NewzIntel.com

Category: Taxation

  • MIL-OSI Security: 19 Members of a Drug Trafficking Ring Indicted in Cleveland

    Source: Office of United States Attorneys

    CLEVELAND – A federal grand jury in the Northern District of Ohio has returned a 29-count indictment against 19 members and associates of a Cleveland drug trafficking ring. Those charged are Derek Brantley, 41, Cleveland Heights; Juan Johnny Colon, 42, Cleveland; Luis Joel Rondon, 44, Cleveland; Sydney Anthony, 25, Parma Heights; Ryan Bell, 39, Brunswick; Mark Byrd, 44, Cleveland; Nicholas Calvert, 37, Avon Lake; Jocelyn Dolan, 22, Newton Falls; Antonio Greenlee, 37, Cleveland; Andre Jenkins, 43, Cleveland; Melanie Crespo, 32, Elyria; Jordan Marsh, 27, Cleveland; Nicholas Malusky, 38, Parma; Sean Masters, 54, Fort Pierce, Florida; Brandon Payne, 32, Cleveland; Lee Pomales, 38, Cleveland; Mason Pulvino, 28, North Ridgeville; Martha Rios, 68, Cleveland; and Kalem Watts, 45, Cleveland.

    Federal and local law enforcement agents and officers made the apprehensions in a series of coordinated arrests.

    According to court documents, from October 2023 to December 2024, the defendants charged were alleged to have trafficked various controlled substances but were mostly dealing cocaine. Although based in Cleveland, the ring operated throughout Northeast Ohio and as far away as Fort Bragg, North Carolina. Their operations also included attempts to infiltrate the Ohio prison system.

    Throughout the investigation, authorities seized thousands of dollars in cash and a number of illegal drugs that included cocaine, methamphetamine, and fentanyl. Several illegally possessed firearms were also confiscated throughout the investigation.

    During the investigation, several locations in Cleveland were found to be used as stash houses to store and package cocaine and methamphetamine, as well as store firearms.

    An indictment is merely an allegation. Defendants are presumed innocent and entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.

    If convicted, each defendant’s sentence will be determined by the Court after review of factors unique to the case, including each defendant’s prior criminal record, if any, their role in the offense, and the characteristics of the violation. In all cases, the sentence will not exceed the statutory maximum, and, in most cases, it will be less than the maximum.

    This prosecution is part of an Organized Crime Drug Enforcement Task Force (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi­-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    The specific mission of the OCDETF Cleveland Strike Force is to disrupt and dismantle major criminal organizations and subsidiary organizations, including criminal gangs, transnational drug cartels, racketeering organizations, and other groups engaged in illicit activities that present a threat to public safety and national security and are related to the illegal smuggling and trafficking of narcotics or other controlled substances, weapons, humans, or the illegal concealment or transfer of proceeds derived from such illicit activities in the Northern District of Ohio. The OCDETF Cleveland Strike Force is composed of agents and officers from the Federal Bureau of Investigation (FBI), Drug Enforcement Administration (DEA), Bureau of Alcohol, Tobacco, Firearms (ATF), and Explosives, Homeland Security Investigations, United States Marshals Service (USMS), U.S. Postal Inspection Service, Internal Revenue Service, and U.S. Border Patrol, along with task force officers from numerous local law enforcement agencies, including the Cleveland Division of Police. Prosecutions are led by the Office of the United States Attorney for the Northern District of Ohio.

    This case was investigated by the FBI Cleveland Division.

    Assistant United States Attorney Robert F. Corts for the Northern District of Ohio is leading the prosecution in this case.

    MIL Security OSI –

  • MIL-OSI USA: Warren, Kelly, Murphy Release New Data Showing Small Fraction of Americans That Would Benefit From GOP’s Tax Giveaways

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 08, 2025

    In response to lawmakers’ letter, Joint Committee on Taxation (JCT) revealed number, percentage of individuals, corporations in highest income brackets

    Lawmakers led recent vote series opposing tax cuts for wealthiest Americans, billionaire corporations

    Text of JCT Response (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, Mark Kelly (D-Ariz.), a member of the Joint Economic Committee, and Chris Murphy (D-Conn.), a member of the Senate Appropriations Committee, published new data from the Joint Committee on Taxation (JCT) revealing the small fraction of taxpayers and corporations that would benefit from tax giveaways as a result of Congressional Republicans’ tax plans. 

    “Republicans in Congress are bending over backwards to make life easier for a tiny fraction of the wealthiest Americans and corporations — at the expense of working families. Republicans’ agenda is clearer than ever: billionaires win, families lose,” said Senator Warren.

    Last month, following the lawmakers’ vote series forcing Republicans to go on the record about their support for tax cuts for the ultra-wealthy, the lawmakers asked JCT to provide answers on:

    • The number and percentage of individual taxpayers who, in the past three tax years, made at least $10 million, $100 million, $500 million, or $1 billion each year; and 
    • The number and percentage of corporations who, in the past three tax years, made at least $100 million, $500 million, $1 billion, or $10 billion each year. 

    The JCT response revealed that the corporations and individuals who Republicans have supported delivering tax cuts to make up a tiny percentage of American taxpayers. The response revealed that:

    • Around 1,000 individuals, or 0.0007% of individual taxpayers, made more than $100 million in the 2022 tax year
    • Only 33 individuals, or 0.00002% of individual taxpayers, made more than $1 billion in the 2022 tax year. 
    • Fewer than 500 corporations, or 0.03% of corporate taxpayers, made more than $1 billion in the 2022 tax year. 

    As part of the budget reconciliation process, Senate Democrats led by Senator Warren forced Republicans to go on the record with their plans to give massive tax handouts to the wealthiest Americans and giant corporations. Democrats asked whether Republicans would oppose more tax cuts for people making over $100 million, $500 million, or even $1 billion in a single year; Republicans voted no. When asked whether Republicans would oppose additional tax cuts for corporations making over $1 billion in a single year—including corporations like Amazon, Tesla, and ExxonMobil—Republicans voted no again. 

    MIL OSI USA News –

  • MIL-OSI: First Federal Savings Bank and ICBA Offer Tips to Help Graduates Strengthen Their Financial Futures

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., May 08, 2025 (GLOBE NEWSWIRE) — As new graduates prepare to transition into the workforce, First Federal Savings Bank and the Independent Community Bankers of America (ICBA) are providing tips to put them on the path to a prosperous financial future.

    “As financial stewards of our community, First Federal Savings Bank can be a resource for individuals taking the next step in their career journey to help them assess their financial situations and create a plan based on their unique circumstances and life goals,” said Courtney Schmitt, VP, Marketing Manager at First Federal Savings Bank. “We know that the move from scholarly activities to workplace dynamics can be a challenge and want to support recent graduates as they manage new financial obligations at this pivotal life stage.”

    First Federal Savings Bank and ICBA offer the following tips to help graduates create a financial game plan during their wealth-building years to set them up for success through their major financial lifecycle events:

    • Start a Budget: Use tools like online budgeting services to track your income, expenses, and savings. Establishing a budget early helps build strong financial habits and prevents overspending.
    • Prioritize Debt Management: Consider making extra payments on student loans or refinancing options to lower interest rates. If you have federal student loans, explore income-driven repayment options that adjust your monthly payments based on your income.
    • Spend Responsibly: Comparison shop before making major purchases and stay within budget to avoid jeopardizing your financial goals.
    • Invest in Yourself: Explore opportunities to continue your professional development and increase your earning potential. Many employers offer education benefits or tuition reimbursement programs that can offset costs and lead to long-term career growth.
    • Automate Savings: Set up automatic transfers to a savings account at First Federal Savings Bank. Even small, regular contributions can grow into significant savings over time, thanks to compound interest and can also provide a cushion against unexpected life events.
    • Understand Taxes: For many new graduates, taxes can be confusing. Ask about financial tools or resources available to ensure you’re filing correctly and maximizing refunds.

    “It’s never too early to take stock of your financial situation, develop and maintain good financial habits, and create a framework to help meet your financial goals and prepare for unexpected life occurrences,” said ICBA President and CEO Rebeca Romero Rainey. “Reach out to your local community banker to create an action plan to put your finances to work to help ensure your prosperous financial future.”

    To learn more about how to take control of your financial future, contact First Federal Savings Bank or stop by any of our 10 convenient locations.

    About First Federal Savings Bank Member FDIC

    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA

    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-OSI United Kingdom: Landmark Economic Deal with US saves thousands of jobs

    Source: United Kingdom – Executive Government & Departments

    Press release

    Landmark Economic Deal with US saves thousands of jobs

    Today the UK and US has agreed a landmark economic deal which will save thousands of jobs for British carmakers and steel industry

    • Britain secures the first US trade deal protecting British business and British jobs, the second landmark deal in Britain’s national interest in a matter of days following the India deal
    • Prime Minister delivers on his promise to save UK steel and British car makers – saving thousands of jobs across the country
    • US tariffs on automotives immediately slashed from 27.5%, with steel and aluminium reduced to zero
    • Unprecedented market access for British farmers with protections on food standards maintained 

    Thousands of jobs have been saved as the Prime Minister secured a first-of-a-kind trade agreement with the US.

    It is the second major trade announcement this week – following the India Free Trade Agreement on Tuesday, this historic agreement with the US to slash tariffs delivers for UK carmakers, steelworks and farmers – protecting jobs and providing stability for exporters. 

    Car export tariffs will reduce from 27.5% to 10% – saving hundreds of millions a year for Jaguar Land Rover alone. This will apply to a quota of 100,000 UK cars, almost the total the UK exported last year. 

    The Prime Minister visited Jaguar Land Rover last month announcing greater freedom for car manufacturers to back British industry in the face of global headwinds. During this visit he told workers he would accelerate trade deals to protect their jobs, their livelihoods, and to champion British business worldwide. 

    The UK steel industry – which was on the brink of collapse just weeks ago – will no longer face tariffs thanks to today’s deal. The Prime Minister negotiated the 25% tariff down to zero, meaning UK steelmakers can carry on exporting to the US. This follows last month’s intervention from the Prime Minister to take control of British Steel to save thousands of jobs in Scunthorpe.

    In a win for both nations, we have agreed new reciprocal market access on beef – with UK farmers given a tariff free quota for 13,000 metric tonnes. There will be no weakening of UK food standards on imports. 

    We will also remove the tariff on ethanol – which is used to produce beer – coming into the UK from the US, down to zero. 

    It is one of many international deals that the Government is landing to boost our economy – following an Indian trade deal which will add £4.8 billion to the UK economy and £2.2 billion in wages every year.

    Prime Minister, Keir Starmer, said:

    “The new global era demands a government that steps up, not stands aside. 

    “This historic deal delivers for British business and British workers protecting thousands of British jobs in key sectors including car manufacturing and steel. 

    “My government has put Britain at the front of the queue because we want to work constructively with allies for mutual benefit rather than turning our back on the world.

    “As VE Day reminds us, the UK has no greater ally than the United States, so I am delighted that eight decades on, under President Trump the special relationship remains a force for economic and national security. 

    “This is jobs saved, jobs won but not job done and our teams will continue to work to build on this agreement. 

    “My Government is determined to go further and faster to strengthen the UK’s economy, putting more money in working people’s pockets as part of our Plan for Change.”

    Business and Trade Secretary Jonathan Reynolds said:

    “I am delighted our calm approach and proactive engagement with the US has resulted in this deal which cuts tariffs for UK industry and cuts costs for businesses.

    “Businesses across the country will be glad to see our approach working, but this is only the beginning. We look forward to strengthening our trading relationship with the US through a wider economic deal, which will help us to deliver on our Plan for Change to provide economic stability and make this country fit for the future.”

    Adrian Mardell, Chief Executive Officer, JLR said:  

    “The car industry is vital to the UK’s economic prosperity, sustaining 250,000 jobs. We warmly welcome this deal which secures greater certainty for our sector and the communities it supports. We would like to thank the UK and US Governments for agreeing this deal at pace and look forward to continued engagement over the coming months.”

    Work will continue on the remaining sectors – such as pharmaceuticals and remaining reciprocal tariffs. But – in an important move – the US has agreed that the UK will get preferential treatment in any further tariffs imposed as part of Section 232 investigations. The deal opens the way to a future UK US technology partnership through which our science-rich nations will collaborate in key areas of advanced technology, for example biotech, life sciences, quantum computing, nuclear fusion, aerospace and space. 

    The Digital Services Tax remains unchanged as part of today’s deal. Instead the two nations have agreed to work on a digital trade deal that will strip back paperwork for British firms trying to export to the US – opening the UK up to a huge market that will put rocket boosters on the UK economy.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Landmark economic deal with United States saves thousands of jobs for British car makers and steel industry

    Source: United Kingdom – Executive Government & Departments

    Press release

    Landmark economic deal with United States saves thousands of jobs for British car makers and steel industry

    Thousands of jobs have been saved as the Prime Minister secured a first-of-a-kind trade agreement with the US.

    • Britain secures the first US trade deal protecting British business and British jobs, the second landmark deal in Britain’s national interest in a matter of days following the India deal
    • Prime Minister delivers on his promise to save UK steel and British car makers – saving thousands of jobs across the country
    • US tariffs on automotives immediately slashed from 27.5%, with steel and aluminium reduced to zero
    • Unprecedented market access for British farmers with protections on food standards maintained

    Thousands of jobs have been saved as the Prime Minister secured a first-of-a-kind trade agreement with the US.

    It is the second major trade announcement this week – following the India Free Trade Agreement on Tuesday, this historic agreement with the US to slash tariffs delivers for UK carmakers, steelworks and farmers – protecting jobs and providing stability for exporters. 

    Car export tariffs will reduce from 27.5% to 10% – saving hundreds of millions a year for Jaguar Land Rover alone. This will apply to a quota of 100,000 UK cars, almost the total the UK exported last year. 

    The Prime Minister visited Jaguar Land Rover last month announcing greater freedom for car manufacturers to back British industry in the face of global headwinds. During this visit he told workers he would accelerate trade deals to protect their jobs, their livelihoods, and to champion British business worldwide. 

    The UK steel industry – which was on the brink of collapse just weeks ago – will no longer face tariffs thanks to today’s deal. The Prime Minister negotiated the 25% tariff down to zero, meaning UK steelmakers can carry on exporting to the US. This follows last month’s intervention from the Prime Minister to take control of British Steel to save thousands of jobs in Scunthorpe.

    In a win for both nations, we have agreed new reciprocal market access on beef – with UK farmers given a tariff free quota for 13,000 metric tonnes. There will be no weakening of UK food standards on imports. 

    We will also remove the tariff on ethanol – which is used to produce beer – coming into the UK from the US, down to zero. 

    It is one of many international deals that the Government is landing to boost our economy – following an Indian trade deal which will add £4.8 billion to the UK economy and £2.2 billion in wages every year.

    Prime Minister, Keir Starmer, said:

    The new global era demands a government that steps up, not stands aside. 

    This historic deal delivers for British business and British workers protecting thousands of British jobs in key sectors including car manufacturing and steel. 

    My government has put Britain at the front of the queue because we want to work constructively with allies for mutual benefit rather than turning our back on the world.

    As VE Day reminds us, the UK has no greater ally than the United States, so I am delighted that eight decades on, under President Trump the special relationship remains a force for economic and national security. 

    This is jobs saved, jobs won but not job done and our teams will continue to work to build on this agreement. 

    My Government is determined to go further and faster to strengthen the UK’s economy, putting more money in working people’s pockets as part of our Plan for Change.

    Business and Trade Secretary Jonathan Reynolds said:

    I am delighted our calm approach and proactive engagement with the US has resulted in this deal which cuts tariffs for UK industry and cuts costs for businesses.

    Businesses across the country will be glad to see our approach working, but this is only the beginning. We look forward to strengthening our trading relationship with the US through a wider economic deal, which will help us to deliver on our Plan for Change to provide economic stability and make this country fit for the future.

    Adrian Mardell, Chief Executive Officer, JLR said:

    The car industry is vital to the UK’s economic prosperity, sustaining 250,000 jobs. We warmly welcome this deal which secures greater certainty for our sector and the communities it supports. We would like to thank the UK and US Governments for agreeing this deal at pace and look forward to continued engagement over the coming months.

    Work will continue on the remaining sectors – such as pharmaceuticals and remaining reciprocal tariffs. But – in an important move – the US has agreed that the UK will get preferential treatment in any further tariffs imposed as part of Section 232 investigations. The deal opens the way to a future UK US technology partnership through which our science-rich nations will collaborate in key areas of advanced technology, for example biotech, life sciences, quantum computing, nuclear fusion, aerospace and space. 

    The Digital Services Tax remains unchanged as part of today’s deal. Instead the two nations have agreed to work on a digital trade deal that will strip back paperwork for British firms trying to export to the US – opening the UK up to a huge market that will put rocket boosters on the UK economy.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA News: Fact Sheet: U.S.-UK Reach Historic Trade Deal

    Source: The White House

    ESTABLISHING A NEW PARADIGM FOR OUR SPECIAL RELATIONSHIP: Today, on the 80th anniversary of Victory Day for World War II, President Donald J. Trump and Prime Minister Keir Starmer announced a historic trade deal, providing American companies unprecedented access to the UK markets while bolstering U.S. national security. This is a great deal for America.

    • President Trump: “The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers.”
      • “The UK will reduce or eliminate numerous non-tariff barriers that unfairly discriminated against American products.”
      • “This is now turning out to be, really, a great deal for both countries.”
    • Prime Minister Starmer: “This is going to boost trade between and across our countries. It’s going to not only protect jobs, but create jobs, opening market access.”
    • This trade deal will significantly expand U.S. market access in the UK, creating a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers.
      • This includes more than $700 million in ethanol exports and $250 million in other agricultural products, like beef.
      • It commits the countries to work together to enhance industrial and agricultural market access.
      • It closes loopholes and increases U.S. firms’ competitiveness in the UK’s procurement market.
      • It ensures streamlined customs procedures for U.S. exports.
      • It establishes high standard commitments in the areas of intellectual property, labor, and environment.
      • It maximizes the competitiveness and secures the supply chain of U.S. aerospace manufacturers through preferential access to high-quality UK aerospace components.
      • It creates a secure supply chain for pharmaceutical products.
    • The reciprocal tariff rate of 10%, as originally announced on Liberation Day, is in effect.
    • The United States will agree to an alternative arrangement for the Section 232 tariffs on UK autos.
      • Under the deal, the first 100,000 vehicles imported into the U.S. by UK car manufacturers each year are subject to the reciprocal rate of 10% and any additional vehicles each year are subject to 25% rates.
    • The United States also recognizes the economic security measures taken by the UK to combat global steel excess capacity and will negotiate an alternative arrangement to the Section 232 tariffs on steel and aluminum.
      • This deal creates a new trading union for steel and aluminum.
    • This U.S.-UK trade deal will usher in a golden age of new opportunity for U.S. exporters and level the playing fields for American producers.
    • Today’s action also sets the tone for other trading partners to promote reciprocal trade with the United States.

    A FRAMEWORK TO BOLSTER ECONOMIC SECURITY: President Trump continues to advance the interests of the American people, enhancing market access for American exporters and lowering tariff and non-tariff barriers to protect our economic and national security.

    • On April 18, President Trump had a call with Prime Minister Starmer to discuss our bilateral trade relationship.
    • U.S. total goods trade with the UK was an estimated $148 billion in 2024.
    • The UK average applied agricultural tariff is 9.2% while the U.S. average applied agricultural tariff (prior to April 2) was 5%.
    • The UK maintains certain tariff and non-tariff barriers that restrict market access and create an unfair playing field for American workers and businesses.
      • For example, the UK imposes tariffs that can exceed 125% on meat, poultry, and dairy products on top of maintaining non-science-based standards that adversely affect U.S. exports.
    • On April 2, 2025, Liberation Day, President Trump imposed a 10% tariff on all countries to address unfair trade practices that have contributed to America’s trade deficit and imbalances in order to better protect American workers and our national security. 

    A MILESTONE IN ADVANCING AN AMERICA FIRST TRADE POLICY: Since Day One, President Trump challenged the assumption that American workers and businesses must tolerate unfair trade practices that have disadvantaged our workers and businesses for decades and contributed to our historic trade deficit.

    • Reversing these conditions and addressing the lack of reciprocity in America’s trade relationships will bring about a new Golden Age and Make America Great Again.
    • President Trump continues to advance the interests of the American people, enhancing market access for American exporters and lowering tariff and non-tariff barriers.
    • The Economic Prosperity Deal with the United Kingdom is a critical step forward in a special relationship to promote reciprocal trade with a key ally and partner.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: HMRC interest rates for late payments will be revised following the Bank of England interest rate cut to 4.25%.

    Source: United Kingdom – Executive Government & Departments

    News story

    HMRC interest rates for late payments will be revised following the Bank of England interest rate cut to 4.25%.

    The Bank of England Monetary Policy Committee announced on 8 May 2025 to reduce the Bank of England base rate to 4.25% from 4.50%.

    HMRC interest rates are linked to the Bank of England base rate.

    As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will reduce.

    These changes will come into effect on:

    • 19 May 2025 for quarterly instalment payments
    • 28 May 2025 for non-quarterly instalments payments

    Information on the interest rates for payments will be updated shortly.

    How HMRC interest rates are set

    HMRC interest rates are set in legislation and are linked to the Bank of England base rate.

    Late payment interest is currently set at base rate plus 4.00%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%.

    The differential between late payment interest and repayment interest is in line with the policy of other tax authorities worldwide and compares favourably with commercial practice for interest charged on loans or overdrafts and interest paid on deposits.

    The rate of late payment interest encourages prompt payment and ensures fairness for those who pay their tax on time, while the rate of repayment interest fairly compensates taxpayers for loss of use of their money when they overpay.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Warren Demands Army Under Secretary Nominee Divest Stock Holdings in Anduril and Other Defense Contractors

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    May 08, 2025
    Senator warns Michael Obadal that financial conflicts “will compromise your ability to serve with integrity, raising a cloud of suspicion over your contracting and operational decisions.”
    Text of Letter (PDF)
    Washington, D.C. — U.S. Senator Elizabeth Warren (D-Mass.) wrote to Mr. Michael Obadal, nominee for Under Secretary of the Army, with concerns about his refusal to divest from major defense contractors. Obadal will face lawmakers at his nomination hearing before the Senate Armed Services Committee on May 8, 2025. 
    If confirmed, Obadal will help manage the Army’s operations—consisting of a $186 billion budget, over 100,000 contracts a year, and over one million personnel. Obadal currently serves as a Senior Director at Anduril Industries, which was recently awarded a $22 billion contract to produce high-tech headsets for the Army. Obadal also holds between $250,000 and $500,000 in Anduril stock, which he has refused to divest from ahead of his confirmation. Anduril is also currently eyeing an initial public offering, and the company’s plan of going public would be boosted if it can secure more Pentagon contracts. 
    Even after divesting, Warren said Obadal should still recuse from specific-party matters involving Anduril. 
    “If you were to participate in a decision about an Anduril contract, your prior employment relationship with the company would lead the public to reasonably question whether you were more motivated to protect the company’s interests than the public interest,” said Senator Warren. 
    Obadal also holds stock in several other large defense contractors, including up to $15,000 in each of the following: General Dynamics, Eli Lilly, Thermo Fischer Scientific, and Cummins, Inc. 
    “By attempting to serve in this role with conflicts of interest, you risk spending taxpayer dollars on wasteful DoD contracts that enrich wealthy contractors but fail to enhance Americans’ national security,” said Senator Warren. 
    To address his conflicts of interest, Senator Warren asked him to make five commitments:
    Divest his equity in Anduril; 
    Recuse from any matters involving Anduril; 
    Divest his equity in stock in other major defense contractors; 
    Commit not to seek compensation from any company that works with the Army for four years after leaving government service; and 
    Commit not to lobby the Defense Department for at least four years after leaving office. 
    Some DoD appointees have agreed to a cooling-off period before seeking compensation from defense contractors. For example, Dan Caine, Chairman of the Joint Chiefs of Staff, recently committed not to work for major defense contractors after leaving government.
    Relatedly, multiple former Biden appointees agreed to post-employment lobbying restrictions, including Defense Secretary Lloyd Austin, IRS Chief Counsel Marjorie Rollinson, and Treasury Assistant Secretary for Investment Security Paul Rosen.
    Senator Warren asked Obadal to make these ethics commitments in writing by May 9, 2025. 
    Senator Warren has sought to protect servicemembers and national security by pushing defense nominees to resolve their conflicts of interest: 
    In March 2025, ahead of his confirmation vote, Senator Elizabeth Warren wrote to Deputy Defense Secretary Nominee Stephen Feinberg, urging him to recuse himself from all matters related to Ligado Networks, which has a pending $39 billion lawsuit against the DoD. 
    In March 2025, Senator Elizabeth Warren wrote to Mr. Emil Michael, nominee for Under Secretary of Defense for Research and Engineering, with concern over his history of inappropriate behavior at work, his attacks on journalists and public accountability, and his ties to technology companies that may seek contracts with the Department of Defense. 
    In February 2025, ahead of his confirmation hearing before the Senate Armed Services Committee, Senator Elizabeth Warren wrote to Mr. Stephen Feinberg, nominee for Deputy Secretary of the Department of Defense, pressing him to explain his “serious conflicts of interest” and his track record of mismanagement.
    In January 2025, Senator Elizabeth Warren wrote to Mr. Michael Duffey, nominee for Under Secretary of Defense for Acquisition and Sustainment of the Department of Defense, ahead of his confirmation hearing, with serious concerns about his record, which include violating the law, disregarding Congressional authority, and his involvement in Project 2025. 
    In January 2025, Senator Elizabeth Warren wrote to Mr. Pete Hegseth, nominee for Secretary of the Department of Defense, regarding his ethics conflicts ahead of the Senate’s consideration of his nomination. Mr. Hegseth’s household’s ownership of stock in several defense contractors and his unwillingness to commit to the same post-employment restrictions he previously advocated for were particularly troubling for a prospective Secretary of Defense.
    In March 2024, Senator Elizabeth Warren secured ethics commitments from Douglas Schmidt, ahead of his confirmation to be the Director of Operational Test and Evaluation (DOT&E) for the Department of Defense.
    In June 2023, Senator Elizabeth Warren and representative Andy Kim reintroduced the Department of Defense Ethics and Anti-Corruption Act, to limit the influence of contractors on the military, constrain foreign influence on retired senior military officers, and assert greater transparency over contractors and their interaction with DoD.
    In July 2021, Senator Elizabeth Warren secured agreements to four-year recusals from former clients’ and employers’ party matters from then-Secretary of the Air Force Frank Kendall and then-USD(R&E) Heidi Shyu.
    In January 2021, Senator Elizabeth Warren secured a commitment from General Lloyd Austin III, then-nominee for Secretary of Defense, to extend his recusal from Raytheon Technologies for four years and to not seek a position on the board of a defense contractor or become a lobbyist after his government service.

    MIL OSI USA News –

  • MIL-OSI Russia: Jamaica: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 8, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Kingston, Jamaica: An International Monetary Fund (IMF) team led by Mr. Mauricio Villafuerte held meetings in Kingston (and virtually) with Jamaica government counterparts, private sector, civil society, and development partners during April 30-May 7 to conduct the 2025 Article IV consultation. At the conclusion of the mission, Mr. Villafuerte issued the following statement:   

    “Over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations, and strengthened its external position. It has built an enviable track record of investing in institutions and prioritizing macroeconomic stability. Jamaica has met recent global shocks and natural disasters in a manner that is agile, prudent, and supportive of growth.

    GDP declined in FY2024/25 due to hurricane Beryl and tropical storm Raphael which damaged agriculture and infrastructure and undermined tourism. Nonetheless,  economic activity is projected to normalize as these effects wane. Unemployment has fallen to all-time low levels (3.7 percent in January 2025) and inflation has converged to the Bank of Jamaica (BOJ)’s target band of 4-6 percent. The current account has been in a modest surplus for the last two fiscal years with strong tourism revenues and high remittances. The international reserves’ position has continued to improve.

    “The outlook points to growth settling at its potential rate once the FY2025/26 recovery is complete and with inflation stabilizing at the BOJ’s target range. Nonetheless, global developments require continued close monitoring. Global downside risks emanating from tighter global financial conditions, lower growth in key source markets for tourism, and trade policy disruptions remain high. Finally, extreme weather events—such as floods, hurricanes, or earthquakes—could negatively affect economic activity.

    “The Jamaican authorities continue to implement sound macroeconomic policies, aided by robust policy frameworks. A primary surplus is expected for FY2025/26 leading public debt to fall towards 65 percent of GDP by the end of the fiscal year, the lowest level in 25 years and well below pre-pandemic levels. The Bank of Jamaica’s approach to monetary policy has anchored inflation around the mid-point of the inflation target band and inflation expectations have declined close to the upper band of the BOJ’s target range. The lowering of the policy rate in 2024 was justified in view of the temporary nature of the weather-related shocks and the expected convergence of inflation to the BOJ’s target. The current fiscal-monetary policy mix places Jamaica in a good position to respond to the various downside global risks, should they be realized.

    “The policy frameworks are benefitting from ongoing improvements. A Fiscal Commission became operational in 2025 and is providing assessments of the macroeconomic and fiscal forecasts as well as the budget’s consistency with Jamaica’s fiscal rules. The wage bill reform has reduced distortions in public sector compensation, increasing both transparency and competitiveness of civil service salaries. Tax and customs administration improvements are increasing compliance. Progress continues with adopting the Basel III framework, introducing a “twin peaks” supervisory regime, expanding the BOJ’s supervisory perimeter, and enhancing consolidated supervision.

    “Going forward the wage bill needs to be carefully managed to avoid crowding out other fiscal priorities. At the same time, there is room to improve the efficiency of public spending per recommendations of an Agile Public Expenditure and Financial Accountability assessment completed in June 2024. The fiscal responsibility law could benefit from the adoption of an explicit operational debt anchor below the current debt limit to help guide policies over the medium term, ensure that debt is kept at moderate levels, and build fiscal buffers. Implementing reforms to deepen foreign exchange market and allow greater exchange rate flexibility would strengthen the transmission mechanism of monetary policy. Financial stability should be further bolstered by passing the Special Resolution Regime law and making further improvements to the AML/CFT framework.

    “The authorities are implementing policies to foster potential growth and tackle supply side constraints that inhibit growth. Low productivity has been worsened by structural impediments including high crime, barriers to competition, poor educational outcomes, inadequate infrastructure, and barriers to trade. The authorities are addressing these issues by increasing investments in policing and security (which has led to a sustained decline in major crimes). Efforts are also underway to establish an unemployment insurance and strengthen employment services (including job counseling and job matching). The authorities continue to introduce measures to reduce pollution and incentivize the adoption of low carbon technologies. Finally, a comprehensive action plan is being developed to improve statistics.  

    “The IMF team is grateful to the Jamaican authorities and other counterparts for their hospitality and very productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

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

    https://www.imf.org/en/News/Articles/2025/05/08/mcs-05072025-jamaica-staff-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Pacvue Appoints Ross McNab as Chief Revenue Officer to Accelerate Global Growth

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) — Pacvue, the leading commerce acceleration platform that integrates retail media, commerce management and measurement, today announced the hiring of Ross McNab to Chief Revenue Officer, where he will continue to drive the company’s overall growth strategy and expansion. Most recently, McNab was Chief Revenue Officer at Vistar Media, and has held executive roles at Cardlytics and MediaMath.

    “Our vision of connecting and powering the global retail media ecosystem is bold—and achieving it requires exceptional talent that can help us scale with speed and impact,” said Rahul Choraria, CEO of Pacvue. “Ross has a proven track record of scaling revenue and leading high-performing teams around the world. His expertise will be instrumental in our next phase of growth.”

    Under McNab’s leadership, Vistar Media’s US and international revenue grew 50%, ultimately leading to a $650M acquisition by T-Mobile. Through his work at Cardlytics and MediaMath, McNab has driven profitable growth by evolving businesses from transactional sales to long-term partnerships. Cardlytics revenue almost doubled during his tenure, despite turbulent market conditions, by creating proven value for both Marketer and Financial Institution partners. At MediaMath, he focused the US commercial model on SaaS, winning industry-leading clients like AT&T and P&G against category giants.

    “Pacvue has played a significant role in driving innovation in commerce and retail media forward,” said McNab. “Their ability to stay ahead of market shifts and deliver tangible results for clients is unmatched. I’m thrilled to combine my experiences with the talented team at Pacvue to keep pushing boundaries. Our focus will remain on putting clients first while scaling smart, high-impact commercial strategies that drive outsized results.”

    In addition to the hiring of McNab, Pacuve is promoting Sunava Dutta to Chief Product Officer. Previously the Senior Vice President of Product for Pacvue’s Enterprise Division, Dutta was instrumental in bringing new AI-powered tools to market. Pacvue also promoted Zoe Lu to Executive Vice President and General Manager of Helium 10. She previously served as Senior Vice President and General Manager, where she led the product and commercial teams.

    “At Pacvue, we invest in game-changers, and Sunava and Zoe are prime examples,” said Melissa Burdick, Co-founder and President. “They’ve been instrumental in our growth, and we’re excited to see them take on new challenges and lead Pacvue to even greater heights.”

    Visit Pacvue.com to learn about its latest commerce solutions and recent company developments.

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

    Media Contact:
    Scott Samson
    SamsonPR
    scott@samsonpr.com
    415.781.9005

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5682e899-95bb-49f0-8a71-b6a848e2b30a.

    The MIL Network –

  • MIL-OSI: Live Ventures Reports Fiscal Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 08, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal second quarter 2025 ended March 31, 2025. 

    Fiscal Second Quarter 2025 Key Highlights:

    • Revenue was $107.0 million, compared to $118.6 million in the prior year period
    • Operating income increased $2.9 million to $2.1 million, compared to an operating loss of $0.8 million in the prior year period
    • Successfully negotiated a $19 million reduction on the balance owed under the Flooring Liquidators, Inc. (“Flooring Liquidators”) seller note, which, when including the cancellation of accrued interest and other items, resulted in a $22.8 million net gain for Live Ventures
    • Income before provision for income taxes was $21.1 million, compared to the prior year period loss before benefit from income taxes of $4.5 million. Income before provision for income taxes for the second quarter of 2025 includes the $22.8 million gain as described above
    • Adjusted EBITDA¹ increased $2.0 million to $6.4 million, compared to $4.5 million in the prior year period
    • Repurchased 31,323 shares of the Company’s common stock at an average price of $8.28 per share
    • Total assets of $393.6 million and stockholders’ equity of $88.9 million as of March 31, 2025
    • Approximately $26.6 million of cash and availability under the Company’s credit facilities as of March 31, 2025

    “Continuing the trend from the first quarter of fiscal year 2025, our Retail-Entertainment and Steel Manufacturing segments delivered improved operating performance in the second quarter, with higher operating income and operating margin compared to the same period last year. At the same time, ongoing softness in the new home construction and home refurbishment markets continued to pressure our Retail-Flooring and Flooring Manufacturing segments, where reduced consumer demand impacted performance,” commented David Verret, Chief Financial Officer of Live Ventures.

    “We are pleased with the operational improvements in our Retail-Entertainment and Steel Manufacturing segments during the first half of the year,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “In response to our flooring businesses’ industry-specific challenges, we are implementing measures to enhance efficiency. In the second quarter, we initiated large cost-reduction initiatives in the Retail-Flooring segment, which have already resulted in significant savings. We remain focused on operational excellence and are confident in the long-term fundamentals of our businesses.”

     
    Second Quarter FY 2025 Financial Summary (in thousands except per share amounts)
      For the three months ended March 31,
        2025     2024     % Change
    Revenue $ 107,013   $ 118,626     -9.8 %
    Operating income (loss) $ 2,092   $ (838 )   N/A
    Income (loss) before provision for income taxes $ 21,103   $ (4,498 )   N/A
    Net income (loss) $ 15,866   $ (3,281 )   N/A
    Diluted earnings (loss) per share $ 5.05   $ (1.04 )   N/A
    Adjusted EBITDA¹ $ 6,446   $ 4,457     44.6 %
                       

    Revenue decreased approximately $11.6 million, or 9.8%, to approximately $107.0 million for the quarter ended March 31, 2025, compared to revenue of approximately $118.6 million in the prior year period. The decrease is attributable to the Retail-Flooring, Flooring Manufacturing, and Steel Manufacturing segments, which decreased by approximately $13.2 million in the aggregate.

    Operating income increased approximately $2.9 million, to approximately $2.1 million for the quarter ended March 31, 2025, compared with an operating loss of approximately $0.8 million in the prior year period. Operating income increased primarily due to lower general and administrative expenses and sales and marketing expenses resulting from cost reduction initiatives at the Retail-Flooring segment and lower general and administrative expenses in the Corporate and Other segment.

    For the quarter ended March 31, 2025, income before provision for income taxes was $21.1 million, compared to the prior year period loss before benefit from income taxes of $4.5 million. The increase in income before provision for income taxes is primarily attributable to a $22.8 million gain on a modification of the Flooring Liquidators seller note.

    Adjusted EBITDA¹ for the quarter ended March 31, 2025 was approximately $6.4 million, an increase of approximately $2.0 million, or 44.6%, compared to the prior year period Adjusted EBITDA of $4.5 million. Adjusted EBITDA increased primarily due to lower operating expenses at the Retail-Flooring segment resulting from cost reduction initiatives.

    As of March 31, 2025, the Company had total cash availability of $26.6 million, consisting of cash on hand of $6.9 million and availability under its various lines of credit of $19.7 million.

    Second Quarter FY 2025 Segment Results (in thousands)

      For the three months ended March 31,
        2025       2024     % Change
    Revenue          
    Retail – Entertainment $ 18,467     $ 16,842     9.6 %
    Retail – Flooring   27,399       32,032     -14.5 %
    Flooring Manufacturing   29,820       34,180     -12.8 %
    Steel Manufacturing   31,321       35,488     -11.7 %
    Corporate & Other   6       84     -92.9 %
    Total Revenue $ 107,013     $ 118,626     -9.8 %
               
      For the three months ended March 31,
        2025       2024     % Change
    Operating Income (loss)          
    Retail – Entertainment $ 2,498     $ 1,784     40.0 %
    Retail – Flooring   (2,741 )     (3,023 )   9.3 %
    Flooring Manufacturing   1,483       1,978     -25.0 %
    Steel Manufacturing   2,196       872     151.8 %
    Corporate & Other   (1,344 )     (2,449 )   45.2 %
    Total Operating Income $ 2,092     $ (838 )   N/A
               
      For the three months ended March 31,
        2025       2024     % Change
    Adjusted EBITDA¹          
    Retail – Entertainment $ 2,755     $ 2,153     28.0 %
    Retail – Flooring   (1,778 )     (1,849 )   3.8 %
    Flooring Manufacturing   2,272       2,897     -21.6 %
    Steel Manufacturing   3,742       2,331     60.5 %
    Corporate & Other   (545 )     (1,075 )   49.3 %
    Total Adjusted EBITDA¹ $ 6,446     $ 4,457     44.6 %
               
    Adjusted EBITDA¹ as a percentage of revenue          
    Retail – Entertainment   14.9 %     12.8 %    
    Retail – Flooring   -6.5 %     -5.8 %    
    Flooring Manufacturing   7.6 %     8.5 %    
    Steel Manufacturing   11.9 %     6.6 %    
    Corporate & Other N/A   N/A    
    Total Adjusted EBITDA¹   6.0 %     3.8 %    
    as a percentage of revenue          
               

    Retail – Entertainment

    The Retail-Entertainment segment revenue for the quarter ended March 31, 2025 was approximately $18.5 million, an increase of approximately $1.6 million, or 9.6%, compared to prior year period revenue of approximately $16.8 million. Revenue increased primarily due to changes in product mix toward new products, which generally have higher selling prices. Gross margin increased to 59.1% for the quarter ended March 31, 2025, compared to 58.4% for the prior year period. The change in product mix contributed to the increase in gross margin. Operating income for the quarter ended March 31, 2025 was approximately $2.5 million, compared to operating income of approximately $1.8 million for the prior year period.

    Retail – Flooring

    The Retail-Flooring segment revenue for the quarter ended March 31, 2025 was approximately $27.4 million, a decrease of approximately $4.6 million, or 14.5%, compared to the prior year period revenue of approximately $32.0 million. The decrease in revenue was primarily attributable to the disposition of certain Johnson Floor & Home Carpet One stores in May 2024. Gross margin for the quarter ended March 31, 2025 was 34.4%, compared to 36.5% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the quarter ended March 31, 2025 was approximately $2.7 million, compared to an operating loss of approximately $3.0 million for the prior year period.

    Flooring Manufacturing

    The Flooring Manufacturing segment revenue for the quarter ended March 31, 2025 was approximately $29.8 million, a decrease of approximately $4.4 million, or 12.8%, compared to prior year period revenue of approximately $34.2 million. The decrease in revenue was primarily due to reduced consumer demand, as a result of the ongoing weakness in the housing market and uncertainty about the current economic outlook. Gross margin was 27.5% for the quarter ended March 31, 2025, compared to 25.6% for the prior year period. The increase in gross margin was primarily due to changes in product mix. Operating income for the quarter ended March 31, 2025 was approximately $1.5 million, compared to approximately $2.0 million in the prior year period.

    Steel Manufacturing

    The Steel Manufacturing segment revenue for the quarter ended March 31, 2025 was approximately $31.3 million, a decrease of approximately $4.2 million, or 11.7%, compared to prior year period revenue of approximately $35.5 million. The decline was primarily driven by lower sales volumes at certain business units, partially offset by incremental revenue of $3.8 million at Central Steel Fabricators, LLC (“Central Steel”), which was acquired in May 2024. Gross margin was 21.2% for the quarter ended March 31, 2025, compared to 14.3% for the prior year period. The increase in gross margin was primarily due to strategic price increases as well as the acquisition of Central Steel. Operating income for the quarter ended March 31, 2025 was approximately $2.2 million, compared to approximately $0.9 million in the prior year period.

    Corporate and Other

    The Corporate and Other segment operating loss was approximately $1.3 million and $2.4 million for the quarters ended March 31, 2025 and 2024, respectively.

    Six Months FY 2025 Financial Summary (in thousands except per share amounts)
      For the six months ended March 31,
        2025     2024     % Change
    Revenue $ 218,521   $ 236,219     -7.5 %
    Operating income $ 2,854   $ 2,703     5.6 %
    Income (loss) before provision for income taxes $ 21,676   $ (5,404 )   N/A
    Net income (loss) $ 16,358   $ (3,963 )   N/A
    Diluted earnings (loss) per share $ 5.20   $ (1.25 )   N/A
    Adjusted EBITDA¹ $ 12,191   $ 13,153     -7.3 %
                       

    Revenue decreased approximately $17.7 million, or 7.5%, to approximately $218.5 million for the six months ended March 31, 2025, compared to revenue of approximately $236.2 million in the prior year period. The decrease is attributable to the Flooring Manufacturing, Retail-Flooring, and Steel Manufacturing segments, which decreased by approximately $20.0 million in the aggregate.

    Operating income increased approximately 5.6% to approximately $2.9 million for the six months ended March 31, 2025, compared with operating income of approximately $2.7 million in the prior year period. The increase in operating income is primarily attributable to lower sales and marketing expenses in the Retail-Flooring segment and lower general and administrative expenses in the Corporate and Other segment.

    For the six months ended March 31, 2025, income before provision for income taxes was approximately $21.7 million, compared with a loss before benefit from income taxes of approximately $5.4 million. The increase in income before provision for income taxes is primarily attributable to the $22.8 million gain on the modification of the Flooring Liquidators seller note and the $2.8 million gain on the settlement of the earnout liability related to the Precision Metal Works, Inc. (“PMW”) acquisition and a $0.7 million gain on the settlement of the PMW seller notes, both in the first quarter of fiscal year 2025.

    Adjusted EBITDA¹ for the six months ended March 31, 2025 was approximately $12.2 million, a decrease of approximately $1.0 million, or 7.3%, compared to the prior year period Adjusted EBITDA of $13.2 million. The decrease in adjusted EBITDA is primarily due to a decrease in gross profit.

    Six Months FY 2025 Segment Results (in thousands)

      For the six months ended March 31,
        2025       2024     % Change
    Revenue          
    Retail – Entertainment $ 39,740     $ 37,428     6.2 %
    Retail – Flooring   59,146       66,351     -10.9 %
    Flooring Manufacturing   55,815       63,425     -12.0 %
    Steel Manufacturing   63,757       68,841     -7.4 %
    Corporate & Other   63       174     -63.8 %
    Total Revenue $ 218,521     $ 236,219     -7.5 %
               
      For the six months ended March 31,
        2025       2024     % Change
    Operating Income (loss)          
    Retail – Entertainment $ 5,905     $ 4,973     18.7 %
    Retail – Flooring   (4,914 )     (2,935 )   -67.4 %
    Flooring Manufacturing   1,401       2,923     -52.1 %
    Steel Manufacturing   3,362       1,855     81.2 %
    Corporate & Other   (2,900 )     (4,113 )   29.5 %
    Total Operating Income $ 2,854     $ 2,703     5.6 %
               
      For the six months ended March 31,
        2025       2024     % Change
    Adjusted EBITDA¹          
    Retail – Entertainment $ 6,565     $ 5,867     11.9 %
    Retail – Flooring   (2,749 )     (546 )   N/A
    Flooring Manufacturing   3,023       4,774     -36.7 %
    Steel Manufacturing   6,543       5,133     27.5 %
    Corporate & Other   (1,191 )     (2,075 )   42.6 %
    Total Adjusted EBITDA¹ $ 12,191     $ 13,153     -7.3 %
               
    Adjusted EBITDA¹ as a percentage of revenue          
    Retail – Entertainment   16.5 %     15.7 %    
    Retail – Flooring   -4.6 %     -0.8 %    
    Flooring Manufacturing   5.4 %     7.5 %    
    Steel Manufacturing   10.3 %     7.5 %    
    Corporate & Other N/A   N/A    
    Total Adjusted EBITDA¹   5.6 %     5.6 %    
    as a percentage of revenue          
               

    Retail – Entertainment

    The Retail-Entertainment segment revenue for the six months ended March 31, 2025 was approximately $39.7 million, an increase of approximately $2.3 million, or 6.2%, compared to prior year period revenue of approximately $37.4 million. Revenue increased primarily due to changes in product mix toward new products, which generally have higher selling prices. Gross margin increased to 57.8% for the six months ended March 31, 2025, compared to 57.1% for the prior year period. The change in product mix contributed to the increase in gross margin. Operating income for the six months ended March 31, 2025 was approximately $5.9 million, compared to operating income of approximately $5.0 million for the prior year period.

    Retail – Flooring

    The Retail-Flooring segment revenue for the six months ended March 31, 2025 was approximately $59.1 million, a decrease of approximately $7.2 million, or 10.9%, compared to the prior year period revenue of approximately $66.4 million. The decrease was primarily attributable to the disposition of certain Johnson Floor & Home Carpet One stores in May 2024. Gross margin for the six months ended March 31, 2025 was 35.9%, compared to 37.3% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the six months ended March 31, 2025 was approximately $4.9 million, compared to an operating loss of approximately $2.9 million for the prior year period. The increase in operating loss was primarily due to the decrease in revenues and gross margin, partially offset by cost reduction initiatives implemented during the second quarter of fiscal 2025.

    Flooring Manufacturing

    The Flooring Manufacturing segment revenue for the six months ended March 31, 2025 was approximately $55.8 million, a decrease of approximately $7.6 million, or 12.0%, compared to prior year period revenue of approximately $63.4 million. The decrease in revenue was primarily due to reduced consumer demand as a result of the ongoing weakness in the housing market and uncertainty about the current economic outlook. Gross margin was 24.6% for the six months ended March 31, 2025, compared to 23.9% for the prior year period. The increase in gross margin was primarily due to changes in product mix. Operating income for the six months ended March 31, 2025 was approximately $1.4 million, compared to operating income of approximately $2.9 million for the prior year period.

    Steel Manufacturing

    The Steel Manufacturing segment revenue for the six months ended March 31, 2025 was approximately $63.8 million, a decrease of approximately $5.0 million or 7.4%, compared to prior year period revenue of approximately $68.8 million. The decline was primarily driven by lower sales volumes at certain business units partially offset by incremental revenue of $6.9 million at Central Steel, which was acquired in May 2024. Gross margin was 19.7% for the six months ended March 31, 2025, compared to 15.0% for the prior year period. The increase in gross margin was primarily due to strategic price increases, as well as the acquisition of Central Steel. Operating income for the six months ended March 31, 2025 was approximately $3.4 million, compared to operating income of approximately $1.9 million in the prior year period.

    Corporate and Other

    The Corporate and Other segment operating loss was approximately $2.9 million and $4.1 million for the six months ended March 31, 2025 and 2024, respectively.

    Non-GAAP Financial Information

    Adjusted EBITDA

    We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.

    Forward-Looking and Cautionary Statements

    The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

    About Live Ventures Incorporated

    Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011, Jon Isaac, Chief Executive Officer and strategic investor, joined the Company’s Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

    Contact:
    Live Ventures Incorporated
    Greg Powell, Director of Investor Relations
    725.500.5597
    gpowell@liveventures.com
    www.liveventures.com

    Source: Live Ventures Incorporated

     
    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
    (dollars in thousands, except per share amounts)
     
      March 31, 2025   September 30, 2024
      (Unaudited)    
    Assets      
    Cash $ 6,931     $ 4,601  
    Trade receivables, net of allowance for doubtful accounts of $2.1 million at March 31, 2025 and $1.5 million at September 30, 2024   41,205       46,861  
    Inventories, net   122,304       126,350  
    Prepaid expenses and other current assets   3,754       4,123  
    Total current assets   174,194       181,935  
    Property and equipment, net   80,540       82,869  
    Right of use asset – operating leases   53,547       55,701  
    Deposits and other assets   1,557       787  
    Intangible assets, net   22,591       25,103  
    Goodwill   61,152       61,152  
    Total assets $ 393,581     $ 407,547  
    Liabilities and Stockholders’ Equity      
    Liabilities:      
    Accounts payable $ 28,368     $ 31,002  
    Accrued liabilities   31,164       31,740  
    Income taxes payable   211       948  
    Current portion of lease obligations – operating leases   13,203       12,885  
    Current portion of lease obligations – finance leases   553       368  
    Current portion of long-term debt   41,423       43,816  
    Current portion of notes payable related parties   10,070       6,400  
    Current portion of seller notes – related parties   —       2,500  
    Total current liabilities   124,992       129,659  
    Long-term debt, net of current portion   53,687       54,994  
    Lease obligation long term – operating leases   44,942       50,111  
    Lease obligation long term – finance leases   42,236       41,677  
    Notes payable related parties, net of current portion   6,894       4,934  
    Seller notes – related parties   18,143       40,361  
    Deferred tax liability   10,607       6,267  
    Other non-current obligations   3,149       6,655  
    Total liabilities   304,650       334,658  
    Commitments and contingencies      
    Stockholders’ equity:      
    Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at March 31, 2025 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding   —       —  
    Common stock, $0.001 par value, 10,000,000 shares authorized, 3,084,351 and 3,131,360 shares issued and outstanding at March 31, 2025 and September 30, 2024, respectively   2       2  
    Paid in capital   69,792       69,692  
    Treasury stock common 741,696 and 694,687 shares as of March 31, 2025 and September 30, 2024, respectively   (9,488 )     (9,072 )
    Treasury stock Series E preferred 80,000 shares as of March 31, 2025 and September 30, 2024   (7 )     (7 )
    Retained earnings   28,632       12,274  
    Total stockholders’ equity   88,931       72,889  
    Total liabilities and stockholders’ equity $ 393,581     $ 407,547  
                   
     
    LIVE VENTURES, INCORPORATED
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands, except per share)
     
      For the Three Months Ended March 31,   For the Six Months Ended March 31,
        2025       2024       2025       2024  
    Revenue $ 107,013     $ 118,626     $ 218,521     $ 236,219  
    Cost of revenue   71,865       83,159       148,011       164,425  
    Gross profit   35,148       35,467       70,510       71,794  
                   
    Operating expenses:              
    General and administrative expenses   28,321       29,824       58,392       57,503  
    Sales and marketing expenses   4,735       6,481       9,264       11,588  
    Total operating expenses   33,056       36,305       67,656       69,091  
    Operating income (loss)   2,092       (838 )     2,854       2,703  
    Other expense:              
    Interest expense, net   (3,933 )     (4,167 )     (8,095 )     (8,330 )
    Gain on extinguishment of debt   —       —       713       —  
    Gain on settlement of earnout liability   —       —       2,840       —  
    Gain on modification of seller note   22,784       —       22,784       —  
    Other income   160       507       580       223  
    Total other income (expense), net   19,011       (3,660 )     18,822       (8,107 )
    Income (loss) before provision for income taxes   21,103       (4,498 )     21,676       (5,404 )
    Provision for (benefit from) income taxes   5,237       (1,217 )     5,318       (1,441 )
    Net income (loss) $ 15,866     $ (3,281 )   $ 16,358     $ (3,963 )
                   
    Income (loss) per share:              
    Basic $ 5.10     $ (1.04 )   $ 5.25     $ (1.25 )
    Diluted $ 5.05     $ (1.04 )   $ 5.20     $ (1.25 )
                   
    Weighted average common shares outstanding:              
    Basic   3,109,362       3,154,771       3,113,864       3,159,180  
    Diluted   3,138,717       3,154,771       3,143,219       3,159,180  
                                   
     
    LIVE VENTURES INCORPORATED
    NON-GAAP MEASURES RECONCILIATION
     
    Adjusted EBITDA

    The following table provides a reconciliation of Net (loss) income to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):
     
      For the Three Months Ended   For the Six Months Ended
      March 31, 2025   March 31, 2024   March 31, 2025   March 31, 2024
    Net income (loss) $ 15,866     $ (3,281 )   $ 16,358     $ (3,963 )
    Depreciation and amortization   4,401       4,188       8,816       8,483  
    Stock-based compensation   49       50       100       100  
    Interest expense, net   3,933       4,167       8,095       8,330  
    Income tax expense (benefit)   5,237       (1,217 )     5,318       (1,441 )
    Gain on extinguishment of debt   —       —       (713 )     —  
    Gain on modification of seller note   (22,784 )     —       (22,784 )     —  
    Gain on settlement of earnout liability   —       —       (2,840 )     —  
    Acquisition costs   —       468       —       874  
    Debt acquisition costs   —       —       —       183  
    Other non-recurring charges   (256 )     82       (159 )     587  
    Adjusted EBITDA $ 6,446     $ 4,457     $ 12,191     $ 13,153  
     

    1 Adjusted EBITDA is a non-GAAP measure. A reconciliation of the non-GAAP measures is included below.

    The MIL Network –

  • MIL-OSI: GAMCO Investors, Inc. Reports Results for the First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Quarter End AUM of $31.2 billion
    • Operating Margin of 32.4% for the First Quarter
    • First Quarter Earnings of $0.81 per Share versus $0.64 per Share in the First Quarter of 2024
    • $175.4 million in Cash, Cash Equivalents, Seed Capital, and Investments, and No Debt
    • Entered Partnership with Keeley on May 1st of 4 Open-End Funds and ~500 Separately Managed Accounts from Keeley-Teton, Adding Close to $1.0 billion in AUM
    • Opened an office in Zurich, Switzerland

    GREENWICH, Conn., May 08, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended March 31, 2025.

    Financial Highlights

    (In thousands, except percentages and per share data)
        Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
    U.S. GAAP              
    Revenue   $ 57,328     $ 59,262     $ 56,945    
    Expenses     38,735       42,130       41,597    
    Operating income     18,593       17,132       15,348    
    Non-operating income     1,220       3,452       4,372    
    Net income     18,271       15,269       15,810    
    Diluted earnings per share   $ 0.81     $ 0.64     $ 0.64    
    Operating margin     32.4 %     28.9 %     27.0 %  
                   


    Giving Back to Society – $80 million since IPO

    Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

    On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

    Revenue

    (In thousands) Three Months Ended  
      March 31, 2025   March 31, 2024  
    Investment advisory and incentive fees        
    Funds $ 38,681     $ 37,270    
    Institutional and Private Wealth Management   15,101       15,196    
    SICAV   4       6    
    Total $ 53,786     $ 52,472    
    Distribution fees and other income   3,542       4,473    
    Total revenue $ 57,328     $ 56,945    
             

    The year over year increase in Funds revenues was primarily the result of higher average assets under management. The decrease in Institutional and Private Wealth Management revenues was primarily the result of lower beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

    Expenses

    (In thousands) Three Months Ended  
      March 31, 2025   March 31, 2024  
    Compensation $ 26,616     $ 28,554    
    Management fee   2,202       2,191    
    Distribution costs   5,138       5,950    
    Other operating expenses   4,779       4,902    
    Total expenses $ 38,735     $ 41,597    
             
    • The lower compensation expense in the first quarter of 2025 when compared to the prior year quarter reflected $2.8 million of waived compensation partially offset by increased fixed compensation of $0.2 million and increased variable compensation of $0.6 million.

    Operating Margin

    The operating margin, which represents the ratio of operating income to revenue, was 32.4% for the first quarter of 2025 compared with 27.0% for the first quarter of 2024.

    Non-Operating Income

    (In thousands) Three Months Ended  
      March 31, 2025   March 31, 2024  
    Gain/(loss) from investments, net $ (110 )   $ 1,632    
    Interest and dividend income   1,622       3,033    
    Interest expense (a)   (292 )     (293 )  
    Total non-operating income $ 1,220     $ 4,372    
             
    (a) Related to GAAP accounting of finance lease.
             

    Non-operating income decreased $3.2 million for the quarter, reflecting the mark-to-market net loss on our investment portfolio for the quarter and a decrease in interest and dividend income.

    Other Financial Highlights

    The effective income tax rate (“ETR”) for the first quarter of 2025 was 7.8% versus 19.8% for the first quarter of 2024. The ETR for the first quarter of 2025 consisted of the statutory Federal tax rate of 21% offset by a net state income credit rate of 13.2%, relating to the release of an uncertain tax position accrual as a result of a settlement with New York State whereby the Company gave up the right to a refund in exchange for the closing of the audit years 2007-2014.

    Cash, cash equivalents, and investments were $175.4 million with no debt at March 31, 2025.

    Growth Initiatives: Lift-outs, Partnerships, Joint Ventures, New Markets

    • Partnership with Keeley management will enhance our research and portfolio teams for small and mid-cap focused assets

    On May 1, 2025, Gabelli completed partnership with the Keeley family for the management contracts of 4 open-end funds and approximately 500 separately managed accounts from Teton Advisors, LLC, adding close to $1.0 billion of AUM. The current Chicago-based Keeley research, portfolio management, and client service teammates have joined Gabelli and continue to manage and service these AUM. Our history with the Keeley founder, John L. Keeley, Jr., goes back to before the founding of our enterprise from the mid-1960s when John L. Keeley, Jr. and our Executive Chairman were both sell side analysts. Both firms are privileged to continue our shared focus on a client first culture.

    • Opened Zurich office with lift-out of research and sales teammates.

    Assets Under Management

    (In millions) As of  
      March 31, 2025   December 31, 2024   March 31, 2024  
                 
    Mutual Funds $ 7,959     $ 8,078     $ 8,235    
    Closed-end Funds   7,365       7,344       7,313    
    Institutional & PWM (a) (b)   10,182       10,700       11,146    
    SICAV   9       9       9    
    Total Equities   25,515       26,131       26,703    
                 
    100% U.S. Treasury Money Market Fund   5,638       5,552       4,965    
    Institutional & PWM Fixed Income   32       32       32    
    Total Treasuries & Fixed Income   5,670       5,584       4,997    
    Total Assets Under Management $ 31,185     $ 31,715     $ 31,700    
                 
    (a) Includes $206, $242, and $345 of AUM subadvised for Teton Advisors, Inc. at March 31, 2025,  
    December 31, 2024, and March 31, 2024, respectively.  
    (b) Includes $233, $237, and $225 of 100% U.S. Treasury Money Market Fund AUM at March 31, 2025,  
    December 31, 2024, and March 31, 2024, respectively.  
                 

    Assets under management on March 31, 2025 were $31.2 billion, a decrease of 1.6% from the $31.7 billion on December 31, 2024. The quarter’s decrease consisted of net outflows of $0.7 billion, and distributions, net of reinvestments, of $0.1 billion partially offset by net market appreciation of $0.3 billion.

    Mutual Funds

    Assets under management in Mutual Funds on March 31, 2025 were $8.0 billion, a decrease of 1.2% from the $8.1 billion at December 31, 2024. The quarterly change was attributed to:

    • Distributions, net of reinvestment, of $4 million;
    • Net outflows of $199 million; and
    • Net market appreciation of $84 million.

    Closed-end Funds

    Assets under management in Closed-end Funds on March 31, 2025 were $7.4 billion, an increase of 1.4% from the $7.3 billion on December 31, 2024. The quarterly change was comprised of:

    • Distributions, net of reinvestment, of $138 million;
    • Net outflows of $40 million, including the redemption of $37 million of preferred shares, and the repurchase of $11 million of common stock partially offset by the issuance of $8 million preferred shares; and
    • Net market appreciation of $199 million.

    Institutional & PWM

    Assets under management in Institutional & PWM on March 31, 2025 were $10.2 billion, a decrease of 4.7% from the $10.7 billion on December 31, 2024. The quarterly change was due to:

    • Net outflows of $481 million; and
    • Net market depreciation of $37 million.

    SICAV

    Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on March 31, 2025, unchanged from $9 million at December 31, 2024.

    100% U.S. Treasury Money Market Fund

    Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on March 31, 2025 were $5.6 billion unchanged from the $5.6 billion at December 31, 2024.


    The Gabelli Gold Fund – Up 32% For 1    stquarter of 2025

    Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 1st quarter 2025 performance:

    The gold price performed strongly in the first quarter of 2025, building on its gains over the past two years. Gold ended the quarter at $3,124 per ounce for a gain of about $500 per ounce or 19.0%. Gold mining equities returned in excess of 30%, outperforming the gold price by over fifty percent. Until recently, the gold price has appreciated largely due to overseas central bank buying. However, more recently, investors have been adding to their gold holdings. This is evidenced by the rise in ounces of gold held by all the gold bullion ETFs. During the first quarter, gold ETFs added over 5m ounces to 88.0m ounces, which amounts to about $15bn. Unsurprisingly, in a strong quarter for gold stocks, our larger holdings were the top contributors to performance. The biggest contributor was Agnico Eagle, our largest holding, which appreciated by 39.1% and added 3.5% to performance. Other leading contributors were Newmont, Kinross, and Alamos. In terms of stock price performance, some of our smaller producers and development companies dominated. In this environment, gold should perform well and gold equities, that are over twenty five percent lower than their 2011 high, offer an opportunity for significant capital gains and income.

    Assets Under Administration

    (In millions) As of  
      March 31, 2025   December 31, 2024   March 31, 2024  
                 
    Teton-Keeley Funds (a) $ 750     $ 809     $ 952    
    SICAV   401       408       580    
    Total Assets Under Administration $ 1,151     $ 1,217     $ 1,532    
                 
    (a) Includes $206, $242 and $345 of AUM subadvised for Teton Advisors, Inc. at  
    March 31, 2025, December 31, 2024 and March 31, 2024, respectively.  
                 

    AUA on March 31, 2025 were $1.2 billion, unchanged from the $1.2 billion at December 31, 2024.

    Return to Shareholders

    During the first quarter of 2025, Gabelli returned $14.1 million to shareholders in the form of the repurchase of 499,710 shares for $12.3 million at an average investment of $24.27 per share and a regular quarterly dividend of $0.08 per share totaling $1.8 million. From April 1, 2025 to May 7, 2025, the Company has repurchased 19,213 shares at an average price of $20.90 per share for an aggregate purchase price of approximately $0.4 million.

    On May 7, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, which is payable on June 24, 2025 to class A and class B shareholders of record on June 10, 2025.

    Balance Sheet Information        

    As of March 31, 2025, cash, cash equivalents, and U.S Treasury Bills were $103.5 million and investments were $71.9 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $116.5 million and investments of $66.3 million as of December 31, 2024. As of March 31, 2025, stockholders’ equity was $141.6 million compared to $137.3 million as of December 31, 2024. The increase in stockholders’ equity resulted from $18.3 million in net income offset partially by the payment of $1.8 million in dividends and $12.3 million of stock buybacks.

    Symposiums/Conferences

    • On February 27th, we hosted our 35th Annual Pump, Valve & Water Systems Symposium. The symposium focused on themes crucial to this industry, including infrastructure spending, resource security, conservation, and M&A.
    • On March 20th, we hosted our 16th Annual Specialty Chemicals Symposium. The symposium featured presentations from senior management of leading specialty chemicals companies, with a focus on pricing power, margin recovery, interest rates, destocking, global supply chain, global demand trends, and the M&A environment.
    • On May 2nd, GAMCO hosted its 19th annual Omaha Research Trip in conjunction with the Berkshire Hathaway Annual Meeting. This Value Investor Conference attracted a record number of participants with Gabelli portfolio managers anchoring panels with noted Berkshire experts and regional CEOs.

    We are hosting the following symposiums and conferences in 2025:


    About Gabelli

    Gabelli (OTCQX: GAMI), established in 1977 and incorporated under the laws of Delaware, is a widely-recognized provider of investment advisory services to 24 open-end funds, 13 United States closed-end funds and one United Kingdom limited investment company, 5 actively managed exchange traded funds, one société d’investissement à capital variable, and approximately 1,400 institutional and private wealth management investors principally in the U.S. The Company’s revenues are based primarily on the levels of assets under management and fees associated with the various investment products.

    In 1977, Gabelli launched its well-known All Cap Value equity strategy, Gabelli Value, in a separate account format and in 1986 entered the mutual fund business. Today, Gabelli offers a diverse set of client solutions across asset classes (e.g. Equities, Debt Instruments, Convertibles, non-market correlated Merger Arbitrage), regions, market capitalizations, sectors (e.g. Gold, Utilities) and investment styles (e.g. Value, Growth). Gabelli serves a broad client base, including institutions, intermediaries, offshore investors, private wealth, and direct retail investors.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
    Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

    Money Market Fund

    Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

    Gold

    Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

    As of March 31, 2025, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

    Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

    GAMCO Investors, Inc. and Subsidiaries  
    Condensed Consolidated Statements of Operations (Unaudited)  
    (in thousands, except per share data)  
      Three Months Ended  
      March 31, 2025   December 31, 2024   March 31, 2024  
    Revenue:            
    Investment advisory and incentive fees $ 53,786     $ 55,502     $ 52,472    
    Distribution fees and other income   3,542       3,760       4,473    
    Total revenue   57,328       59,262       56,945    
    Expenses:            
    Compensation   26,616       28,839       28,554    
    Management fee   2,202       2,287       2,191    
    Distribution costs   5,138       5,634       5,950    
    Other operating expenses   4,779       5,370       4,902    
    Total expenses   38,735       42,130       41,597    
    Operating income   18,593       17,132       15,348    
    Non-operating income:            
    Gain/(loss) from investments, net   (110 )     644       1,632    
    Interest and dividend income   1,622       3,090       3,033    
    Interest expense   (292 )     (282 )     (293 )  
    Total non-operating income   1,220       3,452       4,372    
    Income before provision for income taxes   19,813       20,584       19,720    
    Provision for income taxes   1,542       5,315       3,910    
    Net income $ 18,271     $ 15,269     $ 15,810    
                 
    Earnings per share attributable to common            
    stockholders:            
    Basic $ 0.81     $ 0.64     $ 0.64    
    Diluted $ 0.81     $ 0.64     $ 0.64    
                 
    Weighted average shares outstanding:            
    Basic   22,632       23,971       24,808    
    Diluted   22,632       23,971       24,808    
                 
    Shares outstanding   22,431       22,930       24,585    
                 
    GAMCO Investors, Inc. and Subsidiaries  
    Condensed Consolidated Statements of Financial Condition (Unaudited)  
    (in thousands)  
         
      March 31,   December 31,   March 31,  
        2025       2024       2024    
    Assets            
    Cash and cash equivalents $ 53,596     $ 17,254     $ 65,467    
    Short-term investments in U.S. Treasury Bills   49,900       99,216       99,073    
    Investments in securities   43,117       36,855       30,351    
    Seed capital investments   28,772       29,452       26,184    
    Receivable from brokers   3,030       3,103       1,111    
    Other receivables   20,062       21,246       23,576    
    Deferred tax asset and income tax receivable   9,420       8,042       8,384    
    Other assets   10,207       9,509       9,614    
    Total assets $ 218,104     $ 224,677     $ 263,760    
                 
    Liabilities and stockholders’ equity            
    Income taxes payable $ 9,902     $ 193     $ 3,464    
    Compensation payable   26,915       40,633       25,100    
    Accrued expenses and other liabilities   39,713       46,546       45,910    
    Total liabilities   76,530       87,372       74,474    
                 
    Stockholders’ equity   141,574       137,305       189,286    
    Total liabilities and stockholders’ equity $ 218,104     $ 224,677     $ 263,760    
                 
                 
    GAMCO Investors, Inc. and Subsidiaries   
    Assets Under Management  
    By investment vehicle  
    (in millions)  
      Three Months Ended   % Changed From  
      March 31,   December 31,   March 31,   December 31,   March 31,  
       2025    2024    2024   2024   2024  
    Equities:                    
    Mutual Funds                    
    Beginning of period assets $ 8,078     $ 8,440     $ 7,973            
    Inflows   190       211       176            
    Outflows   (389 )     (420 )     (432 )          
    Net inflows (outflows)   (199 )     (209 )     (256 )          
    Market appreciation (depreciation)   84       (126 )     523            
    Fund distributions, net of reinvestment   (4 )     (27 )     (5 )          
    Total increase (decrease)   (119 )     (362 )     262            
    Assets under management, end of period $ 7,959     $ 8,078     $ 8,235     -1.5 %   -3.4 %  
    Percentage of total assets under management   25.5 %     25.5 %     26.0 %          
    Average assets under management $ 8,176     $ 8,447     $ 7,965     -3.2 %   2.6 %  
                         
    Closed-end Funds                    
    Beginning of period assets $ 7,344     $ 7,459     $ 7,097            
    Inflows   8       212       41            
    Outflows   (48 )     (43 )     (103 )          
    Net inflows (outflows)   (40 )     169       (62 )          
    Market appreciation (depreciation)   199       (155 )     404            
    Fund distributions, net of reinvestment   (138 )     (129 )     (126 )          
    Total increase (decrease)   21       (115 )     216            
    Assets under management, end of period   7,365     $ 7,344     $ 7,313     0.3 %   0.7 %  
    Percentage of total assets under management   23.6 %     23.2 %     23.1 %          
    Average assets under management $ 7,505     $ 7,610     $ 7,060     -1.4 %   6.3 %  
                         
    Institutional & PWM                    
    Beginning of period assets $ 10,700     $ 10,984     $ 10,738            
    Inflows   120       62       66            
    Outflows   (601 )     (407 )     (428 )          
    Net inflows (outflows)   (481 )     (345 )     (362 )          
    Market appreciation (depreciation)   (37 )     61       770            
    Total increase (decrease)   (518 )     (284 )     408            
    Assets under management, end of period $ 10,182     $ 10,700     $ 11,146     -4.8 %   -8.6 %  
    Percentage of total assets under management   32.7 %     33.7 %     35.2 %          
    Average assets under management $ 10,772     $ 11,085     $ 10,798     -2.8 %   -0.2 %  
                         
    SICAV                    
    Beginning of period assets $ 9     $ 9     $ 631            
    Inflows   –       –       –            
    Outflows   –       –       (2 )          
    Net inflows (outflows)   –       –       (2 )          
    Market appreciation (depreciation)   –       –       –            
    Reclassification to AUA   –       –       (620 )          
    Total increase (decrease)   –       –       (622 )          
    Assets under management, end of period $ 9     $ 9     $ 9     0.0 %   0.0 %  
    Percentage of total assets under management   0.0 %     0.0 %     0.0 %          
    Average assets under management $ 9     $ 9     $ 10     0.0 %   -10.0 %  
                         
    Total Equities                    
    Beginning of period assets $ 26,131     $ 26,892     $ 26,439            
    Inflows   318       485       283            
    Outflows   (1,038 )     (870 )     (965 )          
    Net inflows (outflows)   (720 )     (385 )     (682 )          
    Market appreciation (depreciation)   246       (220 )     1,697            
    Fund distributions, net of reinvestment   (142 )     (156 )     (131 )          
    Reclassification to AUA   –       –       (620 )          
    Total increase (decrease)   (616 )     (761 )     264            
    Assets under management, end of period $ 25,515     $ 26,131     $ 26,703     -2.4 %   -4.4 %  
    Percentage of total assets under management   81.8 %     82.4 %     84.2 %          
    Average assets under management $ 26,462     $ 27,151     $ 25,833     -2.5 %   2.4 %  
                         
    GAMCO Investors, Inc. and Subsidiaries   
    Assets Under Management  
    By investment vehicle – continued   
    (in millions)  
      Three Months Ended   % Changed From  
      March 31,   December 31,   March 31,   December 31,   March 31,  
       2025    2024    2024   2024   2024  
    Fixed Income:                    
    100% U.S. Treasury fund                    
    Beginning of period assets $ 5,552     $ 5,268     $ 4,615            
    Inflows   1,372       1,656       1,605            
    Outflows   (1,341 )     (1,440 )     (1,315 )          
    Net inflows (outflows)   31       216       290            
    Market appreciation (depreciation)   55       68       60            
    Total increase (decrease)   86       284       350            
    Assets under management, end of period $ 5,638     $ 5,552     $ 4,965     1.5 %   13.6 %  
    Percentage of total assets under management   18.1 %     17.5 %     15.7 %          
    Average assets under management $ 5,552     $ 5,415     $ 4,832     2.5 %   14.9 %  
                         
    Institutional & PWM Fixed Income                    
    Beginning of period assets $ 32     $ 32     $ 32            
    Inflows   –       –       –            
    Outflows   –       –       –            
    Net inflows (outflows)   –       –       –            
    Market appreciation (depreciation)   –       –       –            
    Total increase (decrease)   –       –       –            
    Assets under management, end of period $ 32     $ 32     $ 32     0.0 %   0.0 %  
    Percentage of total assets under management   0.1 %     0.1 %     0.1 %          
    Average assets under management $ 32     $ 32     $ 32     0.0 %   0.0 %  
                         
    Total Treasuries & Fixed Income                    
    Beginning of period assets $ 5,584     $ 5,300     $ 4,647            
    Inflows   1,372       1,656       1,605            
    Outflows   (1,341 )     (1,440 )     (1,315 )          
    Net inflows (outflows)   31       216       290            
    Market appreciation (depreciation)   55       68       60            
    Total increase (decrease)   86       284       350            
    Assets under management, end of period $ 5,670     $ 5,584     $ 4,997     1.5 %   13.5 %  
    Percentage of total assets under management   18.2 %     17.6 %     15.8 %          
    Average assets under management $ 5,584     $ 5,447     $ 4,864     2.5 %   14.8 %  
                         
    Total AUM                    
    Beginning of period assets $ 31,715     $ 32,192     $ 31,086            
    Inflows   1,690       2,141       1,888            
    Outflows   (2,379 )     (2,310 )     (2,280 )          
    Net inflows (outflows)   (689 )     (169 )     (392 )          
    Market appreciation (depreciation)   301       (152 )     1,757            
    Fund distributions, net of reinvestment   (142 )     (156 )     (131 )          
    Reclassification to AUA   –       –       (620 )          
    Total increase (decrease)   (530 )     (477 )     614            
    Assets under management, end of period $ 31,185     $ 31,715     $ 31,700     -1.7 %   -1.6 %  
    Average assets under management $ 32,046     $ 32,598     $ 30,697     -1.7 %   4.4 %  
                         
       
    Contact: Kieran Caterina
      Chief Accounting Officer
      (914) 921-5149
       
      For further information please visit
      www.gabelli.com
       

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/fdf70333-2c19-43f2-ac7e-f41e523355c5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/14973722-0885-4fca-8e88-5fad950be53c

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    • California Ethanol passes $2 billion cumulative revenue milestone.
    • Aemetis Biogas increased sales by 10,100 MMBtu compared with same quarter last year
    • Sales of investment tax credits resulted in cash proceeds of $19.0 million during Q1 2025.
    • India Biodiesel received letters of intent in April for an aggregate of $31 million of biodiesel sales to OMCs for delivery in May, June and July of 2025.

    CUPERTINO, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that replace petroleum products and reduce greenhouse gas emissions, today announced its financial results for the three months ended March 31, 2025.

    “Revenues during the first quarter of 2025 of $42.9 million reflect continued and strong execution by our California Ethanol and Dairy Renewable Natural Gas segments. After a pause in production and supply under the OMC contracts, our India Biodiesel segment is now approved to return to regular production levels,” said Todd Waltz, Chief Financial Officer of Aemetis. “We look forward to substantial additional revenues when we receive the LCFS provisional pathway approvals that are expected to approximately double our LCFS revenues and receive the federal Inflation Reduction Act Section 45Z production tax credits,” added Waltz.

    “We are pleased with the continued growth of Aemetis Biogas production and continued progress with building a large centralized dairy digester to process waste from four dairies that is expected to be operational in the next few months,” said Eric McAfee, Chairman and CEO of Aemetis. “Our continued focus on significantly improving cash flow from our California Ethanol segment by replacing fossil natural gas with lower carbon electricity is now underway with the fabrication of the equipment for the mechanical vapor recompression project.”

    Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).

    Live Participant Dial In (Toll Free): +1-877-545-0523 entry code 761021
    Live Participant Dial In (International): +1-973-528-0016 entry code 761021
    Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/52416

    For details on the call, please visit http://www.aemetis.com/investors/conference-calls/

    Financial Results for the Three Months Ended March 31, 2025

    Total revenues during the first quarter of 2025 were $42.9 million compared to $72.6 million for the first quarter of 2024. Delays with the receipt of contracts in India from the government-owned Oil Marketing Companies accounted for the decline in revenue. New OMC letters of intent for $31 million were issued in April 2025 and we started shipments in April. Our Keyes ethanol plant increased revenues by $1.7 million due principally to an increase in the average price of Ethanol from $1.79 during 2024 to $1.98 during the first quarter of 2025. Our Dairy Natural Gas segment sold 70,900 MMBtu of renewable natural gas, an increase of 10,100 MMBtu from the same quarter last year.

    Gross loss for the first quarter of 2025 was $5.1 million, compared to a $0.6 million loss during the first quarter of 2024.

    Selling, general and administrative expenses increased by $1.6 million to $10.5 million during the first quarter of 2025 compared to $8.9 million during the same period in 2024, driven primarily from legal and other transaction costs associated with receiving $18 million of cash proceeds from tax credit sales during the first quarter.

    Operating loss was $15.6 million for the first quarter of 2025, compared to operating loss of $9.5 million for the same period in 2024.

    Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $13.7 million during the first quarter of 2025 compared to $10.5 million during the first quarter of 2024. Additionally, Aemetis Biogas recognized $2.3 million of accretion of Series A preferred units during the first quarter of 2025 compared to $3.3 million during the first quarter of 2024.

    Income tax expense included a benefit from the sale of $7.0 million of Investment Tax Credits during the first quarter of 2025.

    Net loss was $24.5 million for the first quarter of 2025, compared to net loss of $24.2 million for the first quarter of 2024.

    Cash at the end of the first quarter of 2025 was $500 thousand compared to $900 thousand at the close of the fourth quarter of 2024. We recorded investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol and construction of dairy digesters of $1.8 million for the first quarter of 2025. Additionally, payments of $15.4 million were applied to the repayment of debt during the first quarter.

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel fuel biorefinery in California, renewable hydrogen, and hydroelectric power to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com. 

    Company Investor Relations
    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations
    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com

    NON-GAAP FINANCIAL INFORMATION

    We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest and amortization expense, income tax expense or benefit, accretion expense, depreciation expense, and share-based compensation expense.

    Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison.

    Safe Harbor Statement

    This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to fund, develop and operate our sustainable aviation fuel and renewable biodiesel projects; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

    (Tables follow)

    AEMETIS, INC.  
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS  
    (unaudited, in thousands, except per share data)  
                   
            For the three months ended March 31,  
              2025       2024    
                   
    Revenues   $ 42,886     $ 72,634    
    Cost of goods sold     47,966       73,246    
    Gross loss     (5,080 )     (612 )  
                   
    Selling, general and administrative expenses     10,475       8,850    
    Operating loss     (15,555 )     (9,462 )  
                   
    Other expense (income):          
      Interest expense          
        Interest rate expense     11,018       9,092    
        Debt related fees and amortization expense   2,675       1,421    
        Accretion and other expenses of Series A preferred units   2,279       3,311    
      Other (income) expense     (215 )     67    
    Loss before income taxes     (31,312 )     (23,353 )  
      Income tax expense (benefit)     (6,783 )     878    
    Net loss   $ (24,529 )   $ (24,231 )  
                   
    Net loss per common share          
      Basic   $ (0.47 )   $ (0.58 )  
      Diluted   $ (0.47 )   $ (0.58 )  
                   
    Weighted average shares outstanding          
      Basic     52,584       41,889    
      Diluted     52,584       41,889    
                   
             
    AEMETIS, INC.
    CONSOLIDATED CONDENSED BALANCE SHEETS
    (in thousands)
                     
              March 31, 2025   December 31, 2024  
              (Unaudited)      
    Assets              
      Current assets:            
        Cash and cash equivalents     $ 499     $ 898    
        Accounts receivable     1,043       1,805    
        Inventories       22,930       25,442    
        Tax credit sale receivable       –       12,300    
        Prepaid and other current assets       4,021       4,251    
      Total current assets       28,493       44,696    
                     
        Property, plant and equipment, net       199,435       199,392    
        Other assets       14,590       15,214    
      Total assets     $ 242,518     $ 259,302    
                     
    Liabilities and stockholders’ deficit            
      Current liabilities:            
        Accounts payable     $ 32,115     $ 33,139    
        Current portion of long term debt       93,669       63,745    
        Short term borrowings     25,878       26,789    
        Other current liabilities       22,939       20,295    
      Total current liabilities       174,601       143,968    
                     
      Total long term liabilities       348,612       379,262    
                     
      Stockholders’ deficit:            
        Common stock     54       51    
        Additional paid-in capital       313,075       305,329    
        Accumulated deficit     (587,471 )     (562,942 )  
        Accumulated other comprehensive loss       (6,353 )     (6,366 )  
      Total stockholders’ deficit       (280,695 )     (263,928 )  
    Total liabilities and stockholders’ deficit     $ 242,518     $ 259,302    
                 
                     
    AEMETIS, INC.
    RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)
    (unaudited, in thousands)
                 
                 
          For the three months ended March 31,  
      EBITDA Calculation   2025       2024    
                 
      Net income (loss) $ (24,529 )   $ (24,231 )  
      Adjustments        
        Interest and amortization expense   13,705       10,525    
        Depreciation expense   2,357       1,798    
        Accretion of Series A preferred units   2,279       3,311    
        Share-based compensation   2,308       2,969    
        Income tax expense (benefit)   (6,783 )     878    
      Total adjustments   13,866       19,481    
                 
      Adjusted EBITDA $ (10,663 )   $ (4,750 )  
                 
                 
    AEMETIS, INC.
    PRODUCTION AND PRICE PERFORMANCE
    (unaudited)
               
      Three Months ended March 31,  
        2025       2024    
               
    California Ethanol          
    Ethanol          
    Gallons sold (in millions)   14.1       14.1    
    Average sales price/gallon $ 1.98     $ 1.79    
    Percent of nameplate capacity   103 %     103 %  
    WDG          
    Tons sold (in thousands)   93       94    
    Average sales price/ton $ 86     $ 98    
    Delivered Cost of Corn          
    Bushels ground (in millions)   4.8       4.9    
    Average delivered cost / bushel $ 6.63     $ 6.33    
               
    California Dairy Renewable Natural Gas          
    Renewable Natural Gas          
    MMBtu sold (in thousands)   70.9       60.8    
    Average price per MMBtu $ 3.65     $ 4.02    
    MMBtu stored as inventory   33.1       46.8    
    RINs          
    RINs sold (in thousands)   388.2       766.4    
    Average price per RIN $ 2.64     $ 3.08    
    LCFS          
    LCFS credits sold (in thousands)   16.0       18.0    
    Average price per LCFS credit $ 72.50     $ 66.00    
               
    India Biodiesel          
    Biodiesel          
    Metric tons sold (in thousands)   0       27.5    
    Average Sales Price/Metric ton $ –     $ 1,127    
    Percent of Nameplate Capacity   0 %     73.4 %  
    Refined Glycerin          
    Metric tons sold (in thousands)   0.0       2.4    
    Average Sales Price/Metric ton $ –     $ 551    

    The MIL Network –

  • MIL-OSI: Angry Shrimp Media Now ‘Go-To’ Growth Engine Builder for Founders and CEOs Scaling Smarter

    Source: GlobeNewswire (MIL-OSI)

    Cape Coral, Florida, May 08, 2025 (GLOBE NEWSWIRE) — Angry Shrimp Media is redefining what smart scale looks like for today’s B2B leaders. Built for SaaS founders & CEOs, VC portfolio companies, and legacy brand owners tired of bloated ads budgets & inefficient funnels; Angry Shrimp delivers lean, high-performing growth systems that actually convert. With customer acquisition costs rising and performance pressure mounting, their proven frameworks are helping Founders and CEOs plug revenue leaks, automate sales pipelines, and scale profitably—without adding unnecessary headcount or overhead. 

    Angry Shrimp Media

    Working at the intersection of marketing automation, strategic business development, and high-ticket sales enablement, Angry Shrimp Media tailors solutions to each client’s customer journey to deliver higher conversion rates and lower customer acquisition costs (CAC). By identifying funnel leaks and building scalable growth architecture, the firm accelerates market adoption while providing companies with predictable revenue paths.

    “At Angry Shrimp Media, we believe that sustainable growth comes from aligning sales, marketing, and operations through intelligent, scalable systems—not guesswork,” said Mandy Gartrell, Founder and CEO. “Our mission is to empower brands to break through their growth ceilings with proven frameworks that blend automation, AI, and strategic insight.”

    Gartrell, a marketing and sales powerhouse with over 16 years of hands-on industry experience; leads a team focused on performance-driven results, not extra costs. The firm’s flexible engagement models—including flat-fee projects, strategic retainers, and revenue-share partnerships—make it an attractive growth partner for companies seeking fast, efficient scale without the burden of expanding internal teams.

    Growth Solutions for a New Era & Leaders Who Want Results

    Angry Shrimp Media’s services are specifically designed for high-growth companies facing challenges in scaling revenue effectively. The firm’s offerings include:

    • Strategic funnel audits and conversion optimization
    • Market Adoption, Architecture, and AI-powered business scaling
    • Full-funnel buildouts and conversion tracking
    • B2B SaaS and legacy brand transformation initiatives
    • Marketing automation systems customized for scalable, repeatable success that also frees up teams and improves efficiency
    • Executive partnership models for CEOs needing senior-level growth strategy without full-time hires
    •  Executive & Founder Growth Leadership Coaching
    • Strategic go-to-market consulting for venture capital backed and legacy businesses

    Angry Shrimp’s impact speaks for itself:

    • A B2B SaaS company saw a 33% increase in qualified leads and a 25% jump in demo-to-close rates after a full-funnel audit and targeted optimization.
    • A PE-backed legacy brand achieved 22% revenue growth in 6 months by implementing a streamlined sales pipeline and automated nurture systems, cutting CAC by 15%.
    • A DTC eCommerce brand scaled to 7-figure revenue while maintaining lean internal operations, thanks to a growth architecture built for efficiency and repeatability.

    By combining AI integration with decades of strategic growth experience, Angry Shrimp Media positions itself as a new kind of partner—one capable of delivering the velocity and precision that today’s competitive market demands.

    About Angry Shrimp Media

    Angry Shrimp Media is a revenue-focused growth consultancy co-founded by Mandy Gartrell, a seasoned Growth Architect and Fractional CMO, and Ryan Gartrell, a sought-after Revenue Operations strategist with over two decades of experience optimizing operational systems and scaling performance. The firm partners with high-growth B2B SaaS companies, venture-backed portfolios, and legacy business owners to engineer smarter scale—driving sustainable revenue through funnel optimization, scalable growth architecture, and sales enablement systems. With a bold name and an even bolder approach, Angry Shrimp Media is the force behind some of today’s most compelling B2B growth stories.

    Learn more at https://angryshrimp.com.

    The MIL Network –

  • MIL-OSI: BermudAir Partners with Zero Hash to Launch First-of-Its-Kind Stablecoin Payments in Air Travel

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, May 08, 2025 (GLOBE NEWSWIRE) — BermudAir, Bermuda’s first homegrown airline, today announced a groundbreaking partnership with Zero Hash to let customers purchase flights with stablecoins as part of the standard booking flow by the end of 2025. The new feature, which makes BermudAir the world’s first airline to offer native stablecoin payments for tickets during online booking on its website and mobile app, will go live by the end of 2025. The collaboration is being showcased today at the inaugural Bermuda Digital Finance Forum, underscoring the event’s focus on empowering local Bermudian businesses through cutting-edge digital finance innovation.

    This partnership will allow BermudAir passengers to natively pay with stablecoins – digital currencies pegged to fiat value – directly on the airline’s website, just as easily as using a credit card. Once live, travelers can select from over a dozen stablecoin options at checkout, enabling seamless payments that settle nearly instantly across borders.

    “By accepting stablecoins, we’re eliminating the friction of currency exchange and foreign transaction fees for our international passengers,” said Adam Scott, Founder and CEO of BermudAir. “As Bermuda’s home airline, we are proud to lead the charge in crypto and stablecoin adoption within aviation. Allowing customers to pay for flights with stablecoins isn’t just about embracing the future of travel – it’s about making the experience faster, cheaper, and more inclusive for travelers worldwide.”

    International visitors represent the majority of Bermuda’s 200,000+ annual air arrivals, many of whom currently face 1–3% foreign transaction fees on credit card bookings.12 By offering a direct stablecoin payment option, BermudAir will offer the opportunity to eliminate those costs and deliver a smoother booking experience for its globally diverse clientele. Stablecoin payments also process 24/7, ensuring ticket purchases can be confirmed in minutes without banking delays, a clear win for travelers and tourism operators.

    Zero Hash, the leading crypto, stablecoin and tokenization infrastructure provider, will power the conversion and settlement of these transactions. Zero Hash Worldwide Ltd., which holds a Class F license issued by the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act, will enable BermudAir to accept digital dollar payments in a compliant, secure manner.

    Zero Hash views stablecoins as a core Alternative Payment Method (APM) poised for mass adoption in everyday transactions. The numbers support this shift: over the past 24 months, nearly 750 million people have gained access to stablecoins and crypto via a primary account on platforms like Revolut, NuBank, Robinhood, PayPal, Stripe, and Venmo. In just the last 30 days, 29.2 million unique wallets processed 705 million stablecoin transactions – totaling $3.3 trillion in volume.3

    The travel industry is uniquely positioned to lead this adoption – an early mover in loyalty programs, digital wallets, and cross-border innovation, it has a proven track record of embracing financial infrastructure before the mainstream.

    “Zero Hash is thrilled to power this first-of-its-kind stablecoin payment offering in the airline industry,” said Edward Woodford, Founder and CEO of Zero Hash. “This partnership with BermudAir exemplifies the convergence of digital finance innovation. By leveraging our stablecoin payments infrastructure, BermudAir can deliver the seamless payments and global accessibility that customers expect in the future of travel. It’s a shining example of stablecoins making a real-world impact, and we’re excited to help empower Bermudian businesses through compliant, cutting-edge technology.”

    The announcement comes amid a broader movement to onboard Bermudian businesses into digital finance. Bermuda’s government has cultivated a robust regulatory framework for fintech, making the island a hub for crypto adoption and innovation.

    The Bermuda Digital Finance Forum, hosted by Penrose Partners, SALT and The Decentralized AI Society (DAIS), is bringing community leaders together to empower local businesses and residents to leverage digital finance.

    This effort builds on BermudAir’s track record of innovation in digital finance, including a prior issuance of stablecoin bond tokens in partnership with crypto custodian XBTO.

    BermudAir’s stablecoin payment feature will be accessed by booking on flybermudair.com and the airline’s mobile app. Travelers will simply choose the stablecoin payment option during checkout, and Zero Hash will seamlessly handle the crypto-to-fiat settlement in real time. Both companies anticipate that this convenience will appeal to overseas travelers and business flyers, who can avoid exchanging currencies or incurring bank fees by paying directly in digital dollars.

    About Zero Hash
    Zero Hash is the leading infrastructure provider for crypto, stablecoin, and tokenized assets. Its API and embeddable dev-kit enables innovators to easily launch solutions across cross-border payments, commerce, trading, remittance, payroll, tokenization and on/off-ramps.

    Zero Hash powers solutions for some of the largest and innovative companies including Interactive Brokers, Stripe, Shift4, Franklin Templeton, Felix Pago, Kalshi and LightSpark. Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash Worldwide Ltd. holds a Class F license issued by the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act 2018 of Bermuda.

    Zero Hash Trust Company LLC has been approved by the North Carolina Commissioner of Banks as a non-depository trust company.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Learn more by visiting zerohash.com or following us on X @ZeroHashX

    About BermudAir
    BermudAir is Bermuda’s airline, committed to redefining the travel experience. With a fleet of Embraer E175 and E190 aircraft renowned for exceptional performance and passenger comfort, BermudAir exemplifies its commitment to excellence. Operating convenient flights to and from Westchester Country Airport, Boston Logan International Airport, Fort Lauderdale-Hollywood International Airport, Orlando International Airport, Charleston International Airport, Raleigh-Durham International Airport, Bradley International Airport and Baltimore/Washington International Thurgood Marshall Airport, Rhode Island T. F. Green International Airport, and Richmond International Airport. BermudAir enhances connectivity to the U.S. East Coast, contributing to the growth and prosperity of Bermuda. BermudAir also operates flights to Toronto Pearson International Airport, Halifax Stanfield International Airport, and Montréal-Pierre Elliott Trudeau International Airport in Canada. With a dedication to exceptional service and curated onboard offerings that showcase the island’s renowned hospitality and varied food and beverages available locally, BermudAir provides an unparalleled travel experience. For more information, and to book flights, please visit www.flybermudair.com.

    1gotobermuda 2024 Visitor Arrivals Report
    2bankrate.com
    3Artemis Terminal

    The MIL Network –

  • MIL-OSI: Blue Mantis Expands Leadership Team to Drive Growth, Innovation and Market Impact

    Source: GlobeNewswire (MIL-OSI)

    PORTSMOUTH, N.H., May 08, 2025 (GLOBE NEWSWIRE) — Blue Mantis, a leading provider of digital strategy and services specializing in managed services, cybersecurity and cloud solutions, today announced the appointments of Ruya Barrett as Chief Marketing Officer (CMO) and Scott Pintsopoulos as Vice President (VP) of Sales. Barrett and Pintsopoulos both report to Chief Revenue Officer (CRO) Terry Richardson. The appointments reinforce Blue Mantis’ commitment to scaling its go-to-market team and enhancing its ability to deliver innovative, customer-focused solutions to mid-market enterprises.

    “Blue Mantis is committed to leading and advising our clients as they take on the often-challenging task of IT modernization,” said Terry Richardson, Blue Mantis CRO. “Scott has a proven track record of driving enterprise growth and delivering strategic, customer-focused solutions. His leadership, combined with Ruya’s marketing expertise, will help Blue Mantis continue to scale to serve more enterprises undergoing digital transformation initiatives. Their collective customer-centric mindset will further enhance our ability to deliver innovative solutions and drive measurable business outcomes.”

    Elevating Blue Mantis’ Brand and Market Impact

    As Chief Marketing Officer, Ruya Barrett is responsible for driving Blue Mantis’ strategic marketing vision, shaping the company’s brand identity and strengthening its market positioning. She leads all internal and external marketing functions, including content, demand generation, public relations, social media, and marketing analytics with a focus on building upon Blue Mantis’ strong reputation for long-term client partnerships.

    Barrett brings over 20 years of experience accelerating growth for both startups and Fortune 500 companies. Her career spans leadership roles at EMC, VCE and HPE, where she applied her deep technical expertise and full-lifecycle product knowledge to develop innovative go-to-market strategies. Most recently, she served as Vice President of International Field Marketing and Demand Generation at Dell, where she led a global program that contributed over $1 billion to the company’s marketing pipeline.

    Spearheading Revenue Growth and Sales Strategy

    As VP of Sales, Pintsopoulos is contributing to Blue Mantis’ growth and market expansion by driving revenue growth, optimizing sales strategies and continuing to expand the company’s overall market presence. Pintsopoulos brings a strong track record of building positive cultures and high-performance teams and is an accomplished sales, operations and customer success leader. Throughout his career, Pintsopoulos has worked within early-stage equity-backed organizations, as well as mature regional, national and global companies.

    Scott brings over 23 years of Executive Management experience to Blue Mantis across his 32 year career in IT Services. Most recently, Pintsopoulos was chief revenue officer (CRO) of Bluum, an education technology solutions provider, where he led all go-to-market (GTM) functions including field sales, marketing, sales enablement and transformation and drove over $600 million in annual revenue. Prior to Bluum, Pintsopoulos held Executive Leadership positions at Udacity, NWN and NetTeks/ INX.

    About Blue Mantis
    Blue Mantis is a security-first, IT solutions and services provider with a 30+ year history of successfully helping clients achieve business modernization by applying next-generation technologies including managed services, cybersecurity, cloud and collaboration. Headquartered in Portsmouth, New Hampshire, the company provides digital technology services and strategic guidance to ensure clients quickly adapt and grow through automation and innovation. Blue Mantis partners with more than 1,500 leading mid-market and enterprise organizations in a multitude of vertical industries and is backed by leading private equity firm, Recognize. For more information about Blue Mantis and its services, please visit www.bluemantis.com.

    Contact
    Shannon Cieciuch
    Touchdown PR for Blue Mantis
    Bluemantis@touchdownpr.com

    The MIL Network –

  • MIL-OSI: Parex Resources Announces First Quarter Results, Declaration of Q2 2025 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended March 31, 2025, the declaration of its Q2 2025 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “We entered the year with a disciplined and diversified plan aimed at delivering steady performance, and given current market volatility, are focused on sustaining base production and maintaining flexibility,” commented Imad Mohsen, President & Chief Executive Officer.

    “After a measured first quarter, drilling activity is increasing consistent with our budget. The recent tuck-in acquisition of LLA-32, an asset integral to our development plans, along with encouraging exploration results, represent key milestones that will drive near-term production. While we are well-positioned to deliver a strong second half, we will closely monitor commodity prices and our capital allocation throughout the year to maximize shareholder value.”

    Key Highlights

    • Generated Q1 2025 funds flow provided by operations (“FFO”)(1) of $122 million and FFO per share(2)(3) of $1.24.
    • Tracking to deliver FY 2025 average production guidance of 43,000 to 47,000 boe/d; YTD 2025 average production is approximately 43,100 boe/d(5)(7), with plans intact for a growing H2 2025 production profile.
    • Positive initial results at two prospects in the Southern Llanos, which are driving near-field exploration momentum.
    • Capital expenditure(6) guidance for FY 2025 remains at $285 to $315 million, though the Company continues to monitor commodity prices and could revise lower if warranted by market conditions.
    • Executed a tuck-in acquisition of the remaining working interest at LLA-32 for total consideration of $16 million.

    Q1 2025 Results

    • Average oil & natural gas production was 43,658 boe/d(7).
    • Realized net income of $81 million or $0.82 per share basic(3).
    • Generated FFO(1) of $122 million and FFO per share(2)(3) of $1.24.
    • Current taxes were $12 million; at current Brent crude oil strip pricing, the Company expects its FY 2025 effective current tax rate to be 0-3%.
    • Produced an operating netback(2) of $39.40/boe and an FFO netback(2) of $30.90/boe from an average Brent price of $74.98/bbl.
    • Incurred $57 million of capital expenditures(6), primarily from activities at Cabrestero, Capachos, and LLA-34.
    • Generated $65 million of free funds flow(6) that was used for return of capital initiatives, $10 million of bank debt repayment and increasing working capital surplus(1); working capital surplus(1) was $69 million and cash $81 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 524,900 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Based on weighted average basic shares for the period.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Based on Q1 2025 actuals and estimated April 2025 average production; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended
    (unaudited) Mar. 31, Mar. 31, Dec. 31,
      2025 2024 2024
    Operational      
    Average daily production      
    Light Crude Oil and Medium Crude Oil (bbl/d) 10,650   7,237   9,550  
    Heavy Crude Oil (bbl/d) 32,207   45,543   34,882  
    Crude Oil (bbl/d) 42,857   52,780   44,432  
    Conventional Natural Gas (mcf/d) 4,806   3,348   5,190  
    Oil & Gas (boe/d)(1) 43,658   53,338   45,297  
           
    Operating netback ($/boe)      
    Reference price – Brent ($/bbl) 74.98   81.87   74.01  
    Oil & gas sales(4) 67.29   70.80   63.73  
    Royalties(4) (9.22 ) (11.21 ) (9.43 )
    Net revenue(4) 58.07   59.59   54.30  
    Production expense(4) (14.41 ) (12.64 ) (15.53 )
    Transportation expense(4) (4.26 ) (3.40 ) (3.87 )
    Operating netback ($/boe)(2) 39.40   43.55   34.90  
           
    Funds flow provided by operations netback ($/boe)(2) 30.90   31.32   32.39  
           
    Financial ($000s except per share amounts)      
           
    Net income 80,629   60,093   (69,051 )
    Per share – basic(6) 0.82   0.58   (0.70 )
           
    Funds flow provided by operations(5) 121,944   148,307   141,201  
    Per share – basic(2)(6) 1.24   1.43   1.43  
           
    Capital expenditures(3) 57,054   85,421   82,110  
           
    Free funds flow(3) 64,890   62,886   59,091  
           
    EBITDA(3) 139,032   192,078   (10,419 )
    Adjusted EBITDA(3) 135,407   188,228   137,312  
           
    Long-term inventory expenditures (4,648 ) 3,843   (2,569 )
           
    Dividends paid 26,365   28,531   26,658  
    Per share – Cdn$(4)(6) 0.385   0.375   0.385  
           
    Shares repurchased 5,239   15,291   16,408  
    Number of shares repurchased (000s) 525   920   1,692  
           
    Outstanding shares (end of period) (000s)      
    Basic 97,814   102,914   98,339  
    Weighted average basic 98,115   103,474   99,063  
    Diluted(8) 99,105   103,829   99,238  
           
    Working capital surplus (deficit)(5) 69,040   55,901   59,397  
    Bank debt(7) 50,000   60,000   60,000  
    Cash 81,025   61,052   98,022  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares.
    (7) Borrowing limit of $240.0 million as of March 31, 2025.
    (8) Diluted shares as stated include common shares and stock options outstanding at period-end. The March 31, 2025 closing stock price was C$13.42 per share.

    LLA-32 Tuck-In Acquisition

    On March 14, 2025, Parex executed a tuck-in acquisition for the remaining working interest at LLA-32 for total consideration of $16 million. LLA-32 is located to the north and adjacent to the Company’s core LLA-34 and Cabrestero blocks.

    The strategic rationale for the acquisition was to gain full control of the asset, grow production, expand inventory, and add low-cost recompletion opportunities.

    Following the close of the acquisition, Parex started a workover program with positive results thus far, and in Q2 2025, initiated a five-well development campaign. Current production from LLA-32 is roughly 4,000 boe/d(1).

    Operational Update

    2025 Corporate Guidance & Outlook

    While Parex’s 2025 corporate guidance of average production of 43,000 to 47,000 boe/d and capital expenditures of $285 to $315 million remains unchanged as previously disclosed, the Company is closely monitoring oil price volatility to ensure that project economics remain robust.

    Given the conventional nature of Parex’s business and the structure of its drilling and service contracts, optionality exists to adjust activity levels in response to prevailing market conditions in order to ensure efficient capital allocation and maximization of shareholder value.

    For Q2 2025, average production is expected to be similar to Q1 2025, supported by increased development activity and preliminary near-field exploration success.

    Operational Update

    Average production for Q1 2025 of 43,658 boe/d(2) was in line with Management expectations. The quarter progressed steadily, which is aligned with the Company’s activity plan to support a growing H2 2025 production profile, as previously disclosed.

    April 2025 average production was 41,400 boe/d(3), with production generally consistent with lower activity levels and modest capital outlay in Q1 2025, as well as higher than budgeted downtime due to weather factors. Downtime levels have normalized and initial average production rates in May are roughly 43,200 boe/d(4).

    With budgeted activity underway, operational momentum is expected to build through the remainder of the year. Parex currently has three drilling rigs operating (two operated and one non-operated). In addition to enhanced oil recovery initiatives at Cabrestero and LLA-34, activity for Q2 2025 is primarily focused on development wells that are planned to be sequential in nature and located on existing pads that enable efficient production across parallel operations.

    Near-Term Development Activity

    • Drilling at LLA-34 that is expected to continue through Q2 2025, resulting in the expected completion of six in-fill wells;
    • Commencing operations at LLA-32, with the first well of the campaign to be completed in late Q2 2025; and
    • Achieving initial access in the Putumayo, with activity starting with a workover rig in Q2 2025.

    Near-Field Exploration Program plus Follow-Up Drilling

    As part of this program, two separate prospects have yielded positive initial results in the Southern Llanos, where operations are ongoing:

    • On LLA-74, a prospect was drilled successfully.
      • Initial production began in early May, with current output of approximately 1,200 bbl/d of heavy crude oil(5).
    • Also on LLA-74, a prospect was drilled via a vertical well.
      • Based on management’s positive initial assessment, the program has progressed with the design of two horizontal wells to optimize production and recovery.
      • The first follow-up horizontal well is currently being drilled, with expected production in late May.

    (1) Estimated average production for April 1, 2025 to April 30, 2025; light & medium crude oil: ~3,409 bbl/d, conventional natural gas: ~3,544 mcf/d; rounded for presentation purposes.
    (2) See “Operational and Financial Highlights” for a breakdown of production by product type.
    (3) Estimated average production for April 1, 2025 to April 30, 2025; light & medium crude oil: ~10,099 bbl/d, heavy crude oil: ~30,541 bbl/d, conventional natural gas: ~4,557 mcf/d; rounded for presentation purposes.
    (4) Estimated average production for May 1, 2025 to May 6, 2025; light & medium crude oil: ~10,538 bbl/d, heavy crude oil: ~31,869 bbl/d, conventional natural gas: ~4,756 mcf/d; rounded for presentation purposes.
    (5) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Risk Management

    For Q1 2025, Parex entered into a Brent crude oil hedge to manage price risk on approximately 25% of planned net crude oil production, utilizing a Brent put spread at $60/bbl and $70/bbl. For Q2 2025, Parex entered into similar hedges for the months of April 2025 and May 2025.

    Parex plans to regularly evaluate market conditions, operational requirements, and other pertinent factors, to assess the need for any additional hedging actions as it progresses through 2025.

    Return of Capital Update

    Q2 2025 Dividend

    Parex’s Board of Directors have approved a Q2 2025 regular dividend of C$0.385 per share to shareholders of record on June 9, 2025, to be paid on June 16, 2025. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Normal Course Issuer Bids

    In 2025, Parex has repurchased approximately 0.7 million shares under its NCIBs, for total consideration of roughly C$10 million.

    Q1 2025 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q1 2025 results on Thursday, May 8, 2025, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID: 5403995
    Participant Toll-Free Dial-In Number: 1-646-307-1963
    Participant Dial-In Number: 1-647-932-3411
    Webcast: https://events.q4inc.com/attendee/867962059

    Annual General Meeting

    On Thursday, May 8, 2025, Parex will hold its Annual General Meeting at 11:00 am MT (1:00 pm ET) both in-person and virtually. Participants may attend at the 4th Floor Conference Center, Eight Avenue Place, East Tower, 525, 8th Ave SW, Calgary, Alberta – and virtual participants can join through the following link: https:meetnow.global/M4SULLK.

    Additional information regarding the Annual General Meeting, including meeting materials, can be found at www.parexresources.com under Investors.

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Senior Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Property, plant and equipment expenditures $ 44,951   $ 40,831   $ 62,799
    Exploration and evaluation expenditures   12,103     44,590     19,311
    Capital expenditures $ 57,054   $ 85,421   $ 82,110


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the normal course issuer bid and dividends, without accessing outside funds and is calculated as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Cash provided by operating activities $ 87,621   $ 97,412   $ 67,847
    Net change in non-cash assets and liabilities   34,323     50,895     73,354
    Funds flow provided by operations   121,944     148,307     141,201
    Capital expenditures   57,054     85,421     82,110
    Free funds flow $ 64,890   $ 62,886   $ 59,091


    EBITDA    , is a non-GAAP financial measure that is defined as net income (loss) adjusted for finance income and expenses, other expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, share-based compensation expense (recovery), unrealized foreign exchange gains (losses) and unrealized gains (losses) on risk management contracts.

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrate Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Net income (loss) $ 80,629     $ 60,093     $ (69,051 )
    Adjustments to reconcile net income (loss) to EBITDA:          
    Finance income   (1,297 )     (1,257 )     (998 )
    Finance expense   5,056       4,455       4,318  
    Other expenses   1,147       739       2,208  
    Income tax expense (recovery)   3,078       75,817       (880 )
    Depletion, depreciation and amortization   50,419       52,231       53,984  
    EBITDA $ 139,032     $ 192,078     $ (10,419 )
    Non-cash impairment charges   —       —       137,841  
    Share-based compensation expense (recovery)   2,092       (2,463 )     6,149  
    Unrealized foreign exchange (gain) loss   (4,919 )     (1,387 )     2,581  
    Unrealized (gain) loss on risk management contracts   (798 )     —       1,160  
    Adjusted EBITDA $ 135,407     $ 188,228     $ 137,312  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash assets and liabilities, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash assets and liabilities. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Cash provided by operating activities $ 87,621   $ 97,412   $ 67,847
    Net change in non-cash assets and liabilities   34,323     50,895     73,354
    Funds flow provided by operations $ 121,944   $ 148,307   $ 141,201

    Working capital surplus, is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus is defined as current assets less current liabilities.

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Current assets $ 259,256   $ 276,113   $ 245,943
    Current liabilities   190,216     220,212     186,546
    Working capital surplus $ 69,040   $ 55,901   $ 59,397


    Supplementary Financial Measures

    “Oil and natural gas sales price per boe” is comprised of total commodity sales from oil and natural gas production, as determined in accordance with IFRS, divided by the total oil and natural gas sales volumes including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and includes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Company’s drilling activity, the Company’s production profile, prospects in the Southern Llanos, the LLA-32 tuck-in acquisition, drilling and programs at LLA-34, LLA-32, Putumayo, and LLA-74; expectations about the Company’s FY 2025 tax rate; plans with respect to assessing the need for additional hedging in 2025; the anticipated terms of the Company’s Q2 2025 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q1 2025 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; an unpredictable tariff and trade environment; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2025; the risk that Parex’s 2025 capital expenditures may be greater or less than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; and other factors, many of which are beyond the control of the Company.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2025 capital expenditure guidance; Parex 2025 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q2 2025 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl one barrel
    bbls barrels
    bbl/d barrels per day
    boe barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d barrels of oil equivalent of natural gas per day
    mcf thousand cubic feet
    mcf/d thousand cubic feet per day
    W.I. working interest

    PDF available: http://ml.globenewswire.com/Resource/Download/974163af-5043-41d6-a129-53a272c53539

    The MIL Network –

  • MIL-OSI United Kingdom: Help us improve Park and Ride sites across York

    Source: City of York

    Published Thursday, 8 May 2025

    City of York Council has today begun a month-long public consultation to help inform the design of future improvements at five of York’s Park and Ride sites.

    The planned works aim to attract new customers to use the Park & Ride, and will provide more accessible, easier to use facilities and greater transport options such as improved cycling parking.  Five of York’s six Park and Ride sites are included in the project; Poppleton Bar, Grimston Bar, Askham Bar, Rawcliffe Bar and Monks Cross. The Designer Outlet Park and Ride site is not owned by the council, so will not be affected by the planned upgrades.

    The changes proposed include:

    • The introduction of overnight car parking at Rawcliffe Bar and Askham Bar Park and Ride sites to support the city’s residents and visitors, plus our thriving overnight economy.
    • Better located dedicated parking for oversized vehicles at Askham Bar, Rawcliffe Bar and Grimston Bar (daytime only). A new building will also be delivered to replace outdated facilities at Grimston
    • Improvements to the accessibility of the sites and parking areas; new waiting facilities, lighting, pathways, refurbished toilets including Changing Places facilities
    • Improved facilities for multi-modal trips. The improvements included will vary by site (e.g. long-distance bus and coach routes, car club vehicles, improved cycle parking and lockers).

    Overnight parking will offer greater flexibility to both residents taking trips away from York (e.g. using Park and Ride to connect to train services for commuting or a weekend away) as well as visitors coming into the city for overnight stays. It will be offered at Askham Bar and Rawcliffe Bar – chosen because they are most easily reached from major towns and cities such as Leeds.

    Some of the main principles of offering overnight parking are:

    • Drivers will have access to their cars 24 hours a day, so you can drop off or collect your car at any time
    • Offering a viable option for longer stays that avoids the need to drive into and pay for parking in the city centre, helping reduce congestion
    • The sites will have improved CCTV, security and lighting
    • Bus services won’t be running through the night. Taxis or cycles can be used to get to either site and collect your car during hours when buses aren’t running
    • The service will not be offered to vehicles higher than a small van – so will not be available for campervans or caravans. No facilities will be offered and no one will be able to stay in their vehicle overnight.

    The project is fully funded by the UK Government’s Bus Service Improvement Plan (BSIP). York was allocated over £17m to improve the city’s bus network and £4m of this has been allocated to improving the Park and Ride sites. Alongside the Park and Ride project, BSIP funding is being used to deliver an on-going programme of works to install new real-time information screens across the city and surrounding villages; improved lighting and shelters, plus reducing fares for young people to just £1.

    Last year saw a considerable increase in Park and Ride usage, with over 4.5m passenger journeys – the highest number since the Covid pandemic.

    Cllr Kate Ravilious, Executive Member for Transport at City of York Council, said:

    “York’s Park and Ride is already a huge success story, offering excellent services for York’s residents, commuters and visitors. This project will increase transport options for everyone, making the sites themselves more accessible, encouraging even greater use. By introducing overnight parking at two sites we will offer a convenient alternative to driving and parking in the city centre, helping to reduce traffic congestion, improve bus reliability and free up the roads for those who need to drive.

    “I’d encourage everyone, whether you live in York or further afield, and whether you use the Park and Ride or not, to feedback on our proposals and help us maximise the benefits of the Park & Ride site upgrades”.

    The consultation is open between Thursday 8 May and Monday 9 June.

    To take part people can:

    • Read and complete the online survey at ourbigconversation.york.gov.uk
    • Email us at ourbigconversation@york.gov.uk, or write to us via freepost: Park and Ride Consultation, Freepost RTEG-TYYU-KLTZ, City of York Council, West Offices, Station Rise, York, YO1 6GA
    • Phone customer services on 01904 551550 and they will pass a message to the project team

    To find out more visit ourbigconversation.york.gov.uk

    MIL OSI United Kingdom –

  • MIL-OSI: CoreCard Corporation Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NORCROSS, Ga., May 08, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD) (“CoreCard” or the “Company”), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended March 31, 2025.

    “Overall revenue of $16.7 million in the first quarter exceeded our expectations, reflecting year-over-year total revenue growth of 28%, primarily driven by higher professional services rates from our largest customer and continued growth from our other customers,” said Leland Strange, CEO of CoreCard. “We continue to see encouraging results from the ongoing investment in our platform and processing capabilities, and we continue to onboard new customers that value the features and functionality offered by the CoreCard platform.”

    Financial Highlights for the three months ended March 31, 2025

    Total revenues in the three-month period ended March 31, 2025, was $16.7 million compared to $13.1 million in the comparable period in 2024.

    In the following table, revenue is disaggregated by type of revenue for the three months ended March 31, 2025, and 2024:

      Three Months Ended
      March 31,
    (in thousands) 2025     2024  
    License $ —     $ —  
    Professional services   8,702       5,826  
    Processing and maintenance   6,343       6,152  
    Third party   1,643       1,098  
    Total $ 16,688     $ 13,076  

    Income from operations was $2.8 million for the first quarter compared to income from operations of $0.5 million in the comparable prior year quarter.

    Net income was $1.9 million for the first quarter compared to net income of $0.4 million in the comparable prior year quarter.

    Earnings per diluted share was $0.24 for the first quarter compared to $0.05 in the comparable prior year quarter.

    Adjusted earnings per diluted share was $0.28 for the first quarter compared to $0.07 in the comparable prior year quarter.

    Adjusted EBITDA was $4.0 million for the first quarter compared to $1.7 million in the comparable prior year quarter.

    Use of Non-GAAP Financial Measures

    Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “Information Regarding Non-GAAP Financial Measures”.

    Investor Conference Call
    The company is holding an investor conference call today, May 8, 2025, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecardq12025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

    The company will file its Form 10-Q for the period ended March 31, 2025, with the Securities and Exchange Commission today. For additional information about reported results, investors will be able to access the Form 10-Q on the company’s website at investors.corecard.com or on the SEC website, www.sec.gov.

    About CoreCard

    CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    Forward-Looking Statements

    The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    CoreCard Corporation
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited, in thousands, except share and per share amounts)
     
      Three Months Ended March 31,
        2025       2024  
    Revenue    
    Services $ 16,688     $ 13,076  
    Products   —       —  
    Total net revenue   16,688       13,076  
    Cost of revenue    
    Services   9,380       9,500  
    Products   —       —  
    Total cost of revenue   9,380       9,500  
    Expenses    
    Marketing   136       114  
    General and administrative   1,794       1,427  
    Development   2,571       1,508  
    Income from operations   2,807       527  
    Investment loss   (435 )     (204 )
    Other income, net   137       256  
    Income before income taxes   2,509       579  
    Income taxes   603       149  
    Net income $ 1,906     $ 430  
    Earnings per share:    
    Basic $ 0.24     $ 0.05  
    Diluted $ 0.24     $ 0.05  
    Basic weighted average common shares outstanding   7,786,679       8,236,135  
    Diluted weighted average common shares outstanding   8,086,423       8,247,788  
    CoreCard Corporation
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share and per share amounts)
     
    As of March 31, 2025   December 31, 2024
    ASSETS (unaudited)   (audited)
    Current assets:          
    Cash $ 22,068     $ 19,481  
    Marketable securities   5,575       5,410  
    Accounts receivable, net   8,527       10,235  
    Other current assets   5,145       5,048  
    Total current assets   41,315       40,174  
    Investments   3,344       3,776  
    Property and equipment, at cost less accumulated depreciation   13,605       12,282  
    Other long-term assets   6,130       6,106  
    Total assets $ 64,394     $ 62,338  
    LIABILITIES AND STOCKHOLDERS’ EQUITY    
    Current liabilities:    
    Accounts payable $ 1,514     $ 823  
    Deferred revenue, current portion   1,927       2,033  
    Accrued payroll   2,341       2,856  
    Accrued expenses   821       723  
    Other current liabilities   1,731       2,017  
    Total current liabilities   8,334       8,452  
    Noncurrent liabilities:    
    Deferred revenue, net of current portion   82       118  
    Long-term lease obligation   1,599       1,816  
    Other long-term liabilities   321       255  
    Total noncurrent liabilities   2,002       2,189  
    Stockholders’ equity:    
    Common stock, $0.01 par value: Authorized shares – 20,000,000;    
    Issued shares – 9,026,940 at March 31, 2025 and December 31, 2024    
    Outstanding shares – 7,786,679 at March 31, 2025 and December 31, 2024   92       91  
    Additional paid-in capital   18,400       17,928  
    Treasury stock, 1,240,261 shares at March 31, 2025 and December 31, 2024, at cost   (27,997 )     (27,997 )
    Accumulated other comprehensive loss   (111 )     (93 )
    Accumulated income   63,674       61,768  
    Total stockholders’ equity   54,058       51,697  
    Total liabilities and stockholders’ equity $ 64,394     $ 62,338  

    For further information, call
    Matt White, 770-564-5504 or
    email to matt@corecard.com

    Reconciliation of GAAP to NON-GAAP Measures

    Information Regarding Non-GAAP Measures

    In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. CoreCard considers Adjusted EBITDA and Adjusted earnings per diluted share (“Adjusted EPS”) as supplemental measures of the company’s performance that is not required by, nor presented in accordance with GAAP.

    We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization; share-based compensation expense; income tax expense (benefit); investment income (loss); and other income (expense), net. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.

    We define Adjusted EPS as diluted earnings per share adjusted to exclude the impact of share-based compensation expense. We believe that Adjusted EPS is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.

    Adjusted EPS and Adjusted EBITDA should not be considered in isolation, or construed as an alternative to net income, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company’s liquidity. In addition, other companies may calculate Adjusted EPS and Adjusted EBITDA differently than CoreCard, which limits its usefulness in comparing CoreCard’s financial results with those of other companies.

    The following table shows CoreCard’s GAAP results reconciled to non-GAAP results included in this release:

      Three Months Ended
      March 31,
    (in thousands)   2025     2024
    GAAP net income $ 1,906     $ 430  
    Share-based compensation   473       160  
    Income tax benefit   (118 )     (40 )
    Adjusted net income $ 2,261     $ 550  
    Adjusted EPS $ 0.28     $ 0.07  
    Weighted-average shares   8,086       8,248  
      Three Months Ended
      March 31,
    (in thousands)   2025     2024
    GAAP net income $ 1,906     $ 430  
    Depreciation and amortization   745       1,025  
    Share-based compensation   473       160  
    Investment loss   435       204  
    Other income, net   (137 )     (256 )
    Income tax expense   603       149  
    Adjusted EBITDA $ 4,025     $ 1,712  
    Total Revenue $ 16,688     $ 13,076  
    Adjusted EBITDA Margin   24.1 %     13.1 %

    The MIL Network –

  • MIL-OSI: BigCommerce Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, May 08, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce” or the “Company”) (Nasdaq: BIGC), an open SaaS, composable ecommerce platform for fast-growing and established B2C and B2B brands, retailers, manufacturers and distributors, today announced financial results for its first quarter ended March 31, 2025.

    “Our transformation efforts are leading to encouraging signs of progress, including positive increases in pipeline and leads in the three months ended March 31, 2025,” said Travis Hess, CEO of BigCommerce. “We have acted decisively to transform the Company, brought in top leaders with SaaS and commerce expertise, and invested strategically to strengthen our core offerings for B2B and B2C businesses across all three of our products, BigCommerce, Feedonomics and Makeswift. Reaccelerating growth remains our top priority for the remainder of this year.”

    First Quarter Financial Highlights:

    • Total revenue was $82.4 million, up 3% compared to the first quarter of 2024.
    • Total annual revenue run-rate (“ARR”) as of March 31, 2025 was $350.8 million, up 3% compared to March 31, 2024.
    • Subscription solutions revenue was $62.1 million, up 2% compared to the first quarter of 2024.
    • ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $263.8 million as of March 31, 2025, up 6% from March 31, 2024.
    • ARR from Enterprise Accounts as a percent of total ARR was 75% as of March 31, 2025, compared to 73% as of March 31, 2024.
    • GAAP gross margin was 79%, compared to 77% in the first quarter of 2024. Non-GAAP gross margin was 80%, compared to 78% in the first quarter of 2024.

    Other Key Business Metrics

    • Number of enterprise accounts was 5,825, down 2% compared to the first quarter of 2024.
    • Average revenue per account (“ARPA”) of enterprise accounts was $45,290, up 9% compared to the first quarter of 2024.
    • Revenue in the United States grew by 2% compared to the first quarter of 2024.
    • Revenue in EMEA grew by 8% and revenue in APAC declined by 5% compared to the first quarter of 2024.

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

    • GAAP loss from operations was ($2.4) million, compared to ($8.2) million in the first quarter of 2024.
    • Included in GAAP loss from operations was a restructuring charge of $1.9 million.
    • Non-GAAP operating income was $7.6 million, compared to $3.2 million in the first quarter of 2024.

    Net Income (Loss) and Earnings Per Share

    • GAAP net loss was ($0.4) million, compared to ($6.4) million in the first quarter of 2024.
    • Non-GAAP net income was $5.7 million or 7% of revenue, compared to $5.0 million or 6% of revenue in the first quarter of 2024.
    • GAAP basic net loss per share was ($0.00) based on 78.8 million shares of common stock, compared to ($0.08) based on 76.6 million shares of common stock in the first quarter of 2024.
    • Non-GAAP basic net income per share was $0.07 based on 78.8 million shares of common stock, compared to $0.07 based on 76.6 million shares of common stock in the first quarter of 2024.

    Adjusted EBITDA

    • Adjusted EBITDA was $8.8 million, compared to $4.2 million in the first quarter of 2024.

    Cash

    • Cash, cash equivalents, restricted cash, and marketable securities totaled $121.9 million as of March 31, 2025.
    • For the three months ended March 31, 2025, net cash provided by operating activities was $401 thousand, compared to ($3.4) million used in operating activities for the same period in 2024. We reported free cash flow of ($2.9) million in the three months ended March 31, 2025, which included a one-time charge related to the cash paid for the website domain name.

    Business Highlights:

    Corporate Highlights

    • In February, the Company announced the addition of Rob Walter as its Chief Revenue Officer. Walter is a seasoned revenue leader with 20 years of ecommerce experience leading sales and go-to-market teams at successful companies including Salesforce, Ebay, ChannelAdviser and Amplience.
    • Michelle Suzuki also joined BigCommerce as the Company’s Chief Marketing Officer. Suzuki brings more than 25 years of experience scaling and transforming high-growth companies, including renowned technology companies such as EMC, Ancestry and Ivanti.
    • In April, Vipul Shah joined the Company as its new Chief Product Officer, bringing over two decades of experience building innovative products and business models at PayPal, Google, J.P. Morgan and Wells Fargo. Shah leads product management, product design and product strategy groups across all three of the Company’s products – BigCommerce, Feedonomics and Makeswift.
    • BigCommerce also added SaaS and ecommerce veteran Andrew Norman as senior vice president and general manager for EMEA to lead BigCommerce’s go-to-market strategy in EMEA. He has 25 years’ experience executing international expansion plans for SaaS technology companies, including 15 years’ experience in the ecommerce market.
    • In March, BigCommerce hosted its 2025 Investor Day, where members of the Company’s leadership team discussed the Company’s strategic vision, product offerings, financial performance and long-term growth opportunities, followed by a live Q&A session.

    Product Highlights

    • BigCommerce announced updates to Catalyst, its next generation storefront technology. With one click from the Control Panel, marketers can now launch and design a new store that comes optimized for high performance out of the box, making it so that they no longer have to sacrifice marketing usability for modern technology. Catalyst’s differentiator is its fully integrated marketing-friendly visual editor, Makeswift, which sets a new standard for creating fast, modern ecommerce storefronts without the limits of rigid templates or heavy development costs.
    • The Company unveiled innovative enhancements to its B2B products designed to help sales teams operate more efficiently and streamline processes so they can respond quickly to market demands and focus on growth. These updates, Configure-Price-Quote (CPQ) and Multi-Company Account Hierarchy and Advanced Permissioning, enable faster quote conversion and minimize redundant account management processes so that merchants can respond dynamically to market demands and scale without being bogged down by manual tasks.
    • BigCommerce also announced a three-pronged product launch that strengthens the app-building experience for developers, extending the BigCommerce platform’s overall functionality.

    Customer Highlights

    • Kittery Trading Post, whose Maine brick-and-mortar location has been an outdoor sporting goods destination for over 80 years, migrated from Salesforce Commerce Cloud to BigCommerce with an implementation led by BigCommerce partner Mira Commerce that took them live in three months.
    • Champion Sports, a 60-year-old manufacturer of high-quality sports, fitness and physical education equipment, launched a new B2B store with BigCommerce agency partner MoJo Active and an integration with Sage 100.
    • Crew Clothing, the iconic 30-year-old British casual clothing brand, launched a new B2C storefront for its Ben Sherman brand in the US, featuring integrations with Retail247 and Global-e. The company plans to roll out four more new websites for additional brands throughout the year.
    • EuroOptic, an online retailer specializing in high-quality sporting optics and performance gear, launched a new headless store using Vercel and Makeswift and integrated with Feedonomics, Netsuite and Payment Putty. BigCommerce partner MoJo Active led the implementation, which also uses BigCommerce’s Multi-Storefront functionality.
    • EGO, a UK-based fashion brand specializing in trendy women’s footwear, clothing, and accessories, migrated from Magento to BigCommerce with international stores in Europe, North America and Australia and an additional UK storefront in progress. BigCommerce agency partner TakeFortyTwo assisted Ego’s in-house team with the Multi-Storefront headless implementation hosted by Alokai.

    Partner Highlights

    • In May, BigCommerce announced that Klarna, the AI-powered payments and commerce network, has become a global preferred payments partner. As a global preferred partner, Klarna brings its flexible, interest-free payment options to merchants worldwide, enhancing the shopping experience and driving growth with one single integration.
    • In April, the Company announced the launch of Distributed Ecommerce Hub, a new joint solution with systems integrator and digital commerce agency Silk Commerce. Distributed Ecommerce Hub empowers manufacturers, brands and franchisors to rapidly create and centrally manage branded ecommerce storefronts for their dealer, distributor or franchise networks.
    • In April, Feedonomics announced its new integration with Amazon Vendor Central, expanding its comprehensive solutions for B2B clients and enterprise brands. Feedonomics customers can now tap into Amazon’s powerful fulfillment network, offering shoppers fast and reliable delivery through Prime eligibility.
    • In April, BigCommerce announced discussions regarding a potential expansion of its commercial partnership with Noibu, a leading ecommerce intelligence platform that helps brands detect, prioritize, and resolve revenue-impacting issues while delivering seamless customer experiences. The partnership, if finalized, would reflect the joint value of “curated composability,” enabling brands, retailers, manufacturers and distributors of all sizes to leverage best-in-class solutions without the procurement delays or complex integrations.
    • BigCommerce also announced its corporate partnership with the National Association of Electrical Distributors (NAED), reinforcing BigCommerce’s commitment to driving digital transformation and growth in the electrical distribution industry.
    • The Company also announced a transformational partnership with Pipe17, a leading provider of AI-powered composable order operations. This partnership reimagines how modern merchants manage orders in an increasingly complex digital commerce ecosystem.

    Q2 and 2025 Financial Outlook:

    For the second quarter of 2025, we currently expect:

    • Total revenue between $82.5 million to $83.5 million.
    • Non-GAAP operating income is expected to be between $2.7 million to $3.7 million.

    For the full year 2025, we currently expect:

    • Total revenue between $335.1 million and $351.1 million.
    • Non-GAAP operating income between $16 million and $28 million.

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

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

    Conference Call Information

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

    Following the completion of the call through 11:59 p.m. ET on Thursday, May 15, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 2980116. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

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

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q2 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Use of Non-GAAP Financial Measures

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

    Annual Revenue Run-Rate

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

    Enterprise Account Metrics

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

    Average Revenue Per Account

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

    Adjusted EBITDA

    We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

    Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

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

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

    The most directly comparable GAAP measure is net loss.

    Non-GAAP Operating Income (Loss)

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

    Non-GAAP Net Income (Loss)

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

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

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

    Free Cash Flow

    We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

     
    BigCommerce Holdings, Inc.

    Condensed Consolidated Balance Sheets
    (in thousands)
     
        March 31,     December 31,  
        2025     2024  
        (unaudited)        
    Assets            
    Current assets            
    Cash and cash equivalents   $ 52,084     $ 88,877  
    Restricted cash     1,164       1,479  
    Marketable securities     68,628       89,283  
    Accounts receivable, net     44,164       48,117  
    Prepaid expenses and other assets, net     18,575       14,641  
    Deferred commissions     8,065       8,822  
    Total current assets     192,680       251,219  
    Property and equipment, net     8,128       9,128  
    Operating lease, right-of-use-assets     7,447       1,993  
    Prepaid expenses and other assets, net of current portion     4,299       3,146  
    Deferred commissions, net of current portion     4,381       5,559  
    Intangible assets, net     17,426       17,317  
    Goodwill     51,927       51,927  
    Total assets   $ 286,288     $ 340,289  
    Liabilities and stockholders’ equity            
    Current liabilities            
    Accounts payable   $ 7,822     $ 7,018  
    Accrued liabilities     2,760       3,194  
    Deferred revenue     48,658       46,590  
    Operating lease liabilities     2,006       2,438  
    Other liabilities     21,006       28,766  
    Total current liabilities     82,252       88,006  
    Convertible notes     157,788       216,466  
    Operating lease liabilities, net of current portion     6,994       1,680  
    Other liabilities, net of current portion     1,179       768  
    Total liabilities     248,213       306,920  
    Stockholders’ equity            
    Common stock     7       7  
    Additional paid-in capital     659,985       654,905  
    Accumulated other comprehensive income     124       145  
    Accumulated deficit     (622,041 )     (621,688 )
    Total stockholders’ equity     38,075       33,369  
    Total liabilities and stockholders’ equity   $ 286,288     $ 340,289  
     
    BigCommerce Holdings, Inc.

    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        For the three months ended March 31,  
        2025     2024  
    Revenue   $ 82,370     $ 80,360  
    Cost of revenue (1)     16,984       18,439  
    Gross profit     65,386       61,921  
    Operating expenses:            
    Sales and marketing(1)     30,366       32,432  
    Research and development(1)     19,206       19,988  
    General and administrative(1)     13,644       14,929  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Total operating expenses     67,796       70,149  
    Loss from operations     (2,410 )     (8,228 )
    Gain on convertible note extinguishment     3,931       0  
    Interest income     1,300       3,178  
    Interest expense     (2,543 )     (720 )
    Other expense     (107 )     (332 )
    Income (loss) before provision for income taxes     171       (6,102 )
    Provision for income taxes     (524 )     (290 )
    Net loss   $ (353 )   $ (6,392 )
    Basic net loss per share   $ (0.00 )   $ (0.08 )
    Shares used to compute basic net loss per share     78,835       76,626  
     
    (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:
        For the three months ended March 31,  
        2025     2024  
    Cost of revenue   $ 746     $ 656  
    Sales and marketing     1,775       1,867  
    Research and development     3,042       3,476  
    General and administrative     (144 )     2,592  
     
    BigCommerce Holdings, Inc.

    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Three months ended March 31,  
      2025     2024  
               
    Cash flows from operating activities          
    Net loss $ (353 )   $ (6,392 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
    Depreciation and amortization expense   4,281       3,486  
    Amortization of discount on convertible notes   187       497  
    Amortization of premium on convertible notes   (402 )     0  
    Stock-based compensation expense   5,209       8,388  
    Provision for expected credit losses   930       863  
    Gain on convertible notes extinguishment   (3,931 )     0  
    Changes in operating assets and liabilities:          
    Accounts receivable   3,020       (2,588 )
    Prepaid expenses and other assets   (5,084 )     (4,960 )
    Deferred commissions   1,935       211  
    Accounts payable   678       (889 )
    Accrued and other liabilities   (8,137 )     (4,601 )
    Deferred revenue   2,068       2,568  
    Net cash provided by (used in) operating activities   401       (3,417 )
    Cash flows from investing activities:          
    Cash paid for website domain name   (2,444 )     0  
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software   (825 )     (806 )
    Maturity of marketable securities   28,579       29,440  
    Purchase of marketable securities   (7,945 )     (35,565 )
    Net cash provided by (used in) investing activities   17,365       (6,931 )
    Cash flows from financing activities:          
    Proceeds from exercise of stock options   1,096       974  
    Taxes paid related to net share settlement of stock options   (1,225 )     (1,325 )
    Payment of convertible note issuance costs   (217 )   0  
    Repayment of convertible notes and financing obligation   (54,528 )     (134 )
    Net cash used in financing activities   (54,874 )     (485 )
    Net change in cash and cash equivalents and restricted cash   (37,108 )     (10,833 )
    Cash and cash equivalents and restricted cash, beginning of period   90,356       72,845  
    Cash and cash equivalents and restricted cash, end of period $ 53,248     $ 62,012  
    Supplemental cash flow information:          
    Cash paid for interest $ 5,685     $ 439  
    Cash paid for taxes $ 220     $ 140  
    Right-of-use asset obtained in exchange for new operating lease liability $ 5,516     $ 0  
    Noncash investing and financing activities:          
    Capital additions, accrued but not paid $ 205     $ 0  
               
     
    BigCommerce Holdings, Inc.

    Disaggregation of Revenue
     
    Disaggregated Revenue:
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Subscription solutions   $ 62,114     $ 60,959  
    Partner and services     20,256       19,401  
    Revenue   $ 82,370     $ 80,360  
     
    Revenue by Geography:
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Revenue:            
    United States   $ 62,621     $ 61,138  
    EMEA     9,965       9,192  
    APAC     5,925       6,254  
    Rest of World     3,859       3,776  
    Revenue   $ 82,370     $ 80,360  
     
    BigCommerce Holdings, Inc

    Reconciliation of GAAP to Non-GAAP Results
    (in thousands, except per share amounts)
    (unaudited)
     
    Reconciliation of loss from operations to Non-GAAP operating income:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Loss from operations   $ (2,410 )   $ (8,228 )
    Plus:            
    Stock-based compensation expense and associated payroll tax costs     5,419       8,591  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Non-GAAP operating income   $ 7,589     $ 3,163  
    Non-GAAP operating income as a percentage of revenue     9.2 %     3.9 %
     
    Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Net loss   $ (353 )   $ (6,392 )
    Plus:            
    Stock-based compensation expense and associated payroll tax costs     5,419       8,591  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Gain on convertible notes extinguishment     (3,931 )     0  
    Non-GAAP net income   $ 5,715     $ 4,999  
    Basic net loss per share   $ (0.00 )   $ (0.08 )
    Non-GAAP basic net income per share   $ 0.07     $ 0.07  
    Non-GAAP diluted net income per share   $ 0.07     $ 0.06  
    Shares used to compute basic net loss per share and basic Non-GAAP net income per share     78,835       76,626  
    Shares used to compute diluted Non-GAAP net income per share     80,464       78,521  
    Non-GAAP net income as a percentage of revenue     6.9 %     6.2 %
     
    Reconciliation of net loss to adjusted EBITDA:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Net loss   $ (353 )   $ (6,392 )
    Plus:            
    Stock-based compensation expense and associated payroll tax costs     5,419       8,591  
    Amortization of intangible assets     2,335       2,467  
    Acquisition related costs     333       333  
    Restructuring charges     1,912       0  
    Depreciation     1,244       1,019  
    Gain on convertible notes extinguishment     (3,931 )     0  
    Interest income     (1,300 )     (3,178 )
    Interest expense     2,543       720  
    Other expenses     107       332  
    Provision for income taxes     524       290  
    Adjusted EBITDA   $ 8,833     $ 4,182  
    Adjusted EBITDA as a percentage of revenue     10.7 %     5.2 %
     
     Reconciliation of Cost of revenue to Non-GAAP cost of revenue:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Cost of revenue   $ 16,984     $ 18,439  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     746       656  
    Non-GAAP cost of revenue   $ 16,238     $ 17,783  
    As a percentage of revenue     19.7 %     22.1 %
     
    Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Sales and marketing   $ 30,366     $ 32,432  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     1,775       1,867  
    Non-GAAP sales and marketing   $ 28,591     $ 30,565  
    As a percentage of revenue     34.7 %     38.0 %
     
    Reconciliation of Research and development expense to Non-GAAP research and development expense:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    Research and development   $ 19,206     $ 19,988  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     3,042       3,476  
    Non-GAAP research and development   $ 16,164     $ 16,512  
    As a percentage of revenue     19.6 %     20.5 %
     
    Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:
     
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Revenue   $ 82,370     $ 80,360  
                 
    General & administrative   $ 13,644     $ 14,929  
    Less:            
    Stock-based compensation expense and associated payroll tax costs     (144 )     2,592  
    Non-GAAP general & administrative   $ 13,788     $ 12,337  
    As a percentage of revenue     16.7 %     15.4 %
     
    Reconciliation of net cash provided by (used in) operating activities to free cash flow:
        Three months ended March 31,  
        2025     2024  
    (in thousands)            
    Net cash provided by (used in) operating activities   $ 401     $ (3,417 )
    Cash paid for website domain name     (2,444 )     0  
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software     (825 )     (806 )
    Free cash flow   $ (2,868 )   $ (4,223 )

    The MIL Network –

  • MIL-OSI: Talen Energy Reports First Quarter 2025 Results, Affirms and Narrows 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Earnings Release Highlights

    • First quarter GAAP Net Income (Loss) Attributable to Stockholders of $(135) million.
    • First quarter Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million, ahead of internal estimates.
    • Affirming and narrowing 2025 guidance; 2026 outlook unchanged.
    • Extended the Susquehanna Unit 2 refueling outage to perform incremental maintenance that is expected to improve capacity performance and efficiency.
    • The Federal Energy Regulatory Commission (the “FERC”) approved the terms of the reliability-must-run (“RMR”) settlement agreement between Talen, PJM, and key stakeholders to run units at Brandon Shores and H.A. Wagner generation facilities through May 31, 2029.

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” the “Company,” “we,” or “our”) (NASDAQ: TLN), an independent power producer dedicated to powering the future, today reported its first quarter 2025 financial and operating results.

    “We are pleased today to report Talen’s solid start to the year. Our fleet ran well during periods of high demand demonstrating the value of our dispatchable fleet, earning $200 million of Adjusted EBITDA and $87 million of Adjusted Free Cash Flow. We are affirming and narrowing guidance. We remain committed to shareholders and continued to repurchase stock during the first quarter under our share repurchase program,” said Talen President and Chief Executive Officer Mac McFarland.

    McFarland continued, “The FERC approved our RMR settlement agreement, ensuring the units at our Brandon Shores and H.A. Wagner assets continue to support the grid in and around Baltimore. The AWS campus is energized and we are actively executing under this arrangement. We continue to pursue commercial and regulatory solutions for the Susquehanna ISA amendment.”

    Summary of Financial and Operating Results (Unaudited)

        Three Months Ended March 31,
    (Millions of Dollars Unless Otherwise Stated)   2025   2024
    GAAP Net Income (Loss) Attributable to Stockholders   $ (135 )   $ 294  
    Adjusted EBITDA     200       289  
    Adjusted Free Cash Flow     87       194  
    Total Generation (TWh) (a)     9.7       8.1  
    Carbon-Free Generation     46 %     58 %
    OSHA TRIR (b)     0.4       0.3  
    Fleet EFOF (c)     1.2 %     1.9 %

    ______________________

    (a) Total generation is net of station use consumption, where applicable, includes volumes produced by Susquehanna in support of Nautilus operations and includes generation from ERCOT assets for the three months ended March 31, 2024.
    (b) OSHA Total Recordable Incident Rate (“OSHA TRIR”) is the number of recordable incidents x 200,000 / total number of manhours worked. Only includes Talen-operated generation facilities (i.e., excludes Conemaugh and Keystone).
    (c) Fleet Equivalent Forced Outage Factor (“Fleet EFOF”) is the percentage of a given period in which a generating unit is not available due to forced outages and forced de-rates. Represents all generation facilities, including our portion of partially-owned facilities.
       

    For the quarter ended March 31, 2025, we reported GAAP Net Income (Loss) Attributable to Stockholders of $(135) million, Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million. GAAP Net Income (Loss) Attributable to Stockholders decreased $(429) million compared to prior year, primarily due to the absence of the gain on the sale of the AWS Data Campus, unrealized losses in the nuclear facility decommission trust, and lower realized hedge gains due to higher settled PJM West Hub on-peak prices as a result of colder than normal weather. The decrease in Adjusted EBITDA of $(89) million and Adjusted Free Cash Flow of $(107) million compared to first quarter 2024 was primarily due to lower realized hedge gains.

    Our generation fleet continued to run reliably and safely, with a Fleet EFOF of 1.2% and an OSHA TRIR of 0.4. Total generation was 9.7 TWh, with 46% contributed from carbon-free nuclear generation at our Susquehanna nuclear facility. Also, our PJM gas-fired assets were dispatched more frequently during times of peak load than they were in 2024.

    Affirming and Narrowing 2025 Guidance; 2026 Outlook Unchanged

    (Millions of Dollars)   2025E
    Adjusted EBITDA   $975 – $1,125
    Adjusted Free Cash Flow   $450 – $540
         

    Susquehanna Refueling Outage

    On March 25, 2025, Susquehanna commenced its planned refueling outage on Unit 2. During the outage, we identified incremental maintenance in the non-nuclear portion of the Unit which we expect will lead to operational efficiency. As a prudent operator, we have elected to complete this scope of work while Unit 2 is already in outage and market prices and demand are relatively low. The incremental maintenance investment is expected to add roughly $20 million of additional spend and extend the outage into mid-May. We anticipate the resulting improvements in operational efficiency of Unit 2 will be long-term in nature and pay back the additional costs and lost margin in approximately one-and-a-half years.

    RMR Arrangement

    On May 1, 2025, the FERC approved the terms under which Talen will operate the units at its Brandon Shores and H.A. Wagner generation facilities until May 31, 2029, beyond their scheduled May 31, 2025 retirement dates. Talen, PJM, and a broad coalition of the Maryland Public Service Commission, Maryland customers, and electric utilities reached agreement in January 2025 on the “reliability-must-run” or “RMR” agreement. Under the RMR agreement, Brandon Shores Units 1 and 2 and H.A. Wagner Units 3 and 4 will remain in service and provide power necessary to maintain grid and transmission reliability in and around the City of Baltimore until transmission upgrades to provide reliable power to the area from other sources are complete. Beginning June 1, 2025, we expect to receive $145 million annually for Brandon Shores and $35 million for H.A. Wagner with some performance incentives.

    Share Repurchases

    Since the start of 2024, we have repurchased approximately 14 million shares, or 23% of our outstanding shares, for a total of approximately $2 billion, with $995 million remaining under our share repurchase program through year-end 2026. During the first quarter 2025, we repurchased 452,130 shares of stock for a total of $83 million. All share repurchase amounts exclude transaction costs.

    Balance Sheet and Liquidity

    We are focused on maintaining net leverage below our target of 3.5x net debt-to-Adjusted EBITDA, along with ample liquidity. As of May 2, 2025, we had total available liquidity of approximately $970 million, comprised of $270 million of unrestricted cash and $700 million of available capacity under the revolving credit facility. Our projected net leverage ratio, utilizing the 2025E Adjusted EBITDA midpoint and net debt balance as of May 2, 2025, is approximately 2.6x.

    Update on Hedging Activities

    As of March 31, 2025, including the impact of the Nuclear PTC, we had hedged approximately 95% of our expected generation volumes for 2025, 60% for 2026 and 30% for 2027. The Company’s hedging program is a key component of our comprehensive risk policy and supports the objective of increasing cash flow stability while maintaining upside optionality.

    Earnings Call

    The Company will hold an earnings call on Thursday, May 8, 2025, at 9:00 a.m. EDT (8:00 a.m. CDT). To listen to the earnings call, please register in advance for the webcast here. For participants joining the call via phone, please register here prior to the start time to receive dial-in information. For those unable to participate in the live event, a digital replay of the earnings call will be archived for approximately one year and available on Talen’s Investor Relations website at https://ir.talenenergy.com/news-events/events.

    About Talen

    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    Investor Relations:
    Sergio Castro
    Vice President & Treasurer
    InvestorRelations@talenenergy.com 

    Media:
    Taryne Williams
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com 

    Forward Looking Statements

    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

     
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
         
        Three Months Ended March 31,
    (Millions of Dollars, except share data)   2025   2024
    Capacity revenues   $ 49     $ 45  
    Energy and other revenues     582       572  
    Unrealized gain (loss) on derivative instruments     (241 )     (108 )
    Operating Revenues     390       509  
             
    Fuel and energy purchases     (268 )     (150 )
    Nuclear fuel amortization     (26 )     (35 )
    Unrealized gain (loss) on derivative instruments     59       (27 )
    Energy Expenses             (235 )             (212 )
             
    Operating Expenses        
    Operation, maintenance and development     (146 )     (154 )
    General and administrative     (34 )     (43 )
    Depreciation, amortization and accretion     (74 )     (75 )
    Other operating income (expense), net     (7 )     —  
    Operating Income (Loss)             (106 )     25  
    Nuclear decommissioning trust funds gain (loss), net     (12 )     75  
    Interest expense and other finance charges     (74 )     (59 )
    Gain (loss) on sale of assets, net     2       324  
    Other non-operating income (expense), net     3       23  
    Income (Loss) Before Income Taxes             (187 )     388  
    Income tax benefit (expense)     52       (69 )
    Net Income (Loss)             (135 )     319  
    Less: Net income (loss) attributable to noncontrolling interest     —       25  
    Net Income (Loss) Attributable to Stockholders   $         (135 )   $ 294  
    Per Common Share        
    Net Income (Loss) Attributable to Stockholders – Basic   $ (2.94 )   $ 5.00  
    Net Income (Loss) Attributable to Stockholders – Diluted   $ (2.94 )   $ 4.84  
    Weighted-Average Number of Common Shares Outstanding – Basic (in thousands)     45,849       58,807  
    Weighted-Average Number of Common Shares Outstanding – Diluted (in thousands)     45,849       60,716  
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
             
    (Millions of Dollars, except share data)   March 31,
    2025    		   December 31,
    2024
    Assets        
    Cash and cash equivalents   $ 295     $ 328  
    Restricted cash and cash equivalents     25       37  
    Accounts receivable     100       123  
    Inventory, net     219       302  
    Derivative instruments     33       66  
    Other current assets     174       184  
    Total current assets     846       1,040  
    Property, plant and equipment, net     3,138       3,154  
    Nuclear decommissioning trust funds     1,717       1,724  
    Derivative instruments     5       5  
    Other noncurrent assets     159       183  
    Total Assets   $ 5,865     $ 6,106  
             
    Liabilities and Equity        
    Long-term debt, due within one year   $ 17     $ 17  
    Accrued interest     54       18  
    Accounts payable and other accrued liabilities     203       266  
    Derivative instruments     92       —  
    Other current liabilities     156       154  
    Total current liabilities     522       455  
    Long-term debt     2,975       2,987  
    Derivative instruments     42       7  
    Postretirement benefit obligations     289       305  
    Asset retirement obligations and accrued environmental costs     468       468  
    Deferred income taxes     294       362  
    Other noncurrent liabilities     95       135  
    Total Liabilities   $ 4,685     $ 4,719  
    Commitments and Contingencies        
             
    Stockholders’ Equity        
    Common stock ($0.001 par value, 350,000,000 shares authorized) (a)   $ —     $ —  
    Additional paid-in capital     1,718       1,725  
    Accumulated retained earnings (deficit)     (528 )     (326 )
    Accumulated other comprehensive income (loss)     (10 )     (12 )
    Total Stockholders’ Equity     1,180       1,387  
    Total Liabilities and Stockholders’ Equity   $ 5,865     $ 6,106  

    ______________________
    (a) 45,509,780 and 45,961,910 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                 
        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Operating Activities            
    Net Income (Loss)   $ (135 )   $ 319  
    Non-cash reconciliation adjustments:            
    Unrealized (gains) losses on derivative instruments   196     128  
    Depreciation, amortization and accretion   72     74  
    Deferred income taxes   (70 )   57  
    Nuclear fuel amortization   26     35  
    Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees)   23     (64 )
    (Gain) loss on AWS Data Campus Sale   —     (324 )
    Other   37     (42 )
    Changes in assets and liabilities:            
    Accounts receivable   23     11  
    Inventory, net   83     89  
    Other assets   22     (1 )
    Accounts payable and accrued liabilities   (60 )   (154 )
    Accrued interest   36     29  
    Collateral received (posted), net   (67 )   5  
    Other liabilities   (67 )   11  
    Net cash provided by (used in) operating activities   119     173  
    Investing Activities            
    Nuclear decommissioning trust funds investment purchases   (592 )   (564 )
    Nuclear decommissioning trust funds investment sale proceeds   581     553  
    Nuclear fuel expenditures   (46 )   (41 )
    Property, plant and equipment expenditures   (18 )   (25 )
    Proceeds from AWS Data Campus Sale   —     339  
    Other   7     3  
    Net cash provided by (used in) investing activities   (68 )   265  
    Financing Activities            
    Share repurchases   (83 )   (30 )
    Deferred financing costs   (9 )   —  
    Debt repayments   (4 )   (2 )
    Cumulus Digital TLF repayment   —     (182 )
    Repurchase of noncontrolling interest   —     (39 )
    Other   —     (6 )
    Net cash provided by (used in) financing activities           (96 )           (259 )
    Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents           (45 )   179  
    Beginning of period cash and cash equivalents and restricted cash and cash equivalents   365     901  
    End of period cash and cash equivalents and restricted cash and cash equivalents   $         320     $         1,080  
                 

    Non-GAAP Financial Measures

    Adjusted EBITDA and Adjusted Free Cash Flow, which we use as measures of our performance and liquidity, are not financial measures prepared under GAAP. Non-GAAP financial measures do not have definitions under GAAP and may be defined and calculated differently by, and not be comparable to, similarly titled measures used by other companies. Non-GAAP measures are not intended to replace the most comparable GAAP measures as indicators of performance. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Management cautions readers not to place undue reliance on the following non-GAAP financial measures, but to also consider them along with their most directly comparable GAAP financial measures. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP.

    Adjusted EBITDA

    We use Adjusted EBITDA to: (i) assist in comparing operating performance and readily view operating trends on a consistent basis from period to period without certain items that may distort financial results; (ii) plan and forecast overall expectations and evaluate actual results against such expectations; (iii) communicate with our Board of Directors, shareholders, creditors, analysts, and the broader financial community concerning our financial performance; (iv) set performance metrics for our annual short-term incentive compensation; and (v) assess compliance with our indebtedness.

    Adjusted EBITDA is computed as net income (loss) adjusted, among other things, for certain: (i) nonrecurring charges; (ii) non-recurring gains; (iii) non-cash and other items; (iv) unusual market events; (v) any depreciation, amortization, or accretion; (vi) mark-to-market gains or losses; (vii) gains and losses on the nuclear facility decommissioning trust (“NDT”); (viii) gains and losses on asset sales, dispositions, and asset retirement; (ix) impairments, obsolescence, and net realizable value charges; (x) interest expense; (xi) income taxes; (xii) legal settlements, liquidated damages, and contractual terminations; (xiii) development expenses; (xiv) noncontrolling interests, except where otherwise noted; and (xv) other adjustments. Such adjustments are computed consistently with the provisions of our indebtedness to the extent that they can be derived from the financial records of the business. Pursuant to TES’s debt agreements, Cumulus Digital contributes to Adjusted EBITDA beginning in the first quarter 2024, following termination of the Cumulus Digital credit facility and associated cash flow sweep.

    Additionally, we believe investors commonly adjust net income (loss) information to eliminate the effect of nonrecurring restructuring expenses and other non-cash charges, which can vary widely from company to company and from period to period and impair comparability. We believe Adjusted EBITDA is useful to investors and other users of our financial statements to evaluate our operating performance because it provides an additional tool to compare business performance across companies and between periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to such items described above. These adjustments can vary substantially from company to company and period to period depending upon accounting policies, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted Free Cash Flow

    Adjusted Free Cash Flow is utilized by our chief operating decision makers to evaluate cash flow activities. Adjusted Free Cash Flow is computed as Adjusted EBITDA reduced by capital expenditures (including nuclear fuel but excluding development, growth, and (or) conversion capital expenditures), cash payments for interest and finance charges, cash payments for income taxes (excluding income taxes paid from the NDT, taxes paid or deductions taken as a result of strategic asset sales, and benefits of the Nuclear PTC utilized to reduce income taxes paid), and pension contributions.

    We believe Adjusted Free Cash Flow is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to determine a company’s ability to meet future obligations and to compare business performance across companies and across periods. Adjusted Free Cash Flow is widely used by investors to measure a company’s levered cash flow without regard to items such as ARO settlements; nonrecurring development, growth and conversion expenditures; and cash proceeds or payments for the sale or purchase of assets, which can vary substantially from company to company and from period to period depending upon accounting methods, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation

    The following table presents a reconciliation of the GAAP financial measure of “Net Income (Loss)” presented on the Consolidated Statements of Operations to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow:

        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Net Income (Loss)   $ (135 )   $ 319  
    Adjustments        
    Interest expense and other finance charges     74       59  
    Income tax (benefit) expense     (52 )     69  
    Depreciation, amortization and accretion     74       75  
    Nuclear fuel amortization     26       35  
    Unrealized (gain) loss on commodity derivative contracts     182       134  
    Nuclear decommissioning trust funds (gain) loss, net     12       (75 )
    Stock-based and other long-term incentive compensation expense     13       18  
    (Gain) loss on asset sales, net (a)     (2 )     (324 )
    Operational and other restructuring activities     9       2  
    Noncontrolling interest     —       (11 )
    Other     (1 )     (12 )
    Total Adjusted EBITDA   $ 200     $ 289  
             
    Capital expenditures, net     (64 )     (59 )
    Interest and finance charge payments     (23 )     (34 )
    Income taxes     (9 )     —  
    Pension contributions     (17 )     (2 )
    Total Adjusted Free Cash Flow   $ 87     $ 194  

    ______________________
    (a) See Note 18 to the Q1 2025 Financial Statements for additional information.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation: 2025 Guidance

        2025E
    (Millions of Dollars)   Low   High
    Net Income (Loss)   $ 205     $ 325  
             
    Adjustments        
    Interest expense and other finance charges     235       245  
    Income tax (benefit) expense     60       80  
    Depreciation, amortization and accretion     295       295  
    Nuclear fuel amortization     105       105  
    Unrealized (gain) loss on commodity derivative contracts     75       75  
    Adjusted EBITDA   $ 975     $ 1,125  
             
    Capital expenditures, net   $ (190 )   $ (210 )
    Interest and finance charge payments     (210 )     (220 )
    Income taxes     (70 )     (80 )
    Pension contributions     (55 )     (75 )
    Adjusted Free Cash Flow   $ 450     $ 540  

    ______________________
    Note: Figures are rounded to the nearest $5 million.

    The MIL Network –

  • MIL-OSI: Kaltura Announces Financial Results for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the first quarter ended March 31, 2025, as well as outlook for the second quarter and full year 2025.

    “We surpassed our guidance for the first quarter, delivering record total and subscription revenue, as well as significant Net loss improvement on a GAAP basis, and on a non-GAAP basis – a record positive Adjusted net income, Adjusted EBITDA, and earnings profitability per share. We also posted record ARR and the highest net dollar retention rate since the first quarter of 2022,” said Ron Yekutiel, Co-founder, Chairman, President and Chief Executive Officer of Kaltura.   “We continue to forecast for the full year a return to growth of new bookings fueled by customer consolidation around our platform, maturity of our newer products, exciting new Gen AI capabilities which customers have increasingly been adopting, growth potential within our great customer base, and a gradual growth in our sales force.”

    First Quarter 2025 Financial Highlights:

    • Revenue for the first quarter of 2025 was $47.0 million, an increase of 5% compared to $44.8 million for the first quarter of 2024.
    • Subscription Revenue for the first quarter of 2025 was $44.9 million, an increase of 9% compared to $41.2 million for the first quarter of 2024.
    • Annualized Recurring Revenue (ARR) for the first quarter of 2025 was $174.8 million, an increase of 7% compared to $162.7 million for the first quarter of 2024.
    • GAAP Gross profit for the first quarter of 2025 was $32.7 million, representing a gross margin of 70% compared to a GAAP gross profit of $28.6 million and gross margin of 64% for the first quarter of 2024. 
    • Non-GAAP Gross profit for the first quarter of 2025 was $33.0 million, representing a non-GAAP gross margin of 70%, compared to a non-GAAP gross profit of $29.0 million and non-GAAP gross margin of 65% for the first quarter of 2024. 
    • GAAP Operating loss was $1.6 million for the first quarter of 2025, compared to an operating loss of $7.3 million for the first quarter of 2024.
    • Non-GAAP Operating income was $3.1 million for the first quarter of 2025, compared to a non-GAAP operating loss of $0.6 million for the first quarter of 2024.
    • GAAP Net loss was $1.1 million or $0.01 per diluted share for the first quarter of 2025, compared to a GAAP net loss of $11.1 million, or $0.08 per diluted share, for the first quarter of 2024.
    • Non-GAAP Net income was $3.5 million or $0.02 per diluted share for the first quarter of 2025, compared to a non-GAAP net loss of $4.4 million, or $0.03 per diluted share, for the first quarter of 2024.
    • Adjusted EBITDA was $4.1 million for the first quarter of 2025, compared to adjusted EBITDA of $0.6 million for the first quarter of 2024.
    • Net Cash Used in Operating Activities was $1.0 million for the first quarter of 2025, compared to $1.1 million for the first quarter of 2024.

    First Quarter 2025 Business Highlights:

    • Closed one new seven-digit deal and fifteen six-digit deals, similar to first quarter 2024, reflecting typical seasonality
    • Sequential and year-over-year improvement in net dollar retention rate, reaching 107% – best since first quarter of 2022
    • Growing interest in Gen AI products – more than 150 customers already showing interest representing roughly 20% of our customer base. We think this represents a significant upsell opportunity for us in the coming quarters
    • Recognized by Gartner as a representative vendor in their 2025 Market Guides for both Video Platform Services and Meeting Solutions
    • Kaltura TV Genie recently won the Product of the Year award for Streaming at the 2025 NAB Show
    • Held our first Investor Event in our NYC office and remotely using our Events Platform. Conducted product demos and a customer panel and provided additional insights about our long-term financial goal.   Recording of the event and its presentation deck are available in the Investor section of our website
    • “Kaltura Connect on the road” series of customers events to be held in New York (May 13th), San Francisco (May 15th), and London (May 20th), followed by six ‘Connect in Education’ events across the US and Europe and virtually for APAC organizations.   Information is available on our website

    Financial Outlook:

    For the second quarter of 2025, Kaltura expects:

    • Subscription Revenue to be between $40.8 million and $41.6 million. 
    • Total Revenue to be between $43.4 million and $44.2 million. 
    • Adjusted EBITDA to be between $1.5 million to $2.5 million.

    For the full year ending December 31, 2025, Kaltura expects:

    • Subscription Revenue to be between $170.4 million and $173.4 million. 
    • Total Revenue to be between $179.9 million and $182.9 million. 
    • Adjusted EBITDA to be in the range of $13.5 million to $15.5 million.

    The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company’s current expectations relating to the macro-economic climate trends.

    Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

    Investor Deck

    Our first quarter and full year 2025 Investor Deck has been posted in the investor relations page on our website at: www.investors.kaltura.com.

    Conference Call

    Kaltura will host a conference call today on May 8, 2025 to review its first quarter 2025 financial results and to discuss its financial outlook.

      Time: 8:00 a.m. ET
      United States/Canada Toll Free: 1-877-407-0789
      International Toll: +1-201-689-8562
         

    A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Kaltura

    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment, and monetization. For more information, visit www.corp.kaltura.com. 

    Investor Contacts:
    Kaltura
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations
    Erica Mannion and Michael Funari
    +1 617 542 6180
    IR@Kaltura.com

    Media Contacts:
    Kaltura
    Nohar Zmora
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1 347 897 9276

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations; expectations with respect to our products and capabilities; our expectations regarding potential profitability and growth; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and corporate spending.

    In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.

    Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.

    Non-GAAP Financial Measures

    Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA.
    Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; and (3) war-related costs. Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses.

    Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and certain non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry. By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

    Key Financial and Operating Metrics

    Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer’s premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.

    Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system), as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.

    Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 59% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over a period of four years, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.

     
    Consolidated Balance Sheets (U.S. dollars in thousands)
     
        As of
        March 31, 2025   December 31, 2024
        (Unaudited)    
    ASSETS        
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 31,695     $ 33,059  
    Marketable securities     31,223       48,275  
    Trade receivables     18,209       19,978  
    Prepaid expenses and other current assets     9,943       9,481  
    Deferred contract acquisition and fulfillment costs, current     10,326       10,765  
             
    Total current assets     101,396       121,558  
             
    LONG-TERM ASSETS:        
    Marketable securities     18,004       3,379  
    Property and equipment, net     15,242       16,190  
    Other assets, noncurrent     3,120       2,983  
    Deferred contract acquisition and fulfillment costs, noncurrent     12,195       13,605  
    Operating lease right-of-use assets     11,670       12,308  
    Intangible assets, net     101       212  
    Goodwill     11,070       11,070  
             
    Total noncurrent assets     71,402       59,747  
             
    TOTAL ASSETS   $ 172,798     $ 181,305  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES:        
    Current portion of long-term loans   $ 3,764     $ 3,110  
    Trade payables     8,311       3,265  
    Employees and payroll accruals     15,033       15,399  
    Accrued expenses and other current liabilities     12,298       14,262  
    Operating lease liabilities     2,536       2,504  
    Deferred revenue, current     53,879       63,123  
             
    Total current liabilities     95,821       101,663  
    NONCURRENT LIABILITIES:        
    Deferred revenue, noncurrent     57       67  
    Long-term loans, net of current portion     27,886       29,153  
    Operating lease liabilities, noncurrent     14,365       15,263  
    Other liabilities, noncurrent     12,010       10,772  
             
    Total noncurrent liabilities     54,318       55,255  
    TOTAL LIABILITIES   $ 150,139     $ 156,918  
    STOCKHOLDERS’ EQUITY:        
    Common stock   $ 16     $ 15  
    Treasury stock     (10,119 )     (7,801 )
    Additional paid-in capital     502,644       500,024  
    Accumulated other comprehensive income     47       959  
    Accumulated deficit     (469,929 )     (468,810 )
    Total stockholders’ equity     22,659       24,387  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 172,798     $ 181,305  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
             
    Revenue:        
             
    Subscription   $ 44,906     $ 41,170  
    Professional services     2,078       3,611  
             
    Total revenue     46,984       44,781  
             
    Cost of revenue:        
             
    Subscription     10,487       11,401  
    Professional services     3,761       4,772  
             
    Total cost of revenue     14,248       16,173  
             
    Gross profit     32,736       28,608  
             
    Operating expenses:        
             
    Research and development     12,088       12,005  
    Sales and marketing     11,923       11,812  
    General and administrative     10,302       12,082  
             
    Total operating expenses     34,313       35,899  
             
    Operating loss     1,577       7,291  
             
    Financial expense (income), net     (1,803 )     1,497  
             
    Loss before provision for income taxes     226       (8,788 )
    Provision for income taxes     1,345       2,308  
             
    Net loss   $ 1,119     $ 11,096  
             
    Net loss per share attributable to common stockholders, basic and diluted   $ 0.01     $ 0.08  
             
    Weighted average number of shares used in computing basic and diluted net loss per share attributable to common stockholders     154,009,623       144,253,660  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
    Stock-based compensation included in above line items:
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Cost of revenue   $ 128   $ 285
    Research and development     849     1,172
    Sales and marketing     432     770
    General and administrative     3,124     4,302
             
    Total   $ 4,533   $ 6,529
     
    Revenue by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 34,416   $ 32,440
    Media and Telecom     12,568     12,341
             
    Total   $ 46,984   $ 44,781
     
    Gross Profit by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 26,568   $ 23,556
    Media and Telecom     6,168     5,052
             
    Total   $ 32,736   $ 28,608
     
    Consolidated Statement of Cash Flows (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    Cash flows from operating activities:        
    Net loss   $ (1,119 )   $ (11,096 )
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization     1,185       1,305  
    Stock-based compensation expenses     4,533       6,529  
    Amortization of deferred contract acquisition and fulfillment costs     2,864       2,888  
    Non-cash interest income, net     (60 )     (286 )
    Gain on foreign exchange     (61 )     (325 )
    Changes in operating assets and liabilities:        
    Decrease in trade receivables     1,769       5,475  
    Increase in prepaid expenses and other current assets and other assets, noncurrent     (1,293 )     (560 )
    Increase in deferred contract acquisition and fulfillment costs     (1,104 )     (1,067 )
    Increase in trade payables     5,216       4,447  
    Increase (decrease) in accrued expenses and other current liabilities     (1,973 )     1,654  
    Decrease in employees and payroll accruals     (2,566 )     (1,099 )
    Increase (decrease) in other liabilities, noncurrent     1,044       (36 )
    Decrease in deferred revenue     (9,254 )     (8,617 )
    Operating lease right-of-use assets and lease liabilities, net     (228 )     (358 )
             
    Net cash used in operating activities     (1,047 )     (1,146 )
             
    Cash flows from investing activities:        
             
    Investment in available-for-sale marketable securities     (26,390 )     (15,424 )
    Proceeds from maturities of available-for-sale marketable securities     28,933       12,000  
    Purchases of property and equipment     (297 )     (93 )
             
    Net cash provided by (used in) investing activities     2,246       (3,517 )
             
    Cash flows from financing activities:        
             
    Repayment of long-term loans     (875 )     (875 )
    Proceeds from exercise of stock options     1,470       104  
    Cash settlement of equity classified share-based payment awards     (889 )     —  
    Repurchase of common stock     (2,318 )     —  
    Payments on account of repurchase of common stock     (12 )     —  
    Payment of debt issuance costs     —       (10 )
             
    Net cash used in financing activities     (2,624 )     (781 )
             
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     61       325  
             
    Net decrease in cash, cash equivalents and restricted cash   $ (1,364 )   $ (5,119 )
    Cash, cash equivalents and restricted cash at the beginning of the period     33,159       36,784  
    Cash, cash equivalents and restricted cash at the end of the period   $ 31,795     $ 31,665  
     
    Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands, except per share data; Unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Reconciliation of gross profit and gross margin        
    GAAP gross profit   $ 32,736     $ 28,608  
    Stock-based compensation expense     128       285  
    Amortization of acquired intangibles     97       105  
    Non-GAAP gross profit   $ 32,961     $ 28,998  
    GAAP gross margin     70 %     64 %
    Non-GAAP gross margin     70 %     65 %
    Reconciliation of operating expenses        
    GAAP research and development expenses   $ 12,088     $ 12,005  
    Stock-based compensation expense     849       1,172  
    Amortization of acquired intangibles     —       —  
    Non-GAAP research and development expenses   $ 11,239     $ 10,833  
    GAAP sales and marketing   $ 11,923     $ 11,812  
    Stock-based compensation expense     432       770  
    Amortization of acquired intangibles     14       13  
    Non-GAAP sales and marketing expenses   $ 11,477     $ 11,029  
    GAAP general and administrative expenses   $ 10,302     $ 12,082  
    Stock-based compensation expense     3,124       4,302  
    Amortization of acquired intangibles     —       —  
    War related costs(b)     —       21  
    Non-GAAP general and administrative expenses   $ 7,178     $ 7,759  
    Reconciliation of operating income (loss) and operating margin        
    GAAP operating loss   $ (1,577 )   $ (7,291 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP operating income (loss)   $ 3,067     $ (623 )
    GAAP operating margin     (3 )%     (16 )%
    Non-GAAP operating margin     7 %     (1 )%
    Reconciliation of net loss        
    GAAP net loss attributable to common stockholders   $ (1,119 )   $ (11,096 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP net income (loss) attributable to common stockholders   $ 3,525     $ (4,428 )
             
    Non-GAAP net income (loss) per share – basic and diluted   $ 0.02     $ (0.03 )
             
    Reconciliation of weighted average number of shares outstanding:        
    Weighted-average number of shares used in calculating GAAP and Non-GAAP net income (loss) per share, basic     154,009,623       144,253,660  
    Effect of dilutive shares used in calculating Non-GAAP net income (loss) per share, diluted (c)     11,294,304       —  
    Weighted-average number of shares used in calculating Non-GAAP net income (loss) per share, diluted     165,303,927       144,253,660  
     
    Adjusted EBITDA (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
         
    Net loss   $ (1,119 )   $ (11,096 )
    Financial expenses (income), net (a)     (1,803 )     1,497  
    Provision for income taxes     1,345       2,308  
    Depreciation and amortization     1,185       1,305  
    EBITDA     (392 )     (5,986 )
    Non-cash stock-based compensation expense     4,533       6,529  
    War related costs(b)     —       21  
    Adjusted EBITDA   $ 4,141     $ 564  
    (a) The three months ended March 31, 2025 and 2024, include $609 and $704, respectively, of interest expenses and $896 and $818, respectively, of interest income.
       
    (b) The three months ended March 31, 2024 includes costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donations to communities directly impacted by the war.
       
    (c) The effect of these dilutive shares was not included in the GAAP calculation of diluted net loss per share for the three months ended March 31, 2025 and 2024 because the effect would have been anti-dilutive.
     
    Reported KPIs
     
        March 31,
          2025     2024
        (U.S. dollars, amounts in thousands)
    Annualized Recurring Revenue             $ 174,842   $ 162,713
    Remaining Performance Obligations             $ 184,860   $ 165,224
       

    Three Months Ended March 31,
        2025     2024  
    Net Dollar Retention Rate             107 %   98 %

    The MIL Network –

  • MIL-OSI: Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced its financial and operational results for the first quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its first quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, May 8, 2025; access details can be found in this release.

    First Quarter 2025 Highlights

    • Reaffirmed FY25 guidance due to favorable hedge position, protecting cash flows and liquidity position
    • Produced 24.7 MBoe/d (93% oil), in-line with plan and down slightly quarter-over-quarter due to planned downtime associated with drilling activity targeting the thermal diatomite reservoir
    • Reported hedged LOE of $26.40/Boe, 9% below midpoint of FY25 guidance
    • Returned $2 million in cash to shareholders through quarterly dividend of $0.03 per share, which represents a 5% dividend yield(2) on an annual basis
    • Paid down $11 million of total debt
    • Increased liquidity to $120 million while improving leverage ratio(1) quarter-over-quarter to 1.37x
    • Reported net loss of $97 million, or $1.25 per diluted share, including a non-cash impairment of $113 million (after tax), and Adjusted Net Income(1) of $9 million, or $0.12 per diluted share
    • Generated operating cash flow of $46 million, Adjusted EBITDA(1) of $68 million and Free Cash Flow(1) of $17 million
    • Reported zero recordable incidents, zero lost-time incidents, and no reportable spills in our E&P operations

    Other Updates

    • Oil volumes 73% hedged for remainder of 2025 at $74.69/Bbl and 63% hedged for 2026 at $69.42/Bbl(3)
    • Mark-to-market (crude oil) hedge value of $129 million as of May 2, 2025
    • Completed drilling Berry-operated Uinta Basin 4-well horizontal pad; first production expected in the third quarter
    • Published updated and expanded sustainability metrics in April; Sustainability Report planned for the third quarter
         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” in this release for a reconciliation and more information on these Non-GAAP measures.
    (2) Based on BRY share price of $2.59 as of May 2, 2025.
    (3) Based on the midpoint of full year 2025 oil production guidance.
         

    MANAGEMENT COMMENTS

    Fernando Araujo, Berry’s Chief Executive Officer, said, “We delivered strong financial and operating results in the first quarter, highlighting the strengths of our business model and strategy. Production decreased slightly due to planned downtime, as we drilled twice as many California wells compared to last quarter. Our California drilling program is focused on our thermal diatomite assets, building on our success in 2024 with exceptional results. At recent strip pricing, rates of return here exceed 100%. In Utah, we recently finished drilling our 4-well horizontal pad ahead of schedule and on budget. First production from this pad is expected in the third quarter. Our high- quality, low-break even assets position us well, even in the current environment.”

    Mr. Araujo continued, “We are confident in our ability to navigate current market volatility and our 2025 outlook remains unchanged. Our cash flow is protected by our strong hedge position, and our strategy is anchored by our shallow decline rate, low capital intensity assets and high rate of return development. We have a resilient business with low breakeven prices and expect to fully fund our 2025 plan at prices well below current levels. ”

    FIRST QUARTER 2025 FINANCIAL AND OPERATING SUMMARY

    Selected Comparative Results

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in millions, except per share amounts)
    Production (MBoe/d)   24.7       26.1       25.4  
    Oil, natural gas & NGL revenues(1) $ 148     $ 158     $ 166  
    Net income (loss) $ (97 )   $ (2 )   $ (40 )
    Adjusted Net Income(2) $ 9     $ 17     $ 11  
    Adjusted EBITDA(2) $ 68     $ 82     $ 69  
    Earnings per diluted share $ (1.25 )   $ (0.02 )   $ (0.53 )
    Adjusted earnings per diluted share(2) $ 0.12     $ 0.21     $ 0.14  
    Cash Flow from Operations $ 46     $ 41     $ 1  
    Capital expenditures $ 28     $ 17     $ 17  
    Free cash flow(2) $ 17     $ 24     $ 10  
    __________
    (1) Revenues do not include hedge settlements.
    (2) Please see “Non-GAAP Financial Measures and Reconciliations” in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures.
     

    CAPITAL STRUCTURE

    As of March 31, 2025, Berry had $439 million outstanding on its 2024 term loan and no borrowings outstanding under its 2024 revolving credit facility. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its 2024 revolving credit facility and $32 million available for delayed draw borrowings under its 2024 term loan. Based on current forward commodity prices, Berry expects to fund the remainder of its 2025 capital development program with cash flow from operations. As of March 31, 2025, the Company had a leverage ratio(1) of 1.37x.

         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” later in this press release for reconciliation and more information on these Non-GAAP measures.
       

    DEBT REDUCTION AND SHAREHOLDER RETURNS

    During the quarter, the Company paid down approximately $11 million of total debt.

    On May 7, 2025, Berry’s Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on May 29, 2025 to shareholders of record as of the close of business on May 19, 2025.

    2025 GUIDANCE (UNCHANGED FROM PRIOR OUTLOOK)

     Full Year 2025 Guidance Low High
    Average Daily Production (boe/d)(1)  $24,800 $26,000
    Non-energy LOE ($/boe)(2) $13.00 $15.00
    Energy LOE (unhedged) ($/boe)(3) $12.70 $14.50
    Natural Gas Purchase Hedge Settlements ($/boe)(4)(5) $1.00 $1.60
    Taxes, Other Than Income Taxes ($/boe) $5.50 $6.50
    Adjusted G&A expenses – E&P Segment & Corp ($/boe)(6)(7) $6.35 $6.75
    Capital Expenditures ($ millions)(8) (9) $110 $120
    _____________ 
    (1)   Oil production is expected to be approximately 93% of total.
    (2)    Non-energy LOE consists of lease operating costs not included in Energy LOE.
    (3)    Energy LOE (unhedged) consists of costs to generate steam and electricity the Company produces and uses in its operations and the power the Company purchases for its E&P operations.
    (4)    Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
    (5)    Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.
    (6)   Adjusted G&A expenses is a non-GAAP financial measure. The Company does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
    (7)   See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
    (8)    Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.
    (9)    Approximately 60% of Berry’s 2025 capital program is expected to be directed to California, with 40% allocated to Utah.
             

    RISK MANAGEMENT

    Berry utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. In April 2025, the Company strategically raised the average oil hedge price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d by converting most of its Brent collars and all purchased puts into swaps to provide additional protection in the current volatile pricing environment.

    Based on the midpoint of Berry’s 2025 full year oil production guidance and its hedge book as of May 2, 2025, the Company has 73% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.69/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.42/Bbl. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.24/MMBtu. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.bry.com/reports-resources.

    CONFERENCE CALL DETAILS

    Berry plans to host a conference call to discuss its first quarter 2025 results, as well as its 2025 outlook:

    Call Date: Thursday, May 8, 2025
    Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time

    Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/2swb49hy or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.

    To ask a question on the call, please dial in using the phone number and passcode below:

    Toll-Free: (800) 715-9871
    Passcode: 6035522

    A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources or visit https://edge.media-server.com/mmc/p/2swb49hy or https://bry.com/category/events

    ABOUT BERRY CORPORATION (BRY)

    Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

    You can typically identify forward-looking statements by words such as “aim,” “anticipate,” “achievable,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

    Factors that could cause actual results to differ from management’s expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company’s proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+’s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the “SEC”).

    Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

    CONTACT

    Contact: Berry Corporation (bry)
    Christopher Denison: Director – Investor Relations & Sustainability
    (661) 616-3811
    ir@bry.com

    TABLES FOLLOWING

    The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding.

    SUMMARY OF RESULTS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Consolidated Statement of Operations Data:          
    Revenues and other:          
    Oil, natural gas and natural gas liquids sales $ 147,862     $ 157,957     $ 166,318  
    Service revenue   23,664       23,554       31,683  
    Electricity sales   4,967       3,262       4,243  
    Gains (losses) on oil and gas sales derivatives   5,475       (5,730 )     (71,200 )
    Marketing and other revenues   683       36       5,036  
    Total revenues and other   182,651       179,079       136,080  
               
    Expenses and other:          
    Lease operating expenses   57,282       55,763       61,276  
    Cost of services   20,825       20,907       27,304  
    Electricity generation expenses   1,209       1,523       1,093  
    Transportation expenses   939       1,122       1,059  
    Marketing expenses   292       —       4,390  
    Acquisition costs   —       —       2,617  
    General and administrative expenses   20,305       18,389       20,234  
    Depreciation, depletion and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Taxes, other than income taxes   9,240       8,498       15,689  
    (Gains) losses on natural gas purchase derivatives   (5,691 )     7,883       4,481  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement   —       7,066       —  
    Total expenses and other   303,104       168,493       180,841  
               
    Other (expenses) income:          
    Interest expense   (15,172 )     (10,859 )     (9,140 )
    Other, net   272       136       (83 )
    Total other expenses   (14,900 )     (10,723 )     (9,223 )
    Loss before income taxes   (135,353 )     (137 )     (53,984 )
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
               
    Net loss per share:          
    Basic $ (1.25 )   $ (0.02 )   $ (0.53 )
    Diluted $ (1.25 )   $ (0.02 )   $ (0.53 )
               
    Weighted-average shares of common stock outstanding – basic   77,196       76,939       76,254  
    Weighted-average shares of common stock outstanding – diluted   77,196       76,939       76,254  
               
    Adjusted Net Income(1) $ 9,370     $ 16,531     $ 10,910  
    Weighted-average shares of common stock outstanding – diluted   77,371       77,213       77,373  
    Diluted earnings per share on Adjusted Net Income(1) $ 0.12     $ 0.21     $ 0.14  
               
               
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Adjusted EBITDA(1) $ 68,450     $ 81,780     $ 68,534  
    Free Cash Flow(1) $ 17,483     $ 24,144     $ 10,337  
    Adjusted General and Administrative Expenses(1) $ 18,300     $ 16,325     $ 18,943  
    Effective Tax Rate   29 %   N/A     26 %
               
    Cash Flow Data:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Net cash used in investing activities $ (19,770 )   $ (19,907 )   $ (18,661 )
    Net cash used in financing activities $ (16,876 )   $ (889 )   $ (9,990 )
     
    __________
    (1) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
     
      March 31, 2025   December 31, 2024
      (unaudited)
    ($ and shares in thousands)
    Balance Sheet Data:      
    Total current assets $ 161,114   $ 149,643  
    Total property, plant and equipment, net $ 1,153,711   $ 1,320,380  
    Total current liabilities $ 183,429   $ 187,880  
    Long-term debt $ 374,478   $ 384,633  
    Total stockholders’ equity $ 631,468   $ 730,636  
    Outstanding common stock shares as of   77,596     76,939  
                 

    The following table represents selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.

      Three Months Ended
    March 31, 2025
      E&P   Well Servicing and Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 153,512     $ 29,747     $ (6,083 )   $ 177,176  
    Net (loss) before income taxes $ (101,417 )   $ (1,711 )   $ (32,225 )   $ (135,353 )
    Capital expenditures $ 27,618     $ 56     $ 715     $ 28,389  
    Total assets $ 1,385,674     $ 52,392     $ (33,728 )   $ 1,404,338  
      Three Months Ended
    December 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 161,254   $ 29,468     $ (5,913 )   $ 184,809  
    Net income (loss) before income taxes $ 38,101   $ (3,157 )   $ (35,081 )   $ (137 )
    Capital expenditures $ 15,386   $ 1,057     $ 774     $ 17,217  
    Total assets $ 1,535,292   $ 57,752     $ (75,358 )   $ 1,517,686  
      Three Months Ended
    March 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 175,597     $ 35,468     $ (3,785 )   $ 207,280  
    Net (loss) income before income taxes $ (24,836 )   $ (1,241 )   $ (27,907 )   $ (53,984 )
    Capital expenditures $ 15,417     $ 1,332     $ 187     $ 16,936  
    Total assets $ 1,625,178     $ 65,948     $ (115,610 )   $ 1,575,516  
    __________
    (1) These revenues do not include hedge settlements.
     

    COMMODITY PRICING

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Weighted Average Realized Prices          
    Oil without hedge ($/bbl) $ 69.48   $ 69.08   $ 75.31  
    Effects of scheduled derivative settlements ($/bbl)   0.08     1.64     (2.17 )
    Oil with hedge ($/bbl) $ 69.56   $ 70.72   $ 73.14  
    Natural gas ($/mcf) $ 3.95   $ 3.47   $ 3.76  
    NGLs ($/bbl) $ 30.56   $ 29.67   $ 29.60  
               
    Purchased Natural Gas          
    Purchase price, before the effects of derivative settlements
    ($/mmbtu)    		 $ 4.35   $ 3.76   $ 4.11  
    Effects of derivative settlements ($/mmbtu)   0.35     0.62     0.92  
    Purchase price, after the effects of derivative settlements
    ($/mmbtu)    		 $ 4.70   $ 4.38   $ 5.03  
               
    Index Prices          
    Brent oil ($/bbl) $ 74.98   $ 74.01   $ 81.76  
    WTI oil ($/bbl) $ 71.51   $ 70.33   $ 77.02  
    Natural gas ($/mmbtu) – SoCal Gas city-gate(1) $ 4.50   $ 3.57   $ 4.21  
    Natural gas ($/mmbtu) – Northwest, Rocky Mountains(2) $ 3.88   $ 3.09   $ 3.41  
    Henry Hub natural gas ($/mmbtu)(2) $ 4.14   $ 2.44   $ 2.15  
    __________
    (1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.
    (2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub.
     

    Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase substantially more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 4,000 mmbtu/d in the first quarter of 2025, 3,000 mmbtu/d in the fourth quarter of 2024 and 5,000 mmbtu/d in the first quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices.

    CURRENT HEDGING SUMMARY

    As of May 2, 2025, we had the following crude oil production and gas purchases hedges.

        Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027   FY 2028
    Brent – Crude Oil production                        
    Swaps                        
    Hedged volume (bbls)     1,637,198     1,613,083     1,518,000     5,247,518     3,483,500     1,505,500  
    Hedged volume (mbbls) per day     18.0     17.5     16.5     14.4     9.5     4.1  
    Weighted-average price ($/bbl)   $ 74.35   $ 74.48   $ 75.28   $ 69.74   $ 69.72   $ 68.05  
    Collars                        
    Hedged volume (bbls)     —     —     —     180,000     182,000     —  
    Hedged volume (mbbls) per day     —     —     —     0.5     0.5     —  
    Weighted-average ceiling ($/bbl)   $ —   $ —   $ —   $ 81.36   $ 80.00   $ —  
    Weighted-average floor ($/bbl)   $ —   $ —   $ —   $ 60.00   $ 65.00   $ —  
    NWPL – Natural Gas purchases(1)                        
    Swaps                        
    Hedged volume (mmbtu)     3,640,000     3,680,000     3,680,000     12,160,000     —     —  
    Hedged volume (mmbtu) per day     40.0     40.0     40.0     33.3     —     —  
    Weighted-average price ($/mmbtu)   $ 4.29   $ 4.29   $ 4.15   $ 3.93   $ —   $ —  
    __________
    (1) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline.
     

    GAINS (LOSSES) ON DERIVATIVES

    A summary of gains and losses on the derivatives included on the statements of operations is presented below:

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
      (unaudited)
    (in thousands)
    Realized (losses) gains on commodity derivatives:          
    Realized gains (losses) on oil sales derivatives $ 164     $ 7,173     $ (4,682 )
    Realized (losses) on natural gas purchase derivatives   (1,476 )     (3,184 )     (4,412 )
    Total realized (losses) gains on derivatives $ (1,312 )   $ 3,989     $ (9,094 )
               
    Unrealized gains (losses) on commodity derivatives:          
    Unrealized gains (losses) on oil sales derivatives $ 5,311     $ (12,903 )   $ (66,518 )
    Unrealized gains (losses) on natural gas purchase derivatives   7,167       (4,699 )     (69 )
    Total unrealized gains (losses) on derivatives $ 12,478     $ (17,602 )   $ (66,587 )
    Total gains (losses) on derivatives $ 11,166     $ (13,613 )   $ (75,681 )
     

    PRODUCTION STATISTICS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024  
    Net Oil, Natural Gas and NGLs Production Per Day(1):            
    Oil (mbbl/d)            
    California 20.4   21.8   21.3  
    Utah 2.6   2.5   2.5  
    Total oil 23.0   24.3   23.8  
    Natural gas (mmcf/d)            
    Utah 7.9   8.4   7.9  
    Total natural gas 7.9   8.4   7.9  
    NGLs (mbbl/d)            
    Utah 0.4   0.4   0.3  
    Total NGLs 0.4   0.4   0.3  
    Total Production (mboe/d)(2) 24.7   26.1   25.4  
    __________
    (1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.
    (2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended March 31, 2025, the average prices of Brent oil and Henry Hub natural gas were $74.98 per bbl and $4.14 per mmbtu respectively.
     

    CAPITAL EXPENDITURES

      Three Months Ended
      March 31, 2025   December 31, 2024 March 31, 2024
          (unaudited)
    (in thousands)    		    
    Capital expenditures (1)(2) $ 28,389   $ 17,217   $ 16,936  
    __________
    (1) Capital expenditures include capitalized overhead and interest and excludes acquisitions and asset retirement spending.
    (2) Capital expenditures for the three months ended March 31, 2025 were less than $1 million related to the well servicing and abandonment services segment. Capital expenditures for the three months ended December 31, 2024 and March 31, 2024 were $1 million related to the well servicing and abandonment services segment.
     

    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

    Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.

    We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver.

    We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

    We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company’s ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company’s ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company’s administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies.

    ADJUSTED EBITDA

    The following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Adjusted EBITDA reconciliation:
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
    Add (Subtract):          
    Interest expense   15,172       10,859       9,140  
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Depreciation, depletion, and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Stock compensation expense   2,406       2,315       385  
    (Gains) losses on derivatives   (11,166 )     13,613       75,681  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     722       (9,094 )
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement(3)   —       7,066       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
               
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Add (Subtract):          
    Cash interest payments   13,459       14,129       15,256  
    Cash income tax payments   66       651       —  
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Changes in operating assets and liabilities – working capital(4)   9,265       13,535       22,543  
    Other operating (income) expense – cash portion(5)   (212 )     7,664       (246 )
    Losses on debt retirement – cash portion(6)   —       4,440       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
    __________
    (1) Includes legal and other professional expenses related to various transactions activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) Changes in other assets and liabilities consists of working capital and various immaterial items.
    (5) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement.
    (6) Includes expenses related to the financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
     

    FREE CASH FLOW

    The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Free Cash Flow reconciliation:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Capital expenditures   (28,389 )     (17,217 )     (16,936 )
    Free Cash Flow $ 17,483     $ 24,144     $ 10,337  
     

    LEVERAGE RATIO

    The following table presents our leverage ratio.

        Three Months Ended
        March 31, 2025   December 31, 2024
        (unaudited)
    (in thousands)
    Net debt reconciliation:        
    2024 Term loan borrowings   $ 438,750     $ 450,000  
    2024 Revolver borrowings     —       —  
    Subtract:        
    Unrestricted cash     (39,002 )     (15,336 )
    Net Debt   $ 399,748     $ 434,664  
             
    Trailing twelve month Adjusted EBITDA   $ 291,680     $ 291,764  
             
    Leverage Ratio   1.37x   1.49x
             

    ADJUSTED NET INCOME (LOSS)

    The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (in thousands)   per share – diluted   (in thousands)   per share – diluted   (in thousands)   per share – diluted
      (unaudited)
    Adjusted Net Income reconciliation:      
    Net loss $ (96,680 )   $ (1.25 )   $ (1,759 )   $ (0.02 )   $ (40,084 )   $ (0.52 )
    Add (Subtract):                      
    (Gains) losses on derivatives   (11,166 )     (0.14 )     13,613       0.18       75,681       0.98  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     (0.02 )     722       0.01       (9,094 )     (0.12 )
    Other operating expenses (income)   401       —       3,763       0.04       (133 )     —  
    Impairment of oil and gas properties   157,910       2.04       —       —       —       —  
    Acquisition costs(1)   —       —       —       —       2,617       0.03  
    Non-recurring costs(2)   —       —       —       —       1,091       0.02  
    Losses on debt retirement(3)   —       —       7,066       0.09       —       —  
    Total additions, net   145,833       1.88       25,164       0.32       70,162       0.91  
    Income tax expense of adjustments(4)   (39,783 )     (0.51 )     (6,874 )     (0.09 )     (19,168 )     (0.25 )
    Adjusted Net Income $ 9,370     $ 0.12     $ 16,531     $ 0.21     $ 10,910     $ 0.14  
                           
    Basic EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
    Diluted EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
                           
    Weighted average shares of common stock outstanding – basic   77,196           76,939           76,254      
    Weighted average shares of common stock outstanding – diluted   77,371           77,213           77,373      
    __________
    (1) Includes legal and other professional expenses related to various transaction activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) The federal and state statutory rates were utilized for all periods presented.
     

    As a result of operating evaluations, market volatility and price declines we recorded a non-cash pre-tax asset impairment charge of $158 million ($113 million after-tax) on one of our non-thermal diatomite proved properties in California for the three months ended March 31, 2025. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2025.

    ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

    The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Adjusted General and Administrative Expense reconciliation:
    General and administrative expenses $ 20,305     $ 18,389     $ 20,234  
    Subtract:          
    Non-cash stock compensation expense (G&A portion)   (2,005 )     (2,064 )     (200 )
    Non-recurring costs(1)   —       —       (1,091 )
    Adjusted General and Administrative Expenses $ 18,300     $ 16,325     $ 18,943  
               
    Well servicing and abandonment services segment $ 2,300     $ 2,015     $ 2,929  
               
    E&P segment, and corporate $ 16,000     $ 14,310     $ 16,014  
    E&P segment, and corporate ($/boe) $ 7.19     $ 5.96     $ 6.93  
               
    Total mboe   2,225       2,400       2,310  
    __________                      
    (1) Non-recurring costs included cost savings initiatives.
     

    E&P OPERATING COSTS

    Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses (“LOE”) which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities.

    The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE – hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE – hedged includes the realized (cash settled) hedge effects on our total LOE.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Non-energy LOE   30,959     28,166     31,186  
    Lease operating expenses(1)   57,282     55,763     61,276  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Lease operating expenses – hedged $ 58,758   $ 58,947   $ 65,688  
               
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Energy LOE – hedged $ 27,799   $ 30,781   $ 34,502  
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (per boe)
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Non-energy LOE   13.91     11.74     13.50  
    Lease operating expenses(1)   25.74     23.24     26.53  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Lease operating expenses – hedged $ 26.40   $ 24.57   $ 28.44  
               
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Energy LOE – hedged $ 12.49   $ 12.83   $ 14.94  
    __________
    (1) Lease operating expenses (“LOE”) is also referred to as LOE – unhedged.
     

    Energy LOE – hedged and LOE – hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE – hedged and LOE – hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods.

    While Energy LOE – hedged and LOE – hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE – hedged and LOE – hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE – hedged and LOE – hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Q1 Revenue Hits $108.0 Million, Representing Accelerating Growth of 47% Y/Y

    Q1 Net Income Reaches $28.8 Million; Adj. EBITDA Increases 235% Y/Y to $44.2 Million

    Raises 2025 Revenue and Adj. EBITDA Guidance to $460-$475 Million and $155-$165 Million, respectively

    LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the first quarter ended March 31, 2025.

    “We knocked the cover off the ball in Q1,” said Jason Wilk, Founder and CEO of Dave. “Revenue grew at the fastest year-over-year pace since 2021 when our business was a fraction of its current size. Given the operating leverage of our business model, Adjusted EBITDA increased 235% year-over-year and 32% sequentially to $44.2 million. This acceleration was driven by solid execution across the business and amplified by the early success of our new fee structure, which has enhanced monetization and conversion rates while maintaining strong member retention.

    “Despite the typical seasonal patterns that temper ExtraCash demand in Q1, we originated over $1.5 billion, up 46% from Q1 2024 and 3% from Q4. Meanwhile, our credit metrics continue to hit record levels with our 28-day delinquency rate dropping by 33 basis points year-over-year, driven by ongoing optimization of CashAI. These improvements contributed to another record quarter of non-GAAP variable margin, which reached 77%, nearly doubling over the past three years.

    “Building on the success of CashAI and our increased confidence in our new fee model, in combination with our positive growth outlook, we are raising full year Revenue and Adjusted EBITDA guidance.”

    Quarterly Financial Highlights ($ in millions, unaudited)

      1Q24 2Q24 3Q24 4Q24 1Q25
    GAAP Operating Revenues, Net
    % Change vs. prior year period    		 $73.6
    25%    		 $80.1
    31%    		 $92.5
    41%    		 $100.9
    38%    		 $108.0
    47%
    Non-GAAP Variable Profit*
    % Change vs. prior year period    		 $49.9
    47%    		 $51.8
    57%    		 $64.2
    72%    		 $72.6
    58%    		 $83.4
    67%
    Non-GAAP Variable Profit Margin* 68% 65% 69% 72% 77%
    GAAP Net Income $34.2 $6.4 $0.5 $16.8 $28.8
    Adjusted Net Income* $8.1 $13.7 $21.1 $29.6 $36.3
    Adjusted EBITDA* $13.2 $15.2 $24.7 $33.4 $44.2

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    First Quarter 2025 Operating Highlights (vs. First Quarter 2024)

    • New Members increased to 569,000 while customer acquisition costs increased $2, remaining highly efficient at $18
    • Monthly Transacting Members (“MTMs”) increased 13% to 2.5 million
    • ExtraCash originations increased 46% to $1.5 billion, while the average 28-Day delinquency rate improved 33 basis points to 1.50%
    • Dave Debit Card spend increased 24% to $488 million
    • For a full review of the Company’s key performance indicators, please refer to the Company’s First Quarter Earnings Presentation which can be found on the Investor Relations page of Dave’s website

    Liquidity Summary

    As of March 31, 2025, the Company had $89.7 million in cash and cash equivalents, marketable securities, investments, and restricted cash, down from $91.9 million as of December 31, 2024. The $2.2 million decrease reflects an $18.8 million increase in the net ExtraCash Receivables balance and over $20 million in cash used for restricted stock unit net settlements and share repurchases, offset by positive free cash flow generated during the quarter.

    2025 Financial Guidance ($ in millions)

      Prior FY 2025 New FY 2025
    GAAP Operating Revenues, Net
    Year-Over-Year Growth    		 $415 – $435
    20% – 25%    		 $460 – $475
    33% – 37%
    Adjusted EBITDA*
    Year-Over-Year Growth    		 $110 – $120
    27% – 39%    		 $155 – $165
    79% – 91%

    *Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

    Dave’s CFO, Kyle Beilman, commented: “Our Q1 results demonstrate the continued financial strength and operating efficiency of our business model. We delivered meaningful growth during what is typically our lowest demand period, driven by continued growth in originations per member as a result of the improvements in unit economics and member lifetime value under our new fee model.

    “Given our free cash flow generation, liquidity position and confidence in our outlook, our Board authorized a $50 million share repurchase program during the quarter, which we began executing in late Q1. In total, we deployed over $20 million during the quarter through share repurchases and RSU net settlements to reduce our share count. We will continue to evaluate these capital allocation tools as levers to enhance shareholder value, particularly as we believe our current valuation understates the strength of our fundamentals.”

    Conference Call 
    Dave management will host a conference call on Thursday, May 8th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the first quarter ended March 31, 2025, followed by a question-and-answer period. The conference call details are as follows:

    Date: Thursday, May 8th, 2025
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (866) 652-5200
    International dial-in number: (412) 317-6060
    Webcast: link

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, share repurchases, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current customers, acquire new customers (collectively, “Members”) and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other macroeconomic factors, including regulatory uncertainty, fluctuating interest rates, inflation, unemployment rates, consumer sentiment, market volatility and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2025 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA, which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA as GAAP net income attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income as GAAP net income adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

    These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure for the three months ended March 31, 2025, and 2024.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share data)
    (unaudited)
             
        For the Three Months Ended March 31,
          2025       2024  
             
    Operating revenues:        
    Service based revenue, net   $ 97.9     $ 65.6  
    Transaction based revenue, net     10.1       8.0  
    Total operating revenues, net     108.0       73.6  
    Operating expenses:        
    Provision for credit losses     10.6       9.9  
    Processing and servicing costs     7.1       7.7  
    Advertising and marketing     10.3       9.1  
    Compensation and benefits     27.5       24.6  
    Other operating expenses     17.3       16.9  
    Total operating expenses     72.8       68.2  
    Other (income) expenses:        
    Interest expense, net     1.3       0.7  
    Gain on extinguishment of convertible debt     —       (33.4 )
    Changes in fair value of earnout liabilities     (0.4 )     0.2  
    Changes in fair value of public and private warrant liabilities     0.4       0.5  
    Total other expense (income), net     1.3       (32.0 )
    Net income before provision for income taxes     33.9       37.4  
    Provision for income taxes     5.1       3.2  
    Net income   $ 28.8     $ 34.2  
             
    Net income per share:        
        Basic   $ 2.19     $ 2.80  
        Diluted   $ 1.97     $ 2.60  
             
             
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
    (in millions)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    Operating expenses   $ 72.8     $ 68.2  
    Non-variable operating expenses     (48.2 )     (44.5 )
    Non-GAAP variable operating expenses   $ 24.6     $ 23.7  
             
             
    CALCULATION OF NON-GAAP VARIABLE PROFIT
    (in millions)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    GAAP operating revenues, net   $ 108.0     $ 73.6  
    Non-GAAP variable operating expenses     (24.6 )     (23.7 )
    Non-GAAP variable profit   $ 83.4     $ 49.9  
    Non-GAAP variable profit margin     77 %     68 %
             
             
    DAVE INC.
    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
    (in millions)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    Net income   $ 28.8     $ 34.2  
    Interest expense, net     1.3       0.7  
    Provision for income taxes     5.1       3.2  
    Depreciation and amortization     1.5       1.7  
    Stock-based compensation     7.5       6.1  
    Gain on extinguishment of convertible debt     —       (33.4 )
    Changes in fair value of earnout liabilities     (0.4 )     0.2  
    Changes in fair value of public and private warrant liabilities     0.4       0.5  
    Adjusted EBITDA   $ 44.2     $ 13.2  
             
             
    DAVE INC.
    RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
    (in millions, except per share data)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    Net income   $ 28.8     $ 34.2  
    Stock-based compensation     7.5       6.1  
    Gain on extinguishment of convertible debt     —       (33.4 )
    Changes in fair value of earnout liabilities     (0.4 )     0.2  
    Changes in fair value of public and private warrant liabilities     0.4       0.5  
    Income tax expense related to gain on extinguishment of convertible debt     —       0.5  
    Adjusted net income   $ 36.3     $ 8.1  
             
    Adjusted net income per share:        
        Basic   $ 2.76     $ 0.66  
        Diluted   $ 2.48     $ 0.62  
             
             
    DAVE INC.
    LIQUIDITY AND CAPITAL RESOURCES
    (in millions)
    (unaudited)
             
        March 31,   December 31,
          2025       2024  
             
    Cash, cash equivalents and restricted cash   $ 48.7     $ 51.4  
    Marketable securities     0.1       0.1  
    Investments     41.0       40.5  
    Working capital     264.0       247.2  
    Total stockholders’ equity     199.5       183.1  

    The MIL Network –

  • MIL-OSI: Biz2Credit’s Annual Top 25 Cities for Small Business Report Identifies Worcester, MA as #1

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — The 2025 Biz2Credit Top Cities for Small Business Study has identified Worcester, MA, as the top city for small businesses in its annual financial analysis. According to Biz2Credit’s analysis, the other cities in the top five are: Ventura, CA, Stamford, CT, Portland, OR, and San Jose, CA.  

    The study examined financial indicators, including annual revenue, credit score, age of business, and the proprietary BizAnalyzer® scores of businesses that applied for funding with Biz2Credit during 2024. The analysis found that small businesses’ average revenue increased while credit scores dipped slightly. 

    Key Findings:  

    • The top 25 study saw moderate changes compared to 2024, with the most notable being California’s tech-heavy bay area losing its top two spots. 
    • The leading industries among the top cities are retail trade, construction, healthcare & social assistance, and accommodation and food services. 
    • Average credit scores decreased by 5 points, from 652 to 647.  
    • Seven cities are new to the list this year: Worcester, MA (1), Buffalo, NY (11), Fresno, CA (15), Richmond, VA (17), Myrtle Beach, SC (23), New Haven, CT (24), Indianapolis, IN (25) 
    • Eight cities fell off the 2024 list: Pittsburgh, PA, Sacramento, CA, Minneapolis, MN, Port St. Lucie, FL, Philadelphia, PA, Hartford, CT, Riverside, CA, and Phoenix, AZ all fell outside the top 25 from last year’s list. This is the same number that fell off in Biz2Credit’s 2024 study. 

    The Top 25 Cities for Small Business for this year (with 2024 ranking in parenthesis) are:  

    1. Worcester, MA (unranked)
    2. Ventura/Oxnard, CA (13) 
    3. Greater Bridgeport, CT (5) 
    4. Portland, OR (7) 
    5. San Jose, CA (1) 
    6. Seattle, WA (4) 
    7. Salt Lake City, UT (11) 
    8. Colorado Springs, CO (3) 
    9. Nashville, TN (22) 
    10. Denver, CO (15) 
    11. Buffalo, NY (unranked) 
    12. Providence, RI (9) 
    13. San Diego, CA (6) 
    14. San Francisco, CA (2) 
    15. Fresno, CA (unranked) 
    16. Boston, MA (12) 
    17. Richmond, VA (unranked) 
    18. New York City, NY (8) 
    19. Los Angeles, CA (17) 
    20. Washington, D.C. (16) 
    21. Baltimore, MD (10) 
    22. Hartford, CT (23) 
    23. Myrtle Beach, SC (unranked) 
    24. New Haven, CT (unranked) 
    25. Indianapolis, IN (unranked) 

    “Small businesses in Ventura County (Ventura and Oxnard) had high average annual revenues ($1,075,489), strong average credit score (679), and are mature businesses,” said Rohit Arora, CEO of Biz2Credit and one of the nation’s leading experts in small business finance. “This year’s top 5 continues to show the strength of our nation’s coastal states as hubs for small and medium size businesses.” 

    Methodology  

    The data included in this study was collected from submitted cases between Jan. 1, 2024, and Dec. 31, 2024. The study encompassed more than 75,000 applications. Biz2Credit set a threshold of 150 applications for an MSA (Metropolitan Statistical Area) to be included in the 2024 study. As a result, the MSA level analysis was based on 49,940 cases above the threshold. Data pertaining to state name, MSA, and ZIP code is from the U.S. Census.  

    The 2025 Top 25 Cities Study is based on actual verified cash flows of merchants on the Biz2Credit platform during 2024. Submitted cases with an annual revenue exceeding $5 million were excluded from the revenue analysis. The ranking of cities in the study was established using BizAnalyzer Score (BA Score), a proprietary score developed by Biz2Credit. To determine the BA Score, Biz2Credit examined several key factors, including Credit Score, Annual Revenue, Age of Business, Debt-to-Income Ratio, and Cash Flow Analytics powered by Bank Statement Analyzer. 

    About Biz2Credit  

    Founded in 2007, Biz2Credit has helped thousands of companies access more than in small business financing. Biz2Credit is headquartered in New York City, employs over 800 people with over half in product, data science, and engineering roles. Using data analytics and predictive modeling, Biz2Credit seeks to enhance the accuracy and transparency of business credit decisions, fueling long-term economic development. Visit www.biz2credit.com, or follow the company on LinkedIn, Instagram, Facebook, and X (formerly Twitter).

    Media Contact: Brett Holzhauer, (818) 326-1109, brett.holzhauer@biz2credit.com 

    The MIL Network –

  • MIL-OSI: Himax Technologies, Inc. Reports First Quarter 2025 Financial Results; Provides Second Quarter Guidance

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Revenues At the High End of Projected Range, Gross Margin In-Line, EPS Exceeded Guidance Range Issued on February 13, 2025
    Company Q2 2025 Guidance: Revenues to Decrease 5.0% to Increase 3.0% QoQ, Gross Margin is Expected to be Around 31.0%. Profit per Diluted ADS to be 8.5 Cents to 11.5 Cents

    • Q1 2025 revenues were $215.1M, a decrease of 9.3% QoQ, reaching the high end of the guidance range of 8.5% to 12.5% decrease QoQ
    • Q1 GM reached 30.5%, in line with guidance of around 30.5%, flat from last quarter but up from 29.3% the same period last year, mainly a result of favorable product mix and continued cost optimization
    • Q1 2025 after-tax profit was $20.0M, or 11.4 cents per diluted ADS, exceeding the guidance range of 9.0 cents to 11.0 cents
    • Himax Q2 2025 revenues to decline 5.0% to increase 3.0% QoQ. GM to be around 31.0%, up from 30.5% in the prior quarter. Profit per diluted ADS to be in the range of 8.5 cents to 11.5 cents
    • Currently, tariffs have not had a significant direct impact on Himax’s business
    • Conservative Q2 revenue guidance reflects customers’ overall caution toward the global economic outlook and end market demand. Low 2H25 market visibility as tariff negotiations continues
    • As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established Taiwan supply chain and strengthening into CN, KR, SG to enhance production flexibility, cost competitiveness and mitigate geopolitical risks
    • Despite near-term headwinds, Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies
    • Sample shipments of first-gen silicon photonics packaging solution for engineering validation and trial production are proceeding as planned. Himax continues to advance technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through joint development of future-gen CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC
    • Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets to expand global footprint while developing long-term competitive advantages. Established a three-party strategic alliance with Powerchip and Tata Electronics. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring India’s vast market demand

    TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the first quarter 2025 ended March 31, 2025.

    “The recent abrupt and significant NT dollar appreciation against the US dollar, its impact on our Q2 financial results is limited and has been accounted for in Q2 financial guidance. Currently, tariffs have not had a significant direct impact on Himax’s business, as our IC products are not directly exported to the U.S. Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, we are carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

    “Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of our automotive business. In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead,” concluded Mr. Jordan Wu.

    First Quarter 2025 Financial Results

    Himax net revenues registered $215.1 million, a decrease of 9.3% sequentially, reaching the high end of guidance range of a decline of 8.5% to 12.5%, but representing a 3.7% increase year over year. Gross margin was 30.5%, in line with guidance of around 30.5%, flat from last quarter and up from 29.3% in the same period last year. The year-over-year increase was driven by a favorable product mix and continued cost optimization. Q1 profit per diluted ADS was 11.4 cents, exceeding the guidance range of 9.0 to 11.0 cents, primarily due to lower operating expenses.

    Revenue from large display drivers came in at $25.0 million, flat from last quarter despite the seasonal downturn. This was primarily driven by demand spurred by Chinese government subsidies aimed at reviving domestic consumption. Notebook and monitor IC sales both recorded solid double-digit growth in Q1. In contrast, TV IC sales declined as expected, due to customers pulling forward their inventory purchases in the prior quarter. Sales of large panel driver ICs accounted for 11.6% of total revenues for the quarter, compared to 10.5% last quarter and 15.1% a year ago.

    Revenue from the small and medium-sized display driver segment totaled $150.5 million, reflecting a sequential decline of 9.8% amid a typical low season. However, Q1 automotive driver sales, including both traditional DDIC and TDDI, outperformed guidance of a low-teens sequential decline, declining just single digit from the last quarter. The sequential decline reflected the waning effect of the Chinese government’s renewed trade-in stimulus, announced in mid-August 2024, while demand in other major markets remained stable. Q1 auto IC sales rose nearly 20% year over year, reflecting ongoing customer reliance on Himax’s technology and the strength of Company’s competitive moat. Himax’s automotive business, comprising DDIC, TDDI, Tcon, and OLED IC sales, remained the largest revenue contributor in the first quarter, representing more than 50% of total revenues. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season. The small and medium-sized driver IC segment accounted for 70.0% of total sales for the quarter, compared to 70.3% in the previous quarter and 69.5% a year ago.

    Q1 non-driver sales reached $39.6 million, a 12.8% decrease from the previous quarter. The sequential decline was primarily attributable to the absence of a one-time ASIC Tcon shipment to a leading projector customer in the prior quarter, coupled with a moderation in automotive Tcon shipments after several quarters of robust growth. That being said, Himax’s position in local dimming Tcon for automotive remains unrivaled, supported by increasing validation and adoption from leading panel makers, Tier 1 suppliers, and automotive manufacturers around the world. Himax also has a robust pipeline of over two hundred design-win projects that are set to gradually enter mass production in the coming years. Non-driver products accounted for 18.4% of total revenues, as compared to 19.2% in the previous quarter and 15.4% a year ago.

    First quarter operating expenses were $45.7 million, a decrease of 7.0% from the previous quarter and a decline of 9.8% from a year ago. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls.

    First quarter operating income was $19.8 million or 9.2% of sales, compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly the result of lower sales, offset by lower operating expenses. The year-over-year increase resulted primarily from higher sales, improved gross margins, and lower operating expenses. First-quarter after-tax profit was $20.0 million, or 11.4 cents per diluted ADS, compared to $24.6 million, or 14.0 cents per diluted ADS last quarter, and up from $12.5 million, or 7.1 cents in the same period last year.

    Balance Sheet and Cash Flow

    Himax had $281.0 million of cash, cash equivalents and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and $224.6 million a quarter ago. Himax achieved a strong positive operating cash flow of $56.0 million for the first quarter. As of March 31, 2025, Himax had $33.0 million in long-term unsecured loans, with $6.0 million being the current portion.

    Himax’s quarter-end inventories as of March 31, 2025 were $129.9 million, lower than $158.7 million last quarter and $201.9 million same period last year. Himax’s inventory levels have steadily declined for ten consecutive quarters since peaking during the Covid 19 pandemic when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs visibility across the ecosystem, Himax will continue to manage its inventory conservatively. Accounts receivable at the end of March 2025 was $217.5 million, down from $236.8 million last quarter but slightly up from $212.3 million a year ago. DSO was 91 days at the quarter end, as compared to 96 days last quarter and 93 days a year ago. First quarter capital expenditures were $5.2 million, versus $3.2 million last quarter and $2.7 million a year ago. First quarter capex was mainly for R&D related equipment for Company’s IC design business and ongoing construction of a new preschool near Himax’s Tainan headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing Company’s commitment to a family‑friendly workplace.

    Prior to today’s call, Himax announced an annual cash dividend of 37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payout ratio of 81.1% of the previous year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for its shareholders through high dividends and share repurchases.

    Outstanding Share

    As of March 31, 2025, Himax had 174.9 million ADS outstanding, unchanged from last quarter. On a fully diluted basis, the total number of ADS outstanding for the first quarter was 175.1 million. 

    Q2 2025 Outlook

    On the recent abrupt and significant NT dollar appreciation against the US dollar, its impact on Himax’s Q2 financial results is limited and has been accounted for in the financial guidance for the quarter. All of Himax’s revenues and nearly all of its cost of sales are US dollar denominated, providing a natural hedge for its buying and selling activities. In addition, the bulk of our R&D expenses, save for employee salaries, are also US dollar based. For employee compensation, a major item of Himax’s operating expenses, while its employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based. Other major non-US dollar expenses, mostly NT dollar-denominated, include utilities and income tax expenses. While Company don’t hedge for currency risk of our non-US dollar based operational expenses as the cost of such hedging would usually outweigh the benefit, Himax does purchase NTD in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense item.

    The recently announced U.S. tariff measures have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty. Currently, tariffs have not had a significant direct impact on Himax’s business, as Company’s IC products are not directly exported to the U.S. Instead, they are assembled into panels or modules by customers outside the United States and then sold into global markets, including the United States. Just a negligible portion — about 2%—of Himax’s products are shipped directly to the United States. Only customers for these products are subject to U.S. tariffs. Almost all of these products are manufactured in Taiwan. While some customers have requested early shipments to avoid tariff duties, many others have opted to defer their orders amid ongoing tariff-related uncertainties. The company’s conservative Q2 revenue guidance reflects the highly cautious stance of its customers in general toward the global economic outlook and end market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains low with the world continuing to closely monitor the development of tariff negotiations. As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established supply chain in Taiwan while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness, and to better mitigate geopolitical risks.   

    Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, Himax is carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses. Concurrently, Company is further optimizing costs by diversifying both foundry and backend packaging and testing, while mitigating risks and enhancing manufacturing flexibility. This approach is exemplified by the major milestone recently achieved in automotive display IC collaboration with Nexchip in China, with products now in mass production and adopted by leading automakers. This not only validates Himax’s diversified supply chain strategy but also underscores its steadfast commitment to scaling capacity and cost optimization.

    Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of Himax’s automotive business.

    In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics (CPO). Technologies in these areas are approaching maturity and offer substantial growth potential. As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners, from technology development through to mass production, to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. Himax expects these businesses to contribute meaningfully to both revenue and gross margin in the years ahead.

    Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets, establish close partnerships with industry-leading companies, and continue to expand its global footprint while developing long-term competitive advantages. In Himax’s latest cross-border cooperation the Company established a three-party strategic alliance with Powerchip and Tata Electronics, a subsidiary of Tata Group, India’s largest and most influential conglomerate. This collaboration combines Tata Electronics’ deep manufacturing and local supply chain integration strengths, Powerchip’s mature wafer manufacturing capabilities, and Himax’s leading display IC and WiseEye ultralow power AI sensing technologies to jointly create a powerful ecosystem. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring the huge potential demand of the Indian market.

    Display Driver IC Businesses

    LDDIC

    In Q2 2025, Himax anticipates large display driver IC sales to decline by a single digit sequentially, driven by customers’ pull forward orders placed in prior quarters, against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and notebook IC sales are expected to decrease in Q2, whereas TV IC sales are set to increase sequentially, driven by higher shipments to key end customers.

    Looking ahead in the notebook sector, Himax is observing a growing trend for premium notebooks to adopt OLED displays and advanced touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, Himax is expanding its high-speed interface product portfolio to support faster data transfer rates, lower latency, and improved power efficiency, features that are critical for next-generation displays. Himax has made progress on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This high-speed interface supports high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. Through ongoing portfolio expansion and continuous technology innovation, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

    SMDDIC

    Q2 small and medium-sized display driver IC business is expected to decline single-digit from the last quarter. Himax expects Q2 automotive driver IC sales, including both TDDI and traditional DDIC, to decline mid-teens sequentially, reflecting the combined impact of tariffs and the waning effect of China’s automotive subsidy program. Despite these near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Himax’s cumulative shipments of automotive TDDI have outpaced competitors, with nearly 500 design-in projects secured to date, the majority of which have yet to enter mass production. On top of a continuous influx of new pipelines and design wins across the board, Himax is well-positioned for continued growth, further reinforcing Himax’s leadership in this space. For automotive DDIC, Himax continues to see solid shipment volume for automotive DDICs for non-touch applications including cluster displays, HUDs, and rear- and side-view mirrors. Company’s confidence is further strengthened by the growing proliferation of advanced technologies, such as LTDI (Large Touch and Display Driver Integration) in large-display car models. Himax is a pioneer in LTDI technology, which supports seamless, integrated large touch display panels, typically larger than 30 inches or spanning pillar-to-pillar across the entire width of the cockpit. LTDI also features high-density touch functionality for responsive performance, making it ideal for next-generation smart cabin designs that emphasize large displays and intuitive touch interaction. Additionally, Himax is seeing an increasing number of customers choosing to adopt its integrated LTDI and Tcon solution as the standard platform for their ultra large automotive display development. Such panels typically require four or more LTDI chips and at least one local dimming Tcon per panel. This growing platform adoption of more of Himax’s automotive IC offerings not only reflects strong customer loyalty to its technologies but also signifies an increase in content value for Himax on a per-panel basis. Multiple projects with global leading car brands are set to begin mass production starting the end of 2025. Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies.

    Himax expects Q2 smartphone IC revenues to decline mid-teens from last quarter, while tablet IC sales are poised to grow by high teens sequentially, driven by renewed demand from leading customers following several quiet quarters.

    On OLED business update. In the automotive OLED market, Himax has forged strategic alliances with leading panel makers in Korea, China, and Japan. As OLED technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate OLED adoption in vehicles by capitalizing on its strong presence and proven track record in automotive LCD displays. Leveraging Himax’s first mover advantage, Company offers a comprehensive suite of solutions, including DDIC, Tcon, and on-cell touch controllers. It’s worth noting that Himax’s advanced OLED on-cell touch-control technology boasts an industry-leading signal-to-noise ratio exceeding 45 dB, delivering reliable performance even under challenging operational conditions such as glove wearing or wet-finger. The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopting it for their premium car models. Himax expects to be a key beneficiary of the shift to OLED displays for the automotive industry over the next few years, unlocking a new growth driver for Himax that further reinforces its market leadership.

    In addition, Himax has expanded its comprehensive OLED portfolio into the tablet and notebook markets, covering DDIC, Tcon, and touch controllers, through partnerships with leading OLED panel makers in Korea and China. Several new projects are slated to enter mass production with top-tier brands later this year. Meanwhile, Himax is developing value-added features, such as active stylus and gaming models to further enhance its product differentiation and competitive edge. In the smartphone OLED market, Himax is making solid progress in its collaborations with customers in Korea and China and expects mass production to start later this year.

    Non-Driver Product Categories

    Q2 non-driver IC revenues are expected to increase low teens sequentially.

    Timing Controller (Tcon)

    Himax anticipates Q2 2025 Tcon sales to increase high teens sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive Tcon sales are set to increase by double digit in Q2, fueled by a strong pipeline of over two hundred design-win projects gradually entering mass production. With a steady influx of new projects, coupled with growing validation and widespread adoption of Himax’s local dimming Tcon in both premium and mainstream car models worldwide, Himax continues to maintain an unchallenged leadership position with a dominant market share. In the second quarter, Himax expects Tcon business to account for over 12% of total sales, with notable contributions from automotive Tcon. Meanwhile, head-up-display (HUD) is emerging as a major growth area within automotive displays, where local dimming Tcon adoption is accelerating. Himax’s industry-leading local dimming Tcon eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, delivering crisp, high‑fidelity images on the windshield. Additionally, it features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. With several HUD projects already underway and increasing inquiries, Himax is excited about the potential opportunity ahead. Himax’s automotive Tcon business is well positioned for growth over the next few years.

    WiseEye™ Ultralow Power AI Sensing

    On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. In the rapidly evolving AI landscape, WiseEye AI technology stands out for its expertise in on‑device AI, characterized by remarkably low power consumption, operating at just single‑digit milliwatts, and enabling AI functionality in battery‑powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves overall data processing efficiency by offloading tasks from the main processor. These attributes unlock new opportunities across a wide range of everyday battery‑powered endpoint applications, evidenced by broad adoption of WiseEye AI across diverse applications, including notebooks, tablet, smart door locks, surveillance systems, access control, smart retail and many others.

    On notebook, building on the success with Dell notebooks, WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026. The growing adoption is further fueled by the rise of AI PCs, as WiseEye’s ultralow power, on-device inference capabilities align seamlessly with the industry’s shift toward more intelligent, context-aware, and energy-efficient computing. WiseEye’s advanced local inferencing technology enables real-time, high-precision user engagement detection by analyzing presence and motion, supporting a broad set of intelligent features, such as head pose estimation, gaze tracking, facial expression recognition, voice command, adaptive screen dimming, secure identity authentication and many others. These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs.

    WiseEye also continues to achieve significant market success across various sectors such as smart door lock where Himax introduced the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Himax is now expanding globally by collaborating with a number of leading door lock makers worldwide to integrate a suite of innovative AI features, including palm vein biometric access, parcel recognition, and anti-pinch protection. Several of these value-added solutions are slated for mass production later this year. WiseEye also powers smart retail, exemplified by Himax’s collaboration with E Ink on e‑Signage. Its always‑on AI detects viewer attributes, such as gender, appearance, and age, followed by real-time personalized ads and nearby product recommendations, creating immersive engagement that elevates the in‑store shopping experience.

    For an update on Himax’s WiseEye module business. Equipped with pre-trained no-code or low-code AI, WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face mesh, voice commands, thermal image sensing, palm vein authentication, and people flow management. Among them, the Himax PalmVein module has generated strong engagement across several industries. Multiple design wins have been secured, with mass production underway by global customers for smart access, workforce management and smart door lock, as Himax continues to explore additional application opportunities. Meanwhile, to meet growing demand for flexible access control in varied settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with peephole‑camera input, underpinned by an advanced liveness check for high‑precision, multi‑modal authentication. This upgraded PalmVein module not only enhances security by offering multiple layers of biometric verification but also ensures adaptability across a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater user convenience, and flexible customization. Himax  anticipates increasing sales contribution from WiseEye PalmVein across a diverse array of applications starting next year and are excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

    Separately, Himax is bringing intelligent, ultralow power, always‑on AI sensing to AR glasses. Powered by real‑time, context‑aware AI running at single‑digit‑milliwatt, WiseEye uniquely delivers the two essentials for AR devices: instant responsiveness and all‑day battery life. These advantages have already led to WiseEye AI being adopted by a leading AR glasses platform, with ongoing engineering engagements involving several other prominent global AR tech names for their upcoming AR glasses. WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment in real time. This empowers instant response and key functionality such as object recognition, navigation assistance, translation, and environmental mapping, greatly enhancing the overall AR experience. WiseEye also enables precise inward sensing, detecting subtle eye movements, gaze direction, pupil size, and blinking, providing critical data for more intuitive and natural user interactions in AR applications.

    Wafer Level Optics (WLO)

    In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connectors, unveiled a state-of-the-art silicon photonics packaging technology, a critical technology to enable co-packaged optics (CPO) technology. This innovation of CPO integrates silicon photonic chips and optical connectors within multi-chip modules (MCM), replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

    Currently, sample shipments of Company’s first-generation silicon photonics packaging solution for engineering validation and trial production are proceeding as planned, with volumes set to increase in the coming quarters. In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through the joint development of future-generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

    Himax is pleased to see its partner, FOCI, achieving significant advancements in silicon photonics packaging, with notable improvements in automated production and testing. Together, Himax and FOCI are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers. Himax is exceptionally positioned to capitalize on future growth opportunities in high-performance computing, AI inference, and data center markets.

    Alongside the CPO progress, certain global technology leaders are now engaging Himax’s WLO expertise to develop next‑generation waveguides for AR glasses, a testament to the market’s growing confidence in Company’s WLO technology.

    With strong growth opportunities from CPO and AR glasses in the making, Himax is as optimistic as ever that its WLO business can emerge as a significant revenue and profit engine in the years ahead.

    LCoS

    On Himax’s latest advancement in LCoS microdisplay technology. At Display Week 2025 next week in San Jose, Himax will debut its ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay. This industry-leading solution integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. The luminance breakthrough ensures excellent eye-level visibility even in bright ambient conditions, while its compact form factor enables the development of sleek, everyday AR glasses. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical. Growing collaborations with leading global tech companies are underway. Himax is confident that its technological advancements will help revitalize the AR glasses market, drive its expansion, and unlock new possibilities for immersive visual experiences.

    Second Quarter 2025 Guidance  
    Net Revenue: Decline 5.0% to Increase 3.0% QoQ
    Gross Margin: Around 31.0%, depending on final product mix
    Profit: 8.5 cents to 11.5 cents per diluted ADS
       

     

    HIMAX TECHNOLOGIES FIRST QUARTER 2025 EARNINGS CONFERENCE CALL 
    DATE: Thursday, May 8, 2025
    TIME: U.S.       8:00 a.m. EDT
      Taiwan  8:00 p.m.
       
    Live Webcast (Video and Audio): http://www.zucast.com/webcast/tUOBrqcV
    Toll Free Dial-in Number (Audio Only): Hong Kong 2112-1444
      Taiwan 0080-119-6666
      Australia 1-800-015-763
      Canada 1-877-252-8508
      China (1) 4008-423-888
      China (2) 4006-786-286
      Singapore 800-492-2072
      UK 0800-068-8186
      United States (1) 1-800-811-0860
      United States (2) 1-866-212-5567
    Dial-in Number (Audio Only):  
      Taiwan Domestic Access 02-3396-1191
      International Access +886-2-3396-1191
    Participant PIN Code: 3300508 #  

    If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3300508 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until May 8, 2026.

    About Himax Technologies, Inc.
    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements
    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Company Contacts:
      
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    -Financial Tables-

    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
     
      Three Months
    Ended March 31,    		   3 Months
    Ended
    December 31,
       2025    2024   2024
               
    Revenues          
    Revenues from third parties, net $ 215,095     $         207,544     $ 237,182  
    Revenues from related parties, net           38               6               41  
                215,133               207,550               237,223  
               
    Costs and expenses:          
    Cost of revenues           149,581               146,805               164,963  
    Research and development           34,987               39,664               37,584  
    General and administrative           5,557               5,890               5,711  
    Sales and marketing           5,202               5,162               5,886  
    Total costs and expenses           195,327               197,521               214,144  
               
    Operating income           19,806               10,029               23,079  
               
    Non operating income (loss):          
    Interest income           2,312               2,524               2,042  
    Changes in fair value of financial assets at fair value through profit or loss           (17 )             (7 )             1,245  
    Foreign currency exchange gains, net           345               941               690  
    Finance costs           (903 )             (1,018 )             (964 )
    Share of losses of associates           (742 )             (221 )             (360 )
    Other gains           3,205               –               –  
    Other income           17               29               60  
                4,217               2,248               2,713  
    Profit before income taxes           24,023               12,277               25,792  
    Income tax expense           3,841               –               761  
    Profit for the period           20,182               12,277               25,031  
    Loss (profit) attributable to noncontrolling interests           (195 )             221               (423 )
    Profit attributable to Himax Technologies, Inc. stockholders $         19,987     $         12,498     $         24,608  
               
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.072     $         0.141  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.071     $         0.140  
               
    Basic Weighted Average Outstanding ADS           174,913               174,724               175,008  
    Diluted Weighted Average Outstanding ADS           175,072               175,026               175,146  
                           
    Himax Technologies, Inc.
    IFRS Unaudited Condensed Consolidated Statements of Financial Position
    (Amounts in Thousands of U.S. Dollars)
     
      March 31,
    2025    		   March 31,
    2024    		   December 31,
    2024
    Assets          
    Current assets:          
    Cash and cash equivalents $         275,445     $         261,702     $         218,148  
    Financial assets at amortized cost           2,286               14,334               4,286  
    Financial assets at fair value through profit or loss           3,253               1,380               2,140  
    Accounts receivable, net (including related parties)           217,549               212,326               236,813  
    Inventories           129,867               201,872               158,746  
    Income taxes receivable           717               1,003               726  
    Restricted deposit           503,700               453,000               503,700  
    Other receivable from related parties           11               136               13  
    Other current assets           37,760               60,051               43,471  
    Total current assets           1,170,588               1,205,804               1,168,043  
    Financial assets at fair value through profit or loss           23,524               21,635               23,554  
    Financial assets at fair value through other
    comprehensive income    		           29,985               1,889               28,226  
    Equity method investments           8,061               3,173               8,571  
    Property, plant and equipment, net           120,538               128,938               121,280  
    Deferred tax assets           20,872               10,440               21,193  
    Goodwill           28,138               28,138               28,138  
    Other intangible assets, net           619               851               636  
    Restricted deposit           30               31               31  
    Refundable deposits           215,271               221,886               221,824  
    Other non-current assets           17,854               20,728               18,025  
                464,892               437,709               471,478  
    Total assets $         1,635,480     $ 1,643,513     $         1,639,521  
    Liabilities and Equity          
    Current liabilities:          
    Short-term unsecured borrowings $         602     $         –     $         –  
    Current portion of long-term unsecured borrowings           6,000               6,000               6,000  
    Short-term secured borrowings           503,700               453,000               503,700  
    Accounts payable (including related parties)           105,610               117,234               113,203  
    Income taxes payable           12,785               11,071               9,514  
    Other payable to related parties           –               92               –  
    Contract liabilities-current           5,176               14,739               10,622  
    Other current liabilities           50,443               116,558               63,595  
    Total current liabilities           684,316               718,694               706,634  
    Long-term unsecured borrowings           27,000               33,000               28,500  
    Deferred tax liabilities           557               499               564  
    Other non-current liabilities           7,489               14,823               7,496  
                35,046               48,322               36,560  
    Total liabilities           719,362               767,016               743,194  
    Equity          
    Ordinary shares           107,010               107,010               107,010  
    Additional paid-in capital           115,722               114,982               115,376  
    Treasury shares           (5,546 )             (5,157 )             (5,546 )
    Accumulated other comprehensive income           7,874               (94 )             8,621  
    Retained earnings           684,587               653,007               664,600  
    Equity attributable to owners of Himax Technologies, Inc.           909,647               869,748               890,061  
    Noncontrolling interests           6,471               6,749               6,266  
    Total equity           916,118               876,497               896,327  
    Total liabilities and equity $         1,635,480     $ 1,643,513     $         1,639,521  
                           
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
        Three Months
    Ended March 31,    		   Three Months Ended
    December 31,
         2025     2024     2024
                 
    Cash flows from operating activities:            
    Profit for the period   $         20,182     $         12,277     $         25,031  
    Adjustments for:            
    Depreciation and amortization             5,156               5,471               5,564  
    Share-based compensation expenses             100               358               103  
    Losses (gains) on disposals of property, plant and equipment, net             (3,205 )             –               4  
    Changes in fair value of financial assets at fair value through profit or loss             17               7               (1,245 )
    Interest income             (2,312 )             (2,524 )             (2,042 )
    Finance costs             903               1,018               964  
    Income tax expense             3,841               –               761  
    Share of losses of associates             742               221               360  
    Inventories write downs             4,444               4,353               4,037  
    Unrealized foreign currency exchange losses (gains)             441               (868 )             (159 )
                  30,309               20,313               33,378  
    Changes in:            
    Accounts receivable (including related parties)             13,083               15,704               (27,302 )
    Inventories             24,435               11,083               29,675  
    Other receivable from related parties             2               (67 )             9  
    Other current assets             (978 )             2,298               2,502  
    Accounts payable (including related parties)             (7,250 )             13,202               (7,706 )
    Other payable to related parties             –               (20 )             1  
    Contract liabilities             735               1,192               6  
    Other current liabilities             (3,763 )             (7,780 )             2,508  
    Other non-current liabilities             71               514               71  
    Cash generated from operating activities             56,644               56,439               33,142  
    Interest received             438               854               3,513  
    Interest paid             (835 )             (936 )             (1,047 )
    Income tax paid             (200 )             391               (191 )
    Net cash provided by operating activities             56,047               56,748               35,417  
                 
    Cash flows from investing activities:            
    Acquisitions of property, plant and equipment             (5,221 )             (2,699 )             (3,222 )
    Acquisitions of intangible assets             (52 )             (118 )             –  
    Acquisitions of financial assets at amortized cost             –               (2,439 )             (2,286 )
    Proceeds from disposal of financial assets at amortized cost             2,000               500               10,289  
    Acquisitions of financial assets at fair value through profit or loss             (6,160 )             (7,488 )             (6,807 )
    Proceeds from disposal of financial assets at fair value through profit or loss             5,017               8,163               3,722  
    Acquisitions of financial assets at fair value through other comprehensive income             (2,500 )             –               –  
    Acquisition of a subsidiary, net of cash paid             –               –               (5,416 )
    Proceeds from capital reduction of investment             –               –               338  
    Acquisitions of equity method investment             –               –               (1,236 )
    Decrease (increase) in refundable deposits             10,283               22,217               (8 )
    Net cash provided by (used in) investing activities             3,367               18,136               (4,626 )
                 
    Cash flows from financing activities:            
    Purchase of treasury shares             –               –               (832 )
    Prepayments for purchase of treasury shares             –               –               (2,168 )
    Proceeds from issuance of new shares by subsidiaries             –               71               –  
    Proceeds from short-term unsecured borrowings             612               –               –  
    Repayments of long-term unsecured borrowings             (1,500 )             (1,500 )             (1,500 )
    Proceeds from short-term secured borrowings             484,300               447,100               461,400  
    Repayments of short-term secured borrowings             (484,300 )             (447,100 )             (461,400 )
    Payment of lease liabilities             (1,448 )             (1,148 )             (1,340 )
    Guarantee deposits received (refunded)             –               (1,868 )             219  
    Net cash used in financing activities             (2,336 )             (4,445 )             (5,621 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents             219               (486 )             (1,161 )
    Net increase in cash and cash equivalents             57,297               69,953               24,009  
    Cash and cash equivalents at beginning of period             218,148               191,749               194,139  
    Cash and cash equivalents at end of period   $         275,445     $         261,702     $         218,148  
                 

    The MIL Network –

  • MIL-OSI: Brookfield Corporation Reports 27% Increase in Distributable Earnings to $1.5 Billion

    Source: GlobeNewswire (MIL-OSI)

    $850 million of Shares Repurchased to Date in 2025

    Deployable Capital Increases to a Record $165 billion

    BROOKFIELD, Nnews, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2025.

    Nick Goodman, President of Brookfield Corporation, said, “Our business performed well in the first quarter, with earnings 30% higher than the prior year, supported by continued momentum across our core operations. Our asset management business had strong inflows of $25 billion during the first quarter, our operating businesses continued to generate resilient cash flows, and our wealth solutions business delivered robust growth.”

    He added, “In spite of increased market volatility, the outlook for our business continues to be strong and our focus remains unchanged; to deliver 15%+ returns to our shareholders over the long-term. We continue to reinvest our excess cash flows to further compound capital and with the recent volatility, we have accelerated share repurchases, buying back $850 million of shares so far this year.”

    Operating Results

    Distributable earnings (“DE”) before realizations increased by 30% over the prior year quarter.

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025     2024     2025     2024
    Net income of consolidated business1 $ 215   $ 519   $ 1,549   $ 5,200
    Net income attributable to Brookfield shareholders2 $ 73     102   $ 612     1,112
                   
    Distributable earnings before realizations3   1,301     1,001     5,171     4,279
    –  Per Brookfield share3   0.82     0.63     3.26     2.70
                   
    Distributable earnings3   1,549     1,216     6,607     4,865
    –  Per Brookfield share3   0.98     0.77     4.17     3.07

    See endnotes on page 8.

    Total consolidated net income was $215 million for the quarter and $1.5 billion for the last twelve months (“LTM”). Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) for the last twelve months.

    Our asset management business generated a 26% increase in fee-related earnings compared to the prior year quarter. This growth was attributed to robust fundraising momentum primarily driven by our complementary strategies and the final closes of two flagship funds.

    Wealth solutions delivered another strong quarter of financial performance, benefiting from strong investment performance and continued growth of our insurance asset base.

    Our operating businesses continue to deliver resilient and stable cash flows, underpinned by strong operating earnings across our renewable power and transition, infrastructure, and private equity businesses and 3% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

    During the quarter and for the LTM, earnings from realizations were $248 million and $1.4 billion, with total DE for the quarter and for the LTM of $1.5 billion ($0.98/share) and $6.6 billion ($4.17/share), respectively.

    Regular Dividend Declaration

    The Board declared a quarterly dividend for Brookfield Corporation of $0.09 per share, payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. The Board also declared the regular monthly and quarterly dividends on our preferred shares.

    Operating Highlights

    Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) over the last twelve months, representing an increase of 30% on a per share basis over the prior year quarter. Total distributable earnings were $1.5 billion ($0.98/share) for the quarter and $6.6 billion ($4.17/share) over the last twelve months.

    Asset Management:

    • DE was $684 million ($0.43/share) in the quarter and $2.7 billion ($1.71/share) over the LTM.
    • Fee-related earnings were a record $698 million, representing growth of 26% compared to the prior year quarter. This was driven by a 20% increase in fee-bearing capital over the LTM to $549 billion. Total inflows were $25 billion in the quarter.
    • We closed our flagship opportunistic credit fund strategy at $16 billion and finalized the institutional close for our fifth vintage opportunistic real estate strategy, bringing total capital raised to approximately $16 billion – with the final close-out of clients in wealth and regional sleeves expected over the balance of the year, we are set to have by far our largest pool of capital for opportunistic real estate to date.
    • Subsequent to the quarter end, we announced the acquisition of a majority stake in Angel Oak, a leading origination platform and asset manager with over $18 billion of assets under management.

    Wealth Solutions:

    • DE was $430 million ($0.27/share) in the quarter and $1.5 billion ($0.95/share) over the LTM.
    • We originated $4 billion of retail and institutional annuity sales during the quarter, increasing insurance assets to $133 billion at quarter end.
    • The business maintains a strong financial position, with statutory capital growing to over $16 billion.
    • We continue to gradually rotate the investment portfolio, rotating over $8 billion of American Equity Life’s portfolio to date, contributing to an average investment portfolio yield of 5.7%, which is 1.8% higher than the average cost of funds, and we maintain a 15% return on our $11.5 billion invested capital.
    • Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month, inclusive of over $650 million from our private wealth channel.

    Operating Businesses:

    • DE was $426 million ($0.27/share) in the quarter and $1.7 billion ($1.08/share) over the LTM.
    • Cash distributions from our operating businesses are underpinned by strong operating earnings. Our core real estate portfolio continues to grow its same-store NOI, delivering a 3% increase over the prior year quarter.
    • In our real estate business, we signed nearly 9 million square feet of office and retail leases during the quarter, including 2.3 million square feet of office leases in the U.S.
    • In our North American residential business, we generated approximately $640 million of proceeds from the sale of master plan communities as we shift the business to a more capital-light model.

    Earnings from the monetization of mature assets were $248 million ($0.16/share) for the quarter and $1.4 billion ($0.91/share) over the LTM.

    • During the quarter, we successfully closed approximately $22 billion of asset sales across the business. Substantially all sales were completed at prices in line or above our carrying values.
    • Total accumulated unrealized carried interest was $11.6 billion at quarter end, representing an increase of 14% compared to the prior year, net of $409 million carried interest realized into income over the LTM.
    • As we execute on our monetization pipeline, we expect to realize much of this into income over the next five years.

    We ended the quarter with a record $165 billion of capital available to deploy into new investments.

    • We have deployable capital of $165 billion, which includes $69 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
    • Our balance sheet remains conservatively capitalized. Our corporate debt at the Corporation has a weighted-average term of 15 years, and today, we have no maturities through the end of 2025.
    • We maintained strong access to the capital markets and executed on over $30 billion of financings, including issuing $500 million of 30-year senior unsecured notes at the Corporation, achieving our tightest 30-year spread to date.
    • To date this year, we have completed $850 million of share repurchases at prices significantly lower than our intrinsic value, adding value to each remaining share.

    CONSOLIDATED BALANCE SHEETS

    Unaudited
    (US$ millions)    		     March 31     December 31
        2025       2024
    Assets        
    Cash and cash equivalents   $ 12,437   $ 15,051
    Other financial assets     29,996     25,887
    Accounts receivable and other     44,070     40,509
    Inventory     8,706     8,458
    Equity accounted investments     69,405     68,310
    Investment properties     95,960     103,665
    Property, plant and equipment     152,908     153,019
    Intangible assets     37,219     36,072
    Goodwill     37,024     35,730
    Deferred income tax assets     3,852     3,723
    Total Assets   $ 491,577   $ 490,424
             
    Liabilities and Equity        
    Corporate borrowings   $ 14,607   $ 14,232
    Accounts payable and other     58,795     60,223
    Non-recourse borrowings     231,257     220,560
    Subsidiary equity obligations     3,354     4,759
    Deferred income tax liabilities     24,634     25,267
             
    Equity        
    Non-controlling interests in net assets $ 113,667   $ 119,406  
    Preferred equity   4,103     4,103  
    Common equity   41,160   158,930   41,874   165,383
    Total Equity     158,930     165,383
    Total Liabilities and Equity   $ 491,577   $ 490,424

    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended
      2025       2024  
    Revenues $ 17,944     $ 22,907  
    Direct costs1   (10,995 )     (16,571 )
    Other income and gains   588       240  
    Equity accounted income   519       686  
    Interest expense      
    – Corporate borrowings   (179 )     (173 )
    – Non-recourse borrowings      
    Same-store   (3,916 )     (3,955 )
    Dispositions, net of acquisitions2   188       —  
    Upfinancings2   (254 )     —  
    Corporate costs   (18 )     (17 )
    Fair value changes   (824 )     158  
    Depreciation and amortization   (2,455 )     (2,475 )
    Income tax   (383 )     (281 )
    Net income   215       519  
    Net income attributable to non-controlling interests   (142 )     (417 )
    Net income attributable to Brookfield shareholders $ 73     $ 102  
           
    Net income per share      
    Diluted $ 0.02     $ 0.04  
    Basic   0.02       0.04  

    1.    Direct costs disclosed above exclude depreciation and amortization expense.
    2.    Interest expense from dispositions, net of acquisitions, and upfinancings completed over the twelve months ended March 31, 2025.


    SUMMARIZED FINANCIAL RESULTS

    DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Asset management $ 684     $ 621     $ 2,708     $ 2,508  
                   
    Wealth solutions   430       273       1,507       868  
                   
    BEP   113       107       434       419  
    BIP   89       84       341       323  
    BBU   6       9       32       36  
    BPG   215       166       904       759  
    Other   3       (29 )     4       (37 )
    Operating businesses   426       337       1,715       1,500  
                   
    Corporate costs and other   (239 )     (230 )     (759 )     (597 )
    Distributable earnings before realizations1   1,301       1,001       5,171       4,279  
    Realized carried interest, net   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings1 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.


    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Financial statement components not included in DE:              
    Equity accounted fair value changes and other items   952       629       3,002       2,727  
    Fair value changes and other   869       (9 )     3,530       1,981  
    Depreciation and amortization   2,455       2,475       9,717       9,362  
    Disposition gains in net income   (402 )     (35 )     (1,601 )     (6,071 )
    Deferred income taxes   (159 )     (44 )     (456 )     (849 )
    Non-controlling interests in the above items1   (2,639 )     (2,525 )     (10,684 )     (8,192 )
    Less: realized carried interest, net   (189 )     (183 )     (409 )     (547 )
    Working capital, net   199       174       523       668  
    Distributable earnings before realizations2   1,301       1,001       5,171       4,279  
    Realized carried interest, net3   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings2 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    DE is a non-IFRS measure proportionate to the interests of shareholders and therefore excludes items in income attributable to non-controlling interests in non-wholly owned subsidiaries.
    2.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.
    3.    Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.


    EARNINGS PER SHARE

    Unaudited
    For the periods ended March 31
    (millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Non-controlling interests   (142 )     (417 )     (937 )     (4,088 )
    Net income attributable to shareholders   73       102       612       1,112  
    Preferred share dividends1   (40 )     (42 )     (166 )     (167 )
    Net income available to common shareholders   33       60       446       945  
    Dilutive impact of exchangeable shares of affiliate   —       —       12       7  
    Net income available to common shareholders including dilutive impact of exchangeable shares $ 33     $ 60     $ 458     $ 952  
                   
    Weighted average shares   1,504.0       1,518.8       1,507.5       1,545.4  
    Dilutive effect of conversion of options and escrowed shares using treasury stock method2 and exchangeable shares of affiliate3   39.5       24.8       76.3       39.5  
    Shares and share equivalents   1,543.5       1,543.6       1,583.8       1,584.9  
                   
    Diluted earnings per share $ 0.02     $ 0.04     $ 0.29     $ 0.60  

    1.    Excludes dividends paid on perpetual subordinated notes of $3 million (2024 – $3 million) and $10 million (2024 – $10 million) for the three and twelve months ended March 31, 2025, which are recognized within net income attributable to non-controlling interests.
    2.    Includes management share option plan and escrowed stock plan.
    3.    Per share amounts are inclusive of the dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary. Due to its anti-dilutive effect on EPS for the three months ended March 31, 2025, the exchange of BWS Class A shares has been excluded from the diluted EPS calculation.


    Additional Information

    The Letter to Shareholders and the company’s Supplemental Information for the three and twelve months ended March 31, 2025, contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended March 31, 2025, which have been prepared using IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”). The amounts have not been audited by Brookfield Corporation’s external auditor.

    Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

    Quarterly Earnings Call Details

    Investors, analysts and other interested parties can access Brookfield Corporation’s 2025 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com.

    To participate in the Conference Call today at 10:00 a.m. ET, please pre-register at https://register-conf.media-server.com/register/BI8ec76857c24d465f8738d2aa3d9d69f7. Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/wq9u3hrd. For those unable to participate in the Conference Call, the telephone replay will be archived and available until May 8, 2026. To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/wq9u3hrd. 

    About Brookfield Corporation

    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please visit our website at www.bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		   Investor Relations:
    Katie Battaglia
    Tel: (416) 359-8544
    Email: katie.battaglia@brookfield.com


    Non-IFRS and Performance Measures

    This news release and accompanying financial information are based on IFRS Accounting Standards, as issued by the IASB, unless otherwise noted.

    We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

    Realized carried interest and realized disposition gains are further described below:

    • Realized Carried Interest represents our contractual share of investment gains generated within a private fund after achieving our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
    • Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

    We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find this measure of value to them.

    We may make reference to Operating Funds from Operations (“Operating FFO”). We define Operating FFO as the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis.

    We may make reference to Net Operating Income (“NOI”), which refers to our share of the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

    We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

    We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.

    End Notes  

    1.    Consolidated basis – includes amounts attributable to non-controlling interests.
    2.    Excludes amounts attributable to non-controlling interests.
    3.    See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8.


    Notice to Readers

    Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

    Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

    Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

    When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.

    The MIL Network –

  • MIL-OSI: Leiðrétting: Lánasjóður sveitarfélaga – Útboð LSS 39 0303 og LSS151155

    Source: GlobeNewswire (MIL-OSI)

    Lánasjóður sveitarfélaga hefur ákveðið að efna til útboðs á skuldabréfaflokkunum LSS 39 0303 og LSS151155 mánudaginn 12. maí 2025. Lánasjóðurinn stefnir að því að taka tilboðum að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS151155 og að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS 39 0303. Lánasjóðurinn áskilur sér rétt til að hækka og lækka útboðsfjárhæð útboðsins, taka hvaða tilboði sem er eða hafna þeim öllum. Lánasjóðurinn hefur boðið aðalmiðlurum sjóðsins Arion banka, Íslandsbanka, Kviku banka, Landsbankanum og Fossum fjárfestingabanka að taka þátt í útboðinu. 

    Óskað er eftir tilboðum í samræmi við eftirfarandi lýsingu:

    Fyrirkomulag: “Hollensk” uppboðsaðferð þar sem allir tilboðsgjafar fá sömu ávöxtunarkröfu og hæst er tekið. Heimilt er að afturkalla eða breyta tilboði með sama hætti og tilboðum er skilað inn, sé það gert fyrir lok útboðsfrests.

    Tilboð: Í tilboði skal taka fram ávöxtunarkröfu án þóknunar og tilboðsfjárhæð.  

    Að öðru leyti er vísað til skilmála skuldabréfanna á heimasíðu Lánasjóðs sveitarfélaga

    Tilboð skulu berast fyrir kl. 16:00, mánudaginn 12. maí 2025 til Lánasjóðs sveitarfélaga á netfangið utbod@lanasjodur.is

    Öllum tilboðum verður svarað fyrir kl. 17:00 á útboðsdegi. Uppgjör sölu fer fram fimmtudaginn 15. maí 2025.

    Nánari upplýsingar veitir Óttar Guðjónsson, framkvæmdastjóri, ottar@lanasjodur.is / s. 515 4949

    The MIL Network –

  • MIL-OSI: Hut 8 Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter

    Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform

    Earnings Release Highlights

    • Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
    • Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.

    MIAMI, May 08, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.

    “The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”

    “Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”

    “Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”

    First Quarter 2025 Highlights

    Power

    • Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
    • Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.

    Digital Infrastructure

    • Generated $1.3 million in first quarter revenue from CPU Colocation.
    • Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
    • Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
    • Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
    • Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.

    Compute

    • Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
    • Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.

    Capital Strategy and Balance Sheet

    • Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
    • Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.

    Key Performance Indicators

        Three Months Ended
        March 31,
        2025   2024
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 58,757     $ 20,419  
    Cost to mine a Bitcoin(2)   $ 58,757     $ 24,594  
    Weighted average revenue per Bitcoin mined(3)   $ 92,224     $ 51,769  
    Number of Bitcoin mined(4)     167       716  
    Energy cost per MWh   $ 51.71     $ 40.06  
    Hosting cost per MWh   $ —     $ 68.72  
    Energy capacity under management (mining)(5)     665 MW       884 MW  
    Total energy capacity under management(6)     1,020 MW       1,239 MW  
    Number of Bitcoin in strategic reserve(7)     10,264       9,102  
    (1) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site.
    (4) Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN.

    Select First Quarter 2025 Financial Results

    Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.

    Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.

    Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    All financial results are reported in U.S. dollars.

    Conference Call

    The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
    (Unaudited in USD thousands, except share and per share data)
     
        Three Months Ended
        March 31,
          2025     2024  
    Revenue:            
    Power   $ 4,380     $ 9,938  
    Digital Infrastructure     1,317       5,844  
    Compute     16,118       32,138  
    Other     —       3,821  
    Total revenue     21,815       51,741  
                 
    Cost of revenue (exclusive of depreciation and amortization shown below):            
    Cost of revenue – Power     3,628       3,633  
    Cost of revenue – Digital Infrastructure     1,559       4,629  
    Cost of revenue – Compute     13,472       17,686  
    Cost of revenue – Other     —       2,199  
    Total cost of revenue     18,659       28,147  
                 
    Operating expenses (income):            
    Depreciation and amortization     14,899       11,472  
    General and administrative expenses     21,059       19,999  
    Losses (gains) on digital assets     112,394       (274,574 )
    Loss (gain) on sale of property and equipment     2,454       (190 )
    Total operating expenses (income)     150,806       (243,293 )
    Operating (loss) income     (147,650 )     266,887  
                 
    Other income (expense):            
    Foreign exchange gain (loss)     9       (2,399 )
    Interest expense     (7,469 )     (6,281 )
    Asset contribution costs     (22,780 )     —  
    Gain on derivatives     20,862       —  
    Gain on other financial liability     1,139       —  
    Equity in earnings of unconsolidated joint venture     1,365       4,522  
    Total other expense     (6,874 )     (4,158 )
                 
    (Loss) income from continuing operations before taxes     (154,524 )     262,729  
                 
    Income tax benefit (provision)     20,205       (4,396 )
                 
    Net (loss) income from continuing operations   $ (134,319 )   $ 258,333  
                 
    Loss from discontinued operations (net of income tax benefit of nil and nil, respectively)     —       (7,626 )
                 
    Net (loss) income     (134,319 )     250,707  
                 
    Less: Net loss attributable to non-controlling interests     430       169  
    Net (loss) income attributable to Hut 8 Corp.   $ (133,889 )   $ 250,876  
                 
    Net (loss) income per share of common stock:            
    Basic from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.90  
    Diluted from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.76  
                 
    Weighted average number of shares of common stock outstanding:            
    Basic     102,854,747       89,149,845  
    Diluted     102,854,747       93,696,683  
                 
    Net (loss) income   $ (134,319 )   $ 250,707  
    Other comprehensive (loss) income:            
    Foreign currency translation adjustments     1,187       (11,074 )
    Total comprehensive (loss) income     (133,132 )     239,633  
    Less: Comprehensive loss attributable to non-controlling interest     431       134  
    Comprehensive loss (income) attributable to Hut 8 Corp.   $ (132,701 )   $ 239,767  

    Adjusted EBITDA Reconciliation

        Three Months Ended
        March 31,
    (in USD thousands)   2025   2024
    Net (loss) income   $ (134,319 )   $ 250,707  
    Interest expense     7,469       6,281  
    Income tax (benefit) provision     (20,205 )     4,396  
    Depreciation and amortization     14,899       11,472  
    Share of unconsolidated joint venture depreciation and amortization(1)     5,485       5,349  
    Foreign exchange (gain) loss     (9 )     2,399  
    Losses (gains) on sale of property and equipment     2,454       (190 )
    Gain on derivatives     (20,862 )     —  
    Gain on other financial liability     (1,139 )     —  
    Non-recurring transactions(2)     1,485       4,300  
    Asset contribution costs     22,780       —  
    Loss from discontinued operations (net of income tax of nil and nil, respectively)     —       7,626  
    Net loss attributable to non-controlling interests before taxes     473       169  
    Stock-based compensation expense     3,793       4,474  
    Adjusted EBITDA   $ (117,696 )   $ 296,983  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost.

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Liquidia Corporation Reports First Quarter 2025 Financial Results and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    • Awaiting FDA action on YUTREPIA™ NDA with a PDUFA goal date of May 24, 2025
    • District Court dismissed cross claim filed by United Therapeutics challenging PH-ILD amendment
    • Fully enrolled Cohort A of ASCENT study in patients with PH-ILD
    • Further strengthened financial position via access of up to $100 million from existing financing agreement with HealthCare Royalty
    • Company to host webcast today at 8:30 a.m. ET

    MORRISVILLE, N.C., May 08, 2025 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today reported financial results for the first quarter ended March 31, 2025. The company will also host a webcast at 8:30 a.m. ET on May 8, 2025 to discuss its financial results and provide a corporate update.

    Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, said: “With the FDA’s PDUFA goal date on the YUTREPIA NDA just over two weeks away, we remain focused on ensuring that we are prepared to make YUTREPIA commercially available in the quickest time possible if granted full approval. We continue to believe that YUTREPIA has the potential to be the prostacyclin of first choice for patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).”

    Corporate Updates

    Awaiting FDA action on NDA for YUTREPIA (treprostinil) inhalation powder
    On March 28, 2025, the U.S. Food and Drug Administration (FDA) accepted Liquidia’s New Drug Application (NDA) resubmission for YUTREPIA (treprostinil) inhalation powder to treat PAH and PH-ILD as a complete Class 1 response to the previous action letter issued on August 16, 2024, which granted tentative approval of YUTREPIA. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of May 24, 2025, the day after regulatory exclusivity expires for Tyvaso DPI®.

    Court will not hear cross-claim that challenged the amendment to the YUTREPIA NDA to add the PH-ILD indication
    On May 2, 2025, Liquidia announced that the U.S. District Court for the District of Columbia (District Court) dismissed, without prejudice, the cross-claim filed by United Therapeutics (UTHR) that sought to challenge Liquidia’s amendment to its NDA for YUTREPIA™ (treprostinil) inhalation powder, which added the treatment of PH-ILD)to the proposed label for YUTREPIA. In its ruling, the District Court determined that UTHR’s claim was unripe and that UTHR had failed to plausibly allege that it has standing. UTHR has the right to appeal the Court’s ruling.

    Fully enrolled Cohort A of ASCENT study in PH-ILD patients
    In March 2025, Liquidia completed enrollment of Cohort A of the open-label ASCENT study evaluating the tolerability and titratability of YUTREPIA in PH-ILD, with more than 50 patients enrolled. An interim look at the dosing and tolerability profile in the first 20 patients to complete eight weeks of treatment was consistent with observations made in the INSPIRE study of PAH patients. To date, patients in Cohort A of ASCENT were able to titrate to doses that are three-times higher than the labelled target dose of nebulized Tyvaso, while showing positive trends on exploratory measures of efficacy, including 6-minute walk distance. Liquidia will present additional data from Cohort A of the ASCENT study during two poster sessions at the American Thoracic Society (ATS) 2025 International Conference on May 21, 2025.

    Strengthened financial position ahead of launch via amendment to Agreement with HealthCare Royalty
    On March 17, 2025, Liquidia entered into a sixth amendment to its agreement with HealthCare Royalty (HCR Agreement) to provide for up to an additional $100 million of financing in three tranches. The company intends to use the proceeds to fund ongoing commercial development of YUTREPIA, continued development of YUTREPIA in other clinical trials, including but not limited to trials for pediatric patients and trials further evaluating the use of YUTREPIA in PAH and PH-ILD patients, clinical development of L606, a sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and for general corporate purposes.

    First Quarter 2025 Financial Results

    Cash and cash equivalents totaled $169.8 million as of March 31, 2025, compared to $176.5 million as of December 31, 2024.

    Revenue was $3.1 million for the three months ended March 31, 2025, compared to $3.0 million for the three months ended March 31, 2024. Revenue related primarily to the promotion agreement with Sandoz, Inc. pursuant to which we share profits from the sale of Treprostinil Injection in the United States (Promotion Agreement). The increase of $0.1 million was primarily due to the impact of unfavorable gross-to-net returns adjustments recorded in the prior year offset by lower sales volumes in the current year.

    Cost of revenue was $1.5 million for each of the three months ended March 31, 2025 and 2024. Cost of revenue related to the Promotion Agreement as noted above.

    Research and development expenses were $7.0 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended March 31, 2024. The decrease of $3.1 million or 31% was primarily due to a $3.6 million decrease in personnel expenses (including stock-based compensation) due to a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA. These decreases were offset by a $1.7 million increase in clinical expenses related to our L606 program, and a $0.4 million decrease in expenses related to our YUTREPIA research and development activities.

    General and administrative expenses were $30.1 million for the three months ended March 31, 2025, compared to $20.2 million for the three months ended March 31, 2024. The increase of $9.9 million or 48% was primarily due to a $8.1 million increase in personnel expenses (including stock-based compensation) driven by higher headcount and a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA, a $0.6 million increase in legal fees related to our ongoing YUTREPIA-related litigation, and a $0.6 million increase in facilities and infrastructure expenses.

    Total other expense, net was $2.9 million for the three months ended March 31, 2025, compared with $1.3 million for the three months ended March 31, 2024. The increase of $1.6 million was primarily driven by a $1.5 million increase in interest expense attributable to the higher borrowings under the HCR Agreement.

    Net loss for the three months ended March 31, 2025, was $38.4 million or $0.45 per basic and diluted share, compared to a net loss of $30.1 million, or $0.40 per basic and diluted share, for the three months ended March 31, 2024.

    About YUTREPIA™ (treprostinil) Inhalation Powder
    YUTREPIA is an investigational, inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. In August 2024, the FDA issued tentative approval of YUTREPIA for the PAH and PH-ILD indications. YUTREPIA was designed using Liquidia’s PRINT® technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, and that are engineered for enhanced deposition in the lung following oral inhalation. Liquidia has completed INSPIRE, or Investigation of the Safety and Pharmacology of Dry Powder Inhalation of Treprostinil, an open-label, multi-center phase 3 clinical study of YUTREPIA in patients diagnosed with PAH who are naïve to inhaled treprostinil or who are transitioning from Tyvaso® (nebulized treprostinil). YUTREPIA is currently being studied in the ASCENT trial, an Open-Label Prospective Multicenter Study to Evaluate Safety and Tolerability of Dry Powder Inhaled Treprostinil in Pulmonary Hypertension, to evaluate the safety and tolerability of YUTREPIA in PH-ILD patients. YUTREPIA was previously referred to as LIQ861 in investigational studies.

    About L606 (liposomal treprostinil) Inhalation Suspension
    L606 is an investigational, sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The L606 suspension uses Pharmosa Biopharm’s proprietary liposomal formulation to encapsulate treprostinil which can be released slowly at a controlled rate into the lung, enhancing drug exposure over an extended period of time. L606 is currently being evaluated in an open-label study in the United States for treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) with a planned global pivotal placebo-controlled efficacy study for the treatment of PH-ILD.

    About Treprostinil Injection
    Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same strengths, same dosage form and same inactive ingredients as Remodulin® (treprostinil) and is offered to patients and physicians with the same level of service and support, but at a lower price than the branded drug. Liquidia PAH promotes the appropriate use of Treprostinil Injection for the treatment of PAH in the United States in partnership with its commercial partner, Sandoz, who holds the Abbreviated New Drug Application (ANDA) with the FDA.

    About Pulmonary Arterial Hypertension (PAH)
    Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated 45,000 patients are diagnosed and treated in the United States. There is currently no cure for PAH, so the goals of existing treatments are to alleviate symptoms, maintain or improve functional class, delay disease progression and improve quality of life.

    About Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD)
    Pulmonary hypertension (PH) associated with interstitial lung disease (ILD) includes a diverse collection of up to 150 different pulmonary diseases, including interstitial pulmonary fibrosis, chronic hypersensitivity pneumonitis, connective tissue disease-related ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among others. Any level of PH in ILD patients is associated with poor 3-year survival. A current estimate of PH-ILD prevalence in the United States is greater than 60,000 patients, though actual prevalence in many of these underlying ILD diseases is not yet known due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved for this indication.

    About Liquidia Corporation
    Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).  The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

    Remodulin® and Tyvaso® are registered trademarks of United Therapeutics Corporation.

    Cautionary Statements Regarding Forward-Looking Statements
    This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, including the potential for final FDA approval of the NDA for YUTREPIA, which may occur after the expiration of the exclusivity period of TYVASO DPI, if at all, the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware, litigation with United Therapeutics and FDA in the U.S. District Court for the District of Columbia or other litigation between Liquidia and United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, the potential for additional funding under the HCR Agreement, our anticipated use of net proceeds funded under the HCR Agreement, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA, if approved, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. The receipt of tentative approval of an NDA from the FDA is not determinative as to whether or when the FDA will grant final approval. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

    Financial Statement Revision

    During the three months ended March 31, 2025, we identified immaterial errors in our accounting treatment of the fourth and fifth amendments to the HCR Agreement.  We voluntarily revised our previously issued 2024 annual consolidated financial statements to correct the immaterial errors and disclosed the impacts to our quarterly financial statements for the respective 2024 interim periods in our Current Report on Form 8-K filed on May 8, 2025. As a result of the revision, the loss on extinguishment has been eliminated and an adjustment to interest expense resulting from the modifications has been recorded, with corresponding adjustments to the long-term debt and accumulated deficit accounts.  The financial statement line items as of and for the three months ended March 31, 2024 in the financial statements presented in this press release reflect such revisions.

    Contact Information

    Investors:
    Jason Adair
    Chief Business Officer
    919.328.4350
    Jason.adair@liquidia.com

    Media:
    Patrick Wallace
    Director, Corporate Communications
    919.328.4383
    patrick.wallace@liquidia.com

    Liquidia Corporation
    Select Condensed Consolidated Balance Sheet Data (unaudited)
    (in thousands)
                 
        March 31,     December 31,  
        2025     2024  
    Cash and cash equivalents   $ 169,758     $ 176,479  
    Total assets   $ 227,429     $ 230,313  
    Total liabilities   $ 177,716     $ 150,935  
    Accumulated deficit   $ (595,756 )   $ (557,389 )
    Total stockholders’ equity   $ 49,713     $ 79,378  
                 
    Liquidia Corporation
    Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)
    (in thousands, except share and per share amounts)
     
        Three Months Ended
    March 31,    		  
        2025     2024  
    Revenue   $ 3,120     $ 2,972  
    Costs and expenses:                
    Cost of revenue     1,517       1,467  
    Research and development     6,966       10,057  
    General and administrative     30,062       20,249  
    Total costs and expenses     38,545       31,773  
    Loss from operations     (35,425 )     (28,801 )
    Other income (expense):                
    Interest income     1,728       1,880  
    Interest expense     (4,670 )     (3,162 )
    Total other expense, net     (2,942 )     (1,282 )
    Net loss and comprehensive loss   $ (38,367 )   $ (30,083 )
    Net loss per common share, basic and diluted   $ (0.45 )   $ (0.40 )
    Weighted average common shares outstanding, basic and diluted     85,172,696       75,393,907  

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