NewzIntel.com

Category: Politics

  • MIL-OSI USA: Secretary of the Commonwealth to Remind Voters to Prepare for May 20 Primary Election

    Source: US State of Pennsylvania

    May 08, 2025 – Harrisburg, PA

    ADVISORY – Secretary of the Commonwealth to Remind Voters to Prepare for May 20 Primary Election

    Secretary of the Commonwealth Al Schmidt will hold a press conference to provide an update for voters on the upcoming primary election, which will be held May 20. A PACast with audio, video, and a press release will be available after the event.

    WHO:
    Al Schmidt, Secretary of the Commonwealth

    WHEN:
    Thursday, May 8 at 1:00 PM

    WHERE:
    Capitol Media Center

    RSVP:
    Press should RSVP with the name of photographer/reporter to ra-st-press@pa.gov.

    PUBLIC LIVESTREAM:
    pacast.com/live/dos

    SATELLITE COORDINATES:
    DATE: Thursday, May 8, 2025
    TIME: 12:45 to 13:30 (Eastern)
    FORMAT: 16 x 9 HD
    SATELLITE: SES 02 (KU-Band – DIGITAL)
    ORBITAL POSITION: 87 Degrees West
    TRANSPONDER: 15 [1]
    CHANNEL: B9 (9Mhz)
    SYM RATE: 6.333 msps
    FEC: 3/4
    BIT RATE: 8.754441
    VIDEO CODEC: MPEG-4 (H.264)
    DOWNLINK POL: Horizontal
    DOWNLINK FREQ: 11998.00 MHz
    MODULATION: DVB-S, QPSK
    TROUBLE: 717-772-4282

    MIL OSI USA News –

  • MIL-OSI NGOs: Greenpeace calls on Woodside shareholders to reject gas expansion plans at AGM

    Source: Greenpeace Statement –

    PERTH, Thursday 8 May 2025 – Greenpeace Australia Pacific is challenging Woodside on its troubling track record of harming WA’s oceans at its AGM, and urged shareholders to reject Woodside’s plans to drill for gas near Scott Reef. 

    Environment groups and concerned community members will stage a protest outside Woodside’s AGM at the Crown Towers in Perth, and Greenpeace will also directly challenge Woodside’s leadership and its gas expansion plans during the AGM proceedings. 

    Due to participate in Woodside’s AGM as a proxy shareholder, David Ritter, CEO at Greenpeace Australia Pacific said: “For the fourth year, Greenpeace has returned to Woodside’s AGM to expose its shameful environmental track record of harm to marine life, oil and chemical spills, and more. Woodside’s plans pose an unacceptable risk–this is a company that simply can’t be trusted with our oceans. 

    “Woodside’s planned Browse gas field would entail drilling up to 50 wells as close as 2 kilometres from Scott Reef, home to nesting sea turtles, endangered pygmy blue whales and dusky sea snakes. Its new carbon dumping plans involve repeated seismic blasting over the next 39 years, which can deafen whales, near Scott Reef. 

    “Woodside wants to turn Scott Reef into an industrial gas zone. We urge Woodside shareholders not to allow our precious oceans, whales, and turtles to face potentially irreversible harm, and call on Woodside to reconsider its plans. 

    “From leaving its trash in the ocean until Greenpeace pushed it to clean it up to delivering a climate plan that faced unprecedented rejection by shareholders last year, Woodside’s environmental and climate governance under its current leadership is not up to scratch with what shareholders or regulators expect. 

    “To protect the environment, Greenpeace is urging shareholders to vote down the re-election of board director Ann Pickard, who chairs Woodside’s sustainability committee. Between the multiple environmental failures on her watch and her history of leading Shell’s now-abandoned push to destroy the Arctic for oil, she does not inspire any confidence on sustainability. 

    “We are also calling on the newly re-elected Albanese government to listen to the millions of Australians who rejected the Coalition’s gas fast-track plans, and voted for nature protection and a safe climate future powered by renewables. Sentiment for climate action was also clear in WA, with a surge in support for Independent candidates championing the shift away from climate-wrecking gas expansion. 

    “In its second term, the Albanese government has an opportunity to stand up for oceans, marine life and clean energy. It must heed the evidence and reject Woodside’s proposals to extend its North West Shelf gas processing facility, and develop the Browse gas field. Doing so would protect Scott Reef from damage from industrial activity and prevent billions of tonnes of climate-wrecking emissions. 

    “We are halfway through the critical decade for action on climate change, and in the middle of a climate and biodiversity crisis. Corporations, shareholders, and governments alike must put an end to polluting fossil fuel projects, and accelerate the transition to clean, affordable renewable energy.” 

    —ENDS—

    For more information or to arrange an interview please contact Vai Shah on 0452 290 082 or [email protected].

    Photos from the protest and file photos for editorial use will be available here after the protest: Google Drive folder

    MIL OSI NGO –

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

    US Senate News:

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

    MIL OSI USA News –

  • MIL-OSI USA: Markey, Pressley, McGovern Applaud Second Circuit Decision Ordering Rümeysa Öztürk’s Transfer to Vermont

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Lawmakers met with Öztürk at Louisiana ICE facility where she has been illegally detained since March
    Washington (May 7, 2025) – Senator Edward J. Markey (D-Mass.) and Representatives Ayanna Pressley (MA-07) and Jim McGovern (MA-02) released the following statement after the United States Court of Appeals for the Second Circuit directed the Trump administration to comply with a lower court order to transfer Rümeysa Öztürk from ICE custody in Louisiana to Vermont. The court ordered the government to move Ms. Öztürk within one week. On March 25, 2025, Ms. Öztürk, a PhD student at Tufts University, was abducted by six plainclothes ICE agents off the streets of Somerville, Massachusetts. She was quickly moved across state lines and shipped more than 1,500 miles away from her community to a detention facility in Louisiana. 
    “We applaud the Second Circuit for rejecting the Trump administration’s attempt to delay complying with the district court’s order to transfer Rümeysa Öztürk from Louisiana to Vermont, where she will be closer to her community and to her legal counsel. Rümeysa should never have been abducted and transferred thousands of miles away to begin with. She is being unlawfully detained for writing an op-ed in her school newspaper and has not been charged with a single crime. Last month, we visited Rümeysa in detention in Louisiana, where she faces intolerable conditions and has suffered multiple asthma attacks. Rümeysa’s case is part of an alarming trend by the Trump administration to trample individuals’ constitutional rights to due process and free speech. Rümeysa must be released and have her visa restored immediately, and we will continue to ring the alarm loudly until that is the case.”
    On April 22, Senator Markey and Representatives Pressley and McGovern, along with Representative Bennie Thompson (MS-02), Ranking Member of House Committee on Homeland Security, and Representative Troy Carter (LA-02), visited the Louisiana ICE facility where Rümeysa Öztürk was being held. Also on April 22, Senator Markey, Representative Pressley, and Senator Elizabeth Warren (D-Mass.) sent a letter to Secretary of Homeland Security Kristi Noem and U.S. Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons to demand answers about the Trump administration’s concerning practice of detaining individuals, such as Öztürk, far from their attorneys and communities and in legal environments where their rights are more difficult to defend. The Trump administration is forum shopping to obtain a legal outcome favorable to its deportation agenda.

    MIL OSI USA News –

  • MIL-OSI Global: Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict

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

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

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

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

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

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



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

    Human tragedy

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

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

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

    Strategic targeting of Kashmir’s economy

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

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

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

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

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



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

    Challenging India’s post-2019 Kashmir narrative

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

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

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

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

    A deadly departure from past tactics

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

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

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

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

    The future of Kashmir’s stability

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

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

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

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

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



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

    A strategy for the way ahead

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

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

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

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

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

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

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

    MIL OSI – Global Reports –

  • MIL-OSI Canada: New Alberta voice in Washington

    For two decades, Alberta has had strong representation in the United States, advocating for Albertans and building integral relationships with key U.S. legislators, decision makers and investors.

    Through these relationships, Alberta and the U.S. have built a $187.2 billion bilateral trade partnership, with the U.S. accounting for 90 per cent of Alberta’s total exports. To maintain and continue building these ties, it is essential that Alberta has a skilled and experienced representative in D.C.

    To prioritize this work, Alberta’s government has appointed the Honourable Nathan Cooper as Alberta’s official representative to the United States, based at the Alberta Washington Office in the U.S. capital.

    Mr. Cooper will draw on his decades of experience in public service, including his most recent experience as Speaker of the Legislative Assembly of Alberta, to lead this important work, focusing on attracting investment, expanding trade opportunities and maintaining the relationships needed to connect Alberta with key decision makers in the U.S.

    “Alberta has seen a lot of success in building its relationship with U.S. decision makers, and much of that success is thanks to the hard work of James Rajotte as Alberta’s Senior Representative to the U.S. In this evolving landscape, Alberta must maintain and build on our ties with U.S. officials, and Nathan Cooper is the right choice to fill this important role. I look forward to continuing to work closely with Nathan as we advocate for Albertans and for our province’s interests in Washington and across the U.S.”

    Danielle Smith, Premier

    “I’m honoured to be entrusted by Premier Danielle Smith with this critical assignment at such a pivotal time. Now more than ever, I see this as a vital opportunity to strengthen and advance Alberta’s long-standing relationship with the United States, ensuring stability and collaboration amid global uncertainty.”

    Nathan Cooper, Alberta’s senior representative to the United States

    “Having worked closely with Nathan, I’ve seen his unwavering commitment to Alberta’s interests. His ability to bring people together, coupled with his deep understanding of U.S. politics, makes him the ideal representative for Alberta in Washington. I’m confident his leadership will be invaluable as we navigate challenges ahead.”

    Nate Horner, Minister of Finance

    “As Speaker of the Assembly, Mr. Cooper is highly respected for his wisdom, integrity and ability to find common ground across parties. I cannot think of a better representative for Albertans in Washington.”

    Deron Bilous, senior vice-president, Counsel Public Affairs and former NDP Minister

    “Over the past few years, we have had the opportunity to work with Speaker Cooper on the Alberta – Wisconsin relationship and look forward to expanding that in his new role here in the United States. I am confident Nathan’s extensive American connections will serve Alberta well as we seek to maintain our strong bilateral relationship.”

    Robin Vos, Speaker of the Wisconsin state assembly

    “As both a business and community leader, I have full confidence that Nathan will be an invaluable asset to businesses on both sides of the border. Given the complexities of today’s political climate, his ability to bridge divides and foster economic collaboration will prove indispensable.”

    Bob Dhillon, president and CEO, Mainstreet Equity Corp.

    “Team Canada needs a strong Alberta in Washington, and Alberta needs strong representation for our trading interests. There might be some tough days ahead for the relationship between Canada and the United States, but I know Nathan Cooper will work hard for Albertans and a strong Canada.”

    Shannon Phillips, former NDP Minister of Environment and Protected Areas

    Since 2005, Alberta’s presence in the U.S. capital has helped advance the province’s economic objectives with U.S. decision makers. Alberta’s envoys have managed this important relationship from the Alberta Washington Office, which is collocated within the Canadian Embassy.

    Biography for Nathan Cooper

    The Honourable Nathan Cooper served as the member of the legislative assembly for Olds-Didsbury-Three Hills from May 5, 2015 to May 7, 2025.

    On May 21, 2019, he was elected by his fellow MLAs as the 14th Speaker of the Legislative Assembly of Alberta.

    Before his time as an MLA, Mr. Cooper served as chief of staff and director of legislative affairs for the Wildrose caucus and completed two terms as a councillor for the Town of Carstairs. He also brings extensive experience in cross-jurisdictional parliamentary affairs, including:

    • As the longest serving Canadian speaker he became dean of the Canadian Speaker Association in 2025.
    • Leading numerous parliamentary delegations to the United States, with a strong focus on relationship-building.
    • Serving as an international guest speaker at Commonwealth Parliamentary Association conferences in Canada and other Commonwealth nations.

    Mr. Cooper’s proven leadership, deep understanding of parliamentary systems and commitment to building meaningful partnerships make him exceptionally well-suited to advance Alberta’s interests in the United States.

    Quick facts

    • James Rajotte, Alberta’s previous Senior Representative to the U.S. has returned to Edmonton after four and a half years representing Alberta in the United States. He continues to serve as a senior advisor to Premier Smith focused on the U.S. file, working out of Premier Smith’s office in Alberta.
    • The salary for the senior representative to the U.S. is publicly disclosed annually in accordance with the Public Sector Compensation Transparency Act.
    • Alberta has maintained offices abroad for more than 50 years and currently has 17 offices in key markets like the United States, Japan, South Korea, the United Kingdom, Mexico, India, Singapore and the Middle East.

    Related information

    • Alberta’s international offices

    MIL OSI Canada News –

  • MIL-OSI Canada: Prime Minister Carney concludes First Ministers’ Meeting

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, met virtually with provincial and territorial premiers. He was joined by the Minister of International Trade and Intergovernmental Affairs and President of the King’s Privy Council for Canada, Dominic LeBlanc.

    The productive discussion focused on two pillars: the Canada-U.S. relationship and reinforcing Canada’s strength at home.

    First, the Prime Minister updated the premiers on his meeting with President Donald J. Trump in Washington, D.C. He emphasized Canada’s openness to building a new economic and security relationship with the United States – based on respect, built on common interests, and to the benefit of both nations.

    First Ministers also discussed building projects of national interest to diversify the economy, create higher-paying jobs, and build one Canadian economy instead of 13. They agreed to accelerate project approvals, including through a ‘one project, one review’ approach. The Prime Minister reaffirmed his commitment to table federal legislation to eliminate federal trade barriers by Canada Day.

    Prime Minister Carney will meet with the premiers again on June 2, 2025, in Saskatoon, Saskatchewan.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI USA: Ranking Member Hoyer Remarks at U.S. Department of the Treasury Oversight Hearing

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

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

    Click here to watch a full video of his remarks.
     

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

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

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

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

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI: Ring Energy Announces First Quarter 2025 Results and Provides Updated 2025 Outlook

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, May 07, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for first quarter 2025 and provided updated guidance for the second half of the year.

    First Quarter 2025 Highlights

    • Sold 12,074 barrels of oil per day (“Bo/d”) (> high end of guidance) and 18,392 barrels of oil equivalent per day (“Boe/d”) (> mid point of guidance);
    • Reported net income of $9.1 million, or $0.05 per diluted share, and Adjusted Net Income1 of $10.7 million, or $0.05 per diluted share;
    • Recorded Adjusted EBITDA1 of $46.4 million and Lease Operating Expense (“LOE”) of $11.89 per Boe (< mid point of guidance);
    • Invested $32.5 million in capital expenditures (within guidance, excluding acquisitions) that was 14% lower than 4Q 2024
    • Generated Adjusted Cash Flow from Operations1 of $38.2 million and Adjusted Free Cash Flow (“AFCF”)1 of $5.8 million;
    • Remained cash flow positive for the 22nd consecutive quarter and had liquidity of $141.1 million at the end of the period;
    • Completed highly-accretive acquisition of Central Basin Platform (“CBP”) assets from Lime Rock Resources IV, LP (“Lime Rock’) on March 31, 2025 with operations to date exceeding expectations; and
    • Provided updated guidance for the remainder of 2025, which reflects more than a 47% decrease in capital spending from original guidance for time period 2Q to 4Q 2025.

    Management Commentary

    Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We’re excited to kick off 2025 with a strong first quarter, showcasing the flexibility, resilience, and strength of our proven, value-focused strategy amid fluctuating oil prices. Our performance met or surpassed all guidance targets, driven by exceptional oil sales volumes. As shared earlier, this success stemmed from the outperformance of our newly drilled wells and the tireless dedication of our operations team, who kept our PDP assets running at peak efficiency. On the final day of the quarter, we closed the highly accretive acquisition of Lime Rock’s CBP assets, which are outperforming the forecasts originally used to value them, adding more value to our portfolio. To set the stage for this synergistic transaction, we strategically adjusted the timing of our drilling program and capital spending initiatives, optimizing our financial position and reinforcing our balance sheet. With this strong foundation, we’re poised to continue delivering value to our stockholders despite the uncertainties currently facing our industry.”

    Mr. McKinney concluded, “We have been looking forward to sharing more about our proactive approach to navigating the recent dip in oil prices, showcasing the strength of our value-focused strategy. As previously announced, we’ve strategically reduced our second quarter capital spending by over 50%, while maintaining our sales volume guidance. Looking ahead, our updated full-year guidance reflects a 36% reduction in capital spending with only a 5% reduction to sales volumes, made possible by the exceptional performance of both our existing and newly acquired assets so far this year. This represents a 2% increase of year-over-year total sales. Should oil prices rise later in the year, we’re positioned to accelerate our debt reduction efforts, channeling the benefits of higher prices into strengthening our balance sheet. This disciplined approach highlights our proven strategy. We’re committed to delivering value for our stockholders and are deeply grateful for your trust and investment in Ring Energy as we build a brighter, more resilient future together.”

    Summary Results and Additional Key Items

      Q1 2025 Q4 2024 Q1 2025
    to Q    4 2024
    % Change    		 Q1 2024 Q1 2025
    to Q    1 2024
    % Change
    Average Daily Sales Volumes (Boe/d) 18,392 19,658 (6)% 19,034 (3)%
    Crude Oil (Bo/d) 12,074 12,916 (7)% 13,394 (10)%
    Net Sales (MBoe) 1,655.3 1,808.5 (8)% 1,732.1 (4)%
    Realized Price – All Products ($/Boe) $47.78 $46.14 4% $54.56 (12)%
    Realized Price – Crude Oil ($/Bo) $70.40 $68.98 2% $75.72 (7)%
    Revenues ($MM) $79.1 $83.4 (5)% $94.5 (16)%
    Net Income ($MM) $9.1 $5.7 60% $5.5 65%
    Adjusted Net Income1 ($MM) $10.7 $12.3 (13)% $20.3 (47)%
    Adjusted EBITDA1 ($MM) $46.4 $50.9 (9)% $62.0 (25)%
    Capital Expenditures ($MM) $32.5 $37.6 (14)% $36.3 (10)%
    Adjusted Free Cash Flow1 ($MM) $5.8 $4.7 23% $15.6 (63)%


    Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow     are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.” In addition, see section titled “Condensed Operating Data” for additional details concerning costs and expenses discussed below.

    Sales volumes for 1Q 2025 were 18,392 Boe/d (66% oil, 18% natural gas liquids (“NGLs”) and 16% natural gas) versus 4Q 2024 sales volumes of 19,658 Boe/d (66% oil, 19% NGLs and 15% natural gas) and 1Q 2024 sales volumes of 19,034 Boe/d (70% oil, 15% NGLs and 15% natural gas).

    Average realized sales prices for 1Q 2025 were $70.40 per barrel of crude oil, $(0.19) per Mcf of natural gas, and $9.65 per barrel of NGLs. The realized natural gas and NGL prices were impacted by increased fees resulting in lower realized prices. The weighted average natural gas price per Mcf was $1.86 and the weighted average fee per Mcf was $(2.05); the weighted average NGL price per barrel was $22.64 offset by a weighted average fee per barrel of $(12.99). The weighted average natural gas price for 1Q 2025 reflects continued natural gas product takeaway constraints, which are being alleviated through additional third-party pipeline capacity. The average oil price differential the Company experienced from NYMEX WTI (“West Texas Intermediate”) futures pricing in 1Q 2025 was a negative $0.89 per barrel of crude oil, while the average natural gas price differential from NYMEX futures pricing was a negative $3.81 per Mcf.

    Revenues were $79.1 million for 1Q 2025 compared to $83.4 million for 4Q 2024 and $94.5 million for 1Q 2024. The 5% decrease in 1Q 2025 revenues from 4Q 2024 was driven by a negative $7.3 million volume variance offset by a positive $3.0 million price variance.

    Select Expenses and Other Items

      Q1 2025 Q4 2024 Q1 2025
    to Q    4 2024
    % Change    		 Q1 2024 Q1 2025
    to Q    1 2024
    % Change
    Lease operating expenses (“LOE”) ($MM) $19.7 $20.3 (3)% $18.4 7%
    Lease operating expenses ($/BOE) (1) $11.89 $11.24 6% $10.60 12%
    Depreciation, depletion and amortization ($MM) $22.6 $24.5 (8)% $23.8 (5)%
    Depreciation, depletion and amortization ($/BOE) $13.66 $13.57 1% $13.74 (1)%
    General and administrative expenses (“G&A”) ($MM) $8.6 $8.0 8% $7.5 15%
    General and administrative expenses ($/BOE) $5.21 $4.44 17% $4.31 21%
    G&A excluding share-based compensation ($MM) $6.9 $6.4 8% $5.7 (21)%
    G&A excluding share-based compensation ($/BOE) $4.19 $3.52 19% $3.32 26%
    G&A excluding share-based compensation & transaction costs ($MM) $6.9 $6.3 10% $5.7 21%
    G&A excluding share-based compensation & transaction costs ($/BOE) $4.18 $3.51 19% $3.32 26%
    Interest expense ($MM) (2) $9.5 $10.1 (6)% $11.5 (17)%
    Interest expense ($/BOE) $5.74 $5.59 3% $6.64 (14)%
    Gain (loss) on derivative contracts ($MM) (3) $(0.9) $(6.3) 85% $(19.0) 95%
    Realized gain (loss) on derivative contracts ($MM) $(0.5) $0.7 (171)% $(1.4) 64%
    Unrealized gain (loss) on derivative contracts ($MM) $(0.4) $(7.0) 94% $(17.6) 98%

    (1) LOE was within the Company’s guidance of $11.75 to $12.25 per Boe for 1Q 2025.

    (2) The decline in interest expense from prior quarters was due to lower interest rates and reduced borrowings on the credit facility.

    (3) A summary listing of the Company’s outstanding derivative positions at March 31, 2025 is included in the tables shown later in this release. For the remainder (April through December) of 2025, the Company has approximately 1.7 million barrels of oil (approximately 47% of oil sales guidance midpoint) hedged at an average downside protection price of $64.44 and approximately 2.0 billion cubic feet of natural gas (approximately 37% of natural gas sales guidance midpoint) hedged at an average downside protection of $3.43.

    Capital Investment

    During 1Q 2025, capital expenditures for the Company’s drilling and development activities were $32.5 million, which was within the Company’s guidance of $26 million to $34 million. Ring also invested approximately $70.9 million for the Lime Rock Acquisition that closed on March 31, 2025 (including the $63.6 million cash payment at closing, the $5.0 million deposit payment made in February, and $2.3 million in direct transaction costs).

    Drilling and Development

    Ring drilled, completed, and placed on production seven wells. In the Northwest Shelf in Yoakum County, Ring drilled and completed three 1-mile horizontal wells and one 1.25-mile horizontal well, all with a working interest of 75%. In the CBP in Ector County, the Company drilled and completed three vertical wells, all with a working interest of 100%.

    Quarter   Area   Wells Drilled   Wells Completed
                 
    1Q 2025   Northwest Shelf (Horizontal)   4   4
        Central Basin Platform (Horizontal)   —   —
        Central Basin Platform (Vertical)   3   3
        Total   7   7


    Acquisition – CBP Assets of Lime Rock

    During 1Q 2025, Ring completed the acquisition of CBP assets from Lime Rock. Those properties are located in the Permian Basin in Andrews County, Texas, and are focused on the development of approximately 17,700 net acres where the majority are similar to Ring’s existing CBP assets in the Shafter Lake area, and the remaining acreage exposes the Company to new active plays.

    The key transaction highlights include:

    • Highly Accretive: ~2,300 Boe/d (>75% oil) of low-decline net production from ~101 gross wells;
    • Increased Scale and Operational Synergies: ~17,700 net acres (100% HBP) mostly contiguous to Ring’s existing footprint;
    • Meaningful AFCF Generation: Supported by $121 million of oil-weighted reserves (based on NYMEX strip pricing as of February 19, 2025; and
    • Strengthens High-Return Inventory Portfolio: >40 gross locations that immediately compete for capital.

    After taking into account preliminary purchase price adjustments, consideration for the acquisition consisted of:

    • A cash payment of approximately $63.6 million net of the $5.0 million deposit payment made in February;
    • $10.0 million deferred cash payment due on or about December 31, 2025; and
    • The issuance of approximately 6.5 million shares of common stock.

    The cash payment at closing on March 31, 2025 was funded with cash on hand and borrowings under Ring’s senior revolving credit facility.

    Balance Sheet and Liquidity

    Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at March 31, 2025 was approximately $141.1 million, consisting of $140.0 million of availability under Ring’s revolving credit facility, which included a reduction of $35 thousand for letters of credit, and $1.1 million in cash and cash equivalents. On March 31, 2025, the Company had $460 million in borrowings outstanding on its credit facility that has a current borrowing base of $600 million and reflects the draw on the revolving credit facility to fund the Lime Rock Acquisition. The Company is targeting continued debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.

    Second Half of 2025 Sales Volumes, Capital Investment and Operating Expense Guidance

    Ring’s 2025 development program has been updated to reflect a reduction in capital spending in response to the weakened price environment. For full year 2025, Ring now expects total capital spending of $85 million to $113 million (versus $138 million to $170 million previously disclosed). In addition to wells that the Company plans to drill and complete, the full year capital spending program includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, reactivations, and leasing costs, as well as non-operated drilling, completion, capital workovers, and facility improvements.

    All projects and estimates are based on assumed WTI oil prices of $50 to $70 per barrel and Henry Hub prices of $3.00 to $4.00 per Mcf. As in the past, Ring has designed its spending program with flexibility to respond to changes in commodity prices and other market conditions as appropriate.

    Based on the $99 million midpoint of spending guidance, the Company continues to expect the following estimated allocation of capital, including:

    • 61% for drilling, completion, and related infrastructure;
    • 33% for recompletions and capital workovers;
    • 4% for facility improvements (environmental and emission reducing upgrades); and
    • 2% for land, non-operated capital, and other.

    The guidance in the table below represents the Company’s current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the “Safe Harbor Statement” section.

        Q2 2H
        2025 2025
    Sales Volumes:      
    Total Oil (Bo/d)   13,700 – 14,700 12,500 – 14,000
    Midpoint (Bo/d)   14,200 13,250
    Total (Boe/d)   20,500 – 22,500 19,000 – 21,000
    Midpoint (Boe/d)   21,500 20,000
    Oil (%)   66% 66%
    NGLs (%)   18% 18%
    Gas (%)   16% 16%
           
    Capital Program:      
    Capital spending(1) (millions)   $14 – $22 $38 – $58
    Midpoint (millions)   $18 $48
    New Hz and vertical wells (2)   2 – 3 11 – 13
    Recompletions and CTRs   6 – 8 17 – 22
           
    Operating Expenses:      
    LOE (per Boe)   $11.50 – $12.50 $11.50 – $12.50
    Midpoint (per Boe)   $12.00 $12.00


    (1)     In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements.
    (2) Includes wells drilled, completed, and placed online.

    Conference Call Information

    Ring will hold a conference call on Thursday, May 8, 2025 at 12:00 p.m. ET (11 a.m. CT) to discuss its 1Q 2025 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

    To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 1Q 2025 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

    About Ring Energy, Inc.

    Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com. 

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, expected benefits to the Company and its stockholders from the Lime Rock Acquisition, and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for second quarter and full year 2025 guidance for sales volumes, oil mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

    Contact Information

    Al Petrie Advisors
    Al Petrie, Senior Partner
    Phone: 281-975-2146
    Email: apetrie@ringenergy.com

     
    RING ENERGY, INC. 
    Condensed Statements of Operations 
    (Unaudited)
     
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Oil, Natural Gas, and Natural Gas Liquids Revenues   $ 79,091,207     $ 83,440,546     $ 94,503,136  
                 
    Costs and Operating Expenses            
    Lease operating expenses     19,677,552       20,326,216       18,360,434  
    Gathering, transportation and processing costs     203,612       130,230       166,054  
    Ad valorem taxes     1,532,108       2,421,595       2,145,631  
    Oil and natural gas production taxes     3,584,455       3,857,147       4,428,303  
    Depreciation, depletion and amortization     22,615,983       24,548,849       23,792,450  
    Asset retirement obligation accretion     326,549       323,085       350,834  
    Operating lease expense     175,091       175,090       175,091  
    General and administrative expense     8,619,976       8,035,977       7,469,222  
                 
    Total Costs and Operating Expenses     56,735,326       59,818,189       56,888,019  
                 
    Income from Operations     22,355,881       23,622,357       37,615,117  
                 
    Other Income (Expense)            
    Interest income     90,058       124,765       78,544  
    Interest (expense)     (9,498,786 )     (10,112,496 )     (11,498,944 )
    Gain (loss) on derivative contracts     (928,790 )     (6,254,448 )     (19,014,495 )
    Gain (loss) on disposal of assets     124,610       —       38,355  
    Other income     8,942       80,970       25,686  
    Net Other Income (Expense)     (10,203,966 )     (16,161,209 )     (30,370,854 )
                 
    Income Before Benefit from (Provision for) Income Taxes     12,151,915       7,461,148       7,244,263  
                 
    Benefit from (Provision for) Income Taxes     (3,041,177 )     (1,803,629 )     (1,728,886 )
                 
    Net Income (Loss)   $ 9,110,738     $ 5,657,519     $ 5,515,377  
                 
    Basic Earnings (Loss) per Share   $ 0.05     $ 0.03     $ 0.03  
    Diluted Earnings (Loss) per Share   $ 0.05     $ 0.03     $ 0.03  
                 
    Basic Weighted-Average Shares Outstanding     199,314,182       198,166,543       197,389,782  
    Diluted Weighted-Average Shares Outstanding     201,072,594       200,886,010       199,305,150  
                             
    RING ENERGY, INC.
    Condensed Operating Data
    (Unaudited)
     
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Net sales volumes:            
    Oil (Bbls)     1,086,694       1,188,272       1,218,837  
    Natural gas (Mcf)     1,615,196       1,683,793       1,496,507  
    Natural gas liquids (Bbls)     299,366       339,589       263,802  
    Total oil, natural gas and natural gas liquids (Boe)(1)     1,655,259       1,808,493       1,732,057  
                 
    % Oil     66 %     66 %     70 %
    % Natural Gas     16 %     15 %     15 %
    % Natural Gas Liquids     18 %     19 %     15 %
                 
    Average daily sales volumes:            
    Oil (Bbls/d)     12,074       12,916       13,394  
    Natural gas (Mcf/d)     17,947       18,302       16,445  
    Natural gas liquids (Bbls/d)     3,326       3,691       2,899  
    Average daily equivalent sales (Boe/d)     18,392       19,658       19,034  
                 
    Average realized sales prices:            
    Oil ($/Bbl)   $ 70.40     $ 68.98     $ 75.72  
    Natural gas ($/Mcf)     (0.19 )     (0.96 )     (0.55 )
    Natural gas liquids ($/Bbls)     9.65       9.08       11.47  
    Barrel of oil equivalent ($/Boe)   $ 47.78     $ 46.14     $ 54.56  
                 
    Average costs and expenses per Boe ($/Boe):            
    Lease operating expenses   $ 11.89     $ 11.24     $ 10.60  
    Gathering, transportation and processing costs     0.12       0.07       0.10  
    Ad valorem taxes     0.93       1.34       1.24  
    Oil and natural gas production taxes     2.17       2.13       2.56  
    Depreciation, depletion and amortization     13.66       13.57       13.74  
    Asset retirement obligation accretion     0.20       0.18       0.20  
    Operating lease expense     0.11       0.10       0.10  
    G&A (including share-based compensation)     5.21       4.44       4.31  
    G&A (excluding share-based compensation)     4.19       3.52       3.32  
    G&A (excluding share-based compensation and transaction costs)     4.18       3.51       3.32  
                             

    (1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly.

     
    RING ENERGY, INC.
    Condensed Balance Sheet 
    (Unaudited)
        As of
        March 31, 2025   December 31, 2024
    ASSETS        
    Current Assets        
    Cash and cash equivalents   $ 1,100,851     $ 1,866,395  
    Accounts receivable     35,680,686       36,172,316  
    Joint interest billing receivables, net     2,121,035       1,083,164  
    Derivative assets     5,309,892       5,497,057  
    Inventory     3,300,755       4,047,819  
    Prepaid expenses and other assets     1,156,529       1,781,341  
    Total Current Assets     48,669,748       50,448,092  
    Properties and Equipment        
    Oil and natural gas properties, full cost method     1,932,616,777       1,809,309,848  
    Financing lease asset subject to depreciation     4,272,259       4,634,556  
    Fixed assets subject to depreciation     3,359,292       3,389,907  
    Total Properties and Equipment     1,940,248,328       1,817,334,311  
    Accumulated depreciation, depletion and amortization     (496,993,139 )     (475,212,325 )
    Net Properties and Equipment     1,443,255,189       1,342,121,986  
    Operating lease asset     1,753,693       1,906,264  
    Derivative assets     5,020,380       5,473,375  
    Deferred financing costs     6,911,264       8,149,757  
    Total Assets   $ 1,505,610,274     $ 1,408,099,474  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current Liabilities        
    Accounts payable   $ 86,417,436     $ 95,729,261  
    Income tax liability     537,591       328,985  
    Financing lease liability     846,380       906,119  
    Operating lease liability     661,487       648,204  
    Derivative liabilities     5,426,195       6,410,547  
    Notes payable     —       496,397  
    Deferred cash payment     9,415,066       —  
    Asset retirement obligations     441,611       517,674  
    Total Current Liabilities     103,745,766       105,037,187  
             
    Non-current Liabilities        
    Deferred income taxes     31,496,585       28,591,802  
    Revolving line of credit     460,000,000       385,000,000  
    Financing lease liability, less current portion     708,304       647,078  
    Operating lease liability, less current portion     1,234,690       1,405,837  
    Derivative liabilities     3,632,133       2,912,745  
    Asset retirement obligations     28,826,738       25,864,843  
    Total Liabilities     629,644,216       549,459,492  
    Commitments and contingencies        
    Stockholders’ Equity        
    Preferred stock – $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding     —       —  
    Common stock – $0.001 par value; 450,000,000 shares authorized; 206,509,126 shares and 198,561,378 shares issued and outstanding, respectively     206,509       198,561  
    Additional paid-in capital     808,627,109       800,419,719  
    Retained earnings (Accumulated deficit)     67,132,440       58,021,702  
    Total Stockholders’ Equity     875,966,058       858,639,982  
    Total Liabilities and Stockholders’ Equity   $ 1,505,610,274     $ 1,408,099,474  
     
    RING ENERGY, INC.
    Condensed Statements of Cash Flows 
    (Unaudited)
     
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
    Cash Flows From Operating Activities            
    Net income   $ 9,110,738     $ 5,657,519     $ 5,515,377  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation, depletion and amortization     22,615,983       24,548,849       23,792,450  
    Asset retirement obligation accretion     326,549       323,085       350,834  
    Amortization of deferred financing costs     1,238,493       1,299,078       1,221,607  
    Share-based compensation     1,690,958       1,672,320       1,723,832  
    Credit loss expense     17,917       (26,747 )     163,840  
    (Gain) loss on disposal of assets     (124,610 )     —       —  
    Deferred income tax expense (benefit)     2,805,346       1,723,338       1,585,445  
    Excess tax expense (benefit) related to share-based compensation     99,437       9,011       40,808  
    (Gain) loss on derivative contracts     928,790       6,254,448       19,014,495  
    Cash received (paid) for derivative settlements, net     (553,594 )     745,104       (1,461,515 )
    Changes in operating assets and liabilities:            
    Accounts receivable     (564,158 )     349,474       (5,240,487 )
    Inventory     747,064       580,161       171,416  
    Prepaid expenses and other assets     624,812       295,555       503,704  
    Accounts payable     (10,385,137 )     4,462,089       (1,601,276 )
    Settlement of asset retirement obligation     (207,580 )     (613,603 )     (591,361 )
    Net Cash Provided by Operating Activities     28,371,008       47,279,681       45,189,169  
                 
    Cash Flows From Investing Activities            
    Payments for the Lime Rock Acquisition     (70,859,769 )     —       —  
    Payments to purchase oil and natural gas properties     (647,106 )     (1,423,483 )     (475,858 )
    Payments to develop oil and natural gas properties     (31,083,507 )     (36,386,055 )     (38,904,808 )
    Payments to acquire or improve fixed assets subject to depreciation     (34,275 )     —       (124,937 )
    Proceeds from sale of fixed assets subject to depreciation     17,360       —       —  
    Proceeds from divestiture of equipment for oil and natural gas properties     —       121,232       —  
    Net Cash Used in Investing Activities     (102,607,297 )     (37,688,306 )     (39,505,603 )
                 
    Cash Flows From Financing Activities            
    Proceeds from revolving line of credit     114,000,000       22,000,000       51,500,000  
    Payments on revolving line of credit     (39,000,000 )     (29,000,000 )     (54,500,000 )
    Payments for taxes withheld on vested restricted shares, net     (896,431 )     —       (814,985 )
    Proceeds from notes payable     —       58,774       —  
    Payments on notes payable     (496,397 )     (475,196 )     (533,734 )
    Payment of deferred financing costs     —       (42,746 )     —  
    Reduction of financing lease liabilities     (136,427 )     (265,812 )     (255,156 )
    Net Cash Provided by (Used in) Financing Activities     73,470,745       (7,724,980 )     (4,603,875 )
                 
    Net Increase (Decrease) in Cash     (765,544 )     1,866,395       1,079,691  
    Cash at Beginning of Period     1,866,395       —       296,384  
    Cash at End of Period   $ 1,100,851     $ 1,866,395     $ 1,376,075  
     
    RING ENERGY, INC.
    Financial Commodity Derivative Positions 
    As of March 31, 2025
     
    The following tables reflect the details of current derivative contracts as of March 31, 2025 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts):
     
        Oil Hedges (WTI)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    Swaps:                                
    Hedged volume (Bbl)     151,763     351,917     141,755     477,350     457,101     59,400     423,000     381,500
    Weighted average swap price   $ 68.53   $ 71.41   $ 69.13   $ 70.16   $ 69.38   $ 66.70   $ 66.70   $ 63.80
                                     
    Two-way collars:                                
    Hedged volume (Bbl)     464,100     225,400     404,800     —     —     379,685     —     —
    Weighted average put price   $ 60.00   $ 65.00   $ 60.00   $ —   $ —   $ 60.00   $ —   $ —
    Weighted average call price   $ 69.85   $ 78.91   $ 75.68   $ —   $ —   $ 72.50   $ —   $ —
        Gas Hedges (Henry Hub)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    NYMEX Swaps:                                
    Hedged volume (MMBtu)     513,900     455,250     128,400     140,600     662,300     121,400     613,300     —
    Weighted average swap price   $ 3.60   $ 3.88   $ 4.25   $ 4.20   $ 3.54   $ 4.22   $ 3.83   $ —
                                     
    Two-way collars:                                
    Hedged volume (MMBtu)     18,300     308,200     598,000     553,500     —     515,728     —     700,000
    Weighted average put price   $ 3.00   $ 3.00   $ 3.00   $ 3.50   $ —   $ 3.00   $ —   $ 4.00
    Weighted average call price   $ 4.15   $ 4.75   $ 4.15   $ 5.03   $ —   $ 3.93   $ —   $ 5.20
        Oil Hedges (basis differential)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    Argus basis swaps:                                
    Hedged volume (Bbl)     183,000     276,000     276,000     —     —     —     —     —
    Weighted average spread price (1)   $ 1.00   $ 1.00   $ 1.00   $ —   $ —   $ —   $ —   $ —
                                     
        Gas Hedges (basis differential)
        Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   Q1 2027
                                     
    El Paso Permian Basin basis swaps:                                
    Hedged volume (MMBtu)     —     —     —     —     —     —     —     700,000
    Weighted average spread price (2)   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ 0.74
                                                     

    (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude.

    (2) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.

    RING ENERGY, INC.
    Non-GAAP Financial Information

    Certain financial information included in this release are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “G&A Excluding Share-Based Compensation,” “G&A Excluding Share-Based Compensation and Transaction Costs,” “Leverage Ratio,” “All-In Cash Operating Costs,” and “Cash Operating Margin.” Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

    Reconciliation of Net income to Adjusted Net Income

    “Adjusted Net Income” is calculated as net income minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for executed acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare Ring’s results with its peers.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
        Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted
    Net income   $ 9,110,738     $ 0.05     $ 5,657,519     $ 0.03     $ 5,515,377     $ 0.03  
                             
    Share-based compensation     1,690,958       0.01       1,672,320       0.01       1,723,832       0.01  
    Unrealized loss (gain) on change in fair value of derivatives     375,196       —       6,999,552       0.03       17,552,980       0.08  
    Transaction costs – executed A&D     1,776       —       21,017       —       3,539       —  
    Tax impact on adjusted items     (500,646 )     (0.01 )     (2,008,740 )     (0.01 )     (4,447,977 )     (0.02 )
                             
    Adjusted Net Income   $ 10,678,022     $ 0.05     $ 12,341,668     $ 0.06     $ 20,347,751     $ 0.10  
                             
    Diluted Weighted-Average Shares Outstanding     201,072,594           200,886,010           199,305,150      
                             
    Adjusted Net Income per Diluted Share   $ 0.05         $ 0.06         $ 0.10      


    Reconciliation of     Net income to Adjusted EBITDA

    The Company defines “Adjusted EBITDA” as net income plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
    Net income   $ 9,110,738     $ 5,657,519     $ 5,515,377  
                 
    Interest expense, net     9,408,728       9,987,731       11,420,400  
    Unrealized loss (gain) on change in fair value of derivatives     375,196       6,999,552       17,552,980  
    Income tax (benefit) expense     3,041,177       1,803,629       1,728,886  
    Depreciation, depletion and amortization     22,615,983       24,548,849       23,792,450  
    Asset retirement obligation accretion     326,549       323,085       350,834  
    Transaction costs – executed A&D     1,776       21,017       3,539  
    Share-based compensation     1,690,958       1,672,320       1,723,832  
    Loss (gain) on disposal of assets     (124,610 )     —       (38,355 )
    Other income     (8,942 )     (80,970 )     (25,686 )
                 
    Adjusted EBITDA   $ 46,437,553     $ 50,932,732     $ 62,024,257  
                 
    Adjusted EBITDA Margin     59 %     61 %     66 %
                             

    Reconciliations of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted EBITDA to Adjusted Free Cash Flow

    The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on Ring’s Condensed Statements of Cash Flows), plus transaction costs for executed acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in Ring’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Net Cash Provided by Operating Activities   $ 28,371,008     $ 47,279,681     $ 45,189,169  
    Adjustments – Condensed Statements of Cash Flows            
    Changes in operating assets and liabilities     9,784,999       (5,073,676 )     6,758,004  
    Transaction costs – executed A&D     1,776       21,017       3,539  
    Income tax expense (benefit) – current     136,393       71,280       102,633  
    Capital expenditures     (32,451,531 )     (37,633,168 )     (36,261,008 )
    Proceeds from divestiture of equipment for oil and natural gas properties     —       121,232       —  
    Credit loss expense     (17,917 )     26,747       (163,840 )
    Loss (gain) on disposal of assets     —       —       (38,355 )
    Other income     (8,942 )     (80,970 )     (25,686 )
                 
    Adjusted Free Cash Flow   $ 5,815,786     $ 4,732,143     $ 15,564,456  
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025       2024       2024  
                 
    Adjusted EBITDA   $ 46,437,553     $ 50,932,732     $ 62,024,257  
                 
    Net interest expense (excluding amortization of deferred financing costs)     (8,170,235 )     (8,688,653 )     (10,198,793 )
    Capital expenditures     (32,451,531 )     (37,633,168 )     (36,261,008 )
    Proceeds from divestiture of equipment for oil and natural gas properties     —       121,232       —  
                 
    Adjusted Free Cash Flow   $ 5,815,787     $ 4,732,143     $ 15,564,456  


    Reconciliation of Net Cash Provided by Operating Activities to Adjusted Cash Flow from Operations

    The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in Ring’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this non-GAAP measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025     2024       2024
                 
    Net Cash Provided by Operating Activities   $ 28,371,008   $ 47,279,681     $ 45,189,169
                 
    Changes in operating assets and liabilities     9,784,999     (5,073,676 )     6,758,004
                 
    Adjusted Cash Flow from Operations   $ 38,156,007   $ 42,206,005     $ 51,947,173


    Reconciliation of General and Administrative Expense (G&A) to G&A Excluding Share-Based Compensation and Transaction Costs

    The following table presents a reconciliation of General and Administrative Expense (“G&A”), a GAAP measure, to G&A excluding share-based compensation, and G&A excluding share-based compensation and transaction costs for executed acquisitions and divestitures (A&D).

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025     2024     2024
                 
    General and administrative expense (G&A)   $ 8,619,976   $ 8,035,977   $ 7,469,222
    Shared-based compensation     1,690,958     1,672,320     1,723,832
    G&A excluding share-based compensation     6,929,018     6,363,657     5,745,390
    Transaction costs – executed A&D     1,776     21,017     3,539
    G&A excluding share-based compensation and transaction costs   $ 6,927,242   $ 6,342,640   $ 5,741,851


    Calculation of Leverage Ratio

    “Leverage” or the “Leverage Ratio” is calculated under the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated total debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the Company’s existing senior revolving credit facility.

    The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility that means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges acceptable to Ring’s senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants, to the extent that during such period the Company shall have consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets so acquired or disposed of.

    Also set forth in Ring’s existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. The following tables show the leverage ratio calculations for the quarters ended March 31, 2025 and March 31, 2024.

     
        (Unaudited)
        Three Months Ended    
        June 30,   September 30,   December 31,   March 31,   Last Four
    Quarters
          2024       2024       2024     2025  
    Consolidated EBITDAX Calculation:                    
    Net Income (Loss)   $ 22,418,994     $ 33,878,424     $ 5,657,519   $ 9,110,738   $ 71,065,675  
    Plus: Consolidated interest expense     10,801,194       10,610,539       9,987,731     9,408,728     40,808,192  
    Plus: Income tax provision (benefit)     6,820,485       10,087,954       1,803,629     3,041,177     21,753,245  
    Plus: Depreciation, depletion and amortization     24,699,421       25,662,123       24,548,849     22,615,983     97,526,376  
    Plus: non-cash charges acceptable to Administrative Agent     1,664,064       (26,228,108 )     8,994,957     2,392,703     (13,176,384 )
    Consolidated EBITDAX   $ 66,404,158     $ 54,010,932     $ 50,992,685   $ 46,569,329   $ 217,977,104  
    Plus: Pro Forma Acquired Consolidated EBITDAX     10,329,116       7,838,163       5,244,078     7,392,359     30,803,716  
    Less: Pro Forma Divested Consolidated EBITDAX     (469,376 )     (600,460 )     77,819     8,855     (983,162 )
    Pro Forma Consolidated EBITDAX   $ 76,263,898     $ 61,248,635     $ 56,314,582   $ 53,970,543   $ 247,797,658  
                         
    Non-cash charges acceptable to Administrative Agent:                    
    Asset retirement obligation accretion   $ 352,184     $ 354,195     $ 323,085   $ 326,549    
    Unrealized loss (gain) on derivative assets     (765,898 )     (26,614,390 )     6,999,552     375,196    
    Share-based compensation     2,077,778       32,087       1,672,320     1,690,958    
    Total non-cash charges acceptable to Administrative Agent   $ 1,664,064     $ (26,228,108 )   $ 8,994,957   $ 2,392,703    
                         
        As of                
        March 31,   Corresponding            
          2025     Leverage Ratio            
    Leverage Ratio Covenant:                    
    Revolving line of credit   $ 460,000,000       1.86              
    Lime Rock deferred payment     10,000,000       0.04              
    Consolidated Total Debt   $ 470,000,000       1.90              
    Pro Forma Consolidated EBITDAX     247,797,658                  
    Leverage Ratio     1.90                  
    Maximum Allowed     ≤ 3.00x                  
                             
        (Unaudited)
        Three Months Ended    
        June 30,   September 30,   December 31,   March 31,   Last Four
    Quarters
          2023       2023       2023       2024  
    Consolidated EBITDAX Calculation:                    
    Net Income (Loss)   $ 28,791,605     $ (7,539,222 )   $ 50,896,479     $ 5,515,377   $ 77,664,239  
    Plus: Consolidated interest expense     10,471,062       11,301,328       11,506,908       11,420,400     44,699,698  
    Plus: Income tax provision (benefit)     (6,356,295 )     (3,411,336 )     7,862,930       1,728,886     (175,815 )
    Plus: Depreciation, depletion and amortization     20,792,932       21,989,034       24,556,654       23,792,450     91,131,070  
    Plus: non-cash charges acceptable to Administrative Agent     (470,875 )     36,396,867       (29,695,076 )     19,627,646     25,858,562  
    Consolidated EBITDAX   $ 53,228,429     $ 58,736,671     $ 65,127,895     $ 62,084,759   $ 239,177,754  
    Plus: Pro Forma Acquired Consolidated EBITDAX     9,542,529       4,810,123       —       —     14,352,652  
    Less: Pro Forma Divested Consolidated EBITDAX     (357,122 )     (672,113 )     (66,463 )     40,474     (1,055,224 )
    Pro Forma Consolidated EBITDAX   $ 62,413,836     $ 62,874,681     $ 65,061,432     $ 62,125,233   $ 252,475,182  
                         
    Non-cash charges acceptable to Administrative Agent:                    
    Asset retirement obligation accretion   $ 353,878     $ 354,175     $ 351,786     $ 350,834    
    Unrealized loss (gain) on derivative assets     (3,085,065 )     33,871,957       (32,505,544 )     17,552,980    
    Share-based compensation     2,260,312       2,170,735       2,458,682       1,723,832    
    Total non-cash charges acceptable to Administrative Agent   $ (470,875 )   $ 36,396,867     $ (29,695,076 )   $ 19,627,646    
                         
        As of                
        March 31,                
          2024                  
    Leverage Ratio Covenant:                    
    Revolving line of credit   $ 422,000,000                  
    Pro Forma Consolidated EBITDAX     252,475,182                  
    Leverage Ratio     1.67                  
    Maximum Allowed     ≤ 3.00x                  
                             

    All-In Cash Operating Costs

    The Company defines All-In Cash Operating Costs, a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
          2025     2024     2024
    All-In Cash Operating Costs:            
    Lease operating expenses (including workovers)   $ 19,677,552   $ 20,326,216   $ 18,360,434
    G&A excluding share-based compensation     6,929,018     6,363,657     5,745,390
    Net interest expense (excluding amortization of deferred financing costs)     8,170,235     8,688,653     10,198,793
    Operating lease expense     175,091     175,090     175,091
    Oil and natural gas production taxes     3,584,455     3,857,147     4,428,303
    Ad valorem taxes     1,532,108     2,421,595     2,145,631
    Gathering, transportation and processing costs     203,612     130,230     166,054
    All-in cash operating costs   $ 40,272,071   $ 41,962,588   $ 41,219,696
                 
    Boe     1,655,259     1,808,493     1,732,057
                 
    All-in cash operating costs per Boe   $ 24.33   $ 23.20   $ 23.80


    Cash Operating Margin

    The Company defines Cash Operating Margin, a non-GAAP financial measure, as realized revenues per Boe less all-in cash operating costs per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company.

         
        (Unaudited for All Periods)
        Three Months Ended
        March 31,   December 31,   March 31,
         2025    2024    2024
    Cash Operating Margin            
    Realized revenues per Boe   $ 47.78   $ 46.14   $ 54.56
    All-in cash operating costs per Boe     24.33     23.20     23.80
    Cash Operating Margin per Boe   $ 23.45   $ 22.94   $ 30.76
     

    ______________________________________
    1     A non-GAAP financial measure; see the “Non-GAAP Financial Information” section in this release for more information including reconciliations to the most comparable GAAP measures.

    The MIL Network –

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

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

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

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

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

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI Russia: Georgian Prime Minister I. Kobakhidze Elected Chairman of the Georgian Dream Party

    Translation. Region: Russian Federal

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

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

    Tbilisi, May 7 (Xinhua) — The Georgian Dream party, Georgia’s ruling party, will be led by Prime Minister Irakli Kobakhidze.

    The congress of the Georgian Dream, which took place on Wednesday, unanimously elected I. Kobakhidze as the party chairman. I. Kobakhidze took this post for the second time.

    The congress also presented the updated composition of the party’s political council.

    The position of the chairman of the Georgian Dream party became vacant after its former chairman Irakli Garibashvili decided to leave the party and politics. I. Garibashvili made the corresponding statement on April 25. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: China and Russia have found the right way for large neighboring countries to coexist – Xi Jinping

    Translation. Region: Russian Federal

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

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

    Moscow, May 7 /Xinhua/ — China and Russia have found the right path for coexistence between large neighboring countries, Chinese President Xi Jinping said in the Russian capital on Wednesday.

    Xi Jinping made the statement in a written speech published upon his arrival in Moscow on a state visit and to attend events marking the 80th anniversary of Victory in the Great Patriotic War.

    The Chinese leader noted that China and Russia are inseparable good neighbors, true friends who endure adversity together, and reliable partners who contribute to each other’s success. The two sides have formed the spirit of Chinese-Russian strategic interaction in the new era, which is characterized by eternal good-neighborly friendship, comprehensive strategic interaction and cooperation for mutual benefit and common gain, Xi Jinping stated.

    According to the Chinese President, independent, mature and strong China-Russia relations not only bring great benefits to the peoples of the two countries, but also make an important contribution to maintaining global strategic stability and building an equal and orderly multipolar world.

    This year, the Chinese leader recalled, marks the 80th anniversary of the victory in the World Anti-Fascist War and the 80th anniversary of the founding of the United Nations.

    China and Russia, as important major countries in the world and permanent members of the UN Security Council, will uphold the victory in World War II, firmly safeguard the international system with the UN at its core and the international order based on international law, resolutely oppose hegemonism and power politics, adhere to genuine multilateralism, and promote the building of a more just and reasonable global governance system, Xi Jinping said.

    The Chinese President also announced that during his state visit to Russia, he will hold in-depth communication with Russian President Vladimir Putin on bilateral relations and practical cooperation, as well as on significant international and regional issues of mutual interest. This, he said, will give a powerful impetus to the development of Chinese-Russian relations of comprehensive partnership and strategic interaction in the new era.

    Recalling that a decade later he will again attend the Victory Day celebrations in Russia on May 9, Xi Jinping said that he hopes to honor with deep feeling the memory of the heroes who died in the struggle for victory in the World Anti-Fascist War together with the leaders of many countries and the Russian people, and to act as a powerful voice of the times in defense of international honesty and justice.

    After Xi Jinping’s plane entered Russian airspace, it was escorted by Russian Air Force aircraft.

    Upon arrival of the PRC Chairman at Moscow’s Vnukovo Airport, he was warmly greeted by Deputy Prime Minister of the Russian Federation Tatyana Golikova and other high-ranking officials. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Armenian Prime Minister to Attend Victory Parade in Moscow

    Translation. Region: Russian Federal

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

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

    Yerevan, May 7 (Xinhua) — Armenian Prime Minister Nikol Pashinyan will travel to Moscow on May 9 to attend a parade dedicated to the 80th anniversary of the victory in the Great Patriotic War, the head of the Armenian government said in the country’s parliament on Wednesday.

    N. Pashinyan confirmed that he accepted the invitation from Russian President Vladimir Putin, received during a telephone conversation on March 14. At the same time, he did not rule out the possibility of holding bilateral meetings with leaders of other countries on the sidelines of the festive events.

    During World War II, about 600,000 Armenian soldiers fought in the ranks of the Soviet and Allied armies, almost half of whom were drafted from Armenia. About 200,000 fighters did not return from the battlefield. –0–

    MIL OSI Russia News –

  • MIL-OSI: StoneX Group Inc. Reports Fiscal 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Net Operating Revenues of $487.3 million, up 15%  

    Quarterly Net Income of $71.7 million, ROE of 15.7%

    Quarterly Diluted EPS of $1.41 per share, up 29%

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (the “Company”; NASDAQ: SNEX), a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise, today announced its financial results for the fiscal year 2025 second quarter ended March 31, 2025.

    Sean O’Connor, the Company’s Executive Vice-Chairman of the Board, stated, “Our fiscal second quarter marked a continuation of StoneX’s sustained growth and success, with net income and diluted EPS up, 35% and 29%, respectively, driven by solid performance across a wide range of our products and segments. We believe this broad-based strength in our financial performance speaks to the resilience and adaptability of our business model in an ever-changing marketplace.

    Over the last several years, though we have benefited from a rising interest rate environment, volatility, a key driver of our business, has been generally muted. Since the beginning of this fiscal year, increased market volatility, coupled with our continued strong client acquisition and engagement, has helped offset the decline in short term interest rates. If a period of sustained volatility is ahead of us, we believe this will be yet another positive driver for the continued growth in our business.

    We recently announced that we reached a definitive agreement to acquire R.J. O’Brien, the oldest futures brokerage in the U.S., which we believe positions us as a market leader in global derivatives. RJO brings an attractive financial profile to StoneX, having generated approximately $766 million in revenue and approximately $170 million in EBITDA during calendar 2024. This acquisition, which we anticipate will close in the second half of 2025, is expected to enhance our margins, EPS and return on equity with the addition of nearly $6 billion in client float and approximately 190 million in annual listed derivative contract volumes.”

    StoneX Group Inc. Summary Financials

    Condensed consolidated financial statements for the Company will be included in our Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission (the “SEC”). Upon filing, the Quarterly Report on Form 10-Q will also be made available on the Company’s website at www.stonex.com.

      Three Months Ended March 31,   Six Months Ended March 31,
    (Unaudited) (in millions, except share and per share amounts)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Revenues:                      
    Sales of physical commodities $ 35,992.6     $ 21,321.9     69%   $ 63,043.7     $ 40,142.8     57%
    Principal gains, net   300.5       281.8     7%     609.4       575.6     6%
    Commission and clearing fees   164.3       136.2     21%     313.6       265.9     18%
    Consulting, management, and account fees   44.3       40.2     10%     92.1       78.7     17%
    Interest income   389.0       326.0     19%     767.2       616.1     25%
    Total revenues   36,890.7       22,106.1     67%     64,826.0       41,679.1     56%
    Cost of sales of physical commodities   35,934.7       21,287.9     69%     62,925.7       40,076.7     57%
    Operating revenues   956.0       818.2     17%     1,900.3       1,602.4     19%
    Transaction-based clearing expenses   91.8       78.5     17%     178.3       152.8     17%
    Introducing broker commissions   45.5       42.0     8%     89.8       81.1     11%
    Interest expense   316.6       259.2     22%     622.8       495.2     26%
    Interest expense on corporate funding   14.8       16.2     (9)%     30.0       29.4     2%
    Net operating revenues   487.3       422.3     15%     979.4       843.9     16%
    Compensation and other expenses:                      
    Variable compensation and benefits   146.7       123.7     19%     280.0       245.6     14%
    Fixed compensation and benefits   120.4       110.7     9%     239.6       206.9     16%
    Trading systems and market information   19.5       19.4     1%     39.5       38.1     4%
    Professional fees   16.5       19.3     (15)%     35.5       35.0     1%
    Non-trading technology and support   20.9       18.0     16%     40.6       34.9     16%
    Occupancy and equipment rental   13.1       13.6     (4)%     26.1       21.3     23%
    Selling and marketing   13.4       15.6     (14)%     25.4       27.3     (7)%
    Travel and business development   7.1       7.1     —%     15.5       14.2     9%
    Communications   2.1       2.3     (9)%     4.2       4.5     (7)%
    Depreciation and amortization   15.6       12.3     27%     31.3       23.5     33%
    Bad debts (recoveries), net   0.1       (0.4 )   n/m     1.9       (0.7 )   n/m
    Other   14.8       15.3     (3)%     31.5       32.2     (2)%
    Total compensation and other expenses   390.2       356.9     9%     771.1       682.8     13%
    Other gains   —       6.9     (100)%     5.7       6.9     (17)%
    Income before tax   97.1       72.3     34%     214.0       168.0     27%
    Income tax expense   25.4       19.2     32%     57.2       45.8     25%
    Net income $ 71.7     $ 53.1     35%   $ 156.8     $ 122.2     28%
    Earnings per share:(1)                      
    Basic $ 1.49     $ 1.12     33%   $ 3.26     $ 2.59     26%
    Diluted $ 1.41     $ 1.09     29%   $ 3.10     $ 2.51     24%
    Weighted-average number of common shares outstanding:(1)                      
    Basic   46,789,431       45,710,784     2%     46,602,574       45,529,236     2%
    Diluted   49,376,423       47,248,414     5%     48,981,445       47,060,608     4%
                           
    Return on equity (“ROE”)(1)   15.7 %     14.0 %         17.5 %     16.7 %    
    ROE on tangible book value(1)   16.5 %     14.8 %         18.3 %     17.7 %    
    n/m = not meaningful to present as a percentage
    (1)   The Company calculates ROE on stated book value based on net income divided by average stockholders’ equity. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders’ equity.
    (2)   On March 21, 2025, the Company effected a three-for-two stock dividend to stockholders of record as of March 11, 2025. The stock split increased the number of shares of common stock outstanding. All share and per share amounts have been retroactively adjusted for the stock split.

    The following table presents our consolidated operating revenues by segment for the periods indicated.

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Segment operating revenues represented by:                      
    Commercial $ 248.6     $ 200.5     24%   $ 480.9     $ 398.9     21%
    Institutional   561.2       463.4     21%     1,100.8       899.1     22%
    Self-Directed/Retail   93.4       102.0     (8)%     217.5       194.5     12%
    Payments   50.3       49.3     2%     108.4       109.9     (1)%
    Corporate   16.7       14.4     16%     27.8       23.6     18%
    Eliminations   (14.2 )     (11.4 )   25%     (35.1 )     (23.6 )   49%
    Operating revenues $ 956.0     $ 818.2     17%   $ 1,900.3     $ 1,602.4     19%

    The following table presents our consolidated income by segment for the periods indicated.

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Segment income represented by:                      
    Commercial $ 96.7     $ 85.6     13%   $ 198.9     $ 172.8     15%
    Institutional   86.5       61.3     41%     164.6       126.5     30%
    Self-Directed/Retail   22.0       33.2     (34)%     78.9       61.9     27%
    Payments   24.5       24.6     —%     58.6       59.6     (2)%
    Total segment income $ 229.7     $ 204.7     12%   $ 501.0     $ 420.8     19%
    Reconciliation of segment income to income before tax:            
    Segment income $ 229.7     $ 204.7     12%   $ 501.0     $ 420.8     19%
    Net operating loss within Corporate (1)   (8.6 )     (12.8 )   (33)%     (29.7 )     (28.4 )   5%
    Overhead costs and expenses   (124.0 )     (119.6 )   4%     (257.3 )     (224.4 )   15%
    Income before tax $ 97.1     $ 72.3     34%   $ 214.0     $ 168.0     27%
    (1)   Includes interest expense on corporate funding.

    Key Operating Metrics

    The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.

      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Operating Revenues (in millions):                      
    Listed derivatives $ 128.4     $ 111.7     15%   $ 240.2     $ 220.9     9%
    Over-the-counter (“OTC”) derivatives   60.3       53.0     14%     96.9       97.5     (1)%
    Securities   426.7       340.7     25%     828.5       656.9     26%
    FX/Contracts for difference (“CFD”) contracts   70.9       80.3     (12)%     169.5       154.9     9%
    Payments   49.2       48.4     2%     106.0       107.8     (2)%
    Physical contracts   72.6       45.9     58%     165.2       97.3     70%
    Interest/fees earned on client balances   101.7       104.2     (2)%     209.3       202.6     3%
    Other   43.7       31.0     41%     92.0       64.5     43%
    Corporate   16.7       14.4     16%     27.8       23.6     18%
    Eliminations   (14.2 )     (11.4 )   25%     (35.1 )     (23.6 )   49%
      $ 956.0     $ 818.2     17%   $ 1,900.3     $ 1,602.4     19%
    Volumes and Other Select Data:                              
    Listed derivatives (contracts, 000’s)   61,153       53,805     14%     114,333       104,563     9%
    Listed derivatives, average rate per contract (“RPC”)(1) $ 2.02     $ 1.98     2%   $ 2.02     $ 2.01     —%
    Average client equity – listed derivatives (millions) $ 6,639     $ 6,064     9%   $ 6,630     $ 6,117     8%
    OTC derivatives (contracts, 000’s)   897       810     11%     1,756       1,625     8%
    OTC derivatives, average RPC $ 68.35     $ 65.66     4%   $ 55.87     $ 60.28     (7)%
    Securities average daily volume (“ADV”) (millions) $ 8,915     $ 7,473     19%   $ 8,822     $ 6,838     29%
    Securities rate per million (“RPM”) (2) $ 279     $ 239     17%   $ 258     $ 265     (3)%
    Average money market/FDIC sweep client balances (millions) $ 1,283     $ 1,047     23%   $ 1,240     $ 1,054     18%
    FX/CFD contracts ADV (millions) $ 11,539     $ 10,453     10%   $ 11,613     $ 10,685     9%
    FX/CFD contracts RPM $ 97     $ 120     (19)%   $ 115     $ 114     1%
    Payments ADV (millions) $ 77     $ 64     20%   $ 81     $ 69     17%
    Payments RPM $ 10,526     $ 12,327     (15)%   $ 10,466     $ 12,453     (16)%
    (1)   Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
    (2)   Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM while interest income related to securities lending is excluded.

    Interest expense

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Interest expense attributable to:                      
    Trading activities:                      
    Institutional dealer in fixed income securities $ 232.6     $ 198.0     17%   $ 456.2     $ 370.1     23%
    Securities borrowing   21.4       14.0     53%     43.4       28.6     52%
    Client balances on deposit   31.1       31.4     (1)%     64.9       67.7     (4)%
    Short-term financing facilities of subsidiaries and other direct interest of operating segments   31.5       15.8     99%     58.3       28.8     102%
        316.6       259.2     22%     622.8       495.2     26%
    Corporate funding   14.8       16.2     (9)%     30.0       29.4     2%
    Total interest expense $ 331.4     $ 275.4     20%   $ 652.8     $ 524.6     24%

    The increase in interest expense attributable to fixed income securities and securities borrowing was principally due to the growth in the size of the security repo and securities lending businesses. The increase in other direct interest expense attributable to operating segments principally resulted from an increase in the activities of our physical precious metals and commodities businesses.

    Net Operating Revenues

    The table below presents a disaggregation of consolidated net operating revenues used by management in evaluating our performance, for the periods indicated:

      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Net Operating Revenues (in millions):                      
    Listed derivatives $ 60.3     $ 48.2     25%   $ 110.2     $ 98.6     12%
    OTC derivatives   60.2       53.0     14%     96.8       97.4     (1)%
    Securities   120.8       88.6     36%     222.6       184.5     21%
    FX/CFD contracts   62.5       71.8     (13)%     152.8       138.0     11%
    Payments   46.5       45.9     1%     100.7       102.9     (2)%
    Physical contracts   48.6       36.8     32%     125.7       78.8     60%
    Interest, net / fees earned on client balances   74.5       74.0     1%     151.9       137.0     11%
    Other   22.5       16.8     34%     48.4       35.1     38%
    Corporate   (8.6 )     (12.8 )   (33)%     (29.7 )     (28.4 )   5%
      $ 487.3     $ 422.3     15%   $ 979.4     $ 843.9     16%


    Variable vs. Fixed Expenses
    The table below sets forth our variable expenses and non-variable expenses as a percentage of total non-interest expenses for the periods indicated.

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025     % of
    Total    		     2024     % of
    Total    		     2025     % of
    Total    		     2024     % of
    Total
    Variable compensation and benefits $ 146.7     28%   $ 123.7     26%   $ 280.0     27%   $ 245.6     27%
    Transaction-based clearing expenses   91.8     17%     78.5     16%     178.3     17%     152.8     16%
    Introducing broker commissions   45.5     9%     42.0     9%     89.8     9%     81.1     9%
    Total variable expenses   284.0     54%     244.2     51%     548.1     53%     479.5     52%
    Fixed compensation and benefits   120.4     23%     110.7     23%     239.6     23%     206.9     23%
    Other fixed expenses   123.0     23%     122.9     26%     249.6     24%     231.0     25%
    Bad debts (recoveries), net   0.1     —%     (0.4 )   —%     1.9     —%     (0.7 )   —%
    Total non-variable expenses   243.5     46%     233.2     49%     491.1     47%     437.2     48%
    Total non-interest expenses $ 527.5     100%   $ 477.4     100%   $ 1,039.2     100%   $ 916.7     100%


    Other Gains, net

    The results of the six months ended March 31, 2025 included nonrecurring gains of $5.7 million resulting from proceeds received from class action settlements.

    Segment Results

    Our business activities are managed through four operating segments, including Commercial, Institutional, Self-Directed/Retail and Payments.

    The tables below present the financial performance, a disaggregation of operating revenues, select operating data and metrics, and a disaggregation of net operating revenue used by management in evaluating the performance of our segments, for the periods indicated. Additional information on the performance of our segments will be included in our Quarterly Report on Form 10-Q to be filed with the SEC.
    Commercial

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Revenues:                      
    Sales of physical commodities $ 35,955.5     $ 21,310.0     69%   $ 62,989.2     $ 40,119.5     57%
    Principal gains, net   89.6       73.7     22%     156.8       150.8     4%
    Commission and clearing fees   54.3       47.0     16%     103.0       91.3     13%
    Consulting, management and account fees   6.6       7.1     (7)%     13.1       12.9     2%
    Interest income   46.0       41.3     11%     98.9       82.6     20%
    Total revenues   36,152.0       21,479.1     68%     63,361.0       40,457.1     57%
    Cost of sales of physical commodities   35,903.4       21,278.6     69%     62,880.1       40,058.2     57%
    Operating revenues   248.6       200.5     24%     480.9       398.9     21%
    Transaction-based clearing expenses   19.1       16.9     13%     36.7       32.7     12%
    Introducing broker commissions   13.1       10.9     20%     24.4       21.3     15%
    Interest expense   23.1       8.5     172%     37.3       17.3     116%
    Net operating revenues   193.3       164.2     18%     382.5       327.6     17%
    Variable compensation and benefits   53.4       44.9     19%     96.9       81.9     18%
    Net contribution   139.9       119.3     17%     285.6       245.7     16%
    Fixed compensation and benefits   19.7       16.5     19%     36.7       32.0     15%
    Other fixed expenses   23.8       24.0     (1)%     49.1       47.8     3%
    Bad debts (recoveries), net   (0.3 )     0.1     n/m     0.9       —     n/m
    Non-variable direct expenses   43.2       40.6     6%     86.7       79.8     9%
    Other gain   —       6.9     (100)%     —       6.9     (100)%
    Segment income   96.7       85.6     13%     198.9       172.8     15%
    Allocation of overhead costs   9.9       8.9     11%     19.6       17.7     11%
    Segment income, less allocation of overhead costs $ 86.8     $ 76.7     13%   $ 179.3     $ 155.1     16%
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Operating Revenues (in millions):                      
    Listed derivatives $ 75.5     $ 59.1     28%   $ 137.7     $ 118.5     16%
    OTC derivatives   60.3       53.0     14%     96.9       97.5     (1)%
    Physical contracts   71.4       43.9     63%     161.5       94.5     71%
    Interest/fees earned on client balances   34.7       38.1     (9)%     71.3       75.3     (5)%
    Other   6.7       6.4     5%     13.5       13.1     3%
      $ 248.6     $ 200.5     24%   $ 480.9     $ 398.9     21%
                           
    Volumes and Other Select Data:    
    Listed derivatives (contracts, 000’s)   11,434       9,635     19%     22,042       19,157     15%
    Listed derivatives, average RPC (1) $ 6.35     $ 5.91     7%   $ 6.02     $ 5.94     1%
    Average client equity – listed derivatives (millions) $ 1,737     $ 1,684     3%   $ 1,732     $ 1,692     2%
    OTC derivatives (contracts, 000’s)   897       810     11%     1,756       1,625     8%
    OTC derivatives, average RPC $ 68.35     $ 65.66     4%   $ 55.87     $ 60.28     (7)%
    (1)   Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average RPC.
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Net Operating Revenues (in millions):                      
    Listed derivatives $ 46.6     $ 34.3     36%   $ 83.9     $ 71.1     18%
    OTC derivatives   60.2       53.0     —%     96.8       97.4     (1)%
    Physical contracts   47.6       35.0     36%     122.4       76.3     60%
    Interest/fees earned on client balances   32.1       35.2     (9)%     65.9       69.5     (5)%
    Other   6.8       6.7     1%     13.5       13.3     2%
      $ 193.3     $ 164.2     18%   $ 382.5     $ 327.6     17%


    Institutional

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Revenues:                      
    Sales of physical commodities $ —     $ —     —%   $ —     $ —     —%
    Principal gains, net   107.9       97.6     11%     216.5       200.8     8%
    Commission and clearing fees   95.4       74.8     28%     181.1       148.1     22%
    Consulting, management and account fees   20.5       17.7     16%     40.8       35.0     17%
    Interest income   337.4       273.3     23%     662.4       515.2     29%
    Total revenues   561.2       463.4     21%     1,100.8       899.1     22%
    Cost of sales of physical commodities   —       —     —%     —       —     —%
    Operating revenues   561.2       463.4     21%     1,100.8       899.1     22%
    Transaction-based clearing expenses   67.1       56.0     20%     130.1       108.9     19%
    Introducing broker commissions   7.2       8.0     (10)%     15.3       15.7     (3)%
    Interest expense   295.9       249.6     19%     590.4       476.1     24%
    Net operating revenues   191.0       149.8     28%     365.0       298.4     22%
    Variable compensation and benefits   62.5       47.3     32%     118.7       95.7     24%
    Net contribution   128.5       102.5     25%     246.3       202.7     22%
    Fixed compensation and benefits   21.8       20.4     7%     40.4       36.8     10%
    Other fixed expenses   20.3       22.2     (9)%     42.7       41.2     4%
    Bad debts (recoveries), net   (0.1 )     (1.4 )   (93)%     (0.1 )     (1.8 )   (94)%
    Non-variable direct expenses   42.0       41.2     2%     83.0       76.2     9%
    Other gain   —       —     —%     1.3       —     n/m
    Segment income   86.5       61.3     41%   $ 164.6     $ 126.5     30%
    Allocation of overhead costs   15.1       13.3     14%     29.9       26.1     15%
    Segment income, less allocation of overhead costs $ 71.4     $ 48.0     49%   $ 134.7     $ 100.4     34%
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Operating Revenues (in millions):                      
    Listed derivatives $ 52.9     $ 52.6     1%   $ 102.5     $ 102.4     —%
    Securities   398.8       314.9     27%     772.3       608.5     27%
    FX contracts   7.9       7.6     4%     17.5       15.6     12%
    Interest/fees earned on client balances   66.4       65.4     2%     136.7       125.9     9%
    Other   35.2       22.9     54%     71.8       46.7     54%
      $ 561.2     $ 463.4     21%   $ 1,100.8     $ 899.1     22%
                           
    Volumes and Other Select Data:                    
    Listed derivatives (contracts, 000’s)   49,719       44,170     13%     92,291       85,406     8%
    Listed derivatives, average RPC (1) $ 1.02     $ 1.12     (9)%   $ 1.07     $ 1.12     (4)%
    Average client equity – listed derivatives (millions) $ 4,902     $ 4,380     12%   $ 4,898     $ 4,425     11%
    Securities ADV (millions) $ 8,915     $ 7,473     19%   $ 8,822     $ 6,838     29%
    Securities RPM (2) $ 279     $ 239     17%   $ 258     $ 265     (3)%
    Average money market/FDIC sweep client balances (millions) $ 1,283     $ 1,047     23%   $ 1,240     $ 1,054     18%
    FX contracts ADV (millions) $ 2,948     $ 4,065     (27)%   $ 3,524     $ 4,017     (12)%
    FX contracts RPM $ 41     $ 30     37%   $ 38     $ 32     19%
    (1)   Give-up fees, related to contract execution for clients of other FCMs, are excluded from the calculation of listed derivatives, average RPC.
    (2)   Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM, while interest income related to securities lending is excluded.
     
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Net Operating Revenues (in millions):                      
    Listed derivatives $ 13.7     $ 13.9     (1)%   $ 26.3     $ 27.5     (4)%
    Securities   114.5       82.8     38%     210.1       174.2     21%
    FX contracts   7.1       6.6     8%     15.6       13.5     16%
    Interest/fees earned on client balances   41.8       38.1     10%     84.7       66.1     28%
    Other   13.9       8.4     65%     28.3       17.1     65%
      $ 191.0     $ 149.8     28%   $ 365.0     $ 298.4     22%

    Self-Directed/Retail

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Revenues:                      
    Sales of physical commodities $ 37.1     $ 11.9     212%   $ 54.5     $ 23.3     134%
    Principal gains, net   50.2       61.8     (19)%     129.7       117.4     10%
    Commission and clearing fees   13.7       13.7     —%     27.2       24.9     9%
    Consulting, management and account fees   16.0       13.9     15%     35.3       28.0     26%
    Interest income   7.7       10.0     (23)%     16.4       19.4     (15)%
    Total revenues   124.7       111.3     12%     263.1       213.0     24%
    Cost of sales of physical commodities   31.3       9.3     237%     45.6       18.5     146%
    Operating revenues   93.4       102.0     (8)%     217.5       194.5     12%
    Transaction-based clearing expenses   3.2       3.5     (9)%     6.6       7.0     (6)%
    Introducing broker commissions   24.2       22.4     8%     48.2       42.8     13%
    Interest expense   2.0       1.8     11%     4.1       3.4     21%
    Net operating revenues   64.0       74.3     (14)%     158.6       141.3     12%
    Variable compensation and benefits   4.6       4.4     5%     7.6       8.8     (14)%
    Net contribution   59.4       69.9     (15)%     151.0       132.5     14%
    Fixed compensation and benefits   8.9       11.3     (21)%     18.3       21.6     (15)%
    Other fixed expenses   27.9       25.4     10%     57.1       48.9     17%
    Bad debts, net of recoveries   0.6       —     n/m     1.1       0.1     n/m
    Non-variable direct expenses   37.4       36.7     2%     76.5       70.6     8%
    Other gain   —       —     —%     4.4       —     n/m
    Segment income   22.0       33.2     (34)%     78.9       61.9     27%
    Allocation of overhead costs   12.7       12.0     6%     25.3       23.5     8%
    Segment income, less allocation of overhead costs $ 9.3     $ 21.2     (56)%   $ 53.6     $ 38.4     40%
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Operating Revenues (in millions):                      
    Securities $ 27.9     $ 25.8     8%   $ 56.2     $ 48.4     16%
    FX/CFD contracts   63.0       72.7     (13)%     152.0       139.3     9%
    Physical contracts   1.2       2.0     (40)%     3.7       2.8     32%
    Interest/fees earned on client balances   0.6       0.7     (14)%     1.3       1.4     (7)%
    Other   0.7       0.8     (13)%     4.3       2.6     65%
      $ 93.4     $ 102.0     (8)%   $ 217.5     $ 194.5     12%
                           
    Volumes and Other Select Data:    
    FX/CFD contracts ADV (millions) $ 8,591     $ 6,388     34%   $ 8,089     $ 6,668     21%
    FX/CFD contracts RPM $ 116     $ 177     (34)%   $ 149     $ 164     (9)%
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Net Operating Revenues (in millions):                      
    Securities $ 6.3     $ 5.8     9%   $ 12.5     $ 10.3     21%
    FX/CFD contracts   55.4       65.2     (15)%     137.2       124.5     10%
    Physical contracts   1.0       1.8     (44)%     3.3       2.5     32%
    Interest/fees earned on client balances   0.6       0.7     (14)%     1.3       1.4     (7)%
    Other   0.7       0.8     (13)%     4.3       2.6     65%
      $ 64.0     $ 74.3     (14)%   $ 158.6     $ 141.3     12%


    Payments

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Revenues:                      
    Sales of physical commodities $ —     $ —     —%   $ —     $ —     —%
    Principal gains, net   47.7       46.5     3%     102.1       104.0     (2)%
    Commission and clearing fees   1.6       1.4     14%     3.4       2.9     17%
    Consulting, management, account fees   0.5       0.8     (38)%     1.8       1.7     6%
    Interest income   0.5       0.6     (17)%     1.1       1.3     (15)%
    Total revenues   50.3       49.3     2%     108.4       109.9     (1)%
    Cost of sales of physical commodities   —       —     —%     —       —     —%
    Operating revenues   50.3       49.3     2%     108.4       109.9     (1)%
    Transaction-based clearing expenses   1.7       1.7     —%     3.5       3.5     —%
    Introducing broker commissions   1.0       0.7     43%     1.9       1.3     46%
    Interest expense   —       0.1     (100)%     —       0.1     (100)%
    Net operating revenues   47.6       46.8     2%     103.0       105.0     (2)%
    Variable compensation and benefits   8.8       9.5     (7)%     17.9       20.1     (11)%
    Net contribution   38.8       37.3     4%     85.1       84.9     —%
    Fixed compensation and benefits   7.4       7.3     1%     14.0       14.6     (4)%
    Other fixed expenses   7.0       4.5     56%     12.5       9.7     29%
    Bad debts, net of recoveries   (0.1 )     0.9     n/m     —       1.0     (100)%
    Total non-variable direct expenses   14.3       12.7     13%     26.5       25.3     5%
    Segment income   24.5       24.6     —%     58.6       59.6     (2)%
    Allocation of overhead costs   5.7       5.2     10%     11.3       10.3     10%
    Segment income, less allocation of overhead costs $ 18.8     $ 19.4     (3)%   $ 47.3     $ 49.3     (4)%
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Operating Revenues (in millions):                      
    Payments $ 49.2     $ 48.4     2%   $ 106.0     $ 107.8     (2)%
    Other   1.1       0.9     22%     2.4       2.1     14%
      $ 50.3     $ 49.3     2%   $ 108.4     $ 109.9     (1)%
                           
    Volumes and Other Select Data:    
    Payments ADV (millions) $ 77     $ 64     20%   $ 81     $ 69     17%
    Payments RPM $ 10,526     $ 12,327     (15)%   $ 10,466     $ 12,453     (16)%
      Three Months Ended March 31,   Six Months Ended March 31,
        2025       2024     %
    Change    		     2025       2024     %
    Change
    Net Operating Revenues (in millions):                      
    Payments $ 46.5     $ 45.9     1%   $ 100.7     $ 102.9     (2)%
    Other   1.1       0.9     22%     2.3       2.1     10%
      $ 47.6     $ 46.8     2%   $ 103.0     $ 105.0     (2)%


    Overhead Costs and Expenses

    We incur overhead costs and expenses, including certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. The following table provides information regarding overhead costs and expenses. The allocation of overhead costs to operating segments includes costs associated with compliance, technology, and credit and risk costs. The share of allocated costs is based on resources consumed by the relevant businesses. In addition, the allocation of human resources and occupancy costs is principally based on employee costs within the relevant businesses.

      Three Months Ended March 31,   Six Months Ended March 31,
    (in millions)   2025       2024     %
    Change    		     2025       2024     %
    Change
    Compensation and benefits:                      
    Variable compensation and benefits $ 15.9     $ 16.4     (3)%   $ 36.1     $ 35.8     1%
    Fixed compensation and benefits   55.5       48.7     14%     116.5       89.3     30%
        71.4       65.1     10%     152.6       125.1     22%
    Other expenses:                      
    Occupancy and equipment rental   12.1       13.1     (8)%     24.2       20.4     19%
    Non-trading technology and support   16.1       13.6     18%     31.4       26.6     18%
    Professional fees   8.7       8.3     5%     17.4       15.8     10%
    Depreciation and amortization   6.8       6.1     11%     13.2       11.6     14%
    Communications   1.4       1.6     (13)%     2.9       3.2     (9)%
    Selling and marketing   2.3       4.3     (47)%     3.2       5.6     (43)%
    Trading systems and market information   1.8       1.5     20%     3.4       3.2     6%
    Travel and business development   2.2       2.1     5%     4.8       3.8     26%
    Other   1.2       3.9     (69)%     4.2       9.1     (54)%
        52.6       54.5     (3)%     104.7       99.3     5%
    Overhead costs and expenses   124.0       119.6     4%     257.3       224.4     15%
    Allocation of overhead costs   (43.4 )     (39.4 )   10%     (86.1 )     (77.6 )   11%
    Overhead costs and expense, net of allocation to operating segments $ 80.6     $ 80.2     —%   $ 171.2     $ 146.8     17%


    Balance Sheet Summary

    The following table below provides a summary of asset, liability and stockholders’ equity information for the periods indicated.

    (Unaudited) (in millions, except for share and per share amounts) March 31, 2025   September 30, 2024
    Summary asset information:      
    Cash and cash equivalents $ 1,307.3     $ 1,269.0  
    Cash, securities and other assets segregated under federal and other regulations $ 2,850.3     $ 2,841.2  
    Securities purchased under agreements to resell $ 6,917.6     $ 5,201.5  
    Securities borrowed $ 1,803.9     $ 1,662.3  
    Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net $ 7,261.2     $ 7,283.2  
    Receivables from clients, net and notes receivable, net $ 1,354.9     $ 1,013.1  
    Financial instruments owned, at fair value $ 8,200.9     $ 6,767.1  
    Physical commodities inventory, net $ 796.2     $ 681.1  
    Property and equipment, net $ 146.3     $ 143.1  
    Operating right of use assets $ 159.8     $ 157.0  
    Goodwill and intangible assets, net $ 90.0     $ 80.6  
    Other $ 394.5     $ 367.1  
           
    Summary liability and stockholders’ equity information:      
    Accounts payable and other accrued liabilities $ 569.9     $ 548.8  
    Operating lease liabilities $ 201.9     $ 195.9  
    Payables to clients $ 10,712.6     $ 10,345.9  
    Payables to broker-dealers, clearing organizations and counterparties $ 578.7     $ 734.2  
    Payables to lenders under loans $ 340.9     $ 338.8  
    Senior secured borrowings, net $ 543.6     $ 543.1  
    Securities sold under agreements to repurchase $ 11,137.3     $ 8,581.3  
    Securities loaned $ 1,509.9     $ 1,615.9  
    Financial instruments sold, not yet purchased, at fair value $ 3,806.1     $ 2,853.3  
    Stockholders’ equity $ 1,882.0     $ 1,709.1  
           
    Common stock outstanding – shares   48,765,820       47,811,539  
    Net asset value per share $ 38.59     $ 35.75  

    Conference Call & Web Cast

    A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, May 8, 2025 at 9:00 a.m. Eastern time. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. A live webcast of the conference call as well as additional information to review during the call will be made available in PDF form on-line on the Company’s corporate web site at https://register-conf.media-server.com/register/BIcee2351db2614b049aa108c318550f21 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

    For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    Forward Looking Statements

    This press release includes 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, such as those pertaining to the Company’s financial condition, results of operations, business strategy, financial needs of the Company, the anticipated timing of the Company’s acquisition of R.J. O’Brien and the impact of the transaction. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to StoneX Group Inc., are intended to identify forward-looking statements.

    These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, global trade policies and tariffs, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, uncertainty concerning fiscal or monetary policies established by central banks and financial regulators, the possibility of liabilities arising from violations of foreign, United States (“U.S.”) federal and U.S. state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2024. Although we believe that our forward-looking statements are based upon reasonable assumptions regarding our business and future market conditions, there can be no assurances that our actual results will not differ materially from any results expressed or implied by our forward-looking statements.

    These forward-looking statements speak only as of the date of this press release. StoneX Group Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    StoneX Group Inc.

    Investor inquiries:

    Kevin Murphy
    (212) 403 – 7296
    kevin.murphy@stonex.com

    SNEX-G

    The MIL Network –

  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Announces Special Meeting of Stockholders to be Held on June 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, Fla., May 07, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund has filed preliminary proxy materials (“Proxy Materials”) with the U.S. Securities and Exchange Commission in connection with a special meeting of stockholders to be held on June 17, 2025, for its stockholders to consider and vote on proposals necessary to approve the Fund’s conversion from its current investment strategy and redirect the Fund to focus on a “CLO Equity Strategy”. With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for stockholders. In accordance with the change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

    The Fund’s Board of Directors (“Board”) has fixed May 5, 2025, as the record date for determination of the Fund’s stockholders entitle to notice of and to vote at the Fund’s special meeting.

    The Fund’s special meeting will be held at the Fund’s offices at 119 Washington Avenue, Suite 504, Miami Beach, Florida 33139, on June 17, 2025, at 10:00 a.m., Eastern Time.

    There are three proposals to be considered by the Fund’s stockholders at the special meeting:

    • Proposal 1 seeks approval of an amended and restated investment advisory agreement between the Fund and Thomas J. Herzfeld Advisors, Inc. (the “Adviser”) to permit the Adviser to receive a fee based on “managed assets” and an incentive fee.
    • Proposal 2 seeks approval to revise the Fund’s investment objective from obtaining “long term capital appreciation” to a primary objective of “maximizing risk adjusted total returns” with a secondary objective of “generating high current income;” and to reclassify the Fund’s investment objective as non-fundamental.
    • Proposal 3 seeks approval to amend the fundamental policies of the Fund related to borrowing, the issuance of senior securities, underwriting securities issued by other persons, industry concentration, the purchase or sale of real estate, the purchase or sale of commodities, and making loans to other persons.

    The Investment Company Act of 1940, as amended (the “1940 Act”), requires any change to a fundamental policy and the entering into of the new investment management agreement be approved by “a majority of the outstanding voting securities” of the Fund (as defined under the 1940 Act).

    The Proposals referred to above are discussed in detail in the Proxy Materials filed today with the SEC.

    Additional Information about the Special Meeting

    The Fund is filing today with the SEC its preliminary Proxy Materials (Filing Type: PRE 14A). The Fund’s definitive Proxy Statement currently is anticipated to be filed with the SEC late in May 2025 (Filing Type: DEF 14A). Stockholders can obtain these documents (when available) free of charge from the SEC’s website at www.sec.gov. The definitive Proxy Statement for the Fund also will be posted (when available) on the Fund’s website at www.herzfeld.com/cuba. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863.

    This press release is for informational purposes and is not intended to, and does not, solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the proposed changes is only be made by a definitive Proxy Statement.

    This press release references a preliminary Proxy Materials filed by the Fund. The definitive Proxy Statement has yet to be filed with the Securities and Exchange Commission (the “SEC”). After the definitive Proxy Statement is filed with the SEC, it may be amended or withdrawn.

    The Fund and its directors, officers and employees, and the Adviser, and its shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to the proposed fundamental policy changes and the proposed approval of the investment advisory agreement. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Fund’s directors, officers and employees, and Adviser and its stockholders, officers and employees and other persons by reading the definitive Proxy Statement when it is filed with the SEC.    INVESTORS AND SECURITY HOLDERS OF THE FUND ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSALS. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND CAREFULLY. THE DEFINITIVE PROXY STATEMENT WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND.

    The definitive Proxy Statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted. Security holders may obtain free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    TJHA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. In addition, the nominations and awards reflect past performance of the nominee or award designee and may not reflect the current performance or status of any such firm or individual and may no longer be applicable. Morningstar award content presented with permission and licensing fee. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

    Contact:
    Thomas Morgan
    Chief Compliance Officer
    Thomas J. Herzfeld Advisors, Inc.
    1-305-777-1660

    The MIL Network –

  • MIL-OSI Canada: Statement by Prime Minister Carney on the formation of a new government in Germany

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, issued the following statement on the formation of a new government in Germany:

    “On behalf of the Government of Canada, I congratulate Chancellor Friedrich Merz on his swearing-in and on the formation of a new government in Germany.

    “Canada and Germany are close partners, and we will be building on our reliable trade relationship. Through stronger alliances, shared values, and deepened trade and commercial ties, we will work to build stronger economies to the benefit of Canadians and Germans alike. I look forward to speaking with Chancellor Merz soon and to strengthening our collaboration at the G7.

    “I also thank former Chancellor Scholz for his leadership and wish him well in his future endeavours.”

    MIL OSI Canada News –

  • MIL-OSI: MKS Instruments Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue of $936 million, at the high end of guidance
    • Quarterly GAAP net income of $52 million and net income per diluted share of $0.77, each above the midpoint of guidance
    • Quarterly Adjusted EBITDA of $236 million, at the high end of guidance, and Non-GAAP net earnings per diluted share of $1.71, above the high end of guidance

    ANDOVER, Mass., May 07, 2025 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, today reported first quarter 2025 financial results.

    “We maintained our recent momentum in the first quarter with solid revenue performance that was at the high end of our guidance, led by strong year-over-year growth in both our Semiconductor and Electronics & Packaging end markets,” said John T.C. Lee, President and Chief Executive Officer. “Our team is executing well and capturing opportunities across memory and foundry as well as advanced packaging necessary to support AI applications.”

    Mr. Lee added, “We exited the quarter seeing pockets of demand improvement in our Semiconductor and Electronics and Packaging markets. We are taking active steps to mitigate the impacts from new trade policies. This situation remains dynamic, but we are confident in our ability to manage through, supported by our resilient global manufacturing and supply chain, strong customer relationships and broad, deep product portfolio.”

    “MKS has a strong track record of financial discipline and execution which was once again reflected in our first quarter results,” said Ram Mayampurath, Executive Vice President, Chief Financial Officer and Treasurer.

    Mr. Mayampurath added, “Our GAAP and Non-GAAP gross margins were at the high end of our guidance range and our GAAP and Non-GAAP operating income exceeded our guidance midpoints. Our second quarter guidance reflects an overall stable demand environment and strong business fundamentals while also factoring in our current view of potential impacts from evolving trade policies. We remain focused on managing profitability and cash generation to delever and strengthen our balance sheet.”

    Selected GAAP and Non-GAAP Financial Measures
    (In millions, except per share data)
     
      Q1 2025   Q4 2024   Q1 2024
    Net Revenues          
    Semiconductor $ 413     $ 400     $ 351  
    Electronics & Packaging   253       254       208  
    Specialty Industrial   270       281       309  
    Total net revenues $ 936     $ 935     $ 868  
    GAAP Financial Measures          
    Gross margin   47.4 %     47.2 %     47.8 %
    Operating margin   11.9 %     14.5 %     12.2 %
    Net income $ 52     $ 90     $ 15  
    Net income per diluted share $ 0.77     $ 1.33     $ 0.22  
    Non-GAAP Financial Measures          
    Gross margin   47.4 %     47.2 %     47.8 %
    Operating margin   20.2 %     21.3 %     20.2 %
    Net earnings $ 116     $ 146     $ 79  
    Net earnings per diluted share $ 1.71     $ 2.15     $ 1.18  
                           


    Additional Financial Information

    At March 31, 2025, the Company had $655 million in cash and cash equivalents, $3.2 billion of secured term loan principal outstanding, $1.4 billion of convertible senior notes outstanding and up to $675 million of additional borrowing capacity under a revolving credit facility, subject to certain leverage ratio requirements. During the first quarter of 2025, the Company completed the repricing of its USD term loan B and EUR term loan B and made a voluntary principal prepayment of $100 million on its USD term loan B. Additionally, the Company repurchased approximately 546,000 shares of its common stock for approximately $45 million, and paid a cash dividend of $15 million or $0.22 per diluted share.

    Second Quarter 2025 Guidance

    • Revenue of $925 million, plus or minus $40 million
    • Gross margin of 46.5%, plus or minus 1.0%
    • GAAP operating expenses of $316 million, plus or minus $5 million and Non-GAAP operating expenses of $252 million, plus or minus $5 million
    • GAAP net income of $55 million, plus or minus $21 million and Non-GAAP net earnings of $106 million, plus or minus $19 million
    • GAAP net income per diluted share of $0.81, plus or minus $0.32 and Non-GAAP net earnings per diluted share of $1.56, plus or minus $0.28
    • Adjusted EBITDA of $216 million, plus or minus $23 million

    The guidance for the second quarter is based on the current business environment, including the impact of U.S. import tariffs and the imposition of retaliatory actions taken by other countries up through but not including the date of this release. The Company will continue to monitor and adapt to changes in the business environment as needed.

    Conference Call Details

    A conference call with management will be held on Thursday, May 8, 2025 at 8:30 a.m. (Eastern Time). To participate in the call by phone, participants should visit the Investor Relations section of MKS’ website at investor.mks.com and click on Events & Presentations, where you will be able to register online and receive dial-in details. We encourage participants to register and dial in to the conference call at least 15 minutes before the start of the call to ensure a timely connection. A live and archived webcast and related presentation materials will be available on the Investor Relations section of the MKS website.

    About MKS Instruments

    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

    Use of Non-GAAP Financial Results

    This press release includes financial measures that are not in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported results under U.S. generally accepted accounting principles (“GAAP”), and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. For further information regarding these Non-GAAP financial measures, please refer to the tables presenting reconciliations of our Non-GAAP results to our GAAP results and the “Notes on Our Non-GAAP Financial Information” at the end of this press release.

    SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
     

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financial performance, business prospects and growth of MKS Instruments, Inc. (“MKS,” the “Company,” “our,” or “we”). These statements are only predictions based on current assumptions and expectations. Any statements that are not statements of historical fact (including statements containing the words “will,” “projects,” “intends,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” “forecasts,” “continues” and similar expressions) should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements that we make are the level and terms of our substantial indebtedness and our ability to service such debt; our entry into the chemicals technology business through our acquisition of Atotech Limited (“Atotech”) in August 2022 (the “Atotech Acquisition”), which has exposed us to significant additional liabilities; the risk that we are unable to realize the anticipated benefits of the Atotech Acquisition; risks related to cybersecurity, data privacy and intellectual property; competition from larger, more advanced or more established companies in our markets; the ability to successfully grow our business, including through growth of the Atotech business, and financial risks associated with that acquisition and potential future acquisitions, including goodwill and intangible asset impairments; manufacturing and sourcing risks, including those associated with limited and sole source suppliers and the impact and duration of supply chain disruptions, component shortages, and price increases; changes in global demand; risks associated with doing business internationally, including geopolitical conflicts, such as the conflict in the Middle East, trade compliance, trade protection measures, such as import tariffs by the United States or retaliatory actions taken by other countries, regulatory restrictions on our products, components or markets, particularly the semiconductor market, and unfavorable currency exchange and tax rate fluctuations, which risks become more significant as we grow our business internationally and in China specifically; conditions affecting the markets in which we operate, including fluctuations in capital spending in the semiconductor, electronics manufacturing and automotive industries, and fluctuations in sales to our major customers; disruptions or delays from third-party service providers upon which our operations may rely; the ability to anticipate and meet customer demand; the challenges, risks and costs involved with integrating or transitioning global operations of the companies we have acquired; risks associated with the attraction and retention of key personnel; potential fluctuations in quarterly results; dependence on new product development; rapid technological and market change; acquisition strategy; volatility of stock price; risks associated with chemical manufacturing and environmental regulation compliance; risks related to defective products; financial and legal risk management; and the other important factors described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent Quarterly Reports on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, even if subsequent events cause our views to change, after the date of this press release. Amounts reported in this press release are preliminary and subject to finalization prior to the filing of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

    Company Contact:
    Paretosh Misra
    Vice President, Investor Relations
    Telephone: (978) 284-4705
    Email: paretosh.misra@mks.com

     
     
    MKS Instruments, Inc.
    Unaudited Consolidated Statements of Operations
    (In millions, except per share data)
               
      Three Months Ended
      March 31,   December 31,   March 31,
        2025       2024       2024  
    Net revenues:          
    Products $ 819     $ 824     $ 754  
    Services   117       111       114  
    Total net revenues   936       935       868  
    Cost of revenues:          
    Products   437       443       398  
    Services   55       51       55  
    Total cost of revenues (exclusive of amortization shown separately below)   492       494       453  
    Gross profit   444       441       415  
    Research and development   70       65       70  
    Selling, general and administrative   185       176       170  
    Acquisition and integration costs   —       3       1  
    Restructuring and other   16       1       3  
    Fees and expenses related to amendments to the Term Loan Facility   2       —       3  
    Amortization of intangible assets   60       61       62  
    Income from operations   111       135       106  
    Interest income   (3 )     (5 )     (6 )
    Interest expense   53       54       87  
    Loss on extinguishment of debt   3       4       9  
    Other (income) expense, net   (1 )     3       (3 )
    Income before income taxes   59       79       19  
    Provision (benefit) for income taxes   7       (11 )     4  
    Net income $ 52     $ 90     $ 15  
    Net income per share:          
    Basic $ 0.77     $ 1.34     $ 0.22  
    Diluted $ 0.77     $ 1.33     $ 0.22  
    Cash dividends per common share $ 0.22     $ 0.22     $ 0.22  
    Weighted average shares outstanding:          
    Basic   67.4       67.4       67.0  
    Diluted   67.7       67.7       67.4  
               
    MKS Instruments, Inc.
    Unaudited Consolidated Balance Sheets
    (In millions)
           
           
      March 31,   December 31,
        2025       2024  
    ASSETS      
    Cash and cash equivalents $ 655     $ 714  
    Trade accounts receivable, net   639       615  
    Inventories   894       893  
    Other current assets   238       252  
    Total current assets   2,426       2,474  
    Property, plant and equipment, net   774       771  
    Right-of-use assets   239       238  
    Goodwill   2,496       2,479  
    Intangible assets, net   2,238       2,272  
    Other assets   383       356  
    Total assets $ 8,556     $ 8,590  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Short-term debt $ 50     $ 50  
    Accounts payable   323       341  
    Other current liabilities   408       384  
    Total current liabilities   781       775  
    Long-term debt, net   4,409       4,488  
    Non-current deferred taxes   502       504  
    Non-current accrued compensation   139       141  
    Non-current lease liabilities   211       211  
    Other non-current liabilities   160       149  
    Total liabilities   6,202       6,268  
    Stockholders’ equity:      
    Common stock   —       —  
    Additional paid-in capital   2,067       2,067  
    Retained earnings   512       503  
    Accumulated other comprehensive loss   (225 )     (248 )
    Total stockholders’ equity   2,354       2,322  
    Total liabilities and stockholders’ equity $ 8,556     $ 8,590  
           
    MKS Instruments, Inc.
    Unaudited Consolidated Statements of Cash Flows
    (In millions)
               
      Three Months Ended
      March 31,   December 31,   March 31,
        2025       2024       2024  
    Cash flows from operating activities:          
    Net income $ 52     $ 90     $ 15  
    Adjustments to reconcile net income to net cash provided by operating activities:          
    Depreciation and amortization   85       87       88  
    Unrealized loss (gain) on derivatives not designated as hedging instruments   2       11       3  
    Amortization of debt issuance costs and original issue discounts   6       7       8  
    Loss on extinguishment of debt   3       4       9  
    Stock-based compensation   22       11       15  
    Provision for excess and obsolete inventory   17       15       11  
    Deferred income taxes   (37 )     (58 )     (36 )
    Other   1       2       2  
    Changes in operating assets and liabilities, net of acquired assets and liabilities   (10 )     7       (48 )
    Net cash provided by operating activities   141       176       67  
    Cash flows from investing activities:          
    Purchases of property, plant and equipment   (18 )     (51 )     (18 )
    Net cash used in investing activities   (18 )     (51 )     (18 )
    Cash flows from financing activities:          
    Repurchase of common stock   (45 )     —       —  
    Proceeds from borrowings   —       —       761  
    Payments of borrowings   (113 )     (229 )     (806 )
    Payments of deferred financing fees   —       —       (2 )
    Dividend payments   (15 )     (15 )     (15 )
    Net (payments) proceeds related to employee stock awards   (5 )     3       (9 )
    Other financing activities   (2 )     (5 )     (1 )
    Net cash used in financing activities   (180 )     (246 )     (72 )
    Effect of exchange rate changes on cash and cash equivalents   (2 )     (26 )     (7 )
    Decrease in cash and cash equivalents   (59 )     (147 )     (30 )
    Cash and cash equivalents at beginning of period   714       861       875  
    Cash and cash equivalents at end of period $ 655     $ 714     $ 845  
               
    The following supplemental Non-GAAP earnings information is presented to aid in understanding MKS’ operating results:
               
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures
    (In millions, except per share data)
               
      Three Months Ended
      March 31,   December 31,   March 31,
       2025    2024    2024
    Net income $ 52     $ 90     $ 15  
    Acquisition and integration costs   —       3       1  
    Restructuring and other   16       1       3  
    Amortization of intangible assets   60       61       62  
    Loss on extinguishment of debt   3       4       9  
    Amortization of debt issuance costs   5       5       6  
    Fees and expenses related to amendments to the Term Loan Facility   2       —       3  
    Tax effect of Non-GAAP adjustments   (22 )     (18 )     (20 )
    Non-GAAP net earnings $ 116     $ 146     $ 79  
    Non-GAAP net earnings per diluted share $ 1.71     $ 2.15     $ 1.18  
    Weighted average diluted shares outstanding   67.7       67.7       67.4  
               
    Net cash provided by operating activities $ 141     $ 176     $ 67  
    Purchases of property, plant and equipment   (18 )     (51 )     (18 )
    Free cash flow $ 123     $ 125     $ 49  
    GAAP and Non-GAAP gross profit $ 444     $ 441     $ 415  
    GAAP and Non-GAAP gross margin   47.4 %     47.2 %     47.8 %
    Operating expenses $ 332     $ 306     $ 309  
    Acquisition and integration costs   —       3       1  
    Restructuring and other   16       1       3  
    Amortization of intangible assets   60       61       62  
    Fees and expenses related to amendments to the Term Loan Facility   2       —       3  
    Non-GAAP operating expenses $ 254     $ 242     $ 240  
    Income from operations $ 111     $ 135     $ 106  
    Operating margin   11.9 %     14.5 %     12.2 %
    Acquisition and integration costs   —       3       1  
    Restructuring and other   16       1       3  
    Amortization of intangible assets   60       61       62  
    Fees and expenses related to amendments to the Term Loan Facility   2       —       3  
    Non-GAAP income from operations $ 189     $ 199     $ 175  
    Non-GAAP operating margin   20.2 %     21.3 %     20.2 %
    Interest expense, net $ 50     $ 49     $ 81  
    Amortization of debt issuance costs   5       5       6  
    Non-GAAP interest expense, net $ 45     $ 45     $ 75  
    Net income $ 52     $ 90     $ 15  
    Interest expense, net   50       49       81  
    Other (income) expense, net   (1 )     3       (3 )
    Provision (benefit) for income taxes   7       (11 )     4  
    Depreciation   25       26       26  
    Amortization   60       61       62  
    Stock-based compensation   22       11       15  
    Acquisition and integration costs   —       3       1  
    Restructuring and other   16       1       3  
    Loss on extinguishment of debt   3       4       9  
    Fees and expenses related to amendments to the Term Loan Facility   2       —       3  
    Adjusted EBITDA $ 236     $ 237     $ 217  
    Adjusted EBITDA margin   25.2 %     25.3 %     25.0 %
               
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures
    (In millions, except per share data)
                           
      Three Months Ended March 31, 2025   Three Months Ended December 31, 2024
      Income Before Income Taxes   Provision for Income Taxes   Effective Tax Rate   Income Before Income Taxes    (Benefit) Provision for Income Taxes   Effective Tax Rate
    GAAP $ 59     $ 7     12.3 %   $ 79     $ (11 )   (14.5 %)
    Acquisition and integration costs   —       —           3       —      
    Restructuring and other   16       —           1       —      
    Amortization of intangible assets   60       —           61       —      
    Loss on extinguishment of debt   3       —           4       —      
    Amortization of debt issuance costs   5       —           5       —      
    Fees and expenses related to amendments to the Term Loan Facility   2       —           —       —      
    Tax effect of Non-GAAP adjustments   —       22           —       18      
    Non-GAAP $ 145     $ 29     19.9 %   $ 153     $ 7     4.0 %
                           
                           
                  Three Months Ended March 31, 2024
                  Income Before Income Taxes   Provision for Income Taxes   Effective Tax Rate
    GAAP             $ 19     $ 4     23.1 %
    Acquisition and integration costs               1       —      
    Restructuring and other               3       —      
    Amortization of intangible assets               62       —      
    Loss on extinguishment of debt               9       —      
    Amortization of debt issuance costs               6       —      
    Fees and expenses related to amendments to the Term Loan Facility               3       —      
    Tax effect of Non-GAAP adjustments               —       20      
    Non-GAAP             $ 103     $ 24     23.3 %
                           
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures – Q2’25 Guidance
    (In millions, except per share data)
           
      Three Months Ending June 30, 2025
      $ Amount   Per Share
    GAAP net income and net income per share $ 55     $ 0.81  
    Restructuring and other   4      
    Amortization of intangible assets   60      
    Loss on extinguishment of debt   2      
    Amortization of debt issuance costs   4      
    Tax effect of Non-GAAP adjustments   (19 )    
    Non-GAAP net earnings and net earnings per share $ 106     $ 1.56  
    Weighted average diluted shares   67.6      
           
    GAAP operating expenses $ 316      
    Restructuring and other   (4 )    
    Amortization of intangible assets   (60 )    
    Non-GAAP operating expenses $ 252      
           
    GAAP net income   55      
    Interest expense, net   52      
    Other expense (income), net   1      
    Provision for income taxes   4      
    Depreciation   26      
    Restructuring and other   4      
    Amortization of intangible assets   60      
    Stock-based compensation   12      
    Loss on extinguishment of debt   2      
    Adjusted EBITDA $ 216      
           
     
    MKS Instruments, Inc.
    Notes on Our Non-GAAP Financial Information
     

    Non-GAAP financial measures adjust GAAP financial measures for the items listed below. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported GAAP results, and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. Totals presented may not sum and percentages may not recalculate using figures presented due to rounding.

    Acquisition and integration costs include incremental expenses incurred to effect the Atotech Acquisition. Such acquisition costs may include advisory, legal, tax, accounting, valuation, and other professional or consulting fees. Such integration costs may include expenses directly related to integration of business and facility operations, information technology systems and infrastructure and other employee-related costs.

    Restructuring and other includes incremental expenses incurred in connection with restructuring programs and other strategic initiatives, primarily related to changes in business and/or cost structure. Such costs may include third-party services, one-time termination benefits, facility-related costs, contract termination fees and other items that have no direct correlation to our future business operations.

    Amortization of intangible assets includes non-cash amortization expense associated with intangible assets acquired in acquisitions.

    Loss on extinguishment of debt includes the non-cash write-off of unamortized debt issuance costs and original issue discount costs incurred from voluntary prepayments and/or repricing of our term loan facility.

    Amortization of debt issuance costs includes non-cash additional interest expense related to the amortization of debt issuance costs and original issue discount costs associated with our term loan facility.

    Fees and expenses related to amendments to the Term Loan Facility includes direct third-party costs related to repricings or refinancings of our term loan facility.

    Tax effect of Non-GAAP adjustments includes the impact of Non-GAAP adjustments that are tax effected at applicable statutory rates resulting in a difference between the GAAP and Non-GAAP tax rates. 

    The MIL Network –

  • MIL-Evening Report: Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?

    Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong

    Aritra Deb/Shutterstock

    At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

    US President Donald Trump’s America First agenda includes sweeping tariffs on imports, withdrawal from multilateral agreements and pressure to take production in-house.

    At the same time, China, Australia’s largest trading partner, has often used trade for geopolitical leverage. In 2020, Beijing imposed tariffs of more than 200% on Australian wine. This wiped 30% off the sector’s export value.

    So economic diversification is not only desirable but strategically imperative.

    An opportunity

    Fifty years on from the fall of Saigon, Vietnam presents a compelling opportunity for economic and strategic diversification. The reunited country is eager to move beyond its wartime image and assert itself as an emerging economic powerhouse.

    Vietnam’s capital, Ho Chi Min City. The country has shifted from being a place synonymous with war to becoming one of the world’s top economies.
    Nguyen Quang Ngoc Tonkin/Shutterstock

    Since the launch of the Doi Moi reforms in 1986, Vietnam has embraced economic liberalisation and market-oriented policies. The Doi Moi reforms opened the economy to foreign trade, allowed private ownership and restructured state-owned enterprises.

    From a growth rate of just 1.6% in 1980, Vietnam is now set to become one of the world’s top 20 economies by 2050. In 2023 alone, it attracted A$8.5 billion in foreign direct investment, underscoring strong investor confidence.

    The 50th anniversary of reunification on April 30 provided insights into the country’s growth. Celebrations included military parades, 3D virtual reality displays and exhibitions promoting advances in technology.

    Slow to act

    Yet Australia has been slow to act. Despite geographic proximity and shared interests, Australia’s economic footprint in Vietnam remains surprisingly small. In 2023, Australian foreign direct investment totalled just A$3 million. It ranked 22nd, behind countries including Switzerland and Seychelles.

    In trade, the disparity is similarly stark. Vietnam accounts for only 2.33% of Australia’s exports and 1.4% of imports. Two-way trade between the two countries reached $26.3 billion in 2022. At the same time, Vietnam’s trade with the United States, topped A$191.9 billion.

    Some Australian firms are already making inroads. BlueScope Steel, Linfox, and SunRice have invested significantly in manufacturing, logistics and agriculture. And RMIT University has been a key player in transnational education since it opened the first of three campuses in Vietnam in 2000.

    ANZ and Qantas also have a visible presence. However, small and medium-sized enterprises – which comprise more than 98% of Australian businesses – remain largely absent. Many prefer export partnerships or distributor agreements over direct investment.

    Potential obstacles

    Australian companies have long favoured English-speaking or high-income markets. These offer greater institutional and cultural familiarity and regulatory certainty.

    Vietnam’s relationship-based commercial environment poses challenges, especially for firms lacking embedded networks and local knowledge. Concerns around regulatory transparency, intellectual property protection, contract enforcement and corruption – though improving – continue to weigh on corporate decisions.

    Small to medium enterprises, in particular, face extra barriers due to limited institutional support, regulatory understanding, market intelligence and in-country networks.

    Help from government

    The Australian government has taken some steps to catch up. The Enhanced Economic Engagement Strategy, launched in 2021, aims to double two-way investment and elevate both nations to top ten trading partner status.

    It identifies priority sectors such as agriculture, education, clean energy, digital technology and manufacturing. However, the strategy contains no enforceable legal protections, tariff concessions or means of dispute resolution.

    Manufacturing is one of the priority areas recognised in Australia’s Enhanced Economic Engagement Strategy for Vietnam.
    Hien Phung Tu/Shutterstock

    The lack of these matters. Japan, South Korea and the European Union have pursued coordinated economic strategies that include concessional loans, robust legal frameworks and in-market support services. These help their businesses thrive in Vietnam’s complex regulatory environment.

    Similarly, the EU has integrated trade promotion with legal certainty under agreements like the EU Vietnam Free Trade Agreement.

    More needs to be done

    Without comparable tools, Australia’s initiatives risk being more aspirational than actionable.

    Last year’s upgrade in bilateral ties to a Comprehensive Strategic Partnership, signals growing political will.

    For Australia to realise the potential of its relationship with Vietnam it should back long-term policies. These policies should reduce market entry barriers, incentivise small to medium enterprises and increase joint skills development.

    Investors also need legal and institutional support.

    Australia has strong potential to expand into emerging sectors. These include renewable energy, digital technology, healthcare, vocational education and training, green and smart infrastructure and agritech.

    Vietnam’s push for environmentally sustainable economic growth, digital transformation and workforce training aligns closely with Australian strengths. This creates opportunities for strategic investment and cooperation.

    There is the potential for Australia to build a dynamic partnership with Vietnam central to its long-term economic position in the Indo-Pacific.

    Anne Vo 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. Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links? – https://theconversation.com/vietnam-is-poised-to-become-a-top-20-economy-so-why-is-australia-taking-so-long-to-make-trade-and-investment-links-255722

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition?

    Source: The Conversation (Au and NZ) – By Linda Botterill, Visiting Fellow, Crawford School of Public Policy, Australian National University

    Among the notable features of this year’s election campaign was that Australia’s second-oldest political party was apparently missing in action. At the same time, it managed to avoid the rout inflicted on its coalition partner.

    The Nationals, who have represented rural and regional Australia in the federal parliament for more than a century, were nowhere to be seen as an identifiable, separate political party.

    This isn’t unusual. The parties that make up the Coalition do highly targeted messaging in their electorates, but then fall neatly into policy lockstep when an election is called. This time, however, the Nationals seemed particularly shy.

    Leader David Littleproud stopped issuing media releases on April 24, a full nine days before the election was held, and his speech to the National Press Club given that day was not available on the party website. It is hard to imagine former party leaders Tim Fischer, John Anderson or Ian Sinclair being quite so reticent.

    The focus of the commentary since election night has been on the Liberals’ failings, particularly in the major cities. You could be forgiven for thinking “Coalition” was a synonym for “Liberals”.

    But as the Liberal Party tries to reckon with these failings, the Nats are in a position of increasing power. The great survivors of Australian politics now appear to be better at surviving than their coalition counterparts. It’s just a question of how they want to use that power and longevity.

    Growing party power

    The Nationals are a uniquely Australian phenomenon. First, they are an avowedly agrarian party in a highly urbanised country.

    Second and more distinctly, they are part of what the rest of the world would see as a decidedly odd coalition arrangement. Elsewhere, coalition governments are negotiated after the election result is known and involve public bargaining and horse trading.

    In the Australian coalition arrangement, these negotiations occur behind closed doors and can hold even in opposition. The Nats benefit because they have access to ministerial and shadow ministerial positions with the power, salary and other advantages that these confer.

    The National Party largely held its own in the face of the Labor landslide. At most, it lost one of its 10 House of Representatives seats: Calare in northern New South Wales, which has been held by a former Nat, now independent.

    Its primary vote actually increased marginally from 3.6% in 2022 to 4.0%. This is less than One Nation (6.3%) but because of its dispersed vote, One Nation didn’t win a lower house seat.

    The Nats appear likely to lose a NSW senator as part of the joint party ticket. Nonetheless, the Nats are now a proportionally larger force in the Coalition, with Nats and Nationals-aligned LNP members accounting for just over 40% of Coalition MPs.

    On that basis they could become more influential over policies and shadow portfolios. Including senators, they now account for 30% of the Coalition party room.

    At a crossroads

    The demise of the Nationals has been predicted for decades, but still they persist.

    The peculiar Australian coalition arrangement works for them. They will benefit both from holding shadow ministerial positions if the Coalition is retained and likely having a greater role in determining policy direction.

    Whether the Liberals benefit from a continuing coalition is an open question. They need to rebuild in the cities and focus on regaining the support of voters who are socially liberal but economically conservative, younger, and female. There’ll inevitably be a review of what went wrong for the Liberals, and this might best be done free of ties to the Nats.

    The choice seems to be between shifting policy closer to the ten community independents or remaining hitched to the conservative Nationals. The ill-fated nuclear power policy has, after all, been attributed to David Littleproud.

    Deciding which way to fall won’t be easy. Apparently aware of his party’s increased leverage, Nationals Senator Matt Canavan has said they were led too much by the Liberals during the last parliament. He said:

    I worry that we have been gun shy in this last term of parliament in a futile attempt to give the Liberals space or some sort of opportunity to win seats in the city.

    So is now the time for the Coalition partners to go it alone? Probably not.

    On present numbers, the Liberals could struggle to form the opposition in their own right. The combined LNP in Queensland makes the situation even more complicated.

    The Nats have no incentive to leave. Open competition could see them lose seats to the Liberals in the future.

    And besides, two Liberal leadership contenders, Angus Taylor and Sussan Ley, hold seats with significant rural histories, both of which have been held by the Country/National Party.

    Linda Botterill has in the past received funding from the Australian Research Council, the Grains Research and Development Corporation, and Rural Industries Research and Development Corporation (now Agrifutures).

    – ref. While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition? – https://theconversation.com/while-the-liberals-haemorrhaged-the-nationals-held-their-own-is-it-time-to-break-up-the-coalition-255626

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order

    Source: The Conversation (Au and NZ) – By Nicholas Ross Smith, Senior Research Fellow, National Centre for Research on Europe, University of Canterbury

    Getty Images

    There is a growing feeling in New Zealand that the regional geopolitical situation is becoming less stable and more conflicted. China has ramped up its Pacific engagement, most recently with the Cook Islands, and the United States under Donald Trump is abandoning the old multilateral world order.

    As a result, we’re beginning to see New Zealand shift away from a two-decades-long preference for engaging with multiple partners towards a more conventional balancing strategy.

    Essentially, this attempts to counter the perceived threat from a strong country – namely China – with a combination of external alliances and internal policies.

    Externally, New Zealand has sought re-align itself within the US-led security sphere. Participation in pillar two of the AUKUS security pact has been seriously discussed, and New Zealand has actively engaged with NATO as a member of the “Indo-Pacific Four” (along with Australia, Japan and the Republic of Korea).

    Internally, a NZ$12 billion “defence plan” was announced in early April. This will see New Zealand increase defence spending from just over 1% of GDP to more than 2% over the next eight years.

    Foreign Minister Winston Peters has made no secret of these changing priorities. He has said he is simply taking “the world as it is”, adding:

    this realism is a shift from our predecessors’ vaguer notions of an indigenous foreign policy that no-one else understood, let alone shared.

    This was a direct repudiation of the previous Labour government’s foreign minister, Nanaia Mahuta. Her tenure had offered a glimpse of what a foreign policy guided by te ao Māori – the Māori worldview – might look like.

    Four tikanga Māori principles underpinned the policy: manaakitanga (hospitality), whanaungatanga (connectedness), mahi tahi and kotahitanga (unity through collaboration), and kaitiakitanga (intergenerational guardianship).

    ‘The world as it is’: Foreign Minister Winston Peters speaks at Rātana celebrations in Whanganui, January 24 2025.
    Getty Images

    Beyond Western-centric thinking

    Clearly, te ao Māori offers a very different way of looking at international relations. At its core it adopts a “relational” understanding of the world that views reality as a series of entanglements: “human with human, human with nonhuman, nonhuman with human, human and nonhuman with transcendent”.

    It is also a non-anthropocentric view: humans are not the masters of the world but rather stewards or custodians of a complex web of relations.

    But as we argue in a recent Global Policy article, despite good intentions, Mahuta’s four tikanga Māori were mostly used rhetorically. They did not fundamentally alter New Zealand’s foreign policy, which remained firmly Western-centric.

    We suggest those four tikanga principles would be enhanced by adding the concept of “utu” as a kind of overarching framework.

    Largely thanks to the famous 1983 film of the same name, utu is often thought to simply mean violent revenge. In fact, it is a much deeper concept that refers to the “process of restoring physical and spiritual relationships to an equal or harmonious state”.

    Utu as a foreign policy framework

    A foreign policy underpinned by utu, therefore, would seek to build relationships that are harmonious and reciprocal.

    Harmony, in this sense, goes beyond notions of an international order characterised by global peace, greater connectedness, increased cooperation and interdependence.

    While these are important, an utu-informed view of harmony would also take into account the relationship between humans and the natural world, and between present, past and future generations.

    Similarly, in the Western-centric view, reciprocity is typically “invoked as an appropriate standard of behaviour which can produce cooperation among sovereign states”.

    But utu involves a reciprocity built through hospitality (manaakitanga), something which has to be given even if serious discord exists in a relationship. Reciprocity is also important in interactions between humans and the natural world.

    Consequently, an utu foreign policy doctrine would offer a radically different lens than New Zealand is currently using.

    A genuinely independent foreign policy

    Firstly, it would require New Zealand to reject the Western geopolitical construct
    of the “Indo-Pacific”, which vastly oversimplifies the complex realities of the region.

    And it would mean viewing China not as an existential threat, but rather as a crucial relationship that is subject to the principles of manaakitanga, despite growing discord and diplomatic challenges.

    Secondly, it would see New Zealand recognise climate change as the primary existential threat to the status quo. This would align closely with the country’s Pacific neighbours whose Blue Pacific initiative offers an alternative to the Indo-Pacific focus.

    Lastly, it would help New Zealand more consistently and coherently pursue a genuinely independent foreign policy. This should have bipartisan appeal, as it would give New Zealand a unique perspective on the world.

    Ultimately, as New Zealand faces a more complex regional environment and a range of national security challenges, utu in its true sense offers a more constructive framework.

    Perhaps adopting a more complex – and more humble – understanding of the world, as provided by te ao Māori, would give policymakers an alternative pathway to simply taking “the world as it is”.

    The author acknowledges the contribution of independent researcher Bonnie Holster, co-author of the Global Policy paper on which this article is based.

    Nicholas Ross Smith 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. ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order – https://theconversation.com/utu-as-foreign-policy-how-a-maori-worldview-can-make-sense-of-a-shifting-world-order-255602

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australia is set to be a renewables nation. After Labor’s win, there’s no turning back

    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

    bmphotographer/Shutterstock

    An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday:

    In 2022, the Australian people voted to finally act on climate change. After three years of progress […] in 2025 they said keep going.

    The election result also means the debate about energy policy is now, in broad terms, over. Australia’s energy future is wind and solar, backed by storage.

    Coal and gas will have a fast-declining role to play and nuclear energy will have none at all. Australia is set to be a renewables nation. There is no turning back now.

    Cementing renewables investment

    By continuing to build renewables capacity, the returned Labor government can position Australia on the world stage as a genuine leader on clean energy.

    The Albanese government has set a national target of more than 80% of the main national electricity grid running on renewables by 2030. With such a large majority in parliament, Labor may well be in government at that time.

    Australia already has the world’s highest per-capita solar uptake, with about 300,000 solar systems installed each year. One in three Australian homes now has rooftop solar.

    Labor is complementing this boom with a new home battery discount scheme, which aims to have more than one million batteries installed by 2030. This will help stabilise the grid by reducing demand at peak times.

    But more investment in renewables is needed. The policy certainty of a returned Labor government should help to attract international capital. This is important, because more than 70% of investment in renewables in Australia comes from offshore.

    Securing climate consensus

    Labor’s win also means it can finally bed down a national consensus on climate policy.

    A recent survey on Australian attitudes to climate action suggested community views can shift if people see action is taken by governments and big business.

    This does not mean community opposition to renewable energy will evaporate – especially in regional Australia. The federal government must work with industry players and other levels of government to ensure proper public consultation. The new Net Zero Economy Authority will play an important role in ensuring the regions and their workers benefit from the energy transition.

    For its part, the Coalition needs to do some soul-searching. Australian voters returned a number of climate-friendly independents in key seats. The Coalition also failed to win support from younger Australians, who typically view renewables favourably.

    All this suggests continued opposition to renewables is unlikely to help the Coalition form government anytime soon. What’s more, continuing to promote nuclear power – which some in the Coalition are pushing for – makes little sense in an increasingly renewables-dominated grid.

    Doubling down on international climate cooperation

    Labor’s plans to rapidly expand renewable energy strengthen Australia’s credentials to host the COP31 UN climate talks with Pacific island countries next year.

    Australia’s bid has strong support from other nations. Turkey – the only other nation with its hand up to host – has so far resisted pressure from Australia to withdraw its bid. In support of their own bid, Turkish representatives pointed to uncertainty in Australia ahead of the May election – however that uncertainty has now passed.

    Adelaide will host the talks if Australia’s bid succeeds. This will be a chance to share our world-beating renewables story – including in South Australia, which is set to achieve 100% clean electricity by 2027.

    Australia could also use the talks in South Australia to promote new export industries that use renewable energy, especially plans to produce green iron and green steel at Whyalla.

    Hosting rights could attract investment in Australia’s renewables rollout and help promote exports of critical minerals and green metals. And it would enable Australia to cement its place in the Pacific during a time of increased geo-strategic competition, by promoting a renewables partnership for the whole region.

    Australia must move fast and secure the COP31 bid at climate talks in Germany next month. Any delay risks a less ambitious summit next year, because building consensus for new initiatives takes time.

    South Australia has made a bold bid to host COP31 (SA Government)

    Seizing our economic opportunities

    As Prime Minister Anthony Albanese said during his victory speech on Saturday, renewable energy is “an opportunity we must work together to seize for the future of our economy”.

    Australia is the world’s largest exporter of raw iron ore and metallurgical coal, both used extensively in offshore steelmaking.

    But Australia can create jobs and reduce emissions by refining iron ore in Australia using renewables and green hydrogen.

    The potential export value of green iron is estimated at A$295 billion a year, or three times the current value of iron ore exports. More broadly, our clean energy exports – including green metals, fertilisers and fuels – could be worth six to eight times more than our fossil fuel exports, analysis suggests.

    A key challenge for the returned government is assuring markets such as Japan that Australia is a long-term strategic partner, even while redirecting trade and investment away from coal and gas exports and toward long-term clean energy industries.

    Embracing Australia’s future

    Australians have delivered a strong mandate for climate action. The returned Labor government must ensure this support is not squandered, and voter trust is not lost.

    This means seizing the opportunity, once and for all, to shift Australia from our past as a fossil fuel heavyweight to our future as a renewables superpower.

    Wesley Morgan is a fellow with the Climate Council of Australia

    Ben Newell receives funding from the Australian Research Council

    – ref. Australia is set to be a renewables nation. After Labor’s win, there’s no turning back – https://theconversation.com/australia-is-set-to-be-a-renewables-nation-after-labors-win-theres-no-turning-back-256081

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Gov. Pillen Hosts Ceremonial Bill Signing Celebrating Creation of New State Agency

    Source: US State of Nebraska

    . Pillen Hosts Ceremonial Bill Signing Celebrating Creation of New State Agency

    LINCOLN, NE – Today, Governor Jim Pillen ceremoniously signed LB317, creating the Nebraska Department of Water, Energy and Environment (DWEE). He was joined in remarks by Senator Tom Brandt, who brought the legislation on the Governor’s behalf, as well as Jesse Bradley, who will serve as director of the new agency and Matt Manning, the newly appointed chief water officer for the state.

    LB317 combines the Department of Environment and Energy (DEE) and the Department of Natural Resources (DNR). One of the significant focuses of the DWEE will be preserving and enhancing  the state’s water resources.

    “Water is our life blood, and our pot of gold is the Ogallala Aquifer,” said Gov. Pillen. “In Nebraska, we irrigate millions of acres – more than any other state in the nation. When you couple that with the advancements in cattle production and the other industries that are becoming part of our bioeconomy, that’s what makes this merger a timely development — one that is important for future generations.”

    Sen. Brandt complimented Nebraska farmers and ranchers for being good stewards of their land and raising their crops and animals in the most sustainable way possible. He said the new agency will provide them with additional resources and outreach as well as enhance collaboration when it comes to water planning, state investment in future water-related projects and permitting processes.

    “We’re cutting red tape, streamlining government and making sure our state works as hard as our farmers do,” Brandt added.

    At the bill signing, Gov. Pillen introduced Dir. Bradley, who has been serving as interim director of both DEE and DNR. Bradley started at DNR in 2006 as an integrated water management analyst. In 2012, he became head of the Water Planning Division, and two years later, was promoted to deputy director of DNR. He has degrees in environmental geology and hydrogeology and is a licensed professional geologist in Nebraska.

    Bradley said he was honored by Gov. Pillen’s appointment and looked forward to being the first director of the Nebraska Department of Water, Energy, and Environment.  The merger, he continued, will join the best of both agencies in supporting the management of Nebraska’s natural resources.

    “In accomplishing that objective, we will ensure that Nebraska remains a leader in sustainable natural resources management and that those resources will continue to support our agricultural producers, energy providers, communities, and all Nebraskans for generations to come.”

    Matt Manning, an engineer with DNR since 2023, will be the DWEE’s chief water officer. He currently oversees the planning and development of the Perkins County Canal. Prior to joining DNR, he worked for several engineering firms and founded his own heavy civil construction firm.

    “I am excited to work with Governor Pillen, Director Bradley, and our various stakeholders to enhance and protect the state’s most important natural resource for all Nebraskans, now and into the future,” Manning said.

    In addition to the logistics of combining both agencies over the coming months, Dir. Bradley said top priorities would include continued work on the Perkins County Canal as well as engagement with the newly formed Water Quantity and Quality Task Force, slated to gather in June.  

    “Like the Governor said, we want to take a more proactive approach to these issues,” said Dir. Bradley. “We’re asking: How can we use the technology that is out there to help producers innovate? How do we educate them about possible options and opportunities and help leverage that into improving our water quality and enhancing our water quantity?”

    As gubernatorial appointees, Bradley and Manning will be presented to the Legislature for confirmation. The bill has an emergency clause, with an operational date of July 1, which will align with the beginning of the new fiscal biennium.  

    MIL OSI USA News –

  • MIL-OSI: Global Net Lease Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Successfully Closed First Phase of Multi-Tenant Portfolio Sale Resulting in $1.1 Billion of Gross Proceeds; On Track to Close Remaining Multi-Tenant Portfolio Sale by End of Q2’25

    – Reduced Net Debt by $833 Million in Q1’25; Improved Net Debt to Adjusted EBITDA to 6.7x

    – Repurchased 7.9 Million Shares at a Weighted Average Price of $7.50 Totaling $59 Million as of May 2, 2025

    – Reaffirms 2025 Guidance

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Successfully closed the first phase of the sale of the multi-tenant portfolio, consisting of 59 unencumbered assets, with the net proceeds used to pay down $850 million of the Revolving Credit Facility
    • Remain on track to close the remaining two phases of the multi-tenant portfolio sale, consisting of 41 encumbered assets, by the end of the second quarter 2025, after which GNL expects to begin realizing G&A savings and enhanced portfolio metrics
    • Revenue was $132.4 million in first quarter 2025, compared to $147.9 million in first quarter 2024, primarily as a result of asset dispositions
    • Net loss attributable to common stockholders was $200.3 million, compared to a net loss of $34.7 million in first quarter 2024, primarily caused by the timing and purchase price allocation associated with the partial completion of the multi-tenant portfolio sale
    • Net loss attributable to common stockholders is expected to significantly improve upon completion of the sale of the remaining multi-tenant portfolio
    • Core Funds from Operations (“Core FFO”) was $35.0 million compared to $56.6 million in first quarter 2024, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
    • Adjusted Funds from Operations (“AFFO”)1 was $66.2 million, or $0.29 per share, compared to $75.0 million in first quarter 2024, or $0.33 per share, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
    • 2025 closed plus disposition pipeline totals $2.1 billion2 at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years; maintains focus on using net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet
    • Reduced Net Debt by $1.5 billion since first quarter 2024, including $833.2 million in first quarter 2025, improving Net Debt to Adjusted EBITDA from 8.4x to 6.7x over the same period
    • As of May 2, 2025, the Company has repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program announced in February 2025, at a weighted average price of $7.50, for a total of $59.4 million; this includes 2.4 million shares for a total of $19.4 million repurchased in first quarter 2025
    • Leased over 826,000 square feet across the single-tenant portfolio, resulting in nearly $6.1 million of new straight-line rent
    • Single-tenant renewal leasing spread of 8.2% with a weighted average lease term of 6.6 years; new leases completed in the single-tenant portfolio in the quarter had a weighted average lease term of 5.0 years
    • Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 18.7% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases
    • Sector-leading 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants3

    “The first quarter of 2025 was a pivotal period in GNL’s transformation as we took important steps to streamline our portfolio, strengthen the balance sheet, and enhance financial flexibility,” said Michael Weil, CEO of GNL. “We believe with lower leverage, greater liquidity, and disciplined execution and capital allocation, GNL is better positioned to operate more efficiently and pursue new opportunities aligned with our strategic vision. These foundational initiatives are not only aimed at improving near-term metrics, but at building lasting resilience and long-term value for shareholders. As we continue executing on our strategy, we believe these efforts will help narrow the trading gap between GNL and our net lease peers. We look forward to completing the final two phases of the multi-tenant portfolio sale in the second quarter and carrying that momentum into the second half of 2025 and beyond.”

    Full Year 2025 Guidance Update4

    • The Company reaffirms its 2025 AFFO per Share guidance range of $0.90 to $0.96 and Net Debt to Adjusted EBITDA range of 6.5x to 7.1x.

    Summary of Results

        Three Months Ended March 31,
    (In thousands, except per share data)     2025       2024  
    Revenue from tenants   $ 132,415     $ 147,880  
             
    Net loss attributable to common stockholders   $ (200,315 )   $ (34,687 )
    Net loss per diluted common share   $ (0.87 )   $ (0.15 )
             
    NAREIT defined FFO attributable to common stockholders   $ 32,961     $ 55,773  
    NAREIT defined FFO per diluted common share   $ 0.14     $ 0.24  
             
    Core FFO attributable to common stockholders   $ 34,967     $ 56,592  
    Core FFO per diluted common share   $ 0.15     $ 0.25  
             
    AFFO attributable to common stockholders   $ 66,220     $ 74,964  
    AFFO per diluted common share   $ 0.29     $ 0.33  
                     

    Property Portfolio

    As of March 31, 2025, the Company’s portfolio of 1,045 net lease properties is located in ten countries and territories, and is comprised of 51.3 million rentable square feet. As a result of the agreement to sell 100 of the 101 properties in its former multi-tenant retail segment in connection with the Multi-Tenant Retail Disposition, the Company has determined that as of March 31, 2025, the Company operates in three remaining reportable segments based on property type: (1) Industrial & Distribution, (2) Retail (formerly known as “Single-Tenant Retail”) and (3) Office. The real estate portfolio metrics include (inclusive of the properties to be sold in the remaining two phases of the multi-tenant portfolio sale):

    • 95% leased (98%5 adjusting for vacant properties sold shortly after the first quarter of 2025) with a remaining weighted-average lease term of 6.3 years6
    • 86% of the portfolio contains contractual rent increases based on annualized straight-line rent
    • 60% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
    • 76% U.S. and Canada, 24% Europe (based on annualized straight-line rent)
    • 40% Industrial & Distribution, 25% Retail, 22% Office and 13% related to the remaining 41 properties in the Multi-Tenant Retail Portfolio that are expected to be sold in the second quarter of 2025 (based on an annualized straight-line rent)

    Capital Structure and Liquidity Resources7

    As of March 31, 2025, the Company had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility. The Company had net debt of $3.7 billion8, including $2.3 billion of gross mortgage debt. The Company successfully reduced its outstanding net debt balance by $833.2 million from fourth quarter 2024.

    As of March 31, 2025, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%. The Company’s total combined debt had a weighted average interest rate of 4.2% (4.4% when including mortgages classified as part of discontinued operations) resulting in an interest coverage ratio of 2.5 times9. Weighted-average debt maturity was 2.7 years as of March 31, 2025.

    Footnotes/Definitions

    1 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.
    2 Closed plus disposition pipeline of $2.1 billion as of May 1, 2025. Includes $1.9 billion of closed plus pipeline occupied dispositions at a cash cap rate of 8.3% and $201 million of closed plus pipeline vacant dispositions. The properties included in our disposition pipeline for such purposes include those for which we have entered into purchase and sale agreements (“PSAs”) or non-binding letters of intents (“LOIs”). There can be no assurance that the transactions contemplated by such PSAs or LOIs will be completed on the terms contemplated, if at all.
    3 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of March 31, 2025. Comprised of 33.3% leased to tenants with an actual investment grade rating and 26.8% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of March 31, 2025.
    4 We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.
    5 First quarter 2025 occupancy was temporarily impacted by the vacancy of Contractor’s Steel, a privately-owned and operated full-service steel supplier that occupied nearly 1.4 million square feet. Following their departure and subsequent to the first quarter of 2025, GNL sold all five vacant properties, which helped minimize vacancy downtime. Including the sale of these properties, GNL’s pro-forma first quarter of 2025 occupancy would be 98% compared to the 95% provided in company filings.
    6 Weighted-average remaining lease term in years is based on square feet as of March 31, 2025.
    7 During the three months ended March 31, 2025, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock “at-the-market” programs. However, as of May 2, 2025, the Company had repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program for a total of $59.4 million, including 2.4 million shares repurchased in the first quarter of 2025 for a net amount of $19.4 million.
    8 Comprised of the principal amount of GNL’s outstanding debt totaling $3.9 billion less cash and cash equivalents totaling $147.0 million, as of March 31, 2025.
    9 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.

    Conference Call 

    GNL will host a webcast and conference call on May 8, 2025 at 11:00 a.m. ET to discuss its financial and operating results.

    To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

    Dial-in instructions for the conference call and the replay are outlined below.

    Conference Call Details

    Live Call

    Dial-In (Toll Free): 1-877-407-0792
    International Dial-In: 1-201-689-8263

    Conference Replay*

    For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com

    Or dial in below:

    Domestic Dial-In (Toll Free): 1-844-512-2921

    International Dial-In: 1-412-317-6671

    Conference Number: 13750622

    *Available from 2:00 p.m. ET on May 8, 2025 through August 8, 2025.

    Supplemental Schedules 

    The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov. 

    About Global Net Lease, Inc. 

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

    Forward-Looking Statements

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed closing of the encumbered properties portion of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts: 

    Investors and Media:
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

     
    Global Net Lease, Inc.
    Consolidated Balance Sheets (Unaudited)
    (In thousands)
        March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Real estate investments, at cost:        
    Land   $ 755,520     $ 802,317  
    Buildings, fixtures and improvements     3,972,434       4,120,664  
    Construction in progress     2,024       3,364  
    Acquired intangible lease assets     648,368       695,597  
    Total real estate investments, at cost     5,378,346       5,621,942  
    Less accumulated depreciation and amortization     (1,016,159 )     (999,909 )
    Total real estate investments, net     4,362,187       4,622,033  
    Real estate assets held for sale     171,675       17,406  
    Assets related to discontinued operations     670,483       1,816,131  
    Cash and cash equivalents     147,047       159,698  
    Restricted cash     59,144       64,510  
    Derivative assets, at fair value     327       2,471  
    Unbilled straight-line rent     92,757       89,804  
    Operating lease right-of-use asset     67,461       66,163  
    Prepaid expenses and other assets     51,360       51,504  
    Multi-tenant disposition receivable, net     108,729       —  
    Deferred tax assets     4,915       4,866  
    Goodwill     44,842       51,370  
    Deferred financing costs, net     8,407       9,808  
    Total Assets   $ 5,789,334     $ 6,955,764  
             
    LIABILITIES AND EQUITY        
    Mortgage notes payable, net   $ 1,774,116     $ 1,768,608  
    Revolving credit facility     547,406       1,390,292  
    Senior notes, net     911,416       906,101  
    Acquired intangible lease liabilities, net     20,441       24,353  
    Derivative liabilities, at fair value     2,679       3,719  
    Accounts payable and accrued expenses     47,789       52,878  
    Operating lease liability     40,673       40,080  
    Prepaid rent     14,389       13,571  
    Deferred tax liability     5,991       5,477  
    Dividends payable     11,990       11,909  
    Real estate liabilities held for sale     1,377       —  
    Liabilities related to discontinued operations     495,515       551,818  
    Total Liabilities     3,873,782       4,768,806  
    Commitments and contingencies     —       —  
    Stockholders’ Equity:        
    7.25% Series A cumulative redeemable preferred stock     68       68  
    6.875% Series B cumulative redeemable perpetual preferred stock     47       47  
    7.50% Series D cumulative redeemable perpetual preferred stock     79       79  
    7.375% Series E cumulative redeemable perpetual preferred stock     46       46  
    Common stock     3,617       3,640  
    Additional paid-in capital     4,342,134       4,359,264  
    Accumulated other comprehensive loss     (15,755 )     (25,844 )
    Accumulated deficit     (2,414,684 )     (2,150,342 )
    Total Stockholders’ Equity     1,915,552       2,186,958  
    Total Liabilities and Equity   $ 5,789,334     $ 6,955,764  
                     
    Global Net Lease, Inc.
    Consolidated Statements of Operations (Unaudited)
    (In thousands, except share and per share data)
        Three Months Ended March 31,
          2025       2024  
    Revenue from tenants   $ 132,415     $ 147,880  
             
    Expenses:        
    Property operating     13,953       17,796  
    Impairment charges     60,315       4,327  
    Merger, transaction and other costs     1,579       753  
    General and administrative     16,203       14,663  
    Equity-based compensation     3,093       1,973  
    Depreciation and amortization     56,334       57,172  
    Goodwill impairment     7,134       —  
    Total expenses     158,611       96,684  
    Operating (loss) income before gain on dispositions of real estate investments     (26,196 )     51,196  
    (Loss) gain on dispositions of real estate investments     (1,678 )     5,868  
    Operating (loss) income     (27,874 )     57,064  
    Other income (expense):        
    Interest expense     (53,437 )     (64,593 )
    Loss on extinguishment and modification of debt     (418 )     (58 )
    (Loss) gain on derivative instruments     (3,856 )     1,588  
    Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness     (6,351 )     1,032  
    Other income (expense)     48       (40 )
    Total other expense, net     (64,014 )     (62,071 )
    Net loss before income taxes     (91,888 )     (5,007 )
    Income tax provision     (3,280 )     (2,358 )
    Loss from continuing operations     (95,168 )     (7,365 )
    Loss from discontinued operations     (94,211 )     (16,386 )
    Net loss     (189,379 )     (23,751 )
    Preferred stock dividends     (10,936 )     (10,936 )
    Net loss attributable to common stockholders   $ (200,315 )   $ (34,687 )
             
    Basic and Diluted Loss Per Share:        
    Net loss per share from continuing operations   $ (0.46 )   $ (0.08 )
    Net loss per share from discontinued operations     (0.41 )     (0.07 )
    Net loss per share attributable to common stockholders — Basic and Diluted[1]   $ (0.87 )   $ (0.15 )
             
    Weighted average shares outstanding — Basic and Diluted     230,264       230,320  
                     
                     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
        Three Months Ended
    March 31,
          2025       2024  
    Adjusted EBITDA        
    Net loss   $ (189,379 )   $ (23,751 )
    Depreciation and amortization     56,334       57,172  
    Interest expense     53,437       64,593  
    Income tax expense     3,280       2,358  
    Discontinued operations adjustments     47,219       53,018  
    EBITDA     (29,109 )     153,390  
    Impairment charges     60,315       4,327  
    Equity-based compensation     3,093       1,973  
    Merger, transaction and other costs     1,579       753  
    Loss (gain) on dispositions of real estate investments     1,678       (5,867 )
    Loss (gain) on derivative instruments     3,856       (1,588 )
    Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness     6,351       (1,032 )
    Loss on extinguishment and modification of debt     418       58  
    Other (income) expense      (48 )     40  
    Expenses attributable to European tax restructuring[1]     —       469  
    Transition costs related to the REIT Merger and Internalization[2]     —       2,826  
    Goodwill impairment[3]     7,134       —  
    Discontinued operations adjustments     83,149       (16 )
    Adjusted EBITDA     138,416       155,333  
    Net operating income (NOI)        
    General and administrative     16,203       14,663  
    Expenses attributable to European tax restructuring[1]     —       (469 )
    Transition costs related to the Merger and Internalization[2]     —       (2,826 )
    Discontinued operations adjustments     1,255       1,514  
    NOI     155,874       168,215  
    Amortization related to above- and below- market lease intangibles and right-of-use assets, net     160       2,225  
    Straight-line rent     (5,235 )     (4,562 )
    Cash NOI   $ 150,799     $ 165,878  
             
    Cash Paid for Interest:        
    Interest Expense – continuing operations   $ 53,437     $ 64,593  
    Interest Expense – discontinued operations     17,457       18,160  
    Non-cash portion of interest expense     (2,486 )     (2,394 )
    Amortization of discounts on mortgages and senior notes     (13,960 )     (15,338 )
    Total cash paid for interest   $ 54,448     $ 65,021  
                     
    _____________
    [1] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [2] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [3] This is a non-cash item and is added back as it is not considered indicative of operating performance.
                     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
        Three Months Ended
    March 31,
          2025       2024  
    Net loss attributable to stockholders (in accordance with GAAP)   $ (200,315 )   $ (34,687 )
    Impairment charges     60,315       4,327  
    Depreciation and amortization     56,334       57,172  
    Loss (gain) on dispositions of real estate investments     1,678       (5,867 )
    Discontinued operations FFO adjustments     114,949       34,828  
    FFO (defined by NAREIT)     32,961       55,773  
    Merger, transaction and other costs     1,579       753  
    Loss on extinguishment and modification of debt     418       58  
    Discontinued operations Core FFO adjustments     9       8  
    Core FFO attributable to common stockholders     34,967       56,592  
    Non-cash equity-based compensation     3,093       1,973  
    Non-cash portion of interest expense     2,486       2,394  
    Amortization related to above- and below-market lease intangibles and right-of-use assets, net     160       2,225  
    Straight-line rent     (5,235 )     (4,562 )
    Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness     6,351       (1,032 )
    Eliminate unrealized losses (gains) on foreign currency transactions[1]     3,304       (1,259 )
    Amortization of discounts on mortgages and senior notes     13,960       15,338  
    Expenses attributable to European tax restructuring[2]     —       469  
    Transition costs related to the REIT Merger and Internalization[3]     —       2,826  
    Goodwill impairment[4]     7,134       —  
    Adjusted funds from operations (AFFO) attributable to common stockholders   $ 66,220     $ 74,964  
                     
    _____________
    [1] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended March 31, 2025, loss on derivative instruments was $3.9 million, which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million. For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million.
    [2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [4] This is a non-cash item and is added back as it is not considered indicative of operating performance.
                     

    The following table provides operating financial information for the Company’s reportable segments:

        Three Months Ended March 31,
    (In thousands)     2025     2024
    Industrial & Distribution:        
    Revenue from tenants   $ 58,009   $ 61,994
    Property operating expense     5,257     4,644
    Net Operating Income   $ 52,752   $ 57,350
             
    Retail[1], [2]:        
    Revenue from tenants   $ 36,958   $ 42,595
    Property operating expense     3,906     5,098
    Net Operating Income   $ 33,052   $ 37,497
             
    Office[2]:        
    Revenue from tenants   $ 37,448   $ 35,096
    Property operating expense     4,790     5,258
    Net Operating Income   $ 32,658   $ 29,838
             
    Multi-Tenant Retail[3]:        
    Revenue from tenants   $ —   $ 8,195
    Property operating expense     —     2,796
    Net Operating Income   $ —   $ 5,399
                 
    _____________
    [1] Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which is not included in the Multi-Tenant Retail Disposition.
    [2] Amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type.
    [3] Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation.
                 

    Caution on Use of Non-GAAP Measures

    Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

    Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

    We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

    As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

    Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

    Funds From Operations

    Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

    We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

    FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

    The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

    Core Funds From Operations

    In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

    Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

    Adjusted Funds From Operations

    In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

    In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

    We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

    EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

    NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

    Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

    Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

    Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

    The MIL Network –

  • MIL-OSI: ESCO Reports Second Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    St. Louis, May 07, 2025 (GLOBE NEWSWIRE) — ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the second quarter ended March 31, 2025 (Q2 2025).

    Operating Highlights

    • Q2 2025 Sales increased $16.4 million (7 percent) to $265.5 million compared to $249.1 million in Q2 2024.
    • Q2 2025 Entered Orders were $290.8 million for a book-to-bill ratio of 1.10x, resulting in record backlog of $932 million.
    • Q2 2025 GAAP EPS increased 33 percent to $1.20 per share compared to $0.90 per share in Q2 2024.
    • Q2 2025 Adjusted EPS increased 24 percent to $1.35 per share compared to $1.09 per share in Q2 2024.
    • Net cash provided by operating activities was $58 million YTD, an increase of $39 million compared to the prior year period.

    Bryan Sayler, Chief Executive Officer and President, commented, “Q2 was another strong quarter as we delivered 7 percent top line growth, 250 basis points of Adjusted EBITDA margin expansion, and a 24 percent increase in Adjusted EPS compared to the prior year. All three segments delivered solid revenue growth, highlighted by strength across our Navy, commercial aerospace, utility, and Test end-markets.   It was very positive to see orders increase 22 percent over the prior year, with particular strength in both USG and Test.

    “As previously announced, we closed the SM&P acquisition on April 25th. Going forward, SM&P will be known as ESCO Maritime Solutions (Maritime). We are happy to welcome the Maritime employees to the ESCO team. Maritime’s signature and power management solutions meaningfully expand our naval product offerings in both the US and UK. We are optimistic about the future of ESCO and are pleased to have Maritime join us as an integral part of that journey.”       

    Segment Performance

    Aerospace & Defense (A&D)

    • Sales increased $8.7 million (8 percent) to $123.4 million in Q2 2025 from $114.7 million in Q2 2024. The Q2 increase was driven by strength in Navy and aerospace sales.
    • EBIT increased $6.9 million in Q2 2025 to $30.3 million from $23.4 million in Q2 2024. Adjusted EBIT increased $6.7 million in Q2 2025 to $30.3 million (24.6 percent margin) from $23.6 million (20.6 percent margin) in Q2 2024. Margin improvement was driven by price increases and mix, partially offset by inflationary pressures.
    • Entered Orders increased $6 million (5 percent) to $122 million in Q2 2025 compared to $116 million in Q2 2024.   Q2 2025 included a $6M order for PTI’s cartridge actuated devices/propellant actuated devices (CAD/PAD) products. The segment book-to-bill was 0.99x in the quarter, resulting in ending backlog of $605 million.  

    Utility Solutions Group (USG)

    • Sales increased $3.5 million (4 percent) to $90.8 million in Q2 2025 from $87.3 million in Q2 2024. Doble’s sales increased by $3.5 million (5 percent) driven by a strong quarter for offline and protection testing products and services, partially offset by lower cybersecurity/compliance (DUCe) solutions. NRG sales were flat to the prior year due to moderation in renewable energy projects.
    • EBIT increased $3.2 million in Q2 2025 to $20.8 million from $17.6 million in Q2 2024. Adjusted EBIT increased $3.3 million in Q2 2025 to $20.9 million (23.0 percent margin) from $17.6 million (20.1 percent margin) in Q2 2024.   Margin was favorably impacted by leverage on higher volume, price increases and mix, partially offset by inflationary pressures.  
    • Entered Orders increased $13 million (17 percent) to $92 million in Q2 2025. Doble orders increased by $11 million (17 percent) on strong offline test equipment and services orders. NRG orders increased by $2 million (15 percent) driven by solar orders in North America and EMEA.   The segment book-to-bill was 1.02x in the quarter, resulting in ending backlog of $124 million.

    RF Test & Measurement (Test)

    • Sales increased $4.3 million (9 percent) to $51.4 million in Q2 2025 from $47.1 million in Q2 2024. Sales growth was primarily driven by higher Test and Measurement, industrial shielding, and medical services in the US, along with a strong quarter for MPE filters projects.
    • EBIT increased $0.9 million in Q2 2025 to $6.4 million from $5.5 million in Q2 2024. Adjusted EBIT increased $0.7 million in Q2 2025 to $6.4 million (12.4 percent margin) from $5.7 million (12.2 percent margin) in Q2 2024. Margin was favorably impacted by leverage on higher volume, price increases, and cost reduction efforts, partially offset by unfavorable mix and inflationary pressures.  
    • Entered Orders increased $33 million (75 percent) to $77 million in Q2 2025. The increase was primarily driven by a strong quarter for US Test & Measurement, filters, and medical and industrial shielding orders. In addition, orders in China increased $9M in the quarter, primarily related to Test & Measurement projects. The segment book-to-bill was 1.50x in the quarter, resulting in ending backlog of $203 million.

    Business Outlook – 2025

    Guidance for Q3 2025 and FY 2025 is being shown both with and without the impact of Maritime to provide insight into our expectations for Maritime’s impact on the remainder of Q3 2025 (approximately 2 months) and FY 2025 (approximately 5 months).   The transaction costs and purchase accounting amortization associated with the Maritime acquisition have not yet been finalized and are not included in our current business outlook.  

    Consistent with our initial FY 2025 guidance, organic sales are expected to grow 6 to 8 percent in FY 2025. Maritime is expected to contribute sales in the range of $90 to $100 million in FY 2025.

        Guidance Range ($ Millions)
    Sales Guidance excluding Maritime   $ 1,090   $ 1,110
    Maritime Impact   $ 90   $ 100
    Sales Guidance including Maritime   $ 1,180   $ 1,210

    In our Q1 2025 earnings release (dated 2/6/2025), FY 2025 Adjusted EPS guidance was increased to $5.55-$5.75. Due to continued market strength and improvement in operational performance, we are raising our full-year guidance by another $0.10 to $5.65 to $5.85 (18 to 23 percent growth over the prior year). Maritime is expected to contribute Adjusted EPS in the range of $0.20 – $0.30 in FY 2025.     

        Guidance Range
    Previous FY 2025 Adjusted EPS Guidance   $ 5.55   $ 5.75
    Guidance Increase   $ 0.10   $ 0.10
    Updated FY’25 Adjusted EPS Guidance excluding Maritime   $ 5.65   $ 5.85
    Maritime Impact   $ 0.20   $ 0.30
    Updated FY’25 Adjusted EPS Guidance including Maritime   $ 5.85   $ 6.15

    Management’s expectation is for Q3 Adjusted EPS without Maritime to be in the range of $1.50 to $1.60 (15 to 22 percent growth over the prior year quarter). Maritime is expected to add Adjusted EPS in the range of $0.08 to $0.12 in Q3 2025.

        Guidance Range
    Q3 2025 Adjusted EPS Guidance excluding Maritime   $ 1.50   $ 1.60
    Maritime Impact   $ 0.08   $ 0.12
    Q3 2025 Adjusted EPS Guidance including Maritime   $ 1.58   $ 1.72

    Dividend Payment
    The next quarterly cash dividend of $0.08 per share will be paid on July 17, 2025 to stockholders of record on July 2, 2025.

    Conference Call
    The Company will host a conference call today, May 7, at 4:00 p.m. Central Time, to discuss the Company’s Q2 2025 results. A live audio webcast and an accompanying slide presentation will be available in the Investor Center of ESCO’s website. Participants may also access the webcast using this registration link. For those unable to participate, a webcast replay will be available after the call in the Investor Center of ESCO’s website.

    Forward-Looking Statements
    Statements in this press release regarding Management’s intentions, expectations and guidance for fiscal 2025, including restructuring and cost reduction actions, sales, orders, revenues, margin, earnings, Adjusted EPS, acquisition related amortization, and any other statements which are not strictly historical, are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. securities laws.

    Investors are cautioned that such statements are only predictions and speak only as of the date of this presentation, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and the following: the timing and outcome, if any, of the Company’s strategic alternatives review of the VACCO business; the impacts of climate change and related regulation of greenhouse gases; the impacts of labor disputes, civil disorder, wars, elections, political changes, tariffs and trade disputes, terrorist activities, cyberattacks or natural disasters on the Company’s operations and those of the Company’s customers and suppliers; disruptions in manufacturing or delivery arrangements due to shortages or unavailability of materials or components or supply chain disruptions; inability to access work sites; the timing and content of future contract awards or customer orders; the timely appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; weakening of economic conditions in served markets; the success of the Company’s competitors; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties or data breaches; the availability of acquisitions; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; material changes in the costs and availability of certain raw materials; material changes in the cost of credit; changes in laws and regulations including but not limited to changes in accounting standards and taxation; changes in interest, inflation and employment rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration and performance of acquired businesses.

    Non-GAAP Financial Measures
    The financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.

    EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA, and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation, and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

    About ESCO
    ESCO Technologies is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products, advanced composites, as well as signature and power management solutions for aviation, Navy, space, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit ESCO’s website at www.escotechnologies.com.

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Condensed Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share amounts)  
        
              Three Months
    Ended
    March 31,
    2025    		   Three Months
    Ended
    March 31,
    2024    		  
                     
    Net Sales     $ 265,519   249,129  
    Cost and Expenses:          
      Cost of sales   156,298   152,347  
      Selling, general and administrative expenses   58,163   55,097  
      Amortization of intangible assets   7,989   8,572  
      Interest expense   2,195   3,226  
      Other expenses (income), net   375   666  
        Total costs and expenses   225,020   219,908  
                     
    Earnings before income taxes   40,499   29,221  
    Income tax expense   9,466   6,002  
                     
        Net earnings $ 31,033   23,219  
                     
          Earnings Per Share (EPS)          
                     
          Diluted – GAAP $ 1.20   0.90  
                     
          Diluted – As Adjusted Basis $ 1.35 (1 ) 1.09 (2 )
                     
          Diluted average common shares O/S:   25,877   25,847  
                     
    (1 ) Q2 2025 Adjusted EPS excludes $0.15 per share of after-tax charges consisting primarily of acquisition related amortization.
                     
    (2 ) Q2 2024 Adjusted EPS excludes $0.19 per share of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Condensed Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share amounts)  
        
              Six Months
    Ended
    March 31, 2025    		   Six Months
    Ended
    March 31, 2024    		  
                     
    Net Sales   $ 512,545     467,443  
    Cost and Expenses:          
      Cost of sales   304,940     286,498  
      Selling, general and administrative expenses   116,947     109,065  
      Amortization of intangible assets   15,982     16,440  
      Interest expense   4,452     5,893  
      Other expenses (income), net   (216 )   872  
        Total costs and expenses   442,105     418,768  
                     
    Earnings before income taxes   70,440     48,675  
    Income tax expense   15,934     10,287  
                     
        Net earnings $ 54,506     38,388  
                     
          Earnings Per Share (EPS)          
                     
          Diluted – GAAP $ 2.11     1.49  
                     
          Diluted – As Adjusted Basis $ 2.42   (1 ) 1.85 (2 )
                     
          Diluted average common shares O/S:   25,854     25,846  
                     
    (1 ) YTD Q2 2025 Adjusted EPS excludes $0.31 per share of after-tax charges consisting primarily of $0.01 of restructuring charges within the Test segment and $0.30 of acquisition related amortization.
                     
    (2 ) YTD Q2 2024 Adjusted EPS excludes $0.36 per share of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.

        
        

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
            GAAP   As Adjusted  
            Q2 2025   Q2 2024   Q2 2025   Q2 2024  
    Net Sales                  
      Aerospace & Defense $ 123,369     114,701     123,369     114,701    
      USG   90,767     87,309     90,767     87,309    
      Test   51,383     47,119     51,383     47,119    
        Totals $ 265,519     249,129     265,519     249,129    
                           
    EBIT                    
      Aerospace & Defense $ 30,296     23,377     30,298     23,640    
      USG   20,779     17,575     20,862     17,575    
      Test   6,369     5,542     6,369     5,745    
      Corporate   (14,750 )   (14,047 )   (9,648 )   (8,260 )  
        Consolidated EBIT   42,694     32,447     47,881     38,700    
        Less: Interest expense   (2,195 )   (3,226 )   (2,195 )   (3,226 )  
        Less: Income tax expense   (9,466 )   (6,002 )   (10,659 )   (7,440 )  
        Net earnings $ 31,033     23,219     35,027     28,034    
                              
    Note 1: Adjusted net earnings of $35.0 million in Q2 2025 exclude $4.0 million (or $0.15 per share) of after-tax charges consisting primarily of acquisition related amortization.
                           
    Note 2: Adjusted net earnings of $28.0 million in Q2 2024 exclude $4.8 million (or $0.19 per share) of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.
                           
    EBITDA Reconciliation to Net earnings:           Q2 2025 –   Q2 2024 –  
            Q2 2025   Q2 2024   As Adjusted   As Adjusted  
    Consolidated EBITDA $ 56,668     46,550     56,895     47,174    
    Less: Depr & Amort   (13,974 )   (14,103 )   (9,014 )   (8,474 )  
    Consolidated EBIT   42,694     32,447     47,881     38,700    
    Less: Interest expense   (2,195 )   (3,226 )   (2,195 )   (3,226 )  
    Less: Income tax expense   (9,466 )   (6,002 )   (10,659 )   (7,440 )  
    Net earnings $ 31,033     23,219     35,027     28,034    
                           

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
            GAAP   As Adjusted  
            YTD Q2 2025   YTD Q2 2024   YTD Q2 2025   YTD Q2 2024  
    Net Sales                  
      Aerospace & Defense $ 237,670     209,434     237,670     209,434    
      USG   177,427     170,293     177,427     170,293    
      Test   97,448     87,716     97,448     87,716    
        Totals $ 512,545     467,443     512,545     467,443    
                           
    EBIT                      
      Aerospace & Defense $ 51,892     40,040     51,920     40,303    
      USG   41,269     35,200     41,352     35,320    
      Test   10,791     7,321     11,256     7,797    
      Corporate   (29,060 )   (27,993 )   (18,959 )   (16,860 )  
        Consolidated EBIT   74,892     54,568     85,569     66,560    
        Less: Interest expense   (4,452 )   (5,893 )   (4,452 )   (5,893 )  
        Less: Income tax   (15,934 )   (10,287 )   (18,390 )   (13,045 )  
        Net earnings $ 54,506     38,388     62,727     47,622    
                              
    Note 1: Adjusted net earnings of $62.7 million in YTD 2025 exclude $8.2 million (or $0.31 per share) of after-tax charges consisting of: $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate, and $0.30 of acquisition related amortization.
                           
    Note 2: Adjusted net earnings of $47.6 million in YTD 2024 exclude $9.2 million (or $0.36 per share) of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring costs (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.
                           
    EBITDA Reconciliation to Net earnings:           YTD   YTD  
            YTD   YTD   Q2 2025 –   Q2 2024 –  
            Q2 2025   Q2 2024   As Adjusted   As Adjusted  
    Consolidated EBITDA $ 102,673     82,123     103,393     83,582    
    Less: Depr & Amort   (27,781 )   (27,555 )   (17,824 )   (17,022 )  
    Consolidated EBIT   74,892     54,568     85,569     66,560    
    Less: Interest expense   (4,452 )   (5,893 )   (4,452 )   (5,893 )  
    Less: Income tax expense   (15,934 )   (10,287 )   (18,390 )   (13,045 )  
    Net earnings $ 54,506     38,388     62,727     47,622    
                           

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands)
       
            March 31,
    2025    		   September 30,
    2024
                 
    Assets          
      Cash and cash equivalents $ 57,397   65,963
      Accounts receivable, net   218,123   240,680
      Contract assets   125,281   130,534
      Inventories   231,200   209,164
      Other current assets   28,752   22,308
        Total current assets   660,753   668,649
      Property, plant and equipment, net   172,081   170,596
      Intangible assets, net   394,594   407,602
      Goodwill   536,222   539,899
      Operating lease assets   38,322   37,744
      Other assets   13,690   14,130
          $ 1,815,662   1,838,620
                 
    Liabilities and Shareholders’ Equity        
      Current maturities of long-term debt $ 20,000   20,000
      Accounts payable   81,244   98,371
      Contract liabilities   128,114   124,845
      Other current liabilities   92,661   106,638
        Total current liabilities   322,019   349,854
      Deferred tax liabilities   72,580   75,333
      Non-current operating lease liabilities   35,948   34,810
      Other liabilities   39,787   39,273
      Long-term debt   68,000   102,000
      Shareholders’ equity   1,277,328   1,237,350
          $ 1,815,662   1,838,620

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Consolidated Statements of Cash Flows (Unaudited)
    (Dollars in thousands)
           
        Six Months
    Ended
    March 31, 2025    		   Six Months
    Ended
    March 31, 2024
    Cash flows from operating activities:        
    Net earnings $ 54,506     38,388  
    Adjustments to reconcile net earnings to net cash        
    provided by operating activities:        
    Depreciation and amortization   27,781     27,555  
    Stock compensation expense   5,323     4,144  
    Changes in assets and liabilities   (27,207 )   (47,869 )
    Effect of deferred taxes   (2,128 )   (2,981 )
    Net cash provided by operating activities   58,275     19,237  
             
    Cash flows from investing activities:        
    Acquisition of business, net of cash acquired     (56,179 )
    Capital expenditures   (15,350 )   (16,301 )
    Additions to capitalized software   (5,465 )   (5,912 )
    Net cash used by investing activities   (20,815 )   (78,392 )
             
    Cash flows from financing activities:        
    Proceeds from long-term debt   66,000     154,000  
    Principal payments on long-term debt and short-term borrowings   (100,000 )   (65,000 )
    Dividends paid   (4,130 )   (4,125 )
    Purchases of common stock into treasury     (7,189 )
    Other   (6,146 )   (1,432 )
    Net cash (used) provided by financing activities   (44,276 )   76,254  
             
    Effect of exchange rate changes on cash and cash equivalents   (1,750 )   471  
             
    Net (decrease) increase in cash and cash equivalents   (8,566 )   17,570  
    Cash and cash equivalents, beginning of period   65,963     41,866  
    Cash and cash equivalents, end of period $ 57,397     59,436  

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Other Selected Financial Data (Unaudited)
    (Dollars in thousands)
       
    Backlog And Entered Orders – Q2 2025   A&D   USG   Test   Total
      Beginning Backlog – 1/1/25 $ 606,687     122,857     177,404     906,948  
      Entered Orders   121,706     92,184     76,950     290,840  
      Sales     (123,369 )   (90,767 )   (51,383 )   (265,519 )
      Ending Backlog – 3/31/25 $ 605,024     124,274     202,971     932,269  
                         
    Backlog And Entered Orders – YTD Q2 2025   A&D   USG   Test   Total
      Beginning Backlog – 10/1/24 $ 600,382     119,943     158,644     878,969  
      Entered Orders   242,312     181,758     141,775     565,845  
      Sales     (237,670 )   (177,427 )   (97,448 )   (512,545 )
      Ending Backlog – 3/31/25 $ 605,024     124,274     202,971     932,269  

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Reconciliation of Non-GAAP Financial Measures (Unaudited)  
             
    EPS – Adjusted Basis Reconciliation – Q2 2025      
      EPS – GAAP Basis – Q2 2025 $ 1.20  
      Adjustments (defined below)   0.15  
      EPS – As Adjusted Basis – Q2 2025 $ 1.35  
             
      Adjustments exclude $0.15 per share consisting primarily of acquisition      
      related amortization.      
      The $0.15 of EPS adjustments per share consists of $5.2 million of pre-tax      
      charges offset by $1.2 million of tax benefit for net impact of $4 million.      
             
    EPS – Adjusted Basis Reconciliation – Q2 2024      
      EPS – GAAP Basis – Q2 2024 $ 0.90  
      Adjustments (defined below)   0.19  
      EPS – As Adjusted Basis – Q2 2024 $ 1.09  
             
      Adjustments exclude $0.19 per share consisting primarily of $0.02 of MPE      
      acquisition backlog charges, $0.02 of restructuring charges within the Test      
      and A&D segments, and $0.15 of acquisition related amortization.      
      The $0.19 of EPS adjustments per share consists of $6.2 million of pre-tax charges      
      offset by $1.4 million of tax benefit for net impact of $4.8 million.      
             
    EPS – Adjusted Basis Reconciliation – YTD Q2 2025      
      EPS – GAAP Basis – YTD Q2 2025 $ 2.11  
      Adjustments (defined below)   0.31  
      EPS – As Adjusted Basis – YTD Q2 2025 $ 2.42  
             
      Adjustments exclude $0.31 per share consisting primarily of $0.01 of restructuring      
      charges within the Test segment and $0.30 of acquisition related amortization.      
      The $0.31 of EPS adjustments per share consists of $10.7 million of pre-tax charges      
      offset by $2.5 million of tax benefit for net impact of $8.2 million.      
             
    EPS – Adjusted Basis Reconciliation – YTD Q2 2024      
      EPS – GAAP Basis – YTD Q2 2024 $ 1.49  
      Adjustments (defined below)   0.36  
      EPS – As Adjusted Basis – YTD Q2 2024 $ 1.85  
             
      Adjustments exclude $0.36 per share consisting primarily of $0.05 of MPE acquisition      
      backlog charges, inventory step-up charges and acquisition costs, $0.02 of      
      restructuring charges, and $0.29 of acquisition related amortization.      
      The $0.36 of EPS adjustments per share consists of $12 million of pre-tax charges      
      offset by $2.8 million of tax benefit for net impact of $9.2 million.      

    SOURCE ESCO Technologies Inc.
    Kate Lowrey, Vice President of Investor Relations, (314) 213-7277

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    HIGHLIGHTS

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

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

    KEY FINANCIAL RESULTS

      Q1 2025 Q1 2024 Change (%)
    GAAP Measures      
    Revenues ($ millions)      
                 Electricity 180.2   191.3   (5.8 %)
                 Product 31.8   24.8   27.9 %
                 Energy Storage 17.8   8.1   119.7 %
    Total Revenues 229.8   224.2   2.5 %
           
    Gross Profit 72.9   78.8   (7.5 %)
    Gross margin (%)      
    Electricity 33.5 % 39.0 %  
    Product 22.3 % 14.8 %  
    Energy Storage 30.6 % 7.5 %  
    Gross margin (%) 31.7 % 35.2 %  
    Operating income ($ millions) 50.9   52.6   (3.2 %)
    Net income attributable to the Company’s stockholders 40.4   38.6   4.6 %
    Diluted EPS ($) 0.66   0.64   3.1 %
    Non-GAAP Measures      
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6   4.8 %
    Adjusted Diluted EPS ($) 0.68   0.65   4.6 %
    Adjusted EBITDA2($ millions) 150.3   141.2   6.4 %

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

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

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

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

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

    FINANCIAL HIGHLIGHTS

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

    BUSINESS HIGHLIGHTS:

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

    2025 GUIDANCE

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

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

    DIVIDEND

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

    CONFERENCE CALL DETAILS

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

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

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

    ABOUT ORMAT TECHNOLOGIES

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

    ORMAT’S SAFE HARBOR STATEMENT

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

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

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the Three Months Ended March 31, 2025, and 2024
     
      Three Months Ended March 31,
      2025   2024  
    Revenues: (Thousands, except per share data)
    Electricity         180,241   191,253  
    Product         31,769   24,832  
    Energy storage          17,752   8,081  
    Total revenues         229,762   224,166  
    Cost of revenues:    
    Electricity         119,833   116,730  
    Product         24,684   21,154  
    Energy storage          12,318   7,472  
    Total cost of revenues         156,835   145,356  
    Gross profit         72,927   78,810  
    Operating expenses:    
    Research and development expenses         2,542   1,564  
    Selling and marketing expenses         4,172   5,126  
    General and administrative expenses         17,909   19,537  
    Other operating income         (3,125 ) —  
    Write-off of unsuccessful exploration and storage activities         516   —  
    Operating income         50,913   52,583  
    Other income (expense):    
    Interest income         1,313   1,839  
    Interest expense, net         (34,473 ) (30,968 )
    Derivatives and foreign currency transaction gains (losses)         2,060   (1,582 )
    Income attributable to sale of tax benefits         17,571   17,476  
    Other non-operating income, net         222   26  
    Income from operations before income tax and equity in earnings of investees         37,606   39,374  
    Income tax (provision) benefit         3,795   147  
    Equity in earnings (losses) of investees         (367 ) 829  
    Net income         41,034   40,350  
    Net income attributable to noncontrolling interest         (672 ) (1,763 )
    Net income attributable to the Company’s stockholders         40,362   38,587  
    Earnings per share attributable to the Company’s stockholders:    
    Basic: 0.67   0.64  
    Diluted: 0.66   0.64  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:    
    Basic         60,559   60,386  
    Diluted         60,840   60,536  
         
    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Period Ended March 31, 2025, and the Period Ended December 31, 2024
     
      March 31,
    2025    		   December 31,
    2024
    ASSETS                                       (In thousands)
    Current assets:      
    Cash and cash equivalents          112,704     94,395  
    Restricted cash and cash equivalents (primarily related to VIEs)         112,001     111,377  
    Receivables:      
         Trade less allowance for credit losses of $249 and $163 respectively (primarily related to VIEs)         173,590     164,050  
         Other         45,489     50,792  
    Inventories         42,107     38,092  
    Costs and estimated earnings in excess of billings on uncompleted contracts 20,940     29,243  
    Prepaid expenses and other         94,023     59,173  
              Total current assets         600,854     547,122  
    Investment in unconsolidated companies          158,618     144,585  
    Deposits and other         89,021     75,383  
    Deferred income taxes         165,983     153,936  
    Property, plant and equipment, net ($3,261,700 and $3,271,248 related to VIEs, respectively) 3,497,915     3,501,886  
    Construction-in-process ($370,762 and $251,442 related to VIEs, respectively) 844,873     755,589  
    Operating leases right of use ($13,725 and $13,989 related to VIEs, respectively)         32,232     32,114  
    Finance leases right of use (none related to VIEs)         2,935     2,841  
    Intangible assets, net         295,225     301,745  
    Goodwill         151,291     151,023  
              Total assets         5,838,947     5,666,224  
           
    LIABILITIES AND EQUITY          
    Current liabilities:      
    Accounts payable and accrued expenses         201,354     234,334  
    Commercial paper (less deferred financing costs of $22 and $23, respectively)         99,978     99,977  
    Billings in excess of costs and estimated earnings on uncompleted contracts 52,198     23,091  
    Current portion of long-term debt:      
         Limited and non-recourse (primarily related to VIEs) 70,453     70,262  
         Full recourse         184,227     161,313  
         Financing Liability         5,905     4,093  
         Operating lease liabilities         3,657     3,633  
         Finance lease liabilities         1,451     1,375  
              Total current liabilities         619,223     598,078  
    Long-term debt, net of current portion:      
    Limited and non-recourse: (primarily related to VIEs and less deferred financing costs of $8,216 and $8,849, respectively) 560,824     578,204  
    Full recourse: (less deferred financing costs of $4,782 and $4,671, respectively) 957,027     822,828  
    Convertible senior notes (less deferred financing costs of $6,138 and $6,820, respectively) 470,299     469,617  
    Financing Liability         213,810     216,476  
    Operating lease liabilities         22,722     22,523  
    Finance lease liabilities         1,544     1,529  
    Liability associated with sale of tax benefits         144,081     152,292  
    Deferred income taxes         71,479     68,616  
    Liability for unrecognized tax benefits         6,481     6,272  
    Liabilities for severance pay         11,147     10,488  
    Asset retirement obligation         131,431     129,651  
    Other long-term liabilities         33,533     29,270  
         Total liabilities         3,243,601     3,105,844  
           
    Redeemable noncontrolling interest         9,573     9,448  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,662,626 and 60,500,580 issued and outstanding as of March 31, 2025, and December 31, 2024, respectively         61     61  
    Additional paid-in capital         1,640,910     1,635,245  
    Treasury stock, at cost (258,667 shares held as of March 31, 2025, and December 31, 2024, respectively)         (17,964 )   (17,964 )
    Retained earnings         847,607     814,518  
    Accumulated other comprehensive income (loss)         (9,410 )   (6,731 )
    Total stockholders’ equity attributable to Company’s stockholders         2,461,204     2,425,129  
    Noncontrolling interest         124,569     125,803  
    Total equity         2,585,773     2,550,932  
    Total liabilities, redeemable noncontrolling interest and equity         5,838,947     5,666,224  


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

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

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

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


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

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

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

      Three Months Ended March 31,  
      2025   2024  
      (Dollars in millions, except per share data)  
    GAAP Net income attributable to the Company’s stockholders 40.4   38.6  
    Write-off of unsuccessful exploration and storage activities 0.41   –  
    Merger and acquisition transaction costs –   1.0  
    Allowance for bad debts 0.02   –  
    Settlement agreement 0.71   –  
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6  
    GAAP diluted EPS 0.66   0.64  
    Write-off of unsuccessful exploration and storage activities 0.01   –  
    Merger and acquisition transaction costs –   0.02  
    Allowance for bad debts 0.00   –  
    Settlement agreement 0.01   –  
    Adjusted Diluted EPS ($) 0.68   0.65  
    Ormat Technologies Contact:
    Smadar Lavi
    VP Head of IR and ESG Planning & Reporting
    775-356-9029 (ext. 65726)
    slavi@ormat.com     		 Investor Relations Agency Contact:
    Joseph Caminiti or Josh Carroll
    Alpha IR Group
    312-445-2870
    ORA@alpha-ir.com 

    The MIL Network –

  • MIL-OSI USA: Cotton to Gabbard: Do Not Assist German Surveillance of Political Opposition

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
    FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353May 7, 2025
    Cotton to Gabbard: Do Not Assist German Surveillance of Political Opposition
    Washington, D.C. — Senator Tom Cotton (R-Arkansas) today sent a letter to Tulsi Gabbard, the Director of National Intelligence requesting a pause on all intelligence sharing with Germany’s domestic intelligence agency, the BvF, that could be used to target political opponents. This letter comes after the BvF’s recent classification of German opposition party Alternative for Germany (AfD) as a “proven right-wing extremist organization.”
    In part, Senator Cotton wrote: 
    “I understand that liberal elites on both sides of the Atlantic loathe the AfD, but AfD’s platform has resonated with many Germans. Unsurprisingly so, since an agenda of strong borders, energy independence, and economic growth has appealed to our own electorate and may other Western democracies. Rather than trying to undermine the AfD using the tools of authoritarian states, Germany’s incoming government might be better advised to consider why the AfD continues to gain electoral ground and how German’s government can address the reasonable concerns of its citizens.”
    Full text of the letter may be found here and below. 
    The Honorable Tulsi Gabbard
    Director of National Intelligence 
    1500 Tysons McLean Drive 
    McLean, VA 22102
    Dear Director Gabbard:
    In support of the Trump administration’s goals to prevent the weaponization of our nation’s intelligence agencies, I urge you to ensure that foreign intelligence collected by those agencies isn’t shared with the German government to be used against its political opposition.
    On May 2, Germany’s domestic intelligence agency, the Federal Office for the Protection of the Constitution (BfV) classified the Alternative for Germany (AfD) Party as a “proven right-wing extremist organization.” Under German law, this decision allows BfV to intensify surveillance on AfD through signals collection and the use of undercover informants to support a potential party ban. In other words, German intelligence can now eavesdrop, monitor, and infiltrate Germany’s main opposition party and its second largest vote-getter in the recent elections. One would expect such police-state activities in dictatorships like Communist China and Russia—not Western Europe’s largest country. 
    I understand that liberal elites on both sides of the Atlantic loathe the AfD, but AfD’s platform has resonated with many Germans. Unsurprisingly so, since an agenda of strong borders, energy independence, and economic growth has appealed to our own electorate and may other Western democracies. Rather than trying to undermine the AfD using the tools of authoritarian states, Germany’s incoming government might be better advised to consider why the AfD continues to gain electoral ground and how the German government can address the reasonable concerns of its citizens. 
    Until the German government treats the AfD as a legitimate opposition party and not as a “right-wing extremist organization,” I ask that you direct our intelligence agencies to take the follow actions:
    Pause the sharing of intelligence with BfV that could be used to target the AfD,
    Refuse requests of assistance from the BfV to surveil AfD and its members, and
    Review whether our intelligence agencies under the Biden administration cooperated with German requests to surveil the AfD or other opposition parties and notify the Senate of the findings of the review.
    Sincerely,
    Tom Cotton
    Chairman

    MIL OSI USA News –

  • MIL-OSI Canada: Breaking barriers in child care

    Licensed child-care providers can now apply for up to $5 million in new funding through the second intake of the Inclusive Spaces Program Grant. Applications are open until June 13, as part of the $15-million federal-provincial investment in the Inclusive Spaces Program Grant under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement. Investing in inclusive child-care spaces is essential to supporting Alberta’s growing population, strengthening workforce participation and ensuring all children have an accessible space in Alberta’s high-quality child-care system.

    The Inclusive Spaces Program Grant helps licensed daycares, preschools and family day home agencies improve their spaces and programming for children with diverse cultural, linguistic and support needs. More than 100 projects were approved during the first intake. The second and third intakes will create hundreds of new opportunities to transform child-care spaces across the province.

    “Every child deserves access to high-quality care that meets their unique needs. This funding is expanding inclusive spaces throughout Alberta – making a difference in every corner of the province.”

    Matt Jones, Minister of Jobs, Economy and Trade

    More Alberta families can now access child care with personalized, inclusive or modified supports. Whether that means adding wheelchair-accessible washrooms, building sensory-friendly areas, or incorporating multilingual resources into daily programming, this funding provides better quality child care for Alberta’s kids.

    This work is part of Alberta’s broader effort to expand access to high-quality early learning and child care, while also ensuring existing child-care spaces work for as many families as possible. By reducing barriers for children requiring additional support, the government is empowering more parents to stay in the workforce and helping more children to thrive in safe, engaging environments.

    “As a proud recipient of the Inclusive Spaces Grant in Intake 1, we are thrilled to see the government’s continued commitment to inclusive child care. This funding will help child-care providers like us create a welcoming environment where children of all abilities and cultural backgrounds can grow, play and thrive together.”

    Hayat El-Ossmani, owner and director, B-Smart Learning Center

    The Inclusive Spaces Program Grant complements Alberta’s Inclusive Child Care Program and Access, Support and Participation Program, which provide ongoing supports to child-care providers and prevent the exclusion of children with diverse needs.

    Every child deserves to feel seen, supported and included. Alberta’s government, in partnership with the federal government, is making that dream a reality – helping child-care centres across the province open their doors even wider.

    Quick facts

    • Alberta launched the $15-million Inclusive Spaces Program Grant in December 2024 in partnership with the federal government. Its funding is being distributed in three equal intakes of $5 million.
    • Through this grant, Alberta’s government has already distributed $5 million across 105 programs, supporting projects that will make child care more welcoming and accessible to everyone.
      • 75 grants were issued for materials, with project costs ranging from $1,200 to $116,000.
      • 30 grants were issued for renovations, with project costs ranging from $9,700 to $256,000.
    • The second of three $5-million intake periods is now open and will close on June 13.
      • This will be followed by one more intake period in fall 2025 to finish allocating the full $15 million in funding.
    • Applications will be assessed through Alberta’s Ministry of Jobs, Economy and Trade.

    Related information

    • Child care – supports for inclusion
    • Inclusive Spaces Program Grant
    • Canada-Alberta Canada-Wide Early Learning and Child Care Agreement

    Related news

    • Alberta’s inclusive spaces transformation (Dec. 13, 2024)

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General Bonta: Trump Administration Must Make a U-Turn on Illegal Withholding of Billions in Funding for EV Charging Infrastructure

    Source: US State of California

    BURLINGAME – California Attorney General Rob Bonta, California Governor Gavin Newsom, California Department of Transportation, and the California Energy Commission, today co-led a coalition of 17 attorneys general in filing a lawsuit against the Trump Administration for unlawfully withholding billions of dollars in funding approved by bipartisan majorities in Congress for electric vehicle (EV) charging infrastructure that would reduce planet-warming pollution, expand access to clean vehicles, and create thousands of green jobs. Under the direction of the President, the Federal Highway Administration (FHWA) issued a directive to thwart Congress’s $5 billion program, the National Electric Vehicle Infrastructure (NEVI) formula program, which would expand EV charging infrastructure nationwide. This directive purports to revoke the approval of all prior state EV infrastructure plans and withholds the distribution of federal funds to states. Specifically, in California, FHWA’s unlawful actions would cost the state more than $300 million, eliminate thousands of good-paying jobs, and dismantle a critical, emerging tech industry. 

    “The President continues his unconstitutional attempts to withhold funding that Congress appropriated to programs he dislikes. This time he’s illegally stripping away billions of dollars for electric vehicle charging infrastructure, all to line the pockets of his Big Oil friends,” said Attorney General Rob Bonta. “The facts don’t lie: The demand for clean transportation continues to rise, and California will be at the forefront of this transition to a more sustainable, low-emissions future. California will not back down, not from Big Oil, and not from federal overreach.”

    “When America retreats, China wins. President Trump’s illegal action withholding funds for electric vehicle infrastructure is yet another Trump gift to China – ceding American innovation and killing thousands of jobs,” said Governor Gavin Newsom. “Instead of hawking Teslas on the White House lawn, President Trump could actually help Elon – and the nation – by following the law and releasing this bipartisan funding.” 

    “California remains fully committed to developing a robust, reliable and accessible EV charging network which will help improve air quality and enhance the EV driving experience for all,” said California Energy Commission Chair David Hochschild.

    “Withholding funding now would be wasteful, illegal, performative, and only serve to delay the progress we’ve made in building a cleaner, more sustainable transportation future,” said California Transportation Secretary Toks Omishakin. “We will continue to stand up for Californians and the nation because the future of the planet depends on it.”

    In 2022, Congress passed the Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law. One provision of the IIJA appropriated $5 billion for NEVI to facilitate a national network of electric vehicle charging infrastructure across the states, making clean cars accessible and convenient for more consumers and markets. On Day One, President Trump issued an executive order directing federal agencies to immediately stop releasing certain funds appropriated through the IIJA, including $5 billion that Congress appropriated for electric vehicle charging stations under NEVI. Following that directive, FHWA effectively halted the NEVI program by, among other things, withholding billions in funds that Congress had directed to the States for building EV infrastructure.

    California continues to lead the nation in the adoption of zero-emission vehicles (ZEVs) and the development of supporting infrastructure to rapidly deploy funds to develop and ensure a reliable and easy-to-use charging network. To date, over 2 million ZEVs have been sold in California, representing more than 30% of all ZEVs sold in the United States. 

    The California Energy Commission anticipates that California will need several hundred thousand more EV charging ports to support light-duty cars and trucks and incrementally more charging ports for medium- and heavy-duty trucks and buses to meet climate goals. California’s State Electric Vehicle Infrastructure Deployment Plan, approved by the federal government, would leverage public funding and private investment to build out a statewide charging infrastructure, including $384 million from the NEVI program.

    The complaint filed today alleges that the NEVI directive was arbitrary and capricious and not in accordance with law under the federal Administrative Procedure Act, and in violation of the U.S. Constitution. The NEVI program was created by statute, and, as it is a formula program, the amounts due to states are allocated by Congress, not the President. The complaint asks the court to declare that the NEVI directive is unlawful and to permanently stop the administration from withholding the funds. The states also seek a preliminary injunction to halt the illegal withholding of NEVI funds to the states.

    In filing the lawsuit Attorney General Bonta was joined by the attorneys general of Washington, Colorado, Arizona, Delaware, Hawaii, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Wisconsin, Vermont, and the District of Columbia. 

    A copy of the complaint will be made available here.

    MIL OSI USA News –

  • MIL-OSI: Best Fortune Teller Online For Accurate Fortune Telling In 2025 – The Psychic Experts

    Source: GlobeNewswire (MIL-OSI)

    New York City, May 07, 2025 (GLOBE NEWSWIRE) — Connect with the best fortune teller online offering accurate fortune telling and powerful insights about the future, love life, career path, and more.

    SAN FRANCISCO, CA, May 07, 2025 (GLOBE NEWSWIRE) – The psychic experts have just ranked the best fortune tellers of 2025 for those who want to know what the future holds for them. With one platform, people can connect with reliable online fortune-telling services and get answers to their pressing questions.

    Discover your destiny with the best fortune tellers online, offering accurate fortune telling that delivers clarity, truth, and trusted predictions.

    ⇒ Find out what your future holds – talk to the best fortune teller now!

    As spiritual curiosity and the demand for real psychics increase globally, the psychic experts are proud to be a trusted platform that helps users find a live fortune teller for psychic reading or fortune telling. The psychic experts are a reputable platform that reviews the best fortune teller websites. These websites provide their services through different mediums like live chat readings, video sessions, and phone consultations.

    Now, people can experience the best fortune teller online and receive accurate fortune telling with clear answers to their most important life questions.

    ⇒ Don’t guess your future – ask the best fortune teller!

    How The Psychic Experts Pick the Best Fortune Tellers

    After years of rating fortune tellers and psychic readers, the psychic experts have just launched their own curated guide of the most accurate and trusted fortune tellers of 2025.

    This new list is not just a deeper and more polished look at the best fortune tellers online, but also justifies the ratings using the five-pillar evaluation that goes like this;

    1. Accuracy & Intuition

    Do these psychic readers align their readings with events and real-life emotions? 

    2. Communication Style

    Are they communicating with clarity, empathy, and honesty?

    3. Reading Tools & Techniques

    What reading tools are being used for fortune-telling for the fortune-telling services? Tarot, runes, clairvoyance, astrology, or some other medium?

    4. Ratings & Reviews

    Do these fortune tellers have consistently high user satisfaction and offer meaningful results?

    5. Ethics & Energy

    Do they offer genuine spiritual service or try to upsell or manipulate their clients?

    Find peace of mind with the best fortune tellers specializing in accurate fortune telling for love, career, and personal growth.

    ⇒ The answers you need are here – talk to a verified fortune teller!

    What Is Fortune Telling and Why Does It Matter in 2025?

    Fortune telling is most often mystified more than it should be, which leads to misunderstandings, too. Fortune telling is just gaining insights about the future of a person or about unknown events via a range of metaphysical tools. 

    This is why many people sometimes have doubts about the authenticity of fortune-telling platforms. However, other people still believe that tarot cards, palm reading, astrology, or clairvoyant visions hold immense value, which is why they are always seeking a good fortune teller who will illuminate their path and offer clarity, compassion, and spiritual precision, and predict other information about their life and future.

    Get real answers from the best fortune tellers using accurate fortune telling to help guide your decisions and reveal your true path.

    ⇒ Real insights, real answers – start accurate fortune telling!

    2025 is filled with shifting perspectives, career transitions, uncertainty, and spiritual awakenings for many people. This increases the demand for genuine fortune tellers who offer spiritual advice or affirmation. However, many people are still cautious about whether online fortune-telling platforms can be misleading or fake. But all those doubts can be eliminated if a person checks out reviews and ratings of fortune tellers and their services before booking, or even better, approach them with an authentic platform like the-psychic-experts.com.

    In 2025, more and more people are turning to the online fortune teller world, as from the comfort of their homes, they can receive spiritual awakening and answers to their complex questions. A live fortune teller, for example, can offer genuine interpretations of someone’s life and future, dreams and events, and can help people with:

    • New relationships
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    • Spiritual or karmic guidance
    • Emotional wounds from the past
    • Dreams and their interpretation
    • Complex situations arise with everyday choices.

    ⇒ Ask anything, get instant answers from the best fortune teller!

    Why Online Fortune Telling Is Booming In 2025

    With the rise of technology use and digital platforms, people turn to the internet for answers to everything. For people who want guidance from fortune tellers for their everyday purposes or for reading and spiritual consultations, a dependable platform is very necessary that carefully analyzes all the psychic reading platforms and provides unbiased ratings and reviews so that spiritual seekers can connect with genuine fortune tellers.

    The psychic experts have analyzed more than a hundred fortune-telling websites and have produced a database that claims to offer the utmost clarity and customer satisfaction. With the use of the psychic experts, users can be assured that the fortune-telling services they are going to get will be of the highest quality.

    ⇒ Wondering what’s next? Ask the best fortune teller now!

    The rise of fortune teller online services in 2025 is more prominent than ever. 

    Especially the online services, as they are convenient, anonymous, and 24/7 accessible. These online consultations and fortune-telling have revolutionized the way people seek spiritual consultations. From the comfort of their home, during a lunch break, or during a late-night moment of anxiety, platforms like the psychic experts are one umbrella under which all the seasoned fortune tellers instantly come together.

    There are many benefits of online fortune-telling in 2025, and some of them are:

    • Instant access to fortune-telling: There is no need to book weeks in advance.
    • Global Access: Connecting spiritual seekers with top psychics from all over the world.
    • A variety of Tools Include tarot, astrology, runes, numerology, and mediumship.
    • Free Trials & Readings: Many people like to try a free fortune teller before they pay online.
    • Flexible Pricing: Such online fortune-telling services are available for every budget and urgency level.
    • Authenticity: Verified ratings by the-psychic-experts.com help people avoid scams related to online fortune-telling services.

    If you still don’t know where to begin, you can try the free fortune teller online feature on the-psychic-experts.com. It is risk-free and 100% genuine and authentic.

    ⇒ Discover your destiny with the best fortune teller today!

    Why the Whole World Is Turning to Online Fortune Tellers in 2025

    Fortune telling comes in many shapes and forms. However, one of the most desired forms of fortune-telling is called “reading” and “spiritual consultation.” This type of fortune telling doesn’t rely on specific methods or devices; rather, the fortune teller gives their client predictions and advice that they claim to have come from visions or spirits.

    So, whether it’s love, career, family, or personal growth, every modern spiritual guidance-seeking individual is turning to fortune teller online services for answers to their worldly and otherworldly problems. 

    ⇒ Free fortune teller is live – ask your question now!

    However, not all readers out there are genuine or exceptional. While many websites and apps have made access to fortune tellers quite easy and affordable, it is not necessary that the said fortune tellers will always turn out to be authentic or real. This is why it is important to make sure that the quality of fortune that you are going to get will be of the highest level.

    The demand for virtual guidance through mobile apps and websites has driven the rise of online spiritual consultations, but along with it comes a jungle of unvetted services.

    This is where the psychic expert steps in. The online fortune tellers that they recommend have been in business for more than a decade. They help people who want to avail themselves of fortune-telling services get connected to qualified professionals in this field so that people can gain spiritual insights into their minds, bodies, and spirits.

    Discover the best fortune teller trusted for accurate fortune telling that reveals your destiny with clarity and truth.

    ⇒ Talk to the best fortune teller now and change your life!

    The readings provided by these spiritual professionals are very accurate because they go through an intensive screening process, which depends on detailed user review analysis and direct testing. The rigorous selection process is the reason why this platform is trustworthy and ensures that every online fortune teller it ranks is 100% experienced and effective.

    Unlike random listings or paid placements, the list of best fortune tellers by the psychic experts in 2025 list represents the top 1% of spiritual advisors. The reason for their authenticity is vigorous testing for accuracy, communication levels with their clients, and spiritual alignment.

    ⇒ Don’t wait – get accurate fortune telling instantly online!

    What Sets an Accurate Fortune Teller Apart in 2025?

    What sets an accurate fortune teller apart in 2025 is their intuitive abilities and the various divination techniques that they use to make predictions about a person’s future. These fortune tellers are able to interpret symbols, read patterns, and use tools like palm lines, tarot cards, or tea leaves in order to offer guidance and spiritual insights to individuals. With this guidance, these individuals can navigate their life journey with much clarity and in the right direction. 

    Fortune tellers also provide their clients with a better understanding of their future and correlate them with present circumstances so that the individual may make better decisions in their life, reflect on themselves, and grow personally, professionally, or spiritually.

    ⇒ Your answers are waiting – get a free fortune teller reading!

    The best fortune teller isn’t someone who claims to have psychic abilities. It’s someone who can translate the unseen energies into clear, empowering messages for their clients.

    The in-depth reviews by the psychic experts reveal the major qualities that set apart a truly accurate fortune teller in today’s world, and these are:

    • Clarity in readings – There is no room for vague perceptions
    • Emotional intelligence – alongside empathetic delivery
    • Accurate predictions that match the desires and circumstances of the client 
    • Methodical tools – Using tarot, astrology, or numerology for fortune-telling
    • Live interaction – Creating a real-time connection

    Many top-rated psychics offer free fortune teller online sessions or discounted first readings, which greatly help users test their authenticity before committing.

    ⇒ Free, fast, and accurate – talk to a fortune teller now!

    Top Features That Make a Fortune Teller Platform the Best

    Not all online fortune teller services provide the same high level of quality as the psychic experts. Here’s what sets the most validated and genuine platforms apart from others;

    Verified Reader Profiles
    All listed readers are verified and undergo proper background checks and psychic ability assessments to see if they are eligible to be featured.

    Satisfaction Guarantee
    Clients are 100% satisfied that they can receive refunds or session credits if it doesn’t go as planned, thus adding a factor of trust to the transaction.

    ⇒ Let the best fortune teller guide your next move!

    Real User Reviews
    Each psychic’s page has reviews from real users and transparent ratings, as well as client feedback and reading stats.

    Multiple Psychic Disciplines
    From astrology to numerology to clairvoyance, there are multiple disciplines on these platforms so that people can choose from their preferred method of Psychic reading.

    ⇒ Take control of your destiny – try accurate fortune telling!

    Most Popular Online Fortune Telling Methods in 2025

    If you want to reach out to a fortune teller in 2025, there are many easy ways to do so. Their availability in the digital world has also made it easy to reach out to spiritual readers via an electronic device, either with a phone call, an Android app, or a website like the-psychic-experts.com.

    Many online psychic platforms offer different ways to connect with fortune tellers. 

    Online fortune telling is an accessible spiritual art now, and through the following mediums, a person can easily contact a fortune teller anytime and anywhere in the world:

    • Live Chat Readings – Live chat readings are perfect for users who want quick answers and privacy.
    • Video Sessions – Video sessions help clients who want facial cues and a full, energetic presence during their session.
    • Phone Consultations – Phone consultations are both an old and modern method of reading, as they offer a direct, voice-to-voice connection.
    • Email Readings – Email readings are also perfect for those who prefer detailed, written records of spiritual insights.

    Each method of fortune telling has its own advantages, disadvantages, and energy levels, so the psychic experts recommend that users try more than one type of psychic reading medium to see which suits them best.

    ⇒ Get life-changing clarity from the best fortune teller!

    Most Popular Fortune Telling Services in 2025

    People wondering what the future holds for them or having trouble navigating their life’s twists seek help from reliable fortune tellers, who act like a compass in their complex lives and set them on a journey of self-discovery. The psychic experts review and reveal the most seasoned and genuine psychics, tarot readers, and astrologers, all of whom act as a beacon of insight in the day-to-day life of their spiritual seekers.

    While the-psychic-experts.com sheds light on the expert advisors that unveil the spiritual connections and energies associated with people that they didn’t even know existed, there are some pros and cons associated with online fortune-telling services.

    ⇒ Discover the truth now with the best fortune teller online!

    Pros

    One of the benefits of online fortune-telling services is that there are hundreds of psychic readers available online who are ready to help people who seek guidance from them. They have been present in this psychic industry for years, sometimes more than 2 or 3 decades. Many fortune-telling platforms have mobile applications, both for iOS and Android, that people use to access fortune-telling services from anywhere in the world. Psychic reading and fortune telling use a wide range of services and tools to make sure that the spiritual guidance they offer is accurate and genuine.

    Cons

    One of the drawbacks of online fortune-telling services is that a person may need to book psychic reading services in advance. However, the psychic experts also shed light on some psychic readers who offer a free initial consultation or demo for first-time users. Some people may also find fortune-telling services expensive.

    ⇒ Experience accurate fortune telling that actually helps!

    Different Types Of Fortune Telling Services In 2025

    Fortune telling is a very broad and intricate practice. It utilizes centuries of spiritual wisdom and intuitive insight and brings it right in front of those who seek this knowledge. Whether a person is out to seek clarity, direction, or a new way of life, fortune tellers can offer them multiple services that help them reconnect with their inner self and get spiritual guidance. Here are the most common types of services offered by fortune tellers in 2025;

    Fortune Telling

    This is the umbrella under which all other psychic and spiritual services fall. 

    Fortune telling is the navigation of signs, energies, and symbols to provide insight into the past, present, and future of a user. 

    It uses tools like crystal balls and runes and even utilizes more intuitive practices like clairvoyance to help seekers who want answers to their life’s uncertainties. 

    Fortune-telling sessions focus on personal concerns, such as love, family, money, health, and purpose, and another labyrinth of possibilities of life, and help individuals see the path more clearly, even when their whole life is chaotic.

    ⇒ Get real answers fast from a free fortune teller!

    Psychic Readings

    Psychic readings go beyond what the eyes can see. 

    Psychic readings use heightened intuition and extrasensory perception, such as cosmic airwaves, to pick up on energy fields, emotional vibrations, and spiritual signals around the person who came to the psychic. 

    The goal is not about prediction. Rather, it is about perspective. 

    A psychic can unveil hidden insights and help someone make much sense of their inner conflicts. Such psychics also help people understand emotional imbalances or navigate an important decision. 

    These psychic readings are very personal and can affect both grounding and illuminating the path of a person.

    Love Readings

    Relationships are one of the most common reasons people seek spiritual guidance. Sometimes, they are new, long-standing, but most of the time, complicated. 

    Love psychics or relationship-focused fortune tellers provide a way to understand emotional dynamics, compatibility, soulmate connections, and romantic obstacles between two people. 

    These readings peel away the emotional layers beneath a relationship and decode the feelings, intentions, and future potential of both partners involved.

    ⇒ Reveal your future with accurate fortune telling!

    Tarot Readings

    Tarot is a timeless art of psychic reading.

    It is an intuitive form of divination that reveals the past, present, and future. It uses a deck of 78 symbolic cards, with each card representing a theme, energy, or message. 

    A person will be told to pick a card, and then the reader will interpret the card based on their position and the question at hand.

    This method of psychic reading reveals complex narratives about the querent’s past, present, and future. These readings can clarify complex situations, offer insights into unseen influences, and help a person better understand their own emotions.

    Dream Analysis

    Dreams are productions of the subconscious mind, but they always try to tell us something.

    It is the subconscious mind’s way of speaking. Dream interpreters act as translators of dreams and nightmares. They can analyze symbols, emotions, and patterns in dreams and decode what the dream is trying to communicate. 

    Whether it’s a recurring dream or an unsettling nightmare, dream analysis reveals buried emotions, unresolved issues, or hidden desires. This psychic reading service even suggests the spiritual or prophetic meaning behind dreams and emotions that we experience in sleep.

    ⇒ Find real clarity fast – talk to the best fortune teller today!

    Astrology Readings

    Astrology is the study of planetary movements and their celestial alignments and how they influence life on Earth. 

    An astrologer can map out cosmic constellations and create a natal chart that uses the exact time, date, and location of a person’s birth to uncover hidden traits, tendencies, and life patterns. 

    So, whether a psychic reader is looking at your solar return for the year ahead, investigating your relationship compatibility with your partner, or understanding a difficult life phase, astrology readings provide a cosmic map for solving life’s rhythms.

    Career Forecasts

    Accurate fortune tellers can also help people align with their professional purpose. 

    These readers will utilize the power of intuition, energetic sensing, and sometimes tools like numerology or astrology to identify where someone’s talents truly lie. 

    Career readings are mostly booked by professionals who are dealing with work-related challenges, entrepreneurial possibilities, timing for job changes, or when a new opportunity arises, and they want to know whether it will bring success for them or not.

    ⇒ Ready for answers? Connect with a free fortune teller today!

    Numerology Readings

    Numerology is the study of the energetic vibrations of numbers.

    They govern how these numbers relate to human life. 

    Every letter in a person’s name and every digit in their birth date holds a numeric value that has immense power, and that reveals information about their character, strengths, life cycles, and karmic lessons. 

    Numerology readings uncover these hidden messages to provide clarity on their purpose and the timing of events in their life.

    Occult Readings

    For those drawn to esoteric mysteries and the deeper mystical truths, some fortune tellers offer readings that are rooted in the occult sciences. 

    These sessions are different from others and explore symbolism, ritual magic, elemental energies, spiritual entities, or ancient esoteric systems. 

    They’re mostly suited for individuals who have the power and the mental abilities to confront the hidden forces influencing their lives, as these types of readings often involve exploring the subconscious or spirit world through unique and sacred methods.

    ⇒ Trusted and accurate fortune telling – start now!

    Palmistry

    Also known as palm reading, Palmistry is the ancient art that involves analyzing the shape, lines, and texture of a person’s hand. These patterns help a reader gain insight into the personality, experiences, and future of their client. 

    Every person’s palm is said to carry their narrative. 

    The lifeline, heartline, and headline are just a few, among others, that are read in combination to reveal one’s emotional tendencies, mental strengths, career prospects, and life trajectory.

    Graphology

    Graphology, or handwriting analysis, involves reading the way a person writes. In this way, the psychic reader can gain insight into their personality, emotional state, and thought patterns. 

    Everything from the pressure of the pen to the slant of a signature has a meaning and could carry psychological significance. Graphologists interpret these details to reveal hidden truths that may not be expressed verbally.

    Paranormal Readings

    Paranormal psychics explore realms that lie beyond the normal range of perception. 

    These readings focus on spiritual encounters, supernatural events, or unexplained phenomena. 

    For individuals who believe that they’ve experienced things, like hauntings, spirit contact, or energetic disturbances, paranormal readings are a great way for readers to offer them validation and clarity around those otherworldly experiences.

    ⇒ Get your personalized reading from a certified fortune teller!

    Past Life Exploration

    Some readers claim that the soul undergoes multiple incarnations, and those incarnations echo from past lives and influence the present day. 

    Past life readers use intuitive impressions, visualizations, or regressions to explore a person’s soul history. 

    These readings can help a reader understand irrational fears, recurring dreams, deep attractions, or unexplained patterns that seem to bother their clients and follow them throughout their current lives.

    Picture Readings

    In picture readings, the fortune teller uses a photograph to measure the energy around a person.

    That photograph could be of a person, place, or object, and it acts as an energetic anchor. 

    The reader will go deep into the vibration within the image to reveal hidden truths, emotional energy, or unresolved spiritual connections. 

    This type of reading is very useful when someone wants insight into a person who cannot be physically present for the session.

    Faith-Based and Spiritual Readings

    For those people who come from religious or spiritual backgrounds, some readers offer insights into scriptural wisdom, prayer, or divine guidance. 

    These readings center around faith, life purpose, and spiritual alignment. 

    They may also involve messages that the readers say are received from higher beings or spiritual guardians, thus depending on the tradition and belief system that is being practiced by the spiritual seeker.

    ⇒ Ask anything – the best fortune teller is online now!

    Frequently Asked Questions

    What exactly does a fortune teller do?

    Fortune tellers interpret symbols, energies, or spiritual signs and guide where your life is headed. 

    They use tools like tarot cards, astrology charts, Palmistry, or intuitive abilities to gain insights into past experiences, current events, or future possibilities for their clients.

    Are fortune-telling services accurate?

    Fortune telling is less about prediction and more about perception. A fortune teller, even the most genuine one, cannot accurately predict every detail of your future with scientific precision. 

    However, what they can offer is intuitive guidance, emotional clarity, and fresh perspectives. This type of guidance can help you make better decisions. 

    The accuracy of a fortune-telling service often depends on the reader’s skill, your openness, and the type of questions you ask.

    What types of questions can I ask a fortune teller?

    You can ask about anything. You can ask a fortune teller about relationships, careers, finances, health, life purpose, spiritual growth, or emotional challenges. Anything that you want answers to.

    The more specific your question is, the better, insightful, and more resourceful your reading will be.

    Do I need to believe in the supernatural for a reading to work?

    Not at all. 

    You don’t need to believe in the supernatural if you want to avail of fortune-telling services.

    While some people do approach fortune telling from a spiritual or mystical perspective, others are just using it as a tool for self-reflection or decision-making. 

    All you need to do is come with an open mind and a willingness to explore new insights.

    How do I choose the right type of reading?

    Fortune telling or psychic reading is the safest and common method of reading.

    If you’re unsure, start with a general fortune-telling or psychic reading. 

    However, if you have a specific question in mind, like love, career, or past lives, then there are other types of services available. You can choose a reader who specializes in that field. 

    Many services also offer short and free trial readings, so you can test the reader before paying in full.  

    Is my information kept confidential?

    Yes. 

    Professional fortune tellers will keep all your information private as they respect your space and treat all readings as confidential. 

    So, feel free to share personal details or ask sensitive questions because your session is conducted with discretion and trust.

    How long does a typical reading last?

    Psychic reading times can vary from person to person. 

    While a basic session might last 10–20 minutes, if you need a more in-depth reading, your session can also extend up to 30–60 minutes or longer than that.

    Many platforms offer flexible time slots depending on your needs and budget.

    What’s the difference between a psychic and a fortune teller?

    The term “fortune teller” is a broad term. It includes many types of intuitive readers. 

    Psychics, on the other hand, use extrasensory perception (ESP) and other insights to tap into the unseen energies surrounding and associated with a person. 

    While all psychics can be fortunetelling tellers, not all fortune tellers are psychics.

    Can I get a reading online or over the phone?

    Absolutely. You can read online by availing yourself of the service of online fortune tellers.

    Many fortune tellers offer remote services through online chat, phone calls, or email. 

    These formats offer flexibility to people from all over the world, and you can be guaranteed that online fortune-telling services are just as effective as in-person readings. Platforms like the psychic experts allow you to connect with readers from anywhere in the world.

    How often should I get a reading?

    There’s no right or wrong answer.

    You can have readings as many times as you like or as your situation and personal needs demand. 

    Some people get readings regularly, some do it a few times a year, while others only seek fortune-telling services during major life events.

    Final Words

    Fortune’s telling’s beauty doesn’t just lie in the spiritual answers that you receive but in the questions that you come to ask. Fortune telling offers self-reflection, examines the patterns in your life, and gently nudges you toward personal empowerment.

    There is a wide array of services available in today’s world, from tarot and astrology to dream interpretation and past life exploration. However, fortune telling and psychic reading aren’t just limited to live demonstrations and face-to-face conversations. It is also available online via verified platforms like the-psychic-experts.com.

    These services aren’t just for the mystically inclined. 

    Every type of person, whether they are entrepreneurs, artists, parents, students, or skeptics, can turn to fortune tellers when their life isn’t going as planned or when they need guidance and clarity. 

    Ultimately, fortune-telling isn’t about meeting the unknown. It is about meeting yourself, acknowledging your intuition, accepting your energies, and getting the confidence to make the choices that are good for you. Fortune tellers may use a card draw, a birth chart, or a dream symbol to lead the person toward ultimate clarity and guidance.

    So, if you’ve ever felt the need to reach out to an authentic fortune teller, ask questions that are beyond the surface. They will help you seek guidance in life.

    The answers are not always black and white. Sometimes, they are murky and require input from your side as well. You might not walk away with clear answers, but fortune-telling is a much more powerful perspective and brings peace and a renewed sense of purpose to every person.

    So, if you’re ready to tap into clarity, check out the best online fortune tellers of 2025.

    Media Contact
    Company: The Psychic Experts
    Contact Person: Anthony C. Bedoya
    Email: support@the-psychic-experts.com
    Address: 1 Fremont St, Las Vegas, NV 89101, USA
    URL: https://the-psychic-experts.com/
    Phone: +1 414-203-2598
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    The MIL Network –

  • MIL-OSI: Sunrun Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Aggregate Subscriber Value of $1.2 billion in Q1, 23% growth year-over-year

    Contracted Net Value Creation of $164 million, or $0.72 per share, 104% growth year-over-year

    Cash Generation of $56 million in Q1, the fourth consecutive quarter of positive Cash Generation

    Paid down $27 million of recourse debt in Q1 with excess cash

    Reiterating Cash Generation guidance of $200 million to $500 million in 2025

    Customer Additions with Storage grew 46% in Q1 compared to the prior year, as Storage Attachment Rate reached a record 69%

    Contracted Net Earning Assets of $2.6 billion, $11.36 per share, including $605 million of unrestricted cash

    SAN FRANCISCO, May 07, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced financial results for the quarter ended March 31, 2025.

    “The first quarter was another strong quarter for Sunrun as we exceeded our volume and Cash Generation targets by significant margins in what is seasonally the slowest quarter of the year. We are focused on delivering the best product for customers, underwriting volumes with strong unit margins, optimizing our routes to market, and driving cost discipline, including leveraging AI for innovation, creating significant operating efficiencies and quality enhancement. This has allowed us to gain market share in recent periods and produce strong operating and financial results,” said Mary Powell, Sunrun’s Chief Executive Officer. “It is a dynamic environment for tax policy and tariffs. Like many companies across the country, we are controlling what we can and are ready to adapt to changes that may occur. Sunrun has faced periods of major change over the last few years, and we used it as an opportunity to become even stronger. We believe the tariff outlook is manageable, and we will still generate meaningful cash this year.”

    “We delivered our fourth consecutive quarter of positive Cash Generation and are reiterating our Cash Generation outlook for 2025,” said Danny Abajian, Sunrun’s Chief Financial Officer. “We have a strong balance sheet with no near-term corporate debt maturities and have paid down recourse parent debt by $214 million over the last four quarters, including a $27 million paydown using excess cash in Q1. As we increase our Cash Generation, we will continue to further pay down parent recourse debt and are committed to a capital allocation strategy beyond this initial de-leveraging period that drives significant shareholder value.”

    First Quarter Updates

    • Storage Attachment Rate Reaches 69%: Customer Additions with storage grew 46% during the quarter compared to the prior-year period. Storage Attachment Rate reached 69% in Q1, up from 50% in the prior-year period. Sunrun has installed more than 173,000 solar and storage systems, representing over 2.8 Gigawatt hours of Networked Storage Capacity.
    • Continued Strong Capital Markets Execution:
      • In March 2025 Sunrun placed a $369 million securitization of residential solar and battery systems. The securitization was placed privately given strong interest from large alternative asset managers in the private credit markets. The securitization was priced at a yield of 6.36%, in-line with the yield of our January securitization. The weighted average spread of the notes was 225 basis points, which is approximately 28 basis points higher than our securitization in January 2025. The higher spread followed overall market movements in credit spreads for similarly rated credit. Similar to prior transactions, Sunrun raised additional capital in a subordinated non-recourse financing, which increased the cumulative advance rate to well above 80% net of all fees, as measured against the initial Contracted Subscriber Value of the portfolio.
      • In January 2025, Sunrun priced a $629 million securitization of residential solar and battery systems. The oversubscribed transaction was structured with three separate classes of A rated notes, only two of which were publicly offered. The weighted average spread of the notes was 197 basis points. Similar to prior transactions, Sunrun raised additional capital in a subordinated non-recourse financing, which increased the cumulative advance rate to well above 80% net of all fees, as measured against the initial Contracted Subscriber Value of the portfolio.
    • Paying Down Recourse Debt: We continue to pay down parent recourse debt. During the first quarter, we repaid $27 million of recourse debt, reducing our borrowings under our Working Capital Facility and repurchasing a small amount of our 2026 Convertible Notes (as of March 31 we have $5.5 million of these notes still outstanding). Since March 31, 2024 we have paid down recourse debt by $214 million, by repurchasing our 2026 Convertible Notes and reducing borrowings under our recourse Working Capital Facility. We have also increased our unrestricted cash balance by $118 million and grown Net Earning Assets by $1.6 billion over this time period. We expect to pay down our recourse debt by $100 million or more in 2025. Aside from the $5.5 million outstanding of our 2026 Convertible Notes, we have no recourse debt maturities until March 2027.
    • Expanding differentiation & innovating with Sunrun Flex: We recently introduced Sunrun Flex, the first solar-plus-storage subscription designed to adapt to households’ changing energy needs. This new offering marks the most significant innovation across the solar industry since Sunrun introduced the residential Power Purchase Agreement in 2007. Flex helps families plan for their growing energy needs, whether it’s a growing household size or adopting a new electric vehicle, by installing a solar system sized above their current energy usage. Customers enjoy a low, predictable monthly minimum payment and only pay for extra energy if and when they use it. Flex households also benefit from battery backup during outages, and the new feature of earning Sunrun Rollover Credits—a first in the solar industry.
    • Improving Grid Stability with Virtual Power Plants: Our CalReady distributed power plant has more than quadrupled in size as the summer heat begins to stress California’s energy grid. More than 56,000 Sunrun customers’ solar-plus-battery systems — totaling approximately 75,000 batteries — will provide critical energy to California’s grid during times of high energy prices, heat waves, and other grid emergency events while simultaneously lowering energy costs for all ratepayers. CalReady’s power output has more than quadrupled and is expected to deliver an average of 250 megawatts per two-hour event, with the ability to reach an instantaneous peak of up to 375 megawatts — enough to power approximately 280,000 homes, equivalent to all of Ventura County, California. Sunrun customers enrolled in CalReady are compensated for sharing their stored solar energy, and Sunrun is paid for dispatching the batteries.

    Key Operating Metrics

    Commencing with the first quarter 2025 reporting, Sunrun has modified how certain key operating metrics are calculated. Please refer to the appendix for the updated definitions and refer to the accompanying presentation posted to Sunrun Investor Relations website for additional information. Prior periods have been recast to reflect the current methodology for comparison purposes.

    In the first quarter of 2025, Subscriber Additions were 23,692, a 7% increase compared to the first quarter of 2024. As of March 31, 2025, Sunrun had 912,878 Subscribers. Subscribers as of March 31, 2025 grew 14% compared to March 31, 2024.

    Storage Capacity Installed was 334 megawatt hours in the first quarter of 2025, a 61% increase from the first quarter of 2024. Solar Capacity Installed was 191 megawatts, an 8% increase from the first quarter of 2024.

    Subscriber Value was $52,206 in the first quarter of 2025, a 15% increase compared to the first quarter of 2024. Contracted Subscriber Value was $48,727 in the first quarter of 2025, a 14% increase compared to the first quarter of 2024. Subscriber Value figures for the first quarter of 2025 reflect a 7.5% discount rate based on observed project-level capital costs, compared to 7.6% in the prior year period. Subscriber Value reflects an average Investment Tax Credit of 43.6% in the first quarter of 2025 compared to 35.2% in the prior year period. Storage Attachment Rate was 69% in the first quarter of 2025 compared to 50% in the prior year period.

    Creation Costs per Subscriber Addition were $41,817 in the first quarter of 2025, a 7% increase compared to the first quarter of 2024.

    Net Subscriber Value was $10,390 in the first quarter of 2025, a 66% increase compared to $6,247 in the first quarter of 2024. Contracted Net Subscriber Value was $6,910 in the first quarter of 2025, a 90% increase compared to $3,641 in the first quarter of 2024.

    Aggregate Subscriber Value was $1.2 billion in the first quarter of 2025, a 23% increase compared to the first quarter of 2024. Aggregate Creation Costs were $991 million in the first quarter of 2025, a 14% increase compared to the first quarter of 2024. Contracted Net Value Creation was $164 million in the first quarter of 2025, an increase of 104% compared to the first quarter of 2024, and representing $0.72 per weighted average basic share outstanding in the period.

    Cash Generation was $56 million in the first quarter of 2025. This result represents the fourth consecutive quarter of positive Cash Generation.

    Contracted Net Earning Assets were $2.6 billion, or $11.36 per share, which included $979 million in Total Cash, as of March 31, 2025.

    Outlook

    Aggregate Subscriber Value is expected to be in a range of $1.3 billion to $1.375 billion in the second quarter of 2025, representing 21% growth compared to the second quarter of 2024 at the midpoint.

    Contracted Net Value Creation is expected to be in a range of $125 million to $200 million in the second quarter of 2025, representing 80% growth compared to the second quarter of 2024 at the midpoint.

    Cash Generation is expected to be in a range of $50 million to $60 million in the second quarter of 2025.

    For the full-year 2025, Aggregate Subscriber Value is expected to be in a range of $5.7 billion to $6.0 billion, representing 14% growth compared to full-year 2024 at the midpoint.

    Contracted Net Value Creation is expected to be in a range of $650 million to $850 million for the full-year 2025, representing 9% growth compared to full-year 2024 at the midpoint.

    Cash Generation is expected to be in a range of $200 million to $500 million for the full-year 2025, unchanged from the company’s prior guidance.

    First Quarter 2025 GAAP Results

    Total revenue was $504.3 million in the first quarter of 2025, up $46.1 million, or 10%, from the first quarter of 2024. Customer agreements and incentives revenue was $402.9 million, an increase of $80.0 million, or 25%, compared to the first quarter of 2024. Solar energy systems and product sales revenue was $101.4 million, a decrease of $33.9 million, or 25%, compared to the first quarter of 2024. The increasing mix of Subscribers results in less upfront revenue recognition, as revenue is recognized over the life of the Customer Agreement, which is typically 20 or 25 years.

    Total cost of revenue was $405.4 million, a decrease of 5% year-over-year. Total operating expenses were $619.2 million, a decrease of 3% year-over-year.

    Net income attributable to common stockholders was $50.0 million, or $0.22 per basic share and $0.20 per diluted share, in the first quarter of 2025.

    Financing Activities

    As of May 7, 2025, closed transactions and executed term sheets provide us with expected tax equity to fund over 375 Megawatts of Solar Energy Capacity Installed for Subscribers beyond what was deployed through March 31, 2025. Sunrun also has $819 million in unused commitments available in its non-recourse senior revolving warehouse loan at the end of Q1 to fund approximately 286 megawatts of projects for Subscribers.

    Conference Call Information

    Sunrun is hosting a conference call for analysts and investors to discuss its first quarter 2025 results and business outlook at 1:30 p.m. Pacific Time today, May 7, 2025. A live audio webcast of the conference call along with supplemental financial information will be accessible via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com. The conference call can also be accessed live over the phone by dialing (877) 407-5989 (toll free) or (201) 689-8434 (toll). An audio replay will be available following the call on the Sunrun Investor Relations website for approximately one month.

    About Sunrun

    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com

    Forward Looking Statements

    This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company’s financial and operating guidance and expectations; the Company’s business plan, trajectory, expectations, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the Company’s momentum in its business strategies including expectations regarding market share, total addressable market, growth in certain geographies, customer value proposition, market penetration, growth of certain divisions, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the Company’s introduction of new products, including Sunrun Flex; the growth of the solar industry; the Company’s financing activities and expectations to refinance, amend, and/or extend any financing facilities; trends or potential trends within the solar industry, our business, customer base, and market; the Company’s ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs, including contract renewal and repowering programs; anticipated demand, market acceptance, and market adoption of the Company’s offerings, including new products, services, and technologies; the Company’s strategy to be a margin-focused, multi-product, customer-oriented company; the ability to increase margins based on a shift in product focus; expectations regarding the growth of home electrification, electric vehicles, virtual power plants, and distributed energy resources; the Company’s ability to manage suppliers, inventory, and workforce; supply chains and regulatory impacts affecting supply chains including reliance on specific countries for critical components; the Company’s leadership team and talent development; the legislative and regulatory environment of the solar industry and the potential impacts of proposed, amended, and newly adopted legislation and regulation on the solar industry and our business, including federal and state-level solar incentive programs (such as the Investment Tax Credit), net metering policies, and utility rate structures; the ongoing expectations regarding the Company’s storage and energy services businesses and anticipated emissions reductions due to utilization of the Company’s solar energy systems; and factors outside of the Company’s control such as macroeconomic trends, bank failures, public health emergencies, natural disasters, acts of war, terrorism, geopolitical conflict, or armed conflict / invasion, and the impacts of climate change. These statements are not guarantees of future performance; they reflect the Company’s current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the Company’s continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions, including slow or negative growth rates and inflation; volatile or rising interest rates; changes in policies and regulations, including net metering, interconnection limits, and fixed fees, or caps and licensing restrictions and the impact of these changes on the solar industry and our business; the Company’s ability to attract and retain the Company’s business partners; supply chain risks and associated costs, including reliance on specific countries for critical components, tariff and trade policy impacts, and raw material availability for solar panels and batteries; realizing the anticipated benefits of past or future investments, partnerships, strategic transactions, or acquisitions, and integrating those acquisitions; the Company’s leadership team and ability to attract and retain key employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the availability of solar panels, batteries, and other components and raw materials; the Company’s business plan and the Company’s ability to effectively manage the Company’s growth and labor constraints; the Company’s ability to meet the covenants in the Company’s investment funds and debt facilities; factors impacting the home electrification and solar industry generally, and such other risks and uncertainties identified in the reports that we file with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law.

    Citations to industry and market statistics used herein may be found in our Investor Presentation, available via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com.

    Consolidated Balance Sheets
    (In Thousands)
        March 31, 2025   December 31, 2024
             
    Assets        
    Current assets:        
    Cash   $ 604,874   $ 574,956
    Restricted cash     373,881     372,312
    Accounts receivable, net     172,121     170,706
    Inventories     414,401     402,083
    Prepaid expenses and other current assets     101,936     202,579
    Total current assets     1,667,213     1,722,636
    Restricted cash     148     148
    Solar energy systems, net     15,497,538     15,032,115
    Property and equipment, net     109,132     121,239
    Other assets     3,103,824     3,021,746
    Total assets   $ 20,377,855   $ 19,897,884
    Liabilities and total equity        
    Current liabilities:        
    Accounts payable   $ 268,908   $ 354,214
    Distributions payable to noncontrolling interests and redeemable noncontrolling interests     37,816     41,464
    Accrued expenses and other liabilities     537,042     543,752
    Deferred revenue, current portion     133,878     129,442
    Deferred grants, current portion     8,389     7,900
    Finance lease obligations, current portion     25,526     26,045
    Non-recourse debt, current portion     250,422     231,665
    Total current liabilities     1,261,981     1,334,482
    Deferred revenue, net of current portion     1,238,468     1,208,905
    Deferred grants, net of current portion     193,009     196,535
    Finance lease obligations, net of current portion     58,025     66,139
    Convertible senior notes     472,226     479,420
    Line of credit     358,493     384,226
    Non-recourse debt, net of current portion     12,479,475     11,806,181
    Other liabilities     120,973     119,846
    Deferred tax liabilities     97,684     137,940
    Total liabilities     16,280,334     15,733,674
    Redeemable noncontrolling interests     657,772     624,159
    Total stockholders’ equity     2,615,402     2,554,207
    Noncontrolling interests     824,347     985,844
    Total equity     3,439,749     3,540,051
    Total liabilities, redeemable noncontrolling interests and total equity   $ 20,377,855   $ 19,897,884
    Consolidated Statements of Operations
    (In Thousands, Except Per Share Amounts)
        Three Months Ended March 31,
         2025     2024 
    Revenue:        
    Customer agreements and incentives   $ 402,920     $ 322,967  
    Solar energy systems and product sales     101,351       135,221  
    Total revenue     504,271       458,188  
    Operating expenses:        
    Cost of customer agreements and incentives     308,629       269,534  
    Cost of solar energy systems and product sales     96,798       156,159  
    Sales and marketing     145,990       152,264  
    Research and development     9,979       12,087  
    General and administrative     57,763       51,266  
    Total operating expenses     619,159       641,310  
    Loss from operations     (114,888 )     (183,122 )
    Interest expense, net     (227,434 )     (192,159 )
    Other (expense) income, net     (45,399 )     89,930  
    Loss before income taxes     (387,721 )     (285,351 )
    Income tax benefit     (110,550 )     (2,201 )
    Net loss     (277,171 )     (283,150 )
    Net loss attributable to noncontrolling interests and redeemable noncontrolling interests     (327,182 )     (195,332 )
    Net income (loss) attributable to common stockholders   $ 50,011     $ (87,818 )
    Net income (loss) per share attributable to common stockholders        
    Basic   $ 0.22     $ (0.40 )
    Diluted   $ 0.20     $ (0.40 )
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders        
    Basic     226,406       219,882  
    Diluted     257,911       219,882  
    Consolidated Statements of Cash Flows
    (In Thousands)
        Three Months Ended March 31,
         2025     2024 
    Operating activities:        
    Net loss   $ (277,171 )   $ (283,150 )
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization, net of amortization of deferred grants     169,890       150,520  
    Deferred income taxes     (110,550 )     (2,202 )
    Stock-based compensation expense     25,005       28,869  
    Interest on pass-through financing obligations     —       4,756  
    Reduction in pass-through financing obligations     —       (9,335 )
    Unrealized loss (gain) on derivatives     45,070       (55,103 )
    Other noncash items     61,499       14,639  
    Changes in operating assets and liabilities:        
    Accounts receivable     (6,906 )     (1,371 )
    Inventories     (12,318 )     47,753  
    Prepaid expenses and other assets     (45,761 )     (135,678 )
    Accounts payable     (15,618 )     59,641  
    Accrued expenses and other liabilities     27,910       3,395  
    Deferred revenue     34,744       34,173  
    Net cash used in operating activities     (104,206 )     (143,093 )
    Investing activities:        
    Payments for the costs of solar energy systems     (654,802 )     (538,975 )
    Purchases of property and equipment, net     (219 )     3,531  
    Net cash used in investing activities     (655,021 )     (535,444 )
    Financing activities:        
    Repayment of trade receivable financing     (24,742 )     —  
    Proceeds from line of credit     148,824       139,805  
    Repayment of line of credit     (174,557 )     (292,305 )
    Proceeds from issuance of convertible senior notes, net of capped call transaction     —       444,822  
    Repurchase of convertible senior notes     (2,124 )     (173,715 )
    Proceeds from issuance of non-recourse debt     1,520,629       770,106  
    Repayment of non-recourse debt     (838,483 )     (431,532 )
    Payment of debt fees     (28,018 )     (47,779 )
    Proceeds from pass-through financing and other obligations, net     —       1,808  
    Early repayment of pass-through financing obligation     —       (20,000 )
    Payment of finance lease obligations     (6,483 )     (6,732 )
    Contributions received from noncontrolling interests and redeemable noncontrolling interests     255,900       164,337  
    Distributions paid to noncontrolling interests and redeemable noncontrolling interests     (60,253 )     (74,834 )
    Acquisition of noncontrolling interests     —       (1,159 )
    Proceeds from transfer of investment tax credits     624,776       106,529  
    Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits     (624,776 )     (106,529 )
    Net proceeds related to stock-based award activities     21       1,056  
    Net cash provided by financing activities     790,714       473,878  
    Net change in cash and restricted cash     31,487       (204,659 )
    Cash and restricted cash, beginning of period     947,416       987,838  
    Cash and restricted cash, end of period   $ 978,903     $ 783,179  


    Key Operating and Financial Metrics

    The following operating metrics are used by management to evaluate the performance of the business. Management believes these metrics, when taken together with other information contained in our filings with the SEC and within this press release, provide investors with helpful information to determine the economic performance of the business activities in a period that would otherwise not be observable from historic GAAP measures. Management believes that it is helpful to investors to evaluate the present value of cash flows expected from subscribers over the full expected relationship with such subscribers (“Subscriber Value”, more fully defined in the definitions appendix below) in comparison to the costs associated with adding these customers, regardless of whether or not the costs are expensed or capitalized in the period (“Creation Cost”, more fully defined in the definitions appendix below). The Company also believes that Subscriber Value, Aggregate Subscriber Value, Creation Costs, Aggregate Creation Costs, Net Subscriber Value, Contracted Net Subscriber Value, Upfront Net Subscriber Value, Net Value Creation, Contracted Net Value Creation, and Upfront Value Creation are useful metrics for investors because they present an unlevered and levered view of all of the costs associated with new customers in a period compared to the expected future cash flows from these customers over a 30-year period, based on contracted pricing terms with its customers, which is not observable in any current or historic GAAP-derived metric. Management believes it is useful for investors to also evaluate the future expected cash flows from all customers that have been deployed through the respective measurement date, less estimated costs to maintain such systems and estimated distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to project equity investors (“Gross Earning Assets”, more fully defined in the definitions appendix below). The Company also believes Gross Earning Assets is useful for management and investors because it represents the remaining future expected cash flows from existing customers, which is not a current or historic GAAP-derived measure.

    Various assumptions are made when calculating these metrics. Subscriber Value metrics are calculated using a discount rate based on the observed project-level capital costs in the period. Gross Earning Assets utilize a 6% rate to discount future cash flows to the present period. Furthermore, these metrics assume that Subscribers renew after the initial contract period at a rate equal to 90% of the rate in effect at the end of the initial contract term. For Customer Agreements with 25-year initial contract terms, a 5-year renewal period is assumed. For a 20-year initial contract term, a 10-year renewal period is assumed. In all instances, we assume a 30-year customer relationship, although the customer may renew for additional years, or purchase the system. Estimated cost of servicing assets has been deducted and is estimated based on the service agreements underlying each fund.

    KEY OPERATING METRICS
    Unit Economics in Period 1Q24 2Q24 3Q24 4Q24 1Q25
    $ per Subscriber Addition, unless otherwise noted          
      Subscriber Additions in period   22,058     24,984     30,348     30,709     23,692  
      Subscriber Value $45,477   $44,291   $47,335   $50,998   $52,206  
      Discount rate (observed project-level capital costs)   7.6%     7.5%     7.1%     7.3%     7.5%  
      Contracted Subscriber Value $42,871   $41,872   $44,551   $48,273   $48,727  
      x Advance Rate on Contracted Subscriber Value (estimated)   86.3%     86.3%     87.2%     85.9%     86.9%  
      = Upfront Proceeds (estimated) $37,001   $36,117   $38,869   $41,486   $42,339  
      – Creation Costs $(39,230)   $(38,258)   $(37,756)   $(38,071)   $(41,817)  
      = Upfront Net Subscriber Value $(2,229)   $(2,140)   $1,113   $3,415   $523  
      Upfront Net Subscriber Value margin %   (5.2)%     (5.1)%     2.5%     7.1%     1.1%  
    Aggregate Gross, Net & Upfront Value Creation in Period 1Q24 2Q24 3Q24 4Q24 1Q25
    $ millions, unless otherwise noted          
      Aggregate Subscriber Value $1,003   $1,107   $1,437   $1,566   $1,237  
      Aggregate Contracted Subscriber Value $946   $1,046   $1,352   $1,482   $1,154  
      Aggregate Upfront Proceeds (estimated) $816   $902   $1,180   $1,274   $1,003  
      Less Aggregate Creation Costs $(865)   $(956)   $(1,146)   $(1,169)   $(991)  
      Net Value Creation $138   $151   $291   $397   $246  
      Contracted Net Value Creation $80   $90   $206   $313   $164  
      Upfront Net Value Creation $(49)   $(53)   $34   $105   $12  
      Cash Generation $(311)   $217   $2   $34   $56  
      Net Value Creation per share $0.63   $0.68   $1.30   $1.77   $1.09  
      Contracted Net Value Creation per share $0.37   $0.41   $0.92   $1.39   $0.72  
      Upfront Net Value Creation per share $(0.22)   $(0.24)   $0.15   $0.47   $0.05  
    Volume Additions in Period 1Q24 2Q24 3Q24 4Q24 1Q25
      Storage Capacity Installed (MWhrs)   207.2     264.5     336.3     392.0     333.7  
      Solar Capacity Installed (MWs)   177.0     192.3     229.7     242.4     190.9  
      Solar Capacity Installed with Storage (MWs)   81.3     94.9     127.0     142.5     126.7  
      Solar Capacity Installed without Storage (MWs)   95.7     97.4     102.7     100.0     64.2  
      Customer Additions   24,038     26,687     31,910     32,932     25,428  
      Customer Additions with Storage   11,970     14,398     18,988     20,405     17,501  
      Customer Additions without Storage   12,068     12,289     12,922     12,527     7,927  
      Storage Attachment Rate   50%     54%     60%     62%     69%  
      Subscriber Additions (included within Customer Additions)   22,058     24,984     30,348     30,709     23,692  
      Subscriber Additions as % of Customer Additions   92%     94%     95%     93%     93%  
    Customer Base Value & Energy Capacity at End of Period 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
      Net Earning Assets ($ millions) $5,247   $5,675   $6,231   $6,766   $6,825  
      Net Earning Assets per share $23.78   $25.42   $27.81   $29.99   $30.02  
      Contracted Net Earning Assets ($ millions) $1,754   $2,035   $2,416   $2,723   $2,583  
      Contracted Net Earning Assets per share $7.95   $9.11   $10.78   $12.07   $11.36  
      Customers   957,313     984,000     1,015,910     1,048,842     1,074,270  
      Subscribers (included within Customers)   803,145     828,129     858,477     889,186     912,878  
      Networked Storage Capacity (MWhrs)   1,532     1,796     2,133     2,525     2,858  
      Networked Solar Capacity (MWs)   6,866     7,058     7,288     7,531     7,721  
    Basic Shares Outstanding 1Q24 2Q24 3Q24 4Q24 1Q25
      Basic shares outstanding at end of period (in millions)   220.7     223.3     224.1     225.7     227.3  
      Weighted average basic shares outstanding in period (in millions)   219.9     222.5     223.7     224.9     226.4  
                                     

    Figures presented above may not sum due to rounding. In-period per share figures are calculated using the weighted average basic shares outstanding while end of period per share figures are calculated using the corresponding basic shares outstanding as of the measurement date. For adjustments related to Subscriber Value and Creation Costs, please see the supplemental materials available on the Sunrun Investor Relations website at investors.sunrun.com.

    Glossary of Terms

    Definitions for Volume-related Terms

    Deployments represent solar or storage systems, whether sold directly to customers or subject to executed Customer Agreements (i) for which we have confirmation that the systems are installed, subject to final inspection, or (ii) in the case of certain system installations by our partners, for which we have accrued at least 80% of the expected project cost (inclusive of acquisitions of installed systems). A portion of customers have subsequently entered into Customer Agreements to obtain, or have directly purchased, additional solar or storage systems at the same host customer site, and since these represent separate assets, they are considered separate Deployments.

    Customer Agreements refer to, collectively, solar or storage power purchase agreements and leases.

    Subscribers represent customers subject to Customer Agreements for solar or storage systems that have been recognized as Deployments, whether or not they continue to be active.

    Purchase Customers represent customers who purchased, whether outright or with proceeds from third-party loans, solar or storage systems that have been recognized as Deployments.

    Customers represent aggregate Subscribers and Purchase Customers.

    Subscriber Additions represent the number of Subscribers added in a period.

    Purchase Customer Additions represent the number of Purchase Customers added in a period.

    Customer Additions represent Subscriber Additions plus Purchase Customer Additions.

    Solar Capacity Installed represents the aggregate megawatt production capacity of solar energy systems that were recognized as Deployments in a period.

    Storage Capacity Installed represents the aggregate megawatt hour capacity of storage systems that were recognized as Deployments in a period.

    Networked Solar Capacity represents the cumulative Solar Capacity Installed from the company’s inception through the measurement date.

    Networked Storage Capacity represents the cumulative Storage Capacity Installed from the company’s inception through the measurement date.

    Storage Attachment Rate represents Customer Additions with storage divided by total Customer Additions.

    Definitions for Unit-based and Aggregate Value, Costs and Margin Terms

    Subscriber Value represents Contracted Subscriber Value plus Non-contracted or Upside Subscriber Value.

    Contracted Subscriber Value represents the per Subscriber present value of estimated upfront and future Contracted Cash Flows from Subscriber Additions in a period, discounted at the observed cost of capital in the period.

    Non-contracted or Upside Subscriber Value represents the per Subscriber present value of estimated future Non-contracted or Upside Cash Flows from Subscribers Additions in a period, discounted at the observed cost of capital in the period.

    Contracted Cash Flows represent (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements, (2) net proceeds from tax equity partners, (3) payments from government and utility incentive and rebate programs, (4) contracted net cash flows from grid services programs with utilities or grid operators, and (5) contracted or defined (i.e., with fixed pricing) cash flows from the sale of renewable energy credits, less (y) (1) estimated operating and maintenance costs to service the systems and replace equipment over the initial terms of the Customer Agreements, consistent with estimates by independent engineers, (2) distributions to tax equity partners in consolidated joint venture partnership flip structures, and (3) distributions to any project equity investors. For Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, only the minimum contracted payment is included in Contracted Cash Flows.

    Non-contracted or Upside Cash Flows represent (1) net cash flows realized from either the purchase of systems by Subscribers at the end of the Customer Agreement initial terms or renewals of Customer Agreements beyond the initial terms, estimated in both cases to have equivalent value, assuming only a 30-year relationship and a contract renewal rate equal to 90% of each Subscriber’s contractual rate in effect at the end of the initial contract term, (2) non-contracted net cash flows from grid service programs with utilities and grid operators, and (3) non-contracted net cash flows from the sale of renewable energy credits. After the initial contract term, our Customer Agreements typically automatically renew on an annual basis and the rate is initially set at up to a 10% discount to then-prevailing utility power prices. For Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, an assumption is made that each Subscriber’s electricity consumption increases by approximately 2% per year through the end of the initial term of the Customer Agreement and into the renewal period, resulting in billings in excess of the minimum contracted amount (which minimums are included in Contracted Cash Flows).

    Aggregate Creation Costs represent the sum of certain operating expenses and capital expenditures incurred in a period. The following items are included from the cash flow statement: (i) payments for the costs of solar energy systems, plus (ii) purchases of property and equipment, less (iii) net depreciation and amortization, less (iv) stock based compensation expense. The following items are included from the income statement: (i) cost of customer agreements and incentives revenue, adjusted to exclude fleet servicing costs and non-cash net impairment of solar energy systems, plus (ii) sales and marketing expenses, adjusted to exclude amortization of cost to obtain customer contracts (which is the amortization of previously capitalized sales commissions), plus (iii) general and administrative expenses, plus (iv) research and development expenses. In addition, gross additions to capitalized costs to obtain contracts (i.e., sales commissions), which are presented on the balance sheet within Other Assets, are included. Because the sales, marketing, general and administrative costs are for activities related to the entire business, including solar energy system and product sales, the gross margin on solar energy system and product sales is reflected as a contra cost. Costs associated with certain restructuring activities and one-time items are identified and excluded.

    Creation Costs represent Aggregate Creation Costs divided by Subscriber Additions.

    Net Subscriber Value represents Subscriber Value less Creation Costs.

    Contracted Net Subscriber Value represents Contracted Subscriber Value less Creation Costs.

    Upfront Net Subscriber Value represents Contracted Subscriber Value multiplied by Advance Rate less Creation Costs.

    Advance Rate or Advance Rate on Contracted Subscriber Value represents the company’s estimated upfront proceeds, expressed as a percentage of Contracted Subscriber Value or Aggregate Contracted Subscriber Value, from project-level capital and other upfront cash flows, based on market terms and observed cost of capital in a period.

    Aggregate Subscriber Value represents Subscriber Value multiplied by Subscriber Additions.

    Aggregate Contracted Subscriber Value represents Contracted Subscriber Value multiplied by Subscriber Additions.

    Aggregate Upfront Proceeds represent Aggregate Contracted Subscriber Value multiplied by Advance Rate. Actual project financing transaction timing for portfolios of Subscribers may occur in a period different from the period in which Subscribers are recognized, and may be executed at different terms. As such, Aggregate Upfront Proceeds are an estimate based on capital markets conditions present during each period and may differ from ultimate Proceeds Realized in respect of such Subscribers.

    Proceeds Realized represents cash flows received from non-recourse financing partners in addition to upfront customer prepayments, incentives and rebates. It is calculated as the proceeds from non-controlling interests on the cash flow statement, plus the net proceeds from non-recourse debt (excluding normal non-recourse debt amortization for existing debt, as such debt is serviced by cash flows from existing solar and storage assets), plus the gross additions to deferred revenue which represents customer payments for prepaid Customer Agreements along with local rebates and incentive programs.

    Net Value Creation represents Aggregate Subscriber Value less Aggregate Creation Costs.

    Contracted Net Value Creation represents Aggregate Contracted Subscriber Value less Aggregate Creation Costs.

    Upfront Net Value Creation represents Aggregate Upfront Proceeds less Aggregate Creation Costs.

    Cash Generation is calculated using the change in our unrestricted cash balance from our consolidated balance sheet, less net proceeds (or plus net repayments) from all recourse debt (inclusive of convertible debt), and less any primary equity issuances or net proceeds derived from employee stock award activity (or plus any stock buybacks or dividends paid to common stockholders) as presented on the Company’s consolidated statement of cash flows. The Company expects to continue to raise tax equity and asset-level non-recourse debt to fund growth, and as such, these sources of cash are included in the definition of Cash Generation. Cash Generation also excludes long-term asset or business divestitures and equity investments in external non-consolidated businesses (or less dividends or distributions received in connection with such equity investments). Restricted cash in a reserve account with a balance equal to the amount outstanding of 2026 convertible notes is considered unrestricted cash for the purposes of calculating Cash Generation.

    Definitions for Gross and Net Value from Existing Customer Base Terms

    Gross Earning Assets is calculated as Contracted Gross Earning Assets plus Non-contracted or Upside Gross Earning Assets.

    Contracted Gross Earning Assets represents, as of any measurement date, the present value of estimated remaining Contracted Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

    Non-contracted or Upside Gross Earning Assets represents, as of any measurement date, the present value of estimated Non-contracted or Upside Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

    Net Earning Assets represents Gross Earning Assets, plus Total Cash, less adjusted debt and lease pass-through financing obligations, as of the measurement date. Debt is adjusted to exclude a pro-rata share of non-recourse debt associated with funds with project equity structures along with debt associated with the company’s ITC safe harboring equipment inventory facility. Because estimated cash distributions to our project equity partners are deducted from Gross Earning Assets, a proportional share of the corresponding project level non-recourse debt is deducted from Net Earning Assets, as such debt would be serviced from cash flows already excluded from Gross Earning Assets.

    Contracted Net Earning Assets represents Net Earning Assets less Non-contracted or Upside Gross Earning Assets.

    Non-contracted or Upside Net Earning Assets represents Net Earning Assets less Contracted Net Earning Assets.

    Total Cash represents the total of the restricted cash balance and unrestricted cash balance from our consolidated balance sheet.

    Other Terms

    Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Subscribers that have met initial revenue recognition criteria as of the measurement date.

    Average Contract Life Remaining represents the average number of years remaining in the initial term of Customer Agreements for Subscribers that have met revenue recognition criteria as of the measurement date.

    Households Served in Low-Income Multifamily Properties represent the number of individual rental units served in low-income multi-family properties from shared solar energy systems deployed by Sunrun. Households are counted when the solar energy system has interconnected with the grid, which may differ from Deployment recognition criteria.

    Positive Environmental Impact from Customers represents the estimated reduction in carbon emissions as a result of energy produced from our Networked Solar Capacity over the trailing twelve months. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

    Positive Expected Lifetime Environmental Impact from Customer Additions represents the estimated reduction in carbon emissions over thirty years as a result of energy produced from solar energy systems that were recognized as Deployments in a period. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis, leveraging our estimated production figures for such systems, which degrade over time, and is extrapolated for 30 years. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

    Per Share Operational Metrics

    The Company presents certain operating metrics on a per share basis to aid investors in understanding the scale of such operational metrics in relation to the outstanding basic share count in each period. These metrics are operational in nature and not a financial metric. These metrics are not a substitute for GAAP financials, liquidity related measures, or any financial performance metrics.

    Net Value Creation, Contracted Net Value Creation, and Upfront Net Value Creation are also presented on a per share basis, calculated by dividing each metric by the weighted average basic shares outstanding for each period, as presented on the Company’s Consolidated Statements of Operations.

    Net Earning Assets and Contracted Net Earning Assets are also presented on a per share basis, calculated by dividing each metric by the basic shares outstanding as of the end of each period, as presented on the Company’s Consolidated Balance Sheets.

    Investor & Analyst Contacts:

    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    Bronson Fleig
    Director, Finance & Investor Relations
    investors@sunrun.com

    Media Contact:

    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

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