Category: Taxation

MIL-OSI: Asure Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Reports First Quarter 2025 Total Revenues of $34.9 million

Recurring Revenues Grew 10% from Prior Year

AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Revenue of $34.9 million, up 10% year over year, excluding ERTC revenue up 13% from the prior year first quarter
Recurring revenue of $33.2 million versus $30.3 million during the prior year first quarter
Net loss of $2.4 million versus a net loss of $0.3 million during the prior year first quarter
EBITDA⁽¹⁾ of $4.1 million versus $4.4 million during the prior year first quarter
Adjusted EBITDA⁽¹⁾ of $7.3 million versus $6.8 million during the prior year first quarter
Gross profit of $24.6 million versus $22.6 million during the prior year first quarter
Non-GAAP gross profit⁽¹⁾ of $26.3 million (Non-GAAP gross margin⁽¹⁾ of 75%) versus $23.8 million (and 75% in prior year first quarter)

Recent Business Highlights

New Payroll Tax Management solution launched which is designed specifically for large Canadian companies and global enterprises with employees in Canada. Our ability to serve enterprise clients with international workforces with this innovative solution creates further opportunities to grow our business and the seamless integration of payroll tax services into major platforms such as Workday, Oracle, and SAP is a key benefit. The Canadian payroll tax solution addresses critical compliance needs for organizations managing cross-border payroll processes, reducing complexity and ensuring accurate, timely filing.
In April 2025 we entered into a credit agreement primarily with MidCap Financial Trust, whereby the Company may borrow up to $60 million. At closing, which occurred on April 10, we received $20 million of gross proceeds.

⁽¹⁾This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

Management Commentary

“We are excited to be off to a great start to 2025 with healthy results for our first quarter of 2025 with our revenues increasing 10% from the prior year first quarter. Our results were driven by strong performance coming from our Payroll Tax Management and initial contribution from our recently acquired product offerings,” said Asure Chairman and CEO Pat Goepel.

“Our team is focused on continuing to execute our growth strategy. Our revenues are now more than 95% recurring, our contracted revenue backlog sits at an all-time high, and we believe that the investments we have made in the business will continue to drive greater adoption of our broadened product suite for the remainder of 2025.”

Second Quarter 2025 and Full Year 2025 Revenue Guidance Ranges

The Company is providing the following guidance for the second quarter of 2025 and the full year 2025 based on the Company’s year-to-date results and recent business trends. The guidance for our second quarter of 2025 and the full year 2025 excludes any contribution from future potential acquisitions.

Guidance for 2025

Guidance Range		Q2-2025		FY-2025
Revenue	$	30.0 M – 32.0 M	$	134.0 M -138.0 M
Adjusted EBITDA⁽¹⁾	$	5.0 M -6.0 M		23% -24%

Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does.

Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

Management’s projections are based on management’s current beliefs and assumptions about the Company’s business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 5 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

Conference Call Details

Asure management will host a conference call on Thursday, May 1, 2025, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

About Asure Software, Inc.

Asure (Nasdaq: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com.

Non-GAAP and Adjusted Financial Measures

This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

Income Taxes. The Company excludes income taxes, both at the federal and state levels.

One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

Use of Forward-Looking Statements

This press release contains certain statements made by management that may constitute “forward- looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of “forward-looking statements” include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and 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. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

The risks and uncertainties referred to above include—but are not limited to—risks associated with breaches of the Company’s security measures; risks related to material weaknesses; possible fluctuations in the Company’s financial and operating results; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; risk of our software and solutions not functioning adequately; interruptions, delays or changes in the Company’s services or the Company’s Web hosting; may incur debt to meet future capital requirements; volatility and weakness in bank and capital markets; access to additional capital; significant costs as a result of operating as a public company; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims and the corresponding cash collections of existing receivables; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of the Company’s services and technological developments; customer’s nonrenewal of their agreements and other similar changes could negatively impact revenue, operating results and financial conditions; the exposure of market, interest, credit and liquidity risk on client funds held int rust; the Company’s operation in highlight competitive markets; risk that our clients could have insufficient funds that could result in limitations in the ability to transmit ACH transactions; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; various financial aspects of the Company’s Software-as-a-Service model; adverse effects to our business a result of claims, lawsuits, and other proceedings; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to the Company; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet; factors affecting the Company’s deferred tax assets and ability to value and utilize them; the nature of the Company’s business model; inability to adopt new or correctly interpret existing money service and money transmitter business status; the Company’s ability to hire, retain and motivate employees and manage the Company’s growth; interruptions to supply chains and extended shut down of businesses; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; risks associate with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders.

Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025.

The forward-looking statements, including the financial guidance and 2025 outlook, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based. © 2025 Asure Software, Inc. All rights reserved


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)

	March 31, 2025			December 31, 2024

ASSETS
Current assets:
Cash and cash equivalents	$	14,076		$	21,425
Accounts receivable, net of allowance for credit losses of $6,545 and $6,328 at March 31, 2025 and December 31, 2024, respectively		15,800			18,154
Inventory		220			195
Prepaid expenses and other current assets		5,970			4,888
Total current assets before funds held for clients		36,066			44,662
Funds held for clients		257,019			192,615
Total current assets		293,085			237,277
Property and equipment, net		20,999			19,669
Goodwill		94,724			94,724
Intangible assets, net		73,003			69,114
Operating lease assets, net		4,403			4,041
Other assets, net		12,727			11,813
Total assets	$	498,941		$	436,638
LIABILITIES AND STOCKHOLDERS’EQUITY
Current liabilities:
Current portion of notes payable	$	7,948		$	7,008
Accounts payable		2,475			1,364
Accrued compensation and benefits		2,911			4,485
Operating lease liabilities, current		1,432			1,438
Other accrued liabilities		6,071			6,600
Deferred revenue		4,662			8,363
Total current liabilities before client fund obligations		25,499			29,258
Client fund obligations		258,586			194,378
Total current liabilities		284,085			223,636
Long-term liabilities:
Deferred revenue		3,321			3,430
Deferred tax liability		2,903			2,612
Notes payable, net of current portion		6,172			5,709
Operating lease liabilities, noncurrent		3,892			3,578
Other liabilities		905			358
Total long-term liabilities		17,193			15,687
Total liabilities		301,278			239,323
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 44,000 shares authorized; 27,122 and 26,671 shares issued, 27,122 and 26,671 shares outstanding at December 31, 2024 and December 31, 2023, respectively		271			267
Treasury stock at cost, zero⁽¹⁾at March 31, 2025 and December 31, 2024		—			—
Additional paid-in capital		507,149			504,849
Accumulated deficit		(309,624	)		(307,226	)
Accumulated other comprehensive loss		(133	)		(575	)
Total stockholders’ equity		197,663			197,315
Total liabilities and stockholders’ equity	$	498,941		$	436,638
(1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share amounts)

	Three Months Ended March 31,
	2025			2024

Revenue:
Recurring	$	33,187		$	30,273
Professional services, hardware and other		1,667			1,379
Total revenue		34,854			31,652
Cost of sales		10,246			9,045
Gross profit		24,608			22,607
Operating expenses:
Sales and marketing		8,386			7,767
General and administrative		11,900			10,063
Research and development		2,029			1,769
Amortization of intangible assets		4,308			3,449
Total operating expenses		26,623			23,048
Loss from operations		(2,015	)		(441	)
Interest income		171			336
Interest expense		(451	)		(180	)
Other income, net		188			10
Loss from operations before income taxes		(2,107	)		(275	)
Income tax expense		291			33
Net loss		(2,398	)		(308	)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities		442			(244	)
Comprehensive loss	$	(1,956	)	$	(552	)

Basic and diluted loss per share
Basic	$	(0.09	)	$	(0.01	)
Diluted	$	(0.09	)	$	(0.01	)

Weighted average basic and diluted shares
Basic		26,961			25,334
Diluted		26,961			25,334


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Three Months Ended March 31,
	2025			2024

Cash flows from operating activities:
Net loss	$	(2,398	)	$	(308	)
Adjustments to reconcile loss to net cash provided by (used in) operations:
Depreciation and amortization		5,972			4,860
Amortization of operating lease assets		374			335
Amortization of debt financing costs and discount		253			142
Non-cash interest expense		197			—
Net accretion of discounts and amortization of premiums on available-for-sale securities		(110	)		(78	)
Provision for expected losses		93			46
Provision for deferred income taxes		291			24
Net realized gains on sales of available-for-sale securities		(656	)		(652	)
Share-based compensation		1,863			1,902
Changes in operating assets and liabilities:
Accounts receivable		2,261			(919	)
Inventory		(24	)		(50	)
Prepaid expenses and other assets		(1,049	)		(473	)
Operating lease right-of-use assets		—			30
Accounts payable		903			(960	)
Accrued expenses and other long-term obligations		(1,737	)		(2,665	)
Operating lease liabilities		(427	)		(141	)
Deferred revenue		(3,810	)		(5,040	)
Net cash provided by (used in) operating activities		1,996			(3,947	)
Cash flows from investing activities:
Acquisition of intangible assets		(6,346	)		(710	)
Purchases of property and equipment		(192	)		(240	)
Software capitalization costs		(2,769	)		(2,435	)
Purchases of available-for-sale securities		(6,589	)		(3,516	)
Proceeds from sales and maturities of available-for-sale securities		3,266			2,406
Net cash used in investing activities		(12,630	)		(4,495	)
Cash flows from financing activities:
Payments made on amounts due for the acquisition of intangibles		(723	)		(236	)
Net proceeds from issuance of common stock		441			176
Net change in client fund obligations		64,207			21,122
Net cash provided by financing activities		63,925			21,062
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents		53,291			12,620
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period		145,712			177,622
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$	199,003		$	190,242


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (in thousands)

	Three Months Ended March 31,
	2025		2024

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	$	14,076	$	23,166
Restricted cash and restricted cash equivalents included in funds held for clients		184,927		167,076
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	199,003	$	190,242

Supplemental information:
Cash paid for interest	$	125	$	—

Non-cash investing and financing activities:
Acquisition of intangible assets	$	750	$	6,345
Notes payable issued for acquisitions	$	1,150	$	827
Shares issued for acquisitions	$	—	$	4,494


ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (unaudited)

(in thousands)	Q1-25			Q4-24			Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23
Revenue⁽¹⁾	$	34,854		$	30,792		$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420

Gross Profit to non-GAAP Gross Profit
Gross Profit	$	24,608		$	20,928		$	19,704		$	18,868		$	22,607		$	17,839		$	21,280		$	22,018
Gross Margin		70.6	%		68.0	%		67.2	%		67.3	%		71.4	%		67.9	%		72.5	%		72.4	%

Share-based Compensation		44			44			44			43			40			32			28			46
Depreciation		1,369			1,190			1,232			1,145			1,110			921			984			1,309
Amortization – intangibles		50			50			50			50			50			50			50			50
One-time expenses
Settlements, penalties & interest		29			25			2			3			—			(6	)		8			—
Acquisition and transaction costs		167			221			367			264			39			—			—			—
Other non-recurring expenses		—			84			—			—			—			—			—			—
Non-GAAP Gross Profit	$	26,267		$	22,542		$	21,399		$	20,373		$	23,846		$	18,836		$	22,350		$	23,423
Non-GAAP Gross Margin		75.4	%		73.2	%		73.0	%		72.6	%		75.3	%		71.7	%		76.2	%		77.0	%

Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
Sales and Marketing Expense	$	8,386		$	6,945		$	6,680		$	6,924		$	7,767		$	6,422		$	6,597		$	8,515

Share-based Compensation		322			251			269			237			243			180			210			149
Depreciation		1			—			1			—			1			1			—			—
One-time expenses
Settlements, penalties & interest		51			78			(5	)		5			18			6			30			4
Acquisition and transaction costs		30			9			68			37			11			—			—			—
Other non-recurring expenses		—			52			—			—			—			—			—			180
Non-GAAP Sales and Marketing Expense	$	7,982		$	6,555		$	6,347		$	6,645		$	7,494		$	6,235		$	6,357		$	8,182

General and Administrative Expense to non-GAAP General and Administrative Expense
General and Administrative Expense	$	11,900		$	9,940		$	10,378		$	10,118		$	10,063		$	9,747		$	9,294		$	10,336

Share-based Compensation		1,407			1,081			1,187			1,122			1,535			980			936			1,298
Depreciation		244			269			264			256			251			225			200			234
One-time expenses
Settlements, penalties & interest		492			142			377			304			98			284			101			432
Acquisition and transaction costs		491			282			371			245			57			51			—			—
Other non-recurring expenses		136			220			253			—			86			53			—			453
Non-GAAP General and Administrative Expense	$	9,130		$	7,946		$	7,926		$	8,191		$	8,036		$	8,154		$	8,057		$	7,919

Research and Development Expense to non-GAAP Research and Development Expense
Research and Development Expense	$	2,029		$	2,103		$	1,973		$	1,962		$	1,769		$	1,739		$	1,803		$	1,325

Share-based Compensation		90			87			90			86			85			69			76			89
Depreciation		1			—		$	—		$	—		$	—		$	—		$	—		$	—
One-time expenses
Settlements, penalties & interest		9			21			—			27			31			—			—			—
Acquisition and transaction costs		91			153			195			369			147			—			—			—
Other non-recurring expenses		—			29			—			—			—			—			—			—
Non-GAAP Research and Development Expense	$	1,838		$	1,813		$	1,688		$	1,480		$	1,506		$	1,670		$	1,727		$	1,236

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.


ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.) (unaudited)

(in thousands)	Q1-25			Q4-24			Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23
Revenue⁽¹⁾	$	34,854		$	30,792		$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420

GAAP Net Loss to Adjusted EBITDA
GAAP Net Loss	$	(2,398	)	$	(3,204	)	$	(3,901	)	$	(4,360	)	$	(308	)	$	(3,582	)	$	(2,206	)	$	(3,765	)

Interest expense, net		280			211			109			(53	)		(156	)		(24	)		782			1,593
Income taxes		291			499			170			231			33			(158	)		(123	)		627
Depreciation		1,614			1,460			1,497			1,402			1,361			1,148			1,185			1,542
Amortization – intangibles		4,358			4,482			4,345			4,096			3,499			3,743			3,384			3,343
EBITDA	$	4,145		$	3,448		$	2,220		$	1,316		$	4,429		$	1,127		$	3,022		$	3,340
EBITDA Margin		11.9	%		11.2	%		7.6	%		4.7	%		14.0	%		4.3	%		10.3	%		11.0	%

Share-based Compensation		1,863			1,463			1,591			1,488			1,902			1,260			1,251			1,582
One Time Expenses
Settlements, penalties & interest		581			266			375			339			147			283			140			436
Acquisition and transaction costs		779			665			1,001			914			254			51			—			—
Other non-recurring expenses		136			385			253			—			86			53			—			633
Other expense (income), net		(188	)		2			—			—			(10	)		1			1,800			93
Adjusted EBITDA	$	7,316		$	6,229		$	5,440		$	4,057		$	6,808		$	2,775		$	6,213		$	6,084
Adjusted EBITDA Margin		21.0	%		20.2	%		18.6	%		14.5	%		21.5	%		10.6	%		21.2	%		20.0	%

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

Investor Relations Contact
Patrick McKillop
Vice President, Investor Relations
617-335-5058
patrick.mckillop@asuresoftware.com

The MIL Network –

May 2, 2025

MIL-OSI: Monolithic Power Systems Earnings Commentary for the Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

KIRKLAND, Wash., May 01, 2025 (GLOBE NEWSWIRE) — MPS will report its results after the market closes on May 1, 2025 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/92570889542.

Q1 2025 Financial Summary	(Unaudited)
	GAAP
	Q1’25	Q4’24	Q1’24	QoQ Change	YoY Change
Revenue ($k)	$ 637,554	$ 621,665	457,885	Up 2.6%	Up 39.2%
Gross Margin	55.4%	55.4%	55.1%	Flat	Up 0.3 pts
Opex ($k)	$ 184,471	$ 181,101	156,954	Up 1.9%	Up 17.5%
Operating Margin	26.5%	26.3%	20.9%	Up 0.2 pts	Up 5.6 pts
Net income ($k)	$ 133,791	$ 1,449,363	92,541	Down 90.8%	Up 44.6%
Diluted EPS	$ 2.79	$ 29.88	1.89	Down 90.7%	Up 47.6%

	Non-GAAP
	Q1’25	Q4’24	Q1’24	QoQ Change	YoY Change
Revenue ($k)	$ 637,554	$ 621,665	$ 457,885	Up 2.6%	Up 39.2%
Gross Margin	55.7%	55.8%	55.7%	Down 0.1 pts	Flat
Opex ($k)	$ 133,526	$ 126,117	$ 103,426	Up 5.9%	Up 29.1%
Operating Margin	34.7%	35.5%	33.1%	Down 0.8 pts	Up 1.6 pts
Net income ($k)	$ 193,813	$ 198,401	$ 137,492	Down 2.3%	Up 41.0%
Diluted EPS	$ 4.04	$ 4.09	$ 2.81	Down 1.2%	Up 43.8%
Tax Rate	15.0%	12.5%	12.5%	Up 2.5 pts	Up 2.5 pts

Revenue by End Market

	Revenue		YoY Change				% of Revenue
End Market ($M)	Q1’25	Q1’24	$		%		Q1’25		Q1’24
Storage & Computing	$ 188.5	$ 106.1	$ 82.4		77.7%		29.6	%	23.2	%
Automotive	144.9	87.1	57.8		66.4%		22.7		19.0
Enterprise Data	132.9	149.7	(16.8	)	(11.2%	)	20.8		32.7
Communications	71.8	46.7	25.1		53.7%		11.3		10.2
Consumer	56.9	38.1	18.8		49.3%		8.9		8.3
Industrial	42.6	30.2	12.4		41.1%		6.7		6.6
Total	$ 637.6	$ 457.9	$ 179.7		39.2%		100	%	100	%

Ongoing Business Conditions

In Q1 2025, MPS achieved record quarterly revenue of $637.6 million, slightly higher than revenue in the fourth quarter of 2024 and 39.2% higher than revenue in the first quarter of 2024.

Our performance during the quarter reflected the continued strength of our diversified market strategy and a continued trend of the ordering patterns we saw at the end of 2024.

Q1 2025 highlights include:

At our March 20th investor day, we showcased MPS innovation across a range of areas including new opportunities in Robotics, Automotive, Data Center, Building Automation, Medical, and Audio.
In Q1, Storage and Computing segment revenue increased 38% quarter-over-quarter on strong demand for both memory and notebook solutions.
We continue to win designs across all major Enterprise Data customers with revenue ramps expected in the second half of this year.
Finally, Q1 ’25 Automotive revenue increased 13% from Q4’24, the third consecutive quarter of sequential double-digit growth.

MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and swiftly adapt to market changes as they occur.

“Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.

Q1’25 Revenue Results

MPS reported first quarter revenue of $637.6 million, slightly higher than the fourth quarter of 2024 and 39.2% higher than the first quarter of 2024. Compared with the fourth quarter of 2024, sales in Storage & Computing, Automotive, Communication and Industrial improved sequentially.

First quarter 2025 Storage and Computing revenue of $188.5 million increased 38.1% from the fourth quarter of 2024. The sequential increase was primarily driven by higher sales of power solutions for storage and notebooks. First quarter 2025 Storage and Computing revenue was up 77.7% year over year. Storage and Computing revenue represented 29.6% of MPS’s first quarter 2025 revenue compared with 22.0% in the fourth quarter of 2024.

First quarter Automotive revenue of $144.9 million increased 12.9% from the fourth quarter of 2024 primarily from higher sales in ADAS, body electronics, and infotainment power solutions. First quarter 2025 Automotive revenue was up 66.4% year over year. Automotive revenue represented 22.7% of MPS’s first quarter 2025 revenue compared with 20.6% in the fourth quarter of 2024.

First quarter 2025 Communications revenue of $71.8 million was up 12.3% from the fourth quarter of 2025 primarily on higher sales into networking and optical solutions. First quarter 2025 Communications revenue was up 53.7% year over year. Communications sales represented 11.3% of our total first quarter 2025 revenue compared with 10.3% in the fourth quarter of 2024.

First quarter 2025 Industrial revenue of $42.6 million increased 4.3% from the fourth quarter of 2024 primarily due to higher sales for industrial meters. First quarter 2025 Industrial revenue was up 41.1% year over year. Industrial revenue represented 6.7% of our total first quarter 2025 revenue compared with 6.6% in the fourth quarter of 2024.

First quarter Consumer revenue of $56.9 million decreased 0.6% from the fourth quarter of 2024 primarily from lower sales in gaming partially offset by higher sales for TV solutions. First quarter 2025 Consumer revenue was up 49.3% year over year. Consumer revenue represented 8.9% of MPS’s first quarter 2025 revenue compared with 9.2% in the fourth quarter of 2024.

In our Enterprise Data market, first quarter 2025 revenue of $132.9 million decreased 31.8% from the fourth quarter of 2024. First quarter 2025 Enterprise Data revenue was down 11.2% year over year. Enterprise Data revenue represented 20.8% of MPS’s first quarter 2025 revenue compared with 31.3% in the fourth quarter of 2024.

Q1’25 Gross Margin & Operating Income

GAAP gross margin was 55.4%, flat to the fourth quarter of 2024. Our GAAP operating income was $168.8 million compared to $163.3 million reported in the fourth quarter of 2024.

Non-GAAP gross margin for the first quarter of 2025 was 55.7%, down 0.1 percentage points compared to the fourth quarter of 2024. Our non-GAAP operating income was $221.5 million compared to $220.7 million reported in the fourth quarter of 2024.

Q1’25 Operating Expenses

Our GAAP operating expenses were $184.5 million in the first quarter of 2025 compared with $181.1 million in the fourth quarter of 2024.

Our Non-GAAP operating expenses were $133.5 million, up from $126.1 million in the fourth quarter of 2024.

The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan income.

Total stock-based compensation and related expenses, including approximately $1.7 million charged to cost of goods sold, was $53.8 million compared with $56.3 million recorded in the fourth quarter of 2024.

The Bottom Line

First quarter 2025 GAAP net income was $133.8 million or $2.79 per fully diluted share, compared with $1.4 billion or $29.88 per share in the fourth quarter of 2024. Fourth quarter 2024 GAAP net income and EPS included the recognition of a tax benefit granted to a foreign subsidiary.

First quarter 2025 non-GAAP net income was $193.8 million or $4.04 per fully diluted share, compared with $198.4 million or $4.09 per fully diluted share in the fourth quarter of 2024.

The first quarter 2025 non-GAAP tax rate increased to 15% from 12.5% in the fourth quarter of 2024.

There were 48.0 million fully diluted shares outstanding at the end of the first quarter of 2025.

Balance Sheet and Cash Flow

Cash, cash equivalents and short-term investments were $1,026.7 million at the end of the first quarter of 2025 compared to $862.9 million at the end of the fourth quarter of 2024. For the first quarter of 2025, MPS generated operating cash flow of $256.4 million compared with the fourth quarter of 2024 operating cash flow of $167.7 million.

Accounts receivable at the end of the first quarter of 2025 were $214.9 million, representing 31 days of sales outstanding, which was 6 days higher than the 25 days reported at the end of the fourth quarter of 2024.

Our internal inventories at the end of the first quarter of 2025 were $454.8 million, up from $419.6 million at the end of the fourth quarter of 2024. Days of inventory of 146 days at the end of the first quarter of 2025 was 8 days higher than at the end of the fourth quarter of 2024.

We have carefully managed our internal inventories throughout the year, balancing the uncertainty in the market with being prepared to capture market upturns when they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the first quarter of 143 days was 9 days higher than at the end of the fourth quarter of 2024.

Selected Balance Sheet and Inventory Data				(Unaudited)

	Q1’25	Q4’24	Q1’24
Cash, Cash Equivalents, and Short-Term Investments	$ 1,026.7 M	$ 862.9 M	$ 1,286.4 M
Operating Cash Flow	$ 256.4 M	$ 167.7 M	$ 248.0 M
Accounts Receivable	$ 214.9 M	$ 172.5 M	$ 194.4 M
Days of Sales Outstanding	31 Days	25 Days	39 Days
Internal Inventories	$ 454.8 M	$ 419.6 M	$ 396.0 M
Days of Inventory (current quarter revenue)	146 Days	138 Days	175 Days
Days of Inventory (next quarter revenue)	143 Days	134 Days	159 Days

Q2’25 Business Outlook

For the second quarter of 2025 ending June 30, we are forecasting:

Revenue in the range of $640 million to $660 million.
GAAP gross margin in the range of 54.9% to 55.5%.
Non-GAAP gross margin in the range of 55.2% to 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
Total stock-based compensation and related expenses in the range of $58.3 million to $60.3 million including approximately $1.9 million that would be charged to cost of goods sold.
GAAP operating expenses between $189 million and $195 million.
Non-GAAP operating expenses in the range of $132.6 million to $136.6 million. This estimate excludes stock-based compensation and related expenses in the range of $56.4 million to $58.4 million.
Interest and other income in the range from $6.2 million to $6.6 million before foreign exchange gains or losses.
Non-GAAP tax rate of 15% for 2025.
Fully diluted shares outstanding in the range of 47.9 to 48.3 million shares.

For further information, contact:

Bernie Blegen
Executive Vice President and Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
MPSInvestor.Relations@monolithicpower.com

Safe Harbor Statement

This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Q2’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain and the quote from our CEO and founder, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.

Non-GAAP Financial Measures

This CFO Commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share amounts)

	Three Months Ended March 31,
	2025			2024
Net income	$	133,791		$	92,541

Adjustments to reconcile net income to non-GAAP net income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Tax effect		5,897			(7,156	)
Non-GAAP net income	$	193,813		$	137,492

Non-GAAP net income per share:
Basic	$	4.05		$	2.83
Diluted	$	4.04		$	2.81

Shares used in the calculation of non-GAAP net income per share:
Basic		47,851			48,635
Diluted		48,006			48,928

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Gross profit	$	353,230		$	252,441
Gross margin		55.4	%		55.1	%

Adjustments to reconcile gross profit to non-GAAP gross profit:
Stock-based compensation and related expenses		1,706			1,900
Amortization of acquisition-related intangible assets		287			258
Deferred compensation plan expense (income)		(163	)		440
Non-GAAP gross profit	$	355,060		$	255,039
Non-GAAP gross margin		55.7	%		55.7	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024
Total operating expenses	$	184,471		$	156,954

Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:
Stock-based compensation and related expenses		(52,105	)		(49,869	)
Amortization of acquisition-related intangible assets		(33	)		(33	)
Deferred compensation plan income (expense)		1,193			(3,626	)
Non-GAAP operating expenses	$	133,526		$	103,426

RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024
Total operating income	$	168,759		$	95,487

Adjustments to reconcile total operating income to non-GAAP total operating income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income)		(1,356	)		4,066
Non-GAAP operating income	$	221,534		$	151,613

RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025		2024
Total other income, net	$	5,131	$	9,540

Adjustments to reconcile other income, net to non-GAAP other income, net:
Deferred compensation plan expense (income)		1,350		(4,019	)
Non-GAAP other income, net	$	6,481	$	5,521

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024
Total income before income taxes	$	173,890		$	105,027

Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Non-GAAP income before income taxes	$	228,015		$	157,134

2025 SECOND QUARTER OUTLOOK
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited)
	Three Months Ending March 31, 2025

	Low			High
Gross margin		54.9	%		55.5	%
Adjustment to reconcile gross margin to non-GAAP gross margin:
Stock-based compensation and other expenses		0.3	%		0.3	%
Non-GAAP gross margin		55.2	%		55.8	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
	Three Months Ending March 31, 2025

	Low			High
Operating expenses	$	189,000		$	195,000
Adjustments to reconcile operating expenses to non-GAAP operating expenses:
Stock-based compensation and other expenses		(56,400	)		(58,400	)
Non-GAAP operating expenses	$	132,600		$	136,600

The MIL Network –

May 2, 2025

MIL-OSI: Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

KIRKLAND, Wash., May 01, 2025 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended March 31, 2025.

The financial results for the quarter ended March 31, 2025 were as follows:

Revenue was $637.6 million for the quarter ended March 31, 2025, a 2.6% increase from $621.7 million for the quarter ended December 31, 2024 and a 39.2% increase from $457.9 million for the quarter ended March 31, 2024.
GAAP gross margin was 55.4% for the quarter ended March 31, 2025, compared with 55.1% for the quarter ended March 31, 2024.
Non-GAAP gross margin (1) was 55.7% for the quarter ended March 31, 2025, excluding the impact of $1.7 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan income, compared with 55.7% for the quarter ended March 31, 2024, excluding the impact of $1.9 million for stock-based compensation and related expenses, $0.4 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets.
GAAP operating expenses were $184.5 million for the quarter ended March 31, 2025, compared with $157.0 million for the quarter ended March 31, 2024.
Non-GAAP operating expenses (1) were $133.5 million for the quarter ended March 31, 2025, excluding $52.1 million for stock-based compensation and related expenses and $1.2 million for deferred compensation plan income, compared with $103.4 million for the quarter ended March 31, 2024, excluding $49.9 million for stock-based compensation and related expenses and $3.6 million for deferred compensation plan expense.
GAAP operating income was $168.8 million for the quarter ended March 31, 2025, compared with $95.5 million for the quarter ended March 31, 2024.
Non-GAAP operating income (1) was $221.5 million for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses, $1.4 million for deferred compensation plan income and $0.3 million for amortization of acquisition-related intangible assets, compared with $151.6 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $4.1 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets.
GAAP other income, net was $5.1 million for the quarter ended March 31, 2025, compared with $9.5 million for the quarter ended March 31, 2024.
Non-GAAP other income, net (1) was $6.5 million for the quarter ended March 31, 2025, excluding $1.4 million for deferred compensation plan expense, compared with $5.5 million for the quarter ended March 31, 2024, excluding $4.0 million for deferred compensation plan income.
GAAP income before income taxes was $173.9 million for the quarter ended March 31, 2025, compared with $105.0 million for the quarter ended March 31, 2024.
Non-GAAP income before income taxes (1) was $228.0 million for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses and $0.3 million for amortization of acquisition-related intangible assets, compared with $157.1 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses and $0.3 million for amortization of acquisition-related intangible assets.
GAAP net income was $133.8 million and $2.79 per diluted share for the quarter ended March 31, 2025. Comparatively, GAAP net income was $92.5 million and $1.89 per diluted share for the quarter ended March 31, 2024.
Non-GAAP net income (1) was $193.8 million and $4.04 per diluted share for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $5.9 million for related tax effects, compared with $137.5 million and $2.81 per diluted share for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $7.2 million for related tax effects.

The following is a summary of revenue by end market (in thousands):

	Three Months Ended March 31,
End Market	2025		2024
Storage and Computing	$	188,511	$	106,121
Automotive		144,904		87,092
Enterprise Data		132,924		149,727
Communications		71,671		46,645
Consumer		56,947		38,074
Industrial		42,597		30,226
Total	$	637,554	$	457,885

Business Outlook

The following are MPS’s financial targets for the second quarter ending June 30, 2025:

Revenue in the range of $640.0 million to $660.0 million.
GAAP gross margin between 54.9% and 55.5%. Non-GAAP gross margin (1) between 55.2% and 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
GAAP operating expenses between $189.0 million and $195.0 million. Non-GAAP operating expenses (1) between $132.6 million and $136.6 million, which excludes estimated stock-based compensation and related expenses in the range of $56.4 million to $58.4 million.
Total stock-based compensation and related expenses of $58.3 million to $60.3 million including approximately $1.9 million that would be charged to cost of goods sold.
Interest and other income in the range of $6.2 million to $6.6 million before foreign exchange gains or losses.
Non-GAAP tax rate of 15% for 2025.
Fully diluted shares outstanding between 47.9 million and 48.3 million.

(1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

Earnings Commentary
Earnings commentary on the results of operations for the quarter ended March 31, 2025 is available under the Investor Relations page on the MPS website.

Earnings Webinar
MPS plans to host a question-and-answer webinar covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, May 1, 2025. The live event will be held via a Zoom webcast, which can be accessed at: https://mpsic.zoom.us/j/92570889542. The Zoom webcast can also be accessed live over the phone by dialing (669) 444-9171; the webcast ID is 92570889542. A replay of the event will be archived and available for replay for one year under the Investor Relations page on the MPS website.

Safe Harbor Statement
This press release contains, and statements that will be made during the accompanying earnings webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Business Outlook” section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying earnings webinar are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this press release or in the accompanying earnings webinar.

About Monolithic Power Systems
Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Contact:
Bernie Blegen
Executive Vice President and Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
MPSInvestor.Relations@monolithicpower.com

Monolithic Power Systems, Inc. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value)
	March 31,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	637,354		$	691,816
Short-term investments		389,310			171,130
Accounts receivable, net		214,866			172,518
Inventories		454,793			419,611
Other current assets		92,063			109,978
Total current assets		1,788,386			1,565,053
Property and equipment, net		527,348			494,945
Acquisition-related intangible assets, net		9,651			9,938
Goodwill		25,944			25,944
Deferred tax assets, net		1,318,457			1,326,840
Other long-term assets		135,974			194,377
Total assets	$	3,805,760		$	3,617,097

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	127,310		$	102,526
Accrued compensation and related benefits		74,785			63,918
Other accrued liabilities		161,306			128,123
Total current liabilities		363,401			294,567
Income tax liabilities		69,535			65,193
Other long-term liabilities		105,814			111,570
Total liabilities		538,750			471,330
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,877 and 47,823, respectively		764,959			706,817
Retained earnings		2,545,375			2,487,461
Accumulated other comprehensive loss		(43,324	)		(48,511	)
Total stockholders’ equity		3,267,010			3,145,767
Total liabilities and stockholders’ equity	$	3,805,760		$	3,617,097

Monolithic Power Systems, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share amounts)
	Three Months Ended March 31,
	2025		2024
Revenue	$	637,554	$	457,885
Cost of revenue		284,324		205,444
Gross profit		353,230		252,441
Operating expenses:
Research and development		92,227		75,990
Selling, general and administrative		92,244		80,964
Total operating expenses		184,471		156,954
Operating income		168,759		95,487
Other income, net		5,131		9,540
Income before income taxes		173,890		105,027
Income tax expense		40,099		12,486
Net income	$	133,791	$	92,541

Net income per share:
Basic	$	2.80	$	1.90
Diluted	$	2.79	$	1.89
Weighted-average shares outstanding:
Basic		47,851		48,635
Diluted		48,006		48,928

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME (Unaudited, in thousands, except per share amounts)
	Three Months Ended March 31,
	2025			2024
Net income	$	133,791		$	92,541

Adjustments to reconcile net income to non-GAAP net income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Tax effect		5,897			(7,156	)
Non-GAAP net income	$	193,813		$	137,492

Non-GAAP net income per share:
Basic	$	4.05		$	2.83
Diluted	$	4.04		$	2.81

Shares used in the calculation of non-GAAP net income per share:
Basic		47,851			48,635
Diluted		48,006			48,928

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Gross profit	$	353,230		$	252,441
Gross margin		55.4	%		55.1	%

Adjustments to reconcile gross profit to non-GAAP gross profit:
Stock-based compensation and related expenses		1,706			1,900
Amortization of acquisition-related intangible assets		287			258
Deferred compensation plan expense (income)		(163	)		440
Non-GAAP gross profit	$	355,060		$	255,039
Non-GAAP gross margin		55.7	%		55.7	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Total operating expenses	$	184,471		$	156,954

Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:
Stock-based compensation and related expenses		(52,105	)		(49,869	)
Amortization of acquisition-related intangible assets		(33	)		(33	)
Deferred compensation plan income (expense)		1,193			(3,626	)
Non-GAAP operating expenses	$	133,526		$	103,426

RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Total operating income	$	168,759		$	95,487

Adjustments to reconcile total operating income to non-GAAP total operating income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income)		(1,356	)		4,066
Non-GAAP operating income	$	221,534		$	151,613

RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET (Unaudited, in thousands)
	Three Months Ended March 31,
	2025		2024
Total other income, net	$	5,131	$	9,540

Adjustments to reconcile other income, net to non-GAAP other income, net:
Deferred compensation plan expense (income)		1,350		(4,019	)
Non-GAAP other income, net	$	6,481	$	5,521

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Total income before income taxes	$	173,890		$	105,027

Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Non-GAAP income before income taxes	$	228,015		$	157,134

2025 SECOND QUARTER OUTLOOK RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited)
	Three Months Ending
	June 30, 2025
	Low			High
Gross margin		54.9	%		55.5	%
Adjustment to reconcile gross margin to non-GAAP gross margin:
Stock-based compensation and other expenses		0.3	%		0.3	%
Non-GAAP gross margin		55.2	%		55.8	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands)
	Three Months Ending
	June 30, 2025
	Low			High
Operating expenses	$	189,000		$	195,000
Adjustments to reconcile operating expenses to non-GAAP operating expenses:
Stock-based compensation and other expenses		(56,400	)		(58,400	)
Non-GAAP operating expenses	$	132,600		$	136,600

The MIL Network –

May 2, 2025

MIL-OSI Asia-Pac: Union Minister of State for Finance Shri Pankaj Chaudhary presides over the 69th Foundation Day of Directorate of Enforcement (ED), in New Delhi, today
Source: Government of India

Union Minister of State for Finance Shri Pankaj Chaudhary presides over the 69th Foundation Day of Directorate of Enforcement (ED), in New Delhi, today

Contribution of Directorate of Enforcement will be extremely important in an economically secure India: MoS Finance Shri Pankaj Chaudhary

Between 2014 to 2024, 5,113 new PMLA investigations initiated: ED Director Shri Rahul Navin

ASG Shri S.V. Raju urges ED officers to stay abreast of changing ML scenarios and elaborated on using the various tools available under PMLA

Shri Chaudhary also releases the ED Annual Report for FY 2024-25

ED also confers 23 awards under various categories to its officers and Zonal Units

Posted On: 01 MAY 2025 6:28PM by PIB Delhi

Union Minister of State for Finance Shri Pankaj Chaudhary presided over the 69^th Foundation Day of Directorate of Enforcement (ED) in New Delhi, today.

Also present on the dais were Shri S.V. Raju, Additional Solicitor General; Shri Rahul Navin, Director, ED; Shri Subhash Aggarwal and Shri Prashant Kumar, Special Directors, ED; and Shri Naval Kishore Ram, Joint Secretary, Department of Revenue, Ministry of Finance.

The 69^th Foundation Day celebrations were also attended by ex-Directors of ED; heads of various investigative agencies; international delegates from various organisations; all India officers of JD and above level; senior officials of Government of India; and also from Department of Revenue, Ministry of Finance.

In his address on the occasion, Shri Chaudhary said, “The vision of our Prime Minister Shri Narendra Modi is that no economic offender should be able to deprive the common and poor citizens of their rights, and prevention is essential for this as well as ensuring that the offender receives appropriate punishment. The role of the Enforcement Directorate is extremely important in both areas.”

Shri Chaudhary also stated that as India is marching towards achieving the vision of Viksit Bharat 2047, the nature of the economy and economic activities will also change, and complexities will also increase, which might result in evolution of the nature of economic crimes. The Minister emphasised on the critical role the Enforcement Directorate will play in the future.

“The vision of a developed India inherently includes the vision of a secure India. The contribution of the Enforcement Directorate will be extremely important in an economically secure India,” the Minister added.

In his address on the occasion, Shri Navin emphasised on the significant step-up in enforcement activity from 2014 to 2024, with 5,113 new PMLA investigations were initiated averaging more than 500 cases per year. Building on this momentum, Shri Navin noted that in the Financial Year 2024-25, 775 new PMLA investigations were launched, 333 Prosecution Complaints were filed, leading to 34 individual convictions.

During this period, Shri Navin said that ED has issued 461 provisional attachment orders valued at Rs. 30,036 crore – a 44% increase in the number of attachments and a striking 141% rise in their total value compared to the previous year. As on 31st March, 2025, the total value of assets under provisional attachment stood at Rs. 1,54,594 crore.

Shri Navin also apprised the gathering that with the approval of the courts, restitution of Rs. 15,261 crore was done in 30 cases during F.Y. 2024-25 and this process is likely to accelerate in FY2025-26.

“The ED has filed 333 prosecution complaints last year, taking the total cases under various stage of trial to 1,739 as on 31st March, 2025; and of the 47 cases decided so far, there have been only 3 acquittals, yielding a commendable conviction rate of 93.6%,” Shri Navin added.

In his address on the occasion, Shri S.V. Raju highlighted the growing use of cryptocurrency and hawala traders as tools for Money Laundering (ML) and urged the ED officers to stay abreast of the changing ML scenarios and elaborated on the tools under PMLA.

On the occasion, Shri Chaudhary also released the Annual Report for FY 2024-25.

CLICK HERE TO ACCESS ED ANNUAL REPORT FOR FY 2024-25

During the celebrations, the officers of the ED were also conferred various awards under the following categories:
1. President’s Medal for Meritorious Service: Shri Abhishek Goyal, former Special Director, ED, was handed over the President’s Medal for Meritorious Service on the occasion of Independence Day, 2024 for his exemplary investigation work.
2. CATEGORY I: Rendering dutiful and exemplary service over a long period of time:
1. Shri Sujit Sadhak, Joint Director, Chennai Zonal Office-II
2. Shri Suram Chandra, Sepoy, Jammu Sub-Zonal Office
1. CATEGORY II: Displaying exceptional intelligence gathering/investigation skills leading to successful search/seizure and post action:
1. Shri Manoj Mittal, Deputy Director (INT-I), Headquarters Office
2. Shri Sudhir Kumar, Deputy Director, Gurugram Zonal Office
3. Shri Chetan Krishna H.G., Deputy Director, Gurugram Zonal Office
4. Shri Deovrat Jha, Deputy Director, Kolkata Zonal Office-II
5. Shri Gaurav Saini, Assistant Legal Advisor, Headquarters Office
6. Shri Ravindra Dahiya, Assistant Director, Kolkata Zonal Office-I
7. Shri Gaurav Dabas, Assistant Director, Co-ordination/ FATF
8. Shri Anshul Roy, Assistant Director, Jaipur Zonal Office
9. Shri Bhupesh, Assistant Director, Patna Zonal Office
10. Ms. Suman, Assistant Director, Chandigarh Zonal Office-I
11. Shri Bhola Ram Jaat, Enforcement Officer, Ahmedabad Zonal Office
12. Ms. Deepika, Enforcement Officer, Western Regional Office
13. Shri Ganpati K., Enforcement Officer, Southern Regional Office
14. Shri Sagar Chauhan, Assistant Enforcement Officer, Chennai Zone-II
15. Shri Vinod Kumar Pandey, Sr. Sepoy, Allahabad Sub-Zonal Office
16. Shri Sunil Kumar S.K., Sr. Sepoy, STF, Headquarters Office
17. Shri Abhishek Kumar Jha, Sepoy, Headquarters office
1. CATEGORY III: Exhibiting extraordinary valour and courage without paying heed to their safety and security in the line of their duty:
1. Jalandhar Zonal Office: Under the supervision of Shri Ravi Tiwari, Additional Director, the highest number of convictions have been secured by Jalandhar Zonal Office during the Financial year 2024-25.
2. Hyderabad Zonal Office: Under the supervision of Shri Rohit Anand, Joint Director, the highest number of Prosecution Complaints were filed by Hyderabad Zonal Office during the Financial year 2024-25.
3. Gurugram Zonal Office: Under the supervision of Shri Navaneet Agrawal, Joint Director, the highest value of properties were provisionally attached by Gurugram Zonal Office during the Financial year 2024-25.
****

NB/KMN

(Release ID: 2125863) Visitor Counter : 19

MIL OSI Asia Pacific News –
May 2, 2025
MIL-OSI USA: Luján Announces Legislation to Lower Taxes for Hardworking New Mexicans

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján

Senate Democrats Introduce Tax Breaks for Working Families While GOP Pushes Tax Scam for Nation’s Wealthiest

Washington, D.C. — U.S. Senator Ben Ray Luján (D-N.M), a member of the Senate Committee on Finance, cosponsored the Tax Cut for Workers Act, legislation to give thousands of New Mexicans a much-needed tax break. The bill would make permanent the American Rescue Plan Act’s expansions of the Earned Income Tax Credit (EITC), continuing one of the largest-ever tax breaks for the middle class.

The American Rescue Plan Act, which Senator Luján championed into law, made several critical expansions of the EITC, including nearly tripling the maximum EITC benefit for workers without children from roughly $540 to roughly $1,500 and raising the income limit from about $16,000 to $21,000 for single filers and from about $22,000 to $27,000 for married filers. It also made individuals aged 19 to 24 and 65 and older newly eligible for the credit. While the American Rescue Plan’s EITC provisions expired the end of 2021, they had a significant impact, increasing disposable income among America’s working families.

“As President Trump’s reckless economic agenda continues to increase costs, we must find ways to make life more affordable for hardworking New Mexicans,” said Senator Luján. “That is why I am cosponsoring the Tax Cut for Workers Act to bring a tax break for New Mexicans that need it most. I am committed to lowering costs and will fight so that hardworking New Mexicans – who contribute to our economy – are the beneficiaries of any tax break, not the nation’s wealthiest.”

The Tax Cut for Workers Act will cut taxes for 111,000 New Mexicans by expanding the Earned Income Tax Credit to workers without children. The bill also extends eligibility for the tax cut to workers under the age of 25 and over the age of 64.

In addition to Senator Luján, the legislation is co-sponsored by U.S. Senators Catherine Cortez Masto (D-Nev.) Michael Bennet (D-Colo.), Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

The full text of the bill is here.

MIL OSI USA News –

May 2, 2025
MIL-OSI USA: Sens. Markey, Cramer Honor National Assistive Technology Awareness Day

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (May 1, 2025) – Senators Edward J. Markey (D-Mass.) and Kevin Cramer (R-N.D.) released the following statement after the Senate passed their resolution designating April 30, 2025 as “National Assistive Technology Awareness Day.”

“Assistive technology, which includes communication devices, modified vehicles, glasses, and mobility devices, is not a luxury – it is essential for individuals with disabilities and older Americans to live in their homes, access education, receive health care, and obtain employment,” said the lawmakers. “We are proud to recognize April 30th as ‘National Assistive Technology Awareness Day’ and highlight the importance of assistive technology and the state assistive technology programs that improve people’s lives every day.”

The Centers for Disease Control and Prevention reported one in four individuals in the United States has a disability, including over 40 percent of adults 65 or older. Additionally, the Department of Education reported that there were more than 9 million children with disabilities.

“In their lifetime, everyone on the planet will either need Assistive Technology (AT) or know someone who does. That’s why awareness is crucial—before it’s needed! On behalf of ATAP and the State and Territory Assistive Technology Act Programs, we are grateful to Senators Markey and Cramer for leading the effort for National Assistive Technology Awareness Day 2025!” said Jeannie Krull, Executive Director, ATAP.

The resolution is endorsed by Association of Assistive Technology Act Programs (ATAP), American Network of Community Options and Resources (ANCOR), Access Ready Inc., American Council of the Blind, CommunicationFIRST, Autistic Self Advocacy Network, Telecommunications for the Deaf and Hard of Hearing, Inc. (TDI), and Perkins School for the Blind.

MIL OSI USA News –

May 2, 2025
MIL-OSI USA: VIDEO: On Fox Business, Cornyn Details Priorities for Bill Extending Trump Tax Cuts

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – Today on Fox Business’ Mornings with Maria, U.S. Senator John Cornyn (R-TX) discussed his priorities for the reconciliation package, including cutting government spending, extending the Trump Tax Cuts, and leading the charge to reimburse the State of Texas for border security costs incurred during the Biden administration. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.

“We’ve got a lot to do in this one big, beautiful bill, but this is our one chance to get not only an extension of the expiring tax provisions, but to cut some of the mandatory spending programs that have driven our debt to $37 trillion and to do other things like the President’s priorities that he campaigned on.”

“It’s important that Texas get reimbursed for what was and is a federal responsibility, which is to secure the border—which didn’t happen during the Biden administration, so Governor Abbott and Texas leaders had to step up and fill that gap.”

“We’re working with the President, the Speaker, and Senator Thune to get this done.”

“If we were to fail—and we cannot fail—that would be a multitrillion-dollar tax increase on the American people, on top of 40-year high inflation as a result of the incredible spending spree that the Biden administration went on.”

“Democrats are not going to help us at all. For some reason, they think a multitrillion-dollar tax increase is a good idea, but of course, they’re the party of bigger government.”

“We want to cut the government. We want to cut federal spending. We want to bring down inflation, which was exacerbated by the spending spree that we saw the last four years.”

MIL OSI USA News –

May 2, 2025
MIL-OSI USA: Hoeven Introduces Andrea Travnicek at Senate ENR Committee Confirmation Hearing

US Senate News:

Source: United States Senator for North Dakota John Hoeven
05.01.25
Senator, Nominees Discuss Advancing Water Supply Projects, Ensuring Access to Taxpayer-Owned Energy Resources
WASHINGTON – Senator John Hoeven this week introduced Dr. Andrea Travnicek at a Senate Energy and Natural Resources (ENR) Committee hearing on her nomination as Assistant Secretary for Water and Science at the U.S. Department of the Interior. Hoeven outlined Travnicek’s depth of experience and qualifications for the role, which covers a range of issues relevant to agriculture, energy and water development in North Dakota. During his remarks, Hoeven discussed with Travnicek, as well as Leslie Beyer, the nominee to serve as Assistant Secretary of the Interior, Lands and Minerals Management, the importance of:
Ensuring access to reliable water supplies for North Dakota’s communities.
Hoeven continues working to advance his legislation to increase authorizations under the Dakota Water Resources Act (DWRA).
The increased funding from the Municipal, Rural, and Industrial (MR&I) program is needed to complete water supply projects like the Northwest Area Water Supply (NAWS) and the Eastern North Dakota Alternate Water Supply (ENDAWS).

Keeping U.S. Geological Survey (USGS) surveys of oil and gas reserves updated, reflecting the latest technologies and industry practices.
Maximizing access to taxpayer-owned energy resources, including the abundant oil, gas and coal reserves that fall under federal control.
The senator highlighted his North Dakota Trust Lands Completion Act, which would allow equal-value exchanges to reduce fragmentation of state and tribally-owned lands and minerals, while supporting greater development of these resources.
Hoeven also stressed the need to provide regulatory relief and streamline federal permitting.

“Dr. Travnicek has a stellar background for the position of Assistant Secretary for Water and Science. Not only does she have a depth of technical knowledge, but she has a record of collaboration across all levels of government, with tribes and private stakeholders,” said Senator Hoeven. “We look forward to working with her to advance critical priorities for North Dakota, including completing more drought-resistant water supply projects. At the same time, her role overseeing the USGS is essential in unlocking our nation’s energy potential, helping to identify the vast recoverable, taxpayer-owned energy resources. Through updated USGS surveys, as well as needed regulatory relief and streamlined permitting, we can maximize the benefit of our oil, gas and coal reserves and truly make the U.S. energy dominant.”
Dr. Travnicek holds a Ph.D. in Natural Resources Management/Communication from North Dakota State University. During President Trump’s first term, she served as a deputy assistant secretary at Interior. Most recently, she was Director of the North Dakota Department of Water Resources. As governor, Hoeven appointed her as a senior policy advisor in his office following her service with the U.S. Army Corps of Engineers in Sacramento, California.

MIL OSI USA News –

May 2, 2025
MIL-OSI USA: Fact Sheet: President Donald J. Trump Establishes the Religious Liberty Commission

US Senate News:

Source: The White House
ESTABLISHING THE RELIGIOUS LIBERTY COMMISSION: Today, President Donald J. Trump signed an Executive Order establishing the Religious Liberty Commission to safeguard and promote America’s founding principle of religious freedom.
The Religious Liberty Commission will be comprised of a Chairman and Vice Chairman designated by the President, ex officio government officials, and additional members from diverse religious and professional backgrounds, including clergy, legal experts, academics, and public advocates.
The Commission is tasked with producing a comprehensive report on the foundations of religious liberty in America, strategies to increase awareness of and celebrate America’s peaceful religious pluralism, current threats to religious liberty, and strategies to preserve and enhance protections for future generations.
Key focus areas include parental rights in religious education, school choice, conscience protections, attacks on houses of worship, free speech for religious entities, and institutional autonomy.

The Commission will advise the White House Faith Office and the Domestic Policy Council on religious-liberty policies and recommend executive or legislative actions to protect these freedoms.
Advisory boards of religious leaders, lay leaders, and legal experts will provide specialized guidance as subcomponents of the commission.
PROTECTING AMERICA’S FIRST AMENDMENT RIGHT: President Trump is addressing emerging threats to religious liberty to ensure Americans can freely practice their faith without government interference.
The United States Constitution enshrines the fundamental right to religious liberty in the First Amendment.
Recent Federal and State policies have undermined this right by targeting conscience protections, preventing parents from sending their children to religious schools, threatening funding and non-profit status for faith-based entities, and excluding religious groups from government programs.
The previous administration’s Department of Justice targeted peaceful Christians while ignoring violent, anti-Christian offenses.
This Commission will investigate and recommend policies to restore and safeguard religious liberty for all Americans.
STANDING UP FOR RELIGIOUS FREEDOM: President Trump has a proven record of defending religious liberty and is committed to preserving this cornerstone of American democracy.
In his first term, President Trump signed an Executive Order on “Promoting Free Speech and Religious Liberty.”
He also protected conscience rights, ensured equal access to funding for religious institutions, and defended faith communities against government overreach.

On the campaign trail, President Trump reaffirmed his commitment to protecting America’s religious freedoms.
Since returning to office, President Trump has signed several executive actions to strengthen religious liberty, including:
Marshalling all Federal resources to combat the explosion of anti-Semitism on our campuses and in our streets since October 7, 2023.
Establishing a White House Faith Office to bring faith leaders from across the nation to the table and ensure their voices are heard at the highest levels of our government.
Creating the “Task Force to Eradicate Anti-Christian Bias” at the Department of Justice to end the anti-Christian weaponization of government and unlawful targeting of Christians.

MIL OSI USA News –

May 2, 2025
MIL-OSI: Best Loans For Bad Credit in 2025 – By Low Credit Finance
Source: GlobeNewswire (MIL-OSI)

CHAMPLAIN, N.Y., May 01, 2025 (GLOBE NEWSWIRE) — Bad credit doesn’t mean you’re out of options—it just means you need to look in the right places. Many lenders now offer specialized loans tailored for those with less-than-perfect credit scores. These aren’t just high-interest traps; some provide realistic repayment terms, flexible criteria, and fast approvals. The key is knowing which ones are trustworthy and which ones to avoid.

This article breaks down the best loans for bad credit. From secured personal loans to credit union alternatives and online platforms that factor in more than just your credit score, you’ll find practical choices that can actually help rebuild your financial standing. Each option listed here has been evaluated for transparency, approval speed, and fairness—so you can focus on borrowing without added stress.

Getting the funds you need shouldn’t feel impossible. If you’ve been denied in the past, or are worried about predatory terms, this guide will point you toward lenders that still say yes—without punishing you in the long run. Let’s take a closer look at which loans make the most sense for bad credit borrowers in 2025.

Low Credit Finance – Our No. 1 Pick for Bad Credit Loans in 2025 Guaranteed Approval

After reviewing dozens of online lenders that cater to individuals with low credit scores, Low Credit Finance ranks as the top choice for bad credit loans in 2025. It offers a large loan range, minimal application friction, and fast turnaround times—making it a strong fit for people looking for emergency funds, debt consolidation, or unexpected expenses.

Loan Amounts, APR Range, and Repayment Terms

Low Credit Finance enables borrowers to request funds between $100 and $50,000, with APR rates ranging from 5.99% to 35.99%, depending on the lender match, loan type, and personal credit profile. Unlike many bad credit loan services that cap lending at $5,000 or impose narrow terms, Low Credit Finance provides access to a broader network of lenders, which increases the likelihood of finding a loan that fits specific needs.

Repayment terms are not one-size-fits-all. Borrowers have flexibility to choose repayment plans that stretch over months or even years. This avoids the pressure of short balloon-style payments, a common drawback with other low-credit loan providers. The ability to repay on terms that suit your cash flow helps reduce the financial strain that often comes with unsecured loans.

Why It’s the Top Pick

Several reasons place Low Credit Finance above its competitors:
- Inclusive Approval Process: All credit types are accepted. No minimum credit score is required to apply.
- Fast Funding: If approved, borrowers can receive funds within 60 minutes—an edge over traditional banks and slower platforms.
- Transparent APR Details: There are no hidden charges or surprise penalties. APR range is clearly disclosed upfront.
- Flexible Loan Amounts: Few platforms allow bad credit borrowers to access amounts up to $50,000.
- Simple Application: The online form takes only 2 minutes to complete, with no paperwork required.
- Wide Lender Network: Low Credit Finance connects applicants with multiple lenders, increasing match potential.
For people with a poor credit history, this service reduces the typical friction seen in traditional lending. It acts as a bridge between those in urgent need and lenders that evaluate more than just credit scores. The platform is designed to minimize barriers while keeping risk levels in check.

Apply now at Low Credit Finance for fast bad credit loan offers>>

What Is a Bad Credit Score?

A bad credit score generally refers to a credit rating that falls below a lender’s acceptable range for offering loans at favorable terms. In most scoring models, such as FICO and VantageScore, a score below 580 is typically categorized as poor.

Credit scores are built from several factors, including:
- Payment history
- Amount of debt
- Length of credit history
- Types of credit accounts
- Recent credit inquiries
When payments are missed, debts are too high compared to available credit, or accounts go into collections, the score drops significantly. A low score signals higher risk to lenders, making it difficult to obtain loans or resulting in loans with higher interest rates.

Credit score categories typically break down like this:
- Excellent: 800 and above
- Very Good: 740 – 799
- Good: 670 – 739
- Fair: 580 – 669
- Poor: 579 and below
Financial setbacks, medical bills, unemployment, or limited credit history can all contribute to having a poor credit score. Rebuilding credit takes time through consistent, responsible use of financial products and services.

Example Scenario: Who This Is Best For

Consider an individual named Raj, who had a credit score of 580 due to past missed payments. He needed $8,000 to pay for urgent medical expenses and was rejected by his bank and two other online lenders. Through Low Credit Finance, he submitted a short application, was matched with a lender offering an 18-month loan term, and received the funds later that same day. Raj repaid the loan early without penalty, and his credit score improved after consistent repayments.

This platform is best suited for:
- Individuals with credit scores below 650
- Those needing urgent loans for bad credit
- Applicants looking for personal loans with bad credit
- People who want flexible repayment plans
- Borrowers uncomfortable with lengthy paperwork or branch visits
Those seeking easy approval loans for bad credit often face inflated rates or exploitative contracts. Low Credit Finance provides a safer alternative with clear conditions and faster outcomes.

What Are Bad Credit Loans?

Bad credit loans are financial products specifically tailored for individuals with low or damaged credit scores. Traditional banks often deny applications based solely on credit scores. In contrast, bad credit loans are offered by lenders willing to assess the bigger financial picture, not just a number.

These loans come in several forms:
- Personal Loans: Lump-sum loans repaid in installments over a fixed term.
- Secured Loans: Loans backed by collateral such as a car, savings account, or home.
- Payday Alternative Loans: Short-term small loans typically offered by credit unions.
- Peer-to-Peer Loans: Loans funded by individual investors rather than traditional financial institutions.
Bad credit loans often carry higher interest rates to offset the lender’s risk. Some lenders also charge additional fees like origination fees, late payment penalties, or prepayment penalties. Reading the terms carefully before agreeing to a loan offer becomes important to avoid costly mistakes.

These loans serve several purposes:
- Emergency expenses
- Debt consolidation
- Major purchases
- Medical bills
- Business financing
For many people with low scores, a bad credit loan is a necessary step toward financial stability. Responsible use of the funds and timely repayment can help improve the credit score over time.

Eligibility & Application Process To Get A Loan With Bad Credit

One major advantage of Low Credit Finance is the minimal entry barrier. It does not require a high credit score or long financial history. This makes it more accessible to borrowers who have been turned away elsewhere.

Minimum Credit Score

There is no official minimum credit score requirement to apply. The platform accepts applications from users with bad credit, fair credit, or even limited credit history. Approval depends on lender-specific factors like income, existing debts, employment status, and identity verification—not just credit score alone.

This open-criteria approach allows for higher match rates and gives users a real opportunity to secure funds without needing to “fix” their credit first.

Required Documents

There is no need to upload scanned documents or visit a branch office. The entire process is digital. During the application, you may need to provide:
- Full name and contact information
- Proof of income or employment (self-reported)
- Bank account details (to receive funds)
- Valid identification (basic KYC)
Lenders in the network may ask for additional verification, but this typically happens after initial approval and is done electronically.

Approval Time and Disbursement

One of the key highlights of Low Credit Finance is the speed of processing. After submitting the short online form, applicants receive an instant decision. If matched with a lender and approved, funds are often sent the same working day, and in many cases, within 60 minutes.

This makes it one of the fastest personal loan options for bad credit available right now.

Check your eligibility in 2 minutes—no credit score required.

How to Apply Online

The process to request funds is designed to be fast and intuitive:
1. Select Loan Amount
  Choose from predefined loan ranges: $100–$1,000, $1,000–$2,500, up to $50,000.
2. Complete the Form
  Provide your details through the secure online application form. It takes under 2 minutes to fill out.
3. Get Matched & Review Terms
  If you’re matched, the lender will show the loan terms, including the interest rate, repayment schedule, and total repayment amount. You can choose to accept or decline.
4. Receive Funds
  Once accepted, the lender transfers the loan directly to your bank account—typically within the hour.
Pros
- Wide Loan Range: You can request as little as $100 or as much as $50,000, offering flexibility depending on your needs.
- Same Day Funding: If approved, the loan can arrive in your bank account in as little as 60 minutes.
- No Minimum Credit Score: Applications are accepted from borrowers across all credit backgrounds, making it accessible.
- Quick Application: Completing the online form takes under two minutes and requires no physical paperwork.
- Transparent APR Range: Rates are openly disclosed between 5.99% and 35.99%, helping you make informed decisions.
- Flexible Repayment Terms: You are able to repay the loan over a period that matches your budget, avoiding stress from tight deadlines.
- Large Lender Network: Multiple lenders increases the chances of matching with an offer that fits your needs.
- No Prepayment Penalties: Pay off your loan early without extra fees.
- Safe, Encrypted Platform: Personal information remains protected during the application and loan disbursement process.
Cons
- Higher APR for Poor Credit: Applicants with very low credit scores may receive offers on the higher end of the APR spectrum.
- Lender Variation: Loan terms, fees, and conditions vary depending on the specific lender you are matched with.
Why It’s Hard to Get Loans with Bad Credit

A low credit score can close a lot of financial doors. Most traditional lenders, including banks and credit unions, rely heavily on credit reports to assess the risk of lending money. A credit score below 580 is typically considered poor, while scores between 580 and 669 are classified as fair. Anything below 620 often triggers automatic denials from mainstream financial institutions.

Lenders use credit scores to measure trust. Missed payments, defaults, high credit utilization, and past bankruptcies signal risk. As a result, people with these red flags often find themselves blocked from access to standard financial products.

Banks prioritize security. If someone’s financial history suggests they might struggle to repay, the loan application rarely moves forward. This leads borrowers with low scores into the hands of alternative lenders, many of whom impose steep fees and sky-high interest rates to offset the risk. While some lenders are legitimate, others exploit desperation. They use confusing terms, aggressive marketing, and hidden charges to trap borrowers in cycles of debt.

Traditional lending models don’t consider context. A single medical emergency or job loss can trigger missed payments, leading to a cascading effect on one’s score. That doesn’t always reflect current ability to repay—but many lenders don’t account for that nuance. This gap leaves a large segment of borrowers underserved, with few safe and realistic lending options.

What to Look for in a Bad Credit Loan

Not all loans are structured to punish. Some lenders design products specifically for borrowers with low scores. But selecting the right one requires more than checking the first result online. Here are the features that actually matter:

Fair Interest Rates

Many bad credit loans come with inflated APRs, often exceeding 100%. While higher rates are expected when risk is high, anything beyond 36% annual percentage rate is considered predatory by most experts. Responsible lenders cap their interest rates even for low-score applicants. When reviewing loan options, check the APR—not just the monthly installment. A low monthly payment stretched over several years may end up costing far more in the long run.

Look for fixed-rate loans over variable ones. Variable interest can lead to ballooning payments if economic conditions shift. A fixed rate keeps repayment predictable and manageable.

Also, be cautious of extremely short-term loans like payday loans. These may seem helpful at first, but the effective interest rates can reach 400% or more. They often lead to a cycle of repeat borrowing, which can be financially crippling.

No Prepayment Penalties

Some lenders penalize borrowers who pay off loans early. This might seem counterintuitive, but early repayment can reduce the lender’s interest earnings. Penalties come in different forms—flat fees, a percentage of the balance, or a sliding scale based on time left in the loan term.

Avoid lenders that charge for being financially responsible. A borrower should be allowed to clear their debt faster without financial punishment. Transparent lenders make this clear in their terms and often advertise “no prepayment penalty” as a feature.

Repaying a loan early saves money and improves credit scores. It’s an option that should remain open, especially for borrowers working to rebuild financial health.

Soft Credit Checks or Alternative Criteria

Many people avoid applying for loans out of fear that a hard inquiry will further lower their credit score. That fear is valid. A hard credit pull can shave off a few points, especially if the score is already low. That’s why it’s helpful to choose lenders who use a soft inquiry for pre-qualification.

Soft checks don’t affect credit scores and give borrowers an idea of loan terms before committing. This makes shopping for loans less risky. It also gives borrowers the ability to compare multiple options without negative consequences.

Some lenders also consider alternative data. This includes rental history, income stability, utility payments, or even educational background. A growing number of financial providers are recognizing that credit scores alone don’t offer the full picture. Lenders using alternative criteria can offer more inclusive terms that reflect a borrower’s actual financial behavior.

When reviewing lenders, prioritize those who offer prequalification with a soft check. Avoid lenders who won’t disclose whether they use hard or soft inquiries until after the application is submitted.

Fast Disbursement and Clear Terms

Emergencies don’t wait. When a borrower needs funds quickly, loan disbursement speed matters. Some online lenders process applications and release funds within 24 to 48 hours. Others take a week or more. Always check expected timelines before applying—especially for urgent expenses like medical bills, rent, or car repairs.

But speed shouldn’t come at the cost of clarity. Many bad credit loan providers advertise instant approvals and quick cash while burying fees in fine print. Borrowers should always understand:
- The total repayment amount (principal + interest + fees)
- Due dates and installment frequency
- Penalties for late payments
- Any upfront charges, including origination fees
If the loan terms are vague, or hidden behind layers of conditions, that’s a red flag. A credible lender presents all terms in clear, easy-to-read language. Better yet, the loan agreement should be available before entering any binding commitment.

Loan calculators can help here. Some sites allow borrowers to input loan amount, interest rate, and duration to see total costs before applying. These tools make it easier to avoid traps and pick loans with manageable repayment structures.

It’s also worth checking customer service responsiveness. Can someone be reached if there’s a problem? Does the lender offer phone support, chat, or email help? A responsible loan provider offers accessible help—not just automated responses.

How to Find Personal Loans for Bad Credit

Finding a personal loan when credit is poor involves preparation, careful research, and avoiding predatory lenders. Borrowers should focus on options that are transparent and willing to work with their current credit standing.

Steps to find a personal loan with bad credit:

1. Know Your Credit Score

Before applying, checking your current credit score provides a baseline for understanding what lenders will see. Some lenders specialize in specific score ranges. Knowing your score also prevents falling for offers that sound too good to be true.

2. Research Lenders

Look for lenders that publicly state they work with low credit score applicants. Focus on lenders offering personal loans for bad credit without excessive fees or unreasonable conditions. Reviews, Better Business Bureau ratings, and customer testimonials can provide insights into how a lender treats its clients.

3. Prequalify When Possible

Some lenders allow you to prequalify with a soft credit check. This gives a preview of potential loan offers without harming your credit score. Prequalification shows the likely loan amount, APR, and repayment terms based on your profile.

4. Compare APRs and Fees

The Annual Percentage Rate (APR) includes both the interest rate and any associated fees. A lower APR means a more affordable loan. Comparing several offers side-by-side ensures you get the best possible deal based on your situation.

5. Understand Terms and Conditions

Loan agreements often contain fine print about penalties, fees, and repayment structures. Understanding these details before accepting any offer prevents future issues.

6. Be Ready to Offer Collateral

If unsecured loans seem difficult to obtain, offering collateral such as a vehicle or savings account can improve approval odds and lower the interest rate.

7. Avoid Payday Lenders

Payday loans often trap borrowers in cycles of debt due to extremely high-interest rates and short repayment windows. Even with bad credit, better alternatives exist that are safer and more manageable.

8. Consider a Co-Signer

Having a trusted co-signer with better credit can open access to larger loan amounts and better rates. However, both parties must understand that the co-signer becomes equally responsible for the debt.

Where to Find Bad Credit Loans

Several types of lenders offer personal loans specifically designed for applicants with bad credit. Choosing the right source depends on the amount needed, speed of funding, and flexibility of repayment terms.

1. Online Lenders

Online lending platforms such as Low Credit Finance connect borrowers directly with a network of lenders. These platforms often have easier applications, faster decisions, and a broader acceptance of low scores compared to banks.

Online lenders usually offer:
- Quick prequalification
- Soft credit checks
- Same-day funding
- Flexible loan amounts up to $50,000
They have become a primary source for personal loans for bad credit due to their accessibility and speed.

2. Credit Unions

Credit unions are member-owned financial cooperatives that often provide more lenient lending standards. Many offer personal loans for members with low credit scores, sometimes at much lower APRs than traditional banks or online lenders. Membership might require living in a specific area or working for a certain employer.

3. Peer-to-Peer Lending Platforms

Peer-to-peer lenders connect borrowers directly with investors willing to fund loans. These platforms use different scoring systems, sometimes taking employment history, education, and debt-to-income ratio into account. Funding speed varies but can be competitive for borrowers seeking fair rates.

4. Community Banks

Some small community banks have bad credit loan programs designed to serve local residents. Though options may be limited, speaking directly with a loan officer could provide customized offers not found elsewhere.

5. Nonprofit Lenders

Certain nonprofit organizations provide low-interest personal loans to individuals struggling with bad credit. These programs are designed to promote financial inclusion and often come with financial education resources.

FAQs About Bad Credit Loans

Q. Is it possible to get a $3,000 loan with bad credit?

Yes, getting a $3,000 loan with bad credit is possible. Many online lenders, credit unions, and alternative financing platforms offer loans based on factors like income and employment, not just credit scores. Lenders like Low Credit Finance can help you secure $3,000 quickly, even if your credit history isn’t perfect. Approval usually depends on proof of steady income and ability to repay.

Q. What loans can I get with really bad credit?

Even with very bad credit, you have several options. Secured loans backed by collateral, credit union loans, peer-to-peer lending, and personal loans through online platforms are all available. Some lenders focus more on your income and current financial situation rather than just your credit score. Using a co-signer can also help you access better loan offers.

Q. Can I get a loan with a 500 credit score?

A 500 credit score still leaves you eligible for certain loans. Online lenders, credit unions, and bad credit specialists often approve borrowers with scores around 500. You may face higher interest rates, but stable income, low existing debts, or a co-signer can improve your loan terms. Always compare different lenders to find the most reasonable offer.

Q. What credit score is needed for a $5,000 loan?

Many lenders require a minimum score around 580 to approve a $5,000 loan, although requirements can vary. Traditional banks prefer higher scores, but online platforms and credit unions are more flexible. If your score is under 600, showing strong income and a low debt-to-income ratio can improve your chances of securing $5,000 at a fair rate.

Q. Who can give me money right now?

Online lending platforms such as Low Credit Finance can connect you to lenders offering same-day funding. Completing a short application can result in instant decisions, and approved borrowers often receive funds within 60 minutes. If you need money urgently, online lenders are usually faster than banks or credit unions, provided you meet their minimum eligibility.

Conclusion: Is This Loan Right for You?

Low Credit Finance provides an opportunity for borrowers who need fast, flexible funding without facing the traditional barriers placed on those with bad credit. It matches a wide range of applicants to lenders ready to offer loans without demanding perfect financial histories.

This platform suits you if:
- You need access to up to $50,000 quickly
- Your credit score is below 650
- You prefer an application that requires no paperwork
- You want fast approval decisions with same-day funding
- You are comfortable with reviewing lender terms independently before accepting an offer
Low Credit Finance bridges a major gap left by traditional banks and smaller online lenders. The transparent APR range, large borrowing limits, and quick application make it an ideal solution for emergency needs, debt consolidation, or covering large expenses.

Applicants should remember that loan offers can vary depending on individual profiles. Comparing the terms, rates, and repayment conditions carefully ensures the loan remains manageable and affordable.

If you are ready to apply, the process is simple: select your desired loan amount, complete the quick online form, and review the matched offers. Low Credit Finance brings you closer to securing the funds you need without unnecessary delays.

Media Details:

Company: Low Credit Finance

Full Company Address: 102 W Service Rd, Apt: 820, Champlain, NY 12919

Company Website: https://lowcreditfinance.com/

Contact Person: David C. Hans

Official Email ID: David.hans@lowcreditfinance.com

Disclaimer: This announcement contains general information about Low Credit Finance services and should not be considered financial advice. Low Credit Finance services does not guarantee loan approval, and loan terms may vary by applicant and lender requirements. Loans are available to U.S. residents only.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89176a9c-6390-41f6-a2fe-e4b691dd606c

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15d5aa19-5447-4948-a453-7c57085de8c0

The MIL Network –
May 2, 2025
MIL-OSI USA: Malliotakis Introduces Legislation to Revitalize U.S. Medical Manufacturing

Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

(WASHINGTON, DC) – Congresswoman Nicole Malliotakis, along with Rep. Maria Salazar (R-FL-27), Rep. Ritchie Torres (D-NY-15), Rep. Jeff Hurd (R-CO-03), and Rep. Darren Soto (D-FL-09) introduced The Medical Manufacturing, Economic Development, and Sustainability (MMEDS) Act to revitalize domestic medical manufacturing. The legislation aims to strengthen production by offering federal tax benefits and other incentives to pharmaceutical manufacturers that operate in the United States or relocate their facilities to U.S. soil, with a particular focus on economically distressed areas across the nation and its territories.

This legislation will secure the U.S. medical supply chain, restore economic well-being, and protect America’s patients. The COVID-19 pandemic demonstrated that our health, economic, and national security are at risk because of our dependency on foreign jurisdictions to manufacture vital medical supplies. The MMEDS Actencourages U.S. companies to re-shore operations from nations deemed to pose a risk to U.S. medical preparedness into economically distressed zones within the United States by providing a dollar-for-dollar credit against Federal taxes to U.S. companies for the wages and capital investments made in distressed zones, and for purchases made by a manufacturer from within a distressed zone. An economically distressed zone is defined as an area that has historically suffered from pervasive poverty, unemployment, and low labor force participation, resulting in a prolonged period of economic decline.

The MMEDS Act would also establish a BARDA-led public-private Strategic Initiative to drive innovation and the development of advanced population health medicines, while also providing tax incentives to encourage such innovation in economically distressed areas.

“I am proud to introduce the bipartisan MMEDS Act to bring medical manufacturing to the United States and revitalize an industry that once thrived in regions such as Puerto Rico,” said Rep. Malliotakis. “The COVID-19 pandemic made clear the urgent need to restore our domestic supply chain so that we are not dependent on adversaries like Communist China for critical pharmaceutical and medical supplies needed by America’s hospitals and patients. The support of my colleagues representing different corners of the nation demonstrates the broad, bipartisan recognition that strengthening our medical supply chain is a national priority. I also thank Puerto Rico’s Governor Jenniffer González-Colón for her leadership and partnership in advancing this important initiative.”

“As recently as 2019, data has shown that the United States imports nearly two-thirds of its medicines and medical supplies from Europe and Asia. This must change,” said Rep. Maria Salazar. “The MMEDS Act will prioritize American manufacturing and restore our medical supply chain while creating jobs and economic growth in Florida, Puerto Rico, and across the country.”

“It is an honor to be an original cosponsor of the Medical Manufacturing, Economic Development, and Sustainability (MMEDS) Act from Rep. Nicole Malliotakis, who is continuing Gov. Jennifer González-Colón’s critical legislation to strengthen our nation’s medical supply chain from the previous Congress. This bill is particularly important for Puerto Rico and would help revitalize the island’s pharmaceutical manufacturing sector, create good-paying jobs, and support long-term economic growth.” Rep. Ritchie Torres

“I am proud to co-sponsor the MMEDS Act, which will provide tax incentives to bring medical manufacturing to rural areas in my district,” said Rep. Jeff Hurd. “This legislation will help grow manufacturing industries and support the development of advanced health medicines in Colorado’s 3rd District.”

“I thank my dear friend Congresswoman Nicole Malliotakis for her leadership in reintroducing the MMEDS Act in the 119th Congress. This legislation supports bringing critical medical manufacturing back to American soil, including in Puerto Rico, fostering economic growth and job creation in economically distressed areas. It authorizes targeted tax credits tied to investment and repatriation of medical manufacturing companies, thus prioritizing measured incentives for work undertaken in the U.S. and safeguarding our supply chain. Our country has the infrastructure, expertise, and workforce needed to remain a leader in innovation, technology, and manufacturing. In the case of Puerto Rico, we host some of the main global medical and pharmaceutical manufacturing companies, paired with a highly trained and specialized workforce that abides by American standards for safety and quality. I look forward to continue working with Congresswoman Malliotakis, who has seen first-hand the manufacturing capabilities in Puerto Rico and the rest of the country, and Representatives Salazar and Torres to get this bipartisan bill across the finish line,” said Governor Jenniffer González-Colón.

Earlier this year, Malliotakis reintroduced the Supply Chain Security and Growth Act of 2025, bipartisan legislation that would leverage Investment Tax Credits (ITCs) to facilitate a rapid movement of critical U.S. supply chains to Puerto Rico from less desirable and unreliable locations such as China.

View the Bill text HERE.

The MMEDS Act was originally introduced by then Resident Commissioner of Puerto Rico, Jenniffer González-Colón in the 118th Congress.

MIL OSI USA News –

May 2, 2025
MIL-OSI Canada: Province Increases Monthly Benefits for Income Assistance Clients

Source: Government of Canada regional news

Released on May 1, 2025

Starting this month, income assistance clients are receiving higher monthly benefits. As announced in the 2025-26 Provincial Budget, the Government of Saskatchewan is investing $11 million to increase monthly income assistance basic benefits by two per cent for Saskatchewan Income Support (SIS) and Saskatchewan Assured Income for Disability (SAID) clients.

“This year’s budget is investing in income assistance programs to help make life more affordable for individuals, families, and seniors,” Social Services Minister Terry Jenson said. “Saskatchewan Income assistance benefits are among the highest in Canada, and this year’s increases will provide even more support to help people meet their basic needs as they work to become more self-sufficient to the best of their abilities.”

In May 2025, SIS clients will receive higher monthly benefits for the fourth year in a row. A $6 million investment is increasing the monthly Adult Basic Benefit and Shelter Benefit by a combined total of up to $40 per month.

Also, in May 2025, SAID benefits will increase for the third year in a row. A $5 million investment will increase SAID living income benefits by up to $40 per month. SAID clients are also benefiting from a $500,000 investment announced in the 2025-26 Provincial Budget to increase SAID annual earned income exemptions by $1,000, enabling clients to earn more from employment before their benefits are impacted.

Saskatchewan people and families with low incomes will also benefit from other affordability measures introduced in the 2025-26 Provincial Budget. This includes doubling the Active Families Benefit, enhancements to basic tax credits, and a five per cent increase to the Saskatchewan Low-Income Tax Credit annually for the next four years.

Since 2007, the province has increased its investment in income assistance programs by $356.5 million, or 116 per cent.

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For more information, contact:

MIL OSI Canada News –

May 2, 2025
MIL-OSI USA: Three Members of a Prolific Chinese Money Laundering Organization Plead Guilty to Laundering Tens of Millions of Dollars in Drug Proceeds

Source: US State of California

Two Chinese nationals and a California man, all members of a prolific Chinese money laundering organization (CMLO), pleaded guilty yesterday to money laundering charges involving drug trafficking proceeds.

According to court documents, Maoxuan Xia, 29, of China, Shao Neng Lin, 58, of Baldwin Park, California, and Zhou Yu, 42, of China, were members of the CMLO that laundered over $92 million in illicit funds, including proceeds from the importation and distribution of illegal drugs into the United States, primarily through Mexico. Xia was one of the most active members of the Organization, traveling throughout the United States to collect drug trafficking proceeds from U.S.-based drug traffickers and deposit those illicit funds, using both real and fake identities, into shell company bank accounts registered by other members of the CMLO, such as Lin and Yu.

Xia and Yu each pleaded guilty to one count of money laundering conspiracy, one count of money laundering to conceal the nature, location, source, ownership, and control of the illicit proceeds, and one count of monetary transactions involving criminally derived property greater than $10,000. Lin pleaded guilty to one count of money laundering conspiracy, two counts of money laundering to conceal the nature, location, source, ownership, and control of the illicit proceeds, and two counts of monetary transactions involving criminally derived property greater than $10,000. Pursuant to his plea agreement, Xia admitted that he was personally responsible for laundering more than $30 million of illicit funds, including drug trafficking proceeds, in less than two years. Xia further admitted that he knew funds laundered in the conspiracy included drug trafficking proceeds or funds intended to promote drug trafficking. Pursuant to their respective plea agreements, Lin and Yu both admitted that they each received, through the shell company bank accounts that they created and operated for the CMLO, approximately $20 million in illicit funds, including drug trafficking proceeds. Lin and Yu both admitted that the total amount of illicit funds laundered in the conspiracy for which they had actual knowledge and involvement was approximately $40 million.

The defendants face a maximum penalty of 20 years in prison on each of the conspiracy and money laundering counts and a maximum of 10 years in prison on each of the monetary transactions counts. A federal district court judge will determine their respective sentences after considering the U.S. Sentencing Guidelines and other statutory factors.

Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Attorney Russ Ferguson for the Western District of North Carolina, Acting Special Agent in Charge Jae W. Chung of the Drug Enforcement Administration (DEA) Atlanta Division, and Special Agent in Charge Donald “Trey” Eakins of the Internal Revenue Service Criminal Investigation (IRS-CI) Charlotte Field Office made the announcement.

The DEA Charlotte District Office and the IRS-CI Charlotte Field Office are investigating the case.

Acting Assistant Deputy Chief Mingda Hang, Acting Deputy Chief Melanie Alsworth, and Trial Attorney Jayce Born of the Justice Department’s Narcotic and Dangerous Drug Section and Assistant U.S. Attorneys Alfredo De La Rosa and Seth Johnson for the Western District of North Carolina are prosecuting the case.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhoods.

MIL OSI USA News –

May 2, 2025
MIL-OSI: Aurora Payments Appoints Embedded Commerce Leader John Badovinac

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, May 01, 2025 (GLOBE NEWSWIRE) — Aurora Payments, a full-service payment technology provider, today announced the appointment of John Badovinac as Senior Vice President of Embedded Commerce. A proven leader in the payments space, Badovinac will oversee Aurora’s embedded and integrated payments strategy, with a focus on accelerating growth through ISV, SaaS, and ecommerce partner ecosystems

Badovinac brings over 25 years of go-to-market experience across the full spectrum of payments services, including integrated ISV payments, merchant acquiring, value-added resellers, EMV certification, and point-of-sale systems.

“John is a respected leader in the integrated payments space with deep relationships and a unique understanding of how to bring value to software platforms and partners,” said Derek Dean, CRO at Aurora Payments. “His ability to drive strategy while building trusted, long-term partnerships will be instrumental as we expand our embedded commerce capabilities.”

Prior to joining Aurora, Badovinac led the B2B Channel at Fortis, where he was responsible for business strategy, revenue growth, and partner success across the company’s ISV and VAR segments. He also held senior roles at International Bancard, TSYS, and Discover Financial Services, where he played a foundational role in developing integrated payments solutions and establishing go-to-market motions with ISVs and payment facilitators.

Badovinac joins Aurora at a pivotal moment as the company continues to scale its ARISE platform, expand its partner ecosystem, and bring seamless, intelligent payments infrastructure to ISVs, vertical SaaS providers and traditional businesses alike.

“What drew me to Aurora is the team’s bold vision, the strength of the platform, and the opportunity to truly enable software platforms to grow revenue,” said Badovinac. “I’m thrilled to join an organization of proven and decisive leaders that are committed to innovation and to building meaningful relationships with its partners.”

This appointment marks the latest investment in Aurora’s leadership team, following the recent addition of Avin Arumugam as Chief Product Officer and Derek Dean as Chief Revenue Officer.

About Aurora Payments

Aurora Payments is a united network of processing, technology, and payments solutions, supporting over 27,000 merchants and $12 billion in annual processing volume. Founded in 2005, Aurora has carved out leadership in several industries through its innovative products, exceptional service, and deep vertical expertise. The company’s proprietary platforms —ARISE, RISE CRM, Calendarise, and NailSoft—are cloud-based solutions designed to simplify payments and operations for small and midsize businesses. Headquartered in Las Vegas, Aurora Payments is backed by Corsair, a leading private equity firm focused on payments, software, and financial service investments.

Follow Aurora Payments on LinkedIn or X, or learn more at https://risewithaurora.com.

Contacts
Media Contacts:
Dominic Litten
SVP, Marketing and Partnerships
+1 2165132935
Dom.Litten@risewithaurora.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8127d210-49f2-4a49-84a1-0e0257335550

The MIL Network –

May 2, 2025
MIL-OSI USA: 71-Unit Affordable Housing Development Completed in Brooklyn

Source: US State of New York

overnor Kathy Hochul today announced the completion of The Rise, a 71-unit affordable and supportive housing development in the Brownsville neighborhood of Brooklyn. The $50 million project includes 47 supportive apartments, a community hub, and rooftop farm. The seven-story building is located on “Site J” of New York State Homes and Community Renewal’s Vital Brooklyn Initiative — the State’s comprehensive community development initiative aiming to address social, economic and health disparities in Central Brooklyn. In the past five years, HCR has financed nearly 8,400 affordable homes in Brooklyn. The Rise continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

“Individuals and families in Brownsville deserve access to housing they can afford and the services that provide the support they need to thrive,” Governor Hochul said. “The Rise builds on our commitment to Central Brooklyn and will provide affordable housing opportunities, social services, and the types of amenities that can strengthen the entire community.”

Apartments at The Rise are available for households earning up to 60 percent of the Area Median Income. Designed to appeal to families of different sizes, the development features studios, one-, two-, and three-bedroom apartments. As part of the Vital Brooklyn initiative, The Rise will also bring economic and community development benefits to Brownsville. Programming will be available to building residents and the Brownsville neighborhood in the community hub and will include workshops focused on critical thinking, conflict resolution, health, and women’s empowerment. Using the building’s rooftop farm, residents and members of the surrounding community can also participate in programming such as fresh food cultivation and workforce development in farming.

The 47 supportive apartments are reserved for formerly incarcerated individuals and their families. On-site supportive services including trauma-informed case management, mental health and substance use services, employment and educational services, life skills, and wellness support groups will be available to eligible tenants.

The project is developed by Xenolith Partners, LLC. Women’s Prison Association and The Osborne Association are providing onsite supportive services for eligible tenants, Community Capacity Development will provide the community programming, and Project Eats will operate the rooftop farm.

The Rise is an all-electric building that offers cost-effective amenities to reduce energy consumption, improve health, and build resilience. Energy-efficiency features include solar panels for on-site energy generation and a Variant Refrigerant Flow heating and cooling system that captures and repurposes heat already in the environment. The hot water system utilizes heat pumps, there are electric dryers and cooktops, energy recovery ventilation for improved indoor air quality, and LED lighting. The project was awarded a Buildings of Excellence Award from the New York State Energy Research and Development Authority.

The project is supported by New York State Homes and Community Renewal’s (HCR) Federal Low-Income Housing Tax Credit Program which generated $21 million in equity, $5 million from its Supportive Housing Opportunity Program, $4.5 million from HCR’s Low-Income Housing Trust Fund, and $4 million from its Federal Housing Trust Fund. Additional support includes $10 million from the New York State Office of Temporary and Disability Assistance’s (OTDA) Homeless Housing and Assistance Program, nearly $1.3 million from the New York State Energy Research and Development Authority’s (NYSERDA) New Construction Program, and federal solar energy tax credits that generated $84,000 in equity. The Community Preservation Corporation provided pre-development and other financial support for the project through its Equity Investing platform and has also committed to providing long-term permanent financing. Operating funding for the supportive units is being provided by the Empire State Supportive Housing Initiative, administered by OTDA, and Project-Based Section 8 vouchers provided by HCR.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “This $50 million investment represents an important step in our Vital Brooklyn Initiative. It brings 71 new affordable homes to Brownsville and will provide support for eligible tenants. Importantly, The Rise makes community development a priority through its programming and activities available for residents and the entire neighborhood. We are grateful to Governor Hochul for continuing to invest in this important initiative and the ongoing support of our partners in Brooklyn for ensuring this development came to life.”

New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “We are grateful to Governor Hochul for making landmark investments to expand supportive housing across New York State, recognizing that stable housing is the foundation for healthier lives and stronger communities. The Homeless Housing and Assistance Program’s investment in The Rise will provide formerly incarcerated individuals and their families with safe, affordable, energy-efficient apartments they can call home and onsite access to essential support services to help them remain housed and prosper for years to come.”

New York State Research and Development Authority President and CEO Doreen M. Harris said, “The Rise affordable housing development creates a healthy, modern living experience for residents in Central Brooklyn while helping to accelerate the state’s equitable transition to a more sustainable economy. It is important that we continue to invest in projects like this, which not only transform the way New York’s buildings are constructed but also enhance the quality of life for those in the communities they serve.”

Assemblymember Latrice Walker said, “The Rise addresses two critical needs for the Brownsville community – affordable housing and re-entry services. In addition to providing secure housing, I am excited about the availability of job training, legal assistance, referrals to mental health and substance abuse services, and other resources that will help formerly incarcerated people succeed. These services benefit families, strengthen communities and help to reduce recidivism. This project should serve as a blueprint for developers and service providers throughout the state, but especially in New York City where the needs are most dire. I applaud everyone involved and officially extend an enthusiastic welcome to the community of Brownsville where I was born and raised.”

Xenolith Partners Principal Andrea Kretchmer said, “Xenolith Partners is excited to celebrate the ribbon cutting of The Rise, our supportive housing project for justice-involved individuals and their families. We are thrilled to be part of HCR’s Vital Brooklyn Initiative and to deliver a gorgeous, sustainable, 71-unit building that embodies its principles of health, affordable housing, economic empowerment, and resilience. We hope that the State, City, and Brownsville community are as proud of this achievement as we are.”

Women’s Prison Association CEO Meg Egan said, “Community-based infrastructure like The Rise is, ultimately, a public safety solution. We know from research and experience that providing safe and stable housing is essential to reducing recidivism and helping communities thrive. This is not just a building but a home. A place where the women we work with have access to the full spectrum of support services, providing them and their families with the opportunity to have bright and fulfilling futures.”

Osborne Association President & CEO Jon Monsalve said, “Osborne Association is grateful for this partnership with Women’s Prison Association and Xenolith Partners to expand supportive housing options for people returning to New York City from incarceration. With decades of experience in reentry support, Osborne is expanding its residential portfolio in response to the alarming housing shortage and the proven success of programs that meet the unique needs of people reentering the community after incarceration. Thanks to this investment by the Governor and HCR, together we are creating a community asset that will serve as a beacon of hope and opportunity.”

The Community Preservation Corporation Senior Vice President of Equity Investing Tell Metzger said, “Today’s celebration of The Rise reflects the important role that exceptional developers and community-driven entrepreneurs play in shaping a stronger, more robust City for us all. Xenolith has once again demonstrated their commitment to delivering high-quality, impactful projects; The Rise stands as both a model of sustainable development and of housing stability for those who need it most. We are honored to have partnered with Xenolith, HCR, NYSERDA, the City of New York, and all those whose vision and dedication brought this project to life.”

Governor Hochul’s Housing Agenda

Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the Fiscal Year (FY) 25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. Nearly 60,000 homes have been created or preserved to date.

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro-Housing certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, nearly 300 communities have been certified, including the city of New York.

MIL OSI USA News –

May 2, 2025
MIL-OSI Economics: Special Windows 365 offer helps secure organizations against changing conditions

Source: Microsoft

Headline: Special Windows 365 offer helps secure organizations against changing conditions

In these uncertain times, marked by fluctuating economic conditions and supply chain concerns, businesses face numerous challenges. Amidst these complexities, it is even more important to adopt new technologies in the age of AI to stay competitive and secure. According to the 2025 Work Trend Index report, 82% of leaders say this is a pivotal year to rethink key aspects of strategy and operations.

Another critical aspect that organizations must address is the impending end of support for Windows 10 in October 2025. As the deadline approaches, it is essential for companies to plan and strategize effectively to ensure streamlined operations and continued security.

Windows 365 is your solution for a secure and reliable AI and cloud-powered future. In our ongoing commitment to support our commercial customers during these changing times, we’re excited to announce that starting today, Microsoft will be offering a 20% discount on all Windows 365 plans to new customers.*

Cloud security and Windows 365 special offer: Rethinking IT strategies

We want companies to be well-prepared to transition to Windows 11 with the most modern and secure computing experience possible. When moving to Windows 11, companies can check if their current Windows 10 PCs are eligible for a free upgrade to Windows 11, purchase a new and more secure Windows 11 PC, or move to the cloud with Windows 365. Learn more about preparing for the end of Windows 10 support.

In the current economic climate, when businesses are looking for reliable and affordable alternatives to refreshing physical devices or extending the life of existing PCs, Windows 365 is a compelling option. It delivers a highly secure Windows 11 experience to your Cloud PC – your Windows in the cloud – that can be accessed from anywhere. Built according to Zero Trust principles, Window 365 continuously verifies the identity and trustworthiness of every user, device and network attempting to access organizational resources so you can be confident your organization’s data is secure and protected against evolving threats. With the power of the cloud, Windows 365 provides the flexibility to access your Windows environment from anywhere, on any device. According to Gartner® analyst Stuart Downes, “Today, 95% of work could be cost-effectively performed using virtual desktops compared to 40% in 2019.”**

Additionally, transitioning to Windows 365 can help reduce your carbon footprint and contribute to sustainability goals. Microsoft commissioned a research study examining the potential for carbon emissions reductions and energy cost savings with Windows 365 and Azure Virtual Desktop. The study found that for high-intensity workloads, using Azure Virtual Desktop or Windows 365 on low-medium intensity physical machines results in lower emissions compared to using powerful laptops. Visit aka.ms/BeGreenWithWindowsCloud to learn more about how Windows 365 can help further your environmental goals.

As the end of support for Windows 10 approaches on Oct. 14, 2025, organizations have an opportunity to rethink their IT strategies. Windows 365 is not only a cost-effective alternative to replacing physical devices, but Extended Security Updates (ESUs) are also available at no cost to Windows 365 customers. This means that Windows 10 PCs connecting to Windows 365 will continue to receive critical security updates beyond the official support deadline while workers enjoy the enhanced productivity and improved user experience of Windows 11 streamed from the Microsoft Cloud.

Customers paving the way with Windows 365

Windows 365 is a great option across various industries and use cases – from information workers who need access to Windows all the time to frontline workers that may only need it during their shift.

Crocs, the popular shoe company, migrated to Windows 365 when looking for a solution that would not only ease their financial burden, but also improve the experience for administrators and employees. “After we fully cut everyone over to Windows 365, there was about $250,000 a year in cost savings alone, not to mention we were able to support our users more efficiently and effectively. It was a paradigm shift for the business,” said Scott Czarnecki, Crocs’ Senior Director of Global IT Infrastructure.

“It was a paradigm shift for the business”

– Scott Czarnecki, Crocs

A global leader in leisure and corporate travel services, dnata Travel Group chose Windows 365 to provide secure access to corporate systems for their mobile workforce. “We performed several feasibility studies and ultimately landed on Windows 365 as the best choice to create a secure environment for Cloud PCs and enable employees to work from any device or location,” stated Sean Kelly, Vice President of Information Technology at dnata.

By transitioning to Windows 365, it’s also possible to reduce your carbon footprint and contribute to sustainability goals. The Microsoft cloud infrastructure reduces the need for local hardware, for potential lower energy consumption and reduced electronic waste. Hamburg Commercial Bank first deployed Windows 365 to support hybrid work and now is making plans to roll out the solution more widely for a variety of reasons, including sustainability improvements, “The plan for the future is to go more and more into Windows 365. It’s of utmost importance for us at Hamburg Commercial Bank to pay greater attention to sustainability in everything we do. We expect that using Windows 365 will help us reduce our hardware needs and electricity consumption,” said Thorsten Lüdtke, Head of IT Infrastructure at Hamburg Commercial Bank.

Embrace the future with Windows 365

The future of end-user computing is AI and cloud, and Windows 365 is one of the leaders in this transformation. By adopting Windows 365, customers are enhancing productivity, reducing IT infrastructure costs, saving money on PC lifecycle management and improving security, while increasing their agility and resiliency. These are critical steps to prepare all organizations for the AI-powered future. Read the Total Economic Impact study conducted by Forrester Consulting to learn more about the transformative impact of cloud solutions like Windows 365 at aka.ms/WCTEI2025info.

Take advantage of the promotional offer* and position your business for future success with Windows 365. The 20% discount on all Windows 365 plans for new customers underscores Microsoft’s unwavering commitment to supporting our customers during these uncertain times. Transition to Windows 365 and unlock the full potential of the cloud, enhanced security, predictable costs and operational efficiency that will propel your organization forward.

* NOTICE: Microsoft reserves the right to discontinue this promotion, and to modify these policies and the promotion’s terms and conditions at any time.

This offer runs from May 1, 2025 to Oct. 31, 2025 and is for customers not currently subscribing to Windows 365. The discount is good for either the remainder of the Enterprise Agreement contract period or the first year of the customer’s Windows 365 subscription, whichever is shorter. Transactions must be processed through Microsoft’s operations center before 11:00 p.m. Pacific Time on Oct. 31, 2025. This offer is non-transferable and cannot be combined with any other offer or discount on Windows 365. This offer is only available once per customer. Taxes, if any, are the sole responsibility of the recipient.

** Source: Gartner Conference Presentations: Gartner, Digital Workplace Summit Presentation, Assessing the Use and Future of Virtual Desktop Infrastructure and DaaS, Stuart Downes, 12-13 March 2025

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

MIL OSI Economics –

May 2, 2025
MIL-OSI Security: Three Members of a Prolific Chinese Money Laundering Organization Plead Guilty to Laundering Tens of Millions of Dollars in Drug Proceeds

Source: United States Attorneys General 1

Two Chinese nationals and a California man, all members of a prolific Chinese money laundering organization (CMLO), pleaded guilty yesterday to money laundering charges involving drug trafficking proceeds.

According to court documents, Maoxuan Xia, 29, of China, Shao Neng Lin, 58, of Baldwin Park, California, and Zhou Yu, 42, of China, were members of the CMLO that laundered over $92 million in illicit funds, including proceeds from the importation and distribution of illegal drugs into the United States, primarily through Mexico. Xia was one of the most active members of the Organization, traveling throughout the United States to collect drug trafficking proceeds from U.S.-based drug traffickers and deposit those illicit funds, using both real and fake identities, into shell company bank accounts registered by other members of the CMLO, such as Lin and Yu.

Xia and Yu each pleaded guilty to one count of money laundering conspiracy, one count of money laundering to conceal the nature, location, source, ownership, and control of the illicit proceeds, and one count of monetary transactions involving criminally derived property greater than $10,000. Lin pleaded guilty to one count of money laundering conspiracy, two counts of money laundering to conceal the nature, location, source, ownership, and control of the illicit proceeds, and two counts of monetary transactions involving criminally derived property greater than $10,000. Pursuant to his plea agreement, Xia admitted that he was personally responsible for laundering more than $30 million of illicit funds, including drug trafficking proceeds, in less than two years. Xia further admitted that he knew funds laundered in the conspiracy included drug trafficking proceeds or funds intended to promote drug trafficking. Pursuant to their respective plea agreements, Lin and Yu both admitted that they each received, through the shell company bank accounts that they created and operated for the CMLO, approximately $20 million in illicit funds, including drug trafficking proceeds. Lin and Yu both admitted that the total amount of illicit funds laundered in the conspiracy for which they had actual knowledge and involvement was approximately $40 million.

The defendants face a maximum penalty of 20 years in prison on each of the conspiracy and money laundering counts and a maximum of 10 years in prison on each of the monetary transactions counts. A federal district court judge will determine their respective sentences after considering the U.S. Sentencing Guidelines and other statutory factors.

Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Attorney Russ Ferguson for the Western District of North Carolina, Acting Special Agent in Charge Jae W. Chung of the Drug Enforcement Administration (DEA) Atlanta Division, and Special Agent in Charge Donald “Trey” Eakins of the Internal Revenue Service Criminal Investigation (IRS-CI) Charlotte Field Office made the announcement.

The DEA Charlotte District Office and the IRS-CI Charlotte Field Office are investigating the case.

Acting Assistant Deputy Chief Mingda Hang, Acting Deputy Chief Melanie Alsworth, and Trial Attorney Jayce Born of the Justice Department’s Narcotic and Dangerous Drug Section and Assistant U.S. Attorneys Alfredo De La Rosa and Seth Johnson for the Western District of North Carolina are prosecuting the case.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhoods.

MIL Security OSI –

May 2, 2025
MIL-OSI USA: May 1st, 2025 Heinrich Announces Legislation to Cut Taxes for New Mexicans

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
WASHINGTON — U.S. Senator Martin Heinrich co-sponsored the Tax Cut for Workers Act, legislation to give thousands of New Mexicans a much-needed tax break. The bill would make permanent the American Rescue Plan Act’s expansions of the Earned IncomeTax Credit (EITC), continuing one of the largest-ever tax cuts for the middle class.
The American Rescue Plan Act, which Heinrich helped pass into law, made several critical expansions of the EITC, including nearly tripling the maximum EITC benefit for workers without children from roughly $540 to roughly $1,500 and raising the income limit from about $16,000 to $21,000 for single filers and from about $22,000 to $27,000 for married filers. It also made individuals aged 19 to 24 and 65 and older newly eligible for the credit. While the American Rescue Plan’s EITC provisions expired the end of 2021, they had a significant impact, increasing disposable income among America’s working families.
“With the cost of everything from coffee to electricity out of control thanks to Donald Trump and Elon Musk’s chaos, New Mexico families need relief more than ever. I’m proud to support this legislation to cut taxes for workers so that they can keep more of their hard-earned money. This is what fighting for families – not billionaires – looks like,” said Heinrich.
The Tax Cut for Workers Act will cut taxes for 111,000 New Mexicans by expanding the Earned Income Tax Credit to workers without children. The bill also extends eligibility for the tax cut to workers under the age of 25 and over the age of 64.
In addition to Heinrich, the legislation is co-sponsored by U.S. Senators Catherine Cortez Masto (D-Nev.) Michael Bennet (D-Colo.), Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
The full text of the bill is here.

MIL OSI USA News –

May 2, 2025
MIL-OSI: Park View OZ REIT Announces Revenue Growth in Annual Earnings Report

Source: GlobeNewswire (MIL-OSI)

BOSTON, May 01, 2025 (GLOBE NEWSWIRE) — Park View OZ REIT (Stock Symbol: PVOZ), the only qualified opportunity fund with publicly traded stock, announced its annual earnings for the 2024 fiscal year.

Park View OZ REIT’s earnings report for 2024 shows strong positive momentum. Revenue grew by 1500% in 2024 as compared to 2023. Moreover, the loss per share declined by approximately 85% in 2024 to $0.47 per share from $3.06 a share in 2023. The improved results were largely attributable to having more assets in service during the 2024 fiscal year.

“We remain highly encouraged by the sustained momentum across our business, supported by strong leasing activity and robust demand trends,” says Michael Kelley, CEO of Park View OZ REIT. “Our properties continue to demonstrate that they are highly appealing to renters, which is reflected in our rental income. This performance underscores the quality of our assets, the resilience of our markets, and the effectiveness of our strategic approach to asset management and tenant engagement.”

The fund remains focused on opportunities that deliver both profitability and meaningful community development. The properties acquired are not only delivering financial returns but also enhancing the overall value and vitality of the area in which they’re located.

To access the complete 2024 Annual Report, including financial statements and project highlights, visit parkviewozreit.com/park-view-oz-reit-announces-revenue-growth-in-annual-earnings-report.

About Park View OZ REIT
Park View OZ REIT (PVOZ) is the only Qualified Opportunity Fund (QOF) to offer freely tradable shares of stock. We give all investors access to powerful opportunity zone tax incentives and provide the flexibility needed to create a myriad of tax-efficient wealth management strategies. The proceeds of this offering will be invested in opportunity zone properties throughout the U.S. Our unique structure is highly advantageous for investors with capital gains, facilitating compound tax-efficient growth. For more information about the company, visit www.parkviewozreit.com.

Cautionary Note Regarding Forward-Looking Statements

The information discussed in this press release includes “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein concerning, among other things, changes to exchange rates and their impact on the Company, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and are not (and should not be considered to be) guarantees of future performance. Refer to our risk factors set forth in our reports filed on Edgar. The Company disclaims any obligation to update any forward-looking statement made here.

Media Contact:
Grace Anderson
grace@parkviewozreit.net
www.parkviewozreit.com

The MIL Network –

May 2, 2025
MIL-OSI USA: Ricketts Spends State Work Period Fighting for Nebraska Priorities

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)

WASHINGTON, D.C. – Yesterday, U.S. Senator Pete Ricketts (R-NE) highlighted his efforts to fight for Nebraska priorities during the recent Senate state work period. Ricketts led a bipartisan delegation trip to the Philippines and Taiwan focused on deterring Communist China. Trade issues were also discussed. He then held a series of public events in Nebraska. Those included town halls in Scottsbluff, Valentine, and Kearney. He made the following comments while on a conference call with Nebraska media:

“Before Easter, I visited the Philippines and Taiwan,” said Ricketts. “I met with the leaders in both those countries. We discussed ways to push back on Communist China’s aggression. Communist China is our greatest external threat.”

Ricketts also underscored the potential for expanded trade opportunities for Nebraska agriculture producers.

“There is a lot of interest in signing new trade deals,” said Ricketts. “For example, Taiwanese Vice President Hsiao expressed an interest in buying more of our soybeans instead of buying them from Brazil. Others expressed interest in buying more of our natural gas. They know Communist China is a bad trading partner. They want to work with us. There’s a lot of opportunity. We need to start cutting these trade deals.”

In addition, Ricketts recapped the many public events he held across Nebraska. This included three town halls, roundtable conversations in Grand Island and Scottsbluff, a cattle branding in Sioux County, and events in Lincoln with Nebraska Farm Bureau and the Lincoln Chamber of Commerce.

“I shared how I’m working with President Trump to secure the southern border, protect the 2017 tax cuts, and support Nebraska agriculture,” continued Ricketts. “I gave an update on how I’m fighting to address our $36 trillion national debt – which is our greatest domestic threat. I also heard feedback and answered questions directly from Nebraskans. These conversations help me stay connected to the priorities and values of my constituents.”

[embedded content]

Watch the video here

TRANSCRIPT:

Senator Ricketts: “Over the last two weeks, I focused on some of the priorities that we face now as a nation.

“For example, specifically deterring China and tackling our debt.

“Before Easter, I visited the Philippines and Taiwan.

“I met with the leaders in both those countries.

“We discussed ways to push back on Communist China’s aggression.

“Communist China is our greatest external threat.

“Xi Jinping has said that he wants to be the world’s dominating power by 2049.

“Communist China’s dramatic military buildup and increasingly provocative actions are designed to force everyone else to bend to its will.

“Just this week, it took over an island in the West Philippine Sea.

“In the past, they have stolen intellectual property and continue to do so.

“They manipulate or disregard rules to gain advantages that risk our security.

“That threatens our security and threatens the security of many of our allies and partners.

“We also discussed expanding trade opportunities for American producers.

“There is a lot of interest in signing new trade deals.

“For example, Taiwanese Vice President Hsiao expressed an interest in buying more of our soybeans instead of buying them from Brazil.

“Others expressed interest in buying more of our natural gas.

“They know Communist China is a bad trading partner. They want to work with us.

“There’s a lot of opportunity. We need to start cutting these trade deals.

“Last week, I held public events in the Western, Central, and Eastern parts of our state.

“For example, I hosted three town halls in Scottsbluff, Valentine, and Kearney.

“At these town halls, I shared updates on my work in Washington.

“I shared how I’m working with President Trump to secure the southern border, protect the 2017 tax cuts, and support Nebraska agriculture.

“I gave an update on how I’m fighting to address our $36 trillion national debt – which is our greatest domestic threat.

“I also heard feedback and answered questions directly from Nebraskans.

“These conversations help me stay connected to the priorities and values of my constituents.

“In addition to the townhalls, I spoke to the Lincoln Chamber of Commerce.

“I gave a legislative update and answered questions about taxes, tariffs, and other topics.

“In Lincoln, I partnered with Nebraska Farm Bureau to call for making the Trump tax cuts permanent.

“If the tax cuts expire, Americans would see a $4 trillion tax increase.

“That would hurt Nebraska families, farmers, and small businesses.

“The child tax credit will be cut by $1,000.

“The standard deduction will be cut in half.

“And the deduction for the Death Tax would also be cut in half, putting our Nebraska family farms and ranches at risk.

“If these tax cuts were to expire, a family of four making $80,000 would pay $1,700 more in taxes.

“I want to see Nebraskans’ taxes cut, not raised.

“I also held several important roundtable meetings.

“In Grand Island, I heard directly from local Chambers of Commerce.

“They shared their strategies for economic development and revitalization.

“For example, I heard about the Kearney sportsplex, which is attracting events from all over the region.

“In fact, they told me that they are entirely booked, having only two open weeks from now until 2029.

“That’s huge for central Nebraska.

“In Scottsbluff, I sat down with agriculture leaders.

“They shared with me the challenges facing rural communities.

“Nebraska’s farmers and ranchers feed the world.

“I’m committed to passing a comprehensive farm bill that delivers the tools they need to succeed.

“While in western Nebraska, I took part in a cattle branding in Sioux County.

“Branding is a great part of western life.

“It’s tough, honest work that brings families and communities together.

“The brand identifies cattle and protects against theft.

“The calves are also vaccinated to protect their health.

“Nebraska is the Beef State because of the grit demonstrated every day by our ranchers.

“I’ll always advocate for Nebraska agriculture.

“In addition, my team and I are hosting Mobile Office Hours in every single county.

“We did that in all 93 counties last year – twice.

“We help Nebraskans navigate the federal bureaucracy.

“And I’ll continue fighting every day to make sure Nebraskans’ voices are heard in Washington.

“Nebraskans deserve nothing less.”

MIL OSI USA News –

May 2, 2025
MIL-OSI: NOTICE OF VIRTUAL ANNUAL GENERAL MEETING OF COINSHARES INTERNATIONAL LIMITED ON 30 MAY 2025
Source: GlobeNewswire (MIL-OSI)

Notice is hereby given that the Annual General Meeting of CoinShares International Limited (the “Company”) will take place on Friday, 30 May 2025 at 14:00 BST in the form of a hybrid virtual event at 2 Hill Street, St Helier, Jersey, JE2 4UA.

The entire Annual General Meeting will be broadcast live online (audio and video) via Wavecast.io and will be open for all shareholders who are entered in the Company’s stock register on the record day of the Annual General Meeting. The exercise of shareholder rights, in particular the exercise of voting rights, requires registration for the meeting in due time and in the proper form and will be performed by poll during the meeting or by granting power of attorney to Company proxies. The location of the Annual General Meeting for the purposes of the minutes is the Company’s registered office, 2 Hill Street, St Helier, Jersey, JE2 4UA.

RIGHT TO ATTEND THE ANNUAL GENERAL MEETING AND NOTICE

Shareholders wishing to attend the Annual General Meeting must:
1. on the record date, which is 16 May 2025, be registered in the Company’s share register maintained by Euroclear Sweden AB. Shareholders, whose shares are registered in the name of a nominee, must temporarily register the shares in their own name at Euroclear Sweden AB. Shareholders whose shares are registered in the name of a nominee must, no later than 15 May 2025, via their nominee, temporarily register the shares in their own name in order to be entitled to participate at the general meeting. In order to re-register shares in time, shareholders should make the request via their nominee in good time before this date.
2. notify the Company of any intended participation at the general meeting no later than 15 May 2025. Notice of participation at the general meeting may be given by following the registration instructions detailed on the Reports Portal on the Company’s website or here. Upon notification, the shareholder must state their full name, personal identification number (date of birth for non-Swedish investors) or corporate registration number, postal and email address, as well as the number of shares held.
PROPOSED AGENDA
1. Opening of the Annual General Meeting
2. Election of the Chairman of the Annual General Meeting
3. Preparation and approval of voting list
4. Approval of the agenda
5. Determination of whether the general meeting has been duly convened
6. Election of one person to certify the minutes
7. Presentation of the Annual Report, consolidated financial statements and the audit report
8. Resolution regarding the adoption of the group income statement and group balance sheet
9. Determination of the number of members of the Board of Directors and the number of Auditors
10. Determination of remuneration to the Board of Directors and the Auditor
11. Election of the Board of Directors and the Auditor
12. Resolution on the approval of the Board of Director’s Remuneration Report
13. Resolution regarding authorising the Board of Directors to decide on repurchase and transfer of own shares
14. Resolution regarding amendments to the Company’s articles of association
15. Closing of the Annual General Meeting
PROPOSALS FOR RESOLUTIONS

ITEM 2: OPENING OF THE MEETING AND ELECTION OF CHAIRMAN OF THE GENERAL MEETING

The Nomination Committee, appointed in accordance with the instruction for the Nomination Committee as resolved by the Annual General Meeting on 20 June 2022 and comprising of the Chairman of Nomination Committee, Michael Carlton (appointed by Daniel Masters), Jean-Frédéric Mognetti (appointed by Mognetti Partners Limited), Paul Davison (appointed by Russell Newton) and Johan Lundberg (representative of the Board of CoinShares International Limited), proposes that Daniel Masters, Chairman, be appointed as the Chair of the Annual General Meeting 2025.

ITEM 3: PREPARATION AND APPROVAL OF THE VOTING LIST

The voting list proposed for approval is the voting list drawn up by the Company Secretary, based on the register of shareholders provided by Euroclear Sweden AB, shareholders having given notice of participation and being present at the Meeting, and postal votes received.

ITEMS 9-11: DETERMINATION OF REMUNERATION TO THE BOARD OF DIRECTORS AND THE AUDITORS, ELECTION OF THE BOARD OF DIRECTORS AND THE AUDITORS AND ELECTION OF THE CHAIRMAN OF THE BOARD OF DIRECTORS

The Nomination Committee proposes that:

Item 9

The Board of Directors shall consist of 6 directors and that the Company should have one registered public auditor’s firm as auditor.

Item 10

To increase the remuneration of the Board of Directors to the amount of GBP 70,000 per annum to each of the non-employed Directors, which includes all committee membership and committee chair positions. The proposed increase in the remuneration reflects the increased responsibilities associated with the move to the regulated segment of Nasdaq Stockholm in 2022, as well as ensuring that the Company can continue to attract and retain the right candidates for the Board of Directors. It is proposed that remuneration to the Chairman remain unchanged at GBP 125,000 per annum, provided that the Chairman is not an employee.

Remuneration to the Auditor be paid in accordance with approved invoices.

Item 11

For the period up to the end of the Annual General Meeting in 2026, Jean-Marie Mognetti, Carsten Køppen, Johan Lundberg, Viktor Fritzén and Christine Rankin be re-elected as members of the Board of Directors and that Daniel Masters be re-elected as the Chairman of the Board.

Baker Tilly International (including any of its affiliates or member firms) (collectively, “Baker Tilly”) be elected to serve as the Company’s auditor for the period ending at the conclusion of the Annual General Meeting in 2026, unless the Board elects to appoint another audit firm that, at the time of appointment, audits an equal or greater number of Securities and Exchange Commission (SEC) registrants than Baker Tilly, based on the most recent data published by a recognized and independent provider of audit industry data, such as Audit Analytics or a comparable organization that tracks and reports on the number of SEC registrants audited by accounting firms. Information regarding the candidates nominated by the Nomination Committee for re-election to the Board of Directors is available on the Company’s website under the Investor Relations section.

ITEM 12: RESOLUTION ON APPROVAL OF THE BOARD OF DIRECTOR’S REMUNERATION REPORT

Under the Swedish Corporate Governance Code, the Board of Director’s is required to prepare a report for each financial year regarding paid and outstanding remuneration to Board members, the CEO and the deputy CEO who are covered by the guidelines. As the Company has no deputy CEO and the Board members do not receive any remuneration other than that decided by the Annual General Meeting, the report for the financial year 2024 only covers the Company’s CEO. According to the Swedish Corporate Governance Board’s rules on remuneration to senior executives and on incentive programs, the report must contain an overview of each of the outstanding and concluded incentive programs completed during the year.

The Board of Directors suggests that the Annual General Meeting approve the remuneration report for the financial year 2024.

ITEM 13: RESOLUTION REGARDING AUTHORISING THE BOARD OF DIRECTORS TO DECIDE ON REPURCHASE AND TRANSFER OF OWN SHARES

The Board of Directors proposes that the Annual General Meeting resolves to authorise the Board of Directors to decide on purchases of the Company’s own shares in accordance with the following, main terms:
1. Share repurchases may be made on Nasdaq Stockholm or any other regulated market.
2. The authorisation may be exercised on one or more occasions before the 2026 Annual General Meeting.
3. The maximum number of own shares that may be repurchased so that the Company’s holding of shares at any given time does not exceed 15% of the total number of shares in the Company.
4. Repurchases of the Company’s own shares on Nasdaq Stockholm (or any other regulated market) may only be made at a price of no more than 5% above the average trading price of the 5 business days prior to the repurchase.
5. Payment for the shares shall be made in cash.
In addition, the Board of Directors proposes that the Annual General Meeting resolves to authorise the Board of Directors to decide on transfer of own shares, with or without deviation from the shareholders’ preferential rights, in accordance with the following, main terms:
1. Transfers may be made on (i) Nasdaq Stockholm or (ii) outside of Nasdaq Stockholm in connection with the acquisition of companies, operations, or assets.
2. The authorisation may be exercised on one or more occasions before the 2026 Annual General Meeting.
3. The maximum number of shares that may be transferred corresponds to the number of shares held by the Company at the point in time of the Board of Directors’ decision on transfer.
4. Transfers of shares on Nasdaq Stockholm (or any other regulated market) may only be made at a price of no more than 5% above the average trading price of the shares 5 business days prior to the transfer. For transfers outside of Nasdaq Stockholm, the price shall be set so that the transfer is made at market terms, except for delivery of shares in connection with employee stock option programs.
5. Payment for transferred shares may be made in cash, through in-kind payment, or through set-off against claims with the Company.
The purpose of the authorisations is to give the Board of Directors greater scope to act and the opportunity to adapt and improve the Company’s capital structure and thereby create further shareholder value, and/or capitalise on or take advantage of any attractive acquisition, investment or related opportunities. The authorisation may also be used in order to enable delivery of shares in connection with employee stock option programs.

The Board of Directors shall have the right to decide on other terms for repurchases and transfers of own shares in accordance with its authorisation. The Board of Directors also has the right to authorise the Chairman, the CEO, or the person designated by the Board to make such minor adjustments that may be necessary in connection with the execution of the Board’s decision to repurchase or transfer shares.

A valid resolution in favour of the Board’s proposal requires the approval of shareholders with at least sixty-seven percent (67%) of the votes and shares represented at the Annual General Meeting.

ITEM 14: RESOLUTION REGARDING AMENDMENTS TO THE COMPANY’S ARTICLES OF ASSOCIATION

The Board of Directors proposes that the Company’s Articles of Association be amended by deletion of the existing articles 3.6.2, 17.2.7 and 24.12 and the insertion of new articles 3.6.2, 17.2.7 and 24.12 as follows:

“3.6.2            the Directors may, by unanimous consent only, during any period of two consecutive calendar years, resolve to allot and issue in one or more tranches such number of ordinary shares (including, for the avoidance of doubt, any shares issued pursuant to, in connection with or upon conversion of any subsequently issued convertible bonds) as does not in the aggregate exceed twenty five percent (25%) of the total number of ordinary shares in issue (excluding any ordinary shares held in treasury) at 9am on 1st January of such year (rounded down to the nearest whole share), without the offer, issue or allotment of such shares or the issue or conversion of any subsequently issued convertible bonds being subject to the provisions of Article 3.2 provided always that any such allotment, issue, or conversion is effected solely in connection with bona fide transactions for business purposes only (and for the avoidance of doubt the terms of this Article 3.6.2 shall not include the issuance of shares or convertible securities as consideration or compensation for services rendered by employees, consultants, directors, or any other individuals in a personal capacity) and provided further that any issuance or allotment to any natural person pursuant to this Article 3.6.2 shall be subject to the unanimous approval of the remuneration committee as required by and in accordance with the terms of reference for such remuneration committee and shall not in aggregate in any calendar year exceed five percent (5%) of the total number of ordinary shares in issue at the time of such offer;”

“17.2.7          the creation of any charge or other security over any assets or property of a Group Company to secure borrowings, or indebtedness in the nature of borrowings, of that Group Company which, when aggregated with all other such borrowings or indebtedness, would exceed £200,000,000 (OTHER THAN in the ordinary course of its Business, and, DISREGARDING any amounts borrowed from other Group Companies) provided always that, subject to applicable law, nothing in these Articles (including without limitation this provision) shall restrict or prevent or be deemed to restrict or prevent the issuance by the Company of any corporate or convertible bonds or other debt instruments on an unsecured basis.”

“24.12           Notwithstanding anything to the contrary within these Articles, meetings of the Board shall be held at such locations and in such manner, and resolutions of Directors passed in writing shall be signed, so as to cause the Company to:

                     24.12.1    be resident for taxation purposes in Jersey; and

                     24.12.2   comply with the Taxation (Companies – Economic Substance) (Jersey) Law 2019.”,

(such proposed amendments together, the “Board Proposals”).

A valid resolution in favour of the Board Proposals requires the approval of shareholders with at least sixty-seven percent (67%) of the votes and shares represented at the Annual General Meeting.

NUMBER OF SHARES AND VOTES

The total number of shares in the Company as of the date hereof amounts to 66,678,210 shares, with a corresponding number of votes. The Company holds 883,259 own shares.

FURTHER INFORMATION

Copies of accounts, audit report, remuneration report, proxy form, complete proposals and all other relevant documents are available on the Company’s website.

The shareholders are hereby notified regarding the right to, at the annual general meeting, request information from the Board of Directors and the CEO.

Jersey, 1 May 2025
CoinShares International Limited
The Board of Directors

About CoinShares

CoinShares is Europe’s largest and leading digital asset investment and trading group by AuM, managing billions of assets on behalf of a global client base. Our mission is to expand investing into digital assets with our trusted, regulated, best-in-class product suite that provides investors with trust and transparency when accessing cryptocurrencies. We believe that Bitcoin and blockchain networks are landmark innovations that will fundamentally reshape the global financial system and the way we interact digitally, and investors should be able to participate in this transformation. CoinShares is publicly listed on the Nasdaq Stockholm under ticker CS and the OTCQX under the ticker CNSRF. CoinShares has multiple touchpoints with financial regulatory bodies around the world, including the AMF, JFSC and FINRA.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

Attachments
- 2025 Proxy Form
- CoinShares Remuneration Report 2024
The MIL Network –
May 2, 2025

MIL-OSI: Lloyds Bank PLC: 2025 Q1 Interim Management Statement

Source: GlobeNewswire (MIL-OSI)

LONDON, May 01, 2025 (GLOBE NEWSWIRE) —

Lloyds Bank plc
Q1 2025 Interim Management Statement
1 May 2025

Member of the Lloyds Banking Group

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

FINANCIAL REVIEW

Income statement

The Group’s profit before tax for the first three months of 2025 was £1,177 million, 26% lower than the same period in 2024. This was driven by higher operating expenses and a higher impairment charge. Profit after tax was £881 million (three months to 31 March 2024: £1,159 million).

Total income for the first three months of 2025 was £4,371 million, broadly in line with the same period in 2024 (three months to 31 March 2024: £4,385 million). Net interest income of £3,244 million was up 4% on the prior year (three months to 31 March 2024: £3,127 million), driven by a higher margin and higher average interest-earning assets. Other income decreased by 10% to £1,127 million (three months to 31 March 2024: £1,258 million). The decrease in other income reflected improved performance in UK Motor Finance, with fleet growth and higher average vehicle rental values, which was more than offset by negative market volatility and a reduction in income from fellow Lloyds Banking Group undertakings.

Total operating expenses of £2,884 million were 6% higher than in the prior year. This reflects higher costs, combining inflationary pressures, timing of strategic investment including planned higher severance front-loaded into the first quarter of 2025 and business growth costs, partly offset by cost savings and continued cost discipline. This is alongside higher operating lease depreciation, as a result of fleet growth, the depreciation of higher value vehicles and declines in used electric car prices over 2024.

No net remediation charge was recognised by the Group in the first three months of 2025 (three months to 31 March 2024: £25 million). There have been no further charges relating to motor finance commission arrangements. The Supreme Court heard the appeal of the Wrench, Johnson and Hopcraft decision in early April and has stated that it is likely to produce its judgment in July. The FCA has indicated that the decision will inform its next steps in the discretionary commission arrangements (DCA) review and that it will confirm within six weeks of the decision if it is proposing a redress scheme and if so, how it will take that forward. The FCA has also noted that its next steps on non-DCA complaints will be informed by the decision.

The impairment charge was £310 million, up from £70 million in the three months to 31 March 2024. Asset quality remained resilient in the quarter. The charge included strong portfolio performance in Retail, more than offset by a higher charge in Commercial Banking, partly due to the non-recurrence of a release from loss rates used in the model in 2024. The charge also included a £100 million central adjustment to address downside risks to the base case related to the potential impact from US tariff policies announced at the start of April. These were becoming apparent around the balance sheet date and were determined to not be fully captured within the modelled divisional ECL allowances. This is partially offset by benefits to the MES from small increases to house price and wage growth expectations.

FINANCIAL REVIEW (continued)

Balance sheet

Total assets were £5,143 million, or 1%, higher at £616,356 million at 31 March 2025 (31 December 2024: £611,213 million).

Financial assets at amortised cost were £3,135 million higher at £508,032 million (31 December 2024: £504,897 million) with increases in loans and advances to customers. This included growth of £4,807 million in UK mortgages and growth across UK Retail unsecured loans, credit cards, UK Motor Finance and the European retail business. Lending balances reduced in Commercial Banking as a result of repayments of government-backed lending. The growth in loans and advances to customers was partly offset by a £908 million reduction in reverse repurchase agreements, a £302 million reduction in loans and advances to banks and a £1,474 million reduction in debt securities.

Cash and balances at central banks decreased 1% to £42,000 million. Financial assets held at fair value through profit or loss increased by £733 million, due to increased reverse repurchase agreements. Derivative financial assets were £520 million lower at £3,715 million (31 December 2024: £4,235 million), driven by interest rate and currency movements in the period. Financial assets at fair value through other comprehensive income were stable in the period at £30,682 million. Other assets were £1,853 million higher, primarily reflecting increased settlement balances.

Total liabilities were £3,230 million higher at £574,696 million (31 December 2024: £571,466 million). Customer deposits of £456,574 million increased in the period by £4,780 million. Retail deposits increased by £2,637 million in the period, driven by net inflows to limited withdrawal and fixed term deposits alongside higher current account balances. Commercial Banking deposits were up in the quarter, aided by short term balances.

Other liabilities increased by £1,034 million reflecting increased settlement balances, while debt securities in issue decreased by £2,789 million, with higher levels of maturities in the period.

Total equity increased to £41,660 million at 31 March 2025 (31 December 2024: £39,747 million). The increase primarily reflected profit attributable to ordinary shareholders alongside unwind of the cash flow hedge reserve and issuance of an AT1 capital instrument in February 2025 to Lloyds Banking Group plc.

Capital

The Group’s common equity tier 1 (CET1) capital ratio reduced to 13.6% at 31 March 2025 from 13.7% at 31 December 2024. Profit for the first three months of the year was offset by the accrual for foreseeable ordinary dividends and an increase in risk-weighted assets.

The Group’s total capital ratio at 31 March 2025 remained at 19.9% (31 December 2024: 19.9%). The increase in CET1 capital and the issuance of a new AT1 capital instrument were offset by the increase in risk-weighted assets and a reduction in tier 2 capital reflecting an instrument call and other movements.

Risk-weighted assets increased by £3,955 million to £190,951 million at 31 March 2025 from £186,996 million at 31 December 2024. This reflects the impact of lending growth, but also includes a temporary c.£2.5 billion increase primarily due to hedging activity that is expected to reverse by the third quarter. The growth in risk-weighted assets was partly offset by continued optimisation activity and other movements.

The Group’s UK leverage ratio increased to 5.5% at 31 March 2025 from 5.4% at 31 December 2024, reflecting an increase in the total tier 1 capital position, partially offset by an increase in the leverage exposure measure. The latter reflects increases across loans and advances and other assets, due in part to lending growth, partially offset by a reduction in the measure for securities financing transactions.


CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)

	Three months ended 31 Mar 2025 £m		Three months ended 31 Mar 2024 £m

Net interest income	3,244		3,127
Other income	1,127		1,258
Total income	4,371		4,385
Operating expenses	(2,884	)	(2,728	)
Impairment	(310	)	(70	)
Profit before tax	1,177		1,587
Tax expense	(296	)	(428	)
Profit after tax	881		1,159

Profit attributable to ordinary shareholders	774		1,069
Profit attributable to other equity holders	98		86
Profit attributable to equity holders	872		1,155
Profit attributable to non-controlling interests	9		4
Profit after tax	881		1,159


CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

	At 31 Mar 2025 £m	At 31 Dec 2024 £m

Assets
Cash and balances at central banks	42,000	42,396
Financial assets at fair value through profit or loss	3,054	2,321
Derivative financial instruments	3,715	4,235
Financial assets at amortised cost	508,032	504,897
Financial assets at fair value through other comprehensive income	30,682	30,344
Other assets	28,873	27,020
Total assets	616,356	611,213
Liabilities
Deposits from banks	3,899	3,144
Customer deposits	456,574	451,794
Repurchase agreements	38,474	37,760
Due to fellow Lloyds Banking Group undertakings	3,981	4,049
Financial liabilities at fair value through profit or loss	4,538	4,630
Derivative financial instruments	5,327	5,787
Debt securities in issue at amortised cost	42,492	45,281
Other liabilities	12,844	11,810
Subordinated liabilities	6,567	7,211
Total liabilities	574,696	571,466
Total equity	41,660	39,747
Total equity and liabilities	616,356	611,213

ADDITIONAL FINANCIAL INFORMATION

1. Basis of presentation

This release covers the results of Lloyds Bank plc together with its subsidiaries (the Group) for the three months ended 31 March 2025.

The Group’s Q1 2025 Interim Pillar 3 Disclosures can be found at: www.lloydsbankinggroup.com/investors/financial-downloads.html.

Accounting policies

The accounting policies are consistent with those applied by the Group in its 2024 Annual Report and Accounts.

2. Loans and advances to customers and expected credit loss allowance

At 31 March 2025	Stage 1 £m		Stage 2 £m	Stage 3 £m	POCI £m	Total £m		Stage 2 as % of total	Stage 3 as % of total
Loans and advances to customers
UK mortgages	275,816		31,912	4,137	6,016	317,881		10.0	1.3
Credit cards	13,875		2,327	261	–	16,463		14.1	1.6
UK unsecured loans and overdrafts	9,660		1,325	171	–	11,156		11.9	1.5
UK Motor Finance	14,197		2,491	131	–	16,819		14.8	0.8
Other	18,462		471	151	–	19,084		2.5	0.8
Retail	332,010		38,526	4,851	6,016	381,403		10.1	1.3
Business and Commercial Banking	25,778		2,946	1,160	–	29,884		9.9	3.9
Corporate and Institutional Banking	36,705		2,528	1,007	–	40,240		6.3	2.5
Commercial Banking	62,483		5,474	2,167	–	70,124		7.8	3.1
Other¹	(414	)	–	–	–	(414	)
Total gross lending	394,079		44,000	7,018	6,016	451,113		9.8	1.6

Customer related ECL allowance (drawn and undrawn)
UK mortgages	52		245	322	179	798
Credit cards	199		308	130	–	637
UK unsecured loans and overdrafts	167		240	114	–	521
UK Motor Finance²	170		118	75	–	363
Other	14		14	38	–	66
Retail	602		925	679	179	2,385
Business and Commercial Banking	133		183	172	–	488
Corporate and Institutional Banking	108		149	323	–	580
Commercial Banking	241		332	495	–	1,068
Other³	50		50	–	–	100
Total	893		1,307	1,174	179	3,553

Customer related ECL allowance (drawn and undrawn) as a percentage of loans and advances to customers
	Stage 1 %		Stage 2 %	Stage 3 %	POCI %	Total %
UK mortgages	–		0.8	7.8	3.0	0.3
Credit cards	1.4		13.2	49.8	–	3.9
UK unsecured loans and overdrafts	1.7		18.1	66.7	–	4.7
UK Motor Finance	1.2		4.7	57.3	–	2.2
Other	0.1		3.0	25.2	–	0.3
Retail	0.2		2.4	14.0	3.0	0.6
Business and Commercial Banking	0.5		6.2	14.8	–	1.6
Corporate and Institutional Banking	0.3		5.9	32.1	–	1.4
Commercial Banking	0.4		6.1	22.8	–	1.5
Other				–	–
Total	0.2		3.0	16.7	3.0	0.8

¹ Contains central fair value hedge accounting adjustments.
² UK Motor Finance includes £178 million relating to provisions against residual values of vehicles subject to finance leases.
³ Other includes a £100 million central adjustment that has not been allocated to specific portfolios.

ADDITIONAL FINANCIAL INFORMATION (continued)

3. UK economic assumptions

Base case and MES economic assumptions

The Group’s base case scenario is for a slow expansion in gross domestic product (GDP) and a modest rise in the unemployment rate alongside small gains in residential and commercial property prices. Inflationary pressures remain persistent, but gradual cuts in UK Bank Rate are expected to continue during 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.

The Group has taken into account the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables as of the first quarter of 2025. Actuals for this period, or restatements of past data, may have since emerged prior to publication and have not been included. The Group’s approach to generating alternative economic scenarios is set out in detail in note 19 to the financial statements of the Group’s 2024 annual report and accounts.

The Group had included assumptions for expected tariffs and potential responses in its quarter-end base case conditioning assumptions prior to announcements at the start of April. Initial non-UK tariffs announced in the first few days of April and the immediate market response were larger than expected. Accordingly, the Group has adopted a £100 million central adjustment to reflect the potential ECL impact, informed by high level sensitivity to key UK economic metrics based on tariff scenarios. Subsequent developments through April were judged to relate to conditions after the balance sheet date and will be reflected in the second quarter reporting period.

UK economic assumptions – base case scenario by quarter

Key quarterly assumptions made by the Group in the base case scenario are shown below. GDP growth is presented quarter-on-quarter. House price growth, commercial real estate price growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.

At 31 March 2025	First quarter 2025 %	Second quarter 2025 %	Third quarter 2025 %	Fourth quarter 2025 %	First quarter 2026 %	Second quarter 2026 %	Third quarter 2026 %	Fourth quarter 2026 %

Gross domestic product growth	0.2	0.2	0.3	0.3	0.4	0.4	0.4	0.4
Unemployment rate	4.6	4.7	4.8	4.8	4.8	4.8	4.8	4.8
House price growth	3.8	3.8	2.4	1.7	1.3	1.7	1.9	1.8
Commercial real estate price growth	2.6	2.8	2.7	1.3	0.9	0.7	0.8	1.1
UK Bank Rate	4.50	4.25	4.00	4.00	3.75	3.75	3.50	3.50
CPI inflation	2.8	3.6	3.6	3.5	3.0	2.8	2.6	2.7

ADDITIONAL FINANCIAL INFORMATION (continued)

3. UK economic assumptions (continued)

UK economic assumptions – scenarios by year

Key annual assumptions made by the Group are shown below. GDP growth and CPI inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices within the period. Unemployment rate and UK Bank Rate are averages for the period.

At 31 March 2025	2025 %		2026 %		2027 %		2028 %		2029 %		2025-2029 average %

Upside
Gross domestic product growth	1.3		2.2		1.6		1.5		1.4		1.6
Unemployment rate	4.1		3.2		3.1		3.1		3.2		3.3
House price growth	2.9		5.9		6.8		5.4		4.3		5.1
Commercial real estate price growth	6.1		5.7		2.6		1.0		0.4		3.2
UK Bank Rate	4.43		4.72		4.86		5.06		5.20		4.85
CPI inflation	3.3		2.8		2.8		3.1		3.0		3.0

Base case
Gross domestic product growth	0.8		1.4		1.6		1.6		1.5		1.3
Unemployment rate	4.7		4.8		4.6		4.5		4.5		4.6
House price growth	1.7		1.8		1.9		2.5		2.9		2.1
Commercial real estate price growth	1.3		1.1		1.2		0.6		0.3		0.9
UK Bank Rate	4.19		3.63		3.50		3.50		3.50		3.66
CPI inflation	3.4		2.8		2.5		2.5		2.4		2.7

Downside
Gross domestic product growth	(0.2	)	(0.9	)	0.9		1.5		1.5		0.6
Unemployment rate	5.6		7.4		7.6		7.3		7.0		7.0
House price growth	0.5		(3.4	)	(6.7	)	(4.2	)	(1.1	)	(3.0	)
Commercial real estate price growth	(4.7	)	(5.7	)	(1.7	)	(2.2	)	(2.3	)	(3.4	)
UK Bank Rate	3.83		1.67		0.96		0.65		0.42		1.51
CPI inflation	3.4		2.8		2.0		1.5		1.0		2.1

Severe downside
Gross domestic product growth	(1.1	)	(2.3	)	0.7		1.4		1.5		0.0
Unemployment rate	6.8		10.0		10.2		9.7		9.3		9.2
House price growth	(0.6	)	(8.4	)	(13.8	)	(9.6	)	(5.0	)	(7.6	)
Commercial real estate price growth	(12.5	)	(13.3	)	(7.1	)	(5.7	)	(4.9	)	(8.8	)
UK Bank Rate – modelled	3.38		0.39		0.09		0.03		0.01		0.78
UK Bank Rate – adjusted¹	4.25		2.94		2.80		2.76		2.75		3.10
CPI inflation – modelled	3.4		2.5		1.3		0.4		(0.2	)	1.5
CPI inflation – adjusted¹	3.8		3.8		3.2		2.7		2.4		3.2

Probability-weighted
Gross domestic product growth	0.5		0.6		1.3		1.5		1.5		1.1
Unemployment rate	5.0		5.6		5.6		5.4		5.4		5.4
House price growth	1.4		0.5		(0.8	)	0.1		1.3		0.5
Commercial real estate price growth	(0.4	)	(1.0	)	(0.1	)	(0.7	)	(1.0	)	(0.6	)
UK Bank Rate – modelled	4.07		3.04		2.81		2.76		2.74		3.08
UK Bank Rate – adjusted¹	4.16		3.30		3.08		3.04		3.01		3.32
CPI inflation – modelled	3.4		2.7		2.3		2.1		1.9		2.5
CPI inflation – adjusted¹	3.4		2.9		2.5		2.4		2.2		2.7

¹ The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks to the Group’s base case view in an economic environment where the risks of supply and demand shocks are seen as more balanced.

CONTACTS

For further information please contact:

INVESTORS AND ANALYSTS
Douglas Radcliffe
Group Investor Relations Director
020 7356 1571
douglas.radcliffe@lloydsbanking.com

Rohith Chandra-Rajan
Director of Investor Relations
07786 988936
rohith.chandra-rajan@lloydsbanking.com

Nora Thoden
Director of Investor Relations – ESG
020 7356 2334
nora.thoden@lloydsbanking.com

Tom Grantham
Investor Relations Senior Manager
07851 440 091
thomas.grantham@lloydsbanking.com

Sarah Robson
Investor Relations Senior Manager
07494 513 983
sarah.robson2@lloydsbanking.com

CORPORATE AFFAIRS
Matt Smith
Head of Media Relations
07788 352 487
matt.smith@lloydsbanking.com

Emma Fairhurst
Media Relations Senior Manager
07814 395 855
emma.fairhurst@lloydsbanking.com

Copies of this Interim Management Statement may be obtained from:
Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London, EC2N 1HZ
The statement can also be found on the Group’s website – www.lloydsbankinggroup.com

Registered office: Lloyds Bank plc, 25 Gresham Street, London, EC2V 7HN
Registered in England No. 2065

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

The MIL Network –

May 2, 2025

MIL-OSI United Kingdom: Changes to the Valuation Office Agency
Source: United Kingdom – Executive Government & Departments

News story

Changes to the Valuation Office Agency

An update for our customers
The government has announced that the Valuation Office Agency (VOA) will be brought into our parent department HM Revenue & Customs (HMRC) by April 2026.

If you are currently a customer with us, you do not need to take any action. There is no impact on your case or the services we offer. Please continue to contact us and submit cases in the usual way.

There are also no changes for commercial clients working with our District Valuer Services team.

We are working with HMRC to ensure as smooth a transition as possible for our customers and clients.

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Updates to this page

Published 1 May 2025
MIL OSI United Kingdom –
May 2, 2025
MIL-OSI USA: Fact Sheet: President Donald J. Trump Secures Agreement to Establish United States-Ukraine Reconstruction Investment Fund

US Senate News:

Source: The White House
A FIRST-OF-ITS-KIND HISTORIC PARTNERSHIP: Under the leadership of President Donald J. Trump, the US and Ukraine entered into a historic agreement on April 30, launching a first-of-its-kind partnership for the reconstruction and long-term economic success of Ukraine.
From start to finish, this agreement is a fully collaborative partnership between our nations, that both the United States and Ukraine will benefit from.
This partnership represents the United States taking an economic stake in securing a free, peaceful, and sovereign future for Ukraine.
This agreement will also strengthen the strategic partnership between the United States and Ukraine for long-term reconstruction and modernization, in response to the large-scale destruction caused by Russia’s full-scale invasion.

The Treasury Department and the U.S. International Development Finance Corporation (DFC) will work together with the Government of Ukraine to finalize governance and advance this important partnership.
The United States’ DFC will work together with Ukraine’s State Organization Agency on Support Public-Private Partnership, both of which are backed by the full faith and credit of their respective nations.

LONG TERM RETURNS FOR BOTH COUNTRIES: President Trump envisioned this partnership between the Americans and the Ukrainians to show both sides’ commitment to lasting peace and prosperity in Ukraine
This partnership between the United States and Ukraine establishes a fund that will receive 50% of royalties, license fees, and other similar payments from natural resource projects in Ukraine.
That money will be invested in new projects in Ukraine, which will generate long term returns for both the American and Ukrainian peoples.
As new projects are identified, resources in the fund can be quickly allocated towards economic growth, job creation, and other key Ukrainian development priorities.
Indirect benefits will include a stronger private sector and more robust, lasting infrastructure for Ukraine’s long-term success.

The partnership will be controlled by a company with equal representation of three Ukrainian and three American board members, who will work together through a collaborative process to make decisions for allocation of fund resources, such as investment and distributions.
The partnership will also bring the highest levels of transparency and accountability to ensure that the people of Ukraine and the United States are able to enjoy the benefits of Ukraine’s reconstruction.

Natural resource projects will include minerals, hydrocarbons, and related infrastructure development.
If the United States decides to acquire these resources for ourselves, we will given first choice to either acquire them or designate the purchaser of our choice.
Economic security is national security, and this important safeguard prevents critical resources from falling into the wrong hands.

Importantly, this partnership sends a strong message to Russia – the United States has skin in the game and is committed to Ukraine’s long-term success.
No state, company, or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine, including participation in projects supported by fund resources.

MIL OSI USA News –

May 2, 2025
MIL-OSI: Nvni Group Limited Reports Record 2024 Financial Results
Source: GlobeNewswire (MIL-OSI)

~ Record FY24 Revenue of R$193.3 Million, up 14.4% from 2023 ~

~ Delivered the Company’s First Operating Profit of R$16.5 Million ~

~ Significant Improvement in Adjusted EBITDA of R$57.4 Million, up 30% Compared to FY23 ~

~ Nuvini CEO Pierre Shurmann to Host Investor Webinar on Friday, May 9^th, 2025 at 11:00a.m. Eastern Time ~

NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Nvni Group Limited (Nasdaq: NVNI) (“Nuvini” or the “Company”), a leading acquirer of private SaaS B2B companies in Latin America, today announced its financial results for the full year of 2024, highlighted by record revenue, improvements across KPIs and execution of M&A strategy.

2024 Key Financial & Operational Highlights:
- Record Net Operating Revenue of R$193.3 million, an increase of R$24.3 million, or 14.4%, compared to R$169.0 million for 2023, driven mainly by an increase in SaaS subscription revenue, increased customer retention and a growing client base.
- Continued improvement in Gross Profit and Margin of R$122.5 million and 63.4% compared to $102.8 million and 60.8% for 2023.
- Delivered the Company’s first Operating Profit of R$16.5 million, a sizeable improvement compared to a loss of R$(189.2) million during 2023.
- Significantly Increased Adjusted EBITDA by R$13.1 million to R$57.4 million or 30% when compared to R$44.3 million during 2023.
- Adjusted Free Cash Flow of R$22.5 million, an increase of R$31.9 million when compared to 2023.
- Cash & Equivalents of R$18.0 million at year end compared to R$11.4 million at the end of 2023.
- Improved churn of (2.9)% when compared to (3.3)% during 2023, marking improved client satisfaction and performance in relation to competition.
- Recorded Client Lifetime Value (“LTV”) / Client Acquisition Cost (“CAC”): of 6x for the full year of 2024, an improvement compared to 4x for 2023.
Subsequent Events:
- Announced on March 18, 2025 that the Company entered into a term sheet for the acquisition of Munddi Soluções em Tecnologia Ltda. – ME (“Munddi”), an online platform that connects brands with consumers, suppliers, and retail chains based in São Paulo, Brazil. This acquisition, if completed, will mark the first of four planned for 2025 as part of Nuvini’s ongoing expansion strategy. The transaction is expected to close during the second quarter of 2025.
CEO Commentary:

“We are pleased to report our FY 2024 financial results highlighted by record revenues, operating profit, and substantial improvements across all of our KPIs, further showcasing our executional abilities to drive sustainable growth and optimize operational performance,” said Pierre Shurmann, CEO of Nuvini. “We continue to make meaningful strides to improve profitability while expanding our revenue base, as evidenced by our recently announced plans to acquire Munddi, which will be one of four targeted acquisitions during FY 2025,” he concluded.

FY 2025 Outlook

The Company reiterates its target of a minimum of four completed acquisitions in 2025.

Nvni Group Limited Investor Webinar

The Company will be hosting an Investor Webinar on Friday May 9^th at 11:00a.m. Eastern Time during which Nuvini CEO, Pierre Shurmann, will deliver prepared remarks discussing financial results, strategic updates and FY25 outlook. A question-and-answer session will follow the presentation. To register for the Investor Webinar, please click here. Interested investors and analysts may submit questions in advance through 5:00pm ET on Thursday, May 8, 2025 to NVNI@mzgroup.us.

Notes on KPIs

Churn: Nuvini defines Churn for a given period as the percentage calculated from the clients lost over the total active clients of the previous period. Churn is a key performance measure that Nuvini uses to evaluate its clients’ satisfaction and its performance in relation to the competition.

Client Lifetime Value (“LTV”) / Client Acquisition Cost (“CAC”): Nuvini’s marketing strategy is underpinned by disciplined, results-driven Client Lifetime Value (“LTV”) and Client Acquisition Cost (“CAC”) metrics. LTV is calculated as follows: (1/average of last 6 months churn rate)*(ARPU*Gross Margin). This provides insight to Nuvini management on the estimated lifetime value of a client over time. CAC is calculated as the sales and marketing expenses divided by the volume of new clients and provides insight on the total cost of client acquisition. Nuvini utilizes standard market premises to calculate LTV and CAC. These metrics provide Nuvini management guidance over the rate and timing of return on marketing investments. Nuvini believes enhances engagement, increases brand awareness and drives repeat purchase. Nuvini’s core brands each have a dedicated marketing team whose goal is to develop a bespoke strategy that engages existing business clients and drives awareness amongst new business clients. Additionally, Nuvini’s highly curated brand portfolio emphasizes a differentiated positioning and purpose for each of its brands in order to target a unique business client. Through a consistent focus on ensuring distinctive brand messaging, Nuvini seeks opportunities to redefine and reinvigorate its existing and acquired brands to appeal to targeted business segments.

About Nuvini

Headquartered in São Paulo, Brazil, Nuvini is the leading private serial software business acquirer in Latin America. The Nuvini Group acquires software companies within SaaS markets in Latin America. It focuses on acquiring profitable “business-to-business” SaaS companies with a consolidated business model, recurring revenue, positive cash generation and relevant growth potential. The Nuvini Group enables its acquired companies to provide mission-critical solutions to customers within its industry or sector. Its business philosophy is to invest in established companies and foster an entrepreneurial environment that would enable companies to become leaders in their respective industries. The Nuvini Group’s goal is to buy, retain and create value through long-term partnerships with the existing management of its acquired companies.

Investor Relations Contact:

Sofia Toledo
ir@nuvini.co

MZ North America
NVNI@mzgroup.us

Forward-Looking Statements

Some of the statements contained in this press release include or may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies regarding the future. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Nuvini. There can be no assurance that future developments affecting Nuvini will be those that we have anticipated. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan,” “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements contained in this press release include, but are not limited to, statements about the ability of Nuvini to: realize the benefits expected from this strategic partnership; achieve projections and anticipate uncertainties relating to the business, operations and financial performance of Nuvini, including (i) expectations with respect to financial and business performance, including financial projections and business metrics and any underlying assumptions, (ii) expectations regarding market size, future acquisitions, partnerships or other relationships with third parties, (iii) expectations on Nuvini’s proprietary technology and related intellectual property rights, and (iv) future capital requirements and sources and uses of cash, including the ability to obtain additional capital in the future; enhance future operating and financial results; comply with applicable laws and regulations; stay abreast of modified or new laws and regulations applying to its business, including privacy regulation; anticipate rapid technological changes; and effectively respond to general economic and business conditions.

While forward-looking statements reflect Nuvini’s good faith beliefs, they are not guarantees of future performance. Nuvini disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could cause Nuvini’s future results, performance or transactions to differ significantly from those expressed in any forward-looking statement, please see the section “Risk Factors” of the Annual Report on Form 20-F filed by Nuvini with the U.S. Securities and Exchange Commission on April 30, 2025. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Nuvini.

The MIL Network –
May 2, 2025
MIL-OSI: Monarch Private Capital Wins Capital Finance International Award for Excellence in Tax Equity Impact Investing USA 2025

Source: GlobeNewswire (MIL-OSI)

ATLANTA, May 01, 2025 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch) is proud to announce it has received the 2025 Award for Excellence in Tax Equity Impact Investing USA from Capital Finance International (CFI.co). This prestigious recognition highlights Monarch’s leadership in leveraging tax equity financing to catalyze high-impact investments across clean energy, historic rehabilitation, and affordable housing.

Since 2005, Monarch has generated over $7 billion in tax credits through more than 900 projects, strengthening communities and accelerating the clean energy transition. The CFI.co judging panel recognized Monarch’s exceptional technical, financial, and legal diligence, comprehensive investor disclosures, and tailored investment strategies as setting a new standard in the field.

A standout component of Monarch’s offering is its proprietary asset monitoring software, designed over three years to deliver customized performance tracking and robust quarterly and annual reporting. The firm’s approach integrates change-of-law protections, policy engagement, and individualized investment structuring, aligning with investor risk profiles and long-term sustainability goals.

“Tax equity is a vital financial tool that fuels the growth of clean energy, affordable housing and historic rehabilitation in the U.S.,” said George Strobel, Partner, Co-Founder and Co-CEO of Monarch Private Capital. “We are honored to receive this recognition from CFI.co, which reflects not only our technical and fiduciary rigor but also the mission-driven culture that inspires our team to drive impact every day. Monarch remains committed to delivering tailored, high-integrity investments that support our investors’ goals while advancing critical national priorities.”

The CFI.co judging panel also recognized Monarch’s exceptional talent retention and long-standing relationships with investors and developers, crediting these strengths for its success in structuring resilient, high-performing investment vehicles.

“Monarch Private Capital exemplifies the transformative potential of tax equity impact investing,” said Anthony Michael, Publisher at CFI.co. “Their deep commitment to transparency, investor alignment, and measurable outcomes distinguishes them as a true industry leader. We’re pleased to celebrate Monarch’s achievements with this year’s award for Excellence in Tax Equity Impact Investing in the U.S.”

For more information about the award, visit: https://cfi.co/awards/finance/2025/monarch-private-capital-excellence-in-tax-equity-impact-investing-usa-2025/

To learn about Monarch Private Capital, visit www.monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

CONTACT

Jane Rafeedie

Monarch Private Capital

Jrafeedie@monarchprivate.com

470-283-8431

The MIL Network –

May 2, 2025
MIL-OSI: Sunrun’s Distributed Power Plant Quadruples in Size to 75,000 Solar-Powered Batteries to Support California’s Grid

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, announced today that its CalReady power plant has more than quadrupled in size as the summer heat begins to stress the state’s energy grid. More than 56,000 Sunrun customers’ solar-plus-battery systems—totaling approximately 75,000 batteries—will provide critical energy to California’s grid during times of high energy prices, heat waves, and other grid emergency events while simultaneously lowering energy costs for all ratepayers.

“Sunrun is leading the transformation of the energy grid with a customer-led revolution to a more reliable, energy independent way to power their homes while at the same time being a solution to help other Californians who rely solely on the grid,” said Sunrun CEO Mary Powell. “The expansion of CalReady highlights our increasing role as a critical energy provider and underscores the system-wide value we’re delivering to ratepayers, utilities, and the grid.”

Sunrun’s CalReady power plant is the largest home storage aggregation in the California Energy Commission’s Demand Side Grid Support program. CalReady is available to support the state’s grid each day from 4 to 9 p.m. from May through October. This is the second year that Sunrun has operated CalReady as the nation’s largest virtual power plant.

In 2024, Sunrun’s CalReady power plant enrolled over 16,000 households and delivered an average of 48 megawatts of stored solar energy to the grid during summer heat waves, reaching an instantaneous peak of 54 megawatts. This year, CalReady’s power output has more than quadrupled and is expected to deliver an average of 250 megawatts per two-hour event, with the ability to reach an instantaneous peak of up to 375 megawatts—enough to power approximately 280,000 homes, equivalent to all of Ventura County, California.

“Sunrun has created one of the largest batteries in the country, rivaling large-scale utility projects but without taking up additional land or requiring costly new infrastructure,” Powell added. “CalReady’s decentralized nature eliminates any potential single point of failure while offering greater resilience and flexibility for the state’s evolving energy needs.”

Sunrun customers enrolled in CalReady are compensated up to $150 per battery for sharing their stored solar energy, and Sunrun is paid for dispatching the batteries. Last year, CalReady delivered more than $1.5 million in value to Sunrun customers and helped lower costs for all ratepayers, reduced pollution, and stabilized the grid for all electric customers in the state. This year, Sunrun customers are expected to collectively receive nearly $10 million for participating in the virtual power plant.

“Being rewarded for sharing energy with the grid from our two batteries makes CalReady a no-brainer,” said San Jose resident and Sunrun customer Tom Weldon. “This will be our third year participating in Sunrun’s virtual power plants. We appreciate the relationships Sunrun develops with customers and utilities to create these programs that have mutual benefits. It’s a win all around.”

Sunrun’s direct compensation to customers is a stark contrast to the double-digit utility rate hikes in California, which are growing faster than inflation and significantly faster than the average electricity rates across the country.

“CalReady is unlocking meaningful opportunities for families to generate passive income from their existing storage and solar systems,” said Sunrun President and Chief Revenue Officer Paul Dickson. “Now in its second year, our rapidly growing power plant is proving that grid operators can depend on distributed energy resources to deliver reliable, cost-effective services at scale when critical emergency power is most needed.”

The scale of CalReady is a direct result of Sunrun’s storage-first strategy. At the end of 2024, more than 60% of new Sunrun customers chose to add battery storage to their solar system. In California, the storage attachment rate was even higher at nearly 90%.

Sunrun actively monitors and dispatches participating batteries, making it a hassle-free experience for customers enrolled in CalReady. For customers with outage protection, batteries will still retain, at minimum, a backup reserve of 20% so that they can continue to power their homes in the event of a local power outage.

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

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

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

The MIL Network –

May 2, 2025

MIL-OSI: Parker Reports Fiscal 2025 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

CLEVELAND, May 01, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended March 31, 2025, that included the following highlights (compared with the prior year quarter):

Fiscal 2025 Third Quarter Highlights:

Sales were $5.0 billion; organic sales growth was 1%
Net income was $961 million, an increase of 32%, or $904 million adjusted, an increase of 6%
EPS were $7.37, an increase of 33%, or $6.94 adjusted, an increase of 7%
Segment operating margin was 23.2%, an increase of 170 bps, or 26.3% adjusted, an increase of 160 bps
YTD cash flow from operations increased 8% to $2.3 billion, or 15.8% of sales
Repurchased $650 million of shares in the quarter

“Our third quarter performance demonstrates the strength of our business and our global team’s ability to continue to deliver record results,” said Jenny Parmentier, Chairman and Chief Executive Officer. “All reported businesses showed substantial margin expansion and helped us surpass 26% adjusted segment operating margin for the first time. We also produced record earnings per share, generated record cash flow from operations, and repurchased $650 million of shares. We recently announced a 10% increase in our quarterly cash dividend and are committed to our strategy of actively deploying capital to drive shareholder value, including acquisitions and increased share repurchase activity, depending on market conditions.”

“The resiliency of our portfolio coupled with the power of our business system, The Win Strategy™, has enabled us to consistently deliver strong results through business cycles. With our decentralized structure and the agility of our global teams, we are confident in our ability to manage through macroeconomic uncertainty, including tariffs. We are fully committed to achieving our fiscal year 2029 financial targets.”

This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.

Outlook

Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:

Sales growth in fiscal 2025 of approximately (1%), with organic sales growth of approximately 1%; divestitures of (1.5%) and unfavorable currency of (0.5%)
Total segment operating margin of approximately 22.7%, or approximately 25.9% on an adjusted basis
EPS of $25.92 to $26.12, or $26.60 to $26.80 on an adjusted basis, and includes the effect of announced tariffs fully offset by mitigation actions

Segment Results


Diversified Industrial Segment

North America Businesses
$ in mm	FY25 Q3			FY24 Q3			Change		Organic Growth
Sales	$	2,031		$	2,231		-9.0	%	-3.5	%
Segment Operating Income	$	467		$	490		-4.8	%
Segment Operating Margin		23.0	%		22.0	%	100 bps
Adjusted Segment Operating Income	$	513		$	538		-4.8	%
Adjusted Segment Operating Margin		25.2	%		24.1	%	110 bps

Achieved record adjusted segment operating margin
Softness in transportation, off-highway and energy markets
Orders positive for second consecutive quarter


International Businesses
$ in mm	FY25 Q3			FY24 Q3			Change		Organic Growth
Sales	$	1,358		$	1,434		-5.3	%	-2.8	%
Segment Operating Income	$	312		$	310		0.7	%
Segment Operating Margin		23.0	%		21.6	%	140 bps
Adjusted Segment Operating Income	$	340		$	337		1.2	%
Adjusted Segment Operating Margin		25.1	%		23.5	%	160 bps

Achieved record adjusted segment operating margin
Organic growth: 2% APAC; (7%) EMEA; 8% LA
Orders accelerate on long-cycle strength


Aerospace Systems Segment
$ in mm	FY25 Q3			FY24 Q3			Change		Organic Growth
Sales	$	1,572		$	1,409		11.6	%	11.7	%
Segment Operating Income	$	373		$	289		28.9	%
Segment Operating Margin		23.7	%		20.5	%	320 bps
Adjusted Segment Operating Income	$	451		$	376		19.8	%
Adjusted Segment Operating Margin		28.7	%		26.7	%	200 bps

Achieved record sales on continued aftermarket strength
Delivered record adjusted segment operating margin
Aerospace backlog increased to a record $7.3 billion


Order Rates

	FY25 Q3
Parker	+9	%
Diversified Industrial Segment – North America Businesses	+3	%
Diversified Industrial Segment – International Businesses	+11	%
Aerospace Systems Segment	+14	%

Parker order rates increased to 9% reflecting our transformed portfolio and long-cycle strength
Aerospace orders increased to 14% driven by strength in both commercial and defense
Orders remained positive across all reported businesses

About Parker Hannifin
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

Contacts:
Media:	Financial Analysts:
Aidan Gormley	Jeff Miller
216-896-3258	216-896-2708
aidan.gormley@parker.com	jeffrey.miller@parker.com

Notice of Webcast
Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2025 third quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

Note on Orders The company reported orders for the quarter ending March 31, 2025, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

Note on Non-GAAP Financial Measures
This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margin for Parker and by segment; (d) adjusted segment operating income for Parker and by segment and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

Forward-Looking Statements
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.


CONSOLIDATED STATEMENT OF INCOME

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands, except per share amounts)		2025			2024			2025			2024
Net sales	$	4,960,349		$	5,074,356		$	14,606,926		$	14,742,791
Cost of sales		3,129,951			3,279,650			9,249,899			9,478,961
Selling, general and administrative expenses		784,355			816,337			2,415,565			2,496,830
Interest expense		95,942			123,732			309,835			387,229
Other income, net		(44,713	)		(65,406	)		(404,230	)		(228,872	)
Income before income taxes		994,814			920,043			3,035,857			2,608,643
Income taxes		33,628			193,309			427,494			548,780
Net income		961,186			726,734			2,608,363			2,059,863
Less: Noncontrolling interests		320			160			535			611
Net income attributable to common shareholders	$	960,866		$	726,574		$	2,607,828		$	2,059,252

Earnings per share attributable to common shareholders:
Basic earnings per share	$	7.48		$	5.65		$	20.28		$	16.03
Diluted earnings per share	$	7.37		$	5.56		$	19.97		$	15.82

Average shares outstanding during period – Basic		128,442,623			128,502,829			128,619,515			128,467,209
Average shares outstanding during period – Diluted		130,320,802			130,593,026			130,576,225			130,169,331


CASH DIVIDENDS PER COMMON SHARE
	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Amounts in dollars)		2025			2024			2025			2024
Cash dividends per common share	$	1.63		$	1.48		$	4.89		$	4.44


RECONCILIATION OF ORGANIC GROWTH

(Unaudited)	Three Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment	(7.6	)%	(1.5	)%	(2.9	)%	(3.2	)%
Aerospace Systems Segment	11.6	%	(0.1	)%	—	%	11.7	%
Total	(2.2	)%	(1.0	)%	(2.1	)%	0.9	%

(Unaudited)	Nine Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment	(6.5	)%	(1.0	)%	(1.7	)%	(3.8	)%
Aerospace Systems Segment	14.3	%	0.1	%	—	%	14.2	%
Total	(0.9	)%	(0.7	)%	(1.2	)%	1.0	%


RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Net income attributable to common shareholders	$	960,866		$	726,574		$	2,607,828		$	2,059,252
Adjustments:
Acquired intangible asset amortization expense		135,964			141,216			414,211			438,763
Business realignment charges		10,379			8,468			40,740			35,914
Integration costs to achieve		5,447			13,256			18,751			29,676
Gain on sale of building		—			—			(10,461	)		—
Gain on divestitures		—			—			(249,748	)		(25,651	)
Saegertown incident		7,725			—			7,725			—
Tax effect of adjustments¹		(36,689	)		(38,779	)		(82,337	)		(108,403	)
Discrete tax benefit²		(179,849	)		—			(179,849	)		—
Adjusted net income attributable to common shareholders	$	903,843		$	850,735		$	2,566,860		$	2,429,551


RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Amounts in dollars)		2025			2024			2025			2024
Earnings per diluted share	$	7.37		$	5.56		$	19.97		$	15.82
Adjustments:
Acquired intangible asset amortization expense		1.04			1.08			3.17			3.36
Business realignment charges		0.08			0.06			0.31			0.27
Integration costs to achieve		0.04			0.10			0.14			0.23
Gain on sale of building		—			—			(0.08	)		—
Gain on divestitures		—			—			(1.91	)		(0.20	)
Saegertown incident		0.06			—			0.06			—
Tax effect of adjustments¹		(0.28	)		(0.29	)		(0.61	)		(0.82	)
Discrete tax benefit²		(1.37	)		—			(1.37	)		—
Adjusted earnings per diluted share	$	6.94		$	6.51		$	19.68		$	18.66

¹This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
²Release of a tax valuation allowance.


BUSINESS SEGMENT INFORMATION

	Three Months Ended					Nine Months Ended
(Unaudited)	March 31,					March 31,
(Dollars in thousands)		2025		2024			2025			2024
Net sales
Diversified Industrial	$	3,388,759	$	3,665,643		$	10,097,723		$	10,798,644
Aerospace Systems		1,571,590		1,408,713			4,509,203			3,944,147
Total net sales	$	4,960,349	$	5,074,356		$	14,606,926		$	14,742,791
Segment operating income
Diversified Industrial	$	779,103	$	800,211		$	2,273,211		$	2,359,299
Aerospace Systems		372,908		289,339			1,034,078			778,711
Total segment operating income		1,152,011		1,089,550			3,307,289			3,138,010
Corporate general and administrative expenses		43,698		56,782			148,756			162,340
Income before interest expense and other expense (income), net		1,108,313		1,032,768			3,158,533			2,975,670
Interest expense		95,942		123,732			309,835			387,229
Other expense (income), net		17,557		(11,007	)		(187,159	)		(20,202	)
Income before income taxes	$	994,814	$	920,043		$	3,035,857		$	2,608,643


RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Diversified Industrial Segment sales	$	3,388,759		$	3,665,643		$	10,097,723		$	10,798,644

Diversified Industrial Segment operating income	$	779,103		$	800,211		$	2,273,211		$	2,359,299
Adjustments:
Acquired intangible asset amortization		61,600			66,409			189,434			201,669
Business realignment charges		10,249			6,953			38,492			32,877
Integration costs to achieve		2,072			1,292			3,477			3,302
Adjusted Diversified Industrial Segment operating income	$	853,024		$	874,865		$	2,504,614		$	2,597,147

Diversified Industrial Segment operating margin		23.0	%		21.8	%		22.5	%		21.8	%
Adjusted Diversified Industrial Segment operating margin		25.2	%		23.9	%		24.8	%		24.1	%


	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Aerospace Systems Segment sales	$	1,571,590		$	1,408,713		$	4,509,203		$	3,944,147

Aerospace Systems Segment operating income	$	372,908		$	289,339		$	1,034,078		$	778,711
Adjustments:
Acquired intangible asset amortization		74,364			74,807			224,777			237,094
Business realignment charges		35			(12	)		429			318
Integration costs to achieve		3,375			11,964			15,274			26,374
Adjusted Aerospace Systems Segment operating income	$	450,682		$	376,098		$	1,274,558		$	1,042,497

Aerospace Systems Segment operating margin		23.7	%		20.5	%		22.9	%		19.7	%
Adjusted Aerospace Systems Segment operating margin		28.7	%		26.7	%		28.3	%		26.4	%


	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Total net sales	$	4,960,349		$	5,074,356		$	14,606,926		$	14,742,791

Total segment operating income	$	1,152,011		$	1,089,550		$	3,307,289		$	3,138,010
Adjustments:
Acquired intangible asset amortization		135,964			141,216			414,211			438,763
Business realignment charges		10,284			6,941			38,921			33,195
Integration costs to achieve		5,447			13,256			18,751			29,676
Adjusted total segment operating income	$	1,303,706		$	1,250,963		$	3,779,172		$	3,639,644

Total segment operating margin		23.2	%		21.5	%		22.6	%		21.3	%
Adjusted total segment operating margin		26.3	%		24.7	%		25.9	%		24.7	%


CONSOLIDATED BALANCE SHEET

(Unaudited)	March 31,		June 30,
(Dollars in thousands)		2025		2024
Assets
Current assets:
Cash and cash equivalents	$	408,735	$	422,027
Trade accounts receivable, net		2,852,833		2,865,546
Non-trade and notes receivable		281,789		331,429
Inventories		2,822,547		2,786,800
Prepaid expenses		253,436		252,618
Other current assets		157,800		140,204
Total current assets		6,777,140		6,798,624
Property, plant and equipment, net		2,821,566		2,875,668
Deferred income taxes		271,431		92,704
Investments and other assets		1,215,201		1,207,232
Intangible assets, net		7,370,524		7,816,181
Goodwill		10,461,946		10,507,433
Total assets	$	28,917,808	$	29,297,842

Liabilities and equity
Current liabilities:
Notes payable and long-term debt payable within one year	$	1,951,543	$	3,403,065
Accounts payable, trade		1,980,967		1,991,639
Accrued payrolls and other compensation		473,725		581,251
Accrued domestic and foreign taxes		356,506		354,659
Other accrued liabilities		851,725		982,695
Total current liabilities		5,614,466		7,313,309
Long-term debt		7,421,370		7,157,034
Pensions and other postretirement benefits		389,891		437,490
Deferred income taxes		1,399,612		1,583,923
Other liabilities		692,644		725,193
Shareholders’ equity		13,390,974		12,071,972
Noncontrolling interests		8,851		8,921
Total liabilities and equity	$	28,917,808	$	29,297,842


CONSOLIDATED STATEMENT OF CASH FLOWS

	Nine Months Ended
(Unaudited)	March 31,
(Dollars in thousands)		2025			2024
Cash flows from operating activities:
Net income	$	2,608,363		$	2,059,863
Depreciation and amortization		677,665			696,463
Stock incentive plan compensation		129,766			128,682
Gain on sale of businesses		(253,043	)		(23,667	)
(Gain) loss on property, plant and equipment and intangible assets		(8,531	)		5,847
Net change in receivables, inventories and trade payables		(101,351	)		(244,268	)
Net change in other assets and liabilities		(514,937	)		(427,509	)
Other, net		(229,171	)		(48,334	)
Net cash provided by operating activities		2,308,761			2,147,077
Cash flows from investing activities:
Capital expenditures		(304,153	)		(283,328	)
Proceeds from property, plant and equipment		31,871			8,905
Proceeds from sale of businesses		622,697			75,561
Other, net		(5,745	)		4,561
Net cash provided by (used in) investing activities		344,670			(194,301	)
Cash flows from financing activities:
Net payments for common stock activity		(856,925	)		(237,689	)
Acquisition of noncontrolling interests		—			(2,883	)
Net payments for debt		(1,193,952	)		(1,193,373	)
Dividends paid		(630,168	)		(571,583	)
Net cash used in financing activities		(2,681,045	)		(2,005,528	)
Effect of exchange rate changes on cash		14,322			(16,946	)
Net decrease in cash and cash equivalents		(13,292	)		(69,698	)
Cash and cash equivalents at beginning of year		422,027			475,182
Cash and cash equivalents at end of period	$	408,735		$	405,484

RECONCILIATION OF FORECASTED ORGANIC GROWTH
(Unaudited)
(Amounts in percentages)	Fiscal Year 2025
Forecasted net sales	~ (1%)
Adjustments:
Currency	0.5%
Divestitures	1.5%
Adjusted forecasted net sales	~ 1%


RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN

(Unaudited)
(Amounts in percentages)	Fiscal Year 2025
Forecasted segment operating margin	~ 22.7%
Adjustments:
Business realignment charges	0.3%
Costs to achieve	0.1%
Acquisition-related intangible asset amortization expense	2.8%
Adjusted forecasted segment operating margin	~ 25.9%


RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE

(Unaudited)
(Amounts in dollars)	Fiscal Year 2025
Forecasted earnings per diluted share	$25.92 to $26.12
Adjustments:
Business realignment charges	0.47
Costs to achieve	0.17
Acquisition-related intangible asset amortization expense	4.22
Net gain on divestitures	(1.91)
Gain on sale of building	(0.08)
Saegertown incident	0.06
Tax effect of adjustments¹	(0.88)
Discrete tax benefit²	(1.37)
Adjusted forecasted earnings per diluted share	$26.60 to $26.80

¹This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

²Release of a tax valuation allowance.

Note: Totals may not foot due to rounding


SUPPLEMENTAL INFORMATION

BUSINESS SEGMENT INFORMATION
	Three Months Ended				Nine Months Ended
(Unaudited)	March 31,				March 31,
(Dollars in thousands)		2025		2024		2025		2024
Net sales
Diversified Industrial:
North America businesses	$	2,030,970	$	2,231,478	$	6,059,302	$	6,571,587
International businesses		1,357,789		1,434,165		4,038,421		4,227,057

Segment operating income
Diversified Industrial:
North America businesses	$	467,064	$	490,452	$	1,378,194	$	1,458,355
International businesses		312,039		309,759		895,017		900,944


RECONCILIATION OF ORGANIC GROWTH

(Unaudited)	Three Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment:
North America businesses	(9.0	)%	(0.8	)%	(4.7	)%	(3.5	)%
International businesses:
Europe	(8.6	)%	(1.7	)%	—	%	(6.9	)%
Asia Pacific	(0.8	)%	(3.0	)%	—	%	2.2	%
Latin America	(0.2	)%	(8.1	)%	—	%	7.9	%
International businesses	(5.3	)%	(2.5	)%	—	%	(2.8	)%

(Unaudited)	Nine Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment:
North America businesses	(7.8	)%	(0.6	)%	(2.7	)%	(4.5	)%
International businesses:
Europe	(8.1	)%	(0.4	)%	—	%	(7.7	)%
Asia Pacific	0.8	%	(1.9	)%	—	%	2.7	%
Latin America	(3.3	)%	(13.9	)%	—	%	10.6	%
International businesses	(4.5	)%	(1.8	)%	—	%	(2.7	)%


RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Diversified Industrial Segment:
North America businesses sales	$	2,030,970		$	2,231,478		$	6,059,302		$	6,571,587

North America businesses operating income	$	467,064		$	490,452		$	1,378,194		$	1,458,355
Adjustments:
Acquired intangible asset amortization		40,209			43,945			124,169			133,327
Business realignment charges		4,218			3,058			13,106			8,892
Integration costs to achieve		1,038			841			2,088			2,348
Adjusted North America businesses operating income	$	512,529		$	538,296		$	1,517,557		$	1,602,922

North America businesses operating margin		23.0	%		22.0	%		22.7	%		22.2	%
Adjusted North America businesses operating margin		25.2	%		24.1	%		25.0	%		24.4	%


	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Diversified Industrial Segment:
International businesses sales	$	1,357,789		$	1,434,165		$	4,038,421		$	4,227,057

International businesses operating income	$	312,039		$	309,759		$	895,017		$	900,944
Adjustments:
Acquired intangible asset amortization		21,391			22,464			65,265			68,342
Business realignment charges		6,031			3,895			25,386			23,985
Integration costs to achieve		1,034			451			1,389			954
Adjusted International businesses operating income	$	340,495		$	336,569		$	987,057		$	994,225

International businesses operating margin		23.0	%		21.6	%		22.2	%		21.3	%
Adjusted International businesses operating margin		25.1	%		23.5	%		24.4	%		23.5	%

The MIL Network –

May 2, 2025

MIL-OSI Asia-Pac: Ms. Sujata Chaturvedi Assumes Charge as Member, Union Public Service Commission

Source: Government of India

Posted On: 01 MAY 2025 3:06PM by PIB Delhi

Ms. Sujata Chaturvedi, Former Secretary, Department of Sports, Ministry of Youth Affairs and Sports took the Oath of Office and Secrecy as Member, Union Public Service Commission today. The Oath was administered by Lt. Gen. Raj Shukla (Retd.), seniormost Member of the Commission.

Ms. Sujata Chaturvedi did her Graduation in English and Post Graduation in History from Nagpur University. She also has an M.Phil in Public Administration and Diploma in the Russian Language.

Ms. Chaturvedi belongs to the 1989 batch of the Indian Administrative Service and was allotted Bihar Cadre. She has vast administrative experience of more than three decades in the cadre, as well as in the Government of India. In the State, she served as Principal Secretary, D/o Finance, Commercial Tax Commissioner, Secretary, D/o Finance, Vice Chairman, D/o Urban Development. At the Centre, she held the post of Secretary, Youth Affairs and Sports, Additional Secretary, DOPT and Regional Deputy Director General in Unique Identification Authority of India. Ms. Chaturvedi, during her tenure as the Secretary, Dept of Sports, contributed significantly to many initiatives for the overall development of sports in the country. To name a few, some of her initiatives are hosting the annual Khelo India Games, the FIDE Chess Olympiad, FIFA Under-17 Women’s World Cup, implementation of a National Sports Repository System, country-wide mapping of standard sports facilities and the enactment of the Anti-Doping bill to strengthen the nation’s fight against doping.

Ms. Chaturvedi hails from the state of Maharashtra. She is conversant

MIL OSI Asia Pacific News –

May 1, 2025
MIL-OSI: Flow Capital Announces 2024 Annual Financial Results
Source: GlobeNewswire (MIL-OSI)

TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV:FW), a leading provider of flexible growth capital and alternative debt solutions, announces its unaudited financial and operating results for the for the three-months (Q4 2024) and year ended December 31, 2024.

Q4 2024 Performance Highlights
- 44% increase in Loan Interest Revenue to $2.7 million.
- 61% increase in Recurring Free Cash Flow to $545,591
- $0.018 in Recurring Free Cash Flow per share
Full Year 2024 Performance Highlights
- 31% increase in Loan Interest Revenue to $9.3 million.
- 88% increase in Recurring Free Cash Flow to $1.9 million.
- $0.061 in Recurring Free Cash Flow per share
- 13% increase in Total Assets to $72.0 million.
- A record $28.5 million in new capital deployment during the year.
- Book Value per share up from $1.19 to $1.20.
“This was another strong quarter, capping off a record year for Flow Capital. Q4 2024 represented the 6^th consecutive quarter of sequential quarter-to-quarter Loan Interest Revenue growth. More importantly, we are growing our revenue while consistently generating positive free cash flow. 2024 represents the 5^th straight year where we have generated positive recurring cash flow, generating a record $1.9 million during the year. We feel that our results are indicative of the growth and profitability our business model can support,” said Alex Baluta, CEO of Flow Capital.

Detailed Financial Results are available on our website at www.flowcap.com/investor-relations/2024 or on www.sedar.com.

Results of Operations

(1)Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as loan interest revenue less loan amortization income, one-time payments, salaries, professional fees, office and general administrative expenses, and financing expenses. See the section “Use of Non-IFRS Financial Measures”.

(2)Calculated by taking Total Shareholders’ Equity as reported on the Statements of Financial Position over the number of outstanding shares at period end. See the section “Use of Non-IFRS Financial Measures”.

Conference Call Details

Flow Capital will host a conference call to discuss these results at 9:00 a.m. Eastern Time, on Wednesday, May 2, 2025. Participants should call +1 800-717-1738 or +1 289-514-5100 and ask an operator for the Flow Capital Earnings Call, Conference ID 90558. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial +1 888-660-6264 or +1 289-819-1325 and enter passcode 90558#. The replay recording will be available until 11:59 p.m. ET, May 14, 2025.

An audio recording of the conference call will be also available on the investors’ page of Flow Capital’s website at www.flowcap.com/investor-relations/2024

About Flow Capital

Flow Capital Corp. is a publicly listed provider of flexible growth capital and alternative debt solutions dedicated to supporting high-growth companies. Since its inception in 2018, the company has provided financing to businesses in the US, the UK, and Canada, helping them achieve accelerated growth without the dilutive impact of equity financing or the complexities of traditional bank loans. Flow Capital focuses on revenue-generating, VC-backed, and founder-owned companies seeking $2 to $10 million in capital to drive their continued expansion.

Learn more at www.flowcap.com

For further information, please contact:

Flow Capital Corp.

Alex Baluta
‎Chief Executive Officer
‎alex@flowcap.com
47 Colborne St, Suite 303,
Toronto, Ontario M5E 1P8

Non-IFRS Financial Measures

This press release includes references to the non-IFRS financial measure “Recurring Free Cash Flow.” This financial measure is employed by the Company to measure its operating and economic performance, to assist in business decision-making, and to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the company’s operating and financial performance. This financial measure is not defined under IFRS, nor does it replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Reconciliations of non-IFRS measures to the nearest IFRS measure can be found in this press release under “Reconciliation of Non-IFRS Measures.”

Reconciliation of Non-IFRS Measures

The table below reconciles Recurring Free Cash Flow for the periods indicated.

Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as loan interest and royalty income less loan amortization income, one-time payments, salaries, professional fees, office and general administrative expenses, and financing expenses.

Forward-Looking Information and Statements

Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

The MIL Network –
May 1, 2025

Category: Taxation

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Union Minister of State for Finance Shri Pankaj Chaudhary presides over the 69th Foundation Day of Directorate of Enforcement (ED), in New Delhi, today

Contribution of Directorate of Enforcement will be extremely important in an economically secure India: MoS Finance Shri Pankaj Chaudhary