NewzIntel.com

Category: Natural Disasters

  • MIL-OSI Europe: AFRICA/DR CONGO – Chaplain and nuns prevent Bukavu prison from burning down completely

    Source: Agenzia Fides – MIL OSI

    Kinshasa (Agenzia Fides) – “It is thanks to the chaplain and some nuns that the prison was not completely burned down,” reports a source from the local Church in Bukavu, the capital of the Congolese province of South Kivu, which fell into the hands of the M23 militias on February 16 (see Fides, 17/2/2025).”On Saturday, February 15, as the M23 approached, the city was looted by fleeing FARDC (Armed Forces of the Democratic Republic of Congo) soldiers, pro-government Wazalendo militiamen and local youth,” reports the source, who asked not to be identified. “The prison was also the target of looting, although it is unclear whether it was by outsiders and/or by the inmates themselves, who set fire to the prison before escaping. Only the intervention of the chaplain, assisted by some nuns, prevented the flames from completely destroying the prison. The prison chapel was also looted, but the priest managed to prevent its complete destruction.”Our source reports that “Bukavu is coming back to life. People have taken to the streets to clear away the garbage left by the looting of the past few days. Business has resumed and schools are expected to reopen next Monday. It is not known when or if the banks will reopen, we are awaiting instructions from Kinshasa. It is hoped that they will be able to reopen soon, as they are essential for trade.””We are also awaiting the instructions that the ‘new authorities’ intend to give the population in the next few days,” the source continued.”The city now seems safe. The clashes and looting have stopped.”The M23 militiamen have little presence in Bukavu; most of their troops are on their way to Uvira, which will probably fall today. The regular FARDC soldiers left the city yesterday. Only the “Wazalendo fighters, who in recent days clashed with the FARDC soldiers who asked them to hand over their weapons, remain in Uvira (see Fides, 19/2/2025).””Another direction of march for the M23 is west, towards Urega, where gold has been mined since colonial times. They are still about 80 kilometers from the gold mines, but it is only a matter of time before this area also falls into their hands,” concludes the Fides source.Meanwhile, in North Kivu, the M23 is advancing towards Butembo, another important center of the province after Goma, the capital captured at the end of January. (L.M.) (Agenzia Fides, 20/2/2025)
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    MIL OSI Europe News –

  • MIL-OSI United Nations: WFP delivers life-saving nutrition supplies to remote communities in Madagascar via unmanned aircraft

    Source: World Food Programme

    ANTANANARIVO /JOHANNESBURG– The United Nations World Food Programme (WFP) has for the first time in three months, delivered life-saving nutrition supplies for malnourished children in the remote region of Farafangana, southeastern Madagascar. The consignment of Plumpy’Sup – a lifesaving supplement for children suffering from malnutrition, was delivered via an Unmanned Aircraft System (UAS) marking a milestone in the use of UAS technology to reach remote and isolated communities.

    “In regions like southern Madagascar, where humanitarian needs are pressing, droughts are relentless and cyclones destroy roads and bridges, such innovations are vital,” said Franklyn Frimpong, WFP’s Chief of Aviation. “This milestone shows how innovation can help us reach those in need faster and more efficiently in challenging operational contexts.” 

    Communities in Farafangana often wait for weeks or even months for assistance, with food supplies sometimes dropped in distant locations. Communities then embark on a gruelling half-day trek, wading through unpredictable rivers and climbing steep and slippery paths to bring food home. 

    With UAS, WFP can now deliver up to 160 kilogrammes of relief items per drop with several deliveries planned to remote landlocked villages in southern Madagascar over the next three months. WFP is working with communities to build awareness and understanding of this delivery system, ensuring they can safely access the relief items.

    “Technology must be an integral part of our supply chain toolkit,” said Rania Dagash-Kamara, WFP Assistant Executive Director for Partnerships and Innovation. “This groundbreaking aerial operation is revolutionizing the way we deliver aid, elevating response efforts, not only for WFP, but for the entire humanitarian community. We are witnessing significant interest from partners and are eager to expand this initiative globally.”

    The innovative approach exemplifies WFP’s commitment to leveraging technology to enhance the efficiency and effectiveness of humanitarian aid delivery, ensuring assistance reaches all those who need it, especially those in insecure and hard-to-reach locations. It is a result of WFP’s collaboration with private sector partners and donors.

    Note to the editor: Broll available here and photos here.

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    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media; @WFPSupplyChain; @WFP_UNHAS

    MIL OSI United Nations News –

  • MIL-OSI Security: Fourteen Members of Bandidos Motorcycle Gang Indicted for Offenses Including Racketeering, Assault, and Murder

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

    HOUSTON – A 22-count indictment has been unsealed in the Southern District of Texas (SDTX) following an operation targeting multiple members of an allegedly violent, transnational motorcycle gang in the Houston metropolitan area.

    Current and former members of the Bandidos Outlaw Motorcycle Gang and Mascareros Motorcycle Club are charged for their alleged roles in a criminal enterprise engaged in violent criminal activity in and around Houston. The Mascareros is a support club of the Bandidos.

    Several of those are expected to make their initial appearance before U.S. Magistrate Judge Dena Hanovice Palermo at 2 p.m. Feb. 20.

    A federal grand jury returned an indictment Feb. 11 against 14 members and associates of the Bandidos outlaw motorcycle gang accusing them of various crimes, to include engaging in a conspiracy to commit racketeering activity and committing violent crimes in furtherance of the gang such as murder, attempted murder and assault. The indictment alleges the Bandidos are a self-identified “outlaw” motorcycle organization with a membership of approximately 1,500 to 2,000 in the United States and an additional 1,000 to 1,500 members internationally, including in Mexico.

    “Ensuring the safety of the public is SDTX’s paramount concern,” said U.S. Attorney Nicholas J. Ganjei. “The indictment here not only alleges shocking crimes of violence, but also alleges that these offenses were committed openly and wantonly, where any innocent member of the public could have been hurt or killed.” 

    “Today’s indictment is an important step in eliminating the Bandidos Outlaw Motorcycle Gang,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “The Bandidos declare war on rivals—and they wage that war on our streets. Criminal behavior like this has no place in America, and the Department of Justice is fully committed to bringing peace back to our communities.”

    The indictment alleges that beginning in 2019, a violent turf war erupted between the Bandidos and B*EAST, a rival outlaw motorcycle gang in the Houston area. As part of this turf war, Bandidos national leadership allegedly put out a “smash on site” order to commit physical assaults, including murder, against B*EAST members. The turf war has resulted in gunfire exchanged on public roadways and in public establishments with innocent civilians present, according to the charges.

    John M. Pfeffer aka Big John, 32, Darvi Hinojosa aka 10 Round, 35, Bradley Rickenbacker aka Dolla Bill, 37, all of Katy; Michael H. Dunphy aka Money Mike, 57, Cleveland; Christopher Sanchez aka Monster, 40, Tomball; and Brandon K. Hantz aka Loco and Gun Drop, 33, Crosby; are charged with conspiracy to commit racketeering activity. Pfeffer, Dunphy, Hinojosa, Rickenbacker and Sanchez are further charged with multiple counts of assault in aid of racketeering. Pfeffer, Hinojosa, Rickenbacker and Sanchez are also charged with using a firearm during and in relation to a crime of violence, while Sanchez faces charges of being a felon in possession of a firearm. Hantz is also charged with arson.

    Pfeffer, Hinojosa, Rickenbacker and Sanchez each face up to life in prison if convicted, while Dunphy and Hantz each face up to 20 years on each of their counts upon conviction.

    The indictment also charges David Vargas aka Brake Check and First Time, 33, Houston, with murder in aid of racketeering; using a firearm during and in relation to a crime of violence resulting in death; attempted murder in aid of racketeering; and using, carrying, brandishing, discharging and possessing a firearm during and in relation to the attempted murders. All those charges relate to the killing of a rival and the shooting of two others. Murder in aid of racketeering carries a mandatory life sentence or the death penalty, if convicted.

    Further, Pfeffer and Rickenbacker are also charged with assault in aid of racketeering and using a firearm during and in relation to a crime of violence  along with Marky Baker aka Pinche Guero and Guero, 40, Ronnie McCabe aka Meathead, 56, and Jeremy Cox aka JD, 37, all of Houston; Roy Gomez aka Repo, 50, Richmond; and Marcel Lett, 56, Pearland. These charges are in relation to an alleged assault and robbery that resulted in the death of a rival. If convicted, they face up to life in prison.

    Hinojosa is also charged along with John Sblendorio aka Tech9, 54, Houston, with conspiracy to commit murder in aid of racketeering, attempted murder in aid of racketeering, assault in aid of racketeering and using a firearm during and in relation to a crime of violence in connection with the shooting of a rival gang member. Hinojosa is also charged with conspiracy to distribute cocaine and three counts of possession with intent to distribute cocaine. Sblendorio and Hinojosa each face up to life in prison, if convicted.

    In addition, Sean G. Christison, aka Skinman, 30, Katy, is charged with possession with intent to distribute cocaine and possession of a firearm in furtherance of a drug trafficking crime. He faces a maximum penalty of life imprisonment. 

    The FBI, Texas Board of Criminal Justice – Office of Inspector General, Texas Department of Public Safety and Montgomery County Sheriff’s Office conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) investigation with the assistance of Harris County Sheriff’s Office; Houston and Pasadena Police Departments; Texas Alcoholic Beverage Commission; LaMarque and Katy Police Departments; U.S. Marshals Service; Bureau of Alcohol, Tobacco, Firearms and Explosives; and the Cypress-Fairbanks Independent School District Police Department. 

    OCDETF identifies, disrupts and dismantles the highest-level drug traffickers, money launderers, gangs and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage.

    This case is being prosecuted as part of the joint federal, state and local Project Safe Neighborhoods (PSN) Program, the centerpiece of the Department of Justice’s violent crime reduction efforts. PSN is an evidence-based program proven to be effective at reducing violent crime. Through PSN, a broad spectrum of stakeholders work together to identify the most pressing violent crime problems in the community and develop comprehensive solutions to address them. As part of this strategy, PSN focuses enforcement efforts on the most violent offenders and partners with locally based prevention and reentry programs for lasting reductions in crime.

    Assistant U.S. Attorneys Byron H. Black and Kelly Zenón-Matos of the Southern District of Texas are prosecuting the case in partnership with Trial Attorneys Grace H. Bowen and Christopher Taylor of the Department of Justice’s Criminal Division – Violent Crime and Racketeering Section.

    An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

    MIL Security OSI –

  • MIL-OSI Security: Crips Gang Member Charged With Ordering Murders in 2011 and 2015

    Source: Office of United States Attorneys

    RUBIN MOYE, a/k/a “Nut,” Directed Others to Kill, Leading to the August 2011 Murder of Phillip Richards and the March 2015 Murder of Michelle Cox.

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, and HSI Acting Special Agent in Charge Michael Alfonso announced today the unsealing of an Indictment charging Rubin Moye, a/k/a “Nut,” with ordering murders in 2011 and 2015.  As alleged, MOYE, a member of the Santana Block Crips set that operated around 2000 Valentine Avenue in the Bronx, ordered the murders of rival gang members or associates, leading fellow Crips to shoot and kill Phillip Richards on August 4, 2011, and Michelle Cox on March 4, 2015, neither of whom was a member of the rival gang.  In between those murders, MOYE himself shot a gang rival’s mother.  MOYE, who was previously detained in federal custody on separate charges, will be presented today before U.S. Magistrate Judge Sarah Netburn.  The case is assigned to U.S. District Judge J. Paul Oetken.  

    Acting U.S. Attorney Matthew Podolsky said: “Rubin Moye allegedly terrorized his community for years, engaging in gang warfare on the streets and in apartment buildings in the Bronx.  As alleged in the Indictment, Moye ordered fellow Crips gang members to murder rivals resulting in the shooting deaths of two people, and he personally attempted to kill a rival’s mother by shooting her in the head.  These vicious crimes occurred years ago, but this Office and our partners at HSI and the NYPD do not forget the victims of violent crime, and we will not stop pursuing justice for them.”

    Acting Special Agent in Charge Michael Alfonso said: “The defendant’s indictment for the 2011 and 2015 murders of innocent victims underscores HSI New York’s commitment to its enduring mission: the safety of our public regardless of how much time has passed. Together with our law enforcement partners, we refuse to let lawlessness run unchecked on the streets of New York City. I commend HSI’s Violent Gang Task Force, together with the NYPD and the Southern District of New York, for its unwavering pursuit of justice on behalf of our communities.”          

    According to the allegations in the Indictment,1 MOYE was a member of the Santana Block Crips set that sold drugs and engaged in violent crimes around 2000 Valentine Avenue in the Bronx—a building known as “Two Stacks.” This Crips set engaged in racketeering activity to enrich its members, preserve and protect its power, and promote and enhance its activities in that neighborhood, and they did so through drug sales, firearms offenses, robberies, and acts involving murder.  On August 4, 2011, MOYE directed a co-conspirator (“CC-1”) to kill a rival gang member (“Rival-1”) or someone associated with that rival gang member, and in the course of trying to do so, the co-conspirator shot and killed Phillip Richards, an innocent bystander, near East 181st and Lafontaine Avenue in the Bronx.  On November 19, 2011, MOYE shot Rival-1’s mother in the chest and head in retaliation for Rival-1’s alleged murder of MOYE’s brother, who was a leader of MOYE’s Crips set.  Rival-1’s mother survived the shooting.  Additionally, on March 4, 2015, MOYE directed CC-1 and a second co-conspirator (“CC-2”) to find and kill someone associated with Rival-1.  CC-1 and CC-2 then located Michelle Cox, a/k/a “Destiny,” who was a friend of Rival-1, in the stairwell of an apartment building, and CC-2 shot her in the head, killing her.

    *                 *                 *

    MOYE, 42, of the Bronx, New York, is charged with two counts of murder in aid of racketeering, which carries a mandatory minimum sentence of life in prison; two counts of murder while engaged in a narcotics conspiracy, which carries a mandatory minimum sentence of twenty years’ imprisonment and a maximum sentence of life; and two counts of murder through the use of a firearm, which carries a maximum sentence of life.

    The statutory minimum and maximum sentences are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. 

    Mr. Podolsky praised the outstanding work of the Homeland Security Investigations’ Violent Gangs Task Force and the New York City Police Department’s Bronx Violent Crimes Squad.   

    The case is being handled by the Office’s Violent and Organized Crime Unit.  Assistant U.S. Attorneys Frank Balsamello, Matthew Hellman, Michael Herman, and Ashley Nicolas are in charge of the prosecution.

    The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

    1 As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI United Kingdom: TRA recommendation on Corrosion Resistant Steel accepted

    Source: United Kingdom – Government Statements

    The Government has accepted the TRA’s recommendation to keep an anti-dumping measure on imports of Corrosion Resistant Steel from China to the UK.

    The Secretary of State for Business and Trade has today (Thursday 20 February) accepted the Trade Remedies Authority’s (TRA) recommendation to maintain an anti-dumping measure on imports of Corrosion Resistant Steel (CRS) from China for a further five years.   

    The process of making CRS, which is primarily used in the construction and manufacturing industries, effectively makes the steel rustproof and it is used in the manufacture of such products as domestic appliances, steel vents and fencing. The TRA estimated the UK producer of CRS contributes around £63 million to the UK economy annually.

    The TRA opened a transition review into the measure in February 2023, finding that it was likely that dumping of CRS from China would recur if the anti-dumping measure were no longer applied and that UK industry would likely be injured.

    As part of its Economic Interest Test, the TRA also considered claims by the UK industry that if the measure were no longer applied, this would have a direct impact on its ability to proceed with decarbonisation projects and contribution to various net zero initiatives in the UK.  

    In its final recommendation, the TRA therefore proposed that the level of duties applicable to Chinese exporters remain unchanged, ranging from 17.2% to 27.9%, until at least 9 February 2028.  

    The TRA found that following the imposition of the European Union’s measure in 2018, imports into the UK from China fell by 96% from 363,000 metric tonnes in 2016, to 16,000 metric tonnes in 2018.  

    Background information

    • The TRA is the UK body that investigates whether trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.  
    • Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK left the EU. A number of EU trade remedy measures of interest to UK producers were carried across into UK law when the UK left the EU and the TRA is currently reviewing each one to check if it is suitable for UK needs. View further information on our current transition reviews.  
    • Anti-dumping duties allow a country or union to take action against goods which are being sold at less than their normal value – this is defined as the price for ‘like goods’ sold in the exporter’s home market.  
    • These measures are one of the three types of trade remedy measures – along with countervailing measures against countervailable subsidies and safeguard measures which address sudden, unforeseen floods of imports – that are allowed under World Trade Organisation (WTO) rules.  
    • Corrosion resistant steel: the goods reviewed were flat rolled, iron/alloy/non alloy steel, aluminium killed (meaning the steel has been deoxidized with aluminium, thus eliminating any reaction between carbon and oxygen during solidification), and then plated or coated by hot dip galvanisation with zinc and/or aluminium and/or magnesium.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Maris-Tech Completes the Development of MARS RF

    Source: GlobeNewswire (MIL-OSI)

    The MARS RF delivers advanced intelligence gathering capabilities via ultra-light, low-power, H.265 DVR & streamer that it has designed for miniature drones

    Rehovot, Israel, Feb. 20, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, today announced that it has successfully completed the development of MARS RF, an advanced ultra-lightweight H.265 digital video recording (“DVR”) and video streaming solution. Based on the Company’s MARS V300, MARS RF delivers an end-to-end solution for the entire video pipeline.

    Developed for a classified intelligence unit and already deployed in the field, MARS RF meets the rigorous operational requirements of defense and homeland security forces. The product offers industry-leading size, weight, and power efficiency, consuming less than 1W, with a wake-up time of under one second and a total weight of less than four grams.

    MARS RF is a cutting-edge H.265 DVR and video streamer designed for miniature drone applications. Miniature, ultra lightweight, and ultra-low power, it offers unmatched versatility with wireless connectivity over a serial interface. MARS RF connects to the drone’s autopilot system, camera and radio, offering a complete solution for miniature drones and ensuring reliable performance in demanding environments.

    “MARS RF represents a technological leap in miniature video intelligence solutions,” said Israel Bar, Chief Executive Officer of Maris-Tech. “We are incredibly proud of our team’s successful development of this innovative product, which reinforces our commitment to cutting-edge, field-proven solutions for defense and homeland security applications.”

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when the Company is discussing: the benefits and advantages of MARS RF and that MARS RF represents a technological leap in miniature video intelligence solutions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause its actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; the Company’s continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and its other filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: Leveraging Artificial Intelligence (AI) for Drone Operations Market Leading to Multi-Billion Dollar Revenue Opportunity

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – A report from Verified Market Research said that the AI In Drone Market size is projected to reach USD 206.9 Billion by 2031, growing at a CAGR of 32.4% during the forecast period to 2031. The report said: “Developments in Technology: One of the main factors propelling the artificial intelligence (AI) market for drones is the quick development of AI technologies. Drone capabilities are improved by innovations like computer vision, machine learning, and real-time data processing, which enable advanced decision-making and autonomous navigation. These developments make it possible for drones to more effectively carry out difficult jobs like infrastructure inspection, precision farming, and search and rescue missions. Furthermore, a variety of businesses can incorporate drones into their operations as AI software becomes more widely available and reasonably priced, expanding the market. Demand in the industry is driven by the ongoing improvement of AI algorithms, which guarantee that drones can do ever-more-difficult tasks. Industry Acceptance: One of the main factors driving the market is the growing use of drones in a variety of sectors, such as construction, logistics, surveillance, and agriculture. Businesses are increasingly incorporating AI-enabled drones into their operations as they realize the efficiency, cost savings, and safety enhancements these technologies provide. AI drones improve crop monitoring and resource management in agriculture and expedite delivery procedures in logistics. Demand is further fueled by this cross-industry applicability, as businesses look to automation and improved data insights to gain a competitive edge. Drones’ increasing acceptance as vital instruments in contemporary operations propels market expansion and encourages innovation in the AI space. Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Rigetti Computing, Inc. (NASDAQ: RGTI), AeroVironment, Inc. (NASDAQ: AVAV), Unusual Machines (NYSE: UMAC), Safe Pro Group Inc. (NASDAQ: SPAI).

    Verified Market Research continued: “Cost Cutting: The market is expanding due to the declining costs of drone technology and AI integration. Drones and related AI software are becoming more affordable as manufacturers develop and competition rises, opening up these technologies to a wider variety of consumers. Drone adoption is made possible by lower costs, which makes it easier for small and medium-sized businesses to enter the market. Cost savings are also facilitated by the adoption of open-source software and improved manufacturing process efficiency. The market is seeing faster adoption rates as affordability rises, which prompts more investment in AI capabilities that boost drone applications and functions. The government, commercial, and military sectors are the main end-users that divide the AI In Drone Market. Recognizing that different businesses have diverse needs and use drones for different purposes, this division highlights the uses of AI-powered drones across a range of fields. The government sector uses AI to improve data analysis, automate repetitive jobs, and increase decision-making in areas including disaster response, surveillance, law enforcement, and agricultural monitoring. Drones can now swiftly and effectively process enormous volumes of data thanks to artificial intelligence (AI), which is especially useful for government tasks requiring real-time information, such as monitoring emergencies or evaluating and handling public safety issues. The commercial AI drone market sector encompasses a wide range of applications, such as media, construction, logistics, and agriculture.”

    ZenaTech (NASDAQ:ZENA) Quantum Computing “Sky Traffic” Project Demonstrates High Accuracy in Initial Testing Leading to Expansion of Team and AI Drone Applications for Commercial and Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces positive results from initial testing and an update on its Quantum Computing Sky Traffic project. An initial test using the Company’s AI algorithms and quantum computing to predict weather has resulted in a high level of accuracy for the parameters tested including actual temperatures versus predicted temperatures in the test which used 2016 data.

    Due in part to these encouraging results, ZenaTech is now growing its internal team over the next two months. As part of the ramp up, the Company is adding additional quantum, AI and hardware engineers, and optimization specialists and is engaged in recruiting staff from physics facilities at international universities, including researchers, instructors, and Ph.D. candidates.

    “The Sky Traffic project leverages AI and quantum computing to process vast data streams to improve the accuracy and speed of weather forecasting that can also apply to the innovation of many other commercial and defense applications utilizing drones. Our hiring strategy focuses on assembling a multidisciplinary team of quantum and AI specialists, and hardware and aerospace engineers to help us revolutionize autonomous drones. By combining quantum algorithms with advanced machine learning, we can optimize navigation, decision-making, and real-time data processing for next-generation aerial intelligence,” said CEO Shaun Passley, Ph.D.

    ZenaTech launched the Sky Traffic project in November 2024, which will utilize its AI drones, quantum computing, and specialized quantum and AI teams to develop and test advanced applications for traffic management, weather forecasting, wildfire management and defense applications using large datasets, Amazon Web Services, and computing devices and platforms.

    AI Drones are used in weather forecasting to collect real-time atmospheric data from hard-to-reach areas, such as storm systems or remote regions, providing valuable input for weather models. Quantum computers can then analyze this vast and complex data much faster and more accurately, improving weather predictions and enhancing the ability to forecast extreme events like hurricanes, tornadoes, or wildfires.

    AI and quantum computing can work together to make defense drones smarter, faster, and more efficient using a single drone or a swarm of multiple drones. AI helps drones analyze data, recognize objects, and make decisions on their own, while quantum computing can process massive amounts of information much faster than regular computers. For example, a defense drone using AI can detect enemy movement, but adding quantum computing allows it to analyze complex battlefield data instantly and find the best flight path or strategy in real time. This combination improves reaction speed, mission accuracy, and overall drone performance, making them more effective for surveillance, reconnaissance, and security operations.

    Quantum computing is an emergent field of cutting-edge computer science harnessing the unique qualities of quantum mechanics to solve problems beyond the ability of even the most powerful classical computers of today, to process massively complicated mathematical problems and data at orders of magnitude faster speeds.

    The ZenaDrone 1000 is a multifunction autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with eight rotors; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments, along with compact and rugged hardware engineered for industrial and defense use for a variety of inspection, surveillance or tracking applications. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    QphoX B.V., a Dutch quantum technology startup that is developing leading frequency conversion systems for quantum applications, Rigetti Computing, Inc. (NASDAQ: RGTI), a pioneer in full-stack quantum-classical computing, and Qblox, a leading innovator in quantum control stack development, recently announced that their joint research demonstrating the ability to readout superconducting qubits with an optical transducer was published in Nature Physics.

    Quantum computing has the potential to drive transformative breakthroughs in fields such as advanced material design, artificial intelligence, and drug discovery. Of the quantum computing modalities, superconducting qubits are a leading platform towards realizing a practical quantum computer given their fast gate speeds and ability to leverage existing semiconductor industry manufacturing techniques. However, fault-tolerant quantum computing will likely require 10,000 to a million physical qubits. The sheer amount of wiring, amplifiers and microwave components required to operate such large numbers of qubits far exceeds the capacity of modern-day dilution refrigerators, a core component of a superconducting quantum computing system, in terms of both space and passive heat load.

    AeroVironment, Inc. (NASDAQ: AVAV) recently announced the launch of the JUMP® 20-X, a next-generation, modular Group 3 uncrewed aircraft system (UAS) designed to meet the dynamic demands of modern warfare. Setting a new benchmark for autonomous maritime operations, the JUMP 20-X delivers unrivaled versatility, efficiency, and precision in contested and complex environments.

    Unveiled at the 2025 International Defence Exhibition & Conference (IDEX), the JUMP 20-X is a vertical takeoff and landing (VTOL) medium uncrewed aircraft system (MUAS) engineered to revolutionize shipboard UAS operations. With an advanced heavy-fuel engine capable of running on multiple fuel types, JUMP 20-X enhances operational flexibility, simplifies refueling logistics, and ensures mission adaptability across diverse maritime and expeditionary environments.

    Unusual Machines (NYSE:UMAC) recently announced that its Fat Shark Aura FPV Camera has been added to the U.S. Defense Department’s Defense Innovation Unit’s (DIU) Blue UAS Framework. It is the only camera on the Blue UAS list purpose-built for first person view (“FPV”) applications, providing a high-performance, NDAA-compliant option for defense and government users.

    This approval marks another step forward in Unusual Machines’ mission to supply NDAA-compliant FPV components for both commercial and defense applications. The Fat Shark Aura FPV Camera joins the Rotor Riot Brave F7 Flight Controller and Brave 55A ESC, both of which have already been approved under the Blue UAS Framework.

    Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its Safe Pro AI subsidiary reached its latest milestone having processed over 1,000,000 real-world images and 20,000 explosive threat detections in Ukraine utilizing its patented AI-powered small object threat detection and drone image analysis and mapping technology.

    Sourced from real-world aerial imagery collected in Ukraine by organizations utilizing commercially available drones over the past two years, SafePro’s latest generation of small object detection models include one of the largest and widest arrays of labeled imagery of landmines, unexploded ordnance (UXO) and explosive remnants of war (ERW) in existence today. Supported by the hyper scale of the Amazon Web Services (AWS) cloud, this robust dataset enables the patented SpotlightAI™ ecosystem to rapidly detect over 150 types of surface-level explosive hazards, enabling government and humanitarian organizations to quickly assess threats on the ground with sub-centimeter precision. The Company intends to utilize its newly enhanced models to power new threat detection solutions designed for expanded domestic and international applications in defense, public safety and commercial markets.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty four hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Intermap Closes on $12 Million in Financing

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    DENVER, Feb. 20, 2025 (GLOBE NEWSWIRE) — Intermap Technologies Corporation (TSX: IMP) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced the closing of its previously announced “bought deal” LIFE offering and concurrent private placement (together, the “Offerings”). The Company entered into an underwriting and agency agreement with Beacon Securities Limited (“Beacon” or the “Underwriter”) whereby the Company issued a total of (i) 2,957,000 Class “A” common shares of the Company (“Common Shares”) at a price of C$2.25 per Common Share (the “Offering Price”) for aggregate gross proceeds of C$6,653,250 (the “LIFE Offering”), including the full exercise of the Underwriter’s option, pursuant to the “listed issuer financing exemption” under Part 5A.2 of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”); and (ii) 2,047,225 Common Shares at the Offering Price for aggregate gross proceeds of C$4,606,256.25 (the “Concurrent Private Placement”), pursuant to other prospectus exemptions under NI 45-106.

    The Company intends to use the aggregate net proceeds of the Offerings for working capital and execution of government contracts. With increased capital, Intermap plans to accelerate its programs and augment its services.

    In connection with the Offerings, the Company paid to Beacon cash commissions equal to C$675,570.37 and an advisory fee of C$13,500. The Company also issued Beacon 177,420 non-transferrable compensation options in respect of the LIFE Offering (the “LIFE Offering Options”) and 122,834 non-transferrable compensation options in respect of the Concurrent Private Placement (the “Private Placement Options”, and together with the LIFE Offering Options, the “Compensation Options”). Each Compensation Option entitles the holder thereof to purchase one Common Share from the Company, at US$1.56850 in respect of the LIFE Offering Options and US$1.67306 in respect of the Private Placement Options, on or before February 20, 2027.

    The Common Shares sold pursuant to the LIFE Offering will not be subject to a hold period in Canada. The Common Shares sold pursuant to the Concurrent Private Placement are subject to the statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

    The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to the availability of proceeds from the Offerings and the intended use of proceeds in the Offerings in connection therewith, constitutes forward-looking statements. The words “will”, “intends”, “expected to”, “subject to” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, the nature of government contracts, including changing political circumstances in the relevant jurisdictions, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form for the year ended December 31, 2023 and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances 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. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI: Quantum Computing Solutions Big Influence on Commercial & Military Drone Applications Drastically Improving Operations

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Recent reports on the quantum computing market all seem to project substantial growth for years to come and will enter into a multitude of uses… including drones. A recent International Conference of Intelligent Computing & Optimization Conference paper, titled “Enhancing Privacy and Security for UAV and IoT Enabled Drones an Intelligent Integration of Blockchain, AI, and Quantum Computing” had this to say, in part: “Unmanned aerial vehicles (UAVs) and drones have seen an upsurge in their usage in various industries due to the advancement of the Internet of Things (IoT). Nevertheless, the extensive use of these technologies has given rise to concerns over privacy, data integrity, and security. This research presents a pioneering approach to tackle these challenges by amalgamating Blockchain technology, artificial intelligence (AI), and quantum computing. By virtue of its decentralized and immutable nature, blockchain can safeguard data integrity for UAVs and drones. A blockchain-based system can store all drone data transfers on distributed ledgers, thus enhancing transparency and reducing the risk of malicious tampering. The use of AI can significantly benefit drone operations and decision-making. AI systems empower drones to dynamically reroute themselves, predict potential security hazards, and adapt to new situations. Furthermore, AI’s real-time data processing can enhance anomaly detection and response times. Quantum computing, although still in its nascent stages, furnishes unparalleled processing capability. Drone data encryption is almost unfeasible to decrypt using conventional computing methods, as per quantum-enhanced security protocols that can be devised owing to quantum physics.”   Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), D-Wave Quantum Inc. (NYSE: QBTS), Quantum Computing Inc. (NASDAQ: QUBT), IonQ (NYSE: IONQ), Quantum Corporation (NASDAQ: QMCO).

    The article continued: “Additionally, quantum computing can expedite complex route enhancements, thereby considerably augmenting drone output. The amalgamation of Blockchain, AI, and Quantum Computing has provided a comprehensive solution to the privacy and security apprehensions concerning UAVs and IoT-enabled drones. The forthcoming drone operations are expected to reap the benefits of the most promising features of these technologies, thereby elevating the benchmark for efficiency, openness, and safety. This study’s investigation provides insights into the advantages… of these integration mechanisms. An Abstract from yet another scholarly paper on ScienceDirect.com titled: “Futuristic view of the Internet of Quantum Drones: Review, challenges and research agenda”, said this: “The disruptive technology of unmanned aerial vehicles (UAVs), or drones, is a trend with increasing applications and practical relevance in the current and future society. Despite the common interest in drones for commercial deliveries, the use of this disruptive technology can be examined in the contexts of other world strategic demands such as climate change issues and traffic management. As of very recently, some drone-related futuristic disruptive technologies, including quantum drones (QD), the Internet of Quantum Drones (IoQDs), and a constellation of quantum satellites (CQS), are expected to be a breakthrough technology in strategic areas of society.”

    ZenaTech (NASDAQ:ZENA) Quantum Computing “Sky Traffic” Project Demonstrates High Accuracy in Initial Testing Leading to Expansion of Team and AI Drone Applications for Commercial and Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces positive results from initial testing and an update on its Quantum Computing Sky Traffic project. An initial test using the Company’s AI algorithms and quantum computing to predict weather has resulted in a high level of accuracy for the parameters tested including actual temperatures verses predicted temperatures in the test which used 2016 data.

    Due in part to these encouraging results, ZenaTech is now growing its internal team over the next two months. As part of the ramp up, the Company is adding additional quantum, AI and hardware engineers, and optimization specialists and is engaged in recruiting staff from physics facilities at international universities, including researchers, instructors, and Ph.D. candidates.

    “The Sky Traffic project leverages AI and quantum computing to process vast data streams to improve the accuracy and speed of weather forecasting that can also apply to the innovation of many other commercial and defense applications utilizing drones. Our hiring strategy focuses on assembling a multidisciplinary team of quantum and AI specialists, and hardware and aerospace engineers to help us revolutionize autonomous drones. By combining quantum algorithms with advanced machine learning, we can optimize navigation, decision-making, and real-time data processing for next-generation aerial intelligence,” said CEO Shaun Passley, Ph.D.

    ZenaTech launched the Sky Traffic project in November 2024, which will utilize its AI drones, quantum computing, and specialized quantum and AI teams to develop and test advanced applications for traffic management, weather forecasting, wildfire management and defense applications using large datasets, Amazon Web Services, and computing devices and platforms.

    AI Drones are used in weather forecasting to collect real-time atmospheric data from hard-to-reach areas, such as storm systems or remote regions, providing valuable input for weather models. Quantum computers can then analyze this vast and complex data much faster and more accurately, improving weather predictions and enhancing the ability to forecast extreme events like hurricanes, tornadoes, or wildfires.

    AI and quantum computing can work together to make defense drones smarter, faster, and more efficient using a single drone or a swarm of multiple drones. AI helps drones analyze data, recognize objects, and make decisions on their own, while quantum computing can process massive amounts of information much faster than regular computers. For example, a defense drone using AI can detect enemy movement, but adding quantum computing allows it to analyze complex battlefield data instantly and find the best flight path or strategy in real time. This combination improves reaction speed, mission accuracy, and overall drone performance, making them more effective for surveillance, reconnaissance, and security operations.

    Quantum computing is an emergent field of cutting-edge computer science harnessing the unique qualities of quantum mechanics to solve problems beyond the ability of even the most powerful classical computers of today, to process massively complicated mathematical problems and data at orders of magnitude faster speeds.

    The ZenaDrone 1000 is a multifunction autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with eight rotors; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments, along with compact and rugged hardware engineered for industrial and defense use for a variety of inspection, surveillance or tracking applications.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    D-Wave Quantum Inc. (NYSE: QBTS) and the Julich Supercomputing Centre (“JSC”) at Forschungszentrum Julich (“FZJ”) have recently announced that FZJ has purchased a D-Wave quantum computer, becoming the first high-performance computing (HPC) center in the world to own a D-Wave Advantage(TM) annealing quantum computing system.

    With the purchase of the world’s largest quantum computer and Europe’s first quantum computer with more than 5,000 qubits and 15-way connectivity, the Julich UNified Infrastructure for Quantum computing (JUNIQ), a public quantum computing user facility deployed by JSC, gains complete access to all aspects of the system. This will allow it to integrate the D-Wave system with Julich’s JUPITER exascale supercomputer in the future, potentially enabling breakthroughs in areas such as artificial intelligence (AI) and quantum optimization. JSC’s system will be upgraded to D-Wave’s next-generation Advantage2 processor once available. The Advantage2 system is expected to deliver significant performance gains with doubled coherence, increased connectivity and a 40 percent boost to the energy scale for advanced problem solving.

    Quantum Computing Inc. (NASDAQ: QUBT) recently announced it has received a fifth purchase order for its thin film lithium niobate (TFLN) photonic chip foundry. The latest order comes from a research group based in Canada to support its research efforts on quantum photonics.

    As part of the order, QCi will provide the research group with custom test structures based on its TFLN photonic integrated circuit (PIC) chip technology. These test structures will serve as a baseline for advanced designs, such as periodically poled lithium niobate (PPLN) components, which are essential for generating entangled photons and optical frequency conversion. Under this order agreement, the research group will also receive priority access and preferred rates for future multi-project wafer (MPW) runs offered by QCi.

    IonQ (NYSE: IONQ) and General Dynamics Information Technology (GDIT), a business unit of General Dynamics, recently announced a partnership to bring the power of quantum computing to government and defense sectors.

    IonQ and GDIT are partnering to combine GDIT’s deep technical and government agency mission expertise with IonQ’s pioneering quantum technology. Together, the companies will co-develop and market advanced quantum processing and networking applications to address high-impact use cases, including quantum AI extensions, resource optimization, and anomaly detection. This collaboration aims to deliver transformative capabilities for federal, and state governments, meeting critical challenges with cutting-edge solutions.

    Quantum Corporation (NASDAQ: QMCO) recently announced scalability enhancements to its Quantum Myriad® all-flash file system, making it the first solution to offer incremental, in-place system scaling with dynamic, automatic data leveling. These advancements deliver unmatched flexibility and adaptability in a modern, all-flash file system so customers can meet their evolving storage requirements in the era of AI.

    The new scalability features enable customers to start with as few as five partially populated NVMe Storage Server nodes, then expand in increments of one or more nodes at a time with the additional storage available in minutes, with no need for admin intervention, and no impact or interruption to user operation. Customers will be able to continue adding nodes as their needs grow, increasing capacity while maintaining linear performance with automatic data leveling across all nodes as new Storage Server nodes are added.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated fifty four hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:
    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Orion180 Makes Key Executive Moves to Drive Product Growth and Further Expansion

    Source: GlobeNewswire (MIL-OSI)

    MELBOURNE, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) — Orion180, a leading provider of innovative insurance solutions, today announced it has hired former The Hartford executive Chris DiMartino as Chief Underwriting Officer. In this role, DiMartino will be responsible for overseeing all aspects of underwriting, product development and management across its surplus and personal lines of business.

    DiMartino brings 27 years of experience in underwriting, actuarial science, and product management in commercial and personal lines P&C insurance. Prior to joining Orion180, he served as senior vice president of insurance services at AAA Northeast and held prominent leadership roles in his 20+ years at The Hartford, most recently serving as Head of Product for its $3 billion personal lines business. DiMartino is a Fellow of the Casualty Actuarial Society (FCAS), a Chartered Property Casualty Underwriter (CPCU), and a licensed attorney.

    “Bringing Chris on board marks a pivotal step in our company’s evolution,” said Ken Gregg, CEO and Founder of Orion180. “His deep expertise in underwriting and product management will be critical in enhancing our portfolio as we continue to aggressively grow product lines and expand to other States.”

    Additionally, Orion180 Chief Operations Officer (COO) Ryan Jesenik has been promoted to President, Insurance. In his expanded role, Jesenik will retain his responsibilities as COO while also leading growth strategy, ensuring daily operations align seamlessly with the company’s long-term goals.

    During Jesenik’s tenure as COO, Orion180 has been named to the Inc. 5000 fastest-growing private companies list for two consecutive years, and he helped grow the company to $263M in in-force premium. He also supported the company’s homeowners, FLEX, and private residential flood insurance product launches, and the release of the innovative MY180 app allowing agents to seamlessly create new quotes and manage their book of business.

    “Ryan has been instrumental in helping Orion180 become one of the fastest growing home insurance companies in the U.S.,” said Gregg. “I look forward to our continued work together, advancing our vision of offering consumers and agents greater choice and unmatched flexibility to meet their everchanging needs.”

    About Orion180
    Orion180 is a customer-focused, technology-driven insurance brand that combines proprietary technology, real-time data, and straightforward underwriting practices to provide a seamless and premier insurance experience. Orion180 operates through Orion180 Insurance Co., a surplus lines insurance company serving Alabama, Georgia, Mississippi, North Carolina, South Carolina, Texas, Colorado (Flood only), Tennessee (Flood only), Illinois (Flood only) and Arizona, and Orion180 Select Insurance Co., an admitted insurance company offering coverage in Alabama, Arizona, Georgia, Indiana, Mississippi, North Carolina, and Ohio. With its proprietary MY180 platform and third-party integrations, Orion180 offers unmatched efficiency and innovation, fulfilling its vision of becoming the global leader in insurance solutions while maintaining its mission to deliver superior customer experiences and a comprehensive suite of products. Connect with Orion180 on X, LinkedIn, Facebook, Instagram, and YouTube. For more information, visit www.Orion180.com.

    Media Contact
    Ross Blume
    Fusion Public Relations
    Orion180@fusionpr.com

    The MIL Network –

  • MIL-OSI Global: A fiscal crisis is looming for many US cities

    Source: The Conversation – USA – By John Rennie Short, Professor Emeritus of Public Policy, University of Maryland, Baltimore County

    Houston residents at a flooded park after the passage of Hurricane Beryl, July 8, 2024. Mark Felix/AFP via Getty Images

    Five years after the start of the COVID-19 pandemic, many U.S. cities are still adjusting to a new normal, with more people working remotely and less economic activity in city centers. Other factors, such as underfunded pension plans for municipal employees, are pushing many city budgets into the red.

    Urban fiscal struggles are not new, but historically they have mainly affected U.S. cities that are small, poor or saddled with incompetent managers. Today, however, even large cities, including Chicago, Houston and San Francisco, are under serious financial stress.

    This is a looming nationwide threat, driven by factors that include climate change, declining downtown activity, loss of federal funds and large pension and retirement commitments.

    Spending cuts abound in many U.S. cities as inflation lingers and pandemic-era stimulus dries up.

    Why cities struggle

    Many U.S. cities have faced fiscal crises over the past century, for diverse reasons. Most commonly, stress occurs after an economic downturn or sharp fall in tax revenues.

    Florida municipalities began to default in 1926 after the collapse of a land boom. Municipal defaults were common across the nation in the 1930s during the Great Depression: As unemployment rose, relief burdens swelled and tax collections dwindled.

    In 1934 Congress amended the U.S. bankruptcy code to allow municipalities to file formally for bankruptcy. Subsequently, 27 states enacted laws that authorized cities to become debtors and seek bankruptcy protection.

    Declaring bankruptcy was not a cure-all. It allowed cities to refinance debt or stretch out payment schedules, but it also could lead to higher taxes and fees for residents, and lower pay and benefits for city employees. And it could stigmatize a city for many years afterward.

    In the 1960s and 1970s, many urban residents and businesses left cities for adjoining suburbs. Many cities, including New York, Cleveland and Philadelphia, found it difficult to repay debts as their tax bases shrank.

    The New York Daily News, Oct. 30, 1975, after U.S. President Gerald Ford ruled out providing federal aid to save the city from bankruptcy. Several months later, Ford signed legislation authorizing federal loans.
    Edward Stojakovic/Flickr, CC BY

    In the wake of the 2008-2009 housing market collapse, cities including Detroit, San Bernardino, California, and Stockton, California, filed for bankruptcy. Other cities faced similar difficulties but were located in states that did not allow municipalities to declare bankruptcy.

    Even large, affluent jurisdictions could go off the financial rails. For example, Orange County, California, went bankrupt in 2002 after its treasurer, Robert Citron, pursued a risky investment strategy of complex leveraging deals, losing some $1.65 billion in taxpayer funds.

    Today, cities face a convergence of rising costs and decreasing revenues in many places. As I see it, the urban fiscal crisis is now a pervasive national challenge.

    Climate-driven disasters

    Climate change and its attendant increase in major disasters are putting financial pressure on municipalities across the country.

    Events like wildfires and flooding have twofold effects on city finances. First, money has to be spent on rebuilding damaged infrastructure, such as roads, water lines and public buildings. Second, after the disaster, cities may either act on their own or be required under state or federal law to make expensive investments in preparation for the next storm or wildfire.

    Los Angeles Mayor Karen Bass (center) discusses wildfire recovery in Pacific Palisades, Calif., Jan. 27, 2025. Cleaning up after the wildfires, which destroyed more than 16,000 structures, will include disposing of several million tons of toxic ash and debris.
    Drew A. Kelley/MediaNews Group/Long Beach Press-Telegram via Getty Images

    In Houston, for example, court rulings after multiple years of severe flooding are forcing the city to spend $100 million on street repairs and drainage by mid-2025. This requirement will expand the deficit in Houston’s annual budget to $330 million.

    In Massachusetts, towns on Cape Cod are spending millions of dollars to switch from septic systems to public sewer lines and upgrade wastewater treatment plants. Population growth has sharply increased water pollution on the Cape, and climate change is promoting blooms of toxic algae that feed on nutrients in wastewater.

    Increasing uncertainty about the total costs of mitigating and adapting to climate change will inevitably lead rating agencies to downgrade municipal credit ratings. This raises cities’ costs to borrow money for climate-related projects like protecting shorelines and improving wastewater treatment.

    Underfunded pensions

    Cities also spend a lot of money on employees, and many large cities are struggling to fund pensions and health benefits for their workforces. As municipal retirees live longer and require more health care, the costs are mounting.

    For example, Chicago currently faces a budget deficit of nearly $1 billion, which stems partly from underfunded retirement benefits for nearly 30,000 public employees. The city has $35 billion in unfunded pension liabilities and almost $2 billion in unfunded retiree health benefits. Chicago’s teachers are owed $14 billion in unfunded benefits.

    Policy studies have shown for years that politicians tend to underfund retirement and pension benefits for public employees. This approach offloads the real cost of providing police, fire protection and education onto future taxpayers.

    Struggling downtowns and less federal support

    Cities aren’t just facing rising costs – they’re also losing revenues. In many U.S. cities, retail and commercial office economies are declining. Developers have overbuilt commercial properties, creating an excess supply. More unleased properties will mean lower tax revenues.

    At the same time, pandemic-related federal aid that cushioned municipal finances from 2020 through 2024 is dwindling.

    State and local governments received $150 billion through the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act and an additional $130 billion through the 2021 American Rescue Plan Act. Now, however, this federal largesse – which some cities used to fill mounting fiscal cracks – is at an end.

    In my view, President Donald Trump’s administration is highly unlikely to bail out urban areas – especially more liberal cities like Detroit, Philadelphia and San Francisco. Trump has portrayed large cities governed by Democrats in the darkest terms – for example, calling Baltimore a “rodent-infested mess” and Washington, D.C., a “dirty, crime-ridden death trap.” I expect that Trump’s animus against big cities, which was a staple of his 2024 campaign, could become a hallmark of his second term.

    Detroit officials respond to disparaging remarks about the city by Donald Trump during a campaign speech in Detroit, Oct. 10, 2024.

    Resistance to new taxes

    Cities can generate revenue from taxes on sales, businesses, property and utilities. However, increasing municipal taxes – particularly property taxes – can be very difficult.

    In 1978, California adopted Proposition 13 – a ballot measure that limited property tax increases to the rate of inflation or 2% per year, whichever is lower. This high-profile campaign created a widespread narrative that property taxes were out of control and made it very hard for local officials to support property tax increases.

    Thanks to caps like Prop 13, a persistent public view that taxes are too high and political resistance, property taxes have tended to lag behind inflation in many parts of the country.

    The crunch

    Taking these factors together, I see a fiscal crunch coming for U.S. cities. Small cities with low budgets are particularly vulnerable. But so are larger, more affluent cities, such as San Francisco with its collapsing downtown office market, or Houston, New York and Miami, which face growing costs from climate change.

    Workers in North Miami Beach, Fla., distribute sandbags to residents to help prevent flooding as Hurricane Milton approaches the state on Oct. 8, 2024.
    AP Photo/Wilfredo Lee

    One city manager who runs an affluent municipality in the Pacific Northwest told me that in these difficult circumstances, politicians need to be more frank and open with their constituents and explain convincingly and compellingly how and why taxpayer money is being spent.

    Efforts to balance city budgets are opportunities to build consensus with the public about what municipalities can do, and at what cost. The coming months will show whether politicians and city residents are ready for these hard conversations.

    John Rennie Short does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. A fiscal crisis is looming for many US cities – https://theconversation.com/a-fiscal-crisis-is-looming-for-many-us-cities-249436

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Devon and Cornwall farmers called on to prevent run-off incidents

    Source: United Kingdom – Government Statements

    Reports of rain washing loose soil off farm fields nearly doubles compared to same period last year.

    Soil run-off incidents nearly doubled in Devon and Cornwall last month

    The Environment Agency is calling on farmers in Devon and Cornwall to prevent loose soil washing off farm fields into rivers, roads and homes. 

    January saw 25 incidents of heavy rain carrying loose soil running from fields – nearly double the number of incidents reported the same time last year – with officers making 14 visits to farms to investigate and a further 11 visits planned. 

    Laura Bentley, a land management project officer with the Environment Agency, said:  

    The windows of dry weather in autumn can be so short that large farms don’t have time to get around all their land when soil conditions are right, to establish crop cover ahead of the winter rains.  

    Employing reduced tillage – minimal disturbance of the soil – and drilling seed into compacted earth no longer works in Devon and Cornwall in this changed climate. Winter cereals and cover crops aren’t taking, and bare, compacted soil is exposed to the elements and prone to run-off.

    Farmers are losing crops, top soil, organic matter and nutrients to run-off incidents plus the costs of recultivating and resowing fields, time, fuel, seed and fertiliser.  

    What can be done to prevent soil run-off pollution?

    Farmers can better prepare for winter weather by: 

    • digging a hole with a spade and looking to see if there is compaction, how deep it goes then remove it with the correct cultivation kit

    • having access to a range of cultivation equipment, capable of working the soils at different depths

    • risk assessing their land using the agency’s ALERT system – prioritising the highest risk areas for cultivation and drilling

    • having a Plan B if cover crops and winter cereals don’t establish

    • installing measures to prevent run-off from reaching property and watercourses

    Run-off can result in action being taken if it breaches the Farming Rules for Water and Environmental Permitting Regulations. The Environment Agency will give advice and guidance, but it will issue formal warnings and take enforcement action where needed. 

    Residents who see discoloured water running off farm fields which could threaten roads, rivers and properties can report it to the Environment Agency’s 24/7 incident hotline – 0800 807060. 

    Background

    ALERT 

    The free Environment Agency mapping tool ALERT stands for The Agricultural Land & Environment Risk and Opportunity Tool and is publicly available on the Farming Advice Service website to help all land managers.

    It will help assess a field’s risk for causing pollution or surface water flooding and takes slope, LiDAR data – which shows where water will flow in extreme weather events, and soil type into account to indicate the inherent risk of a field. ALERT helps inform land managers’ decision making and avoid planting high-risk crops in unsuitable fields or mitigating them.  

    Farming regulations involving water now in single booklet 

    To support farmers with compliance, the EA has launched a brand-new printed booklet, with all guidance on water-related agriculture regulations. 

    A summary of all the water-based regulatory guidance is now in one place. To receive your free copy, email enquiries@environment-agency.gov.uk or call the NCCC on 03708 506 506.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: A fiscal crisis is looming for many US cities

    Source: The Conversation (Au and NZ) – By John Rennie Short, Professor Emeritus of Public Policy, University of Maryland, Baltimore County

    Houston residents at a flooded park after the passage of Hurricane Beryl, July 8, 2024. Mark Felix/AFP via Getty Images

    Five years after the start of the COVID-19 pandemic, many U.S. cities are still adjusting to a new normal, with more people working remotely and less economic activity in city centers. Other factors, such as underfunded pension plans for municipal employees, are pushing many city budgets into the red.

    Urban fiscal struggles are not new, but historically they have mainly affected U.S. cities that are small, poor or saddled with incompetent managers. Today, however, even large cities, including Chicago, Houston and San Francisco, are under serious financial stress.

    This is a looming nationwide threat, driven by factors that include climate change, declining downtown activity, loss of federal funds and large pension and retirement commitments.

    Spending cuts abound in many U.S. cities as inflation lingers and pandemic-era stimulus dries up.

    Why cities struggle

    Many U.S. cities have faced fiscal crises over the past century, for diverse reasons. Most commonly, stress occurs after an economic downturn or sharp fall in tax revenues.

    Florida municipalities began to default in 1926 after the collapse of a land boom. Municipal defaults were common across the nation in the 1930s during the Great Depression: As unemployment rose, relief burdens swelled and tax collections dwindled.

    In 1934 Congress amended the U.S. bankruptcy code to allow municipalities to file formally for bankruptcy. Subsequently, 27 states enacted laws that authorized cities to become debtors and seek bankruptcy protection.

    Declaring bankruptcy was not a cure-all. It allowed cities to refinance debt or stretch out payment schedules, but it also could lead to higher taxes and fees for residents, and lower pay and benefits for city employees. And it could stigmatize a city for many years afterward.

    In the 1960s and 1970s, many urban residents and businesses left cities for adjoining suburbs. Many cities, including New York, Cleveland and Philadelphia, found it difficult to repay debts as their tax bases shrank.

    The New York Daily News, Oct. 30, 1975, after U.S. President Gerald Ford ruled out providing federal aid to save the city from bankruptcy. Several months later, Ford signed legislation authorizing federal loans.
    Edward Stojakovic/Flickr, CC BY

    In the wake of the 2008-2009 housing market collapse, cities including Detroit, San Bernardino, California, and Stockton, California, filed for bankruptcy. Other cities faced similar difficulties but were located in states that did not allow municipalities to declare bankruptcy.

    Even large, affluent jurisdictions could go off the financial rails. For example, Orange County, California, went bankrupt in 2002 after its treasurer, Robert Citron, pursued a risky investment strategy of complex leveraging deals, losing some $1.65 billion in taxpayer funds.

    Today, cities face a convergence of rising costs and decreasing revenues in many places. As I see it, the urban fiscal crisis is now a pervasive national challenge.

    Climate-driven disasters

    Climate change and its attendant increase in major disasters are putting financial pressure on municipalities across the country.

    Events like wildfires and flooding have twofold effects on city finances. First, money has to be spent on rebuilding damaged infrastructure, such as roads, water lines and public buildings. Second, after the disaster, cities may either act on their own or be required under state or federal law to make expensive investments in preparation for the next storm or wildfire.

    Los Angeles Mayor Karen Bass (center) discusses wildfire recovery in Pacific Palisades, Calif., Jan. 27, 2025. Cleaning up after the wildfires, which destroyed more than 16,000 structures, will include disposing of several million tons of toxic ash and debris.
    Drew A. Kelley/MediaNews Group/Long Beach Press-Telegram via Getty Images

    In Houston, for example, court rulings after multiple years of severe flooding are forcing the city to spend $100 million on street repairs and drainage by mid-2025. This requirement will expand the deficit in Houston’s annual budget to $330 million.

    In Massachusetts, towns on Cape Cod are spending millions of dollars to switch from septic systems to public sewer lines and upgrade wastewater treatment plants. Population growth has sharply increased water pollution on the Cape, and climate change is promoting blooms of toxic algae that feed on nutrients in wastewater.

    Increasing uncertainty about the total costs of mitigating and adapting to climate change will inevitably lead rating agencies to downgrade municipal credit ratings. This raises cities’ costs to borrow money for climate-related projects like protecting shorelines and improving wastewater treatment.

    Underfunded pensions

    Cities also spend a lot of money on employees, and many large cities are struggling to fund pensions and health benefits for their workforces. As municipal retirees live longer and require more health care, the costs are mounting.

    For example, Chicago currently faces a budget deficit of nearly $1 billion, which stems partly from underfunded retirement benefits for nearly 30,000 public employees. The city has $35 billion in unfunded pension liabilities and almost $2 billion in unfunded retiree health benefits. Chicago’s teachers are owed $14 billion in unfunded benefits.

    Policy studies have shown for years that politicians tend to underfund retirement and pension benefits for public employees. This approach offloads the real cost of providing police, fire protection and education onto future taxpayers.

    Struggling downtowns and less federal support

    Cities aren’t just facing rising costs – they’re also losing revenues. In many U.S. cities, retail and commercial office economies are declining. Developers have overbuilt commercial properties, creating an excess supply. More unleased properties will mean lower tax revenues.

    At the same time, pandemic-related federal aid that cushioned municipal finances from 2020 through 2024 is dwindling.

    State and local governments received $150 billion through the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act and an additional $130 billion through the 2021 American Rescue Plan Act. Now, however, this federal largesse – which some cities used to fill mounting fiscal cracks – is at an end.

    In my view, President Donald Trump’s administration is highly unlikely to bail out urban areas – especially more liberal cities like Detroit, Philadelphia and San Francisco. Trump has portrayed large cities governed by Democrats in the darkest terms – for example, calling Baltimore a “rodent-infested mess” and Washington, D.C., a “dirty, crime-ridden death trap.” I expect that Trump’s animus against big cities, which was a staple of his 2024 campaign, could become a hallmark of his second term.

    Detroit officials respond to disparaging remarks about the city by Donald Trump during a campaign speech in Detroit, Oct. 10, 2024.

    Resistance to new taxes

    Cities can generate revenue from taxes on sales, businesses, property and utilities. However, increasing municipal taxes – particularly property taxes – can be very difficult.

    In 1978, California adopted Proposition 13 – a ballot measure that limited property tax increases to the rate of inflation or 2% per year, whichever is lower. This high-profile campaign created a widespread narrative that property taxes were out of control and made it very hard for local officials to support property tax increases.

    Thanks to caps like Prop 13, a persistent public view that taxes are too high and political resistance, property taxes have tended to lag behind inflation in many parts of the country.

    The crunch

    Taking these factors together, I see a fiscal crunch coming for U.S. cities. Small cities with low budgets are particularly vulnerable. But so are larger, more affluent cities, such as San Francisco with its collapsing downtown office market, or Houston, New York and Miami, which face growing costs from climate change.

    Workers in North Miami Beach, Fla., distribute sandbags to residents to help prevent flooding as Hurricane Milton approaches the state on Oct. 8, 2024.
    AP Photo/Wilfredo Lee

    One city manager who runs an affluent municipality in the Pacific Northwest told me that in these difficult circumstances, politicians need to be more frank and open with their constituents and explain convincingly and compellingly how and why taxpayer money is being spent.

    Efforts to balance city budgets are opportunities to build consensus with the public about what municipalities can do, and at what cost. The coming months will show whether politicians and city residents are ready for these hard conversations.

    John Rennie Short does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. A fiscal crisis is looming for many US cities – https://theconversation.com/a-fiscal-crisis-is-looming-for-many-us-cities-249436

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Update 277 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) has been relying on a single off-site power line for more than a week now after its only remaining back-up line was lost, once again highlighting an extremely fragile nuclear safety situation during the military conflict, Director General Rafael Mariano Grossi of the International Atomic Energy Agency (IAEA) said today.

    Nuclear power plants (NPPs) need a secure supply of external electricity to cool their reactors and for other essential nuclear safety and security functions. However, this has been a major challenge over the past three years, with the ZNPP temporarily losing all off-site power eight times.  

    In the latest incident affecting the reliability of the supply of power from the grid, its sole 330 kilovolt (kV) back-up power line was disconnected on 11 February and has not yet been fully restored. This leaves Europe’s largest NPP entirely dependent on its only remaining 750 kV line. Before the conflict, it had a total of 10 power lines – six 750 kV and four 330 kV – available.

    “The Zaporizhzhya Nuclear Power Plant still needs reliable supplies of off-site power for cooling purposes, even though its six reactors have been shut down for more than two years now,” Director General Grossi said. “The vulnerability of the external power situation remains a deep source of concern for nuclear safety.”

    The ZNPP said the 330 kV line was disconnected last week due to the activation of the electrical protection system. The Ukrainian regulatory body informed the IAEA that it was the result of unspecified military activity and that the power line had been damaged. The IAEA team at the ZNPP currently continues to gather further information regarding the status of the back-up power supply to the site.

    Further underlining the constant risks to nuclear safety, the IAEA team based at the site heard an explosion close to the ZNPP on 12 February, coinciding with unconfirmed reports of a drone attack approximately 300 meters from the site. The team has over the past week continued to hear other daily explosions at varying distances from the ZNPP. No damage to the site has been reported.

    The IAEA team continues to carry out walkdowns across the ZNPP as part of the work to monitor and assess nuclear safety and security.

    The IAEA remains in contact with both sides regarding the next rotation of IAEA personnel at the ZNPP, after it was delayed last week due to intense military activity in the area.

    At the Chornobyl NPP site, firefighters are continuing to put out small fires that keep smouldering and spreading on the roof of the New Safe Confinement (NSC), after it was struck on 14 February by a drone that pierced a hole in the large structure built to cover the reactor destroyed in the 1986 accident.

    The IAEA team based at the site, which was granted unrestricted access to examine the impact of the explosion, conducts regular walkdowns and radiation measurements to independently monitor the situation. The team’s measurements continue to show normal gamma radiation dose rate values near the NSC compared to those recorded by the IAEA since it established a continuous presence at the site just over two years ago.

    The IAEA teams based at Ukraine’s other NPPs – Khmelnytskyy, Rivne and South Ukraine – have continued to report frequent air raid alarms over the past week and were also informed of the presence of drones within the areas surrounding the respective sites.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Restoring Scotland’s natural environment

    Source: Scottish Government

    New targets to enhance nature and protect biodiversity.

    Legislative proposals to help restore nature and protect biodiversity in Scotland have been introduced to Parliament.

    The Natural Environment (Scotland) Bill, which will now be considered by MSPs, would place a duty on Ministers to set legally-binding nature restoration targets and will modernise how national parks and deer are managed.

    The legislation is a key part of the Scottish Government’s Strategic Framework for Biodiversity and complements the Scottish Biodiversity Strategy and related delivery plans. 

    Experts have warned that a decline in biodiversity will make the climate crisis worse while a changing climate will increase the rate of biodiversity loss. The Bill proposes actions to tackle the twin crises of climate change and nature loss with measures to protect biodiversity and reduce harmful carbon emissions.

    It will build on the high ambitions set out in the Biodiversity Strategy and Delivery Plan, which includes over 100 actions to tackle the nature crisis.

    If passed by Parliament in due course, the Natural Environment (Scotland) Bill would:

    • place a duty on Scottish Ministers to set legally-binding targets for nature restoration
    • create a power to allow for future amendments to Environmental Impact Assessment legislation and the 1994 Habitats Regulations, to ensure that they remain fit for purpose over time and to flexibly adapt to future requirements, while ensuring that the legislative frameworks continue to effectively underpin environmental protection and assessment processes in Scotland.
    • modernise the aims of National Parks and powers of National Park Authorities
    • reform the way in which deer are managed through the implementation of many of the recommendations made by the Deer Working Group, through repealing the licensing of venison dealing, and by amending NatureScot’s powers of intervention.

    Cabinet Secretary for Rural Affairs Mairi Gougeon said:

    “We all depend on nature – to provide our food, help prevent flooding, tackle the climate crisis and contribute to our wellbeing. But right now around 11% of species in Scotland are under threat and if we do not take urgent action, nature in Scotland will continue to decline and some important species might be lost forever.

    “Our proposals in this Bill can contribute to the Scottish Government’s priority of tackling the climate emergency. The twin crises of climate change and nature loss are interdependent and need to be tackled together.

    “Improving our biodiversity is one of the best chances we have to adapt to climate change and ensure we can continue to enjoy nature’s benefits, on which we all depend. However, government cannot do this alone – we must work in partnership with, and use the expertise of, land managers, farmers and crofters.

    “We are determined to promote biodiversity, to adapt to climate change, and to ensure we can continue to enjoy the benefits of Scotland’s wonderful nature – and this Bill will help achieve that.”

    NatureScot Chair Colin Galbraith said:

    “We welcome the introduction of the Natural Environment Bill, and we strongly support the inclusion of statutory targets to protect and restore Scotland’s nature. These are an essential part of achieving the vision set out in the Scottish Biodiversity Strategy for the recovery of nature; helping to restore vital habitats and safeguard threatened species. They will also help us build resilience against the impacts of climate change while striving towards becoming a nature-positive and net-zero nation.

    “In particular, the proposed changes for deer legislation will help improve efforts to restore priority areas such as native woodlands and peatlands by reducing the impacts of deer grazing and trampling.”

    Background

    Natural Environment (Scotland) Bill | Scottish Parliament Website

    Scottish Biodiversity Strategy to 2045 – gov.scot (www.gov.scot)

    MIL OSI United Kingdom –

  • MIL-OSI USA: Two Weeks Left for Crow Tribe Members to Apply for Disaster Assistance

    Source: US Federal Emergency Management Agency

    Headline: Two Weeks Left for Crow Tribe Members to Apply for Disaster Assistance

    Two Weeks Left for Crow Tribe Members to Apply for Disaster Assistance

    Applicants Should Keep In Touch With FEMACROW AGENCY – Crow Tribe members who had damage caused by the August 6, 2024 severe storm and straight-line winds have until February 28, 2025 to apply for disaster assistance. They can apply at the Disaster Recovery Center located at the Black Lodge Community Center, I-90 at the Dunmore exit, #503.. FEMA is asking applicants to stay in touch as there are several steps in the assistance process.Damage InspectionsAfter applying for assistance, a FEMA inspector and a Crow Tribal Guide will call to schedule a time to come to your home. The number may show as “Unknown” or be an out of state area code. Please answer the call and schedule your visit as soon as possible.FEMA letters and next stepsAfter the damage inspection, applicants receive one or more letters on the status of their application. The letter(s) may say ineligible or not approved, or even denied. Don’t be discouraged, FEMA may just need more information. Read each letter to find out what is needed to continue moving the application forward. It may be missing information or a document that is needed. Come to the Disaster Recovery Center for help with next steps. It is helpful to have the nine-digit application number you were given when you applied. This number is included in all correspondence FEMA sends to you — it is very important to use this number.Stay in touch through the Disaster Recovery CenterThe deadline to apply for federal disaster assistance is February 28, 2025 but FEMA will still be here to help. Please visit the Disaster Recovery Center at the Black Lodge Community Center. Bring your letter and any additional requested information with you if possible. Black Lodge Community Center 6772 Crow River Road, Hardin, MT 59034 (I-90 at the Dunmore exit, #503)Hours of operation: 9 a.m. to 4 p.m., Mon.– Sat. (Closed Sundays and holidays)If you have questions or need to check on possible weather delays or closures, call 406-679-0022.  FEMA is committed to ensuring disaster assistance is accomplished impartially, without discrimination. Anyone may contact the FEMA Civil Rights Office if they feel that they have a complaint of discrimination at FEMA-OCR-ECRD FEMA-OCR-ECRD@fema.dhs.gov or toll-free at 833-285-7448.
    jamie.casterton
    Wed, 02/19/2025 – 22:01

    MIL OSI USA News –

  • MIL-OSI USA: Lawsuit against Norwalk for unlawful ban on homeless shelters moves forward

    Source: US State of California 2

    Feb 19, 2025

    What you need to know: A court has denied the city of Norwalk’s request to dismiss the state’s lawsuit against the city for its unlawful ban on homeless shelters. 

    NORWALK — Governor Gavin Newsom issued the following statement in response to a court decision denying the city of Norwalk’s request to dismiss the state’s lawsuit against the city for its unlawful ban against homeless shelters and other supportive housing.

    “No community should turn its back on its residents in need. We will continue to hold Norwalk accountable for its failure to reverse this cruel and unlawful ban.”

    Governor Gavin Newsom

    “We are pleased to proceed with our case and to protect the public’s interest in the rule of law,” said California Attorney General Rob Bonta. “Norwalk’s ban on new housing for unhoused individuals and lower-income households at risk of homelessness is illegal. At a time when affordability issues are a top concern for Californians, we should be doing everything in our power to help — not hurt — those struggling to keep a roof over their heads or lacking housing altogether. We look forward to holding the city accountable.”

    “Far from being a threat, availability of safe shelter and supportive services brings stability and makes communities stronger,” said Department of Housing & Community Development Director Gustavo Velasquez. “We will continue to fight to hold Norwalk and all others accountable for planning for the housing needs of residents at all income levels.”

    Governor Newsom and Attorney General Rob Bonta filed a lawsuit against the city of Norwalk on November 4, 2024, to compel the city to overturn its unlawful ordinance banning the establishment of new homeless shelters and other housing. The lawsuit alleges that the city’s ban violates numerous state laws. The lawsuit was filed after multiple warnings and actions by the state, including revocation of the city’s housing element compliance.

    Recent news

    Feb 19, 2025

    News What you need to know: Steve Jobs, a visionary of global scale, has been nominated to represent California on the American Innovation Coin. The coin, which will be minted by the U.S. Mint, highlights U.S. innovations and innovators, including California’s legacy…

    Feb 19, 2025

    News What you need to know: Over the next three years, California will host the NBA All-Star Weekend, X Games, FIFA World Cup, Super Bowl LX & LXI, and the LA28 Olympics & Paralympics in select regions across the state. SACRAMENTO – As the Bay Area wraps up…

    Feb 19, 2025

    News Survivors of the Park Fire, Franklin Fire, and the recent Palisades and Eaton fires would be eligible for direct mortgage relief What you need to know: Governor Newsom is proposing an over $125 million package that includes disaster mortgage relief for homeowners…

    MIL OSI USA News –

  • MIL-OSI USA: California nominates Steve Jobs for its American Innovation Coin, $1 coin to be produced by U.S. Mint

    Source: US State of California 2

    Feb 19, 2025

    What you need to know: Steve Jobs, a visionary of global scale, has been nominated to represent California on the American Innovation Coin. The coin, which will be minted by the U.S. Mint, highlights U.S. innovations and innovators, including California’s legacy as a global hub of innovation.

    Sacramento, California – For California’s American Innovation Coin, Governor Gavin Newsom has recommended world-renowned innovator Steve Jobs. The coin, which will be minted by the U.S. Mint, highlights California’s legacy as a global hub of innovation.

    The American Innovation $1 Coin Program, launched in 2018 by the U.S. Mint, celebrates the spirit of ingenuity that defines America. Each state, territory, and the District of Columbia is honored with creating a unique coin recognizing an innovation or innovator from their region.

    Innovation and California are synonymous, and Steve Jobs encapsulates the unique brand of innovation that California runs on: innovation not driven by business alone, but as a vehicle to forever change the world.

    Governor Gavin Newsom

    This week, Governor’s Office of Business and Economic Development (GO-Biz) Director Dee Dee Myers presented the state’s nomination of Jobs and his legacy to the Citizens Coinage Advisory Committee (CCAC), which will take design recommendations to the Treasury Secretary for final approval. This project is led and facilitated by the U.S. Mint. California’s coin will be produced and made available in 2026.

    Steve Jobs’ legacy of innovation

    Jobs’ legacy spans industries and products: Jobs was the co-founder and CEO of Pixar Animation Studios, bringing to life the world’s first fully computer-animated feature: “Toy Story.” But even that legacy-defining achievement is surpassed by his work as co-founder and two-time CEO of Apple, launching several revolutionary computers, including Apple II – the first mass-produced microcomputer – and Macintosh – the first mass-market personal computer that included a graphic display, so users could see what they were working on. 

    The goal, according to Jobs, was to “bridge the gap between sophisticated technology and ‘the rest of us’ who make up most of humanity…to make complex technology easy to use and fun to use.” That approach led to the iPod, iPhone, and iPad, devices that refined existing technology to make it more precise, more intuitive, and more functional.

    By focusing on who he was innovating for – other people – Jobs was able to use technology to connect people to each other and to the broader world, bringing people onto the same level by providing them with equal access. And that approach was built on a willingness to try new ideas and push the boundaries of what was possible – an approach that embodies the California spirit.

    California has a sense of experimentation about it, and a sense of openness about it—openness and new possibility—that I really didn’t appreciate till I went to other places.

    Steve Jobs

    Press Releases, Recent News

    Recent news

    Feb 19, 2025

    News What you need to know: Over the next three years, California will host the NBA All-Star Weekend, X Games, FIFA World Cup, Super Bowl LX & LXI, and the LA28 Olympics & Paralympics in select regions across the state. SACRAMENTO – As the Bay Area wraps up…

    Feb 19, 2025

    News Survivors of the Park Fire, Franklin Fire, and the recent Palisades and Eaton fires would be eligible for direct mortgage relief What you need to know: Governor Newsom is proposing an over $125 million package that includes disaster mortgage relief for homeowners…

    Feb 19, 2025

    News State continues raising awareness of dangerous drug  What you need to know: California is using a multifaceted approach to tackle illicit fentanyl, including seizing nearly $300 million of illicit fentanyl since 2023 and increasing public education in schools…

    MIL OSI USA News –

  • MIL-OSI USA: The Golden State will soon be home to the world’s most renowned athletic events

    Source: US State of California 2

    Feb 19, 2025

    What you need to know: Over the next three years, California will host the NBA All-Star Weekend, X Games, FIFA World Cup, Super Bowl LX & LXI, and the LA28 Olympics & Paralympics in select regions across the state.

    SACRAMENTO – As the Bay Area wraps up NBA All-Star 2025, which was projected to generate approximately $350M in economic impact, California will continue to shine on the global stage with a lineup of major athletic events. These events will collectively generate billions in economic activity and foster community engagement as visitors from around the world experience the region’s culture, attractions, and hospitality.

    “From Northern to Southern California, the state is preparing to shine on the world’s biggest stages, welcoming fans from around the globe to experience the energy and diversity of our great state. These events will drive billions into our economy, support local businesses, and create jobs while uniting communities in celebration.”

    Governor Gavin Newsom

    🏀 2025 Bay Area and 2026 Los Angeles NBA All-Star Games 

    • NBA All-Star is an annual mid-season showcase featuring the league’s top stars competing in events including the All-Star Game and All-Star Saturday Night which consists of the Skills Challenge, 3-Point and Slam Dunk, as well as the NBA All-Star Celebrity Game and numerous community activations across the host city. NBA All-Star generates significant economic and cultural impact for the host market.
    • NBA All-Star 2025 in the San Francisco Bay Area was projected to generate approximately $350M in economic impact, supporting 3,000 jobs, and attracting 135,000 visitors. California will host back-to-back with NBA All-Star 2026 in Los Angeles.

    🛹 2025, 2026, and 2027 X Games in Sacramento

    • The X Games are a televised sports festival that features competitive skateboarding, skiing, snowboarding, and BMX. 
    • Over the next three summers, Sacramento’s Cal Expo will host the games with an estimated 35,000 attendees anticipated daily.

    🏈 2026 Super Bowl LX and 2027 Super Bowl LXI

    • The National Football League’s championship game will host Super Bowl LX at Levi’s Stadium in Santa Clara, California and Super Bowl LXI at SoFi Stadium in Inglewood, California.
    • Super Bowl LX is projected to generate a total economic impact of approximately $500 million, with an estimated 90,000 visitors from outside the Bay Area to be expected.

    ⚽ 2026 FIFA World Cup 

    • The 2026 FIFA World Cup is an international soccer tournament that will be jointly hosted by the United States, Canada, and Mexico and will mark the first time the tournament will feature 48 teams.
    • The total estimated economic impact for the Bay Area is approximately $555 million with an estimated 260,000 out-of-town visitors. Los Angeles is projected to see an economic impact of approximately $594 million with approximately 180,000 out-of-town visitors.

    🏅 2028 Olympic & Paralympic Games

    • The 2028 Olympic and Paralympic Games, set to take place in Los Angeles, will showcase global sporting talent on the biggest stage in sports.

    According to the LA28 Games, the sporting event will contribute towards equitable access to youth sports as LA28 invested $160 million in sports for youth across LA. 

    Continuing robust support for LA

    With California front and center for these world-class sporting events, the state is working diligently to prioritize a fast and safe recovery for people and businesses impacted by the LA fires. From the state’s private and philanthropic partnerships, to coordination with federal and local government, California continues to maximize the impact of ongoing rebuilding efforts. 

    For more information and resources, please visit https://www.ca.gov/LAfires/ 

    California’s booming tourism economy

    California has the largest market share of tourism in the nation. Travel spending in the state reached an all-time high of $150.4 billion in 2023, surpassing the record $144.9 billion spent in 2019 – spending that is 3.8% higher than 2019 and 5.6% higher than 2022.

    The new travel-spending record generated $12.7 billion in state and local tax revenue by visitors in 2023, marking a 3% increase over 2019. Tourism created 64,900 new jobs in 2023, bringing total industry employment to 1,155,000.

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    MIL OSI USA News –

  • MIL-OSI NGOs: Less than seven percent of pre-conflict water levels available to Rafah and North Gaza, worsening a health catastrophe

    Source: Oxfam –

    • Nearly 1,700 Kilometres of water and sanitation networks have been destroyed 

    • Big-ticket repairs of networks urgently needed but Israel baulks in approving supplies 

    The resumption of aid into Gaza, including fuel to operate undamaged water and sanitation facilities along with water trucking, has improved the amount of water available to people in some parts of Gaza. But the picture remains extremely bleak and dangerously critical, especially in the North Gaza and Rafah governorates, warned Oxfam today.

    Fifteen months of Israel’s military assault has destroyed 1,675 kilometres of water and sanitation networks. In North Gaza and Rafah governorates, which have suffered the most destruction, less than seven per cent of pre-conflict water levels is available to people, heightening the spread of waterborne diseases. Just 5.7 litres per person, per day is available, barely enough for one toilet flush.

    As fragile ceasefire negotiations hang in the balance, any renewed violence or disruption to fuel and the already inadequate aid would trigger a full-scale public health disaster.

    Clémence Lagouardat, Oxfam’s Humanitarian Coordinator in Gaza said:

    “Now that the bombs have stopped, we have only just begun to grasp the sheer scale of destruction to Gaza’s water and sanitation infrastructure. Most vital water and sanitation networks have been entirely lost or paralyzed, creating catastrophic hygiene and health conditions.

    “Our staff and partners have told how people are stopping them in the streets asking for water, and that parents are not drinking to save water for their children. It is heartbreaking to hear about children having to walk for miles for a single jerrycan of water.”

    “Our staff and partners have told how people are stopping them in the streets asking for water, and that parents are not drinking to save water for their children. It is heartbreaking to hear about children having to walk for miles for a single jerrycan of water.”  

    Clémence Lagouardat, Oxfam’s Humanitarian Coordinator in Gaza

    Oxfam International

    In the North Gaza governorate, almost all water wells have been destroyed by the Israeli military. Over 700,000 people have returned to find entire neighbourhoods wiped out. For the few whose homes remain standing, water is non-existent due to the destruction of rooftop storage tanks.

    In Rafah, over 90 per cent of water wells and reservoirs have been partially or completely damaged, and water production is less than five per cent of its capacity before the conflict. Only two out of 35 wells are currently operational. 

    Despite efforts to resume water production since the ceasefire, the destruction of Gaza’s water pipelines means that 60 per cent of water is leaking into the ground rather than reaching people.

    Oxfam and partners’ initial assessment after the ceasefire found:

    • More than 80 percent of water and sanitation infrastructure across the Gaza Strip has been partially or entirely destroyed, including all six major wastewater treatment plants.
    • 85 percent of the sewage pumping stations (73 out of 84) and networks have been destroyed. Some have been repaired but urgently require fuel to operate.
    • 85 percent of small desalination plants (85 out of 103) have been partially damaged or completely destroyed.
    • 67 percent of the 368 municipal wells have been destroyed. Most of the private small wells cannot function due to lack of fuel or generators. 

    The lack of safe water, combined with untreated sewage overflowing in the streets has triggered an explosion of waterborne and infectious diseases. According to the World Health Organization, 88 percent of environmental samples surveyed across Gaza were found contaminated with polio, signalling an imminent risk of outbreak. Infectious diseases including acute watery diarrhoea and respiratory infections – now the leading causes of death – are also surging, with 46,000 cases, mostly children, being reported each week.

    Chickenpox and skin diseases such scabies and impetigo are also spreading rapidly, particularly among displaced populations in the Northern Gaza Governorate, where water shortages are most severe.

    “Rebuilding water and sanitation is vital for Gaza to have a path to normalcy after 15 months of horror. The ceasefire must hold, and fuel and aid must flow so that Palestinians can rebuild their lives. Lasting peace for Palestinians and Israelis can only come through a permanent ceasefire and a just solution.

    Clémence Lagouardat, Oxfam’s Humanitarian Coordinator in Gaza

    Oxfam International

    Meanwhile, with no waste collection and transport for over 15 months, more than 2,000 tonnes of garbage has been piling up in the streets every day.  This toxic combination of open sewage, uncollected waste and contaminated water is creating a perfect storm for a deadly disease outbreak.

    Lagouardat said: “Despite the increase in aid since the ceasefire, Israel continues to severely impair critical items needed to begin repairing the massive structural damage from its airstrikes. This includes desperately needed pipes for repairing water and sanitation networks, equipment like generators to operate wells.”

    Oxfam’s own 85 tonne-shipment of water pipes, fittings and water tanks – worth over $480,000 – had been held up for over six months because it was deemed as dual-use and “oversized” to enter. Israeli authorities only finally approved the shipment this week, although it has yet to enter.

    Lagouardat said: “Hundreds of thousands of displaced people across the Gaza Strip have had to resort to digging makeshift cesspits next to their tents. This daily discharge of approximately 130,000 cubic meters – the equivalent of 52 Olympic pools – of untreated sewage is contaminating the Mediterranean Sea and Gaza’s only aquifer.

    “Rebuilding water and sanitation is vital for Gaza to have a path to normalcy after 15 months of horror. The ceasefire must hold, and fuel and aid must flow so that Palestinians can rebuild their lives. Lasting peace for Palestinians and Israelis can only come through a permanent ceasefire and a just solution.”

    MIL OSI NGO –

  • MIL-OSI Asia-Pac: Current Trends in Drug Discovery Research (CTDDR-2022): The 9th MahaKumbh for Drug Research

    Source: Government of India

    Current Trends in Drug Discovery Research (CTDDR-2022): The 9th MahaKumbh for Drug Research

    Day one was dedicated to “New strategies in synthetic and medicinal chemistry”

    Posted On: 20 FEB 2025 1:30PM by PIB Delhi

    The 9th “International Symposium on Current Trends in Drug Discovery Research” inaugurated yesterday at CSIR-Central Drug Research Institute, Lucknow. Dr. Radha Rangrajan, Director CSIR-CDRI, Lucknow, welcomed all the dignitaries present in this mega event. She briefed about the details of this very important Drug discovery conference and set the tone for the participants that how they can utilize this opportunity for learning, networking and upgrading their research skills

    “Science has no borders”: Dr. N. Kalaiselvi

    The Chief Guest of the program, Dr. N. Kalaiselvi, Director General, CSIR & Secretary DSIR addressed the audience. Dr. Kalaiselvi highlighted the event’s significance as a platform for knowledge exchange. She stressed that such gatherings provide a great opportunity for researchers, industry leaders, and young minds to collaborate, fostering innovation in pharmaceuticals and healthcare.”Science has no borders, and this program is a gateway for global collaboration,” she remarked, underlining the importance of international cooperation in research and development. She urged students to take inspiration from these discussions and work towards making India a global leader in science and technology by 2047.

    Dr. N. Kalaiselvi, Director General, CSIR & Secretary DSIR addressing the audience at the inauguration of  “Current Trends in Drug Discovery Research (CTDDR-2022)” at CSIR-CDIR, Lucknow, Uttar Pradesh.

    Quantum Computing and Artificial Intelligence (AI) is set to revolution in drug discovery: Prof. Balram Bhargava

    The Guest of Honour the program, Prof. Balram Bhargava, Dean and Senior Consultant, Holy Family Hospital, New Delhi & Former Director General, ICMR also addressed the audience. Dr. Balram Bhargava, emphasizes that India’s strength in drug discovery stems from its rich heritage in chemistry, making it a global hub for pharmaceutical advancements.The country has consistently demonstrated its ability to produce high-quality, affordable medicines, ensuring healthcare accessibility worldwide. However, challenges such as the availability of Active Pharmaceutical Ingredients (APIs) and the need for new drug discoveries remain key areas of focus. Further he said that the integration of Quantum Computing and Artificial Intelligence (AI) is set to revolutionize drug discovery, accelerating research and reducing costs. Also he said that Collaboration has been a cornerstone of India’s pharmaceutical success, as seen in the development of vaccines. Market shaping is equally important, ensuring that innovations reach the masses while maintaining India’s leadership in cost-effective healthcare solutions.

    Journey towards the development of drugs for pain treatment

    (Prof. Christopher Robert McCurdy)

    In the inaugural program, Prof. Christopher Robert McCurdy, Professor and The Frank A. Duckworth Eminent Scholar Chair, University of Florida, USA, has delivered the inaugural talk on “Seeing Pain: from the lab to the clinic, a medicinal chemist’s journey.” In his oration, he brought up the role of Sigma-1 receptors in pain processing. He further talked about the journey of the discovery and development of a tracer molecule FTC146, which acts as a selective ligand for Sigma-1 receptors. This tracer can locate sites of nerve damage in peripheral nerves, which can result in better pain management and, in certain situations, cured pain. This tracer has completed Phase 1 human clinical trials and can be a breakthrough in pain management strategies.

    Targeting cofactor biosynthesis for the development of new antimicrobial agents with novel mechanism of action

    (Prof. Courtney C. Aldrich)

    Later in the Session II today, Prof. Courtney C. Aldrich from the University of Minnesota, USA, He online discussed about the novel approaches in targeting cofactor biosynthesis in order to develop new antimicrobial agents with novel mechanisms. He shared his efforts to design novel anti-tubercular agents against two elusive targets for which there are no effective small molecules. They discovered promising inhibitor chemotypes and optimized them for bioactivity and drug disposition characteristics using complementary techniques. He also discussed the difficulties he encountered during the optimization campaign and how he overcame them through the integration of mechanism of action studies. He also shared his most recent research to develop next-generation Rifamycin derivatives that overcome multiple resistance mechanisms.

     

    Eliciting agonism-antagonism in endosomal toll-like receptor modulators via convoluted interplay of chemical subunits

    (Dr. ArindamTalukdar)

    Dr. ArindamTalukdar from CSIR-Indian Institute of Chemical Biology (IICB), Kolkata, shared his research findings on the stimulation of agonism-antagonism in TLR7 modulators via complex interactions between chemical subunits. The TLR7 is an endosomal TLR protein that helps the body to recognize and respond to viruses and bacteria. He noted in his presentation that agonists and antagonists frequently have overlapping binding sites in their target molecules. Therefore, agonistic chemical scaffolds can be used as a template for designing antagonists. Starting from the agonistic purine scaffold, by rationally dissecting, they identified a singular ‘chemical switch’ at C-2 that could make a potent purine scaffold TLR7 agonist to lose agonism and acquire antagonist activity. He further mentioned the most unprecedented outcome of his study as the convoluted interplay of “chemical subunits”, to venture into the agonist-partial agonist-antagonist-agonist circle through sequential single-point change. He further proposed these new class of TLR7 modulators as promising precursor for therapeutic development.

    The eminent speakers ignited the spark of scientific temperament in the participants of CTDDR-2025 with their vibrant talks filled with the latest information. The flooding of current information would be continued in further sessions which will dissipate the new energy and new direction for research and development among the participants sharing this platform from all around.

    ***

     NKR/PSM

    (Release ID: 2104910) Visitor Counter : 17

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Tomb of Egyptian pharaoh is first found in Luxor since Tutankhamun – here’s how we know who lay inside

    Source: The Conversation – UK – By Claire Isabella Gilmour, PhD Candidate, Anthropology and Archaeology, University of Bristol

    Thutmose II was the fourth ruler of the illustrious ancient Egyptian 18th dynasty, which included Tutankhamun. Now, the location of his long-lost tomb, one of the last missing royal tombs, has been confirmed by the New Kingdom Research Foundation, a British-Egyptian archaeological team led by Piers Litherland. It’s the first pharaoh’s tomb to be discovered in Luxor for over a century.

    Thutmose II had a relatively short and uneventful reign, but his enduring legacy is his family. He was husband and half-brother of the female pharaoh Hatshepsut, and father of Thutmose III, arguably ancient Egypt’s greatest military leader.

    Thutmose was himself of royal blood as a biological son of Thutmose I. But as his mother was only a minor wife, his marriage to Hatshepsut (also a daughter of Thutmose I, by his principal wife Ahmose) cemented his position in line to the throne.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    Around 500 years after Thutmose II’s death, ancient Egyptian officials of the 21st dynasty realised that his tomb (and that of other royals from the New Kingdom) had become vulnerable to damage from flooding and the attentions of tomb robbers. They chose a secret place in the Theban cliffs to relocate the royal remains to.

    The mummified bodies of kings, queens and other significant people were interred in their new resting place near Hatshepsut’s temple. The entrance was well disguised by sand and rocks, and was inaccessible by foot. There they lay there until the late 19th century.



    Read more:
    The scent of the ancient Egyptian afterlife has been recreated – here’s what it smelled like

    When the area became known to Egyptologists in 1881, the cache was found to contain the bodies of, among others, Ramesses II, Seti I, Thutmose III and, of course, Thutmose II.

    They were moved from the Egyptian Museum in Tahrir Square, Cairo, in a spectacular, globally broadcast parade to the newly opened National Museum of Egyptian Civilization in 2021. But the search for Thutmose II’s original tomb continued.

    Stone block relief showing Thutmose II, found at Karnak Temple in Luxor.
    WikiCommons, CC BY

    This tomb, designated C4, is located in a relatively inaccessible position. It is next to the magnificent mortuary temple of Hatshepsut, Thutmose’s principal wife and later pharaoh in her own right, at the site of Deir el-Bahri on the west bank of the Nile at Luxor.

    Discovered in 2022, the site is some 1.2 miles away from the Valley of the Kings, where tombs for Thutmose I and III and Hatshepsut were planned. Women of the royal family had been found there, so the initial theory was that this newly found tomb belonged to one of Thutmose’s lesser wives.

    The tomb was also blocked by flood debris. The excavation team had to work through a deep entrance staircase, collapsed ceilings, corridors filled with flooding debris, and tonnes of limestone fragments.

    What was in the tomb?

    Further exploration by the excavation team has now brought to light evidence that confirms the tomb is that of Thutmose II himself.

    Initial observations showed that the form of the entrance bore a strong resemblance to that of Hatshepsut’s KV20 tomb in the Valley of the Kings. It features a wide staircase, doorway and descending corridor, and therefore a significant space lay beyond.

    As the ceilings and walls were cleared, beautiful decoration of a starred sky and extracts from a funerary text known as the Amduat emerged, strongly suggesting that this was a king’s burial. Sifting through the limestone fragments revealed broken alabaster vessels bearing the king’s name and – crucially – that of Hatshepsut, reducing the list of potential candidates to just one.

    Even though C4 has otherwise been emptied of funerary goods such as sarcophagi, this is actually good news. It indicates that the tomb contents were moved elsewhere, perhaps due to the flooding. These items were not found with Thutmose II’s relocated body, so the search is still on to find them.

    Hatshepsut’s original tomb has not yet been found.
    Metropolitan Museum of Art, CC BY-SA

    Contrary to many reports, C4 is not the first royal tomb to be found since that of Tutankhamun in 1922 by Howard Carter. Pierre Montet’s excavations at the third intermediate period (1069–664BC) capital city of Tanis in the 1930s revealed the royal necropolis of the 21st and 22nd dynasties, with some undisturbed. However, C4 is the first since Tutankhamun in Luxor, and it is the last missing king’s tomb of the 18th dynasty.

    Still up for discovery are a handful of tombs belonging to other rulers of Egypt: Nefertiti; Ramesses XIII; the 21st-dynasty high priest of Amun, Herihor; Cleopatra VII; and Alexander the Great. Other significant tombs which may yet come to light are Ankhesenamun, wife of Tutankhamun, and the great architect Imhotep.

    Some of these tombs may never be found. But the New Kingdom Research Foundation are now looking to find the next stage in Thutmose II’s postmortem journey – where was he taken after C4, but before the royal cache in the Theban cliffs?

    Claire Isabella Gilmour 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. Tomb of Egyptian pharaoh is first found in Luxor since Tutankhamun – here’s how we know who lay inside – https://theconversation.com/tomb-of-egyptian-pharaoh-is-first-found-in-luxor-since-tutankhamun-heres-how-we-know-who-lay-inside-250433

    MIL OSI – Global Reports –

  • MIL-OSI Video: DRC: M23 Advances Spark Humanitarian Crisis & Security Concerns – Briefing | United Nations

    Source: United Nations (Video News)

    UN Special Representative in the Democratic Republic of the Congo (DRC) Bintou Keita reported that despite multiple international calls for a ceasefire and an end to the offensives, the M23, supported by the Rwandan army, has continued its advance in the North Kivu and South Kivu provinces, with “devastating consequences.” UNIFEED

    Addressing the Security Council today (19 Feb) Keita said, “This advance has had devastating consequences, leading to the loss of many lives during the takeover of Goma.”

    She continued, “In two weeks, the Congo River Alliance, of which the M23 is a key component, has established a parallel administration in Goma, appointing a governor and a mayor. In South Kivu, the M23 seized Kavumu airport and the city of Bukavu, the provincial capital, on February 16. Since then, the M23 has continued its advance and took control of the city of Kamanyola yesterday.”

    She highlighted, “The essential MONUSCO infrastructure in Goma and other locations in North Kivu is under extreme pressure. These facilities are sheltering people who have sought refuge there for protection under the Mission, in accordance with international humanitarian law. However, these installations were never designed or equipped to accommodate many people for an extended period. The situation is even more critical as sanitary and hygiene conditions are rapidly deteriorating, posing a risk to both those seeking protection and MONUSCO personnel. This issue is also fueling disinformation and is being used to amplify anti-MONUSCO sentiments.”

    She added, “The human rights situation in North and South Kivu has significantly deteriorated. In addition to deaths resulting from clashes between the M23 and the DRC security forces, MONUSCO has also documented cases of forced recruitment.”

    https://www.youtube.com/watch?v=BF1zoo1APEI

    MIL OSI Video –

  • MIL-OSI Africa: Secretary-General’s video message to the 19th Plenary Session of the Parliamentary Assembly of the Mediterranean

    Source: United Nations – English

    strong>Download the video: https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+31+Jan+25/3334563_MSG+SG+19TH+PLENARY+PAM+ROME+31+JAN+25.mp4

    Excellencies,

    Dear Parliamentarians,

    I am pleased to convey my warm greetings as you gather for this 19th Plenary Session of the Parliamentary Assembly of the Mediterranean.

    Your region is an extraordinary bridge between continents, cultures and traditions.  And your collective voice resonates far beyond Mediterranean shores.

    As a former Parliamentarian myself, I greatly value that voice in addressing shared challenges. I know you are focusing on a number of those challenges at your Plenary Session. 

    As I look around the world, four tests stand out because they represent, at best, threats that could disrupt every aspect of our agenda and, at worst, upend our very existence:

    Rampant inequalities. 

    The raging climate crisis. 

    Out-of-control technology, including Artificial Intelligence without guardrails.

    And, of course, runaway conflicts.   

    As you know so well, the Middle East is in a period of profound transformation – rife with uncertainty, but also possibility.

    It is clear the region is being re-shaped.  But it is not clear what will emerge.  

    We have a responsibility to help make sure the people of the Middle East come out with peace, dignity and a horizon of hope grounded in action. 

    In Gaza – that means – as we have long been calling for – the release of all hostages, a permanent ceasefire and irreversible progress towards a two-State solution.

    In Lebanon – we are working to consolidate the cessation of hostilities, support a government where all Lebanese will feel represented, and a State that will be able to guarantee security to all its citizens.

    And in Syria – we are stand behind an inclusive process in which the rights of all are fully respected, and that paves the way towards a united and sovereign Syria with its territorial integrity fully reestablished.

    Finally, I want to thank you for your support for the implementing the UN Pact for the Future. 

    You understand that this ties directly to advancing trust – which you have rightly defined as a strategic issue – and to shaping global governance institutions fit for the 21st century.

    Once again, thank you for your vital voice and leadership.

    Let’s keep working for peace, sustainable development and human rights for the people of the Mediterranean region and our world.

    Thank you.
     

    MIL OSI Africa –

  • MIL-OSI: BigCommerce Announces Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce” or the “Company”) (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced financial results for its fourth quarter and fiscal year ended December 31, 2024.

    “Over the last several months, we have focused on executing our go-to-market transformation, aligning our strategy, structure and messaging to reflect the full power of BigCommerce,” said Travis Hess, CEO of BigCommerce. “Transformations like this are not easy, and I am encouraged by the progress, feedback and traction we are seeing, and I am energized by the path ahead. I took on this role because of my belief in what BigCommerce is today and, more importantly, where we can take commerce into the future as a leader in modern commerce with a differentiated approach, a world-class team and an immense market opportunity.”

    Fourth Quarter Financial Highlights:

    • Total revenue was $87.0 million, up 3% compared to the fourth quarter of 2023.
    • Total annual revenue run-rate (“ARR”) as of December 31, 2024 was $349.6 million, up 4% compared to December 31, 2023.
    • Subscription solutions revenue was $62.3 million, up 3% compared to the fourth quarter of 2023.
    • ARR from accounts with at least one enterprise plan (collectively, “Enterprise Accounts”) was $261.6 million as of December 31, 2024, up 7% from December 31, 2023.
    • ARR from Enterprise Accounts as a percent of total ARR was 75% as of December 31, 2024, compared to 73% as of December 31, 2023.
    • GAAP gross margin was 78%, compared to 77% in the fourth quarter of 2023. Non-GAAP gross margin was 78%, compared to 79% in the fourth quarter of 2023.

    Other Key Business Metrics

    • Number of enterprise accounts was 5,884, down 2% compared to the fourth quarter of 2023.
    • Average revenue per account (ARPA) of enterprise accounts was $44,458 up 9% compared to the fourth quarter of 2023.
    • Revenue in the Americas grew by 4% compared to the fourth quarter of 2023.
    • Revenue in EMEA grew by 5% and revenue in APAC declined by 1% compared to the fourth quarter of 2023.

    Loss from Operations and Non-GAAP Operating Income (Loss)

    • GAAP loss from operations was ($0.8) million, compared to ($5.7) million in the fourth quarter of 2023.
    • Included in GAAP loss from operations was a restructuring charge of $1.2 million, including but not limited to the 2024 Restructuring.
    • Non-GAAP operating income was $10.1 million, compared to $5.4 million in the fourth quarter of 2023.

    Net Income (Loss) and Earnings Per Share

    • GAAP net loss was ($2.4) million, compared to ($3.2) million in the fourth quarter of 2023.
    • Non-GAAP net income was $8.4 million or 10% of revenue, compared to $7.9 million or 9% of revenue in the fourth quarter of 2023.
    • GAAP basic net loss per share was ($0.03) based on 78.4 million shares of common stock, compared to ($0.04) based on 76.2 million shares of common stock in the fourth quarter of 2023.
    • Non-GAAP basic net income per share was $0.11 based on 78.4 million of shares, compared to $0.10 based on 76.2 million shares in the fourth quarter of 2023.
    • Non-GAAP diluted net income per share was $0.11 based on 80.1 million shares of dilutive shares, compared to $0.09 based on 83.7 million dilutive shares in the fourth quarter of 2023.

    Adjusted EBITDA

    • Adjusted EBITDA was $11.0 million, compared to $6.5 million in the fourth quarter of 2023.

    Cash

    • Cash, cash equivalents, restricted cash, and marketable securities totaled $179.6 million as of December 31, 2024.
    • For the three months ended December 31, 2024, net cash provided by operating activities was $12.4 million, compared to $13.3 million provided by operating activities for the same period in 2023. The Company reported free cash flow was $11.6 million in the three months ended December 31, 2024.

    Debt

    • As of December 31, 2024 the Company had $63.1 million in outstanding aggregate principal amount of its 2026 Convertible Notes, and $150.0 million in outstanding aggregate principal amount of its 2028 Convertible Notes. Subsequent to year end the Company repurchased approximately $59.0 million in principal amount of the 2026 Convertible notes for $54.0 million in cash. The Company’s total outstanding debt is approximately $154.1 million.

    Fiscal Year 2024 Financial Highlights:

    • Total revenue was $332.9 million, up 8% compared to fiscal year 2023.
    • Subscription solutions revenue was $247.9 million, up 8% compared to fiscal year 2023.
    • GAAP gross margin was 77%, compared to 76% in fiscal year 2023. Non-GAAP gross margin was 78%, for both fiscal year 2024 and 2023.

    Operating Loss and Non-GAAP Operating Income (Loss)

    • GAAP operating loss was ($41.7) million, compared to ($72.4) million in fiscal year 2023.
    • Included in GAAP loss from operations was a restructuring charge of $13.7 million, including but not limited to the 2024 Restructuring.
    • Non-GAAP operating income (loss) was $19.5 million, compared to ($5.7) million in fiscal year 2023.

    Net Income (Loss) and Earnings Per Share

    • GAAP net loss was ($27.0) million, compared to ($64.7) million in fiscal year 2023.
    • Non-GAAP net income was $22.0 million or 7% of revenue, compared to $2.1 million or 1% of revenue in fiscal year 2023.
    • GAAP net loss per share was ($0.35) based on 77.6 million shares of common stock, compared to ($0.86) based on 75.1 million shares of common stock in fiscal year 2023.
    • Non-GAAP diluted net income per share was $0.28 based on 79.4 million shares of dilutive shares, compared to $0.03 based on 82.9 million dilutive shares in fiscal year 2023.

    Adjusted EBITDA

    • Adjusted EBITDA was $23.5 million, compared to ($1.6) million in fiscal year 2023.

    Cash

    • For the twelve months ended December 31, 2024, net cash provided by operating activities was $26.3 million, compared to ($24.2) million used in operating activities for the same period in 2023. The Company reported free cash flow of $22.5 million for the year ended December 31, 2024.

    Business Highlights:

    Corporate Highlights

    • The Company made several additions to its leadership team. In January, Michelle Suzuki joined as BigCommerce’s Chief Marketing Officer, Rob Walter joined as Chief Revenue Officer, and Marcus Groff started as Senior Vice President of Engineering. In November, Tracy Turner joined as Senior Vice President of Revenue Operations.
    • BigCommerce and its customers achieved another successful Cyber Week, the eleventh in a row with 100% uptime on the platform. Customers on BigCommerce experienced a 26% increase, year over year, in gross merchandise value (GMV) during the five-day period from November 28 through December 2. BigCommerce merchants also saw total orders increase 13% and average order value rise 11%, year over year.

    Customer Highlights

    • 4Patriots, a family-founded company that sells emergency preparedness products, launched a new headless ecommerce store with BigCommerce, utilizing BigCommerce APIs and open source checkout to run a custom tax app, offer their own installment plans to customers, and provide one-click, post-purchase upsell opportunities.
    • Lube-Tech, a longstanding engine fluid brand, partnered with BigCommerce agency partner Codal to launch their first of three enterprise-level stores. They incorporated StagingPro to mirror sandbox and production stores.
    • ABC Fine Wine & Spirits, a retail chain that specializes in wine, spirits, and beer, launched a new online storefront featuring custom pickup and delivery options implemented by BigCommerce partner Irish Titan.
    • Bunzl, a leading distributor in the food processing industry since 1883, launched their ecommerce store using BigCommerce’s B2B Edition, assisted by BigCommerce partner Groove Commerce.
    • Witmer Public Safety Group successfully launched four online stores for firefighters, EMTs, and police officers, and more on BigCommerce’s B2B Edition and using the platform’s Multi-Storefront functionality. Designed by BigCommerce partner Jamersan, the sites are integrated with Witmer’s NetSuite ERP and leverage Algolia’s search technology, resulting in a robust online experience for customers and increased uptimes.

    Partner Highlights

    • We finalized a new global preferred partnership with payments provider Klarna to provide buy now, pay later services to merchants on the BigCommerce platform, helping them optimize checkout and conversion.

    Q1 and 2025 Financial Outlook:

    For the first quarter of 2025, we currently expect:

    • Total revenue between $81.2 million to $83.2 million.
    • Non-GAAP operating income is expected to be between $4 million to $5 million.

    For the full year 2025, we currently expect:

    • Total revenue between $342.1 million and $350.1 million.
    • Non-GAAP operating income between $20 million and $24 million.

    Our first quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

    We do not provide guidance for loss from operations, the most directly comparable GAAP measure to Non-GAAP operating income (loss), and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income (loss) and Non-GAAP income (loss) per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

    Conference Call Information

    BigCommerce will host a conference call and webcast at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, February 20, 2025, to discuss its financial results and business highlights. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “BigCommerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, February 27, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 9139950. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About BigCommerce

    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q1 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, the anticipated benefits and opportunities related to the 2024 Restructure may not be realized or may take longer to realize than expected, our ability to pay the interest and principal on our indebtedness depends upon cash flows generated by our operating performance, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2023 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Use of Non-GAAP Financial Measures

    We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

    Annual Revenue Run-Rate

    We calculate annual revenue run-rate (“ARR”) at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

    Enterprise Account Metrics

    To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription. These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

    Average Revenue Per Account

    We calculate ARPA for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of GMV processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

    Adjusted EBITDA

    We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible note extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes. Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

    Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

    Depreciation includes depreciation expenses related to the Company’s fixed assets.

    The most directly comparable GAAP measure is net loss.

    Non-GAAP Operating Income (Loss)

    We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition-related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

    Non-GAAP Net Income (Loss)

    We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition-related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

    Non-GAAP Basic and Dilutive Net Income (Loss) per Share

    We define Non-GAAP Basic Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

    Free Cash Flow

    We define Free Cash Flow as our GAAP cash flow provided by (used in) operating activities less our GAAP purchases of property and equipment (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

    Consolidated Balance Sheets
    (in thousands)
        December 31,   December 31,  
        2024   2023  
               
    Assets          
    Current assets          
    Cash and cash equivalents   $ 88,877   $ 71,719  
    Restricted cash     1,479     1,126  
    Marketable securities     89,283     198,415  
    Accounts receivable, net     48,117     37,713  
    Prepaid expenses and other assets, net     14,641     24,733  
    Deferred commissions     8,822     8,280  
    Total current assets     251,219     341,986  
    Property and equipment, net     9,128     10,233  
    Operating lease, right-of-use-assets, net     1,993     4,405  
    Prepaid expenses and other assets, net of current portion     3,146     1,240  
    Deferred commissions, net of current portion     5,559     7,056  
    Intangible assets, net     17,317     27,052  
    Goodwill     51,927     52,086  
    Total assets   $ 340,289   $ 444,058  
    Liabilities and stockholders’ equity          
    Current liabilities          
    Accounts payable   $ 7,018   $ 7,982  
    Accrued liabilities     3,194     2,652  
    Deferred revenue     46,590     32,242  
    Operating lease liabilities     2,438     2,542  
    Other liabilities     28,766     25,332  
    Total current liabilities     88,006     70,750  
    Convertible notes     216,466     339,614  
    Operating lease liabilities, net of current portion     1,680     7,610  
    Other liabilities, net of current portion     768     551  
    Total liabilities     306,920     418,525  
    Commitments and contingencies (Note 8)          
    Stockholders’ equity          
    Common stock, $0.0001 par value; 500,000 shares authorized at December 31, 2024 and 2023, respectively; 78,573 and 76,410 shares issued and outstanding at December 31, 2024 and 2023, respectively.     7     7  
    Additional paid-in capital     654,905     620,021  
    Accumulated other comprehensive income     145     163  
    Accumulated deficit     (621,688 )   (594,658 )
    Total stockholders’ equity     33,369     25,533  
    Total liabilities and stockholders’ equity   $ 340,289   $ 444,058  
    Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        Three months ended
    December 31,    		   Year ended
    December 31,    		  
        2024   2023   2024   2023  
    Revenue   $ 87,028   $ 84,149   $ 332,927   $ 309,394  
    Cost of revenue (1)     19,476     18,946     77,589     74,202  
    Gross profit     67,552     65,203     255,338     235,192  
    Operating expenses: (1)                  
    Sales and marketing     29,605     34,332     129,602     140,230  
    Research and development     19,763     19,509     80,879     83,460  
    General and administrative     14,994     13,574     61,794     58,838  
    Amortization of intangible assets     2,383     2,323     9,736     8,422  
    Acquisition related costs     333     935     1,334     10,252  
    Restructuring charges     1,225     219     13,677     6,434  
    Total operating expenses     68,303     70,892     297,022     307,636  
    Loss from operations     (751 )   (5,689 )   (41,684 )   (72,444 )
    Gain on convertible note extinguishment     0     0     12,110     0  
    Interest income     1,761     3,183     10,568     11,493  
    Interest expense     (2,703 )   (719 )   (6,051 )   (2,884 )
    Other expenses     (373 )   (503 )   (958 )   (836 )
    Loss before provision for income taxes     (2,066 )   (3,728 )   (26,015 )   (64,671 )
    Benefit (provision) for income taxes     (324 )   552     (1,015 )   0  
    Net loss   $ (2,390 ) $ (3,176 ) $ (27,030 ) $ (64,671 )
    Basic net loss per share   $ (0.03 ) $ (0.04 ) $ (0.35 ) $ (0.86 )
    Shares used to compute basic net loss per share     78,438     76,226     77,600     75,143  

    (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

        Three months ended
    December 31,    		   Year ended
    December 31,    		  
        2024   2023   2024   2023  
    Cost of revenue   $ 735   $ 1,147   $ 3,533   $ 4,949  
    Sales and marketing     920     3,415     9,252     13,474  
    Research and development     3,099     1,908     13,614     13,478  
    General and administrative     2,141     1,105     10,000     9,785  
    Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Three months ended
    December 31,    		   Year ended
    December 31,    		  
      2024   2023   2024   2023  
                     
    Cash flows from operating activities                
    Net loss $ (2,390 ) $ (3,176 ) $ (27,030 ) $ (64,671 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
    Depreciation and amortization expense   3,329     3,500     13,811     12,480  
    Amortization of discount on convertible note   244     496     1,582     1,976  
    Amortization of premium on convertible note   (396 )   0     (636 )   0  
    Stock-based compensation expense   6,821     7,635     35,377     41,185  
    Provision for expected credit losses   206     (656 )   3,208     805  
    Real estate and internal-use software charges   502     70     3,533     70  
    Gain on lease modification   0     0     (988 )   0  
    Gain on convertible note extinguishment   0     0     (12,110 )   0  
    Other   6     (5 )   (31 )   167  
    Changes in operating assets and liabilities:                
    Accounts receivable   (5,273 )   534     (14,206 )   (3,877 )
    Prepaid expenses and other assets   5,477     4,581     6,493     2,063  
    Deferred commissions   757     (354 )   955     (2,128 )
    Accounts payable   (672 )   1,710     (895 )   962  
    Accrued and other liabilities   3,511     (1,083 )   2,843     (25,836 )
    Deferred revenue   238     27     14,348     12,561  
    Net cash provided by (used in) operating activities   12,360     13,279     26,254     (24,243 )
    Cash flows from investing activities:                
    Cash paid for acquisition   0     (7,891 )   (100 )   (7,891 )
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software   (787 )   (1,043 )   (3,721 )   (4,179 )
    Maturity of marketable securities   53,603     36,960     205,238     243,167  
    Purchase of marketable securities   (10,167 )   (39,207 )   (96,124 )   (228,281 )
    Net cash provided by (used in) investing activities   42,649     (11,181 )   105,293     2,816  
    Cash flows from financing activities:                
    Proceeds from exercise of stock options   225     136     1,708     3,849  
    Taxes paid related to net share settlement of stock options   (38 )   (12 )   (2,449 )   (3,294 )
    Holdback payments related to business combination   (1,000 )   0     (1,000 )   0  
    Proceeds from financing obligation   0     0     0     1,081  
    Payment of convertible note issuance costs   (656 ) 0     (3,176 ) 0  
    Repayment of convertible notes and financing obligation   (139 )   (263 )   (109,119 )   (394 )
    Net cash provided by (used in) financing activities   (1,608 )   (139 )   (114,036 )   1,242  
    Net change in cash and cash equivalents and restricted cash   53,401     1,959     17,511     (20,185 )
    Cash and cash equivalents and restricted cash, beginning of period   36,955     70,886     72,845     93,030  
    Cash and cash equivalents and restricted cash, end of period $ 90,356   $ 72,845   $ 90,356   $ 72,845  
    Supplemental cash flow information:                
    Cash paid for interest $ 3   $ 21   $ 2,466   $ 894  
    Cash paid for taxes $ 106   $ 242   $ 381   $ 583  
    Noncash investing and financing activities:                
    Changes in capital additions, accrued but not paid $ 84   $ 168   $ 84   $ 168  
    Fair value of shares issued as consideration for business combinations $ 0   $ 496   $ 248   $ 1,417  
    Principal amount of 2028 Convertible Notes exchanged $ 0   $ 0   $ 150,000   $ 0  

    Disaggregated Revenue:

        Three months ended
    December 31,    		   Year ended
    December 31,    		  
    (in thousands)   2024   2023   2024   2023  
    Subscription solutions   $ 62,288   $ 60,613   $ 247,870   $ 229,265  
    Partner and services     24,740     23,536     85,057     80,129  
    Revenue   $ 87,028   $ 84,149   $ 332,927   $ 309,394  

    Revenue by Geography:

        Three months ended
    December 31,    		   Year ended
    December 31,    		  
    (in thousands)   2024   2023   2024   2023  
    Revenue:                  
    Americas – U.S.   $ 66,078   $ 64,055   $ 253,484   $ 236,502  
    Americas – other (1)     4,217     3,837     15,662     14,103  
    EMEA     9,994     9,475     38,031     34,661  
    APAC     6,739     6,782     25,750     24,128  
    Revenue   $ 87,028   $ 84,149   $ 332,927   $ 309,394  

    (1)Americas-other revenue includes revenue from North and South America, other than the U.S.

    Reconciliation of GAAP to Non-GAAP Results
    (in thousands, except per share amounts)
    (unaudited)
     
    Reconciliation of loss from operations to Non-GAAP operating income (loss):
     
        Three months ended
    December 31,    		     Year ended
    December 31,    		    
        2024     2023     2024     2023    
    (in thousands)                          
    Revenue   $ 87,028     $ 84,149     $ 332,927     $ 309,394    
                               
    Loss from operations   $ (751 )   $ (5,689 )   $ (41,684 )   $ (72,444 )  
    Plus: stock-based compensation expense and associated payroll tax costs     6,895       7,575       36,399       41,686    
    Amortization of intangible assets     2,383       2,323       9,736       8,422    
    Acquisition related costs     333       935       1,334       10,252    
    Restructuring charges     1,225       219       13,677       6,434    
    Non-GAAP operating income (loss)   $ 10,085     $ 5,363     $ 19,462     $ (5,650 )  
    Non-GAAP operating income (loss) as a percentage of revenue     11.6   %   6.4   %   5.8   %   (1.8 ) %

    Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP net income per share:

        Three months ended
    December 31,    		     Year ended
    December 31,    		    
        2024     2023     2024     2023    
    (in thousands)                          
    Revenue   $ 87,028     $ 84,149     $ 332,927     $ 309,394    
                               
    Net loss   $ (2,390 )   $ (3,176 )   $ (27,030 )   $ (64,671 )  
    Plus: stock-based compensation expense and associated payroll tax costs     6,895       7,575       36,399       41,686    
    Amortization of intangible assets     2,383       2,323       9,736       8,422    
    Acquisition related costs     333       935       1,334       10,252    
    Restructuring charges     1,225       219       13,677       6,434    
    Gain on convertible note extinguishment     0       0       (12,110 )     0    
    Non-GAAP net income   $ 8,446     $ 7,876     $ 22,006     $ 2,123    
    Basic net loss per share   $ (0.03 )   $ (0.04 )   $ (0.35 )   $ (0.86 )  
    Non-GAAP basic net income per share   $ 0.11     $ 0.10     $ 0.28     $ 0.03    
    Non-GAAP diluted net income per share   $ 0.11     $ 0.09     $ 0.28     $ 0.03    
    Shares used to compute basic Non-GAAP net income per share     78,438       76,226       77,600       75,143    
    Shares used to compute diluted Non-GAAP net income per share     80,081       83,679       79,544       82,938    
    Non-GAAP net income as a percentage of revenue     9.7   %   9.4   %   6.6   %   0.7   %

    Reconciliation of net loss to adjusted EBITDA:

        Three months ended
    December 31,    		     Year ended
    December 31,    		    
        2024     2023     2024     2023    
    (in thousands)                          
    Revenue   $ 87,028     $ 84,149     $ 332,927     $ 309,394    
                               
    Net loss   $ (2,390 )   $ (3,176 )   $ (27,030 )   $ (64,671 )  
    Plus: stock-based compensation expense and associated payroll tax costs     6,895       7,575       36,399       41,686    
    Amortization of intangible assets     2,383       2,323       9,736       8,422    
    Acquisition related costs     333       935       1,334       10,252    
    Restructuring charges     1,225       219       13,677       6,434    
    Depreciation     946       1,177       4,075       4,058    
    Gain on convertible note extinguishment     0       0       (12,110 )     0    
    Interest income     (1,761 )     (3,183 )     (10,568 )     (11,493 )  
    Interest expense     2,703       719       6,051       2,884    
    Other expenses     373       503       958       836    
    Benefit (provision) for income taxes     324       (552 )     1,015       0    
    Adjusted EBITDA   $ 11,031     $ 6,540     $ 23,537     $ (1,592 )  
    Adjusted EBITDA as a percentage of revenue     12.7   %   7.8   %   7.1   %   (0.5 ) %

    Reconciliation of cost of revenue to Non-GAAP cost of revenue:

        Three months ended
    December 31,    		     Year ended
    December 31,    		    
        2024     2023     2024     2023    
    (in thousands)                          
    Revenue   $ 87,028     $ 84,149     $ 332,927     $ 309,394    
                               
    Cost of revenue   $ 19,476     $ 18,946     $ 77,589     $ 74,202    
    Less: stock-based compensation expense and associated payroll tax costs     735       1,147       3,533       4,949    
    Non-GAAP cost of revenue   $ 18,741     $ 17,799     $ 74,056     $ 69,253    
    As a percentage of revenue     21.5   %   21.2   %   22.2   %   22.4   %

    Reconciliation of sales and marketing expense to Non-GAAP sales and marketing expense:

        Three months ended
    December 31,    		     Year ended
    December 31,    		    
        2024     2023     2024     2023    
    (in thousands)                          
    Revenue   $ 87,028     $ 84,149     $ 332,927     $ 309,394    
                               
    Sales and marketing   $ 29,605     $ 34,332     $ 129,602     $ 140,230    
    Less: stock-based compensation expense and associated payroll tax costs     920       3,415       9,252       13,474    
    Non-GAAP sales and marketing   $ 28,685     $ 30,917     $ 120,350     $ 126,756    
    As a percentage of revenue     33.0   %   36.7   %   36.1   %   41.0   %

    Reconciliation of research and development expense to Non-GAAP research and development expense:

        Three months ended
    December 31,    		     Year ended
    December 31,    		    
        2024     2023     2024     2023    
    (in thousands)                          
    Revenue   $ 87,028     $ 84,149     $ 332,927     $ 309,394    
                               
    Research and development   $ 19,763     $ 19,509     $ 80,879     $ 83,460    
    Less: stock-based compensation expense and associated payroll tax costs     3,099       1,908       13,614       13,478    
    Non-GAAP research and development   $ 16,664     $ 17,601     $ 67,265     $ 69,982    
    As a percentage of revenue     19.1   %   20.9   %   20.2   %   22.6   %

    Reconciliation of general and administrative expense to Non-GAAP general and administrative expense:

        Three months ended
    December 31,    		     Year ended
    December 31,    		    
        2024     2023     2024     2023    
    (in thousands)                          
    Revenue   $ 87,028     $ 84,149     $ 332,927     $ 309,394    
                               
    General & administrative   $ 14,994     $ 13,574     $ 61,794     $ 58,838    
    Less: stock-based compensation expense and associated payroll tax costs     2,141       1,105       10,000       9,785    
    Non-GAAP general & administrative   $ 12,853     $ 12,469     $ 51,794     $ 49,053    
    As a percentage of revenue     14.8   %   14.8   %   15.6   %   15.9   %

    Reconciliation of net cash provided by (used in) operating activities to free cash flow:

        Three months ended
    December 31,    		     Year ended
    December 31,    		  
        2024     2023     2024     2023  
    (in thousands)                        
    Net cash provided by (used in) operating activities   $ 12,360     $ 13,279     $ 26,254     $ (24,243 )
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software     (787 )     (1,043 )     (3,721 )     (4,179 )
    Free cash flow   $ 11,573     $ 12,236     $ 22,533     $ (28,422 )

    The MIL Network –

  • MIL-OSI Europe: SEK 22 billion in EIB financing provided for Swedish firms and municipalities in 2024

    Source: European Investment Bank

    • The city of Stockholm, SKF, Ericsson, Tele2 and Chromafora were some of the actors in Sweden granted EU financing in 2024 through the EIB Group.
    • This financing amounted to around SEK 22 billion (€1.9 billion) and more than 65% of this went to initiatives supporting the green transition.
    • Just over 32 000 jobs are estimated to have been saved thanks to this financing.

    Over the course of 2024, the European Investment Bank (EIB) and the European Investment Fund (EIF) continued to support Sweden’s economic development and climate initiatives through substantial investments.

    The EIB Group’s financing during the year amounted to around SEK 22 billion, of which more than 60% went to climate measures and environmental sustainability. This money supported wind power, energy-efficient housing and industrial electrification, among other projects.

    These investments are estimated to have kept 32 000 jobs in Sweden.

    “Sweden has come a long way in the green transition, but the work is far from complete. As the EU climate bank, we are proud to be accelerating efforts within renewable energy, electrification and other climate-promoting initiatives, and we will continue to support investments that make a real difference for the climate and society as a whole. We are also proud to contribute to jobs and strong infrastructure, which creates long-term value for Swedish society,” said EIB Vice-President Thomas Östros.

    Over the course of 2024, the EIB Group signed more than 20 agreements to provide financing in Sweden. Here are a few examples:

    SKF: €430 million for research and innovation in fields such as renewable energy and electromobility.

    Chromafora: €22.5 million to combat PFAS (“forever chemicals”).

    Tele2: €140 million to expand the 5G network in order to reach 99% of the Swedish population.

    City of Stockholm: €368 million to redevelop the Slussen area and reduce the risk of flooding.

    City of Malmö: €225 million to build more than 1 500 energy-efficient apartments.

    These investments reflect the EIB Group’s extensive involvement in Sweden’s green transition, digitalisation and social development.

    The European Investment Fund (EIF) – which is part of the EIB – allocated €320 million to capital investments and guarantees in Sweden in 2024. This in turn is expected to mobilise around SEK 3.8 billion in investment for the Swedish economy, with more than 5 300 companies expected to benefit from this financing in different ways.

    Several of the initiatives are supported by the European Commission’s InvestEU programme.

    In addition to investing in funds such as Course Corrected and the Swedish Impact Lending Fund, the EIF also issued guarantees for businesses such as the corporate lender Froda.

    Please note: The figures provided in this press release are approximate and subject to exchange rates.

     Background information

    EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 billion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

    MIL OSI Europe News –

  • MIL-OSI: TransAlta Reports Strong 2024 Results, Announces Dividend Increase and 2025 Annual Guidance

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the fourth quarter and year ended Dec. 31, 2024.

    “Our business delivered solid results within the upper range of our guidance, driven by high availability across our generation portfolio, along with the enduring performance of our optimization and hedging strategies. During the year, we added 2.2 GW of generation to our fleet, with three contracted wind facilities achieving commercial operation in addition to the acquisition of Heartland Generation. We also returned $214 million, or $0.71 per share, of value to shareholders through dividends and share repurchases at an average price of $10.59 per share,” said John Kousinioris, President and Chief Executive Officer of TransAlta.

    “Given our confidence in the future, we are pleased to announce that our Board of Directors has approved an eight per cent increase to our common share dividend, now equivalent to $0.26 per share on an annualized basis. This represents our sixth consecutive annual dividend increase, affirming our Company’s commitment to returning value to shareholders,” added Mr. Kousinioris.

    “Our portfolio of generating facilities continues to perform well. In 2025, we expect to generate between $450 and $550 million of free cash flow. We maintain a balanced, prudent and disciplined approach to capital allocation and balance sheet strength. We remain focused on advancing development opportunities at our legacy thermal energy campuses, along with pursuing longer term growth options with a commitment to maximizing shareholder value. Looking to 2025 and beyond, I am optimistic about our Company’s momentum and opportunities.”

    Fourth Quarter 2024 Financial Highlights

    • Adjusted EBITDA(1) of $285 million, compared to $289 million for the same period in 2023
    • Free Cash Flow (FCF)(1) of $48 million, or $0.16 per share, compared to $121 million, or $0.39 per share, for the same period in 2023
    • Cash flow from operating activities of $215 million, compared to $310 million from the same period in 2023
    • Net loss attributable to common shareholders of $65 million, or $0.22 per share, compared to $84 million, or $0.27 per share, for the same period in 2023

    Full Year 2024 Financial Highlights

    • Achieved the upper range of both 2024 adjusted EBITDA and FCF guidance
    • Returned $143 million of capital to common shareholders through the buyback of 13.5 million common shares at an average price of $10.59 per share
    • Adjusted EBITDA of $1,253 million, compared to $1,632 million from the same period in 2023
    • FCF of $569 million, or $1.88 per share, compared to $890 million, or $3.22 per share, from the same period in 2023
    • Net earnings attributable to common shareholders of $177 million, or $0.59 per share, compared to $644 million, or $2.33 per share, from the same period in 2023
    • Exited 2024 with a strong financial position, with adjusted net debt to adjusted EBITDA of 3.6 times and available liquidity of $1.6 billion

    Other Business Highlights and Updates

    • Announced an annual dividend increase of eight per cent, now equivalent to $0.26 per share on an annualized basis, which represents the sixth year of consecutive dividend growth
    • Provided 2025 guidance including adjusted EBITDA of $1.15 to $1.25 billion and FCF of $450 to $550 million, or $1.51 to $1.85 per share
    • Completed the acquisition of Heartland Generation at a purchase price of $542 million in December 2024, which added 1.7 GW to gross installed capacity
    • Achieved strong operational availability of 91.2 per cent in 2024, compared to 88.8 per cent in 2023
    • 2024 Total Recordable Injury Frequency of 0.56 compared to 0.30 in 2023
    • Reduced scope 1 and 2 GHG emissions intensity in 2024 to 0.35 tCO2e/MWh from 2023 levels of 0.41 tCO2e/MWh
    • Achieved commercial operation at the White Rock West and East wind facilities in January and April 2024, respectively
    • Achieved commercial operation at the Horizon Hill facility in May 2024
    • Completed the Mount Keith 132kV expansion project during the first quarter of 2024

    Key Business Developments

    Declared Increase in Common Share Dividend
    The Company’s Board of Directors has approved a $0.02 annualized increase to the common share dividend, or 8 per cent increase, and declared a dividend of $0.065 per common share to be payable on July 1, 2025 to shareholders of record at the close of business on June 1, 2025. The quarterly dividend of $0.065 per common share represents an annualized dividend of $0.26 per common share.

    TransAlta Acquired Heartland Generation from Energy Capital Partners

    On Dec. 4, 2024, the Company closed the acquisition of Heartland Generation Ltd. and certain affiliates (collectively, Heartland) for a purchase price of $542 million from an affiliate of Energy Capital Partners (ECP), the parent of Heartland (the Transaction). To meet the requirements of the federal Competition Bureau, the Company entered into a consent agreement with the Commissioner of Competition pursuant to which TransAlta agreed to divest Heartland’s Poplar Hill and Rainbow Lake assets (the Planned Divestitures) following closing of the Transaction. In consideration of the Planned Divestitures, TransAlta and ECP agreed to a reduction of $80 million from the original purchase price for the Transaction. ECP will be entitled to receive the proceeds from the sale of Poplar Hill and Rainbow Lake, net of certain adjustments following completion of the Planned Divestitures. TransAlta also received a further $95 million at closing of the Transaction to reflect the economic benefit of the Heartland business arising from Oct. 31, 2023 to the closing date of the Transaction, pursuant to the terms of the share purchase agreement. The net cash payment for the Transaction, before working capital adjustments, totalled $215 million, and was funded through a combination of cash on hand and draws on TransAlta’s credit facilities.

    Excluding the Planned Divestitures, the Transaction adds 1.7 GW (net interest) of complementary capacity from nine facilities, including contracted cogeneration and peaking generation, legacy gas-fired thermal generation, and transmission capacity, all of which will be critical to support reliability in the Alberta electricity market.

    Mothballing of Sundance Unit 6

    On Nov. 4, 2024, the Company provided notice to the Alberta Electric System Operator (AESO) that Sundance Unit 6 will be mothballed on April 1, 2025, for a period of up to two years depending on market conditions. TransAlta maintains the flexibility to return the mothballed unit to service when market fundamentals improve or opportunities to contract are secured. The unit remains available and fully operational for the first quarter of 2025.

    Production Tax Credit (PTC) Sale Agreements

    On Feb. 22, 2024, the Company entered into 10-year transfer agreements with an AA- rated customer for the sale of approximately 80 per cent of the expected PTCs to be generated from the White Rock and the Horizon Hill wind facilities.

    On June 21, 2024, the Company entered into an additional 10-year transfer agreement with an A+ rated customer for the sale of the remaining 20 per cent of the expected PTCs.

    The expected average annual EBITDA(1) from the two agreements is approximately $78 million (US$57 million).

    Normal Course Issuer Bid (NCIB)

    TransAlta remains committed to enhancing shareholder returns through appropriate capital allocation such as share buybacks and its quarterly dividend. In the first quarter of 2024, the Company announced an enhanced common share repurchase program for 2024, allocating up to $150 million, and targeting up to 42 per cent of 2024 FCF guidance, to be returned to shareholders in the form of share repurchases and dividends.

    On May 27, 2024, the Company announced that it had received approval from the Toronto Stock Exchange to purchase up to 14 million common shares pursuant to an NCIB during the 12-month period that commenced May 31, 2024, and terminates May 31, 2025. Any common shares purchased under the NCIB will be cancelled.

    For the year ended Dec. 31, 2024, the Company purchased and cancelled a total of 13,467,400 common shares at an average price of $10.59 per common share, for a total cost of $143 million, including taxes.

    Horizon Hill Wind Facility Achieves Commercial Operation

    On May 21, 2024, the 202 MW Horizon Hill wind facility achieved commercial operation. The facility is located in Logan County, Oklahoma and is fully contracted to Meta Platforms Inc. for the offtake of 100 per cent of the generation.

    White Rock Wind Facilities Achieve Commercial Operation

    On Jan. 1, 2024, the 100 MW White Rock West wind facility achieved commercial operation. On April 22, 2024, the 202 MW White Rock East wind facility also completed commissioning. The facilities are located in Caddo County, Oklahoma and are contracted under two long-term power purchase agreements (PPAs) with Amazon Energy LLC for the offtake of 100 per cent of the generation.

    Mount Keith 132kV Expansion Complete

    The Mount Keith 132kV expansion project, located in Western Australia, was completed during the first quarter of 2024. The expansion was developed under the existing PPA with BHP Nickel West (BHP), which extends until Dec. 31, 2038. The expansion will facilitate the connection of additional generating capacity to the transmission network which supports BHP’s operations.

    Year Ended and Fourth Quarter 2024 Highlights

    $ millions, unless otherwise stated Year Ended Three Months Ended
    Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024   Dec. 31, 2023  
    Operational information        
    Availability (%) 91.2 88.8 87.8   86.9  
    Production (GWh) 22,811 22,029 6,199   5,783  
    Select financial information        
    Revenues 2,845 3,355 678   624  
    Adjusted EBITDA(1) 1,253 1,632 285   289  
    Earnings (loss) before income taxes 319 880 (51 ) (35 )
    Net earnings (loss) attributable to common shareholders 177 644 (65 ) (84 )
    Cash flows        
    Cash flow from operating activities 796 1,464 215   310  
    Funds from operations(1) 810 1,351 137   229  
    Free cash flow(1) 569 890 48   121  
    Per share        
    Net earnings (loss) per share attributable to common shareholders, basic and diluted 0.59 2.33 (0.22 ) (0.27 )
    Funds from operations per share(1),(2) 2.68 4.89 0.46   0.74  
    FCF per share(1),(2) 1.88 3.22 0.16   0.39  
    Dividends declared per common share 0.24 0.22 0.12   0.12  
    Weighted average number of common shares outstanding 302 276 298   308  


    Segmented Financial Performance

    $ millions

    		 Year Ended Three Months Ended
    Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Hydro 316   459   57   56  
    Wind and Solar 316   257   95   82  
    Gas 535   801   116   141  
    Energy Transition 91   122   28   26  
    Energy Marketing 131   109   27   14  
    Corporate (136 ) (116 ) (38 ) (30 )
    Adjusted EBITDA 1,253   1,632   285   289  
    Earnings (loss) before
    income taxes    		 319   880   (51 ) (35 )


    Full Year 2024 Financial Results Summary

    For the year ended Dec. 31, 2024, the Company demonstrated strong financial and operational performance. The results were within the upper range of management’s expectations due to active management of the Company’s merchant portfolio and hedging strategies. During 2024, the Company settled a higher volume of hedges at prices that were significantly above the spot market in Alberta and achieved commercial operation at the White Rock and Horizon Hill wind facilities. On Dec. 4, 2024, the Company completed the acquisition of Heartland Generation, which added 1.7 GW to gross installed capacity. Refer to the Significant and Subsequent Events section of our MD&A dated Dec. 31, 2024, for details on the Heartland acquisition and the Planned Divestitures.

    Availability for the year ended Dec. 31, 2024, was 91.2 per cent, compared to 88.8 per cent in 2023, an increase of 2.4 percentage points, primarily due to:

    • The addition of the White Rock and Horizon Hill wind facilities; and
    • The return to service of the Kent Hills wind facilities.

    Total production for the year ended Dec. 31, 2024, was 22,811 GWh, compared to 22,029 GWh for the same period in 2023, an increase of 782 GWh, or four per cent, primarily due to:

    • Production from new facilities, including the White Rock West and East wind facilities commissioned in January and April 2024, respectively, the Horizon Hill wind facility commissioned in May 2024, and the Northern Goldfields solar facilities commissioned in November 2023;
    • Production from the facilities acquired with Heartland;
    • Favourable market conditions in the Ontario wholesale power market that enabled higher dispatch at the Sarnia facility in the Gas segment that resulted in higher merchant production to the Ontario grid;
    • The return to service of the Kent Hills wind facilities in the first quarter of 2024; and
    • Full-year production from the Garden Plain wind facility; partially offset by
    • Increased economic dispatch at the Centralia facility due to lower market prices compared to the prior year in the Energy Transition segment; and
    • Higher dispatch optimization in Alberta.

    Adjusted EBITDA for the year ended Dec. 31, 2024, was $1,253 million, compared to $1,632 million in 2023, a decrease of $379 million, or 23.2 per cent. The major factors impacting adjusted EBITDA include:

    • Gas adjusted EBITDA decreased by $266 million, or 33 per cent, compared to 2023, primarily due to lower power prices in the Alberta market and resulting increase in economic dispatch, an increase in the price of carbon, higher carbon costs and fuel usage related to production and lower capacity payments, partially offset by a higher volume of favourable hedging positions settled, the utilization of emission credits to settle a portion of our 2023 GHG obligation and lower natural gas prices;
    • Hydro adjusted EBITDA decreased by $143 million, or 31 per cent, compared to 2023, primarily due to lower spot power prices and ancillary services prices in the Alberta market, partially offset by realized premiums above the spot power prices, higher environmental and tax attributes revenues due to higher sales of emission credits to third parties and intercompany sales to the Gas segment and higher ancillary service volumes due to increased demand by the AESO;
    • Energy Transition adjusted EBITDA decreased by $31 million, or 25 per cent, compared to 2023, primarily due to increased economic dispatch driven by lower market prices which negatively impacted merchant production, partially offset by lower fuel and purchased power costs; and
    • Corporate adjusted EBITDA decreased by $20 million, or 17 per cent, compared to 2023, primarily due to higher spending to support strategic and growth initiatives; partially offset by
    • Wind and Solar adjusted EBITDA increasing by $59 million, or 23 per cent, compared to 2023, primarily due to new sales of production tax credits, the return to service of the Kent Hills wind facilities, the commercial operation of the White Rock and Horizon Hill wind facilities, partially offset by lower realized power pricing in the Alberta market and higher OM&A due to the addition of new wind facilities; and
    • Energy Marketing adjusted EBITDA increasing by $22 million, or 20 per cent, compared to 2023, primarily due to favourable market volatility and timing of realized settled trades during the current year in comparison to the prior year and lower OM&A.

    Cash flow from operating activities totalled $796 million for the year ended Dec. 31, 2024, compared to $1,464 million in the same period in 2023, a decrease of $668 million, or 46 per cent, primarily due to:

    • Lower gross margin due to lower revenues, excluding the effect of unrealized losses from risk management activities, partially offset by lower fuel and purchased power;
    • Higher OM&A due to increased spending on planning and design of an ERP system upgrade, higher spending on strategic and growth initiatives, penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions and Heartland acquisition-related transaction and restructuring costs;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, which was partially offset by lower earnings before income tax in 2024;
    • Unfavourable change in non-cash operating working capital balances due to lower accounts payables and accrued liabilities, partially offset by lower collateral provided as a result of market price volatility;
    • Higher interest expense on debt primarily due to lower capitalized interest resulting from lower construction activity in 2024 compared to 2023; and
    • Lower interest income due to lower cash balances and lower interest rates.

    FCF totalled $569 million for the year ended Dec. 31, 2024, compared to $890 million for the same period in 2023, a decrease of $321 million, or 36 per cent, primarily driven by:

    • The adjusted EBITDA items noted above;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, partially offset by lower earnings before income taxes in 2024; and
    • Higher net interest expense due to lower capitalized interest resulting from lower construction activity in 2024 compared to 2023, and lower interest income due to lower cash balances and interest rates in 2024 compared to prior year; partially offset by
    • Lower distributions paid to subsidiaries’ non-controlling interests relating to lower TA Cogen net earnings resulting from lower merchant pricing in the Alberta market and the cessation of distributions to TransAlta Renewables non-controlling interest;
    • Lower sustaining capital expenditures due to the receipt of a lease incentive related to the Company’s head office and lower planned major maintenance at our Alberta and Western Australian gas facilities, partially offset by higher major maintenance at our Alberta Hydro assets; and
    • Higher provisions accrued in the current year compared to the prior year resulting in higher FCF.

    Earnings before income taxes totalled $319 million for the year ended Dec. 31, 2024, compared to $880 million in the same period in 2023, a decrease of $561 million, or 64 per cent.

    Net earnings attributable to common shareholders totalled $177 million for the year ended Dec. 31, 2024, compared to $644 million in the same period in 2023, a decrease of $467 million, or 73 per cent, primarily due to:

    • The adjusted EBITDA items discussed above;
    • Higher asset impairment charges due to an increase in decommissioning and restoration provisions on retired assets, driven by a decrease in discount rates and revisions in estimated decommissioning costs and higher impairment charges related to development projects that are no longer proceeding;
    • Lower unrealized mark-to-market gains and lower realized gains on closed exchange positions in the Energy Marketing segment mainly driven by market volatility across North American power and natural gas markets;
    • Higher unrealized mark-to-market losses recorded in the Wind and Solar segment primarily related to the long-term wind energy sales at the Oklahoma facilities;
    • Higher interest expense due to lower capitalized interest during 2024 resulting from lower construction activity in 2024 compared to 2023;
    • Lower capacity payments in 2024 for Southern Cross Energy in Western Australia due to the scheduled conclusion on Dec. 31, 2023 of the demand capacity charge under the customer contract, partially offset by the commencement in March 2024 of capacity payments for the Mount Keith 132kV expansion;
    • Heartland acquisition-related transaction and restructuring costs;
    • Lower interest income due to lower cash balances and lower interest rates during 2024;
    • Higher spending in connection with planning and design work on a planned upgrade to the ERP system;
    • Lower income tax expense due to lower earnings; and
    • Penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions pertaining to Hydro ancillary services provided during 2021 and 2022; partially offset by
    • Lower depreciation and amortization compared to 2023 related to revisions of useful lives of certain facilities in prior and current periods, partially offset by the commercial operation of new facilities during the year and the return to service of the Kent Hills wind facilities;
    • Higher unrealized mark-to-market gains recorded in the Energy Transition segment primarily related to favourable changes in forward prices;
    • A recovery related to the reversal of previously derecognized Canadian deferred tax assets; and
    • Higher net other operating income mainly due to Sundance A decommissioning cost reimbursement.

    Fourth Quarter Financial Results Summary

    Fourth quarter 2024 results were in-line with management’s expectations due to active management of the Company’s merchant portfolio and hedging strategies, despite lower power prices in the Alberta and mid-Columbia markets. The Company settled a higher volume of hedges that were significantly above average spot prices during the period. The acquisition of Heartland on Dec. 4, 2024 positively contributed to production in the Gas segment and further diversifies TransAlta’s competitive portfolio in the highly dynamic and shifting electricity landscape in Alberta by adding 1.7 GW to gross installed capacity.

    Availability for the three months ended Dec. 31, 2024, was 87.8 per cent, compared to 86.9 per cent for the same period in 2023, an increase of 0.9 percentage points, primarily due to:

    • The addition of the White Rock and Horizon Hill wind facilities which operated with high availability;
    • The return to service of the Kent Hills wind facilities;
    • Higher availability in the Hydro segment due to lower planned outages;
    • Higher availability in the Energy Transition segment due to lower unplanned outages; and
    • Positive contribution from the addition of the gas facilities acquired with Heartland; partially offset by
    • Lower availability for the Gas segment due to planned outages at Sarnia, Sheerness and Keephills.

    Production for the three months ended Dec. 31, 2024, was 6,199 GWh, compared to 5,783 GWh for the same period in 2023. The increase of 416 GWh, or seven per cent, was primarily due to:

    • Higher production in the Wind and Solar segment due to the addition of the Horizon Hill and White Rock West and East wind facilities during 2024;
    • Higher production in the Hydro segment compared to the same period in 2023 due to water conservation in the fourth quarter of 2023 that resulted in lower production volumes compared to the current period; partially offset by
    • Lower production in the Energy Transition segment due to higher dispatch optimization, which negatively affected merchant production; and
    • Lower production in the Gas segment driven by lower availability at the Sarnia facility due to planned outages, higher economic dispatch in Alberta and lower production from Western Australia due to lower demand, partially offset by positive contribution from the Heartland gas facilities.

    Adjusted EBITDA for the three months ended Dec. 31, 2024, was $285 million, compared to $289 million in the same period of 2023, a decrease of $4 million, or one per cent. The major factors impacting adjusted EBITDA are summarized below:

    • Gas adjusted EBITDA decreased by $25 million, or 18 per cent, due to lower realized power prices in Alberta, an increase in the carbon price in Canada and higher OM&A driven by higher maintenance costs at the South Hedland facility, partially offset by a higher volume of favourable hedging positions settled, positive contribution from the Heartland gas facilities and lower capacity payments;
    • Corporate adjusted EBITDA decreased by $8 million, or 27 per cent, due to higher spending to support strategic and growth initiatives; partially offset by
    • Wind and Solar adjusted EBITDA increasing by $13 million, or 16 per cent, due to environmental and tax attributes revenues from the sale of PTCs from the White Rock and Horizon Hill wind facilities to taxable US counterparties, higher revenues driven by increased production from the addition of the White Rock and Horizon Hill wind facilities and the return to service of the Kent Hills wind facilities, partially offset by unfavourable merchant power prices in Alberta;
    • Energy Marketing adjusted EBITDA increasing by $13 million, or 93 per cent, due to favourable market volatility and the timing of realized settled trades during 2024 in comparison to the same period in 2023;
    • Energy Transition adjusted EBITDA increasing by $2 million, or eight per cent, compared to 2023, primarily due to lower fuel and purchased power costs, partially offset by increased economic dispatch due to lower market prices; and
    • Hydro adjusted EBITDA increasing by $1 million, or two per cent, due to higher merchant revenues driven by higher volumes, partially offset by lower spot power prices and lower environmental and tax attributes revenues.

    FCF totalled $48 million for the three months ended Dec. 31, 2024, compared to $121 million in the same period in 2023, a decrease of $73 million, or 60 per cent, primarily due to:

    • The adjusted EBITDA items noted above;
    • Higher realized foreign exchange losses compared to realized foreign exchange gains in the comparative period;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, partially offset by a higher loss before income taxes in the current period compared to the same period in 2023;
    • Higher net interest expense due to lower capitalized interest as a result of capital projects being completed in the first half of 2024 and lower interest income due to lower cash balances in 2024; and
    • Higher dividends paid on preferred shares; partially offset by
    • Lower distributions paid to subsidiaries’ non-controlling interests due to lower TA Cogen net earnings;
    • Lower sustaining capital due to lower planned maintenance at the Alberta gas facilities, partially offset by higher planned maintenance at the Sarnia cogeneration facility and Alberta hydro facilities; and
    • Higher provisions accrued in the current year compared to the prior year resulting in higher FCF.

    Net loss attributable to common shareholders for the three months ended Dec. 31, 2024, was $65 million, compared to a net loss of $84 million in the same period of 2023, an improvement of $19 million, or 23 per cent, primarily due to:

    • The adjusted EBITDA items discussed above;
    • Higher interest expense due to lower capitalized interest in the fourth quarter of 2024 resulting from lower capital activity compared to the same period in 2023;
    • Heartland acquisition-related transaction and restructuring costs in the fourth quarter of 2024;
    • Higher ERP upgrade costs related to planning and design work;
    • Penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions pertaining to Hydro ancillary services provided during 2021 and 2022;
    • Higher depreciation and amortization due to the commercial operation of the White Rock and Horizon Hill wind facilities during 2024; and
    • Higher taxes other than income taxes, mainly consisting of property taxes due to the addition of new wind facilities during 2024; partially offset by
    • Higher realized and unrealized foreign exchange gains;
    • Lower realized gains on closed exchange positions in 2024 compared to the same period in 2023;
    • An income tax recovery relative to the prior period expense as a result of a higher loss before income taxes due to the above noted items; in addition to lower non-deductible expenses;
    • Lower net earnings attributable to non-controlling interest compared to the same period in 2023 due to lower merchant pricing in the Alberta market;
    • Higher net other operating income mainly due to Sundance A decommissioning cost reimbursement; and
    • Lower asset impairment charges related to the decommissioning and restoration provisions on retired assets driven by lower discount rates in the current period compared to the same period in 2023, partially offset by impairment charges related to development projects that are no longer proceeding.

    Alberta Electricity Portfolio

    For the three months and year ended Dec. 31, 2024, the Alberta electricity portfolio generated 3,150 GWh and 11,809 GWh, respectively, compared to 2,989 GWh and 11,759 GWh, respectively, in the same periods in 2023. The annual production increase of 50 GWh, or 0.4 per cent, was primarily due to:

    • Higher production in the Gas segment due to the addition of gas facilities from the acquisition of Heartland; and
    • A full-year of production from the addition of the Garden Plain wind facility, which was commissioned in August 2023; partially offset by
    • Higher dispatch optimization in the Gas segment; and
    • Lower production from the Alberta hydro facilities due to lower water resources compared to the prior year.

    The fourth quarter production increase of 161 GWh, or five per cent, benefited from:

    • Higher production from the Gas segment due to the Heartland acquisition; and
    • Higher production from the Alberta hydro facilities due to significant water conservation during the fourth quarter of 2023; partially offset by
    • Higher economic dispatch for the Alberta gas facilities; and
    • Lower production in the Wind and Solar segment due to lower wind resource.

    Gross margin for the Alberta portfolio for the three months and year ended Dec. 31, 2024, was $191 million and $856 million, respectively, a decrease of $24 million and $392 million, respectively, compared to the same periods in 2023. The annual decrease was primarily due to:

    • The impact of lower Alberta spot power prices and lower hydro ancillary services prices;
    • Increased dispatch optimization in the Gas segment driven by lower power prices; and
    • An increase in the carbon price per tonne from $65 in 2023 to $80 in 2024; partially offset by
    • Higher gains realized on financial hedges settled in the period;
    • Higher environmental and tax attributes revenues due to the increased sales of emission credits to third parties and intercompany sales from the Hydro segment to the Gas segment;
    • The utilization of emission credits in the Gas segment in 2024 to settle a portion of our 2023 GHG obligation;
    • Higher hydro ancillary services volumes due to increased demand by the AESO; and
    • Lower natural gas prices.

    Gross margin for the three months ended Dec. 31, 2024 was impacted by:

    • Lower Alberta spot power prices;
    • Higher carbon compliance costs due to increase in the carbon price from $65 per tonne in 2023 to $80 per tonne in 2024; and
    • Higher purchased power due to the contractual requirement to fulfill physical power trades; partially offset by
    • Higher gains realized on financial hedges settled in the period.

    Alberta power prices for 2024 were lower compared to 2023. The average spot power price per MWh for the three months and year ended Dec. 31, 2024, was $52 and $63, respectively, compared to $82 and $134, respectively, in the same periods in 2023. This was primarily due to:

    • Higher generation from the addition of increased supply of new renewables and combined-cycle gas facilities into the market compared to the prior period; and
    • Lower natural gas prices.

    Hedged volumes for the three months and year ended Dec. 31, 2024, were 2,637 GWh and 9,080 GWh at an average price of $80 per MWh and $84 per MWh, respectively, compared to 1,824 GWh and 7,550 GWh at an average price of $90 per MWh and $110 per MWh, respectively, in 2023.

    Liquidity and Financial Position

    We maintain adequate available liquidity under our committed credit facilities. As at Dec. 31, 2024, we had access to $1.6 billion in liquidity, including $336 million in cash, which exceeds the funds required for committed growth, sustaining capital and productivity projects.

    2025 Outlook and Financial Guidance

    For 2025, management expects adjusted EBITDA to be in the range of $1.15 to $1.25 billion and FCF to be in the range of $450 to $550 million, based on the following, relative to 2024:

    • Higher contribution from the wind and solar portfolio due to a full-year impact of new asset additions of the White Rock and Horizon Hill wind facilities;
    • Contribution from assets acquired with Heartland;
    • Lower contributions from the legacy merchant hydro, wind and gas assets in Alberta which are expected to step down due to lower expected average power prices in Alberta given baseload gas and renewables supply additions in late 2024 and 2025;
    • Lower current income tax expense in 2025 compared to 2024 actual; and
    • Increased net interest expense in 2025 as a result of the Heartland acquisition and lower interest income earned on lower cash deposits and lower capitalized interest on growth projects.

    The following table outlines our expectations regarding key financial targets and related assumptions for 2025 and should be read in conjunction with the narrative discussion that follows and the Governance and Risk Management section of the MD&A for additional information:

    Measure 2025 Target 2024 Target 2024 Actual
    Adjusted EBITDA $1,150 to $1,250 million $1,150 to $1,300 million $1,253 million
    FCF $450 to $550 million $450 to $600 million $569 million
    FCF per share $1.51 to $1.85 $1.47 to $1.96 $1.88
    Annual dividend per share $0.26 annualized $0.24 annualized $0.24 annualized

    The Company’s outlook for 2025 may be impacted by a number of factors as detailed further below.

    Market 2025 Assumptions 2024 Assumptions 2024 Actual
    Alberta spot ($/MWh) $40 to $60 $75 to $95 $63
    Mid-Columbia spot (US$/MWh) US$50 to US$70 US$85 to US$95 US$76
    AECO gas price ($/GJ) $1.60 to $2.10 $2.50 to $3.00 $1.29

    Alberta spot price sensitivity: a +/- $1 per MWh change in spot price is expected to have a +/-$3 million impact on adjusted EBITDA for 2025.

    Other assumptions relevant to the 2025 outlook

      2025 Assumptions 2024 Assumptions 2024 Actual
    Energy Marketing gross margin $110 to $130 million $110 to $130 million $167 million
    Sustaining capital $145 to $165 million $130 to $150 million $142 million
    Current income tax expense $95 to $130 million $95 to $130 million $143 million
    Net interest expense $255 to $275 million $240 to $260 million $231 million
    Hedging assumptions Q1 2025 Q2 2025 Q3 2025 Q4 2025  2026
    Hedged production (GWh)  2,117  1,758  1,942  1,845  4,713
    Hedge price ($/MWh) $72 $70 $70 $70 $75
    Hedged gas volumes (GJ) 14 million 6 million 6 million 6 million 18 million
    Hedge gas prices ($/GJ) $2.98 $3.63 $3.77 $3.65 $3.67


    Conference call

    TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, Feb. 20, 2025, to discuss our fourth quarter and year end 2024 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

    Fourth Quarter and Full Year 2024 Conference Call

    Webcast link: https://edge.media-server.com/mmc/p/zd49obg6 

    To access the conference call via telephone, please register ahead of time using the call link here: https://register.vevent.com/register/BI5c12d9a2da0e4e06892f413e217f0350. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

    Related materials will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/. If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zd49obg6. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

    Notes

    (1)These items (adjusted EBITDA, FCF and annual average EBITDA) are not defined and have no standardized meaning under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS Measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
    (2)Funds from operations (FFO) per share and free cash flow (FCF) per share are calculated using the weighted average number of common shares outstanding during the period. Refer to the Additional IFRS Measures and Non-IFRS Measures section of the MD&A for the purpose of these non-‍IFRS ratios.

    Non-IFRS financial measures and other specified financial measures

    We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

    Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

    Adjusted EBITDA

    Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results. Interest, taxes, depreciation and amortization are not included, as differences in accounting treatments may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends.

    Average Annual EBITDA

    Average annual EBITDA is a forward-looking non-IFRS financial measure that is used to show the average annual EBITDA that the project is expected to generate.

    Funds From Operations (FFO)

    FFO is an important metric as it provides a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is a non-IFRS measure. The most directly comparable IFRS measure is Cash Flow from Operations.

    Free Cash Flow (FCF)

    FCF is an important metric as it represents the amount of cash that is available to invest in growth initiatives, make scheduled principal repayments on debt, repay maturing debt, pay common share dividends or repurchase common shares. Changes in working capital are excluded so FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments. FCF is a non-IFRS measure. The most directly comparable IFRS measure is Cash Flow from Operations.

    Non-IFRS Ratios

    FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

    FFO per share and FCF per share

    FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

    Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

    Reconciliation of Non-IFRS Measures on a Consolidated Basis

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the three months ended Dec. 31, 2024:

    Three months ended Dec. 31, 2024
    $ millions    		 Hydro   Wind & Solar(1)   Gas   Energy Transition   Energy
    Marketing    		 Corporate   Total   Equity accounted investments(1)   Reclass adjustments   IFRS financials  
    Revenues 93   104   319   155   14 —   685   (7 ) —   678  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 4   23   26   (8 ) 19 —   64   —   (64 ) —  
    Realized gains (losses) on closed exchange positions —   —   (1 ) 2   1 —   2   —   (2 ) —  
    Decrease in finance lease receivable —   1   5   —   — —   6   —   (6 ) —  
    Finance lease income —   2   3   —   — —   5   —   (5 ) —  
    Revenues from Planned Divestitures —   —   (1 ) —   — —   (1 ) —   1   —  
    Brazeau penalties (20 ) —   —   —   — —   (20 ) —   20   —  
    Unrealized foreign exchange gain on commodity —   —   (1 ) —   — —   (1 ) —   1   —  
    Adjusted revenues 77   130   350   149   34 —   740   (7 ) (55 ) 678  
    Fuel and purchased power 3   8   136   102   — —   249   —   —   249  
    Reclassifications and adjustments:                  
    Fuel and purchased power related to Planned Divestitures —   —   (1 ) —   — —   (1 ) —   1   —  
    Australian interest income —   —   (1 ) —   — —   (1 ) —   1   —  
    Adjusted fuel and purchased power 3   8   134   102   — —   247   —   2   249  
    Carbon compliance —   —   39   —   — —   39   —   —   39  
    Gross margin 74   122   177   47   34 —   454   (7 ) (57 ) 390  
    OM&A 47   27   67   19   7 68   235   (1 ) —   234  
    Reclassifications and adjustments:                    
    Brazeau penalties (31 ) —   —   —   — —   (31 ) —   31   —  
    ERP integration costs —   —   —   —   — (14 ) (14 ) —   14   —  
    Acquisition-related transaction and restructuring costs —   —   —   —   — (16 ) (16 ) —   16   —  
    Adjusted OM&A 16   27   67   19   7 38   174   (1 ) 61   234  
    Taxes, other than income taxes 1   3   4   —   — —   8   1   —   9  
    Net other operating income —   (3 ) (10 ) (9 ) — —   (22 ) —   —   (22 )
    Reclassifications and adjustments:                    
    Sundance A decommissioning cost reimbursement —   —   —   9   — —   9   —   (9 ) —  
    Adjusted net other operating income —   (3 ) (10 ) —   — —   (13 ) —   (9 ) (22 )
    Adjusted EBITDA(2) 57   95   116   28   27 (38 ) 285        
    Equity income                   2  
    Finance lease income                   5  
    Depreciation and amortization                   (143 )
    Asset impairment charges                   (20 )
    Interest income                   11  
    Interest expense                   (92 )
    Foreign exchange gain                   17  
    Loss before income taxes                   (51 )

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to loss before income taxes for the three months ended Dec. 31, 2023:

    Three months ended Dec. 31, 2023
    $ millions    		 Hydro   Wind &
    Solar    (1)    		   Gas   Energy
    Transition    		 Energy
    Marketing    		   Corporate   Total   Equity
    accounted
    investments    (1)    		   Reclass
    adjustments    		   IFRS
    financials    		  
    Revenues 77   94   246   175 39   —   631   (7 ) —   624  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss (2 ) 20   53   7 (19 ) —   59   —   (59 ) —  
    Realized gain on closed exchange positions —   —   23   — 4   —   27   —   (27 ) —  
    Decrease in finance lease receivable —   —   15   — —   —   15   —   (15 ) —  
    Finance lease income —   —   2   — —   —   2   —   (2 ) —  
    Unrealized foreign exchange gain on commodity —   —   1   — —   —   1   —   (1 ) —  
    Adjusted revenues 75   114   340   182 24   —   735   (7 ) (104 ) 624  
    Fuel and purchased power 5   8   127   138 —   —   278   —   —   278  
    Reclassifications and adjustments:                  
    Australian interest income —   —   (1 ) — —   —   (1 ) —   1   —  
    Adjusted fuel and purchased power 5   8   126   138 —   —   277   —   1   278  
    Carbon compliance —   —   27   — —   —   27   —   —   27  
    Gross margin 70   106   187   44 24   —   431   (7 ) (105 ) 319  
    OM&A 13   25   56   18 10   29   151   (1 ) —   150  
    Taxes, other than income taxes 1   1   —   — —   1   3   —   —   3  
    Net other operating income —   (3 ) (10 ) — —   —   (13 ) —   —   (13 )
    Adjusted net other operating income —   (2 ) (10 ) — —   —   (12 ) —   (1 ) (13 )
    Adjusted EBITDA(2) 56   82   141   26 14   (30 ) 289        
    Equity income                   3  
    Finance lease income                   2  
    Depreciation and amortization                   (132 )
    Asset impairment charges                   (26 )
    Interest income                   12  
    Interest expense                   (66 )
    Foreign exchange loss                   (7 )
    Loss before income taxes                   (35 )

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the year ended Dec. 31, 2024:

    Year ended Dec. 31, 2024
    $ millions    		 Hydro Wind &
    Solar    (1)    		   Gas   Energy
    Transition    		   Energy
    Marketing    		   Corporate   Total   Equity
    accounted
    investments    (1)    		   Reclass
    adjustments    		   IFRS
    financials    		  
    Revenues 409   357   1,350   616   168   (34 ) 2,866   (21 ) —   2,845  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 1   84   (60 ) (36 ) 14   —   3   —   (3 ) —  
    Realized gain (loss) on closed exchange positions —   —   7   2   (15 ) —   (6 ) —   6   —  
    Decrease in finance lease receivable —   2   19   —   —   —   21   —   (21 ) —  
    Finance lease income —   6   8   —   —   —   14   —   (14 ) —  
    Revenues from Planned Divestitures —   —   (1 ) —   —   —   (1 ) —   1   —  
    Brazeau penalty (20 ) —   —   —   —   —   (20 ) —   20   —  
    Unrealized foreign exchange loss on commodity —   —   (2 ) —   —   —   (2 ) —   2   —  
    Adjusted revenues 390   449   1,321   582   167   (34 ) 2,875   (21 ) (9 ) 2,845  
    Fuel and purchased power 16   30   475   418   —   —   939   —   —   939  
    Reclassifications and adjustments:                  
    Fuel and purchased power related to Planned Divestitures —   —   (1 ) —   —   —   (1 ) —   1   —  
    Australian interest income —   —   (4 ) —   —   —   (4 ) —   4   —  
    Adjusted fuel and purchased power 16   30   470   418   —   —   934   —   5   939  
    Carbon compliance —   —   145   1   —   (34 ) 112   —   —   112  
    Gross margin 374   419   706   163   167   —   1,829   (21 ) (14 ) 1,794  
    OM&A 86   97   198   69   36   173   659   (4 ) —   655  
    Reclassifications and adjustments:                    
    Brazeau penalty (31 ) —   —   —   —   —   (31 ) —   31   —  
    ERP implementation costs —   —   —   —   —   (14 ) (14 ) —   14   —  
    Acquisition-related transaction and restructuring costs —   —   —   —   —   (24 ) (24 )   24   —  
    Adjusted OM&A 55   97   198   69   36   135   590   (4 ) 69   655  
    Taxes, other than income taxes 3   16   13   3   —   1   36   —   —   36  
    Net other operating income —   (10 ) (40 ) (9 ) —   —   (59 ) —   —   (59 )
    Reclassifications and adjustments:                    
    Sundance A decommissioning cost reimbursement —   —   —   9   —   —   9   —   (9 ) —  
    Adjusted net other operating income —   (10 ) (40 ) —   —   —   (50 ) —   (9 ) (59 )
    Adjusted EBITDA(2) 316   316   535   91   131   (136 ) 1,253        
    Equity income                   5  
    Finance lease income                   14  
    Depreciation and amortization                   (531 )
    Asset impairment charges                   (46 )
    Interest income                   30  
    Interest expense                   (324 )
    Foreign exchange gain                   5  
    Gain on sale of assets and other                   4  
    Earnings before income taxes                   319  

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the year ended Dec. 31, 2023:

    Year ended Dec. 31, 2023
    $ millions    		 Hydro   Wind &
    Solar    (1)    		   Gas   Energy
    Transition    		   Energy
    Marketing    		   Corporate   Total   Equity
    accounted
    investments    (1)    		   Reclass
    adjustments    		   IFRS
    financials    		  
    Revenues 533   357   1,514   751   220   1   3,376   (21 ) —   3,355  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market loss (4 ) 16   (67 ) (5 ) 23   —   (37 ) —   37   —  
    Realized gain (loss) on closed exchange positions —   —   10   —   (91 ) —   (81 ) —   81   —  
    Decrease in finance lease receivable —   —   55   —   —   —   55   —   (55 ) —  
    Finance lease income —   —   12   —   —   —   12   —   (12 ) —  
    Unrealized foreign exchange gain on commodity —   —   1   —   —   —   1   —   (1 ) —  
    Adjusted revenues 529   373   1,525   746   152   1   3,326   (21 ) 50   3,355  
    Fuel and purchased power 19   30   453   557   —   1   1,060   —   —   1,060  
    Reclassifications and adjustments:                  
    Australian interest income —   —   (4 ) —   —   —   (4 ) —   4   —  
    Adjusted fuel and purchased power 19   30   449   557   —   1   1,056   —   4   1,060  
    Carbon compliance —   —   112   —   —   —   112   —   —   112  
    Gross margin 510   343   964   189   152   —   2,158   (21 ) 46   2,183  
    OM&A 48   80   192   64   43   115   542   (3 ) —   539  
    Taxes, other than income taxes 3   12   11   3   —   1   30   (1 ) —   29  
    Net other operating income —   (7 ) (40 ) —   —   —   (47 )   —   (47 )
    Reclassifications and adjustments:                  
    Insurance recovery —   1   —   —   —   —   1   —   (1 ) —  
    Adjusted net other operating income —   (6 ) (40 ) —   —   —   (46 ) —   (1 ) (47 )
    Adjusted EBITDA(2) 459   257   801   122   109   (116 ) 1,632        
    Equity income                   4  
    Finance lease income                   12  
    Depreciation and amortization                   (621 )
    Asset impairment reversals                   48  
    Interest income                   59  
    Interest expense                   (281 )
    Foreign exchange gain                   (7 )
    Gain on sale of assets and other                   4  
    Earnings before income taxes                   880  

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.


    Reconciliation of cash flow from operations to FFO and FCF

    The table below reconciles our cash flow from operating activities to our FFO and FCF:

      Three Months Ended Year Ended
    $ millions, unless otherwise stated Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Cash flow from operating activities(1) 215   310   796   1,464  
    Change in non-cash operating working capital balances (97 ) (135 ) (38 ) (124 )
    Cash flow from operations before changes in working capital 118   175   758   1,340  
    Adjustments        
    Share of adjusted FFO from joint venture(1) 4   3   8   8  
    Decrease in finance lease receivable 6   15   21   55  
    Clean energy transition provisions and adjustments(2) —   4   —   11  
    Sundance A decommissioning cost reimbursement (9 ) —   (9 ) —  
    Realized gain (loss) on closed exchanged positions 2   27   (6 ) (81 )
    Acquisition-related transaction and restructuring costs 11   —   19   —  
    Other(3) 5   5   19   18  
    FFO(4) 137   229   810   1,351  
    Deduct:        
    Sustaining capital(1) (67 ) (74 ) (142 ) (174 )
    Productivity capital (1 ) (1 ) (1 ) (3 )
    Dividends paid on preferred shares (13 ) (12 ) (52 ) (51 )
    Distributions paid to subsidiaries’ non-controlling interests (6 ) (19 ) (40 ) (223 )
    Principal payments on lease liabilities (3 ) (2 ) (6 ) (10 )
    Other 1   —   —   —  
    FCF(4) 48   121   569   890  
    Weighted average number of common shares outstanding in the period 298   308   302   276  
    FFO per share(4) 0.46   0.74   2.68   4.89  
    FCF per share(4) 0.16   0.39   1.88   3.22  

    (1)  Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
    (2)  2023 includes amounts related to onerous contracts recognized in 2021 and a voluntary contribution to the US Defined Benefit Pension Plan for the Centralia thermal facility.
    (3)  Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
    (4)  These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Non-IFRS Measures section in this earnings release .

    The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

      Three Months Ended Year Ended
    $ millions, unless otherwise stated Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Adjusted EBITDA(1)(4) 285   289   1,253   1,632  
    Provisions 2   (1 ) 10   (1 )
    Net interest expense(2) (64 ) (41 ) (231 ) (164 )
    Current income tax recovery (expense) (20 ) 5   (143 ) (50 )
    Realized foreign exchange gain (loss) (20 ) 9   (27 ) (4 )
    Decommissioning and restoration costs settled (12 ) (15 ) (41 ) (37 )
    Other non-cash items (34 ) (17 ) (11 ) (25 )
    FFO(3)(4) 137   229   810   1,351  
    Deduct:        
    Sustaining capital(4) (67 ) (74 ) (142 ) (174 )
    Productivity capital (1 ) (1 ) (1 ) (3 )
    Dividends paid on preferred shares (13 ) (12 ) (52 ) (51 )
    Distributions paid to subsidiaries’ non-controlling interests (6 ) (19 ) (40 ) (223 )
    Principal payments on lease liabilities (3 ) (2 ) (6 ) (10 )
    Other 1   —   —   —  
    FCF(4) 48   121   569   890  

    (1)  Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above.
    (2) Net interest expense includes interest expense less interest income and excludes non-cash items like financing amortization and accretion.
    (3)  These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section of in this earnings release and reconciled to cash flow from operating activities above.
    (4)  Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

    TransAlta is in the process of filing its Annual Information Form, Audited Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

    TransAlta will also be filing its Form 40-F with the US Securities and Exchange Commission. The form will be available through their website at www.sec.gov. Paper copies of all documents are available to shareholders free of charge upon request.

    About TransAlta Corporation:

    TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Western Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 112 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

    For more information about TransAlta, visit our web site at transalta.com.

    Cautionary Statement Regarding Forward-Looking Information

    This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion, including opportunities for Centralia redevelopment, and data centre opportunities; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

    The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; and no significant event occurring outside the ordinary course of business.

    These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

    The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

    Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

    Note: All financial figures are in Canadian dollars unless otherwise indicated.

    For more information:

    Investor Inquiries: Media Inquiries:
    Phone: 1-800-387-3598 in Canada and US Phone: 1-855-255-9184
    Email: investor_relations@transalta.com Email: ta_media_relations@transalta.com

    The MIL Network –

  • MIL-OSI Europe: Statement by President von der Leyen at the joint press conference with Barbadian Prime Minister Mottley

    Source: European Commission

    European Commission Statement Bridgetown, 19 Feb 2025 Prime Minister, dear Mia,
    Thank you for hosting me here in Barbados. It is indeed the first time that I am here, it is fantastic. It is a big pleasure to join you and our partners at this CARICOM Summit. I have crossed the Atlantic to share with you how much Europe values its partnership with the Caribbean. We live in an unpredictable world. In these times, it is more important than ever to stick together; to stand up for our values; and to deepen ties with friends.

    Despite being an ocean apart, Europe and the Caribbean are very close at heart. We are strong and vibrant democracies; we are convinced that it is of big importance to defend multilateralism and the rule of law; we believe in freedom and the right of people to choose their own future. This is why you have been standing with Ukraine since the very beginning of the war. Ukraine is a future member of the European family. So supporting them means also supporting us. And it is important to also call for a just peace not only in Ukraine but also in the Middle East, in Sudan and Haiti, which is what you have always done.

    While sharing our values, we also face some of the same challenges. When devastating hurricanes sweep through your islands, like hurricane Beryl last July, Europe wants to be by your side: We provide emergency support to those who have lost everything, we are rebuilding together. Actually, we are currently supporting Grenada to rebuild Carriacou and Petite Martinique with the goal of making the islands 100% powered by renewable energy. And we have just discussed how to strengthen our cooperation in resilience and preparedness, so to work closer together to have a foresight when these natural disasters and extreme weather events, which are often related to climate change, hit.

    We know that the fight against climate change is truly existential. In the face of hardship, the Caribbean are showing incredible leadership. Especially you, my dear Mia. You have amplified the voice of small island nations on the global stage, for the benefit of all humanity. This was key, for example, to the launch of the Loss and Damage Fund together at COP29. It amounts to almost USD 750 million in pledge, half of it covered by Europe and its Member States. Because climate financing is another very important challenge. Europe is the leading provider. We contribute well beyond our fair share of the USD 100 billion annual target.

    But we know that given the scale of the transition and its urgency, we need new and innovative financing tools – in addition – like green bonds and carbon and nature credits, for example, which is what we are working on. And we need to bring the private sector fully on board, with a smarter use of private and public funds. With your Bridgetown Initiative, dear Mia, you are leading the way to making green and development financing fairer, more accessible and more affordable so that the climate targets can be met.

    Another initiative you mentioned is renewable energy. At COP28 we agreed on global targets for renewables and energy efficiency. We want to triple renewable energy and double energy efficiency by 2030. To implement these goals, we created the Global Energy Transition Forum, because only what gets measured gets done, and we really need that the goals on paper are achieved on the ground. And this year, Barbados joined the Global Energy Transition Forum, I am very glad about that, that is great. It will allow us to deliver concrete projects on the ground and unlock more investment for the transition. And I hope that many Caribbean nations will follow your example.

    This brings me to our bilateral work. The starting point for us is our investment programme Global Gateway. That is the investment programme abroad for partners. It is already at work – here in Barbados and across the Caribbean. Together with Hydrogen de France we have just signed the first green hydrogen storage project in Barbados. What is important is that renewable energy is homegrown, and therefore it is cheaper: It gives you energy independence and it gives you energy security, and it is the energy of the future, because it is clean energy.

    We are, as you said, also working on the health sector. I think both of us have learnt our bitter lessons during COVID-19 and how vulnerable we are. And therefore, we support your pharmaceutical sovereignty. It means vaccines and medication produced in the Caribbean, for the Caribbean, but also to be a hub for the rest of the world. We have just signed a biomedical partnership between BioMedX, a European biotech company, and Barbados. And tomorrow, we will launch ‘PharmaNext’, a project that really boosts innovation and investments across the Atlantic. Because it also aligns the regulatory environment that is so important to move forward.

    We have other great projects in the Caribbean. One has really caught my attention: In Barbados and Grenada, we are turning the sargassum threat into an opportunity, and I think it is really smart. We are working to transform this harmful alga into fertiliser, biomass and even cosmetics.This project has, and this is phenomenal, the potential to leverage almost EUR 400 million in investments. And actually, we are bringing thus a harmful alga, fighting a harmful alga but turning it into an opportunity that brings revenue. So it could not be better. Finally, we are bringing the Caribbean closer together and closer to us – with digital connectivity. Tomorrow, we will commit with Spain to deliver high-speed internet via satellite to even the most remote communities here. So the last kilometre that is always so difficult, we are going to manage that now via satellite.

    To me, the spirit of Global Gateway is needed more than ever. We are investing in value chains, skills and jobs. We are sharing knowledge and technology for the benefit of both sides. We are looking into a long-term and trusted partnership. And we are convinced that a win-win situation is the most beneficial for our people and our economy.

    Thank you very much again for having me here.

    MIL OSI Europe News –

  • MIL-OSI: Donegal Group Inc. Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the fourth quarter and full year ended December 31, 2024.

    Significant items for fourth quarter of 2024 (all comparisons to fourth quarter of 2023):

    • Net premiums earned increased 4.6% to $236.6 million
    • Combined ratio of 92.9%, compared to 106.8%
    • Net income of $24.0 million, or 70 cents per diluted Class A share, compared to net loss of $2.0 million, or 6 cents per Class A share
    • Net investment gains (after tax) of $0.2 million, or 1 cent per diluted Class A share, compared to $1.8 million, or 5 cents per Class A share, are included in net income (loss)

    Significant items for full year of 2024 (all comparisons to full year of 2023):

    • Net premiums earned increased 6.2% to $936.7 million
    • Combined ratio of 98.6%, compared to 104.4%
    • Net income of $50.9 million, or $1.53 per diluted Class A share, compared to $4.4 million, or 14 cents per diluted Class A share
    • Net investment gains (after tax) of $3.9 million, or 12 cents per diluted Class A share, compared to $2.5 million, or 8 cents per diluted Class A share, are included in net income
    • Book value per share of $15.36 at December 31, 2024, compared to $14.39 at year-end 2023

    Financial Summary

      Three Months Ended December 31,     Year Ended December 31,  
      2024   2023   % Change     2024   2023   % Change  
      (dollars in thousands, except per share amounts)    
                               
    Income Statement Data                      
    Net premiums earned $   236,635   $   226,185   4.6 %   $   936,651   $   882,071   6.2 %
    Investment income, net 12,050   10,710   12.5     44,918   40,853   10.0  
    Net investment gains 256   2,243   -88.6     4,981   3,173   57.0  
    Total revenues 249,954   239,468   4.4     989,605   927,338   6.7  
    Net income (loss) 24,003   (1,970)   NM2     50,862   4,426   NM  
    Non-GAAP operating income (loss)1 23,801   (3,742)   NM     46,927   1,919   NM  
    Annualized return on average equity 18.1%   -1.7%   19.8 pts     9.9%   0.9%   9.0 pts  
                               
    Per Share Data                        
    Net income (loss) – Class A (diluted) $         0.70   $        (0.06)   NM     $         1.53   $         0.14   NM  
    Net income (loss) – Class B 0.64   (0.06)   NM     1.38   0.11   NM  
    Non-GAAP operating income (loss) – Class A (diluted) 0.69   (0.11)   NM     1.41   0.06   NM  
    Non-GAAP operating income (loss) – Class B 0.63   (0.11)   NM     1.27   0.04   NM  
    Book value 15.36   14.39   6.7 %   15.36   14.39   6.7 %
                               

    ¹The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).
    ²Not meaningful.

    Management Commentary

    Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We concluded 2024 with strong performance in the fourth quarter that we believe reflected our unrelenting focus in recent years on execution, whether on strategic initiatives to broaden our market capabilities or on profit-improvement measures to enhance our operating performance. As we move into 2025, we are striving to further enhance our performance while also pursuing intentional, strategic premium growth.

    “For the fourth quarter of 2024, our loss ratio improved substantially compared to the prior-year quarter, as premium rate increases contributed to higher net premiums earned and numerous underwriting initiatives we implemented in recent years resulted in lower claim activity. Our weather-related loss ratio compared favorably to both the prior-year quarter and our previous five-year average for the fourth quarter of the year. Net development of reserves for claims incurred in prior years had virtually no effect on the loss ratio for the fourth quarter of 2024 or 2023.

    “We effectively mitigated the higher costs associated with our major systems modernization project and higher underwriting-based incentive costs by implementing targeted expense-reduction strategies across our operations. We remain committed to refining the efficiency of our insurance operations, leveraging our substantial investments in technology, data and analytics, to maintain a sustainable expense ratio.”

    Mr. Burke concluded, “As the insurance industry landscape continues to evolve, our dedicated team will maintain focus on the effective execution of the strategies we believe will lead to successful achievement of our long-term objectives. We will continue to implement premium rate increases as needed to maintain rate adequacy and achieve targeted risk-adjusted returns. We are also actively pursuing new business opportunities across our regional footprint, concentrating primarily on high quality new commercial middle market and small business accounts, while also seeking strategic new business growth within our personal lines segment. We have refined our state-specific strategies and action plans to meet current market challenges and opportunities. We believe that the successful execution of those actions will allow us to further enhance underwriting performance, drive sustainable measured growth and strengthen our competitive position with our independent agents, ultimately increasing the value of our stockholders’ investment in Donegal Group Inc.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended December 31,     Year Ended December 31,  
      2024   2023   % Change     2024   2023   % Change  
      (dollars in thousands)    
                               
    Net Premiums Earned                        
    Commercial lines $    136,701   $    133,602   2.3 %   $    539,683   $    533,029   1.2 %
    Personal lines        99,934          92,583   7.9          396,968        349,042   13.7  
    Total net premiums earned $    236,635   $    226,185   4.6 %   $    936,651   $    882,071   6.2 %
                               
    Net Premiums Written                      
    Commercial lines:                        
    Automobile $      42,922   $      39,888   7.6 %   $    184,989   $    174,741   5.9 %
    Workers’ compensation        20,934          22,283   -6.1          103,533        107,598   -3.8  
    Commercial multi-peril        50,431          48,010   5.0          213,959        195,632   9.4  
    Other          9,790          10,544   -7.2            45,439          50,458   -9.9  
    Total commercial lines      124,077        120,725   2.8          547,920        528,429   3.7  
    Personal lines:                        
    Automobile        54,078          54,609   -1.0          243,036        215,957   12.5  
    Homeowners        30,958          34,653   -10.7          140,613        139,688   0.7  
    Other          2,329            2,706   -13.9            10,712          11,623   -7.8  
    Total personal lines        87,365          91,968   -5.0          394,361        367,268   7.4  
    Total net premiums written $    211,442   $    212,693   -0.6%     $    942,281   $    895,697   5.2 %
                               


    Net Premiums Written

    The 0.6% decrease in net premiums written¹ for the fourth quarter of 2024 compared to the fourth quarter of 2023, as shown in the table above, represents the combination of 2.8% growth in commercial lines net premiums written and a 5.0% decrease in personal lines net premiums written. The $1.3 million decrease in net premiums written for the fourth quarter of 2024 compared to the fourth quarter of 2023 included:

    • Commercial Lines: $3.3 million increase that we attribute primarily to solid premium retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by planned attrition in classes of business we have targeted for profit improvement.
    • Personal Lines: $4.6 million decrease that we attribute primarily to planned attrition due to non-renewal actions and lower new business writings, offset partially by a continuation of renewal premium rate increases and solid policy retention.

    The $46.6 million increase in net premiums written for the full year of 2024 compared to the full year of 2023 included:

    • Commercial Lines: $19.5 million increase that we attribute primarily to strong premium retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by planned attrition in states we exited or classes of business we have targeted for profit improvement.
    • Personal Lines: $27.1 million increase that we attribute primarily to a continuation of renewal premium rate increases and solid policy retention, offset partially by planned attrition due to non-renewal actions and lower new business writings.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios¹ for the three months and full years ended December 31, 2024 and 2023:

      Three Months Ended     Year Ended  
      December 31,     December 31,  
      2024     2023     2024     2023  
                           
    GAAP Combined Ratios (Total Lines)                
    Loss ratio – core losses 52.3 %   61.8 %   54.0 %   57.5 %
    Loss ratio – weather-related losses 3.3     5.9     7.2     8.3  
    Loss ratio – large fire losses 4.0     4.8     4.9     5.2  
    Loss ratio – net prior-year reserve development -0.2     -0.4     -1.6     -1.9  
    Loss ratio 59.8     72.1     64.5     69.1  
    Expense ratio 32.8     34.1     33.7     34.7  
    Dividend ratio 0.3     0.6     0.4     0.6  
    Combined ratio 92.9 %   106.8 %   98.6 %   104.4 %
                           
    Statutory Combined Ratios                  
    Commercial lines:                    
    Automobile 115.7 %   104.8 %   102.6 %   97.3 %
    Workers’ compensation 105.6     107.9     104.4     96.6  
    Commercial multi-peril 79.4     107.8     95.0     112.3  
    Other 84.7     95.0     80.0     85.5  
    Total commercial lines 97.3     105.8     98.2     101.6  
    Personal lines:                    
    Automobile 96.5     119.7     97.4     109.7  
    Homeowners 76.2     101.3     99.6     108.6  
    Other 106.3     59.2     99.5     75.8  
    Total personal lines 89.5     111.1     98.3     108.2  
    Total lines 94.0 %   107.8 %   98.3 %   104.2 %
                           

     
    Loss Ratio – Fourth Quarter

    For the fourth quarter of 2024, the loss ratio decreased to 59.8%, compared to 72.1% for the fourth quarter of 2023. The core loss ratio, which excludes weather-related losses, large fire losses and net development of reserves for losses incurred in prior accident years, was 52.3% for the fourth quarter of 2024, which improved significantly compared to 61.8% for the fourth quarter of 2023. For the commercial lines segment, the core loss ratio of 55.2% for the fourth quarter of 2024 improved from 59.6% for the fourth quarter of 2023, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 48.4% for the fourth quarter of 2024 decreased significantly from 65.1% for the fourth quarter of 2023, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.

    Weather-related losses of $7.7 million, or 3.3 percentage points of the loss ratio, for the fourth quarter of 2024 decreased from $13.4 million, or 5.9 percentage points of the loss ratio, for the fourth quarter of 2023. Our insurance subsidiaries did not incur significant losses from any single weather event during the fourth quarters of 2024 or 2023. The impact of weather-related loss activity to the loss ratio for the fourth quarter of 2024 was lower than our previous five-year average of 5.2 percentage points for fourth quarter weather-related losses.

    Large fire losses, which we define as individual fire losses in excess of $50,000, were $9.5 million, or 4.0 percentage points of the loss ratio, for the fourth quarter of 2024, compared to $10.8 million, or 4.8 percentage points of the loss ratio, for the fourth quarter of 2023. The modest decrease primarily reflected lower average severity in homeowner fire losses.

    Net development of reserves for losses incurred in prior accident years had virtually no impact to the loss ratio for the fourth quarter of 2024 or 2023. For the fourth quarter of 2024, our insurance subsidiaries experienced unfavorable development primarily in personal automobile and commercial automobile losses that was offset by favorable development in commercial multi-peril losses and other lines of business. For the fourth quarter of 2023, our insurance subsidiaries experienced favorable development in personal automobile, workers’ compensation, homeowners and commercial automobile losses, offset partially by unfavorable development in commercial multi-peril and other commercial losses.

    Loss Ratio – Full Year

    For the full year of 2024, the loss ratio decreased to 64.5%, compared to 69.1% for the full year of 2023. The 2024 core loss ratio decreased by 3.5 percentage points to 54.0% from 57.5% for 2023. For the commercial lines segment, the core loss ratio of 54.4% for 2024 improved from 56.5% for 2023, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 53.5% for 2024 decreased from 59.1% in 2023, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.

    Weather-related losses for the full year of 2024 were $67.7 million, or 7.2 percentage points of the loss ratio, compared to $72.9 million, or 8.3 percentage points of the loss ratio, for the full year of 2023. The loss ratio impact of weather-related losses for the full year of 2024 was in line with the previous five-year average of 7.0 percentage points of the loss ratio.

    Large fire losses were $45.8 million, or 4.9 percentage points of the loss ratio, for the full year of 2024, relatively in line with $45.4 million, or 5.2 percentage points of the loss ratio, for the full year of 2023.

    Net favorable development of reserves for losses incurred in prior accident years of $15.0 million reduced the loss ratio for the full year of 2024 by 1.6 percentage points. For the full year of 2024, our insurance subsidiaries experienced favorable development in losses primarily in the commercial multi-peril, personal automobile and homeowners lines of business, offset partially by unfavorable development in the workers’ compensation and commercial automobile lines of business. Net favorable development of reserves for losses incurred in prior accident years of $16.7 million reduced the loss ratio for the full year of 2023 by 1.9 percentage points. For the full year of 2023, our insurance subsidiaries experienced favorable development in losses primarily in the commercial automobile, personal automobile, workers’ compensation and homeowners lines of business.

    Expense Ratio

    The expense ratio was 32.8% for the fourth quarter of 2024, compared to 34.1% for the fourth quarter of 2023. The expense ratio was 33.7% for the full year of 2024, compared to 34.7% for the full year of 2023. The decrease in the expense ratios for the fourth quarter and full year of 2024 primarily reflected the impacts of various expense reduction initiatives, including agency incentive program revisions, commission schedule adjustments, targeted staffing reductions, and hiring restrictions for open employment positions, among others. These impacts were offset partially by an increase in underwriting-based incentive costs as well as higher technology systems-related expenses that were primarily due to increased costs related to our ongoing systems modernization project, a portion of which Donegal Mutual Insurance Company allocates to our insurance subsidiaries. We expect the impact from allocated costs from Donegal Mutual Insurance Company to our insurance subsidiaries related to the ongoing systems modernization project peaked at approximately 1.3 percentage points of the expense ratio for the full year of 2024 and will subside gradually in 2025 and subsequent years.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.6% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at December 31, 2024.

      December 31, 2024     December 31, 2023  
      Amount   %     Amount   %  
      (dollars in thousands)    
    Fixed maturities, at carrying value:                  
    U.S. Treasury securities and obligations of U.S.                  
    government corporations and agencies $    170,423   12.3 %   $    176,991   13.3 %
    Obligations of states and political subdivisions      409,560   29.5          415,280   31.3  
    Corporate securities      440,552   31.8          399,640   30.1  
    Mortgage-backed securities      304,459   22.0          278,260   21.0  
    Allowance for expected credit losses         (1,388 ) -0.1             (1,326 ) -0.1  
    Total fixed maturities   1,323,606   95.5       1,268,845   95.6  
    Equity securities, at fair value        36,808   2.7            25,903   2.0  
    Short-term investments, at cost        24,558   1.8            32,306   2.4  
    Total investments $ 1,384,972   100.0 %   $ 1,327,054   100.0 %
                       
    Average investment yield 3.3%         3.1%      
    Average tax-equivalent investment yield 3.4%         3.2%      
    Average fixed-maturity duration (years)              5.2                      4.3      
                       

    Net investment income of $12.1 million for the fourth quarter of 2024 increased 12.5% compared to $10.7 million in net investment income for the fourth quarter of 2023, due primarily to higher average invested assets and an increase in the average investment yield compared to the prior-year fourth quarter. Net investment income of $44.9 million for the full year of 2024 increased 10.0% compared to the full year of 2023, due primarily to higher average invested assets and an increase in the average investment yield compared to the prior year.

    Net investment gains were minimal for the fourth quarter of 2024, compared to $2.2 million for the fourth quarter of 2023. We attribute the gains to the quarterly increases in the market value of the equity securities held at the end of the respective periods.

    Net investment gains were $5.0 million for the full year of 2024, compared to $3.2 million for the full year of 2023. We attribute the gains to the change in the market value of the equity securities held at the end of the respective periods.

    Our book value per share was $15.36 at December 31, 2024, compared to $14.39 at December 31, 2023, as increases from net income and unrealized gains within our available-for-sale fixed-maturity portfolio during 2024 were partially offset by the dividends we declared during the year.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

      Three Months Ended December 31,     Year Ended December 31,  
      2024   2023   % Change     2024   2023   % Change  
      (dollars in thousands)    
                               
    Reconciliation of Net Premiums                          
    Earned to Net Premiums Written                          
    Net premiums earned $       236,635   $     226,185   4.6 %   $     936,651   $     882,071   6.2 %
    Change in net unearned premiums          (25,193 )         (13,492 )  86.7               5,630           13,626   -58.7  
    Net premiums written $       211,442   $     212,693   -0.6 %    $     942,281   $     895,697   5.2 %
                               
                               

    The following table provides a reconciliation of net income (loss) to operating income (loss) for the periods indicated:

      Three Months Ended December 31,      Year Ended December 31,  
      2024   2023     % Change     2024   2023   % Change  
      (dollars in thousands, except per share amounts)    
                                 
    Reconciliation of Net Income (Loss)                            
    to Non-GAAP Operating Income (Loss)                            
    Net income (loss) $ 24,003   $ (1,970 )   NM     $ 50,862   $ 4,426   NM  
    Investment gains (after tax)   (202 )   (1,772 )   -88.6 %     (3,935 )   (2,507 ) 57.0 %
    Non-GAAP operating income (loss) $ 23,801   $ (3,742 )   NM     $ 46,927   $ 1,919   NM  
                                 
    Per Share Reconciliation of Net Income (Loss)                            
    to Non-GAAP Operating Income (Loss)                            
    Net income (loss) – Class A (diluted) $ 0.70   $ (0.06 )   NM     $ 1.53   $ 0.14   NM  
    Investment gains (after tax)   (0.01 )   (0.05 )   -80.0 %     (0.12 )   (0.08 ) 50.0 %
    Non-GAAP operating income (loss) – Class A $ 0.69   $ (0.11 )   NM     $ 1.41   $ 0.06   NM  
                                 
    Net income (loss) – Class B $ 0.64   $ (0.06 )   NM     $ 1.38   $ 0.11   NM  
    Investment gains (after tax)   (0.01 )   (0.05 )   -80.0 %     (0.11 )   (0.07 ) 57.1 %
    Non-GAAP operating income (loss) – Class B $ 0.63   $ (0.11 )   NM     $ 1.27   $ 0.04   NM  
                                 

    The statutory combined ratio is a standard non-GAAP measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
    • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On December 19, 2024, we declared regular quarterly cash dividends of $0.1725 per share for our Class A common stock and $0.155 per share for our Class B common stock, which we paid on February 18, 2025 to stockholders of record as of the close of business on February 4, 2025.

    Pre-Recorded Webcast

    At approximately 8:30 am EDT on Thursday, February 20, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly and annual results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments (including those related to COVID-19 business interruption coverage exclusions), changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.
    Phone: (212) 836-9623
    E-mail: kdaly@equityny.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.  
    Consolidated Statements of Income (Loss)  
    (unaudited; in thousands, except share data)  
             
      Quarter Ended December 31,  
      2024   2023  
             
    Net premiums earned $ 236,635   $ 226,185  
    Investment income, net of expenses 12,050   10,710  
    Net investment gains 256   2,243  
    Lease income 77   85  
    Installment payment fees 936   245  
    Total revenues 249,954   239,468  
             
    Net losses and loss expenses 141,435   163,154  
    Amortization of deferred acquisition costs 39,853   39,149  
    Other underwriting expenses 37,649   38,032  
    Policyholder dividends 826   1,225  
    Interest 269   156  
    Other expenses, net 255   233  
    Total expenses 220,287   241,949  
             
    Income (loss) before income tax expense (benefit) 29,667   (2,481 )
    Income tax expense (benefit) 5,664   (511 )
             
    Net income (loss) $ 24,003   $ (1,970 )
             
    Net income (loss) per common share:        
    Class A – basic $ 0.71   $ (0.06 )
    Class A – diluted $ 0.70   $ (0.24 )
    Class B – basic and diluted $ 0.64   $ (0.06 )
             
    Supplementary Financial Analysts’ Data        
             
    Weighted-average number of shares        
    outstanding:        
    Class A – basic 28,979,432   27,702,646  
    Class A – diluted 29,224,696   27,726,318  
    Class B – basic and diluted 5,576,775   5,576,775  
             
    Net premiums written $ 211,442   $ 212,693  
             
    Book value per common share        
    at end of period $ 15.36   $ 14.39  
             
    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Year Ended December 31,
      2024   2023
           
    Net premiums earned $          936,651   $          882,071
    Investment income, net of expenses              44,918                40,853
    Net investment gains                4,981                  3,173
    Lease income                   314                     347
    Installment payment fees                2,741                     894
    Total revenues            989,605              927,338
           
    Net losses and loss expenses            604,118              609,178
    Amortization of deferred acquisition costs            160,311              154,214
    Other underwriting expenses            155,254              151,748
    Policyholder dividends                4,073                  5,313
    Interest                   946                     620
    Other expenses, net                2,564                  1,201
    Total expenses            927,266              922,274
           
    Income before income tax expense              62,339                  5,064
    Income tax expense              11,477                     638
           
    Net income $            50,862   $              4,426
           
    Net income per common share:      
    Class A – basic and diluted $                1.53   $                0.14
    Class B – basic and diluted $                1.38   $                0.11
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic       28,155,276         27,469,250
    Class A – diluted       28,245,356         27,562,785
    Class B – basic and diluted         5,576,775           5,576,775
           
    Net premiums written $          942,281   $          895,697
           
    Book value per common share      
    at end of period $              15.36   $              14.39
           
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
               
          December 31,   December 31,
          2024   2023
          (unaudited)    
               
    ASSETS      
    Investments:      
      Fixed maturities:      
        Held to maturity, at amortized cost $ 705,714   $ 679,497
        Available for sale, at fair value 617,892   589,348
      Equity securities, at fair value 36,808   25,903
      Short-term investments, at cost 24,558   32,306
        Total investments 1,384,972   1,327,054
    Cash   52,926   23,792
    Premiums receivable 181,107   179,592
    Reinsurance receivable 420,742   441,431
    Deferred policy acquisition costs 73,347   75,043
    Prepaid reinsurance premiums 176,162   168,724
    Other assets 46,776   50,658
        Total assets $ 2,336,032   $ 2,266,294
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities:        
      Losses and loss expenses $ 1,120,985   $ 1,126,157
      Unearned premiums 612,476   599,411
      Accrued expenses 2,917   3,947
      Borrowings under lines of credit 35,000   35,000
      Other liabilities 18,878   22,034
        Total liabilities 1,790,256   1,786,549
    Stockholders’ equity:      
      Class A common stock 329   308
      Class B common stock 56   56
      Additional paid-in capital 369,680   335,694
      Accumulated other comprehensive loss (28,200)   (32,882)
      Retained earnings 245,137   217,795
      Treasury stock (41,226)   (41,226)
        Total stockholders’ equity 545,776   479,745
        Total liabilities and stockholders’ equity $ 2,336,032   $ 2,266,294
               

     

    The MIL Network –

  • MIL-OSI United Nations: Secretary-General’s video message to the 19th Plenary Session of the Parliamentary Assembly of the Mediterranean

    Source: United Nations secretary general

    Download the video: https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+31+Jan+25/3334563_MSG+SG+19TH+PLENARY+PAM+ROME+31+JAN+25.mp4

    Excellencies,

    Dear Parliamentarians,

    I am pleased to convey my warm greetings as you gather for this 19th Plenary Session of the Parliamentary Assembly of the Mediterranean.

    Your region is an extraordinary bridge between continents, cultures and traditions.  And your collective voice resonates far beyond Mediterranean shores.

    As a former Parliamentarian myself, I greatly value that voice in addressing shared challenges. I know you are focusing on a number of those challenges at your Plenary Session. 

    As I look around the world, four tests stand out because they represent, at best, threats that could disrupt every aspect of our agenda and, at worst, upend our very existence:

    Rampant inequalities. 

    The raging climate crisis. 

    Out-of-control technology, including Artificial Intelligence without guardrails.

    And, of course, runaway conflicts.   

    As you know so well, the Middle East is in a period of profound transformation – rife with uncertainty, but also possibility.

    It is clear the region is being re-shaped.  But it is not clear what will emerge.  

    We have a responsibility to help make sure the people of the Middle East come out with peace, dignity and a horizon of hope grounded in action. 

    In Gaza – that means – as we have long been calling for – the release of all hostages, a permanent ceasefire and irreversible progress towards a two-State solution.

    In Lebanon – we are working to consolidate the cessation of hostilities, support a government where all Lebanese will feel represented, and a State that will be able to guarantee security to all its citizens.

    And in Syria – we are stand behind an inclusive process in which the rights of all are fully respected, and that paves the way towards a united and sovereign Syria with its territorial integrity fully reestablished.

    Finally, I want to thank you for your support for the implementing the UN Pact for the Future. 

    You understand that this ties directly to advancing trust – which you have rightly defined as a strategic issue – and to shaping global governance institutions fit for the 21st century.

    Once again, thank you for your vital voice and leadership.

    Let’s keep working for peace, sustainable development and human rights for the people of the Mediterranean region and our world.

    Thank you.
     

    MIL OSI United Nations News –