	$	3,022		$	2,709		$	2,575		$	10,873		$	10,093
GAAP operating expenses/revenue %		39	%		40	%		42	%		42	%		45	%
Stock-based compensation		333			346			368			1,385			1,350
Amortization of acquisition-related intangibles		332			352			420			1,448			1,869
Acquisition-related and other costs ⁽¹⁾		46			55			60			185			258
Restructuring charges ⁽³⁾		186			—			—			186			—
Non-GAAP operating expenses	$	2,125		$	1,956		$	1,727		$	7,669		$	6,616
*Non-GAAP operating expenses/revenue %*		28	%		29	%		28	%		30	%		29	%

GAAP operating income	$	871		$	724		$	342		$	1,900		$	401
GAAP operating margin		11	%		11	%		6	%		7	%		2	%
Stock-based compensation		339			351			374			1,407			1,380
Amortization of acquisition-related intangibles		584			585			635			2,394			2,811
Acquisition-related and other costs ⁽¹⁾		46			55			61			186			262
Inventory loss at contract manufacturer ⁽²⁾		—			—			—			65			—
Restructuring charges ⁽³⁾		186			—			—			186			—
Non-GAAP operating income	$	2,026		$	1,715		$	1,412		$	6,138		$	4,854
*Non-GAAP operating margin*		26	%		25	%		23	%		24	%		21	%

	Three Months Ended																		Year Ended
	December 28, 2024						September 28, 2024						December 30, 2023						December 28, 2024						December 30, 2023
GAAP net income / earnings per share	$	482		$	0.29		$	771		$	0.47		$	667		$	0.41		$	1,641		$	1.00		$	854		$	0.53
(Gains) losses on equity investments, net		—			—			(1	)		—			1			—			2			—			(1	)		—
Stock-based compensation		339			0.21			351			0.21			374			0.23			1,407			0.86			1,380			0.85
Equity income in investee		(12	)		(0.01	)		(7	)		—			(6	)		—			(33	)		(0.02	)		(16	)		(0.01	)
Amortization of acquisition-related intangibles		584			0.36			585			0.36			635			0.39			2,394			1.46			2,811			1.73
Acquisition-related and other costs ⁽¹⁾		46			0.03			56			0.03			61			0.04			187			0.11			262			0.16
Inventory loss at contract manufacturer ⁽²⁾		—			—			—			—			—			—			65			0.04			—			—
Restructuring charges ⁽³⁾		186			0.11			—			—			—			—			186			0.11			—			—
Income tax provision		152			0.10			(251	)		(0.15	)		(483	)		(0.30	)		(429	)		(0.25	)		(988	)		(0.61	)
Non-GAAP net income / earnings per share	$	1,777		$	1.09		$	1,504		$	0.92		$	1,249		$	0.77		$	5,420		$	3.31		$	4,302		$	2.65

(1	)	Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, contract termination costs and workforce rebalancing charges.
(2	)	Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility.
(3	)	Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.

About AMD
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

Cautionary Statement

This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as, the opportunities for continued growth based on AMD’s product portfolio and growing demand for high-performance and adaptive computing; AMD’s ability to position itself for long-term growth and value creation; the features, functionality, performance, availability, timing and expected benefits of future AMD products; and AMD’s expected first quarter 2025 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD’s ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses; our ability to complete the acquisition of ZT Systems;  impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

(*)

In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024, AMD used a non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of February 4, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD’s control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.

© 2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo, AMD Instinct, EPYC, FidelityFX, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)

	Three Months Ended									Year Ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Net revenue	$	7,658		$	6,819		$	6,168		$	25,785		$	22,680
Cost of sales		3,524			3,167			3,042			12,114			11,278
Amortization of acquisition-related intangibles		252			233			215			946			942
Total cost of sales		3,776			3,400			3,257			13,060			12,220
Gross profit		3,882			3,419			2,911			12,725			10,460
Gross margin		51	%		50	%		47	%		49	%		46	%
Research and development		1,712			1,636			1,511			6,456			5,872
Marketing, general and administrative		792			721			644			2,783			2,352
Amortization of acquisition-related intangibles		332			352			420			1,448			1,869
Licensing gain		(11	)		(14	)		(6	)		(48	)		(34	)
Restructuring charges		186			—			—			186			—
Operating income		871			724			342			1,900			401
Interest expense		(19	)		(23	)		(27	)		(92	)		(106	)
Other income (expense), net		37			36			49			181			197
Income before income taxes and equity income		889			737			364			1,989			492
Income tax provision (benefit)		419			(27	)		(297	)		381			(346	)
Equity income in investee		12			7			6			33			16
Net income	$	482		$	771		$	667		$	1,641		$	854
Earnings per share
Basic	$	0.30		$	0.48		$	0.41		$	1.01		$	0.53
Diluted	$	0.29		$	0.47		$	0.41		$	1.00		$	0.53
Shares used in per share calculation
Basic		1,623			1,620			1,616			1,620			1,614
Diluted		1,634			1,636			1,628			1,637			1,625

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)

	December 28, 2024			December 30, 2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	3,787		$	3,933
Short-term investments		1,345			1,840
Accounts receivable, net		6,192			4,323
Inventories		5,734			4,351
Receivables from related parties		113			9
Prepaid expenses and other current assets		1,878			2,312
Total current assets		19,049			16,768
Property and equipment, net		1,802			1,589
Operating lease right-of-use assets		623			633
Goodwill		24,839			24,262
Acquisition-related intangibles, net		18,930			21,363
Investment: equity method		149			99
Deferred tax assets		688			366
Other non-current assets		3,146			2,805
Total Assets	$	69,226		$	67,885

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,990		$	2,055
Payables to related parties		476			363
Accrued liabilities		4,260			3,082
Current portion of long-term debt, net		—			751
Other current liabilities		555			438
Total current liabilities		7,281			6,689
Long-term debt, net of current portion		1,721			1,717
Long-term operating lease liabilities		491			535
Deferred tax liabilities		349			1,202
Other long-term liabilities		1,816			1,850

Stockholders’ equity:
Capital stock:
Common stock, par value		17			17
Additional paid-in capital		61,362			59,676
Treasury stock, at cost		(6,106	)		(4,514	)
Retained earnings		2,364			723
Accumulated other comprehensive loss		(69	)		(10	)
Total stockholders’ equity		57,568			55,892
Total Liabilities and Stockholders’ Equity	$	69,226		$	67,885

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)

	Three Months Ended						Year Ended
	December 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Cash flows from operating activities:
Net income	$	482		$	667		$	1,641		$	854
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		172			164			671			642
Amortization of acquisition-related intangibles		583			635			2,393			2,811
Stock-based compensation		339			374			1,407			1,384
Amortization of operating lease right-of-use assets		31			25			113			98
Deferred income taxes		(300	)		(219	)		(1,163	)		(1,019	)
Inventory loss at contract manufacturer		—			—			65			—
Other		62			(23	)		12			(54	)
Changes in operating assets and liabilities
Accounts receivable, net		96			(379	)		(1,865	)		(1,339	)
Inventories		(362	)		94			(1,458	)		(580	)
Prepaid expenses and other assets		494			(34	)		343			(383	)
Receivables from and payables to related parties, net		30			29			108			(107	)
Accounts payable		(585	)		(181	)		(109	)		(419	)
Accrued and other liabilities		257			(771	)		883			(221	)
Net cash provided by operating activities		1,299			381			3,041			1,667
Cash flows from investing activities:
Purchases of property and equipment		(208	)		(139	)		(636	)		(546	)
Purchases of short-term investments		(786	)		(410	)		(1,493	)		(3,722	)
Proceeds from maturity of short-term investments		65			770			1,416			2,687
Proceeds from sale of short-term investments		25			52			616			300
Acquisitions, net of cash acquired		—			(117	)		(548	)		(131	)
Related party equity method investment		—			—			(17	)		—
Issuance of loan to related party		(100	)		—			(100	)		—
Purchase of strategic investments		(210	)		(6	)		(341	)		(11	)
Other		—			—			2			—
Net cash provided by (used in) investing activities		(1,214	)		150			(1,101	)		(1,423	)
Cash flows from financing activities:
Repayment of debt		—			—			(750	)		—
Proceeds from sales of common stock through employee equity plans		127			120			279			268
Repurchases of common stock		(256	)		(233	)		(862	)		(985	)
Common stock repurchases for tax withholding on employee equity plans		(42	)		(45	)		(728	)		(427	)
Other		—			(1	)		(1	)		(2	)
Net cash used in financing activities		(171	)		(159	)		(2,062	)		(1,146	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(86	)		372			(122	)		(902	)
Cash, cash equivalents and restricted cash at beginning of period		3,897			3,561			3,933			4,835
Cash, cash equivalents and restricted cash at end of period	$	3,811		$	3,933		$	3,811		$	3,933

ADVANCED MICRO DEVICES, INC.
SELECTED CORPORATE DATA
(Millions) (Unaudited)

	Three Months Ended									Year Ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Segment and Category Information⁽¹⁾
Data Center
Net revenue	$	3,859		$	3,549		$	2,282		$	12,579		$	6,496
Operating income	$	1,157		$	1,041		$	666		$	3,482		$	1,267
Client
Net revenue	$	2,313		$	1,881		$	1,461		$	7,054		$	4,651
Operating income (loss)	$	446		$	276		$	55		$	897		$	(46	)
Gaming
Net revenue	$	563		$	462		$	1,368		$	2,595		$	6,212
Operating income	$	50		$	12		$	224		$	290		$	971
Embedded
Net revenue	$	923		$	927		$	1,057		$	3,557		$	5,321
Operating income	$	362		$	372		$	461		$	1,421		$	2,628
All Other
Net revenue	$	—		$	—		$	—		$	—		$	—
Operating loss	$	(1,144	)	$	(977	)	$	(1,064	)	$	(4,190	)	$	(4,419	)
Total
Net revenue	$	7,658		$	6,819		$	6,168		$	25,785		$	22,680
Operating income	$	871		$	724		$	342		$	1,900		$	401

Other Data
Capital expenditures	$	208		$	132		$	139		$	636		$	546
Adjusted EBITDA ⁽²⁾	$	2,212		$	1,887		$	1,576		$	6,824		$	5,496
Cash, cash equivalents and short-term investments	$	5,132		$	4,544		$	5,773		$	5,132		$	5,773
Free cash flow ⁽³⁾	$	1,091		$	496		$	242		$	2,405		$	1,121
Total assets	$	69,226		$	69,636		$	67,885		$	69,226		$	67,885
Total debt	$	1,721		$	1,720		$	2,468		$	1,721		$	2,468

(1	)	The Data Center segment primarily includes Artificial Intelligence (AI) accelerators, server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs) and Adaptive System-on-Chip (SoC) products for data centers.
		The Client segment primarily includes CPUs, APUs, and chipsets for desktops and notebooks.
		The Gaming segment primarily includes discrete GPUs, and semi-custom SoC products and development services.
		The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products.
		From time to time, the Company may also sell or license portions of its IP portfolio.
		All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangible asset, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer, restructuring charges and licensing gain.

(2	)	Reconciliation of GAAP Net Income to Adjusted EBITDA

	Three Months Ended									Year Ended
(Millions) (Unaudited)	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
GAAP net income	$	482		$	771		$	667		$	1,641		$	854
Interest expense		19			23			27			92			106
Other (income) expense, net		(37	)		(36	)		(49	)		(181	)		(197	)
Income tax provision (benefit)		419			(27	)		(297	)		381			(346	)
Equity income in investee		(12	)		(7	)		(6	)		(33	)		(16	)
Stock-based compensation		339			351			374			1,407			1,380
Depreciation and amortization		186			171			164			685			642
Amortization of acquisition-related intangibles		584			585			635			2,394			2,811
Inventory loss at contract manufacturer		—			—			—			65			—
Acquisition-related and other costs		46			56			61			187			262
Restructuring charges		186			—			—			186			—
Adjusted EBITDA	$	2,212		$	1,887		$	1,576		$	6,824		$	5,496

The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, acquisition-related and other costs, and restructuring charges. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.

)

Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow

	Three Months Ended									Year Ended
(Millions except percentages) (Unaudited)	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
GAAP net cash provided by operating activities	$	1,299		$	628		$	381		$	3,041		$	1,667
Operating cash flow margin %		17	%		9	%		6	%		12	%		7	%
Purchases of property and equipment		(208	)		(132	)		(139	)		(636	)		(546	)
Free cash flow	$	1,091		$	496		$	242		$	2,405		$	1,121
Free cash flow margin %		14	%		7	%		4	%		9	%		5	%

The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company’s net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.

Media Contact:
Drew Prairie
AMD Communications
512-602-4425
drew.prairie@amd.com

Investor Contact:
Matt Ramsay
AMD Investor Relations
512-602-0113
matthew.ramsay@amd.com

The MIL Network –

February 5, 2025

MIL-OSI Economics: Verizon adds another epic deal for mobile and home customers with Google One AI Premium
Source: Verizon

Headline: Verizon adds another epic deal for mobile and home customers with Google One AI Premium

[TL;DR]
- Verizon bolsters its perk portfolio with the addition of Google One AI Premium at exclusive value for myPlan and myHome customers at an unbeatable deal
- Get access to Gemini Advanced for everyday tasks, and 2 TB of sharable cloud storage for an exclusive monthly price of just $10/mo. (a savings of $9.99/mo.)¹
- Verizon continues to add new perks to myPlan and myHome, giving customers access to their favorite productivity and streaming services at a great value
[Big News]

Verizon continues to pack more value into myPlan and myHome with the addition of the first AI perk from a wireless provider — Google One AI Premium.

Starting February 6, Verizon customers can choose Google One AI Premium as a perk on their myPlan (mobile) or myHome (internet) plan for just $10 a month — that’s half the price of the usual $19.99. This new perk unlocks access to Gemini Advanced, 2 TB of storage, and more benefits across Google — all in one incredible package, making everyday tasks easier.

[Why it matters]

Verizon isn’t just keeping up with the future — we’re building it. Being the first U.S. wireless provider to offer an AI-powered perk shows how serious we are about leading the way in innovation. And the value? Unmatched.

For just $10 a month, you’re unlocking your pass to Google’s next-gen AI with Gemini Advanced, Gemini in Google apps like Gmail and Docs, plus priority access to Google’s newest AI solutions — from new features to experimental models. These tools can completely transform how you work, learn and create. Whether you’re a busy professional looking for ways to save time, a student tackling big projects, or someone who just likes to experiment, this perk gives you tools that take your productivity and creativity to the next level.

With Google One AI Premium, Verizon is leading the charge in making advanced AI more accessible than ever.

“As the first U.S. wireless provider to offer an AI-powered perk at an incredible value, we’re putting the future of AI directly into our customers’ hands, making everyday tasks easier via Google One AI Premium,” said Sowmyanarayan Sampath, CEO Verizon Consumer. “We’ll continue to bring our mobile and internet customers new deals and even more ways to personalize their plans based on how they live, work and play.”

Here’s what you’re getting for only $10 a month:

Get more done, faster with your personal tutor, analyst or coach. With Gemini Advanced, it’s like having a super-smart assistant by your side 24/7 to help you tackle tasks and spend more time on what’s most important. You can use Gemini in the Google apps you already know and love like Gmail, Docs, Meet, Slides and Sheets to write a draft, take meeting notes, create stunning presentations, visualize data and more.

Streamline your daily tasks. Create and use custom AI experts (“Gems”), for any topic, turning Gemini into your personal brainstorming partner, study helper or planning assistant.

Save hours on research. Analyze whole books and stacks of articles (up to 1,500 pages) or use Deep Research to browse hundreds of sites and create comprehensive reports in minutes to bring you up to speed on a topic.

Get more space for what’s important. With 2 TB of cloud storage, you’ll have plenty of space to keep your files, photos, and videos safely backed up to the cloud. Forget about running out of room or losing track of important stuff.

[The benefits of Verizon’s plans and perks]

Verizon is committed to always enhancing myPlan and myHome, and the addition of Google One AI Premium is just the latest example of how we’re providing customers with more value and flexibility.

Here’s what makes myPlan and myHome so unique:
- Tailored to your lifestyle. With perks like Disney Bundle, Netflix & Max (with ads) or YouTube Premium, you can turn your plan into an entertainment hub. If you’re a parent, a sports fan or a music lover, there’s something for everyone.
- Flexibility and choice. You can add or remove perks whenever you want. If your needs change — like planning a vacation or switching streaming platforms — you’re in control of what you’re paying for.
- Bundle and save. Verizon lets you bundle for even more value. Get the best of Google with YouTube Premium and Google One AI Premium for $20 a month. That’s $13.98 in savings versus subscribing to both services separately.
- Enhanced connectivity. Need more data for travel or work? The 100 GB Mobile Hotspot and (3) TravelPass Days perks make sure you stay connected, whether at home or abroad. It’s perfect for frequent travelers or people working on the go.
[How to add Google One AI Premium to your plan]

Already a Verizon customer? Just log into the My Verizon app or visit verizon.com on February 6 to add Google One AI Premium perk to your plan. Not a customer yet? Check out our free trial and find out why Verizon is awesome.

1 Google One AI Premium perk requires line subscribed to myPlan or a Verizon Home Internet plan with myHome. Must be 18 yrs or older. Cancel anytime. One offer per eligible Verizon line or eligible Verizon Home Internet (“VHI”) plan. Add’l terms apply.
MIL OSI Economics –
February 5, 2025

MIL-OSI: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $382.7 million in the fourth quarter of 2024, along with 53.2% for non-GAAP gross margin. We shipped approximately 2.01 million microinverters, or 878.0 megawatts DC, and 152.4 megawatt hours of IQ^® Batteries.

Financial highlights for the fourth quarter of 2024 are listed below:

Strong U.S. manufacturing: shipped 1.69 million microinverters and 6.7 megawatt hours of IQ Batteries
Quarterly revenue of $382.7 million
GAAP gross margin of 51.8%; non-GAAP gross margin of 53.2% with net IRA benefit
Non-GAAP gross margin of 39.7%, excluding net IRA benefit of 13.5%
GAAP operating income of $54.8 million; non-GAAP operating income of $120.4 million
GAAP net income of $62.2 million; non-GAAP net income of $125.9 million
GAAP diluted earnings per share of $0.45; non-GAAP diluted earnings per share of $0.94
Free cash flow of $159.2 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.72 billion

Our revenue and earnings for the fourth quarter of 2024 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)

	GAAP									Non-GAAP
	Q4 2024			Q3 2024			Q4 2023			Q4 2024			Q3 2024			Q4 2023
Revenue	$	382,713		$	380,873		$	302,570		$	382,713		$	380,873		$	302,570
Gross margin		51.8	%		46.8	%		48.5	%		53.2	%		48.1	%		50.3	%
Operating expenses	$	143,489		$	128,383		$	156,893		$	83,322		$	81,612		$	86,551
Operating income (loss)	$	54,804		$	49,788		$	(10,231	)	$	120,434		$	101,411		$	65,587
Net income	$	62,160		$	45,762		$	20,919		$	125,862		$	88,402		$	73,474
Basic EPS	$	0.46		$	0.34		$	0.15		$	0.94		$	0.65		$	0.54
Diluted EPS	$	0.45		$	0.33		$	0.15		$	0.94		$	0.65		$	0.54

Our revenue and earnings for the fiscal year 2024 are provided below, compared with the prior year:

(In thousands, except per share and percentage data)

	GAAP						Non-GAAP
	FY 2024			FY 2023			FY 2024			FY 2023
Revenue	$	1,330,383		$	2,290,786		$	1,330,383		$	2,290,786
Gross margin		47.3	%		46.2	%		48.9	%		47.1	%
Operating expenses	$	551,846		$	612,647		$	329,227		$	382,115
Operating income	$	77,292		$	445,741		$	321,919		$	697,210
Net income	$	102,658		$	438,936		$	321,044		$	613,241
Basic EPS	$	0.76		$	3.22		$	2.37		$	4.50
Diluted EPS	$	0.75		$	3.08		$	2.37		$	4.41

Total revenue for the fourth quarter of 2024 was $382.7 million, compared to $380.9 million in the third quarter of 2024. Our revenue in the United States for the fourth quarter of 2024 increased approximately 6%, compared to the third quarter. The increase in revenue was due to higher microinverter sales. Our revenue in Europe decreased approximately 25% for the fourth quarter of 2024, compared to the third quarter. The decline in revenue was the result of a further softening in European demand.

Our non-GAAP gross margin was 53.2% in the fourth quarter of 2024, compared to 48.1% in the third quarter. Our non-GAAP gross margin, excluding net IRA benefit, was 39.7% in the fourth quarter of 2024, compared to 38.9% in the third quarter.

Our non-GAAP operating expenses were $83.3 million in the fourth quarter of 2024, compared to $81.6 million in the third quarter. The increase was driven by higher R&D expense on new products. Our non-GAAP operating income was $120.4 million in the fourth quarter of 2024, compared to $101.4 million in the third quarter.

We exited the fourth quarter of 2024 with $1.72 billion in cash, cash equivalents, restricted cash and marketable securities and generated $167.3 million in cash flow from operations in the fourth quarter. Our capital expenditures were $8.1 million in the fourth quarter of 2024, compared to $8.5 million in the third quarter of 2024.

In the fourth quarter of 2024, we repurchased 2,883,438 shares of our common stock at an average price of $69.25 per share for a total of approximately $199.7 million. We also spent approximately $5.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 68,532 shares.

We shipped 152.4 megawatt hours of IQ Batteries in the fourth quarter of 2024, compared to 172.9 megawatt hours in the third quarter. More than 10,300 installers worldwide are certified to install our IQ Batteries, compared to more than 9,000 installers worldwide in the third quarter of 2024.

During the fourth quarter of 2024, we shipped approximately 1.69 million microinverters from our contract manufacturing facilities in the United States that we booked for 45X production tax credits. We also expanded our higher domestic content product offerings, and shipped our IQ8HC™ Microinverters, IQ8X™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ^® Battery 5Ps, all with higher domestic content than previous models and produced at our contract manufacturing facilities in the United States.

During the fourth quarter of 2024, we made great strides with the IQ^® Meter Collar, fourth-generation IQ Battery, and new IQ^® Combiner products. We launched the IQ^® PowerPack 1500, a 1.5 kWh smart, portable energy system for home, work, and on-the-go use. In Europe, we introduced the IQ^® EV Charger 2, a next-generation smart charger that integrates with our solar and battery systems seamlessly or works as a standalone. In January 2025, we began shipping the IQ^® Battery 5P™ with FlexPhase to Germany, Austria, and Switzerland, delivering reliable backup power for both single- and three-phase installations.

BUSINESS HIGHLIGHTS

On Jan. 30, 2025, Enphase Energy announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia with IQ8P™ Microinverters.

On Jan. 27, 2025, Enphase Energy announced integration with Octopus Energy’s smart tariffs in the UK, such as “Intelligent Octopus Flux” (IO Flux), which can help customers save money on electricity bills.

On Jan. 23, 2025, Enphase Energy announced that its IQ8™ Microinverters for residential and commercial applications, are now in compliance with the Build America, Buy America (BABA) Act.

On Jan. 13, 2025, Enphase Energy announced shipments of its most powerful and versatile battery yet, the IQ Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. With reliable backup power and support for single- and three-phase systems, it offers unmatched flexibility for home energy needs.

On Jan. 9, 2025, Enphase Energy announced that it is expanding into Latin America with IQ8P Microinverters, bringing solar solutions to Colombia, Panama, and Costa Rica for residential and commercial use.

On Jan. 7, 2025, Enphase Energy announced that IQ8 Microinverters were selected for a 2.2 MW solar project at the Belgoprocess radioactive waste facility in Dessel, Belgium.

On Dec. 17, 2024, Enphase Energy announced initial shipments of its most powerful home battery to-date, the IQ Battery 5P, for customers in India.

On Dec. 5 and Dec. 9, 2024, Enphase Energy announced collaborations with two energy providers in the Netherlands, Frank Energie and NextEnergy, to enable participation in the grid imbalance energy marketplace.

On Dec. 3, 2024, Enphase Energy announced the launch of Busbar Power Control software that empowers homeowners to install larger solar and battery systems without costly main electrical panel upgrades.

On Nov. 11, 2024, Enphase Energy announced an AI-powered do-it-yourself (DIY) permitting feature on Solargraf^®, to automate the complex solar permitting process for installers in the USA.

On Nov. 4, 2024, Enphase Energy announced the launch of its most powerful Enphase Energy System to-date, featuring the IQ Battery 5P and IQ8 Microinverters, for customers in Romania.

FIRST QUARTER 2025 FINANCIAL OUTLOOK

For the first quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 150 to 170 megawatt hours of IQ Batteries. The first quarter of 2025 financial outlook includes approximately $50.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit
Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit and 38.0% to 41.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
Net IRA benefit to be within a range of $36.0 million to $39.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters
GAAP operating expenses to be within a range of $143.0 million to $147.0 million
Non-GAAP operating expenses to be within a range of $81.0 million to $85.0 million, excluding $62.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges

For 2025, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.

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Use of non-GAAP Financial Measures

Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2024 results and first quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 3831590, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its first quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by megawatt hours, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Meter Collar, fourth-generation IQ Battery, and new IQ Combiner products; its expectations regarding higher domestic content product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:

Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net revenues	$	382,713		$	380,873		$	302,570		$	1,330,383		$	2,290,786
Cost of revenues		184,420			202,702			155,908			701,245			1,232,398
Gross profit		198,293			178,171			146,662			629,138			1,058,388
Operating expenses:
Research and development		50,390			47,843			55,291			201,315			227,336
Sales and marketing		51,799			49,671			53,409			206,552			231,792
General and administrative		31,901			30,192			33,379			130,825			137,835
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,684
Total operating expenses		143,489			128,383			156,893			551,846			612,647
Income (loss) from operations		54,804			49,788			(10,231	)		77,292			445,741
Other income, net
Interest income		18,417			19,977			20,493			77,306			69,728
Interest expense		(2,252	)		(2,237	)		(2,268	)		(8,905	)		(8,839	)
Other income (expense), net		(1,270	)		(16,785	)		4,233			(25,534	)		6,509
Total other income, net		14,895			955			22,458			42,867			67,398
Income before income taxes		69,699			50,743			12,227			120,159			513,139
Income tax (provision) benefit		(7,539	)		(4,981	)		8,692			(17,501	)		(74,203	)
Net income	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Net income per share:
Basic	$	0.46		$	0.34		$	0.15		$	0.76		$	3.22
Diluted	$	0.45		$	0.33		$	0.15		$	0.75		$	3.08
Shares used in per share calculation:
Basic		133,815			135,329			136,092			135,167			136,376
Diluted		138,128			139,914			139,205			140,004			143,290

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	December 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	369,110	$	288,748
Restricted cash		95,006		—
Marketable securities		1,253,480		1,406,286
Accounts receivable, net		223,749		445,959
Inventory		165,004		213,595
Prepaid expenses and other assets		220,735		88,930
Total current assets		2,327,084		2,443,518
Property and equipment, net		147,514		168,244
Operating lease, right of use asset, net		24,617		19,887
Intangible assets, net		42,398		68,536
Goodwill		211,571		214,562
Other assets		180,925		215,895
Deferred tax assets, net		315,567		252,370
Total assets	$	3,249,676	$	3,383,012
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	90,032	$	116,164
Accrued liabilities		196,887		261,919
Deferred revenues, current		237,225		118,300
Warranty obligations, current		34,656		36,066
Debt, current		101,291		—
Total current liabilities		660,091		532,449
Long-term liabilities:
Deferred revenues, non-current		341,982		369,172
Warranty obligations, non-current		158,233		153,021
Other liabilities		55,265		51,008
Debt, non-current		1,201,089		1,293,738
Total liabilities		2,416,660		2,399,388
Total stockholders’ equity		833,016		983,624
Total liabilities and stockholders’ equity	$	3,249,676	$	3,383,012

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Cash flows from operating activities:
Net income	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		20,665			20,103			20,841			81,389			74,708
Net accretion of discount on marketable securities		(7,490	)		(2,904	)		(2,950	)		(8,599	)		(15,561	)
Provision for doubtful accounts		2,206			2,704			(129	)		6,677			1,153
Asset impairment		4,702			17,568			9,700			28,843			10,603
Non-cash interest expense		2,188			2,173			2,126			8,650			8,380
Net loss (gain) from change in fair value of debt securities		(3,697	)		741			(2,670	)		(1,967	)		(8,078	)
Stock-based compensation		51,830			45,940			55,222			211,360			212,857
Deferred income taxes		(30,675	)		(5,276	)		(5,053	)		(58,319	)		(43,348	)
Changes in operating assets and liabilities:
Accounts receivable		2,684			49,414			105,771			211,640			(12,478	)
Inventory		(6,167	)		17,231			(39,481	)		48,591			(63,887	)
Prepaid expenses and other assets		(16,487	)		(64,149	)		(2,401	)		(134,343	)		(59,777	)
Accounts payable, accrued and other liabilities		(27,396	)		32,088			(139,277	)		(85,536	)		(22,149	)
Warranty obligations		8,657			7,053			221			3,802			57,641
Deferred revenues		104,112			1,690			12,611			98,847			117,780
Net cash provided by operating activities		167,292			170,138			35,450			513,693			696,780
Cash flows from investing activities:
Purchases of property and equipment		(8,064	)		(8,533	)		(20,075	)		(33,604	)		(110,401	)
Purchases of marketable securities		(93,138	)		(319,190	)		(337,757	)		(1,184,649	)		(2,081,431	)
Maturities and sale of marketable securities		351,843			215,241			433,869			1,346,520			1,840,477
Investments in private companies		—			—			—			—			(15,000	)
Net cash provided by (used in) investing activities		250,641			(112,482	)		76,037			128,267			(366,355	)
Cash flows from financing activities:
Partial settlement of convertible notes		—			(5	)		—			(7	)		—
Repurchase of common stock		(199,666	)		(49,794	)		(99,998	)		(391,364	)		(409,998	)
Payment of excise tax on net stock repurchases		(2,773	)		—			—			(2,773	)		—
Proceeds from issuance of common stock under employee equity plans		4,719			14			12,555			12,688			13,870
Payment of withholding taxes related to net share settlement of equity awards		(5,012	)		(6,286	)		(27,546	)		(78,813	)		(120,646	)
Net cash used in financing activities		(202,732	)		(56,071	)		(114,989	)		(460,269	)		(516,774	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(7,410	)		2,638			2,175			(6,323	)		1,853
Net increase (decrease) in cash and cash equivalents and restricted cash		207,791			4,223			(1,327	)		175,368			(184,496	)
Cash and cash equivalents—Beginning of period		256,325			252,102			290,075			288,748			473,244
Cash, cash equivalents and restricted cash—End of period	$	464,116		$	256,325		$	288,748		$	464,116		$	288,748

ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Gross profit (GAAP)	$	198,293		$	178,171		$	146,662		$	629,138		$	1,058,388
Stock-based compensation		3,678			2,948			3,582			14,538			13,357
Acquisition related amortization		1,784			1,904			1,894			7,469			7,580
Gross profit (Non-GAAP)	$	203,755		$	183,023		$	152,138		$	651,145		$	1,079,325

Gross margin (GAAP)		51.8	%		46.8	%		48.5	%		47.3	%		46.2	%
Stock-based compensation		0.9			0.8			1.2			1.0			0.6
Acquisition related amortization		0.5			0.5			0.6			0.6			0.3
Gross margin (Non-GAAP)		53.2	%		48.1	%		50.3	%		48.9	%		47.1	%

Operating expenses (GAAP)	$	143,489		$	128,383		$	156,893		$	551,846		$	612,647
Stock-based compensation ⁽¹⁾		(47,884	)		(42,992	)		(51,640	)		(196,554	)		(199,500	)
Acquisition related expenses and amortization		(2,884	)		(3,102	)		(3,888	)		(12,911	)		(15,317	)
Restructuring and asset impairment charges ⁽¹⁾		(9,399	)		(677	)		(14,814	)		(13,154	)		(15,715	)
Operating expenses (Non-GAAP)	$	83,322		$	81,612		$	86,551		$	329,227		$	382,115

⁽¹⁾Includes stock-based compensation as follows:
Research and development	$	20,951		$	19,790		$	23,839		$	85,501		$	88,367
Sales and marketing		15,893			14,237			16,472			65,092			65,703
General and administrative		11,041			8,965			11,329			45,962			45,430
Restructuring and asset impairment charges		267			—			—			267			—
Total	$	48,152		$	42,992		$	51,640		$	196,822		$	199,500

Income (loss) from operations (GAAP)	$	54,804		$	49,788		$	(10,231	)	$	77,292		$	445,741
Stock-based compensation		51,563			45,940			55,222			211,093			212,857
Acquisition related expenses and amortization		4,668			5,006			5,782			20,380			22,897
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,715
Income from operations (Non-GAAP)	$	120,434		$	101,411		$	65,587		$	321,919		$	697,210

Net income (GAAP)	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Stock-based compensation		51,563			45,940			55,222			211,093			212,857
Acquisition related expenses and amortization		4,668			5,006			5,782			20,380			22,897
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,715
Non-cash interest expense		2,188			2,173			2,126			8,650			8,380
Non-GAAP income tax adjustment		(4,116	)		(11,156	)		(25,389	)		(34,891	)		(85,544	)
Net income (Non-GAAP)	$	125,862		$	88,402		$	73,474		$	321,044		$	613,241

Net income per share, basic (GAAP)	$	0.46		$	0.34		$	0.15		$	0.76		$	3.22
Stock-based compensation		0.39			0.34			0.40			1.56			1.56
Acquisition related expenses and amortization		0.03			0.04			0.08			0.15			0.17
Restructuring and asset impairment charges		0.07			0.01			0.11			0.10			0.12
Non-cash interest expense		0.02			0.02			0.02			0.06			0.06
Non-GAAP income tax adjustment		(0.03	)		(0.10	)		(0.22	)		(0.26	)		(0.63	)
Net income per share, basic (Non-GAAP)	$	0.94		$	0.65		$	0.54		$	2.37		$	4.50

Shares used in basic per share calculation GAAP and Non-GAAP		133,815			135,329			136,092			135,167			136,376

Net income per share, diluted (GAAP)	$	0.45		$	0.33		$	0.15		$	0.75		$	3.08
Stock-based compensation		0.39			0.33			0.39			1.56			1.57
Acquisition related expenses and amortization		0.04			0.04			0.08			0.15			0.16
Restructuring and asset impairment charges		0.07			0.01			0.10			0.10			0.11
Non-cash interest expense		0.02			0.02			0.01			0.06			0.06
Non-GAAP income tax adjustment		(0.03	)		(0.08	)		(0.19	)		(0.26	)		(0.57	)
Net income per share, diluted (Non-GAAP) ⁽²⁾	$	0.94		$	0.65		$	0.54		$	2.37		$	4.41

Shares used in diluted per share calculation GAAP		138,128			139,914			139,205			140,004			143,290
Shares used in diluted per share calculation Non-GAAP		134,053			135,839			137,187			135,641			139,214

Income-based government grants (GAAP)	$	68,040		$	46,552		$	32,887		$	157,538		$	53,470
Incremental cost for manufacturing in U.S.		(16,123	)		(11,396	)		(7,112	)		(38,351	)		(11,603	)
Net IRA benefit (Non-GAAP)	$	51,917		$	35,156		$	25,775		$	119,187		$	41,867

Net cash provided by operating activities (GAAP)	$	167,292		$	170,138		$	35,450		$	513,693		$	696,780
Purchases of property and equipment		(8,064	)		(8,533	)		(20,075	)		(33,604	)		(110,401	)
Free cash flow (Non-GAAP)	$	159,228		$	161,605		$	15,375		$	480,089		$	586,379

(2) Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 excludes convertible Notes due 2023 interest expense, net of tax of less than $0.1 million from non-GAAP net income.

This press release was published by a CLEAR® Verified individual.

The MIL Network –

February 5, 2025

MIL-OSI: Intapp Announces Second Quarter Fiscal Year 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Second quarter SaaS revenue of $80.0 million, up 27% year-over-year
Cloud annual recurring revenue (ARR) of $331.1 million, up 29% year-over-year
Trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%

PALO ALTO, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Intapp, Inc. (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, announced financial results for its fiscal second quarter ended December 31, 2024. Intapp also provided its outlook for the third quarter and the full fiscal year 2025.

“I’m pleased to share that once again we’ve achieved strong quarterly results which are supported by the addition of new clients and expanded client relationships,” said John Hall, CEO of Intapp. “Our second quarter results are indicative of our ability to continually drive AI, cloud adoption, and modernization across the industries we serve.”

Second Quarter of Fiscal Year 2025 Financial Highlights

SaaS revenue was $80.0 million, a 27% year-over-year increase compared to the second quarter of fiscal year 2024.
Total revenue was $121.2 million, a 17% year-over-year increase compared to the second quarter of fiscal year 2024.
Cloud ARR was $331.1 million as of December 31, 2024, a 29% year-over-year increase compared to Cloud ARR as of December 31, 2023. Cloud ARR represented 76% of total ARR as of December 31, 2024, compared to 70% as of December 31, 2023.
Total ARR was $437.1 million as of December 31, 2024, a 20% year-over-year increase compared to total ARR as of December 31, 2023.
GAAP operating loss was $(10.2) million, compared to a GAAP operating loss of $(11.1) million in the second quarter of fiscal year 2024.
Non-GAAP operating income was $18.9 million, compared to a non-GAAP operating income of $7.6 million in the second quarter of fiscal year 2024.
GAAP net loss was $(10.2) million, compared to a GAAP net loss of $(9.2) million in the second quarter of fiscal year 2024.
Non-GAAP net income was $17.4 million, compared to a non-GAAP net income of $8.8 million in the second quarter of fiscal year 2024.
GAAP net loss per share was $(0.13), compared to a GAAP net loss per share of $(0.13) in the second quarter of fiscal year 2024.
Non-GAAP diluted net income per share was $0.21, compared to a non-GAAP diluted net income per share of $0.11 in the second quarter of fiscal year 2024.
Cash and cash equivalents were $285.6 million as of December 31, 2024, compared to $208.4 million as of June 30, 2024.
For the six months ended December 31, 2024, net cash provided by operating activities was $49.7 million, compared to net cash provided by operating activities of $23.6 million for the six months ended December 31, 2023.

Business Highlights

As of December 31, 2024, we served more than 2,650 clients, 728 of which each had contracts greater than $100,000 of ARR.
We upsold and cross-sold our existing clients such that our trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%.
We continued to add new clients and expand existing accounts including accounting firm Milsted Langdon and consulting firm Alvarez & Marsal.
We were named to Forbes’ America’s Most Successful Mid-Cap Companies listing for 2024.
Intapp DealCloud won bronze in the Enterprise Product of the Year – Software category at the 2024 Best in Biz Awards.

Third Quarter and Full Fiscal Year 2025 Outlook

	Fiscal 2025 Outlook
	Third Quarter	Fiscal Year
	(in millions, except per share data)
SaaS revenue	$84.0 – $85.0	$328.8 – $332.8
Total revenue	$128.3 – $129.3	$498.5 – $502.5
Non-GAAP operating income	$18.5 – $19.5	$70.2 – $74.2
Non-GAAP diluted net income per share	$0.21 – $0.23	$0.83 – $0.87

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

The information presented in this press release includes non-GAAP financial measures such as “non-GAAP operating income,” “non-GAAP net income,” and “non-GAAP diluted net income per share.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

The guidance regarding non-GAAP operating income excludes known pre-tax charges related to estimated stock-based compensation of $23.4 million for the third quarter of fiscal year 2025 and $90.6 million for fiscal year 2025 and amortization of intangible assets of $2.7 million for the third quarter of fiscal year 2025 and $11.2 million for fiscal year 2025. The guidance regarding non-GAAP diluted net income per share excludes known pre-tax charges related to estimated stock-based compensation of $0.28 per share for the third quarter of fiscal year 2025 and $1.08 per share for fiscal year 2025 and amortization of intangible assets of $0.03 per share for the third quarter of fiscal year 2025 and $0.13 per share for fiscal year 2025. The Company has not included a quantitative reconciliation of its guidance for non-GAAP operating income and non-GAAP diluted net income per share to their most directly comparable GAAP financial measures, other than stock-based compensation and amortization of intangible assets, because certain of these reconciling items, including change in fair value of contingent consideration, transaction costs, restructuring and other costs and income tax effect of non-GAAP adjustments, could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company’s control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company’s GAAP operating results.

Corporate Presentation

A supplemental financial presentation and other information will be accessible through Intapp’s investor relations website at https://investors.intapp.com/.

Webcast
Intapp will host a conference call for analysts and investors on Tuesday, February 4, 2025, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the “Investors” section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.

About Intapp

Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full fiscal year 2025, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “expand,” “outlook” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events on the U.S. and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients’ and partners’ businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including AI products; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Presentation Changes Related to SaaS and License Revenue

Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license were included in a line item entitled “SaaS and Support.” Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. There was no change to the Company’s revenue recognition policy, except for the change in classification noted herein.

The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income.

Non-GAAP Financial Measures and Other Metrics

This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted net income per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Free cash flow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Other metrics include total ARR, Cloud ARR and Cloud net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premise subscription license contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365. Cloud net revenue retention rate is the portion of our net revenue retention rate, which represents the net revenue retention of our SaaS contracts. We calculate Cloud net revenue retention by starting with the Cloud ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period Cloud ARR. We then calculate the Cloud ARR from these same clients as of the current fiscal period, or current period Cloud ARR. We then divide the current period Cloud ARR by the prior period Cloud ARR to calculate the Cloud net revenue retention.

We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. Non-GAAP diluted net income per share is calculated by dividing non-GAAP net income by the estimated diluted weighted average shares outstanding for the period.

Investor Contact
David Trone
Senior Vice President, Investor Relations
Intapp, Inc.
ir@intapp.com

Media Contact
Ali Robinson
Global Media Relations Director
Intapp, Inc.
press@intapp.com


INTAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data and percentages)

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Revenues
SaaS	$	79,976		$	63,117		$	156,852		$	122,030
License		28,017			28,135			56,509			56,186
Professional services		13,216			12,681			26,653			27,292
Total revenues		121,209			103,933			240,014			205,508
Cost of revenues
SaaS		16,292			12,810			31,610			25,521
License		1,630			1,606			3,382			3,308
Professional services		14,549			16,353			29,413			33,513
Total cost of revenues		32,471			30,769			64,405			62,342
Gross profit		88,738			73,164			175,609			143,166
Gross margin		73.2	%		70.4	%		73.2	%		69.7	%
Operating expenses:
Research and development		33,325			27,981			65,752			56,477
Sales and marketing		40,791			35,269			78,551			69,688
General and administrative		24,808			20,996			48,746			42,048
Total operating expenses		98,924			84,246			193,049			168,213
Operating loss		(10,186	)		(11,082	)		(17,440	)		(25,047	)
Interest and other income (expense), net		(202	)		2,057			3,220			1,114
Net loss before income taxes		(10,388	)		(9,025	)		(14,220	)		(23,933	)
Income tax benefit (expense)		171			(188	)		(517	)		(601	)
Net loss	$	(10,217	)	$	(9,213	)	$	(14,737	)	$	(24,534	)
Net loss per share, basic and diluted	$	(0.13	)	$	(0.13	)	$	(0.19	)	$	(0.35	)
Weighted-average shares used to compute net loss per share, basic and diluted		78,118			70,521			76,861			69,729


INTAPP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands)

	December 31, 2024			June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	285,631		$	208,370
Restricted cash		200			200
Accounts receivable, net		87,596			95,103
Unbilled receivables, net		13,786			13,300
Other receivables, net		4,412			2,743
Prepaid expenses		11,284			9,031
Deferred commissions, current		14,232			13,907
Total current assets		417,141			342,654
Property and equipment, net		20,172			18,944
Operating lease right-of-use assets		18,426			21,382
Goodwill		285,907			285,969
Intangible assets, net		34,351			40,293
Deferred commissions, noncurrent		18,335			18,495
Other assets		6,255			5,262
Total assets	$	800,587		$	732,999
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	16,631		$	13,348
Accrued compensation		35,045			42,066
Accrued expenses		7,266			12,040
Deferred revenue, net		234,962			218,923
Other current liabilities		12,243			14,270
Total current liabilities		306,147			300,647
Deferred tax liabilities		1,255			1,336
Deferred revenue, noncurrent		3,033			3,563
Operating lease liabilities, noncurrent		17,409			19,605
Other liabilities		4,353			4,610
Total liabilities		332,197			329,761
Stockholders’ equity:
Common stock		79			75
Additional paid-in capital		971,631			891,681
Accumulated other comprehensive loss		(1,401	)		(1,336	)
Accumulated deficit		(501,919	)		(487,182	)
Total stockholders’ equity		468,390			403,238
Total liabilities and stockholders’ equity	$	800,587		$	732,999


INTAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Cash Flows from Operating Activities:
Net loss	$	(10,217	)	$	(9,213	)	$	(14,737	)	$	(24,534	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		4,372			3,975			8,839			7,984
Amortization of operating lease right-of-use assets		1,278			1,152			2,558			2,282
Accounts receivable allowances		273			803			823			1,228
Stock-based compensation		25,411			16,508			45,400			35,265
Change in fair value of contingent consideration		—			(784	)		(1,004	)		(2,215	)
Deferred income taxes		(26	)		(104	)		(74	)		(217	)
Other		38			39			76			77
Changes in operating assets and liabilities:
Accounts receivable		(23,742	)		(10,902	)		6,465			12,570
Unbilled receivables, current		(1,009	)		(1,888	)		(486	)		(5,774	)
Prepaid expenses and other assets		(2,433	)		(446	)		(5,001	)		(1,788	)
Deferred commissions		(1,832	)		(1,189	)		(165	)		(1,068	)
Accounts payable and accrued liabilities		185			9,760			(7,875	)		(1,517	)
Deferred revenue, net		32,784			4,615			15,509			4,837
Operating lease liabilities		(1,344	)		(768	)		(2,675	)		(2,339	)
Other liabilities		1,501			477			2,032			(1,144	)
Net cash provided by operating activities		25,239			12,035			49,685			23,647
Cash Flows from Investing Activities:
Purchases of property and equipment		(62	)		(213	)		(416	)		(1,354	)
Capitalized internal-use software costs		(1,915	)		(1,592	)		(3,449	)		(3,453	)
Business combinations, net of cash acquired		—			—			(897	)		—
Net cash used in investing activities		(1,977	)		(1,805	)		(4,762	)		(4,807	)
Cash Flows from Financing Activities:
Payments for deferred offering costs		—			(148	)		—			(781	)
Proceeds from stock option exercises		9,666			15,612			32,584			17,936
Proceeds from employee stock purchase plan		1,970			1,725			1,970			1,725
Payments of deferred contingent consideration and holdback associated with acquisitions		(1,023	)		(2,551	)		(2,410	)		(2,551	)
Net cash provided by financing activities		10,613			14,638			32,144			16,329
Effect of foreign currency exchange rate changes on cash and cash equivalents		(2,091	)		(58	)		194			203
Net increase in cash, cash equivalents and restricted cash		31,784			24,810			77,261			35,372
Cash, cash equivalents and restricted cash – beginning of period		254,047			141,747			208,570			131,185
Cash, cash equivalents and restricted cash – end of period	$	285,831		$	166,557		$	285,831		$	166,557

INTAPP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share data and percentages)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:

Non-GAAP Gross Profit

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP gross profit	$	88,738		$	73,164		$	175,609		$	143,166
Adjusted to exclude the following:
Stock-based compensation		2,702			2,018			4,934			3,892
Amortization of intangible assets		1,509			1,055			3,080			2,110
Restructuring and other costs		53			—			62			—
Non-GAAP gross profit	$	93,002		$	76,237		$	183,685		$	149,168
Non-GAAP gross margin		76.7	%		73.4	%		76.5	%		72.6	%

Non-GAAP Operating Expenses

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP research and development	$	33,325		$	27,981		$	65,752		$	56,477
Stock-based compensation		(6,800	)		(4,468	)		(11,424	)		(9,114	)
Restructuring and other costs		(113	)		—			(162	)		—
Non-GAAP research and development	$	26,412		$	23,513		$	54,166		$	47,363


GAAP sales and marketing	$	40,791		$	35,269		$	78,551		$	69,688
Stock-based compensation		(7,232	)		(4,888	)		(12,970	)		(10,227	)
Amortization of intangible assets		(1,268	)		(1,396	)		(2,536	)		(2,883	)
Non-GAAP sales and marketing	$	32,291		$	28,985		$	63,045		$	56,578


GAAP general and administrative	$	24,808		$	20,996		$	48,746		$	42,048
Stock-based compensation		(8,677	)		(5,134	)		(16,072	)		(12,032	)
Amortization of intangible assets		(163	)		(163	)		(326	)		(326	)
Change in fair value of contingent consideration		—			784			1,004			2,215
Transaction costs ⁽¹⁾		(530	)		(350	)		(664	)		(678	)
Restructuring and other costs		(64	)		—			(236	)		—
Non-GAAP general and administrative	$	15,374		$	16,133		$	32,452		$	31,227

Non-GAAP Operating Income

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP operating loss	$	(10,186	)	$	(11,082	)	$	(17,440	)	$	(25,047	)
Adjusted to exclude the following:
Stock-based compensation		25,411			16,508			45,400			35,265
Amortization of intangible assets		2,940			2,614			5,942			5,319
Change in fair value of contingent consideration		—			(784	)		(1,004	)		(2,215	)
Transaction costs ⁽¹⁾		530			350			664			678
Restructuring and other costs		230			—			460			—
Non-GAAP operating income	$	18,925		$	7,606		$	34,022		$	14,000

Non-GAAP Net Income

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP net loss	$	(10,217	)	$	(9,213	)	$	(14,737	)	$	(24,534	)
Adjusted to exclude the following:
Stock-based compensation		25,411			16,508			45,400			35,265
Amortization of intangible assets		2,940			2,614			5,942			5,319
Change in fair value of contingent consideration		—			(784	)		(1,004	)		(2,215	)
Transaction costs ⁽¹⁾		530			350			664			678
Restructuring and other costs		230			—			460			—
Income tax effect of non-GAAP adjustments		(1,489	)		(710	)		(2,513	)		(1,125	)
Non-GAAP net income	$	17,405		$	8,765		$	34,212		$	13,388

GAAP net loss per share, basic and diluted	$	(0.13	)	$	(0.13	)	$	(0.19	)	$	(0.35	)
Non-GAAP net income per share, diluted	$	0.21		$	0.11		$	0.41		$	0.17

Weighted-average shares used to compute GAAP net loss per share, basic and diluted		78,118			70,521			76,861			69,729
Weighted-average shares used to compute non-GAAP net income per share, diluted		83,910			80,285			82,724			79,926

Free Cash Flow

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Net cash provided by operating activities	$	25,239		$	12,035		$	49,685		$	23,647
Adjusted for the following cash outlay:
Purchases of property and equipment		(62	)		(213	)		(416	)		(1,354	)
Free cash flow ⁽²⁾	$	25,177		$	11,822		$	49,269		$	22,293

(1) Consists of acquisition-related transaction costs, costs related to a legal settlement incurred in connection with an acquisition and costs related to certain non-capitalized offering-related expenses.

(2) Beginning with the second quarter ended December 31, 2023, we have excluded capitalized internal-use software costs and cash paid for interest from the calculation of our free cash flow, which we believe better aligns with industry standard. Our free cash flow for prior period presented were recast to conform to the updated methodology and are reflected herein for comparison purposes.

The MIL Network –

February 5, 2025

MIL-OSI: Varonis Announces Fourth Quarter 2024 and Full-Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Annual recurring revenues grew 18% year-over-year
SaaS ARR as a percentage of total ARR was approximately 53%
Year-to-date cash from operations generated $115.2 million vs. $59.4 million last year
Year-to-date free cash flow generated $108.5 million vs. $54.3 million last year

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced financial results for the fourth quarter and full-year ended December 31, 2024.

Yaki Faitelson, Varonis CEO, said, “We are excited by the approximately 50% increase in ARR from new customers, which was driven by the simplicity of SaaS and MDDR as well as customer interest in utilizing Generative AI raising awareness for our solution. We look forward to continuing our momentum and completing our SaaS transition in 2025, which will unlock many more benefits as we capture our massive opportunity.”

Guy Melamed, Varonis CFO & COO, added, “For the first time in company history, SaaS represents a majority of ARR as we finished the fourth quarter with 53% of total company ARR coming from SaaS. This demand positions the company for another year of strong ARR growth and continued improvement in free cash flow generation, while we make strategic investments aimed at supporting our goal of returning to more than 20% ARR growth.”

Financial Summary for the Fourth Quarter Ended December 31, 2024

Total revenues were $158.5 million, compared with $154.1 million in the fourth quarter of 2023.
SaaS revenues were $72.2 million, compared with $23.0 million in the fourth quarter of 2023.
Term license subscription revenues were $66.8 million, compared with $106.2 million in the fourth quarter of 2023.
Maintenance and services revenues were $19.5 million, compared with $24.9 million in the fourth quarter of 2023.
GAAP operating loss was ($17.6) million, compared to GAAP operating loss of ($5.2) million in the fourth quarter of 2023.
Non-GAAP operating income was $15.3 million, compared to non-GAAP operating income of $27.2 million in the fourth quarter of 2023.

Financial Summary for the Year Ended December 31, 2024

Total revenues were $551.0 million, compared with $499.2 million in 2023.
SaaS revenues were $208.8 million, compared with $44.4 million in 2023.
Term license subscription revenues were $254.2 million, compared with $356.5 million in 2023.
Maintenance and services revenues were $87.9 million, compared with $98.3 million in 2023.
GAAP operating loss was ($117.7) million, compared to GAAP operating loss of ($117.2) million in 2023.
Non-GAAP operating income was $15.9 million, compared to non-GAAP operating income of $28.7 million in 2023.

The tables at the end of this press release include a reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss) and GAAP net income (loss) to non-GAAP net income (loss) for the three and twelve months ended December 31, 2024 and 2023. An explanation of these measures is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

Key Performance Indicators and Recent Business Highlights

Annual recurring revenues, or ARR, was $641.9 million as of the end of the fourth quarter, up 18% year-over-year.
As of December 31, 2024, the Company had $1.2 billion in cash and cash equivalents, short-term deposits and short-term and long-term marketable securities.
During the twelve months ended December 31, 2024, the Company generated $115.2 million of cash from operations, compared to $59.4 million generated in the prior year period.
During the twelve months ended December 31, 2024, the Company generated $108.5 million of free cash flow, compared to $54.3 million generated in the prior year period.
Announced expansion of IaaS security coverage to Google Cloud, bringing the company’s proven data-centric approach to Google Cloud storage and data warehouses.
Expanded coverage to discover and classify critical data, remove exposures, and detect threats on the Databricks Data Intelligence Platform.
Broadened coverage to continuously discover and classify data and resolve issues related to data risk and overexposure within ServiceNow.

An explanation of ARR is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.” In addition, the tables at the end of this press release include a reconciliation of net cash provided by operating activities to non-GAAP free cash flow. An explanation of this measure is also included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

Financial Outlook

For the first quarter of 2025, the Company expects:

Revenues of $130.0 million to $135.0 million, or year-over-year growth of 14% to 18%.
Non-GAAP operating loss of ($14.0) million to ($11.0) million.
Non-GAAP net loss per diluted share in the range of ($0.06) to ($0.04), based on 113.6 million diluted shares outstanding.

For full year 2025, the Company expects:

ARR of $737.0 million to $745.0 million, or year-over-year growth of 15% to 16%.
Net cash provided by operating activities of $132.0 million to $139.0 million.
Free cash flow of $120.0 million to $125.0 million.
Revenues of $610.0 million to $625.0 million, or year-over-year growth of 11% to 13%.
Non-GAAP operating income of $0.5 million to $10.5 million.
Non-GAAP net income per diluted share in the range of $0.13 to $0.17, based on 137.5 million diluted shares outstanding.

Actual results may differ materially from the Company’s Financial Outlook as a result of, among other things, the factors described below under “Forward-Looking Statements”.

Conference Call and Webcast
Varonis will host a conference call today, Tuesday, February 4, 2025, at 4:30 p.m. Eastern Time, to discuss the Company’s fourth quarter 2024 and full-year 2024 financial results. To access this call, dial 877-425-9470 (domestic) or 201-389-0878 (international). The passcode is 13750890. A replay of this conference call will be available through February 11, 2025 at 844-512-2921 (domestic) or 412-317-6671 (international). The replay passcode is 13750890. A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.varonis.com), and a replay will be archived on the website as well.

Non-GAAP Financial Measures and Key Performance Indicators
Varonis believes that the use of non-GAAP operating income (loss) and non-GAAP net income (loss) is helpful to our investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

Non-GAAP operating income (loss) is calculated as operating income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, and (iii) amortization of acquired intangible assets and acquisition-related expenses.

Non-GAAP net income (loss) is calculated as net income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, (iii) amortization of acquired intangible assets and acquisition-related expenses, (iv) foreign exchange gains (losses) which include exchange rate differences on lease contracts as a result of the implementation of ASC 842 and (v) amortization of debt issuance costs.

The Company believes that the exclusion of these expenses provides a more meaningful comparison of our operational performance from period to period and offers investors and management greater visibility to the underlying performance of our business. Specifically:

Stock-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;
Payroll taxes are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, factors which may vary from period to period;
Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;
The Company incurs foreign exchange gains or losses from the revaluation of its significant operating lease liabilities in foreign currencies as well as other assets and liabilities denominated in non-U.S. dollars, which may vary from period to period; and
Amortization of debt issuance costs, which relate to the Company’s convertible senior notes issued in 2020 and 2024, are a non-cash item.

Free cash flow is calculated as net cash provided by or used in operating activities less purchases of property and equipment. We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash provided by or used in our operations that, after the investments in property and equipment, can be used for strategic initiatives.

Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income (loss) or net income (loss) or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, stock-based compensation expense and payroll tax expense related to stock-based compensation have been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. Also, the amortization of intangible assets are expected recurring expenses over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Additionally, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies. Finally, the amortization of debt issuance costs are expected recurring expenses until the maturity of the senior notes in 2029.

The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Varonis urges investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measures to evaluate our business.

A reconciliation for non-GAAP operating income (loss) and non-GAAP net income (loss) referred to in our “Financial Outlook” is not provided because, as forward-looking statements, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results. The Company believes the information provided is useful to investors because it can be considered in the context of the Company’s historical disclosures of this measure.

ARR is a key performance indicator defined as the annualized value of active SaaS contracts, term-based subscription license contracts, and maintenance contracts in effect at the end of that period. SaaS contracts, term-based subscription license contracts, and maintenance contracts are annualized by dividing the total contract value by the number of days in the term and multiplying the result by 365. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenues, deferred revenues or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s growth rate and its expectations regarding future revenues, operating income or loss or earnings or loss per share. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

About Varonis

Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

Varonis protects data first, not last. Learn more at www.varonis.com.

Investor Relations Contact:
Tim Perz
Varonis Systems, Inc.
646-640-2112
investors@varonis.com

News Media Contact:
Rachel Hunt
Varonis Systems, Inc.
877-292-8767 (ext. 1598)
pr@varonis.com

Varonis Systems, Inc.
Consolidated Statements of Operations
(in thousands, except for share and per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
	Unaudited						Unaudited
Revenues:
Term license subscriptions	$	66,781		$	106,184		$	254,241		$	356,490
SaaS		72,206			22,980			208,781			44,417
Maintenance and services		19,527			24,935			87,928			98,253
Total revenues		158,514			154,099			550,950			499,160

Cost of revenues		26,055			19,347			93,847			71,751

Gross profit		132,459			134,752			457,103			427,409

Operating expenses:
Research and development		50,546			48,144			196,765			183,838
Sales and marketing		76,123			70,569			288,769			277,893
General and administrative		23,342			21,283			89,220			82,901
Total operating expenses		150,011			139,996			574,754			544,632

Operating loss		(17,552	)		(5,244	)		(117,651	)		(117,223	)
Financial income, net		7,605			5,433			34,644			30,305

Income (loss) before income taxes		(9,947	)		189			(83,007	)		(86,918	)
Income taxes		(3,047	)		(1,087	)		(12,758	)		(13,998	)

Net loss	$	(12,994	)	$	(898	)	$	(95,765	)	$	(100,916	)

Net loss per share of common stock, basic and diluted	$	(0.12	)	$	(0.01	)	$	(0.86	)	$	(0.92	)

Weighted average number of shares used in computing net loss per share of common stock, basic and diluted		112,488,376			109,007,859			111,660,541			109,141,894

*Stock-based compensation expense for the* *three* *and* *twelve months ended* *December 31, 2024* *and* *2023* *is included in the Consolidated Statements of Operations as follows (in thousands):*

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	Unaudited				Unaudited
Cost of revenues	$	1,175	$	1,275	$	5,192	$	7,221
Research and development		10,709		11,199		41,766		48,679
Sales and marketing		10,509		10,186		41,494		48,047
General and administrative		10,176		8,983		38,230		35,872
	$	32,569	$	31,643	$	126,682	$	139,819

*Payroll tax expense related to stock-based compensation for the* *three* *and* *twelve months ended* *December 31, 2024* *and* *2023* *is included in the Consolidated Statements of Operations as follows (in thousands):*

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	Unaudited				Unaudited
Cost of revenues	$	6	$	20	$	637	$	405
Research and development		38		133		604		365
Sales and marketing		146		152		3,196		1,972
General and administrative		16		32		1,181		518
	$	206	$	337	$	5,618	$	3,260

*Amortization of acquired intangibles and acquisition-related expenses for the* *three* *and* *twelve months ended* *December 31, 2024* *and* *2023* *is included in the Consolidated Statements of Operations as follows (in thousands):*

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	Unaudited				Unaudited
Cost of revenues	$	119	$	381	$	1,263	$	1,525
Research and development		—		128		—		1,363
Sales and marketing		—		—		—		—
General and administrative		—		—		—		—
	$	119	$	509	$	1,263	$	2,888

Varonis Systems, Inc.
Consolidated Balance Sheets
(in thousands)

	December 31, 2024			December 31, 2023
	Unaudited
Assets
Current assets:
Cash and cash equivalents	$	185,585		$	230,740
Marketable securities		343,383			253,175
Short-term deposits		39,450			49,800
Trade receivables, net		192,832			169,116
Prepaid expenses and other short-term assets		116,824			64,326
Total current assets		878,074			767,157
Long-term assets:
Long-term marketable securities		658,896			211,063
Operating lease right-of-use assets		45,593			51,838
Property and equipment, net		30,795			33,964
Intangible assets, net		—			1,263
Goodwill		23,135			23,135
Other assets		27,782			15,490
Total long-term assets		786,201			336,753
Total assets	$	1,664,275		$	1,103,910

Liabilities and stockholders’ equity
Current liabilities:
Trade payables	$	4,313		$	672
Accrued expenses and other short-term liabilities		164,930			125,057
Convertible senior notes, net		250,529			—
Deferred revenues		290,113			181,049
Total current liabilities		709,885			306,778
Long-term liabilities:
Convertible senior notes, net		450,243			250,477
Operating lease liabilities		42,789			51,313
Deferred revenues		2,211			886
Other liabilities		3,491			4,808
Total long-term liabilities		498,734			307,484

Stockholders’ equity:
Share capital
Common stock		113			109
Accumulated other comprehensive income (loss)		2,676			(8,649	)
Additional paid-in capital		1,193,022			1,142,578
Accumulated deficit		(740,155	)		(644,390	)
Total stockholders’ equity		455,656			489,648
Total liabilities and stockholders’ equity	$	1,664,275		$	1,103,910

Varonis Systems, Inc.
Consolidated Statements of Cash Flows
(in thousands)

	Twelve Months Ended December 31,
	2024			2023
	Unaudited
Cash flows from operating activities:
Net loss	$	(95,765	)	$	(100,916	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		11,126			11,703
Stock-based compensation		126,682			139,819
Amortization of deferred commissions		54,392			53,072
Non-cash operating lease costs		9,526			9,468
Amortization of debt issuance costs		2,144			1,514
Amortization of premium and accretion of discount on marketable securities, net		(12,690	)		(9,354	)
Acquired in-process research and development		6,653			—

Changes in assets and liabilities:
Trade receivables		(23,716	)		(33,137	)
Prepaid expenses and other short-term assets		(35,332	)		(21,459	)
Deferred commissions		(59,820	)		(53,505	)
Other long-term assets		347			(577	)
Trade payables		3,641			(2,290	)
Accrued expenses and other short-term liabilities		17,317			(5,278	)
Deferred revenues		110,389			69,882
Other long-term liabilities		306			474
Net cash provided by operating activities		115,200			59,416

Cash flows from investing activities:
Proceeds from maturities of marketable securities		308,840			301,350
Proceeds from sales of marketable securities		111,552			—
Investment in marketable securities		(949,841	)		(517,948	)
Proceeds from short-term and long-term deposits		34,795			214,444
Investment in short-term and long-term deposits		(24,254	)		(135,823	)
Purchase of in-process research and development		(6,653	)		—
Purchases of property and equipment		(6,694	)		(5,099	)
Net cash used in investing activities		(532,255	)		(143,076	)

Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs		449,635			—
Purchases of capped calls		(55,522	)		—
Proceeds from employee stock plans		16,082			11,537
Taxes paid related to net share settlement of equity awards		(38,295	)		(21,415	)
Repurchase of common stock		—			(43,522	)
Net cash provided by (used in) financing activities		371,900			(53,400	)
Decrease in cash and cash equivalents		(45,155	)		(137,060	)
Cash and cash equivalents at beginning of period		230,740			367,800
Cash and cash equivalents at end of period	$	185,585		$	230,740

Varonis Systems, Inc.
Reconciliation of GAAP Measures to non-GAAP
(in thousands, except share and per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
	Unaudited						Unaudited
Reconciliation to non-GAAP operating income:

GAAP operating loss	$	(17,552	)	$	(5,244	)	$	(117,651	)	$	(117,223	)

Add back:
Stock-based compensation expense		32,569			31,643			126,682			139,819
Payroll tax expenses related to stock-based compensation		206			337			5,618			3,260
Amortization of acquired intangible assets and acquisition-related expenses		119			509			1,263			2,888
Non-GAAP operating income	$	15,342		$	27,245		$	15,912		$	28,744

Reconciliation to non-GAAP net income:

GAAP net loss	$	(12,994	)	$	(898	)	$	(95,765	)	$	(100,916	)

Add back:
Stock-based compensation expense		32,569			31,643			126,682			139,819
Payroll tax expenses related to stock-based compensation		206			337			5,618			3,260
Amortization of acquired intangible assets and acquisition-related expenses		119			509			1,263			2,888
Foreign exchange rate differences, net		3,129			2,290			827			(916	)
Amortization of debt issuance costs		880			381			2,144			1,514
Non-GAAP net income	$	23,909		$	34,262		$	40,769		$	45,649

GAAP weighted average number of shares used in computing net loss per share of common stock – basic and diluted		112,488,376			109,007,859			111,660,541			109,141,894
Non-GAAP weighted average number of shares used in computing net income per share of common stock – basic		112,488,376			109,007,859			111,660,541			109,141,894
Non-GAAP weighted average number of shares used in computing net income per share of common stock – diluted		135,097,388			126,061,869			130,278,825			126,585,777

GAAP net loss per share of common stock – basic and diluted	$	(0.12	)	$	(0.01	)	$	(0.86	)	$	(0.92	)
Non-GAAP net income per share of common stock – basic	$	0.21		$	0.31		$	0.37		$	0.42
Non-GAAP net income per share of common stock – diluted	$	0.18		$	0.27		$	0.31		$	0.36

Varonis Systems, Inc.
Reconciliation of GAAP Measures to non-GAAP
(in millions)

	Twelve Months Ended December 31,
	2024			2023
	Unaudited
Reconciliation to non-GAAP free cash flow:
Net cash provided by operating activities	$	115.2		$	59.4
Purchases of property and equipment		(6.7	)		(5.1	)
Free cash flow	$	108.5		$	54.3

Varonis Systems, Inc.
Reconciliation of GAAP Measures to non-GAAP
(in millions)

	Twelve Months Ended December 31, 2025
	Low			High
Reconciliation to non-GAAP free cash flow:
Net cash provided by operating activities	$	132.0		$	139.0
Purchases of property and equipment		(12.0	)		(14.0	)
Free cash flow	$	120.0		$	125.0

The MIL Network –

February 5, 2025

MIL-OSI USA: February 4th, 2025 Heinrich Announces Appropriations Committee Assignments for 119th Congress
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

Heinrich named Ranking Member of the Senate Appropriations Subcommittee on the Legislative Branch

WASHINGTON — Today, U.S. Senator Martin Heinrich (D-N.M.) announced his assignments on the Senate Appropriations Committee for the 119th Congress. Heinrich’s positions on the Appropriations Committee allow him to directly advocate for and deliver investments that improve New Mexicans’ safety, well-being, and quality of life.

“As a member of the Senate Appropriations Committee, I have delivered hundreds of millions of dollars in investments to New Mexico, helping to lower costs for working families, grow local economies, and create jobs New Mexicans can build their families around. Our appropriations bills are essential to New Mexico’s economy. They support our local law enforcement, fire departments, hospitals, schools, newborns, elders and veterans, and help keep communities safe across New Mexico.

“I will stand up to anybody who tries to prevent investments I’ve secured from reaching New Mexicans. The Constitution is clear: the president cannot override, delay, or rescind Congress’s funding laws. Donald Trump’s attacks on federal funding for our state cannot stand.”

Heinrich has been assigned to the following Senate Appropriations Subcommittees:
- Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee
- Energy and Water Development Subcommittee
- Interior, Environment, and Related Agencies Subcommittee
- Military Construction, Veterans Affairs, and Related Agencies Subcommittee
- Legislative Branch Subcommittee
Heinrich will be Ranking Member of the Senate Appropriations Subcommittee on the Legislative Branch, which oversees the funding of:
- Joint Committee on Taxation
- Joint Economic Committee
- Congressional Budget Office
- Government Accountability Office
- Architect of the Capitol
- Books for the Blind and Physically Handicapped (Library of Congress)
- Botanic Garden (Architect of the Capitol)
- Capitol Police
- Congressional Research Service (Library of Congress)
- Copyright Office (Library of Congress)
- Government Publishing Office
- House of Representatives
- John C. Stennis Center for Public Service, Training, and Development
- Joint Congressional Committee on Inaugural Ceremonies
- Library of Congress
- Office of Compliance
- Office of Congressional Accessibility Services
- Office of the Attending Physician
- Open World Leadership Center Trust Fund
- Senate
This will be Heinrich’s third Congress serving on the U.S. Senate Committee on Appropriations.

Heinrich’s Committee assignments for the 119^th Congress:

In the 119th Congress, Heinrich is serving as Ranking Member for the Senate Energy and Natural Resources (ENR) Committee. The ENR Committee plays a critical role in setting national energy policies and managing our nation’s public lands within the U.S. Department of the Interior and the U.S. Forest Service. The Committee also oversees the U.S. Department of Energy and has jurisdiction over U.S. territories and nuclear waste policy.

Heinrich will continue to serve on the U.S. Senate Appropriations Committee, the U.S. Senate Select Committee on Intelligence, and the U.S. Congress Joint Economic Committee.

Heinrich will also serve as Co-Chair of the Senate Artificial Intelligence (AI) Caucus, the Senate Fusion Energy Caucus, the Bicameral Electrification Caucus, the International Conservation Caucus, and the Senate Outdoor Recreation Caucus. Heinrich will serve as a member of the Congressional Sportsmen’s Caucus, Senate Democratic Hispanic Task Force, National Service Congressional Caucus, Congressional Dietary Supplement Caucus, and the Congressional Directed Energy Caucus.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Chairman Mast Issues Statement on Potential USAID Reorganization

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. — Today, House Foreign Affairs Committee Chairman Brian Mast issued the following statement on President Trump’s proposal to potentially reorganize the United States Agency for International Development and bring it under the purview of the State Department.

“After receiving formal consultation about the State Department’s potential reorganization of USAID, I’m excited to work with President Trump and Secretary Rubio to fix our broken foreign assistance system. This aligns clearly with the House Foreign Affairs Committee’s goal of conducting the first comprehensive State Department reauthorization since 2002.”

The White House has cited, among others, sections 7063 and 7015 of the Department of State, Foreign Operations, and Related Programs Appropriations Act of 2024, by which the administration may potentially “expand, eliminate, consolidate, or downsize covered departments, agencies, or organizations.”

###

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: In the Starlight: Anika Isaac’s Mission to Counsel NASA’s Workforce

Source: NASA

An interesting fact about Johnson Space Center’s Anika Isaac, MS, LPC, LMFT, LCDC, CEAP, NCC, is that there are more letters following her name than there are in it.
A licensed professional counselor, marriage and family therapist, and chemical dependency counselor with several other certifications, Isaac has been a fixture of Johnson’s Employee Assistance Program for the last 13 years. She provides confidential counseling and assessment, crisis response, referrals to community providers, and debriefing and support to Johnson’s workforce. Additionally, Isaac leads assertiveness skills training for employees, provides management consults, and presents on various mental health topics by request. She also coordinates the center’s Autism Support Group, which convenes monthly to offer networking, resource sharing, and support for caregivers of those with autism.

Isaac’s invaluable counsel earned her a Silver Snoopy Award in 2022. Presented by Johnson Director Vanessa Wyche and NASA astronaut Jessica Meir, the award recognized Isaac’s exceptional efforts to support NASA’s ability to execute the tasks necessary for safe human spaceflight. “I taught, modeled, and empowered thousands to address critical issues and topics in the workplace, directly impacting mission success and safety,” she said.

Isaac has also proudly participated in transparent, authentic conversations about personal and socially significant questions raised by the Johnson community, by leading panel discussions during center events and more. “Having those brave and bold conversations are necessary to foster a compassionate workplace culture that we emphasize through the Johnson Expected Behaviors,” she said.
Isaac said her work experiences prior to joining NASA not only affected her personally but also shaped her professionally. “The most troublesome challenges have been dealing with colleagues whom I saw be divisive in their comments and manipulative in their actions,” she said. “I overcame those challenges with faith, time, and talking to mentors and my trusted support system for perspective and guidance.”
Isaac’s career has also taught her to trust herself and give herself some grace. “In each moment I have everything I need to be successful and keep learning when I fall short of my expectations,” she said. She has come to appreciate the value of her unique experience and skillset, as well. “In an agency with so many experts in so many disciplines, in my respective discipline my expertise is as necessary and essential to the success of NASA’s mission,” she said. “I have also learned to stay persistent with my goals, since there are enough people to help me achieve them along the way.”

Isaac looks forward to a future of space exploration that combines the best of the commercial sector, international partnerships, and NASA’s strengths with incredible advances in artificial intelligence and other technologies to ensure crew safety while propelling humanity further into the cosmos. She also celebrates the different backgrounds and cultures of today’s astronaut corps. “We are seeing a level of diversity in the faces of space explorers that has never existed before in the history of the space program,” she said.
Isaac encourages the Artemis Generation to learn and incorporate key aspects of NASA and space exploration history into their work while building their own culture and valuing their unique perspectives. “Trust yourself! Have you not usually recovered from setbacks? Those that came before you made similar mistakes,” she said. “Pay attention and learn from them. And build those crucial, reciprocal mentor and social relationships to enhance your ongoing personal and work journey.”

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: NASA’s Cloud-based Confluence Software Helps Hydrologists Study Rivers on a Global Scale

Source: NASA

Rivers shape ecosystems and economies, yet hydrologists have limited tools to study them. Enter Confluence—a groundbreaking, open-source framework leveraging NASA’s SWOT mission and HLS data to estimate river discharge and sediment levels worldwide. Hosted by PO.DAAC, Confluence delivers rapid, global insights, revolutionizing hydrology with cloud-based efficiency. A game changer for river monitoring.

Rivers and streams wrap around Earth in complex networks millions of miles long, driving trade, nurturing ecosystems, and stocking critical reserves of freshwater.
But the hydrologists who dedicate their professional lives to studying this immense web of waterways do so with a relatively limited set of tools. Around the world, a patchwork of just 3,000 or so river gauge stations supply regular, reliable data, making it difficult for hydrologists to detect global trends.
“The best way to study a river,” said Colin Gleason, Armstrong Professional Development Professor of Civil and Environmental Engineering at the University of Massachusetts, Amherst, “is to get your feet wet and visit it yourself. The second best way to study a river is to use a river gauge.”
Now, thanks to Gleason and a team of more than 30 researchers, there’s another option: ‘Confluence,’ an analytic collaborative framework that leverages data from NASA’s Surface Water and Ocean Topography (SWOT) mission and the Harmonized Landsat Sentinel-2 archive (HLS) to estimate river discharge and suspended sediment levels in every river on Earth wider than 50 meters. NASA’s Physical Oceanography Distributed Active Archive Center (PO.DAAC) hosts the software, making it open-source and free for users around the world.
By incorporating both altimetry data from SWOT which informs discharge estimates, and optical data from HLS, which informs estimates of suspended sediment data, Confluence marks the first time hydrologists can create timely models of river size and water quality at a global scale. Compared to existing workflows for estimating suspended sediment using HLS data, Confluence is faster by a factor of 30.

I can’t do global satellite hydrology without this system. Or, I could, but it would be extremely time consuming and expensive.

Colin Gleason

Nikki Tebaldi, a Cloud Adoption Engineer at NASA’s Jet Propulsion Laboratory (JPL) and Co-Investigator for Confluence, was the lead developer on this project. She said that while the individual components of Confluence have been around for decades, bringing them together within a single, cloud-based processing pipeline was a significant challenge.
“I’m really proud that we’ve pieced together all of these different algorithms, got them into the cloud, and we have them all executing commands and working,” said Tebaldi.
Suresh Vannan, former manager of PO.DAAC and a Co-Investigator for Confluence, said this new ability to produce timely, global estimates of river discharge and quality will have a huge impact on hydrological models assessing everything from the health of river ecosystems to snowmelt.
“There are a bunch of science applications that river discharge can be used for, because it’s pretty much taking a snapshot of what the river looks like, how it behaves. Producing that snapshot on a global scale is a game changer,” said Vannan.
While the Confluence team is still working with PO.DAAC to complete their software package, users can currently access the Confluence source code here. For tutorials, manuals, and other user guides, visit the PO.DAAC webpage here.
All of these improvements to the original Confluence algorithms developed for SWOT were made possible by NASA’s Advanced Intelligent Systems Technology (AIST) program, a part of the agency’s Earth Science Technology Office (ESTO), in collaboration with SWOT and PO.DAAC.
To learn more about opportunities to develop next-generation technologies for studying Earth from outer space, visit ESTO’s solicitation page here.
Project Lead: Colin Gleason / University of Massachusetts, Amherst
Sponsoring Organization: Advanced Intelligent Systems Technology program, within NASA’s Earth Science Technology Office

MIL OSI USA News –

February 5, 2025

Category: Machine Learning

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