Category: Natural Disasters

MIL-OSI New Zealand: Pre-Budget speech to BusinessNZ

Source: NZ Music Month takes to the streets

Good afternoon everyone.

Today my intention is to put this year’s Budget in context.

First, I want to speak briefly about our economic recovery here at home, and why I remain confident despite international uncertainty.

Then I’m going to make the case for the two big priorities of Budget 2025, fiscal consolidation and economic growth: why they matter and some steps we’re taking to make them happen.

It’s fair to say Budget 2025 arrives against a challenging international backdrop.

Trade tensions overseas have seen growth forecasts revised down across the world, as exporters and consumers come under sustained pressure.

The sharp deterioration of financial markets in early April have somewhat recovered in recent days and weeks, but markets remain volatile.

Experts offshore are leaning into the uncertainty.

The Bank of Canada even chose to publish two separate scenarios in their latest statement, instead of one single set of forecasts.

I don’t blame them for having a bob each way.

For a small, open economy like New Zealand, the international environment clearly matters a lot, but I remain confident about our recovery.

Inflation remains anchored below 3 per cent, and interest rates continue to fall, supporting households with the cost of living and providing the foundation for a domestic economic recovery.

The Official Cash Rate has fallen considerably, from 5.5 to 3.5 per cent, with economists picking further cuts are on the way soon.

I acknowledge for households, interest rate relief will be a slow and steady process.

For example, according to the Reserve Bank, average interest rates on outstanding mortgages have only now fallen for just 4 months in a row, having previously risen for 37 months in a row.

The good news is that financial relief for households will keep rolling, with around $60 billion of mortgages set to roll-over in just the next three months.

In short, the trend is our friend, even if I know many families and businesses won’t be feeling that relief quite yet.

At the same time, an export-led recovery is now well underway in regional New Zealand.

Dairy prices are strong, despite global headwinds, supporting farmers to pay down debt and put more money back into rural communities.

Fruit exports are booming, hitting $5 billion in value in the 12 months to March, driven by a big jump in kiwifruit sales.

The tourism industry is also growing rapidly, with visitor numbers continuing to recover, now hitting 86 per cent of pre-COVID levels.

Total tourism expenditure was up 23 per cent in 2024.

It’s not surprising then that the recovery is looking brighter in regional New Zealand, and the South Island in particular.

Just last week Westpac highlighted that in Otago, Canterbury, and Southland, consumer confidence and growth in retail activity is outpacing the rest of the country.

Our government is working hard to support that rural recovery.

A steady diet of pro-growth deregulation, a strong focus on RMA reform, and fresh efforts to break into new markets offshore are highlights of that agenda so far.

We know the difference quality trade agreements can make to our growth prospects. For example, in the 12 months since the EU FTA came into force, exports to the European Union grew by 25 per cent.

For exporters, that’s worth an additional $1 billion.

Whether it’s CER, the CPTPP, the China, UK, or more recent UAE and GCC FTAs, our farmers and exporters are blessed by a latticework of trade agreements, negotiated successively by Ministers and diplomats over many years.

Clearly India will be an important next step, and it was positive to see Minister of Trade Todd McClay announce on Monday that the first formal round of FTA negotiations kicked off this week.

That brings me to this year’s Budget.

It won’t surprise you to learn that lifting New Zealand’s long run economic performance has been our primary focus in designing Budget 2025.

Yes, that has shaped decisions we have made on individual initiatives, some of which I’ll touch on shortly.

But our fiscal strategy, including our desire to return to surplus, and the wider impact on inflation, interest rates, and growth has also been front of mind.

You might have seen Nicola Willis announce last week that this year’s operating allowance would be smaller than previously signalled, at just $1.3 billion.

That will be the smallest operating allowance in a decade and ensures Treasury can still forecast a surplus within the next four years.

That was the right decision for several reasons.

First, it represents a fresh commitment to necessary fiscal consolidation.

In recent years, New Zealand has been living beyond its means and that has come at a significant cost.

Since 2017, net core Crown debt has risen by around $120 billion.

Put another way, that’s $60,000 in additional debt for every household in New Zealand.

As a proportion of the economy, debt has ballooned from just 21.6 per cent of GDP in 2017, to around 43 per cent of GDP today, higher than it has been at any time since the 1990s.

At the same time, the cost of servicing our national debt has more than doubled, from $3.5 billion in 2017, to almost $9 billion today.

In some areas, spending more is the right thing to do.

In health, education, law and order, defence, and transport my government is prioritising significant new investments.

Each of those areas are a priority for New Zealanders and they require more funding to deliver the quality services Kiwis expect.

But that comes with trade-offs.

Spending more on everything, as some commentators have called for, would mean larger deficits, more debt, and ultimately fewer choices in future budgets as the cost of servicing our debt grows even larger and the prospect of returning to surplus evaporates.

Managing and responding to critical risks is also more challenging with high levels of public debt.

New Zealand was well served in the Global Financial Crisis, following the Christchurch Earthquake, and during COVID because successive Ministers of Finance made difficult choices to ensure New Zealand had low levels of public debt.

Our responsibility is to do what we can to leave a similar inheritance for future administrations.

Second, a smaller allowance supports lower interest rates and stronger business activity.

Sadly, recent experiences have forced us to re-learn the fundamentals of economics, including the reality that if governments borrow and spend too much, interest rates are forced higher to compensate, putting pressure on family budgets and private sector activity.

The good news is that the converse is also true.

More restrained fiscal policy supports interest rates to remain low, enabling businesses to grow and families to get ahead under their own steam.

ANZ’s initial estimate last week was that the smaller operating allowance would support interest rates being 5-10 basis points lower than otherwise.

Meanwhile, Treasury has estimated that with a tighter budget package, interest rates would be up to 30 basis points lower by the end of the forecast period.

For a family with a mortgage, or a farmer or entrepreneur taking on debt to grow their business, that means real financial relief and more opportunity to get ahead.

Careful spending, low interest rates, and robust private sector growth sits at the very heart of our government’s economic strategy, as we create jobs, boost exports, lift incomes, and promote innovation and investment.

Prudent fiscal management also supports our economic reputation offshore.

For a small-open economy like New Zealand that’s critical.

It means we can borrow more affordably when we have to, and guarantees that even in periods of global turmoil, we are a trusted destination for trade and investment.

Third, the smaller operating allowance was the right call because keeping our word matters.

Nicola Willis has been consistent in her commitment to deliver a path back to surplus and to maintain debt at prudent levels.

Conditions can and do change, but it is a credit to her that Budget 2025 demonstrates a return to surplus, despite a challenging global backdrop.

That’s the result you expect when you anchor Budget decisions in your fiscal strategy, instead of allowing the pressures of the day to drag you off course.

I know there are some commentators calling for larger allowances and more spending.

They need to be honest that those decisions will mean more debt, more deficits, and an indefinite delay to New Zealand’s return to surplus.

More debt and more deficits is a fiscal strategy – but for a small, internationally-exposed country like New Zealand, it’s also an incredibly risky one.

At the same time, just as grey clouds bring silver linings, even tight Budgets present opportunities.

In Budget 2025, we will be taking further steps in our long-term mission to lift economic growth and boost productivity.

Earlier this year, we published our Government’s Going for Growth Agenda, which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential.

Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

Developing talent,
Encouraging innovation, science, and technology,
Introducing competitive business settings,
Promoting global trade and investment,
And delivering infrastructure for growth.

Each of those pillars will have strong representation in Budget 2025.

Today I want to touch on just a few of them – and some small steps we are taking to underpin our growth mission.

Encouraging science, innovation, and technology is one of those key pillars.

In January at my State of the Nation, I spoke briefly about our vision for the sector.

I want to see a much sharper focus on commercialisation, stronger ties to the business community, and rapid access to ideas and innovation from overseas.

Capital investment will be critical to our growth journey, but New Zealand won’t achieve a step-change in our living standards if we invest more but continue to lag behind the global technological frontier.

In Budget 2025, we will be allocating the funding we need to give effect to the changes I announced earlier this year, including the establishment of three new Public Research Organisations.

I also know that following a review of the Research and Development Tax Incentive that kicked off last year, the business community has been looking for some certainty on the future of the programme.

That review was required in law, and the final report has not yet been tabled in Parliament.

However, I can confirm today that we are retaining the RDTI in this year’s Budget so businesses have the certainty they need to keep investing and keep going for growth.

Promoting global trade and investment has also been a focus of my government in 2025, even before the recent bout of uncertainty offshore.

As I said earlier, part of that task has been to bring fresh energy to New Zealand’s proud history of achieving trade agreements offshore, with Minister of Trade Todd McClay finalising two new trade agreements in the Middle East, while we continue to work hard towards a trade agreement with India.

But promoting New Zealand as an attractive destination for investment, and a shelter from the global storm, has also been a personal focus of mine.

In March, the government hosted an Investment Summit here in Auckland, with attendees representing an estimated $6 trillion in capital, as we showcased opportunities to partner with the Crown, Iwi, and the private sector.

We are seeing some real progress, including an outstanding deal worth around $1 billion signed by Waikato Tainui and Brookfield Asset Management to further develop the Ruakura Inland Port.

But of course, I want to see more.

Yes, that means getting the structural settings right, including rewriting the Overseas Investment Act, so major investments from offshore are consented faster and more reliably.

But for small countries – who have to compete hard for share of mind and share of wallet – we also need a team of national champions constantly making the case for New Zealand as an outstanding place to do business.

In January, I announced that team would be led by Invest NZ, an entity specifically responsible for attracting investment to New Zealand, and providing the critical concierge services that have allowed other countries like Ireland and Singapore to punch above their weight.

I can confirm today that funding will be allocated for Invest NZ in Budget 2025, ensuring they can crack on and get the job done.

Modern, reliable infrastructure – and my government’s efforts to deliver more of it to communities right across the country – will also play a major role in our Going for Growth plan.

It’s why capital expenditure, including for frontline services like health and education, will be a priority in Budget 2025.

As I acknowledged earlier, the operating allowance in this year’s Budget will be a little smaller than previously signalled.

However, total capital expenditure allocated in the Budget is a little higher than forecast at $6.8 billion – split across health, education, defence, transport, and other portfolios.

When that is offset by savings identified in this year’s budget, it means the net capital allowance is $4 billion, compared to $3.6 billion previously signalled in the Budget Policy Statement.

For businesses, that investment represents an opportunity to develop critical skills and capability, promoting growth for many years to come.

For Kiwis, it will mean another big investment in the quality frontline services, like health and education, they deserve.

The two remaining pillars, our efforts to develop talent and to promote competitive business settings, will also feature prominently in the Budget, but I won’t be making be making announcements in those areas today.

However, as Nicola Willis confirmed last week and I can confirm again today, there will be a small number of measures in this year’s Budget designed to make it easier for businesses to invest, whether they are based here or offshore.

If we really want to create high-paying jobs, lift incomes, and make New Zealand a hub for innovation and investment, we need to make our business environment much more attractive.

I’m optimistic that Budget 2025 will take some positive steps in that direction.

The Minister of Finance was right last week to say Budget 2025 won’t be a lolly scramble.

It’s not that we can’t afford it, although frankly we can’t.

It’s not that it wouldn’t feel good, because it might, for a little while.

No, it’s that we have a responsibility to stay disciplined and keep our eyes on the prize.

So far, we’re making real progress.

Inflation is down, interest rates are falling, exports are rising, and the economy is growing.

For many New Zealanders, the prospect of a growing economy and rising incomes means a real shot at getting on top of the cost of living.

Now is not the time to put that risk.

In Budget 2025 that means staying focused, getting back to surplus, and maintaining a relentless focus on economic growth.

But for Kiwis, it’s about more than just the dollars and cents.

Lower inflation means less stress and less heartbreak, as prices stop skyrocketing and families finally stop falling behind.

Lower interest rates means a house becomes a home, not a source of pain and frustration as mortgage repayments crush weekly budgets.

And more economic growth means thriving local businesses, higher wages, more jobs, and ultimately more money in your back pocket.

It means a chance to get ahead and beat the cost of living.

And it means we can have confidence that our best days lie ahead.

New Zealand is the best country on Planet Earth.

With the right choices, I think we can make it even better.

Thank you.

MIL OSI New Zealand News –

May 8, 2025
MIL-OSI Security: Bethlehem Man Who Burglarized Firearms Dealers and Stole More Than 150 Guns Sentenced to 40 Months in Prison

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

The Stolen Weapons Are Being Recovered by Police in Multiple States in Relation to Shootings, Other Crimes

PHILADELPHIA – United States Attorney David Metcalf announced that Ismael Terrero-Terrero, 22, of Bethlehem, Pennsylvania, was sentenced today by United States District Court Judge Timothy J. Savage to 40 months’ imprisonment and $26,798 in restitution for multiple burglaries in which he stole more than 150 guns from licensed firearms dealers.

The defendant was charged by indictment in January of 2024, and pleaded guilty this January to three counts of theft of firearms from a federal firearms licensee and one count of possession of a stolen firearm.

As detailed in court filings, on April 28, 2023, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) was notified of a burglary at a Federal Firearms Licensee (FFL) in Easton, Pennsylvania. Surveillance video showed that, at approximately 2:40 a.m., the defendant used a pry bar to make entrance into the building and immediately began taking AK-style pistols and AR-style rifles from the wall. He then used the pry bar to break open three glass display cases that contained pistols, placed the guns into a bag, and exited the building with 29 stolen firearms.

In the early morning hours of June 29, 2023, law enforcement officers were dispatched to an FFL in Catasauqua, Pennsylvania, for a report of a security alarm activation. Surveillance video showed that at approximately 1:35 a.m., the defendant and another man forced entry into the building. They broke the firearm display cases with a metal tool, took handguns from the display case and put them into a backpack. The men then exited the business and fled the scene with 44 stolen firearms.

On August 11, 2023, at approximately 4:16 a.m., the Telford Police Department (TPD) in Telford, Pennsylvania, received a notification of a burglar alarm activation at an FFL in the borough. Approximately three minutes later, a TPD officer arrived at the location and observed a male with a duffle bag entering the passenger seat of a nearby vehicle, which immediately started to flee from the officer. The officer’s pursuit of the vehicle was terminated a short time later, consistent with TPD policy. Upon examination of the scene and review of video surveillance footage, investigators determined that the defendant and another man had forced entry into the FFL and smashed multiple display cases containing firearms. The men then loaded numerous firearms into a large bag and a rolling suitcase, leaving the store with 82 stolen firearms.

“This defendant committed three separate burglaries, stealing an astonishing 157 firearms,” said U.S. Attorney Metcalf. “These guns have now found their way into our communities and are being recovered in shootings and other crimes from Connecticut to the Caribbean. Terrero-Terrero was actively putting guns in criminals’ hands and the repercussions will continue, at society’s expense. Public safety demands that we prevent offenders from getting their hands on guns — and punish those providing a steady stream of illegal weapons.”

“Stolen guns are crime guns that endanger our communities,” said Eric DeGree, Special Agent in Charge of the ATF’s Philadelphia Field Division. “Ismael Terrero-Terrero burglarized three Pennsylvania gun shops, stealing more than 150 firearms connected to crimes up and down the East Coast and overseas. Working with the Montgomery County Detective Bureau, Pennsylvania State Police, local police departments, and U.S. Attorney’s Office, this far-reaching and dangerous criminal operation was ended, and the perpetrator is going to prison for years.”

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

The case was investigated by the ATF and is being prosecuted by Assistant United States Attorney Maureen McCartney.

MIL Security OSI –

May 8, 2025
MIL-OSI USA: Rep. Espaillat Highlights Slate of Congressional Efforts this Congress to Address Climate Change, Ensure Environmental Justice, and Bolster Climate Solutions
Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

NEW YORK, NY — Today, Representative Adriano Espaillat (NY-13) issued the following statement in recognition of Earth Day 2025 and touted several pieces of legislation he leads during the 119th Congress:

“On Earth Day, we reaffirm our commitment to adopting climate solutions to save our planet,” said Espaillat. “The difference we make today will have resounding impacts throughout our communities and the future of our society. I am proud to sponsor many critical environmental bills this Congress and remain committed to ensuring a greener, more sustainable future for the next generation.”
- The Green Climate Fund Authorization Act — authorizes an additional $8 billion to the Green Climate Fund, supporting climate action projects globally.
- The Housing Survivors of Major Disasters Act – bipartisan legislation re-introduced with Congresswoman Young Kim (R-CA) in the wake of the California wildfires. The bill eliminates barriers for survivors of natural disasters when seeking housing assistance.
- Resolution Recognizing Cecil Corbin-Mark honors his significant contributions to the environmental justice movement, working with primarily vulnerable and disadvantaged communities.
- Secure Electronic Waste Export and Recycling Act– bipartisan legislation re-introduced with Congressman Mario Díaz-Balart (R-FL), which curbs the overwhelming flow of electronic waste (“e-waste”) exports from the United States, which bring about national security risks, harm the public health, and cause significant damage to the environment
- The Solid Waste Infrastructure for Recycling Grant Program (SWIFR) Reauthorization Act — reauthorizes and suggest an increase in funding for the EPA’s most important recycling grant program through 2035.
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Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fifth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 119th Congress. He is Chairman of the Congressional Hispanic Caucus (CHC), a member of the Congressional Progressive Caucus (CPC), and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/.

Media inquiries: Candace Person at Candace.Person@mail.house.gov

MIL OSI USA News –
May 8, 2025
MIL-OSI China: Trump’s axe to US national park, forest services triggers anger

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

Reactions are strong to the Trump Administration’s proposed 2026 budget cuts released last week, which include deep cuts to the national park and forest services that could drastically reduce staff and close parks nationwide.

“This is the beginning of the end for America’s legendary national park and forest services,” Julie S., a forest ranger with the national forest service in California, told Xinhua on Tuesday.

“With so many staff laid off, who is going to maintain the parks, reduce wildfire risk and protect the safety of our wildlife and park visitors?” she asked.

If approved, the budget would cut more than 1 billion U.S. dollars from the National Park Service — making it the largest funding reduction in the agency’s 109-year history.

U.S. President Donald Trump also proposed turning some park sites over to state control, which could remove them from the National Park System entirely — a move never before attempted by any U.S. president in history, since states typically don’t have the means on their own to support them.

“Our national parks and forests are a legacy for the American people and the entire world,” Professor Ed M., a resident of Colorado, told Xinhua on Monday. He took his kids to enjoy a different magnificent park each summer.

“National parks were first started in 1909 by a great American president, wilderness enthusiast, Teddy Roosevelt, then nationalized in 1916 by President Woodrow Wilson as an antidote to the horrors of WWI.”

“Now, Trump will go down in history as the clueless loser who destroyed them,” he lamented. “One man shouldn’t have the power to ruin it for all the rest of us.”

American national parks, with their iconic, unspoiled natural beauty and unique ecosystems, are widely considered the scenic benchmarks for nature parks all over the world.

“What’s next,” worried Siri S., a visitor from Scandinavia. “Is Trump going to turn the Grand Canyon into a landfill dump?”

Trump’s proposal came at a time when national parks are more popular than ever. In 2024, over 331 million people visited national parks across the country.

If these budget cuts go through, the result would be fewer rangers, shuttered visitor centers, canceled programs, and a serious decline in park maintenance.

The National Park Service and the U.S. Forest Service both have already lost thousands of employees. More than 2,400 National Park Service staff — over 10 percent of the workforce — are gone, many due to forced resignations or early retirements.

The U.S. Forest Service was hit even harder, losing about 3,400 employees, including rangers, trail crews, and wilderness responders.

The impact of these layoffs is already being felt. Parks have to reduce their hours, closed visitor centers, and canceled tours. At some sites, trails have been shut down indefinitely. Long lines of cars waited to enter the Grand Canyon over Presidents’ Day weekend because there weren’t enough workers to staff the gates.

Theresa Pierno, head of the National Parks Conservation Association, called this budget cut “the most extreme and destructive” in the National Park Service’s history.

She said it threatens the very idea of national parks — places that are meant to be protected forever for everyone to enjoy.

According to Pierno, giving park sites to states isn’t just risky — it’s a betrayal of the public’s trust. States often don’t have the funding or resources to manage these lands properly, and if they can’t afford it, sites may close or even be privatized.

Many of the 430+ places managed by the National Park Service aren’t traditional “national parks” but include monuments, lake shores, battlefields, and seasides — like the Canaveral National Seashore in Florida and the Pictured Rocks National Lakeshore in Michigan. These places are important for both natural beauty and cultural history, and handing them off to states could mean the end of their protection.

In Washington state, wilderness ranger Kate White used to carry hundreds of pounds of trash out of the mountains each summer and helped rescue hikers in danger. Now her job could go, and she feared for the safety of visitors and the health of the fragile ecosystems she once helped protect.

She said on her Instagram page that it hurts to read the words “the Agency finds, based on your performance, that you have not demonstrated that your further employment at the Agency would be in the public interest.”

A report from PBS shared White and other U.S. Forest Service rangers’ struggling situation. Many of them still in their probationary period received notice on Feb. 13 that they were fired by the Trump administration, but on May 5 those workers got word they had been temporarily reinstated for 45 days by the U.S. Merit Systems Protection Board.

There’s no information yet to indicate whether the positions might be eliminated again after the 45-day period, and these workers worried about what impact a potential mid-season disruption might have on recreation and public safety.

In Yosemite, biologist Andria Townsend lost her job tracking endangered species like the Sierra Nevada red fox and the Pacific fisher — animals already on the brink of extinction. Without monitoring and protection, their future is bleak.

“I am devastated for myself, but also for the team of amazing biologists I supervised, the incredible programs we worked so hard on, and the resources that will suffer across the country because of this,” she wrote on her facebook page. “I want to add the administration is claiming they only fired ‘poor performers.’ That is a lie.”

She noted that since her position and projects were all paid by grant funds from local nonprofits, “not a single dime of taxpayer money is being saved by firing me.”

Another growing concern is fire safety. While wildland firefighters haven’t been laid off, many of the people who help evacuate visitors and check backcountry areas for danger have been. Without them, fire prevention efforts could be seriously hampered, especially during the dry season when wildfires are most common.

“Trump is always complaining about stopping wildfires. Then he needs to put his money where his mouth is and fund the forest service that helps protect our national parks and forests and keep park visitors safe,” forest ranger Julie S. told Xinhua.

She’s also frustrated that the cuts will mean fewer positions are available for forest and park employees to be promoted over time as part of a normal career trajectory.

“With no opportunities for promotion, that’s like asking park or forest rangers to sacrifice their futures,” she said.

Local economies around parks could also take a hit. Tourism brings billions of dollars to towns near national parks, and fewer visitors could mean major losses for small businesses that rely on that traffic.

All of this adds up to a future where parks are less accessible, less protected, and less safe. Advocates are urging Congress to reject the proposed cuts and protect the parks Americans love.

These lands belong to everyone — and unless action is taken soon, some of the most beautiful and historic places in the country could be changed or lost forever, they argued. “It takes over a hundred years to grow a tree. Once it’s gone, its gone.”

“The Chinese have a wise saying,” historian Sam Norton told Xinhua on Tuesday. “The best time to plant a tree is twenty years ago. The next best time is today.”

MIL OSI China News –

May 8, 2025
MIL-OSI USA: Carbajal, Bera Lead House Democrats in Demanding Immediate Resumption of Humanitarian Assistance to Gaza

Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

U.S. Representatives Salud Carbajal (D-CA-24) and Ami Bera (D-CA-06) are leading 94 House Democrats in calling for the Israeli government to immediately resume shipments of humanitarian aid to the Gaza Strip.

“As supporters of a strong US-Israel relationship, we write to express our opposition to the current Israeli government policy to block all humanitarian aid from entering the Gaza Strip,” the lawmakers wrote in their letter to Israeli Ambassador Yechiel Leiter and U.S. Secretary of State Marco Rubio. “In addition to the harm imposed on Palestinian civilians, it is strategically counterproductive and will only hurt Israel’s international standing and long term security. While we share concerns about Hamas diverting humanitarian assistance, we encourage your government to work with the United States, alongside humanitarian organizations, to do everything possible to minimize the risk of diverted resources without harming civilians.”

Resuming humanitarian aid in Gaza is an urgent need.

In their letter, the lawmakers underscore, “…nine weeks into the total blockade, the humanitarian conditions in Gaza are staggering, leading to new levels of despair for Palestinian civilians. Food stockpiles from the ceasefire have been largely depleted, and the World Food Programme has stated that all 25 subsidized bakeries across Gaza have been forced to close without enough cooking gas or flour.”

This letter further emphasizes the need for putting the region on a path towards security and stability.

“We implore your government to resume the flow of aid into Gaza. We also reiterate our support for a renewed ceasefire and hostage release deal to finally end this war — the only option to alleviate the suffering of both Israelis and Palestinians,” the lawmakers concluded.

For a full copy of the letter, click here.

Rep. Carbajal has been a leader in pushing for delivering humanitarian assistance to Palestinian civilians in Gaza. Since the fall of 2023, Rep. Carbajal has persistently called for the passage of humanitarian assistance to vulnerable populations in the Gaza Strip. In May of 2024, Rep. Carbajal raised significant concerns over Israel’s severe restriction of humanitarian goods amid mounting civilian deaths.

In the aftermath of the October 7 Hamas terrorist attacks against Israel, Rep. Carbajal voted to formally condemn Hamas’ October 7 terrorist attacks, call for swift support for both Israel’s security needs and humanitarian relief to help innocent civilians in Gaza, and to cut off funding sources for terrorist organizations in the region.

MIL OSI USA News –

May 8, 2025
MIL-OSI New Zealand: First Responders – Glen Innes building fire update #2

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand has contained a building fire at Mayfair Place in Glen Innes, Auckland this morning.

Incident Controller Shane Munro says there are still eight crews at the Work and Income building, checking for hotspots and dampening them down.

Fire investigators are also at the scene.

“We responded to the fire at around 7am, and had 15 crews and additional support vehicles at the height of the blaze,” he says.

“As with any building fire, please avoid the smoke and keep doors and windows closed.”

MIL OSI New Zealand News –

May 8, 2025
MIL-OSI USA: Murray, Wyden, Senate Colleagues Slam Social Security for Improperly Declaring Thousands Dead, Call for Watchdog Investigation

US Senate News:

Source: United States Senator for Washington State Patty Murray
Trump administration abused Death Master File to purge at least 6,300 Social Security numbers–including children and seniors
ICYMI: Senator Murray on Vote Against Social Security Nominee, Releases New WA State Report on How Trump and Elon Are Breaking the Social Security Administration
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senate Finance Committee Ranking Member Ron Wyden (D-OR), and 10 Senate colleagues in slamming the Social Security Administration (SSA) for transferring thousands of Social Security numbers associated with immigrants to SSA’s Death Master File, marking them as dead to pressure ‘self-deportation’ and demanded the agency’s watchdog launch a full investigation into the decision.
Exploiting Social Security’s Death Master File to terminate the SSN of living individuals without full due process, violates several federal laws and bedrock constitutional rights. The Trump administration’s actions violate their due process rights enshrined in the Constitution, falsify government records, and violate the Privacy Act, wrote the senators. Even Trump’s lawyers reportedly agreed that Social Security’s actions violated the Privacy Act.
“This decision will result in the ‘financial murder’ of living individuals improperly placed in the file, with everything from their credit cards and banking to their ability to access healthcare and housing being ripped out from under them,” the senators wrote in the letters to Acting Social Security Commissioner Leland Dudek and Social Security Assistant Inspector General for Audit Michelle Anderson.
The senators also called on the SSA Office of the Inspector General to launch a full investigation into the agency’s decision to begin using the Death Master File for this purpose, including how an individual gets targeted, who at the agency has decision making authority, and how those who have their SSNs nullified through this process can get it fixed if there is a mistake.
The Trump administration’s abuse of Social Security’s centerpiece role in America’s economy sets a dangerous precedent of allowing the government to rip away workers’ access to their earned Social Security benefits while threatening the security of all Americans.
“The purpose of SSA is to provide for the welfare of number-holders and their dependents, not to serve as an arm of President Trump’s immigration enforcement agenda. This move degrades the solvency, reliability, and accuracy of SSA systems and programs. It is as cruel as it is thoughtless– the impact will be felt in communities across the country and in the future of SSA programs themselves,” the senators concluded in one of their letters to SSA.
In addition to Murray and Wyden, the letter was signed by Senators Peter Welch (D-VT), Mazie Hirono (D-HI), Tammy Duckworth (D-IL), Catherine Cortez Masto (D-NV), Bernie Sanders (I-VT), Angus King (I-ME), Elizabeth Warren (D-MA), Cory Booker (D-NJ), Ben Ray Luján (D-NM), and Jeff Merkley (D-OR).
A PDF of the letter to SSA Acting Commissioner Dudek is available HERE.
A PDF of the letter to SSA Assistant Inspector General for Audit Anderson is available HERE.
Yesterday, Senator Murray released a new report featuring testimonials from Washington state residents—including employees at the Social Security Administration who were recently fired through no fault of their own—and detailing how the Trump administration’s wide-ranging attacks on SSA risk depriving Washingtonians of the Social Security benefits they have earned and deserve. More than 73 million Americans, including 1.4 million—or one in six—people in Washington state rely on Social Security benefits. Half of seniors nationwide rely on Social Security for most of their income, and a quarter of seniors rely on Social Security for at least 90 percent of their income.
Senator Murray has an extensive record of protecting Social Security benefits and fighting to secure essential funding for the Social Security Administration—and she has been tirelessly raising the alarm about the threat Elon Musk’s DOGE poses to Americans’ hard-earned benefits. In March, Senator Murray held a press conference to lift up the stories of SSA employees who are being pushed out by Elon Musk through no fault of their own and hear from Washington state residents who rely on Social Security. In February, Murray released a fact sheet warning of the Trump administration’s plans to make it harder for Americans who’ve paid into Social Security to get the benefits they have earned.
Under Senator Murray’s leadership as Chair last Congress, the Senate Appropriations Committee advanced a draft Fiscal Year 2025 Appropriations Bill that would have provided a $509 million increase for SSA this year. Millions of Americans rely on Social Security and have earned benefits over lifetimes of work. Senator Murray also helped pass the Social Security Fairness Act at the end of 2024, which restored full Social Security benefits for public servants, including firefighters, law enforcement officers, teachers, and other state and local government workers—in January, Murray held a roundtable discussion in Everett with local union members on the implementation of the law.

MIL OSI USA News –

May 8, 2025
MIL-OSI United Kingdom: Prime Minister to set out vision for ‘defence dividend’ in a changed world
Source: United Kingdom – Executive Government & Departments

Press release

Prime Minister to set out vision for ‘defence dividend’ in a changed world

As the nation marks VE Day, remembering the triumph of our values and the sacrifices made to secure them eight decades ago, the Prime Minister will share his vision for working people, once again, to feel the benefit of Britain stepping up.
As the nation marks VE Day, PM will deliver keynote speech at the London Defence Conference

He is expected to say that the benefits of boosting defence investment in a changing world must be felt directly in the pockets of working people

Seizing on the conference theme of Alliances, he will set out how state, businesses and society must join hands on security and prosperity

He will also unveil a £563 million contract for Rolls-Royce, becoming the latest investment in Britain’s first class engine building industry

As the nation marks VE Day, remembering the triumph of our values and the sacrifices made to secure them eight decades ago, the Prime Minister will share his vision for working people, once again, to feel the benefit of Britain stepping up.

Delivering the keynote speech at the London Defence Conference this morning, he will describe the government’s task to seize upon the ‘defence dividend’ presented by our increased investment in defence, in order to create jobs, wealth and opportunity in every corner of the country.

In doing so he will highlight how the government’s boost to defence spending – the highest since the Cold War – will not only provide safety and security for the United Kingdom, but also cement the UK’s status as a defence industrial leader, with more high skilled jobs for people proud to keep our country safe.

Prime Minister Keir Starmer is expected to say:

Our task now is to seize the defence dividend – felt directly in the pockets of working people, rebuilding our industrial base and creating the jobs of the future.

A national effort. A time for the state, business and society to join hands, in pursuit of the security of the nation and the prosperity of its people.

An investment in peace, but also an investment in British pride and the British people to build a nation that, once again, lives up to the promises made to the generation who fought for our values, our freedom and our security.

The Prime Minister will use his speech to deliver a tribute to the bravery of the veterans who secured victory 80 years ago and the remarkable men and women who carry the vital task of protecting our security today. It follows a street party on Downing Street on Monday where the Prime Minister welcomed Second World War veterans and cadets from across the country, and comes ahead of his attendance at the service at Westminster Abbey this afternoon.

He will say:

Britain’s victory was not just a victory for Britain. It was a victory for good against the assembled forces of hatred, tyranny and evil, for the light of our values – in a world that tried to put them out.

Now, as you know, there are people who would happily do likewise today. Our values and security are confronted on a daily basis. We must use this moment to deliver security and renewal for our country.

At the Conference the Prime Minister will address policymakers, military figures, defence firms and academics from around the world.

In the face of global instability, he will reflect on how the conference theme ‘Alliances’ should mean not only our iron-clad commitment to NATO and Western Values but also an opportunity to double down on efforts to work hand-in-hand with business and society to make the UK better off and more secure.

He will announce the latest significant investment in British expertise with a £563 million contract for Rolls-Royce for the maintenance of Britain’s fleet of Typhoon fighter jets. The work to maintain 130 Typhoon engines will take place at Rolls-Royce’s sites, supporting hundreds of jobs in Bristol and beyond.

The announcement supports the government’s priority of continuing the UK’s great tradition of building the ships, missiles, artillery, vehicles, aircraft and more that keeps us safe – cementing the British defence industry’s place as the engine of national renewal.

It comes less than a week after the Prime Minister hailed the RAF’s new UK-made StormShroud drones. The groundbreaking new technology will make the RAF’s world-class combat aircraft more survivable and more lethal by delivering high-tech signal jammers to disrupt enemy radar at long ranges, protecting our aircraft and pilots.

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Published 8 May 2025
MIL OSI United Kingdom –
May 8, 2025
MIL-OSI USA: SBA Offers Relief to North Dakota Small Businesses and Private Nonprofits Affected by Drought

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in North Dakota to offset economic losses caused by drought beginning April 15.

The declaration includes the North Dakota counties of Billings, Burke, Burleigh, Divide, Dunn, Golden Valley, McHenry, McKenzie, McLean, Mercer, Mountrail, Oliver, Sheridan, Slope, Stark, Ward and Williams as well as the Montana counties of Richland, Roosevelt, Sheridan and Wibaux.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.62% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months after the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications to SBA no later than Dec. 22.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

May 8, 2025
MIL-OSI New Zealand: World must meet 1.5°C goal or risk “unprecedented” exposure

Source: Save The Children

Ahead of the 10th anniversary of the Paris Agreement, research released by Save the Children and Vrije Universiteit Brussel (VUB) found that under current climate commitments – which will likely see a global temperature rise of 2.7°C above pre-industrial levels – about 100 million of the estimated 120 million children born in 2020, or 83%, will face “unprecedented” lifetime exposure to extreme heat.
However, if the world limits warming to the 1.5°C Paris Agreement target, this would reduce the number of five-year-olds impacted to 62 million – a difference of 38 million – highlighting the urgency to protect children through rapidly phasing out the use and subsidy of fossil fuels. Dangerous heat is deadly for children, taking an immense toll on their physical and mental health, disrupting access to food and clean water and forcing schools to close .
Researchers defined an “unprecedented” life as an exposure to climate extremes that someone would have less than a 1 in 10,000 chance of experiencing during their life in a world without human-induced climate change. The research, published in the report Born into the Climate Crisis 2. An Unprecedented Life: Protecting Children’s Rights in a Changing Climate also found that meeting the 1.5°C target would protect millions of children born in 2020 from the severest impacts of other climate related disasters such as crop failures, floods, tropical cyclones, droughts and wildfires.
The report found that, for children born in 2020, if global temperature rise is limited to 1.5°C rather than reaching 2.7°C above pre-industrial levels:

About 38 million would be spared from facing unprecedented lifetime exposure to heatwaves;
About 8 million would avoid unprecedented lifetime exposure to crop failures;
About 5 million would be spared from unprecedented lifetime exposure to river floods;
About 5 million would avoid unprecedented lifetime exposure to tropical cyclones;
About 2 million would avoid unprecedented lifetime exposure to droughts;
About 1.5 million children would be spared unprecedented lifetime exposure to wildfires.

Climate extremes – which are becoming more frequent and severe due to climate change – are increasingly harming children, forcing them from their homes, putting food out of reach, damaging schools and increasing risks like child marriage as they are forced out of education and into poverty and food shortages.

Denise-, 16, and her family were forced from their home in Brazil when the country’s worst floods in 80 years devastated their community last year. Their home, including Denise’s bedroom, was severely damaged, and she was out of school for nearly two months.
She said: “It really affected me mentally, and academically too. Catching up on all my grades to pass secondary school was really tough, especially at a state school. It massively impacted my schoolwork. My grades dropped significantly after the floods.”
Children impacted by inequality and discrimination and those in lower-and middle-income countries, are often worst affected . Meanwhile they have fewer resources to cope with climate shocks and are already at far greater risk from vector and waterborne diseases, hunger, and malnutrition, and their homes are often more vulnerable to increased risks from floods, cyclones and other extreme weather events.
Haruka, 16, whose poem is featured in the report, is from Vanuatu, which recently experienced three of the most severe types of cyclone in just a year.
She said: “Cyclones are scary. For me, they continue to destroy my home, every year – we don’t even bother trying to fix the ceiling anymore. “The past few years, I’ve seen ceaseless destruction and constant rebuilding. This seemingly never-ending cycle has become our reality, and most people aren’t even aware that it’s not just nature doing its thing, but it’s us bearing the brunt of a crisis that we did not cause.”
As well as comparing conditions under 1.5°C and 2.7°C scenarios, the report also examines a scenario in which global temperatures rise to 3.5°C by 2100, which will lead to about 92% of children born in 2020 – about 111 million children [5] – living with unprecedented heatwave exposure over their lifetime. While we need a rapid phase-out of the use and subsidy of fossil fuels to stick to the 1.5°C target, we must not lose sight of solutions, Save the Children said.
The report highlights initiatives like increased climate finance, child-centred and locally led adaptation and increasing the participation of children in shaping climate action.
Inger Ashing, CEO of Save the Children International, said: “Across the world, children are forced to bear the brunt of a crisis they are not responsible for. Dangerous heat that puts their health and learning at risk; cyclones that batter their homes and schools; creeping droughts that shrivel up crops and shrink what’s on their plates. “Amid this daily drumbeat of disasters, children plead with us not to switch off. This new research shows there is still hope, but only if we act urgently and ambitiously to rapidly limit warming temperatures to 1.5°C , and truly put children front and centre of our response to climate change at every level.”
As the world’s leading independent child rights organisation, Save the Children works in about 110 countries, tackling climate across everything we do.
Save the Children supports children and their communities globally in preventing, preparing for, adapting to, and recovering from climate disasters and gradual climate change. We have set up floating schools, rebuilt destroyed homes and provided cash grants to families hit by disasters. We also work to influence governments and other key stakeholders on climate policies, including at the UNFCCC COP summits, giving children a platform for their voices to be heard.
READ FULL REPORT HERE.

MIL OSI New Zealand News –

May 8, 2025
MIL-OSI New Zealand: First Responders – Glen Innes building fire update #1

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand was alerted to a fire at Mayfair Place in Glen Innes, Auckland at approximately 7am this morning.

Incident Controller Shane Munro says the Work and Income New Zealand building is single-level and has multiple tenants.

“Fifteen trucks are now attending the incident,” he says.

“The fire has been contained to the building, and crews are now checking for any fire spread.

“We recommend avoiding the area so our crews can work safely, and if people are concerned by the smoke, please close the doors and windows.”

MIL OSI New Zealand News –

May 8, 2025

MIL-OSI: Petrus Resources Announces First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three months ended March 31, 2025.

Q1 2025 HIGHLIGHTS:

Capital Activity – Invested $17.3 million in capital during the quarter. Approximately 60% was directed toward the drilling, completing and tie-in of 7 gross (4.1 net) wells. Most of the remaining capital expenditures went to the construction of a 12-kilometer expansion of the North Ferrier pipeline, an infrastructure investment designed to enhance access to high quality undeveloped lands and enable cost-effective transportation of natural gas to Petrus’ operated Ferrier gas plant. Of the wells drilled in the quarter, 5 will flow through the North Ferrier pipeline.

Production – Average production was 8,929 boe/d⁽¹⁾ in the first quarter of 2025, relatively flat compared to 9,066 boe/d in the fourth quarter of 2024.

Commodity Prices – Total realized price was $29.35/boe, up 11% from $26.45/boe in the fourth quarter of 2024, primarily due to improved natural gas pricing.

Funds Flow⁽²⁾– Generated funds flow of $12.5 million ($0.10 per share⁽³⁾) in the first quarter of 2025, solidifying the gains realized in the fourth quarter of 2024.

Dividends – Paid regular monthly dividend of $0.01 per share, for a total of $3.8 million, during the first quarter of 2025. Shareholders chose to reinvest $2.6 million under the Company’s dividend reinvestment plan resulting in the issue of 2,005,522 common shares.

Net Debt⁽²⁾– Net debt increased to $66.0 million as at March 31, 2025, and net debt to annualized funds flow ratio⁽³⁾ increased to 1.3x. This increase was due to high capital spending in Q1, which was required to take advantage of time-sensitive strategic opportunities. Net debt is expected to decline in the second half of the year and is forecast to return to our 2025 guidance target of $60 million by year-end.

OUTLOOK⁽⁴⁾

The 2025 capital program began early in the year and remains on schedule. Drilling operations are continuing through spring breakup. Completion activities on the remaining uncompleted first quarter wells are under way and production is expected to come online later in May. The 12 kilometer North Ferrier pipeline extension is expected to be operational in May with both Petrus and third-party volumes flowing to the Ferrier gas plant.

For the remainder of 2025, Petrus has hedged approximately 56% of its forecasted production at an average price of $2.67/GJ for natural gas and CAD$94.75/bbl for oil. This strategic approach positions the Company to achieve its guidance targets and maintain financial stability. As always, Petrus is prepared to adapt its capital program in response to market dynamics, remaining focused on delivering sustainable returns to shareholders.

FIRST QUARTER 2025 CONFERENCE CALL

Date and Time: May 8, 2025, 11:00 a.m. (Mountain Time)
Please refer to the events page on Petrus’ website for conference call details and links: www.petrusresources.com/events

ANNUAL GENERAL MEETING
The Company’s Annual General Meeting will be held at Suite #1110, 240 4th Ave SW Calgary, Alberta, on Wednesday May 21, 2025 at 1:30 p.m. (Mountain Time).
Please refer to the events page on Petrus’ website for AGM details and links: www.petrusresources.com/events

An updated corporate presentation can be found on the Company’s website at www.petrusresources.com

For further information, please contact:
Ken Gray, P.Eng.
President and Chief Executive Officer
T: (403) 930-0889
E: kgray@petrusresources.com

_{⁽¹⁾Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.}
_{⁽²⁾Non-GAAP financial measure. Refer to “Non-GAAP and Other Financial Measures”.}
_{⁽³⁾Non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.}
_{⁽⁴⁾Refer to “Advisories – Forward-Looking Statements”.}

SELECTED FINANCIAL INFORMATION

OPERATIONS	Three months ended Mar. 31, 2025		Three months ended Mar. 31, 2024		Three months ended Dec. 31, 2024		Three months ended Sept. 30, 2024		Three months ended Jun. 30, 2024
Average Production
Natural gas (mcf/d)	35,689		40,174		36,178		37,368		38,908
Oil and condensate⁽¹⁾ (bbl/d)	1,202		1,529		1,226		1,522		1,322
NGLs (bbl/d)	1,777		1,557		1,810		1,464		1,664
Total (boe/d)	8,929		9,783		9,066		9,215		9,471
Total (boe)⁽¹⁾	803,498		890,267		834,111		847,760		861,838
Liquids weighting	33	%	32	%	33	%	32	%	32	%
Realized Prices
Natural gas ($/mcf)	2.25		2.54		1.61		0.80		1.41
Oil and condensate⁽¹⁾($/bbl)	92.73		90.38		93.60		90.80		103.77
NGLs ($/bbl)	39.54		43.09		36.90		36.81		37.25
Total realized price ($/boe)	29.35		31.42		26.45		24.07		26.81
Royalty income	0.06		0.07		0.03		0.05		0.05
Royalty expense	(3.36	)	(3.89	)	(3.85	)	(3.06	)	(3.83	)
Net oil and natural gas revenue ($/boe)	26.05		27.60		22.63		21.06		23.03
Operating expense	(6.76	)	(6.76	)	(5.89	)	(6.10	)	(4.96	)
Transportation expense	(1.65	)	(1.81	)	(1.44	)	(1.46	)	(1.46	)
Operating netback⁽²⁾($/boe)	17.64		19.03		15.30		13.50		16.61
Realized gain (loss) on financial derivatives	1.14		2.90		3.04		2.49		(0.36	)
Other income (cash)	0.02		0.05		1.19		0.09		0.05
General & administrative expense	(1.41	)	(1.32	)	(2.10	)	(1.43	)	(1.34	)
Cash finance expense	(1.68	)	(1.78	)	(1.83	)	(1.95	)	(1.91	)
Decommissioning expenditures	(0.19	)	(0.61	)	(0.61	)	(0.12	)	(0.72	)
Funds flow & corporate netback ($/boe)⁽²⁾	15.52		18.27		14.99		12.58		12.33

FINANCIAL (000s except $ per share)	Three months ended Mar. 31, 2025		Three months ended Mar. 31, 2024		Three months ended Dec. 31, 2024		Three months ended Sept. 30, 2024		Three months ended Jun. 30, 2024
Oil and natural gas sales	23,630		28,039		22,085		20,446		23,150
Net income (loss)	(3,088	)	(5,333	)	(4,004	)	5,302		2,789
Net income (loss) per share
Basic	(0.02	)	(0.04	)	(0.03	)	0.04		0.02
Fully diluted	(0.02	)	(0.04	)	(0.03	)	0.04		0.02
Funds flow⁽²⁾	12,467		16,272		12,493		10,665		10,628
Funds flow per share⁽²⁾
Basic	0.10		0.13		0.10		0.09		0.09
Fully diluted	0.10		0.13		0.10		0.08		0.08
Capital expenditures	17,279		12,343		7,705		4,859		6,907
Weighted average shares outstanding
Basic	126,043		124,299		124,497		124,372		124,290
Fully diluted	126,043		124,299		124,497		126,686		126,559
As at period end
Common shares outstanding
Basic	127,469		124,259		125,113		124,372		124,372
Fully diluted	138,501		134,484		134,919		134,952		134,919
Total assets	427,955		427,574		420,124		421,196		419,584
Non-current liabilities	68,176		59,995		65,475		62,869		59,511
Net debt⁽²⁾	66,009		63,114		60,080		60,423		61,848

_{⁽¹⁾Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.}
_{⁽²⁾Non-GAAP ratio or non-GAAP financial measure. Refer to “Non-GAAP and Other Financial Measures”.}

NON-GAAP AND OTHER FINANCIAL MEASURES

This press release makes reference to the terms “operating netback” (on an absolute and $/boe basis), “corporate netback” (on an absolute and $/boe basis), “funds flow” (on an absolute, per share (basic and fully diluted) and $/boe basis), “net debt” and “net debt to annualized funds flow ratio”. These non-GAAP and other financial measures are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.

Operating Netback
Operating netback is a common non-GAAP financial measure used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. The most directly comparable GAAP measure to operating netback is oil and natural gas sales. Operating netback is calculated as oil and natural gas sales less royalty expenses, operating expenses and transportation expenses, plus or minus the gain (loss) on risk management activities. See below for a reconciliation of operating netback to oil and natural gas sales.

Operating netback ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. It is calculated as operating netbacks divided by weighted average daily production on a per boe basis. See below.

Corporate Netback and Funds Flow
Corporate netback or funds flow is a common non-GAAP financial measure used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Corporate netback and funds flow are used interchangeably. Petrus analyzes these measures on an absolute value and on a per unit (boe) and per share (basic and fully diluted) basis as non-GAAP ratios. Management believes that funds flow and corporate netback provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. They are calculated as the operating netback less general and administrative expense, less cash finance expense, less decommissioning expenditures, plus or minus other income (cash) and plus or minus the net realized gain (loss) on financial derivatives . See below for a reconciliation of funds flow and corporate netback to oil and natural gas sales.

Corporate netback ($/boe) or funds flow ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Management believes that funds flow ($/boe) or corporate netback ($/boe) provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. It is calculated as corporate netbacks or funds flow divided by weighted average daily production on a per boe basis. See below.

Funds flow per share (basic and fully diluted) is comprised of funds flow divided by basic or fully diluted weighted average common shares outstanding.

	Three months ended March 31, 2025				Three months ended Dec. 31, 2024				Three months ended Sept. 30, 2024				Three months ended Jun. 30, 2024				Three months ended March 31, 2024
	$000s		$/boe		$000s		$/boe		$000s		$/boe		$000s		$/boe		$000s		$/boe
Oil and natural gas sales	23,630		29.41		22,085		26.48		20,446		24.12		23,150		26.86		28,039		31.50
Royalty expense	(2,703	)	(3.36	)	(3,212	)	(3.85	)	(2,593	)	(3.06	)	(3,305	)	(3.83	)	(3,461	)	(3.89	)
Net oil and natural gas revenue	20,927		26.05		18,873		22.63		17,853		21.06		19,845		23.03		24,578		27.61
Transportation expense	(1,324	)	(1.65	)	(1,203	)	(1.44	)	(1,239	)	(1.46	)	(1,259	)	(1.46	)	(1,615	)	(1.81	)
Operating expense	(5,429	)	(6.76	)	(4,915	)	(5.89	)	(5,172	)	(6.10	)	(4,271	)	(4.96	)	(6,018	)	(6.76	)
Operating netback	14,174		17.64		12,755		15.30		11,442		13.50		14,315		16.61		16,945		19.03
Realized gain (loss) on financial derivatives	912		1.14		2,539		3.04		2,115		2.49		(307	)	(0.36	)	2,583		2.90
Other income⁽¹⁾	17		0.02		991		1.19		77		0.09		40		0.05		48		0.05
General & administrative expense	(1,133	)	(1.41	)	(1,752	)	(2.10	)	(1,209	)	(1.43	)	(1,152	)	(1.34	)	(1,178	)	(1.32	)
Cash finance expense	(1,351	)	(1.68	)	(1,530	)	(1.83	)	(1,657	)	(1.95	)	(1,650	)	(1.91	)	(1,581	)	(1.78	)
Decommissioning expenditures	(152	)	(0.19	)	(510	)	(0.61	)	(103	)	(0.12	)	(618	)	(0.72	)	(545	)	(0.61	)
Funds flow and corporate netback	12,467		15.52		12,493		14.99		10,665		12.58		10,628		12.33		16,272		18.27

_{⁽¹⁾Excludes non-cash government grant related to decommissioning expenditures.}

Net Debt

Net debt is a non-GAAP financial measure and is calculated as the sum of long term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts and current portion of the lease obligation and decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. Net debt is reconciled, in the table below, to long-term debt which is the most directly comparable GAAP measure.

($000s)	As at March 31, 2025		As at Dec. 31, 2024		As at Sept. 30, 2024		As at Jun. 30, 2024		As at Mar. 31, 2024
Long-term debt	25,000		25,000		25,000		25,000		25,000
Current assets	(15,763	)	(17,583	)	(20,258	)	(16,333	)	(21,081	)
Current liabilities	59,788		51,268		48,458		52,379		61,099
Current financial derivatives	(1,779	)	2,632		7,690		1,276		(716	)
Current portion of lease obligation	(164	)	(164	)	(230	)	(237	)	(263	)
Current portion of decommissioning liabilities	(1,073	)	(1,073	)	(237	)	(237	)	(925	)
Net debt	66,009		60,080		60,423		61,848		63,114

Net Debt to annualized funds flow ratio

Net debt to annualized funds flow ratio is a non-GAAP ratio because each of its components is a non-GAAP financial measure. This non-GAAP ratio is used by management as a key indicator of our leverage and the strength of our balance sheet. It is calculated by dividing our net debt at the end of the quarter by the funds flow for the quarter after it is annualized by multiplying it by four. Net debt to annualized fund flow ratio is not a standardized measure and, therefore, may not be comparable with the calculation of similar measures by other entities.

ADVISORIES

Basis of Presentation
Financial data presented above has largely been derived from the Company’s financial statements, prepared in accordance with GAAP which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited consolidated financial statements as at and for the year ended December 31, 2024. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.

Forward-Looking Statements
Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus.

In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to: that the investment in the 12-kilometer expansion of the North Ferrier pipeline will enhance access to high quality undeveloped lands and enable cost-effective transportation of natural gas to Petrus’ operated Ferrier gas plant; that 5 of the wells drilled in the quarter will flow through the North Ferrier pipeline; that the completion activities on the uncompleted first quarter wells will begin in May and the anticipated timing of production coming on line; that the 12 kilometer North Ferrier pipeline extension will be operational in May and the anticipated timing and benefits therefrom; that our net debt is expected to decline in the second half of the year and is forecasted to return to our 2025 guidance target of $60 million by year-end; that with our current hedges for 2025, we are positioned to achieve guidance targets and maintain financial stability; that we are able to adjust our capital program in response to market dynamics; and that we are able to remain focused on delivering sustainable returns to shareholders.

These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of shares under our NCIB; and the other risks and uncertainties described in our most recently filed annual information form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of shares that we will repurchase under our NCIB; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Petrus’ prospective results of operations including, without limitation, that our net debt is expected to decline in the second half of the year and is forecasted to return to our 2025 guidance target of $60 million by year-end, and the percentage of our forecast production for 2025 that is hedged, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes.

These forward-looking statements and FOFI are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

BOE Presentation
The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

Production and Product Type Information

References to crude oil (or oil), natural gas liquids (“NGLs”), natural gas and average daily production in this document refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in National Instrument 51-101 (“NI 51-101”), except as noted below.

NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.

Dividend Advisory

The Company’s future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance that the Company will pay dividends in the future.

Abbreviations

$000’s	thousand dollars
$/bbl	dollars per barrel
$/boe	dollars per barrel of oil equivalent
$/GJ	dollars per gigajoule
$/mcf	dollars per thousand cubic feet
bbl	barrel
mbbl	thousand barrels
bbl/d	barrels per day
boe	barrel of oil equivalent
mboe	thousand barrel of oil equivalent
mmboe	million barrel of oil equivalent
boe/d	barrel of oil equivalent per day
GJ	gigajoule
GJ/d	gigajoules per day
mcf	thousand cubic feet
mcf/d	thousand cubic feet per day
mmcf/d	million cubic feet per day
bcf	billion cubic feet
NGLs	natural gas liquids
WTI	West Texas Intermediate

The MIL Network –

May 8, 2025

MIL-OSI New Zealand: 5 big wins from DOC’s National Predator Control Programme |

Source: Police investigating after shots fired at Hastings house

Learn how bats, Fiordland tokoeka kiwi, and kākā are all benefiting from our landscape-scale predator control programme using 1080 to protect public conservation land.

Fiordland tokoeka kiwi chick. Image: Belle Gwilliam

Our National Predator Control Programme

DOC’s National Predator Control Programme protects native wildlife and forests at important conservation sites across New Zealand.

Currently, we control predators on a sustained, rotational basis over about 1.8 million hectares, which is nearly 20% of public conservation land.

It’s critical that rats, stoats, and possums are regularly controlled so that populations of threatened native species can survive and grow.

We use the most effective tools available, such as 1080 toxin and large-scale trapping, to protect vulnerable native species and forests.

While the tools and strategies are being developed to achieve Predator Free 2050, our National Predator Control Programme is holding the line for threatened native species by regularly controlling introduced predators across large forest areas. 

We recently published our 2024 National Predator Control Programme report which shows we had some big wins for our native species last year.

You can read the full report here: National Predator Control Programme Annual Report 2024

Here’s our top five highlights of 2024 – from bustling bat roosts to turning the tide for one of our rarest kiwi species:

1️⃣ We’ve turned the tide for Fiordland tokoeka kiwi

Before predator control, every single kiwi chick we monitored in Shy Lake died, meaning the species was facing extinction.

After predator control and eight years of research, last year’s kiwi chick survival rate climbed to 60%.

Ranger Chris Dodd with ‘Spanners’, one of the first monitored tokoeka chicks to survive during the programme, now fully grown. Image: Monty Williams.

2️⃣ Thanks to our science advice, we’ve improved timing for operations and achieved our best results yet

Our scientists carefully reviewed the results of how we time our operations around beech masts. With their advice, we changed tactics and targeted rats either before beech seed was produced or after it had germinated.

It paid off big time – all our operations suppressed rats effectively, in most cases down to undetectable levels.

Predator plague cycle. Image: DOC

3️⃣ Pīwauwau rock wren thriving with predator control

There are an average of twice as many rock wrens at predator control sites compared to sites with no control.

Every year our team surveys alpine rock wren populations. Research across our 25 sites shows that aerial operations help rock wren populations recover and grow.

Tuke/pīwauwau/rock wren calling in the alpine tops of Fiordland. Photo: Sabine Bernert ©

4️⃣ We found a record-breaking pekapeka bat roost while monitoring the results of predator control

We discovered 275 bats in one tree roost in Whirinaki Te Pua-a-Tāne Conservation park where we undertake regular predator control operations. That’s a lot of bats!

Pekapeka/short-tailed bat. Image: Maddy Brennan

5️⃣ Thanks to predator control, kākā in Waipapa have the most balanced sex ratio ever recorded

Female kākā are more vulnerable to predation, especially when they’re confined to nest cavities during breeding season. Studying the ratio of kākā males to females can help us understand the health of a population and its predation pressures.

This year, kākā monitoring in Pureora Forest (an ongoing predator control site) revealed a 1:1 sex ratio – the most balanced we’ve ever recorded.

Kākā eating rātā flower. Photo: Sarah Stirrup

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Kākā eating some delcious rātā flower. Image: Sarah Stirrup

Learn more about DOC’s National Predator Control Programme and read the full report here: National Predator Control Programme

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MIL OSI New Zealand News –

May 8, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Guyana

Source: IMF – News in Russian

May 7, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Guyana.[1]

Guyana’s economic transformation is advancing strongly and broadening in scale. Rapidly expanding oil production, strong non-oil output, and large-scale public infrastructure investment supported the highest real GDP growth rate in the world, averaging 47 percent per year since 2022. Real oil GDP increased by nearly 58 percent in 2024, while real non-oil GDP expanded over 13 percent, reflecting a solid broad-based performance across sectors. Inflation reached 2.9 percent by end-2024, from 2 percent at end-2023, driven largely by higher food prices (affected by international food prices and earlier floods). The overall fiscal deficit widened from 5.1 percent of GDP (11.7 percent of non-oil GDP) in 2022 to 7.3 percent of GDP (21 percent of non-oil GDP) in 2024 reflecting a large increase in capital expenditure. Driven by higher oil exports, Guyana’s current account surplus more than doubled in 2024, reaching about 24½ percent of GDP. By end-2024, gross international reserves surpassed US$1 billion, while the Natural Resource Fund (NRF) accumulated over US$1.1 billion in 2024, reaching US$3.1 billion (over 12½ percent of GDP).

The economic outlook remains highly favorable. The economy is expected to grow on average 14 percent per year over the next five years, driven by robust oil production and strong non-oil GDP growth. Positive spillovers from the oil sector and improvements in infrastructure, productivity, and resilience are expected to boost the real non-oil GDP growth to an average of 6¾ percent over the medium term, about 3 percentage points higher than the pre-oil decade average. While inflation is projected to edge up to around 4 percent in 2025, the overall fiscal deficit and the current account surplus are expected to narrow in 2025. Over the medium term, the continued expansion of oil production will further strengthen the external position, with substantial savings accumulation in the NRF.

Risks to the outlook are broadly balanced. On the upside, additional oil discoveries and productivity-enhancing investments, including to strengthen energy resilience would further bolster Guyana’s long-term economic prospects, while expanding construction activity would support higher short-term non-oil GDP growth. Downside risks stem from overheating pressures which, if not contained, would lead to higher inflation and a real exchange rate appreciation beyond the level consistent with a balanced expansion of the economy. Commodity price volatility in a highly uncertain global environment, including from trade policy and climate shocks could also adversely affect inflation and alter the macroeconomic outlook.

Executive Board Assessment[2]

Executive Directors agreed with the thrust of the staff appraisal. They welcomed Guyana’s remarkable economic progress to attain high-income status, supported by rapidly expanding oil production and robust non-oil growth. They noted that Guyana’s economic outlook remains highly favorable with balanced risks, strong fundamentals, and a strong external position supported by substantial accumulation of oil revenue in the Natural Resource Fund. They commended the authorities’ commitment to balancing development needs with prudent policies to entrench macroeconomic and fiscal stability.

Directors concurred that the current fiscal stance is appropriate given development needs. They welcomed the authorities’ commitment to eliminate the overall fiscal deficit over the medium term and further narrow the non-oil primary deficit to levels consistent with ensuring intergenerational equity and preserving fiscal and macroeconomic sustainability. They highlighted the need for a comprehensive medium-term fiscal framework with an explicit anchor and an operational target, along with regular assessments of expenditure related to reaching development objectives. They positively noted the authorities’ continued efforts to strengthen public financial management as well as the low risk of debt distress given low public debt.

Directors considered the monetary policy stance as appropriately tight to help contain inflation, while noting the need for further tightening if inflation risks escalate. They saw merit in enhancing the monetary policy toolkit and deepening financial markets to help strengthen the effectiveness of monetary policy transmission. They emphasized the need for maintaining consistent policies to support the stabilized exchange rate arrangement, which remains appropriate, and saw merit in assessing whether transitioning to a more flexible exchange rate regime over the medium term could be beneficial as Guyana’s economy continues to transform.

Directors welcomed the authorities’ commitment to maintain financial stability and continue enhancing financial supervision, including monitoring sectoral lending exposures and related-party lending. They supported the authorities’ efforts to further strengthen risk monitoring, strengthen the macroprudential framework, broaden regulatory coverage, and enhance statistics on balance sheets and real estate prices.

Directors welcomed the authorities’ efforts to foster inclusive growth and economic diversification, improve the business environment, strengthen climate and energy resilience, and enhance labor market skills. They commended progress in strengthening governance, anti-corruption, official statistics, AML/CFT frameworks, fiscal transparency, and transparency in extractive industries, and supported the continued efforts to strengthen them in line with international standards.

It is expected that the next Article IV consultation with Guyana will be held on the standard 12-month cycle.

Table 1. Guyana: Selected Social and Economic Indicators

I. Social Indicators

Population, 2023 (thousands)	814
Life expectancy at birth (years), 2022	66
Under-five mortality rate (per 1,000 live births), 2023	14
Human Development Index rank, 2022	95
II. Economic Indicators

		Prel.	Proj.
	2023	2024	2025

	(Year-over-year percent change)

Production and Prices
Real GDP	33.8	43.6	10.3
Real non-oil GDP	12.3	13.1	12.9
Real oil GDP	46.8	57.7	9.5
Consumer prices (end of period)	2.0	2.9	4.2

	(Percent of non-oil GDP)
Central Government
Revenue	39.3	43.7	49.9
Grants	0.2	0.2	0.4
Expenditure	52.7	64.9	63.4
Current	25.1	28.9	30.5
Capital	27.7	36.0	32.9
Overall balance (after grants)	-13.3	-21.0	-13.2
Non-oil primary balance (after grants)	-26.2	-38.4	-37.5
	(Percent of GDP)
Revenue	17.0	15.3	18.6
Grants	0.1	0.1	0.1
Expenditure	22.8	22.6	23.7
Current	10.8	10.1	11.4
Capital	12.0	12.6	12.3
Overall balance (after grants)	-5.7	-7.3	-4.9

Total public sector gross debt	26.7	24.3	28.0
External	10.5	9.0	13.6
Domestic	16.2	15.2	14.4



Table 1. Guyana: Selected Social and Economic Indicators (Concluded)
		Prel.	Proj.
	2023	2024	2025

	(Year-over-year percent change)
Money and Credit
Broad money	27.6	25.3	17.7
Domestic credit of the banking system	24.1	39.7	4.9

External Sector
Current account balance (US$ million)	1,679.9	6,067.9	2,306.2
(Percent of GDP)	9.9	24.6	8.9
Gross official reserves (US$ million)	896.4	1,010.1	1,571.4
(Percent of GDP)	5.3	4.1	6.1
Crude oil production (million barrels)	142.3	225.4	246.0

Memorandum Items:
Nominal GDP (GY$ billion)	3,527.5	5,141.3	5,383.9
Nominal non-oil GDP (GY$ billion)	1,524.6	1,793.7	2,010.7
GDP per capita (US$)	21,307.2	30,962.3	32,326.3
Guyana dollar/U.S. dollar (period average)	208.5	208.5	…

Sources: Guyana’s authorities; UNDP Human Development Report; World Bank; and IMF staff calculations and projections.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Rosa Hernandez

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation

MIL OSI

MIL OSI Russia News –

May 8, 2025

MIL-OSI USA: ICYMI: Sen. Markey, Rep. Summer Lee, Lawyers for Good Government Host Roundtable Discussion on EPA’s Termination of Environmental Justice Grants

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Washington (May 7, 2025) – Senator Edward J. Markey (D-Mass.), Representative Summer Lee (PA-12), and Lawyers for Good Government on Monday hosted a virtual roundtable discussion on the Trump administration’s damaging cuts to environmental justice funding and staff. Roundtable speakers included environmental justice advocates, Massachusetts recipients of environmental justice grants, as well as strategists and legal advocates, who all shared how the Trump administration’s attacks have directly affected frontline and fenceline communities crushed by generations of underinvestment and disproportionate exposure to pollution. This roundtable comes on the heels of news the Environmental Protection Agency (EPA) will cancel nearly 800 grants, including all of the agency’s environmental justice grants administered under the Office of Environmental Justice and External Civil Rights, to skirt a recent preliminary injunction that ordered the agency to unfreeze environmental justice funds.
“The Trump administration revoking federal dollars from community-based groups working hard to clean up the air, water, and land where they live, work, and play is yet another injustice in a long line of unjust policies that deemed certain neighborhoods undeserving of equal environmental protection,” said Senator Markey. “I am inspired by the environmental justice grant recipients who, rather than despair and give in to defeat, joined us and courageously shared their stories of the harm, chaos, and uncertainty that the Trump administration has inflicted by undercutting environmental justice at every turn and every level. Their testimony shone a spotlight on Trump’s shameful abandonment of overburdened communities, and reminds us that strengthening our solidarity, growing coalitions, sharing our stories, and charting paths forward together are powerful antidotes.”
“What we’re witnessing with the Trump administration’s reckless and targeted cuts to environmental justice funding is nothing short of cruel and deliberate. These aren’t just numbers on a spreadsheet — these are real people, real families, and real communities being told they don’t matter. In places like Western Pennsylvania, we’ve already seen the human cost: frontline organizations shut down, clean air initiatives stalled, job training frozen, and our most vulnerable neighbors left without the tools they need to protect their health and their futures. These cuts are an attack on our kids, our workers, our elders, and on basic human dignity, and we will continue working to stop them,” said Representative Summer Lee.
“Thank you to Senator Markey, Representative Lee, and the many environmental advocates and grantees for their leadership and courage in fighting back against these unlawful attacks on climate and environmental justice funding,” said Jillian Blanchard, Vice President of the Climate Change and Environmental Justice Program at Lawyers for Good Government (L4GG). “At L4GG, we’re proud to be helping grantees assert their legal rights, navigate this confusing landscape, and push back against these attacks through our Fund Protection Clinic. We know the law is on our side, and we have already won significant victories in the courts to block these unjust terminations. We will continue to fight for impacted communities until these critical funds are fully restored and every grantee is able to do the work Congress intended—building a cleaner, healthier, and more equitable future, for all.”
“I deeply appreciate Senator Ed Markey and team continuing to fight for these federal dollars that we earned as city. My administration has worked very hard to knock down the Asthma rates here in Springfield, but there is much more work to be done to keep all our residents safe, whether young or old, to properly deal with an Asthma affliction. This funding would help prevent future generations from getting it too. I am so proud of my city team, along with our partners, for their work to apply for and receive this significant EPA grant award. This multifaceted funding was to bring tangible health benefits to our community, including improved indoor and outdoor air quality and reduced emissions. We will continue to fight for these vitally important air quality and asthma reduction programs. We will also work closely with MA Attorney General Andrea Joy Campbell as she leads the charge to challenge this funding termination through legal channels,” said Springfield, Massachusetts Mayor Domenic J. Sarno,
“At the time of this unconstitutional and unlawful termination, the Environmental Justice for New England program was poised to invest in sustainable, community-driven environmental justice projects, countering historical disinvestment in rural, urban and Tribal communities across the region. We received almost 400 applications for our first round of funding, proposing activities that address critical environmental harms and which would create jobs, boost energy independence, and reduce pollution exposure. We are outraged,” said Ben Wood, Senior Director of Policy and Practice at Health Resources in Action.
“As Boston summers continue to break historic heat records, extreme heat has become, and will continue to be, a significant threat to the health, safety, and livelihoods of people across our region. Through our Heat and Health project the Mystic River Watershed Association (MyRWA) was proud to be working with residents, community partners, and local government to develop shared solutions to the rising dangers of extreme heat in our communities. It’s not dramatic to say that losing this funding source will negatively impact the health and well-being of our local residents–this summer and for many summers after. Despite this loss of funding–MyRWA is committed to delivering community-driven, science-based solutions to ensure that everyone and everything who calls our watershed home can enjoy clean water, air, and land,” said Mariangeli Echevarria-Ramos, Climate and Social Resilience Manager at the Mystic River Watershed Association.
“Thank you to Senator Markey and all the co-hosts of the roundtable for creating space for this urgent conversation on the heels of alarming news that the EPA plans to cancel almost 800 environmental justice grants. These aren’t just numbers. These are real losses—for residents breathing polluted air, for communities threatened by flooding, and for young people trying to imagine a future in clean energy. Without access to these funds, we cannot support grassroots organizations, assist residents in navigating regulatory processes, or expand job training programs in the green economy. These disruptions threaten progress in areas already disproportionately affected by climate change, and hinder our ability to complete the work our communities deserve,” said Sarah Baldwin, Senior Director of Operations at the New Jersey Environmental Justice Alliance, member of the Equitable & Just National Climate Platform.
The Trump administration began halting environmental justice funding in January. Since then, funding recipients have been blindsided by termination notices or cut off from accessing their funds without notice—and, in some cases, grantees are expected to continue projects without assurance that they will be reimbursed for out-of-pocket costs. Adding to the chaos and uncertainty, Trump administration furloughs and layoffs of Environmental Protection Agency staff have also created additional barriers for environmental justice grant recipients when their point of contact is not able to respond with answers on the status of their funding.

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: Cornyn, Fetterman, Lankford, Gallego Introduce SHIELD Against CCP Act

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senators John Cornyn (R-TX), John Fetterman (D-PA), James Lankford (R-OK), and Ruben Gallego (D-AZ) introduced the SHIELD Against CCP Act, which would create a dedicated working group at the U.S. Department of Homeland Security (DHS) to address threats posed by the Chinese Communist Party (CCP):
“To effectively counter China, the U.S. must target them from all angles and through all agencies,” said Sen. Cornyn. “This widely supported, commonsense legislation would allow the Department of Homeland Security to arm itself with the tools to protect our sovereignty against the CCP’s malign influence.”
“The CCP controls everything that happens in China and they will cheat, steal, and poison our communities if it helps them get ahead. They supply the chemicals behind the fentanyl claiming Pennsylvanian lives, rig our immigration rules, and rip off ideas from American companies. Enough is enough,” said Sen. Fetterman. “I’m teaming up with Senators Cornyn, Gallego, and Lankford on the SHIELD Against CCP Act to make sure DHS has the muscle to punch back and keep our people safe.”
“The Chinese Communist Party threatens our sovereignty—whether it’s flooding our border with illegal immigrants, launching cyberattacks, or pushing deadly fentanyl into our communities,” said Sen. Lankford. “The SHIELD Against CCP Act provides the Department of Homeland Security with the necessary tools to address these challenges directly, safeguard our borders, and protect the American people.”
“Fentanyl has devastated communities across Arizona for too long, and we need to use every tool available to stop the flow of this deadly drug into our country,” said Sen. Gallego. “This bipartisan bill will help DHS understand how the Chinese Communist Party is exploiting our border and fueling fentanyl trafficking, so we can close those gaps and keep our communities safe.”
Companion legislation, led by Congressmen Dale Strong (AL-05) and Tom Suozzi (NY-03), overwhelmingly passed the House of Representatives 409-4.
Background:
The SHIELD Against CCP Act would establish a working group within the U.S. Department of Homeland Security (DHS) to:
Examine, assess, and report on efforts by DHS to counter terrorist, cybersecurity, border and port security, and transportation security threats posed to the U.S. by the Chinese Communist Party (CCP), including:
Exploitation of the U.S. immigration system through identify theft, visa processes, unlawful border crossings, human smuggling, and human trafficking;
Predatory economic and trade practices, including trafficking of counterfeit and pirated goods, use of forced labor, customs fraud, and IP theft;
Direct or indirect support of Transnational Criminal Organizations (TCOs) trafficking fentanyl, illicit drug precursors, and other controlled substances through the US border, international mail shipments, or express consignment operations;
And support for illicit financial activity by Chinese Money Laundering Organizations.

Review information gathered by federal, state, and local law enforcement relating to threats, and disseminate such information to relevant authorities;
Submit an annual report on its activities to the Homeland Security, Finance, Judiciary, Foreign Relations, and Banking Committees;
And sunset seven years post-establishment.
The bill would also require DHS Science and Technology Directorate to research technologies and techniques to enhance DHS’s security and situational awareness related to countering threats posed to the U.S. by the CCP.
The SHIELD Against CCP Act is endorsed by the Federal Law Enforcement Officers Association (FLEOA), National Border Patrol Council, National Fusion Center Association, Major County Sheriffs of America, National Narcotics Officers’ Associations’ Coalition, and National HIDTA Director’s Association (NHDA).

MIL OSI USA News –

May 8, 2025
MIL-OSI Global: Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict

Source: The Conversation – Canada – By MD Rakib Jahan, PhD Student, Department of Political Studies, International Relations, Queen’s University, Ontario

In response to the Pahalgam terrorist attack on tourists in Jammu and Kashmir last month,, India has launched “Operation Sindoor,” a series of targeted airstrikes on nine locations in Pakistan and Pakistan-administered Kashmir.

The killing of 26 tourists in Kashmir’s Baisaran Valley on April 22 did more than shatter a moment of peace in one of South Asia’s most scenic regions. The assault has significantly increased India-Pakistan tensions and generated worries of possible military conflict between two nuclear-armed countries.

Though Pakistan denies the charges, India has specifically held Pakistan responsible for sheltering terrorist groups.

In response to the attack, India has taken several actions against Pakistan, including downgrading diplomatic ties, recalling diplomats, suspending participation in a vital water-sharing agreement and closing a significant border crossing.

This rapidly deteriorating situation underscores the broader consequences of the devastating Pahalgam assault.

Read more:
India and Pakistan have fought many wars in the past. Are we on the precipice of a new one?

Human tragedy

Described by the region’s chief minister, Omar Abdullah, as “much larger than anything we’ve seen directed at civilians in recent years,” the assault in Pahalgam is not only a humanitarian tragedy and a blow to Kashmir’s economy but a flashpoint in an already fragile regional relationship.

The Pahalgam attack’s timing coincided with United States Vice President JD Vance’s visit to India in April. This mirrors a grim pattern that includes former U.S. president Bill Clinton’s 2000 trip, when militants struck Chittisinghpura in Jammu and Kashmir hours before his arrival.

By staging violence during diplomatic milestones, militants aim to amplify global attention and send a message to the Indian government. As global attention shifts back to Kashmir, the Baisaran massacre appears to mark a new chapter in the long-fought battle over this territory — one that risks tourism, targets civilians and threatens to unravel regional stability.

Strategic targeting of Kashmir’s economy

Though Kashmir has seen warfare for decades, militant groups had mostly avoided targeting visitors because of the the economic significance of tourism to Kashmir.

The calculated selection of Pahalgam — one of Kashmir’s top tourist sites — reveals a plan to attack the core of Kashmir’s economy. According to counter-terrorism expert Ajai Sahni, the local community and militant groups have an implicit understanding not to compromise the tourism industry.

By breaking this unwritten rule, the militants have demonstrated a willingness to inflict economic harm on the population.

Nearly everyone in Kashmir, particularly in the valley, depends on tourism either directly or indirectly. Tourism, which has seen a resurgence since the COVID-19 pandemic, generates thousands of direct and indirect jobs and more than eight per cent of Kashmir’s GDP.

Experts like Amitabh Mattoo, from the School of International Studies at Jawaharlal Nehru University, warn that Kashmir may experience long-term devastating effects from a drop in tourism. A significant exodus of travellers from Kashmir has already taken place.

Read more:
Why are India and Pakistan on the brink of war and how dangerous is the situation? An expert explains

Challenging India’s post-2019 Kashmir narrative

The assault also weakens India’s narrative on Kashmir, an area that has been disputed by both Pakistan and India since their independence from Britain in 1947.

The attack took place as India Prime Minister Narendra Modi was scheduled to open a multi-billion-dollar railway project to the Kashmir Valley, which his government contends will enhance tourism and economic development.

Modi’s administration has presented the rise in tourism as proof of “normalcy” coming back to Kashmir following India’s removal of special status to Kashmir.

The intentional targeting of visitors sends a message that the illusion of normalcy is misleading.

A deadly departure from past tactics

The Resistance Front (TRF), a rather unknown militant group founded in 2019 and designated as a “terrorist organization” by the Indian government in January 2023, claimed responsibility for the assault via social media. They offered no proof to back their assertion.

TRF represents a new breed of militant Kashmiri nationalism and resistance. Indian intelligence agencies have connected the group to the Pakistan-based terrorist organization Lashkar-e-Taiba.

TRF’s communication regarding the assault emphasized resistance to new “outsider” residency rights. This corresponds with worries voiced by some Kashmiris after 2019 modifications permitted non-locals to acquire land and get employment in the area.

The government disclosed in April 2025 that 83,000 individuals have been given residence certificates under these new standards in the last two years.

The future of Kashmir’s stability

Apart from causing obvious human sorrow, the Pahalgam slaughter also endangers years of economic development and could send Jammu and Kashmir back into a cycle of bloodshed and instability.

Targeting tourists could mean militants are willing to risk Kashmir’s economic core. The assault appears to be an attempt to internationalize the Kashmir problem at a time when worldwide interest had started to fade. It also exploits religious divides, and has succeeded in inciting severe security reactions.

The future seems more and more uncertain for ordinary Kashmiris caught between security crackdowns and militant brutality. Historical trends indicate that more militancy usually results in more security policies, putting more strain on civilian life.

For many teenagers and young people in Jammu and Kashmir, the lack of consistent income, mobility limitations and increased monitoring intensifies sensations of marginalization and anger.

Radical groups can take advantage of these frustrations. To counter this, economic policies must address these inequalities.

Read more:
India-Pakistan strikes: 5 essential reads on decades of rivalry and tensions over Kashmir

A strategy for the way ahead

The Pahalgam incident calls for a counter-terrorism strategy that balances security with socio-economic stability.

For example, tourism profit-sharing systems could be implemented and tax advantages or subsidies could be offered to tour businesses, especially those employing young marginalized demographics. This could help to bring some financial respite as well as long-term stability and has been successful in countries like Rwanda.

The failure to pre-empt the attack despite heightened security during the Vance’s visit and the Hindu pilgrimage season reveals systematic intelligence failures.

The way ahead calls for tackling both security issues and the underlying complaints still driving militancy in Jammu and Kashmir as the region once again confronts the possibility of violence.

United Nations Secretary-General António Guterres has urged both nations to de-escalate and return to diplomacy.

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

– ref. Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict – https://theconversation.com/indian-airstrikes-in-kashmir-following-tourist-attack-raises-fears-of-a-regional-conflict-256166

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI USA: Ranking Member Hoyer Remarks at U.S. Department of the Treasury Oversight Hearing

Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

WASHINGTON, DC – Today, Congressman Steny Hoyer (MD-05), Ranking Member of the House Appropriations Subcommittee on Financial Services and General Government (FSGG), delivered the following remarks at the subcommittee’s oversight hearing on the Department of the Treasury:

Click here to watch a full video of his remarks.

“Thank you very much, Mr. Chairman, and welcome, Mr. Secretary. This is our first substantive hearing dealing with the devastating actions that the Trump Administration has taken in the first three months of 2025 – actions planned and predicted by Project 2025. I look forward to having more such hearings with other agencies under our jurisdiction – especially the principals of DOGE, OMB, GSA, and OPM, which are having such a profoundly negative impact on our country.

“What we’ve seen in the first 100 days of this administration is unprecedented, and – so the polls tell us – disturbing to the American people. An irresponsible, incoherent tariff policy has plunged the Americans and global economies into chaos. These past three months, the American economy shrank for the first time since the final days of the pandemic. The stock market fell more in the first 100 days of the Trump Administration than in the first 100 days of any presidency in the past half century. Consumer confidence is [at its] lowest since May of 2020 – the height of Covid-19. That uncertainty has also rattled the bond market, with investors dangerously starting to doubt the full faith and credit of the United States.

“Most importantly, Americans are hurting. Families see their costs going up. Retirees watch their life savings losing value. Small business owners and farmers risk going under as they struggle to navigate ever-changing tariffs. Our economy is in chaos and so, I think, is our government.

“Donald Trump, Russell Vought, and Elon Musk are orchestrating an illegal purge of our federal employees. They clearly had a lot of ideas on how to remove these people and dismantle these programs as quickly as possible. Sadly, they had no clue, in my view, as to the devastating consequences of their actions on our country, our government, our allies, and the professionals we rely on to serve the American people.

“I am particularly concerned about the Internal Revenue Service, which has been severely understaffed and underfunded for decades. So far, the Trump Administration has forced the IRS to cut as many as 11,443 employees – or over 11 percent of its staff. That includes 6,700 workers who were fired at the height of this most recent tax season. Now, the administration is planning to reduce the IRS workforce, I understand, by another 40,000 jobs – or 40 percent. That includes up to half of IRS enforcement staff. Additionally, Trump’s 2026 budget cuts funding for the IRS by 20 percent. These actions at IRS, in my view, and every other government office, have bludgeoned morale, destroyed efficiency, and increased waste.

“Cutting back on IRS enforcement makes it easier for the wealthiest individuals and corporations to cheat on their taxes and get out of paying what they owe. That, of course, increases what others pay and explodes the deficit. As the President and Congressional Republicans undermine the ability to enforce our existing tax code, they are also pursuing massive tax cuts for the wealthiest among us.

“Furthermore, DOGE operatives are rifling through IRS databases that contain Americans’ sensitive information, including their financial history, Social Security numbers, immigration status, and more. The story is the same across the federal government. Americans are reeling from this uncertainty in their economy and in their government. They need answers. More than that, they need an adult in the room. That is the role, I hope, the Treasury Department plays – and Mr. Secretary, in particular, yourself.

“The economy and markets do not lie. We all depend on the Treasury Secretary to communicate clearly and transparently to the President, the Congress, the American people, and, indeed, the world. I’ve mentioned tariffs and the IRS, but I’m also eager to hear, Mr. Secretary from you about our economic approach to the Russian-Ukraine war – especially in light of last week’s mineral deal and recent questions about our sanctions regime on Russia.

“Former Secretary Mnuchin – whom I believe you know, sir – and I disagreed on some things, but we still found ways to work in a bipartisan fashion to inspire confidence in the economy. Mr. Secretary, I look forward to doing the same with you. Thank you, Mr. Chairman.”

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Rep. Clyde Introduces Constitutional Hearing Protection Act

Source: United States House of Representatives – Representative Andrew S. Clyde (R-GA)

WASHINGTON, D.C. — Today, Congressman Andrew Clyde (GA-09) introduced the Constitutional Hearing Protection Act (CHPA) to remove the unconstitutional taxation, registration, and regulation of suppressors under the National Firearms Act (NFA).

“Burdensome regulations and unconstitutional taxes shouldn’t stand in the way of protecting American gun owners’ hearing,” said Clyde. “As an ardent defender of our Second Amendment liberties, I’m working to remove all infringements on our God-given right to keep and bear arms. By deregulating suppressors, eliminating the costly $200 tax stamp on these firearms, and avoiding additional taxation, my legislation offers a constitutional solution to increase Americans’ access to suppressors. Congress must advance this commonsense measure to preserve our Second Amendment rights and protect the hearing of millions of gun owners.”

Bill text of the Constitutional Hearing Protection Act is available HERE.

Original cosponsors include (31): Representatives Nick Begich (AK-At-Large), Josh Brecheen (OK-02), Eric Burlison (MO-07), Eli Crane (AZ-02), Troy Downing (MT-02), Ron Estes (KS-04), Brad Finstad (MN-01), Brandon Gill (TX-26), Paul Gosar (AZ-09), Andy Harris (MD-01), Mark Harris (NC-08), Diana Harshbarger (TN-01), Kevin Hern (OK-01), Clay Higgins (LA-03), Thomas Massie (KY-04), Tom McClintock (CA-05), John McGuire (VA-05), Mary Miller (IL-15), Barry Moore (AL-01), Ralph Norman (SC-05), Andy Ogles (TN-05), Scott Perry (PA-10), Guy Reschenthaler (PA-14), Michael Rulli (OH-06), Keith Self (TX-03), Lloyd Smucker (PA-11), Greg Steube (FL-17), Marlin Stutzman (IN-03), Claudia Tenney (NY-24), Tony Wied (WI-08), and Ryan Zinke (MT-01).

The Constitutional Hearing Protection Act is also supported by Gun Owners of America (GOA), the National Association for Gun Rights (NAGR), and the National Rifle Association (NRA).

“Gun Owners of America is fully supportive of Rep. Clyde’s Constitutional Hearing Protection Act — which eliminates all unconstitutional excise taxes on firearm suppressors. GOA urges the House Committee on Ways and Means to swiftly advance this legislation to restore the right of the People and protect the hearing of millions of gun owners,” said GOA’s Director of Federal Affairs Aidan Johnston.

“The National Association for Gun Rights supports the full deregulation of suppressors, as they should be classified just like any other accessory. Congressman Andrew Clyde’s Constitutional Hearing Protection Act would remove suppressors from the NFA’s burdensome regulations, and eliminate the egregious $200 tax stamp. These are great first steps. We thank Congressman Clyde for being a leader on this issue and on the Second Amendment,” said NAGR President Dudley Brown.

“Gun owners should not have to pay a tax, ask governmental permission, and endure wait times that can be over a year, just to protect their hearing while exercising their constitutionally protected rights,” said John Commerford, Executive Director of NRA-ILA. “Suppressors do not silence firearms, but they are proven to mitigate hearing damage from shooting. On behalf of our millions of members, the NRA thanks Representative Andrew Clyde for introducing the Constitutional Hearing Protection Act.”

MIL OSI USA News –

May 8, 2025

MIL-OSI Russia: China issues emergency response and disaster warnings

Translation. Region: Russian Federal

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

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

BEIJING, May 7 (Xinhua) — Chinese authorities on Wednesday issued an emergency response and several warnings over impending or possible natural disasters.

China’s National Meteorological Center (NMC) issued a blue alert for heavy rain and severe convective phenomena, while the China Meteorological Administration (CMA) issued a level 3 emergency response for meteorological disasters.

According to the NMC forecast, from 20:00 on May 7 to 20:00 on May 8, thunderstorms, gales and hail are expected in some parts of the Inner Mongolia Autonomous Region, the provinces of Jilin, Liaoning, Hebei, Shanxi, Anhui, Hubei, Guizhou, Hunan and Jiangxi, as well as the centrally subordinate municipalities of Beijing and Chongqing. In addition, winds with a force of over 11 on the Chinese scale (28.5-32.6 meters per second) are forecast in some areas of the provinces of Hunan, Jiangxi, Guizhou and the city of Chongqing.

The Ministry of Water Resources of China jointly with the CMU issued a yellow alert due to the threat of mountain torrents in some areas of Anhui, Jiangxi, Henan, Hubei and Hunan provinces.

In addition, a yellow alert was issued on Wednesday for meteorological risks of geological disasters, with relatively high risks observed in parts of Anhui, Guangdong, Guizhou and Guangxi Zhuang Autonomous Region.

Local authorities are instructed to closely monitor weather conditions in real time, issue early warnings of possible flooding and carry out evacuation measures if necessary, while the population is advised to take precautions when in risky areas.

China has a four-tier weather warning system, with red representing the highest level of danger, followed by orange, yellow and blue. The emergency response system also has four levels, with level 1 being the most serious. –0–

MIL OSI Russia News –

May 8, 2025
MIL-OSI USA: Congresswoman Dina Titus (D-NV) Statement on Rep. Mark Amodei’s Budget Amendment to Sell Off Nevada Public Lands

Source: United States House of Representatives – Congresswoman Dina Titus (1st District of Nevada)

“I do not support Rep. Mark Amodei’s lands bill for several reasons. It was brought to the House Natural Resources Committee despite opposition from Clark County and without consulting local stakeholders or the rest of the federal delegation. Proposals to sell public lands should be done openly because public lands belong to all of us.

I also do not support the budget amendment because it rips off the people in Southern Nevada. It sells off 65,000 acres in Clark County without any offsets for conservation. Furthermore, the land would be sold for “billions” and the money would go directly to the U.S. Treasury with no financial benefit for outdoor recreation, protecting critical ecosystems, or wildfire protection in Southern Nevada.

Developments proposed in the amendment would also siphon off precious water resources as we struggle with prolonged drought, and raise costs for needed infrastructure to accommodate projected growth.

I believe a lands bill should encourage infill to use existing infrastructure and conserve water. This bill does just the opposite.”

###

MIL OSI USA News –

May 8, 2025
MIL-OSI Security: Middletown Man Indicted for Violent Crime Spree

Source: Federal Bureau of Investigation (FBI) State Crime News

WILMINGTON, Del. – A federal grand jury in the District of Delaware returned a four-count indictment on April 10, 2025, charging a Middletown man with robbing a restaurant and a gas station and committing a carjacking – all at gunpoint.

According to court documents, on January 25, 2025, Anthony Fields, 48, of Middletown robbed a Middletown restaurant using a distinctive sawed-off shotgun with a duct-taped handle. Five days later, Fields robbed a Middletown gas station brandishing the same distinctive sawed-off shotgun. During these robberies, Fields stole cash, lottery tickets, and a gas station employee’s cell phone. While fleeing the gas station robbery, Fields carjacked an occupied 2016 Hyundai Elantra, pointing the sawed-off shotgun at the victim driver.

Despite Fields’ attempts to evade law enforcement, the Middletown Police Department and the FBI traced Fields’ movements in the days following his crime spree through witness testimony, phone and lottery ticket records, and video surveillance. The investigation revealed that Fields cashed some of the stolen lottery tickets and abandoned the stolen car at a nearby casino before traveling to Philadelphia. Fields turned himself in to authorities on February 2, 2025. He remains in federal custody.

The indictment charges Fields with two counts of Hobbs Act Robbery, one count of carjacking, and one count of brandishing and using a firearm in relation to a Hobbs Act Robbery. If convicted of all counts, Fields faces a mandatory minimum of seven years of incarceration for brandishing and using the firearm, in addition to any penalties for the underlying crimes, and a maximum penalty of life in prison. A federal district court judge will determine any sentence after consideration of the U.S. Sentencing Guidelines and other statutory factors.

Shannon T. Hanson, Acting U.S. Attorney for the District of Delaware, and Special Agent in Charge William J. DelBagno of the FBI’s Baltimore Field Office made the announcement.

This case is being investigated by the Middletown Police Department and the FBI. Assistant U.S. Attorneys Kevin P. Pierce and Bryan C. Williamson are prosecuting the case.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the District of Delaware. Related court documents and information is located on the website of the District Court for the District of Delaware or on PACER.

An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty in court.

MIL Security OSI –

May 8, 2025
MIL-OSI New Zealand: Delays following fire

Source: New Zealand Police

Motorists are advised to expect delays in Glen Innes due to a building fire in Mayfair Place around 7am.

Mayfair Place is cordoned off and emergency services are in attendance.

Taniwha Street and Apirana Avenue are currently closed although motorists can still use the roundabout.

The fire is contained and there are no reports of injury.

Motorists are advised to expect delays.

ENDS.

Nicole Bremner/NZ Police

MIL OSI New Zealand News –

May 8, 2025

MIL-OSI: Greenlight Re Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Net Income Expands to $29.6 million Despite California Wildfire Losses,
Leading to Fully Diluted Book Value Per Share Growth of 5.1%

GRAND CAYMAN, Cayman Islands, May 07, 2025 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights (all comparisons are to first quarter 2024 unless noted otherwise):

Gross premiums written increased 14.1% to $247.9 million;
Net premiums earned increased 4.3% to $168.5 million;
Net underwriting loss of $7.8 million, compared to net underwriting income of $3.4 million;
Combined ratio of 104.6%, compared to 97.9%;
Total investment income of $40.5 million, compared to $31.4 million;
Net income of $29.6 million, or $0.86 per diluted ordinary share, compared to net income of $27.0 million, or $0.78 per diluted ordinary share; and
Fully diluted book value per share increased 5.1% to $18.87, from $17.95 at December 31, 2024.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We delivered strong book value per share growth of 5.1% this quarter, driven by an outstanding return of 7.2% from our Solasglas investment portfolio despite challenging market conditions. These results more than offset the financial impact of the California wildfires, which contributed 14 combined ratio points for the quarter, in line with the preliminary loss estimates we previously disclosed.”

David Einhorn, Chairman of the Board of Directors, said, “Our investment portfolio performed well during what appears to be the beginning of a bear market. We are positioning Solasglas to have low gross and net exposure as we ride out what should be a period of high volatility ahead of what we expect will be an improved investment opportunity set.”

Greenlight Capital Re, Ltd. First Quarter 2025 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Thursday, May 8, 2025, at 9:00 a.m. Eastern Time. Dial-in details:

U.S. toll free: 1-877-407-9753
International: 1-201-493-6739

The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1714274&tp_key=429d07a808

A telephone replay will be available following the call through May 13, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13752944. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
IR@greenlightre.ky


GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (expressed in thousands of U.S. dollars, except per share and share amounts)

	March 31, 2025		December 31, 2024
	(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value	$	435,341	$	387,144
Other investments		73,266		73,160
Total investments		508,607		460,304
Cash and cash equivalents		47,477		64,685
Restricted cash and cash equivalents		595,282		584,402
Reinsurance balances receivable (net of allowance for expected credit losses)		768,711		704,483
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)		87,963		85,790
Deferred acquisition costs		96,759		82,249
Unearned premiums ceded		38,895		29,545
Other assets		8,402		4,765
Total assets	$	2,152,096	$	2,016,223
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves	$	916,600	$	860,969
Unearned premium reserves		384,311		324,551
Reinsurance balances payable		93,730		105,892
Funds withheld		21,825		21,878
Other liabilities		8,992		6,305
Debt		59,834		60,749
Total liabilities		1,485,292		1,380,344
Shareholders’ equity
Ordinary share capital (par value $0.10; issued and outstanding, 34,557,449) (2024: par value $0.10; issued and outstanding, 34,831,324)	$	3,456	$	3,483
Additional paid-in capital		482,876		481,551
Retained earnings		180,472		150,845
Total shareholders’ equity		666,804		635,879
Total liabilities and equity	$	2,152,096	$	2,016,223


GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) (expressed in thousands of U.S. dollars, except percentages and per share amounts)

	Three months ended March 31
		2025			2024
Underwriting results:
Gross premiums written	$	247,945		$	217,258
Gross premiums ceded		(28,548	)		(23,181	)
Net premiums written		219,397			194,077
Change in net unearned premium reserves		(50,934	)		(32,541	)
Net premiums earned	$	168,463		$	161,536
Net loss and LAE incurred:
Current year	$	(118,666	)	$	(103,925	)
Prior year		(4,218	)		(5,401	)
Net loss and LAE incurred		(122,884	)		(109,326	)
Acquisition costs		(46,866	)		(41,610	)
Underwriting expenses		(6,358	)		(6,339	)
Deposit interest expense, net		(149	)		(876	)
Net underwriting income (loss)	$	(7,794	)	$	3,385

Income from investment in Solasglas	$	32,197		$	18,248
Net investment income		8,287			13,178
Total investment income	$	40,484		$	31,426

Corporate and other expenses	$	(4,672	)	$	(4,375	)
Foreign exchange gains (losses)		4,355			(1,649	)
Interest expense		(1,464	)		(1,249	)
Income tax expense		(1,282	)		(519	)
Net income	$	29,627		$	27,019

Earnings per share
Basic	$	0.87		$	0.79
Diluted	$	0.86		$	0.78

Underwriting ratios:
Current year loss ratio		70.4	%		64.3	%
Prior year reserve development ratio		2.5	%		3.3	%
Loss ratio		72.9	%		67.6	%
Acquisition cost ratio		27.8	%		25.8	%
Composite ratio		100.7	%		93.4	%
Underwriting expense ratio		3.9	%		4.5	%
Combined ratio		104.6	%		97.9	%

The following tables present the Company’s results by segment and on a consolidated basis:


GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended March 31, 2025

	Open Market			Innovations			Corporate			Total Consolidated
Gross premiums written	$	220,709		$	27,466		$	(230	)	$	247,945
Net premiums written	$	195,609		$	23,971		$	(183	)	$	219,397
Net premiums earned	$	149,641		$	19,005		$	(183	)	$	168,463
Net loss and LAE incurred		(112,763	)		(10,346	)		225			(122,884	)
Acquisition costs		(40,881	)		(6,033	)		48			(46,866	)
Other underwriting expenses		(4,797	)		(1,561	)		—			(6,358	)
Deposit interest expense, net		(149	)		—			—			(149	)
Underwriting income (loss)		(8,949	)		1,065			90			(7,794	)
Net investment income		5,771			448			2,068			8,287
Corporate and other expenses		—			(572	)		(4,100	)		(4,672	)
Income from investment in Solasglas		—			—			32,197			32,197
Foreign exchange gains (losses)		—			—			4,355			4,355
Interest expense		—			—			(1,464	)		(1,464	)
Income (loss) before income taxes	$	(3,178	)	$	941		$	33,146		$	30,909

*Underwriting ratios:*
Loss ratio		75.4	%		54.4	%		123.0	%		72.9	%
Acquisition cost ratio		27.3	%		31.7	%		26.2	%		27.8	%
Composite ratio		102.7	%		86.1	%		149.2	%		100.7	%
Underwriting expenses ratio		3.3	%		8.2	%		—	%		3.9	%
Combined ratio		106.0	%		94.3	%		149.2	%		104.6	%


GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended March 31, 2024

	Open Market			Innovations			Corporate			Total Consolidated
Gross premiums written	$	187,061		$	30,068		$	129		$	217,258
Net premiums written	$	167,716		$	26,244		$	117		$	194,077
Net premiums earned	$	131,610		$	20,197		$	9,729		$	161,536
Net loss and LAE incurred		(86,700	)		(13,127	)		(9,499	)		(109,326	)
Acquisition costs		(33,579	)		(6,053	)		(1,978	)		(41,610	)
Other underwriting expenses		(5,478	)		(861	)		—			(6,339	)
Deposit interest expense, net		(876	)		—			—			(876	)
Underwriting income (loss)		4,977			156			(1,748	)		3,385
Net investment income		12,616			(183	)		745			13,178
Corporate and other expenses		—			(590	)		(3,785	)		(4,375	)
Income from investment in Solasglas								18,248			18,248
Foreign exchange gains (losses)								(1,649	)		(1,649	)
Interest expense								(1,249	)		(1,249	)
Income (loss) before income taxes	$	17,593		$	(617	)	$	10,562		$	27,538

*Underwriting ratios:*
Loss ratio		65.9	%		65.0	%		97.6	%		67.6	%
Acquisition cost ratio		25.5	%		30.0	%		20.3	%		25.8	%
Composite ratio		91.4	%		95.0	%		117.9	%		93.4	%
Underwriting expenses ratio		4.8	%		4.3	%		—	%		4.5	%
Combined ratio		96.2	%		99.3	%		117.9	%		97.9	%

GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

The key non-GAAP financial measure used in this news release is:

Fully diluted book value per share

This non-GAAP financial measure is described below.

Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

We calculate basic book value per share as (a) ending shareholders’ equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units, “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):


	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP	$	666,804	$	635,879	$	663,418	$	634,020	$	624,458
Denominator for basic and fully diluted book value per share:
Ordinary shares issued and outstanding as reported and denominator for basic book value per share		34,557,449		34,831,324		34,832,493		35,321,144		35,321,144
Add: In-the-money stock options ⁽¹⁾ and all outstanding RSUs		773,938		590,001		602,013		594,612		585,334
Denominator for fully diluted book value per share		35,331,387		35,421,325		35,434,506		35,915,756		35,906,478

Basic book value per share	$	19.30	$	18.26	$	19.05	$	17.95	$	17.68
Fully diluted book value per share	$	18.87	$	17.95	$	18.72	$	17.65	$	17.39
⁽¹⁾ Assuming net exercise by the grantee.

The MIL Network –

May 8, 2025

MIL-OSI: Ormat Technologies Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

REVENUE GROWTH AND RECORD QUARTERLY ADJUSTED EBITDA SUPPORT ONGOING STRATEGIC PORTFOLIO EXPANSION

HIGHLIGHTS

TOTAL REVENUES AND NET INCOME¹ IMPROVED 2.5% AND 4.6%, RESPECTIVELY
RECORD ADJUSTED EBITDA OF $150.3 MILLION, AN INCREASE OF 6.4% VS LAST YEAR
ENERGY STORAGE SEGMENT REVENUES INCREASED BY 120% DRIVING MEANINGFUL MARGIN INCREASE
SIGNED AN AGREEMENT TO ACQUIRE THE 20MW BLUE MOUNTAIN GEOTHERMAL POWER PLANT FROM CYRQ ENERGY
COMPANY REITERATES ITS 2025 FULL-YEAR GUIDANCE, REFLECTING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS OUTLOOK

RENO, Nev., May 07, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the first quarter ended March 31, 2025.

KEY FINANCIAL RESULTS

	Q1 2025		Q1 2024		Change (%)
GAAP Measures
Revenues ($ millions)
Electricity	180.2		191.3		(5.8	%)
Product	31.8		24.8		27.9	%
Energy Storage	17.8		8.1		119.7	%
Total Revenues	229.8		224.2		2.5	%

Gross Profit	72.9		78.8		(7.5	%)
Gross margin (%)
Electricity	33.5	%	39.0	%
Product	22.3	%	14.8	%
Energy Storage	30.6	%	7.5	%
Gross margin (%)	31.7	%	35.2	%
Operating income ($ millions)	50.9		52.6		(3.2	%)
Net income attributable to the Company’s stockholders	40.4		38.6		4.6	%
Diluted EPS ($)	0.66		0.64		3.1	%
Non-GAAP Measures
Adjusted Net income attributable to the Company’s stockholders	41.5		39.6		4.8	%
Adjusted Diluted EPS ($)	0.68		0.65		4.6	%
Adjusted EBITDA²($ millions)	150.3		141.2		6.4	%

_{¹ Net Income attributable to the Company’s stockholder}
_{² See reconciliation table below}

“Ormat had a strong start to 2025, achieving a 2.5% increase in revenue, a 4.6% rise in net income attributable to the Company’s stockholders, and a 6.4% increase in adjusted EBITDA. This growth was driven by improved performance in both our Product and Storage segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “Our Storage segment benefited from new capacity added over the last 12 months and from higher merchant prices in the PJM market. We expect continued good performance throughout 2025 as we transition our Storage segment to a more predictable portfolio designed to maximize profitability.”

“While our Electricity segment experienced a slight year-over-year decline in the quarter due to previously disclosed curtailments in California and Nevada, the balance of our geothermal operations delivered a consistent, solid performance. We have several projects under development that we anticipate will reach commercial operation by the end of 2025, which we expect will deliver solid generation growth and further strengthen our earnings trajectory. Additionally, we believe that the potential easing of project permitting timelines combined with increased focus on geothermal exploration will further support our growth in the segment, expand our revenues, and help us achieve our long-term targets.”

“I am pleased to announce that Ormat signed an agreement to acquire the Blue Mountain geothermal power plant from Cyrq Energy for $88 million, subject to standard working capital adjustments. The 20 MW facility, located in Humboldt County, was built using Ormat technology, features an existing 51 MW interconnection capacity and a Power Purchase Agreement (PPA) with NV Energy (NVE) that expires at the end of 2029. Following the acquisition, Ormat plans to upgrade the power plant, increasing its capacity by 3.5 MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13 MW solar facility to support the plant’s auxiliaries. The acquisition is anticipated to close towards the end of the second quarter. This acquisition underscores Ormat’s capability to strategically expand and enhance assets in the U.S., leveraging our advanced technology and expertise to optimize performance and efficiency. The planned upgrades and solar addition demonstrate our commitment to innovation and maximizing renewable energy output, contributing to a sustainable future.”

Blachar continued, “The demand for electricity, particularly from baseload renewable sources, remains strong, and we continue to observe high PPA pricing in the Electricity Segment, and increased Resource Adequacy (RA) pricing in the Storage Segment. Regarding the recent reciprocal tariffs, we anticipate a limited short-term impact on our Storage Segment as we have already procured batteries for all projects currently under construction. Additionally, our Electricity Segment operations and project development have limited exposure to China, mitigating potential adverse effects from the tariffs. Ormat remains committed to delivering reliable and sustainable energy solutions and enhancing shareholder value. We will continue navigating this fluid regulatory environment with a focus on maintaining our growth trajectory and supporting the transition to a cleaner energy future.”

FINANCIAL HIGHLIGHTS

Net income attributable to the Company’s stockholders for the first quarter was $40.4 million, an increase of 4.6% compared to last year. Diluted EPS for the first quarter was $0.66, an increase of 3.1%, compared to the prior year period. This increase is mainly driven by income tax benefits related to the storage facilities expected to commence commercial operation during 2025.
Adjusted net income attributable to the Company’s stockholders and Adjusted diluted EPS for the first quarter increased 4.8% and 4.6%, respectively.
Adjusted EBITDA for the first quarter was $150.3 million, an increase of 6.4% compared to 2024. The year-over-year increase in Adjusted EBITDA was driven by the Energy Storage segment, due to the contribution of new assets, higher merchant pricing in the East Coast markets, and a legal settlement with a battery supplier. In the Product segment, the increase was derived from a higher backlog and improved contract’ margins. The increase in the Storage and Product segments was partly offset by the reduction in Electricity segment EBITDA mainly due to curtailments in the U.S.
Electricity segment revenues decreased by 5.8% during the first quarter, compared to last year. The year-over-year decrease in the first quarter revenue was driven by the previously disclosed energy curtailments, mainly at our McGinness complex, maintenance on the transmission line by the local grid operator, and wildfires in California, which forced grid operators to curtail part of the supplied power.
Product segment revenues increased by 27.9% in the first quarter, driven largely by the timing of revenue recognition and our higher backlog. Gross margin increased from 14.8% in the first quarter 2024 to 22.3% in 2025, reflecting marked growth in revenue.
Product segment backlog stands at approximately $314 million as of May 7th, 2025, and includes the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand and the BOT project in Dominica.
Energy Storage segment revenues increased 119.7% for the first quarter compared to 2024. The improvement was driven by strong performance in the PJM merchant market, where a spike in cold weather along the East Coast contributed to elevated merchant pricing.

BUSINESS HIGHLIGHTS:

In early May, the company signed an agreement to acquire the 20MW Blue Mountain geothermal power plant from Cyrq Energy for $88 million. Closing is expected by the end of the second quarter.
In February 2025, Ormat won a tender issued by the Israeli Electricity Authority and was awarded two 15-year tolling agreements for two energy storage facilities with a combined capacity of approximately 300MW/1200MWh. Ormat will retain a 50% equity interest.
Ormat commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia in February 2025, holding a 49% equity interest.
In January 2025, Ormat signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms. This PPA will replace the current lower-priced PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
We currently do not expect material impact from the new import tariffs on our 2025 and 2026 financial results. All batteries required for our projects arrived or were in transit to the U.S. before significant increased tariffs were imposed.

2025 GUIDANCE

Total revenues of between $935 million and $975 million.
Electricity segment revenues of between $710 million and $725 million.
Product segment revenues of between $172 million and $187 million.
Energy Storage revenues of between $53 million and $63 million.
Adjusted EBITDA to be between $563 million and $593 million.
- Adjusted EBITDA attributable to minority interest of approximately $21 million.

The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three months ended March 31, 2025. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

DIVIDEND

On May 7, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on June 4, 2025, to stockholders of record as of the close of business on May 21, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

CONFERENCE CALL DETAILS

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, May 8, 2025, at 9:00 a.m. ET.

Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 3818407. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 3818407. The webcast will also be archived on the Investor Relations section of the Company’s website.

ABOUT ORMAT TECHNOLOGIES

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

ORMAT’S SAFE HARBOR STATEMENT

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

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

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
For the Three Months Ended March 31, 2025, and 2024

	Three Months Ended March 31,
	2025		2024
Revenues:	(Thousands, except per share data)
Electricity	180,241		191,253
Product	31,769		24,832
Energy storage	17,752		8,081
Total revenues	229,762		224,166
Cost of revenues:
Electricity	119,833		116,730
Product	24,684		21,154
Energy storage	12,318		7,472
Total cost of revenues	156,835		145,356
Gross profit	72,927		78,810
Operating expenses:
Research and development expenses	2,542		1,564
Selling and marketing expenses	4,172		5,126
General and administrative expenses	17,909		19,537
Other operating income	(3,125	)	—
Write-off of unsuccessful exploration and storage activities	516		—
Operating income	50,913		52,583
Other income (expense):
Interest income	1,313		1,839
Interest expense, net	(34,473	)	(30,968	)
Derivatives and foreign currency transaction gains (losses)	2,060		(1,582	)
Income attributable to sale of tax benefits	17,571		17,476
Other non-operating income, net	222		26
Income from operations before income tax and equity in earnings of investees	37,606		39,374
Income tax (provision) benefit	3,795		147
Equity in earnings (losses) of investees	(367	)	829
Net income	41,034		40,350
Net income attributable to noncontrolling interest	(672	)	(1,763	)
Net income attributable to the Company’s stockholders	40,362		38,587
Earnings per share attributable to the Company’s stockholders:
Basic:	0.67		0.64
Diluted:	0.66		0.64
Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:
Basic	60,559		60,386
Diluted	60,840		60,536

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
For the Period Ended March 31, 2025, and the Period Ended December 31, 2024

	March 31, 2025		December 31, 2024
ASSETS	(In thousands)
Current assets:
Cash and cash equivalents	112,704		94,395
Restricted cash and cash equivalents (primarily related to VIEs)	112,001		111,377
Receivables:
Trade less allowance for credit losses of $249 and $163 respectively (primarily related to VIEs)	173,590		164,050
Other	45,489		50,792
Inventories	42,107		38,092
Costs and estimated earnings in excess of billings on uncompleted contracts	20,940		29,243
Prepaid expenses and other	94,023		59,173
Total current assets	600,854		547,122
Investment in unconsolidated companies	158,618		144,585
Deposits and other	89,021		75,383
Deferred income taxes	165,983		153,936
Property, plant and equipment, net ($3,261,700 and $3,271,248 related to VIEs, respectively)	3,497,915		3,501,886
Construction-in-process ($370,762 and $251,442 related to VIEs, respectively)	844,873		755,589
Operating leases right of use ($13,725 and $13,989 related to VIEs, respectively)	32,232		32,114
Finance leases right of use (none related to VIEs)	2,935		2,841
Intangible assets, net	295,225		301,745
Goodwill	151,291		151,023
Total assets	5,838,947		5,666,224

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	201,354		234,334
Commercial paper (less deferred financing costs of $22 and $23, respectively)	99,978		99,977
Billings in excess of costs and estimated earnings on uncompleted contracts	52,198		23,091
Current portion of long-term debt:
Limited and non-recourse (primarily related to VIEs)	70,453		70,262
Full recourse	184,227		161,313
Financing Liability	5,905		4,093
Operating lease liabilities	3,657		3,633
Finance lease liabilities	1,451		1,375
Total current liabilities	619,223		598,078
Long-term debt, net of current portion:
Limited and non-recourse: (primarily related to VIEs and less deferred financing costs of $8,216 and $8,849, respectively)	560,824		578,204
Full recourse: (less deferred financing costs of $4,782 and $4,671, respectively)	957,027		822,828
Convertible senior notes (less deferred financing costs of $6,138 and $6,820, respectively)	470,299		469,617
Financing Liability	213,810		216,476
Operating lease liabilities	22,722		22,523
Finance lease liabilities	1,544		1,529
Liability associated with sale of tax benefits	144,081		152,292
Deferred income taxes	71,479		68,616
Liability for unrecognized tax benefits	6,481		6,272
Liabilities for severance pay	11,147		10,488
Asset retirement obligation	131,431		129,651
Other long-term liabilities	33,533		29,270
Total liabilities	3,243,601		3,105,844

Redeemable noncontrolling interest	9,573		9,448

Equity:
The Company’s stockholders’ equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,662,626 and 60,500,580 issued and outstanding as of March 31, 2025, and December 31, 2024, respectively	61		61
Additional paid-in capital	1,640,910		1,635,245
Treasury stock, at cost (258,667 shares held as of March 31, 2025, and December 31, 2024, respectively)	(17,964	)	(17,964	)
Retained earnings	847,607		814,518
Accumulated other comprehensive income (loss)	(9,410	)	(6,731	)
Total stockholders’ equity attributable to Company’s stockholders	2,461,204		2,425,129
Noncontrolling interest	124,569		125,803
Total equity	2,585,773		2,550,932
Total liabilities, redeemable noncontrolling interest and equity	5,838,947		5,666,224

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA
For the Three Months Ended March 31, 2025, and 2024

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

The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and 2024:

	Three Months Ended March 31,
	2025		2024
	(Dollars in thousands)
Net income	41,034		40,350
Adjusted for:
Interest expense, net (including amortization of deferred financing costs)	33,160		29,129
Income tax provision (benefit)	(3,795	)	(147	)
Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen	3,421		3,352
Depreciation, amortization and accretion	69,157		61,676
EBITDA	142,977		134,360
Mark-to-market (gains) or losses of derivative instruments	939		813
Stock-based compensation	4,911		4,769
Allowance for bad debts	26		—
Merger and acquisition transaction costs	—		1,299
Settlement agreement	900		—
Write-off of unsuccessful exploration and storage activities	516		—
Adjusted EBITDA	150,269		141,241

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
For the Three Months Ended March 31, 2025, and 2024

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

The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted diluted EPS for the three months ended March 31, 2025, and 2024.

	Three Months Ended March 31,
	2025	2024
	(Dollars in millions, except per share data)
GAAP Net income attributable to the Company’s stockholders	40.4	38.6
Write-off of unsuccessful exploration and storage activities	0.41	–
Merger and acquisition transaction costs	–	1.0
Allowance for bad debts	0.02	–
Settlement agreement	0.71	–
Adjusted Net income attributable to the Company’s stockholders	41.5	39.6
GAAP diluted EPS	0.66	0.64
Write-off of unsuccessful exploration and storage activities	0.01	–
Merger and acquisition transaction costs	–	0.02
Allowance for bad debts	0.00	–
Settlement agreement	0.01	–
Adjusted Diluted EPS ($)	0.68	0.65

Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.com

Investor Relations Agency Contact:
Joseph Caminiti or Josh Carroll
Alpha IR Group
312-445-2870
ORA@alpha-ir.com

The MIL Network –

May 8, 2025

MIL-OSI: Fortinet Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Highlights

Total revenue of $1.54 billion, up 14% year over year
Product revenue of $459 million, up 12% year over year
Billings of $1.60 billion, up 14% year over year¹
Unified SASE ARR²up 26% and Security Operations ARR²up 30%, year over year
Record first quarter GAAP operating margin of 29%
Record first quarter Non-GAAP operating margin of 34%¹
Record Cash flow from operations of $863 million
Record Free cash flow of $783 million¹

SUNNYVALE, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2025.

“We are pleased to report another strong quarter as non-GAAP operating margin increased 570 basis points year over year to a first quarter record of 34%, while billings grew 14% year over year,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking. Leveraging our deep expertise in networking and security convergence, a strong track record of AI-driven innovation, and seamless product development and integration through our FortiOS operating system, we have established ourselves as the leader in organic innovation and will continue setting the industry standard in cybersecurity.”

Financial Highlights for the First Quarter of 2025

Revenue: Total revenue was $1.54 billion for the first quarter of 2025, an increase of 13.8% compared to $1.35 billion for the same quarter of 2024.

Product Revenue: Product revenue was $459.1 million for the first quarter of 2025, an increase of 12.3% compared to $408.9 million for the same quarter of 2024.

Service Revenue: Service revenue was $1.08 billion for the first quarter of 2025, an increase of 14.4% compared to $944.4 million for the same quarter of 2024.

Billings¹: Total billings were $1.60 billion for the first quarter of 2025, an increase of 13.5% compared to $1.41 billion for the same quarter of 2024.

Remaining performance obligations: Remaining performance obligations were $6.49 billion as of March 31, 2025, an increase of 11.7% compared to $5.81 billion as of March 31, 2024. We expect to recognize approximately $3.38 billion as revenue over the next 12 months, an increase of 15.4% compared to $2.93 billion as of March 31, 2024.

Unified SASE ARR²: Unified SASE ARR was $1.15 billion as of March 31, 2025, an increase of 25.7% compared to $914.7 million as of March 31, 2024.

Security Operations ARR²: Security Operations ARR was $434.5 million as of March 31, 2025, an increase of 30.3% compared to $333.5 million as of March 31, 2024.

GAAP Operating Income and Margin: GAAP operating income was $453.8 million for the first quarter of 2025, representing a GAAP operating margin of 29.5%. GAAP operating income was $321.2 million for the same quarter of 2024, representing a GAAP operating margin of 23.7%.

Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $526.2 million for the first quarter of 2025, representing a non-GAAP operating margin of 34.2%. Non-GAAP operating income was $386.1 million for the same quarter of 2024, representing a non-GAAP operating margin of 28.5%.

GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $433.4 million for the first quarter of 2025, compared to GAAP net income of $299.3 million for the same quarter of 2024. GAAP diluted net income per share was $0.56 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.39 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Non-GAAP Net Income and Diluted Net Income Per Share¹: Non-GAAP net income was $452.3 million for the first quarter of 2025, compared to non-GAAP net income of $333.9 million for the same quarter of 2024. Non-GAAP diluted net income per share was $0.58 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to $0.43 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Cash Flow: Cash flow from operations was $863.3 million for the first quarter of 2025, compared to $830.4 million for the same quarter of 2024. Cash flow from operations for the first quarter of 2025 includes $14.0 million proceeds from an intellectual property matter.

Free Cash Flow¹: Free cash flow was $782.8 million for the first quarter of 2025, compared to $608.5 million for the same quarter of 2024.

Guidance

For the second quarter of 2025, Fortinet currently expects:

Revenue in the range of $1.590 billion to $1.650 billion
Billings in the range of $1.685 billion to $1.765 billion
Non-GAAP gross margin in the range of 80.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 32.5%
Diluted non-GAAP net income per share in the range of $0.58 to $0.60, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 773 million to 777 million.

For the fiscal year 2025, Fortinet currently expects:

Revenue in the range of $6.650 billion to $6.850 billion
Service revenue in the range of $4.575 billion to $4.725 billion
Billings in the range of $7.200 billion to $7.400 billion
Non-GAAP gross margin in the range of 79.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 33.5%
Diluted non-GAAP net income per share in the range of $2.43 to $2.49, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 769 million to 779 million.

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

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

¹ A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
² Annual Recurring Revenue or ARR is defined as the annualized value of renewable / recurring customer agreements as of the measurement date, assuming any contract that expires during the next 12 months is renewed at its existing value.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Second Quarter 2025 Conference Participation Schedule:

J.P. Morgan Global Technology, Media and Communications Conference
May 13, 2025

Bank of America Global Technology Conference
June 3, 2025

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAppSec, FortiAuthenticator, FortiBranchSASE, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCART, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDATA, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevice, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPoints, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiSwitch, FortiTelemetry, FortiTester, FortiTIP, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR, Lacework FortiCNAPP, Linksys, Intelligent Mesh, Velop, Max-Stream, Performance Perfected and SECURITY FABRIC. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

FTNT-F

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future growth and market share gains, our strategy going forward, and guidance and expectations around future financial results, including guidance and expectations for the second quarter and full year 2025, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, a possible economic downturn or recession and the effects of inflation or stagflation, rising interest rates or reduced information technology spending; supply chain challenges; negative impacts from the ongoing war in Ukraine and its related macroeconomic effects and our decision to reduce operations in Russia; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; sales execution risks, including risks in connection with the timing and completion of large strategic deals; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive, including advances in artificial intelligence; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by competition and pricing pressure; excess product inventory for any reason, including those caused by the effects of increased inflation and interest rates in certain geographies and the war in Ukraine; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine or tensions between China and Taiwan, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business and cash flows. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matters. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matters, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matters, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our proceeds from intellectual property matters, our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, amortization of acquired intangible assets, less gain on intellectual property matters and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for a gain on bargain purchase related to acquisition, a gain from an equity method investment related to acquisition and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions)

	March 31, 2025			December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	3,596.6		$	2,875.9
Short-term investments		1,183.9			1,190.6
Accounts receivable—net		1,174.0			1,463.4
Inventory		362.7			315.5
Prepaid expenses and other current assets		125.4			126.1
Total current assets		6,442.6			5,971.5
LONG-TERM INVESTMENTS		35.2			—
PROPERTY AND EQUIPMENT—NET		1,403.8			1,349.5
DEFERRED CONTRACT COSTS		636.2			622.9
DEFERRED TAX ASSETS		1,411.6			1,335.6
GOODWILL AND OTHER INTANGIBLE ASSETS—NET		357.4			350.4
OTHER ASSETS		120.2			133.2
TOTAL ASSETS	$	10,407.0		$	9,763.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	224.5		$	190.9
Accrued liabilities		415.0			337.9
Accrued payroll and compensation		250.2			255.7
Current portion of long-term debt		498.7			—
Deferred revenue		3,339.4			3,276.2
Total current liabilities		4,727.8			4,060.7
DEFERRED REVENUE		3,079.0			3,084.7
LONG-TERM DEBT		496.2			994.3
OTHER LIABILITIES		141.1			129.6
Total liabilities		8,444.1			8,269.3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock		0.8			0.8
Additional paid-in capital		1,668.7			1,636.2
Accumulated other comprehensive loss		(22.9	)		(26.1	)
Retained earnings (accumulated deficit)		316.3			(117.1	)
Total stockholders’ equity		1,962.9			1,493.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,407.0		$	9,763.1

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in millions, except per share amounts)

	Three Months Ended
	March 31, 2025			March 31, 2024
REVENUE:
Product	$	459.1		$	408.9
Service		1,080.6			944.4
Total revenue		1,539.7			1,353.3
COST OF REVENUE:
Product		149.9			182.8
Service		143.2			121.9
Total cost of revenue		293.1			304.7
GROSS PROFIT:
Product		309.2			226.1
Service		937.4			822.5
Total gross profit		1,246.6			1,048.6
OPERATING EXPENSES:
Research and development		198.6			173.0
Sales and marketing		542.7			501.1
General and administrative		57.8			54.4
Gain on intellectual property matters		(6.3	)		(1.1	)
Total operating expenses		792.8			727.4
OPERATING INCOME		453.8			321.2
INTEREST INCOME		44.3			32.2
INTEREST EXPENSE		(4.9	)		(5.1	)
OTHER INCOME (EXPENSE)—NET		26.1			(2.9	)
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		519.3			345.4
PROVISION FOR INCOME TAXES		96.5			39.5
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		10.6			(6.6	)
NET INCOME	$	433.4		$	299.3
Net income per share:
Basic	$	0.56		$	0.39
Diluted	$	0.56		$	0.39
Weighted-average shares outstanding:
Basic		768.3			762.4
Diluted		776.8			770.5

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)

	Three Months Ended
	March 31, 2025			March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	433.4		$	299.3
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		66.1			62.3
Amortization of deferred contract costs		78.0			72.0
Depreciation and amortization		35.8			28.6
Amortization of investment discounts		(10.3	)		(12.2	)
Other		(35.5	)		9.9
Changes in operating assets and liabilities, net of impact of business combinations:
Accounts receivable—net		303.9			405.6
Inventory		(34.1	)		36.5
Prepaid expenses and other current assets		3.4			(0.1	)
Deferred contract costs		(91.3	)		(66.5	)
Deferred tax assets		(30.0	)		(73.9	)
Other assets		1.5			(6.2	)
Accounts payable		24.6			(61.6	)
Accrued liabilities		63.7			105.0
Accrued payroll and compensation		(8.2	)		(27.4	)
Deferred revenue		57.0			54.8
Other liabilities		5.3			4.3
Net cash provided by operating activities		863.3			830.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments		(503.0	)		(436.1	)
Sales of investments		2.8			—
Maturities of investments		466.9			393.4
Purchases of property and equipment		(66.5	)		(221.9	)
Payments made in connection with business combinations, net of cash acquired		(11.2	)		(5.7	)
Other		0.2			—
Net cash used in investing activities		(110.8	)		(270.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		20.2			13.4
Taxes paid related to net share settlement of equity awards		(52.9	)		(42.9	)
Other		—			(0.8	)
Net cash used in financing activities		(32.7	)		(30.3	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		0.9			(1.4	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		720.7			528.4
CASH AND CASH EQUIVALENTS—Beginning of period		2,875.9			1,397.9
CASH AND CASH EQUIVALENTS—End of period	$	3,596.6		$	1,926.3

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (Unaudited, in millions, except per share amounts)

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share

	Three Months Ended
	March 31, 2025			March 31, 2024
Reconciliation of non-GAAP operating income:
GAAP operating income	$	453.8		$	321.2
GAAP operating margin		29.5	%		23.7	%
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Non‐GAAP operating income	$	526.2		$	386.1
Non‐GAAP operating margin		34.2	%		28.5	%

Reconciliation of non-GAAP net income:
GAAP net income	$	433.4		$	299.3
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Gain on bargain purchase ^(a)		(39.9	)		—
Tax adjustment ^(b)		(2.8	)		(30.3	)
Gain from equity method investment ^(c)		(10.8	)		—
Non-GAAP net income	$	452.3		$	333.9



























Non-GAAP net income per share, diluted













Non-GAAP net income	$	452.3		$	333.9













Non-GAAP shares used in diluted net income per share calculations		776.8			770.5













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























Reconciliation of non-GAAP net income per share, diluted













GAAP net income per share, diluted	$	0.56		$	0.39













Add back:













Non-GAAP adjustments to net income per share		0.02			0.04













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























(a) To exclude a $39.9 million gain on bargain purchase related to our acquisition of Linksys Holdings, Inc. (“Linksys”) in the three months ended March 31, 2025.
(b) Non-GAAP financial information is adjusted to an effective tax rate of 18% and 17% in the three months ended March 31, 2025 and 2024, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(c) To exclude a $10.8 million gain from equity method investment in Linksys resulted from our acquisition of Linksys in the three months ended March 31, 2025.

Reconciliation of net cash provided by operating activities to free cash flow

	Three Months Ended
	March 31, 2025			March 31, 2024
Net cash provided by operating activities	$	863.3		$	830.4
Less: Purchases of property and equipment		(66.5	)		(221.9	)
Less: Proceeds from intellectual property matter		(14.0	)		—
Free cash flow	$	782.8		$	608.5
Net cash used in investing activities	$	(110.8	)	$	(270.3	)
Net cash used in financing activities	$	(32.7	)	$	(30.3	)

Reconciliation of total revenue to total billings

	Three Months Ended
	March 31, 2025		March 31, 2024
Total revenue	$	1,539.7	$	1,353.3
Add: Change in deferred revenue		57.5		54.9
Less: Deferred revenue balance acquired in business acquisitions		—		(1.0	)
Total billings	$	1,597.2	$	1,407.2

Investor Contact:	Media Contact:

Aaron Ovadia Fortinet, Inc. 408-235-7700 investors@fortinet.com	Michelle Zimmermann Fortinet, Inc. 408-235-7700 pr@fortinet.com

The MIL Network –

May 8, 2025

MIL-OSI USA: Cortez Masto: House Republicans are Selling Out Nevada

US Senate News:

Source: United States Senator for Nevada Cortez Masto
Representative Mark Amodei’s reckless lands bill strips billions from Nevada schools and water conservation Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement after Representative Amodei (R-Nev.-02) and House Republicans snuck one of the single biggest sell-offs of Nevada public lands in history into their reconciliation bill.
“In the dead of night, Representative Mark Amodei pushed House Republicans to move forward with an insane plan that cuts funding from water conservation and public schools across Nevada,” said Senator Cortez Masto. “This is a land grab to fund Republicans ‘billionaire giveaway tax bill, and I’ll fight it with everything I have.”
Last night during a session of the House Natural Resources Committee, Representative Amodei, without consulting any of the Nevada delegation, forced the inclusion of language in the Republicans’ upcoming billionaire-tax cut bill that would sell up to 200,000 acres of public land in Clark County. The bill ignores Nevada’s Southern Nevada Public Land Management Act’s (SNPLMA) consultation provisions and takes money away from conservation, wildfire prevention, and public schools across Nevada, as well as from the Southern Nevada Water Authority.
This will shortchange billions of dollars in future reveneues from almost every county in Nevada, and the state as a whole. Theses funds will be forever lost instead of helping our communities. It also ignores Cortez Masto’s bipartisan Southern Nevada Economic Development and Conservation Act, a years-long effort to help Clark County grow, encourage affordable housing, and protect 2 million acres for conservation.

MIL OSI USA News –

May 8, 2025
MIL-OSI Security: Lower Brule Man Sentenced to 27 Months in Federal Prison for for Possessing a Firearm While Using Drugs

Source: Office of United States Attorneys

PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Lower Brule, South Dakota, man convicted of Possession of a Firearm by a Prohibited Person. The sentencing took place on May 6, 2025.

Stephen Biviano Zapata, age 28, was sentenced to two years and three months in federal prison, followed by three years of supervised release. He was also ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

Zapata was indicted by a federal grand jury in September 2024. He pleaded guilty on January 27, 2025.

This conviction stems from a traffic stop on March 27, 2024, in Lower Brule, in the Lower Brule Sioux Indian Reservation. Law enforcement was aware Zapata had an outstanding tribal arrest warrant. Upon his arrest officers searched Zapata’s person and vehicle locating three baggies containing methamphetamine, other drug paraphernalia, and an AR-style semi-automatic rifle with two magazines containing 48 rounds of ammunition. Zapata admitted to being a methamphetamine user and submitted a sample for urinalysis testing that was positive for methamphetamine. Zapata is prohibited from possessing firearms based on his drug use.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

This case was investigated by the FBI, the Bureau of Indian Affairs-Office of Justice Services, Lower Brule Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Assistant U.S. Attorney Meghan Dilges prosecuted the case.

Zapata was immediately remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

May 8, 2025
MIL-OSI Security: Shooting of 5-Year Old Child and an Adult in 2024 Gets District Man 156 Month Prison Term

Source: Office of United States Attorneys

WASHINGTON – Alante Partlow, 30, of the District, was sentenced today in Superior Court to 13 years in prison for shooting a 5-year-old child and an adult in April 2024, announced U.S. Attorney Edward R. Martin Jr. and Chief Pamela Smith of the Metropolitan Police Department.

Partlow pleaded guilty Oct. 18, 2024, to two counts of aggravated assault while armed and one count of possession of a firearm during a crime of violence. In addition to the prison term, Superior Court Judge Robert Okun ordered five years of supervised release.

According to the government’s evidence, with which Partlow agreed, at approximately 11:20 p.m. on April 23, 2024, the adult victim and a 5-year-old child were walking out of an apartment building in the Fort Totten neighborhood, after the adult had argued with Partlow. Partlow followed the victims outside and then fired multiple shots at the adult victim. The adult tried to shield the child and sustained multiple gunshot wounds. The child also sustained injuries.

In announcing the sentence, U.S. Attorney Martin and Chief Smith commended the work of those who investigated the case from the Metropolitan Police Department and the U.S. Attorney’s Office for the District of Columbia. They also acknowledged the work of Assistant U.S. Attorney Michael Roberts, who prosecuted the case.

This law enforcement activity is part of President Donald J. Trump’s Make DC Safe and Beautiful Executive Order. The Executive Order directs a coordinated federal effort to reduce crime, enhance public safety, and restore pride in the nation’s capital through targeted enforcement, improved policing, and strategic partnerships.

MIL Security OSI –

May 8, 2025
MIL-OSI Security: Lower Brule Man Sentenced to 27 Months in Federal Prison for for Possessing a Firearm While Using Drugs

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Lower Brule, South Dakota, man convicted of Possession of a Firearm by a Prohibited Person. The sentencing took place on May 6, 2025.

Stephen Biviano Zapata, age 28, was sentenced to two years and three months in federal prison, followed by three years of supervised release. He was also ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

Zapata was indicted by a federal grand jury in September 2024. He pleaded guilty on January 27, 2025.

This conviction stems from a traffic stop on March 27, 2024, in Lower Brule, in the Lower Brule Sioux Indian Reservation. Law enforcement was aware Zapata had an outstanding tribal arrest warrant. Upon his arrest officers searched Zapata’s person and vehicle locating three baggies containing methamphetamine, other drug paraphernalia, and an AR-style semi-automatic rifle with two magazines containing 48 rounds of ammunition. Zapata admitted to being a methamphetamine user and submitted a sample for urinalysis testing that was positive for methamphetamine. Zapata is prohibited from possessing firearms based on his drug use.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

This case was investigated by the FBI, the Bureau of Indian Affairs-Office of Justice Services, Lower Brule Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Assistant U.S. Attorney Meghan Dilges prosecuted the case.

Zapata was immediately remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

May 8, 2025

Category: Natural Disasters

Source: Fire and Emergency New Zealand

Prime Minister to set out vision for ‘defence dividend’ in a changed world

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Source: Fire and Emergency New Zealand

Our National Predator Control Programme

1️⃣ We’ve turned the tide for Fiordland tokoeka kiwi

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