Taxation – Page 121 – NewzIntel.com

MIL-OSI Security: California Man Pleads Guilty to Operating an Illegal Gambling Business, Tax Evasion, and Money Laundering

Source: United States Attorneys General 13

A California man pleaded guilty today to operating an illegal gambling business, tax evasion, and money laundering.

According to court documents and statements made in court, Christopher Scott King, of Santa Monica, California, operated an illegal bookmaking business. Working out of Los Angeles County, King used a sports betting website based in Costa Rica to facilitate bettors wagering on sporting events in violation of both California state and federal law.

King also evaded his taxes. Between 2019 and 2022, King concealed $13,586,493 of income from the IRS by, among other things, not reporting all of his income on his tax returns. On his 2022 income tax return, for example, King reported $143,258 in taxable income, but, in reality, he earned more than $5 million in income that year.

King laundered his money by channeling it through real estate development projects and gold. King also used money he received from his illegal gambling business to fund his brokerage and financial accounts. As part of his plea agreement, King has agreed to pay $10 million in a personal money judgment of forfeiture at the time of sentencing.

In total, King caused a tax loss to the IRS of $3,804,218.

King is scheduled to be sentenced on Sept. 9 and faces a maximum penalty of five years in prison for each count of tax evasion, operating an illegal gambling operation, and accepting a financial instrument for unlawful internet gambling, and 10 years in prison for money laundering. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Bilal A. Essayli for the Central District of California made the announcement.

IRS Criminal Investigation’s International Tax and Financial Crimes group and Homeland Security Investigations are investigating the case.

Trial Attorneys John C. Gerardi and Charles A. O’Reilly of the Tax Division are prosecuting the case.

MIL Security OSI –

April 30, 2025

MIL-OSI Security: Arizona Man Sentenced to Prison for COVID-19 and Tax Fraud

Source: United States Attorneys General 13

Defendant Used Another’s Identity to File More Than $7 Million in False Refund Claims with the IRS.

An Arizona man was sentenced to 4 years in prison for filing false tax returns and loan applications to obtain COVID-19 disaster relief.

According to court documents and evidence presented in court, to create the appearance that he was operating several businesses, Roy Layne of St. David, Arizona filed paperwork with the IRS, applied for a business license from the City of Tuscon, opened business bank accounts, and filed false employment-related tax returns. In April 2020, he filed an application with the U.S. Small Business Administration, that claimed he operated a “wholesale” business with 17 employees that had revenue of more than half a million dollars a year. In 2021, he submitted a false application for a Paycheck Protection Act Loan, claiming that same “wholesale” business had 31 employees, and $1.2 million in revenue. Layne ultimately received $306,700 in COVID-19 related loans to which he was not entitled.

In addition, Layne used the personal identifying information and identity of another person to file false claims for refunds with the IRS. In total, Layne claimed over $7.4 million in false refunds, of which the IRS paid $590,000.

In addition to the term of imprisonment, U.S. District Judge John C. Hinderaker ordered Layne to serve three years of supervised release and to pay $856,692.91 in restitution to the United States.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Interim U.S. Attorney Timothy Courchaine of the District of Arizona made the announcement.

IRS Criminal Investigation and the Federal Bureau of Investigation are conducting the investigation.

Trial Attorney Matthew R. Hoffman of the Tax Division and Assistant U.S. Attorney Mary Sue Feldmeier of the District of Arizona are prosecuting the case.

MIL Security OSI –

April 30, 2025

MIL-OSI Security: Former Monmouth County Resident Sentenced to 16 Years in Prison for Role in Fraudulently Obtaining Over $3.7 Million in Cares Act Loans

Source: Office of United States Attorneys

NEWARK, N.J. – A former resident of Monmouth County was sentenced to prison for his role in a scheme to fraudulently obtain Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, U.S. Attorney Alina Habba announced.

Kevin Aguilar, age 54, previously of Farmingdale, New Jersey, was sentenced by U.S. District Judge Michael A. Shipp in Trenton federal court following Aguilar’s guilty plea to one count of conspiracy to commit bank fraud; seven counts of bank fraud; one count of conspiracy to commit wire fraud; three counts of wire fraud; one count of conspiracy to commit money laundering; one count of money laundering; and one count of aggravated identity theft. Aguilar was sentenced to 192 months in prison.

According to documents filed in this case and statements made in court:

From April 2020 to April 2021, Aguilar conspired with others to submit seven fraudulent PPP loan applications and three fraudulent EIDL applications on behalf of four businesses. Based on the fraudulent applications, Aguilar received a total of approximately $3.3 million in PPP loan funds and approximately $450,000 in EIDL funds. After receiving the PPP and EIDL funds, Aguilar caused those funds to be transferred to other businesses that he created to give the false appearance that the PPP and EIDL funds were being used for legitimate purposes. Aguilar then used the PPP and EIDL funds to purchase residential properties in Sherman, Texas, a new truck for approximately $100,000, and to pay for other personal expenses.

In addition to the 192-month prison term, Judge Shipp sentenced Aguilar to 5 years of supervised release and ordered him to pay $3,772,567 in restitution, as well as a forfeiture money judgment of $3,772,567. Judge Shipp also ordered the forfeiture of approximately $1,511,221.62 that law enforcement seized from twelve bank accounts, as well as the three real properties in Sherman, Texas.

U.S. Attorney Habba credited special agents of the Federal Deposit Insurance Corporation – Office of Inspector General, under the direction of Special Agent in Charge Patricia Tarasca in New York; IRS – Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan; special agents of the Social Security Administration, Office of the Inspector General, under the direction of Acting Special Agent in Charge Amy Connelly; postal inspectors of the U.S. Postal Inspection Service, under the direction of Inspector in Charge Christopher A. Nielsen; special agents of the Federal Housing Finance Agency, Office of Inspector General, under the direction of Special Agent in Charge Robert Manchak; and special agents of the U.S. Attorney’s Office for the District of New Jersey, under the direction of Special Agent in Charge Thomas Mahoney.

The government is represented by Assistant U.S. Attorney David V. Simunovich of the U.S. Attorney’s Office’s Health Care Fraud Unit, Assistant U.S. Attorney Jennifer S. Kozar, of the U.S. Attorney’s Office’s Economic Crimes United in Newark, and Assistant U.S. Attorney Peter Laserna of the U.S. Attorney’s Office’s Bank Integrity, Money Laundering, and Recovery Unit.

The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of the five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

###

Defense counsel: Alyssa Cimino, Esq., Fairfield, New Jersey; Robert Brady, Esq., Newton, New Jersey

MIL Security OSI –

April 30, 2025

MIL-OSI USA: How CBO and Joint Committee Staff Prepare Dynamic Analyses

Source: US Congressional Budget Office

This letter explains how CBO and staff of the Joint Committee on Taxation develop estimates of the budgetary and economic effects of legislation. The letter answers questions about what is included in different types of estimates, how debt is accounted for, how the two agencies reconcile differences, how effects are incorporated into CBO’s baseline projections, and how CBO models changes in energy production.

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: FY 2026 Budget Investments in Child Care

Source: US State of New York

arlier today, Governor Kathy Hochul visited the Capital District YMCA BOCES Preschool to highlight the FY 2026 Budget investments in child care. The Budget delivers a sweeping increase to the Child Tax Credit by giving eligible families a $1,000 credit for kids younger than 4 years old and a $500 credit for kids ages 4-16, effectively doubling the credit for the average family. It also expands access to child care by investing $2.2 billion statewide, including a $350 million investment to save child care subsidies for tens of thousands of New York City families.

B-ROLL: B-roll of the Governor meeting with students is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

VIDEO: The Governor’s remarks are available to stream on YouTube here and TV quality video is available here (h.264, mp4).

AUDIO: The Governor’s remarks are available in audio form here.

PHOTOS: The Governor’s Flickr page will post photos of the event here.

A rush transcript of the Governor’s remarks is available below:

Hello, everyone. I wanted to make my first post-Budget stop right here at this amazing center run by the YMCA and part of the BOCES program. Right next door, we have young people learning how to be child care providers and learning early childhood education, and in this room are the kids.

I’m here because this Budget was all about my fight for your family. I said it back in January that this Budget will not be completed until I can provide relief for struggling families to get a few extra hundred dollars in their pockets to pay those next bills.

But also making sure that we cover the cost of school lunches and breakfasts, and making sure that we can ensure that when they get older, that there will be free college education for those going into high-demand careers.

So we’ve been working hard. We worked really hard. And I want to thank all my partners in government because all I can say is, we got it done.

MIL OSI USA News –

April 30, 2025

MIL-OSI Security: Leader Of Drug Trafficking Organization Sentenced To Life In Prison

Source: Office of United States Attorneys

MUSKOGEE, OKLAHOMA – The United States Attorney’s Office for the Eastern District of Oklahoma announced that Heath Lloyd Taylor, age 46, of LeFlore County, Oklahoma, was sentenced to life in prison for Drug Conspiracy.

Taylor’s co-defendants were sentenced at hearings held between October 16, 2024, and April 25, 2025. Seven members of the drug trafficking organization were sentenced for Drug Conspiracy:

Aaron Guy Key, age 47, of Poteau, Oklahoma (240 months);
Travis Austin Powers, age 38, of Anderson, South Carolina (168 months);
Mallory Nicole Laird, age 37, of Poteau, Oklahoma (130 months);
Terri Angela Stroud, age 53, of Spiro, Oklahoma (70 months);
Kandi Anne Hankins, age 43, of Idabel, Oklahoma (57 months);
Tracie Ann Sells, age 55, of Sallisaw, Oklahoma (41 months); and
Jeremy Paul Newman, age 47, of Poteau, Oklahoma (24 months).

Five additional members of the drug trafficking organization were sentenced for Possession with Intent to Distribute Controlled Substances:

Taylor Dain Parnell Caldwell, age 35, of Poteau, Oklahoma (151 months);
Cody Wade Reece, age 34, of Poteau, Oklahoma (151 months);
Heather Leigh Brown, age 35, of McAlester, Oklahoma (87 months);
Whitney Marie Granite, age 37, of Spiro, Oklahoma (58 months); and
Randi Shawn Gann, age 35, of Heavener, Oklahoma (57 months).

According to investigators, between August 2022 and November 2023, Heath Lloyd Taylor, who was serving time in the Oklahoma State Penitentiary, led a drug trafficking organization operating in the Eastern District of Oklahoma. As part of that conspiracy, non-incarcerated members obtained, stored, and distributed over 25 kilograms of methamphetamine and approximately 465 grams of fentanyl from a base of stash houses. The stash houses also served as a base of operations where the defendants funneled drug proceeds, stored drug trafficking assets, and obtained and stored firearms.

This joint investigation was led by the Drug Enforcement Administration, working in cooperation with the Oklahoma Bureau of Narcotics and Dangerous Drugs, the Oklahoma Department of Corrections Office of the Inspector General, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and IRS Criminal Investigation.

Additionally, several law enforcement agencies contributed at various stages of the investigation, including the Bureau of Indian Affairs, the District 16 Drug and Violent Crime Task Force, the District 18 Drug and Violent Crime Taskforce, the Poteau Police Department, the Spiro Police Department, the Choctaw Nation Lighthorse Police, the Seminole Police Department, the Pittsburg County Sheriff’s Office, the LeFlore County Sheriff’s Office, the Sequoyah County Sheriff’s Office, and the United States Marshals Service.

“There should never be any doubt that there are countless victims of drug trafficking, and the violence associated with it,” said DEA Dallas Special Agent in Charge Eduardo A. Chavez, who oversees DEA operations in Oklahoma. “Defendant Taylor and his associates took advantage of individuals and showed no concern for those who stood in their path of destruction. Sentences of this nature are a win for our victims and a warning to drug traffickers.”

“Drug trafficking and the illegal activity associated with it continues to threaten the safety of the general public throughout our communities. Life in a federal prison should serve as a reminder to those who think they fly under the radar that they are and will continue to be our target. ATF remains committed to working with our law enforcement partners to keep illegal substances out of our communities and investigating those responsible,” said ATF Special Agent in Charge Bennie Mims.

“This was an outstanding joint investigation with our state and federal partners to dismantle and prosecute a complex criminal organization,” said OBN Director Donnie Anderson. “We want this to send a strong message that we will aggressively pursue those who think they can safely run their criminal network while behind bars.”

“The sentencings announced today conclude a months-long investigation and prosecution of a nefarious group that distributed large quantities of dangerous narcotics in and around the Poteau area,” said United States Attorney Christopher J. Wilson. “Thanks to the cooperative work of federal, state, tribal, and local law enforcement, Taylor and his co-defendants are off the streets and their drug operation has ended.”

The Honorable Ronald A. White, Chief U.S. District Judge in the United States District Court for the Eastern District of Oklahoma, and the Honorable Raúl M. Arias-Marxuach, U.S. District Judge in the United States District Court for the District of Puerto Rico, sitting by designation, presided over the hearings. Defendants are in the custody of the U.S. Marshals Service pending transportation to a designated United States Bureau of Prisons facility to serve a non-paroleable sentence of incarceration.

Assistant U.S. Attorneys Erin Cornell and Jordan Howanitz represented the United States.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

MIL Security OSI –

April 30, 2025

MIL-OSI Security: Three Charged in Conspiracy to Steal and Sell Catalytic Converters

Source: Office of United States Attorneys

PROVIDENCE – Three Rhode Island men have been charged in federal court in Providence for their alleged roles in a conspiracy to steal and sell hundreds of thousands of dollars’ worth of catalytic converters, announced Acting United States Attorney Sara Miron Bloom.

Kuron Mitchell, 25, of Newport, Alberto Rivera, 25, of Cranston, and Luis Aceituno, 27, of Providence, are each charged by way of a federal criminal complaint with interstate transportation of stolen property in excess of $5,000 and conspiracy to commit the same. Additionally, Aceituno is charged with filing false tax returns.

According to charging documents, in January 2022, the Cranston Police Department began tracking patterns surrounding the thefts of catalytic converters. A criminal group was later identified as allegedly being responsible for more than 7,000 stolen catalytic converters in Southern New England and in the greater Boston area, valued at more than $2.4 million. It is alleged that many of the stolen catalytic converters were sold to a Providence company (identified in court documents as Company 1) that recycles catalytic converters. Depending on the model and type of precious metal component, the average scrap price for catalytic converters ranged from $300 to $1,500.

Charging documents reflect that from at least January 2021 until November 2022, Rivera, Aceituno, Mitchell, and others canvassed neighborhoods and parking lots in search of unoccupied vehicles from which they could steal catalytic converters. Working in groups, they allegedly targeted vehicles in Rhode Island and Massachusetts, cut off the catalytic converters, and sold many of them to Company 1.

An FBI analysis of Company 1’s databases seized during a court-authorized search of the business in February 2023, and a review of a database maintained by Rhode Island Attorney General Bureau of Criminal Identification, revealed that from 2021 to 2022, Rivera allegedly sold 19 catalytic converters and received $7,100; and Aceituno allegedly sold 2128 catalytic converters to Company 1 and received $699,735.

In addition to his alleged participation in the conspiracy to steal and sell catalytic converters, it is further alleged that Luis Aceituno failed to disclose to the IRS income derived from the sale of catalytic converters in tax years 2021 and 2022. It is alleged that for tax years 2021 and 2022, Aceituno failed to report a total of $699,735 in income and failed to pay a total of $199,908 due to the IRS.

Luis Aceituno appeared in U.S. District Court on Monday and was released on unsecured bond; Kuron Mitchell appeared in U.S. District on April 25, 2024, and was ordered released to home detention with GPS monitoring; Alberto Rivera is currently detained on charges unrelated to this matter.

A federal criminal complaint is merely an accusation. A defendant is presumed innocent unless and until proven guilty.

The case is being prosecuted by Assistant United States Attorneys Paul F. Daly, Jr., and Julie M. White.

The matter was investigated by the FBI, Cranston Police Department, Providence Police Department, IRS-Criminal Investigations, United States Marshal Service, National Insurance Crime Bureau, Newport Police Department, Fitchburg State University Police, Watertown Police Department, Canton Police Department, Attleboro Police Department, Fall River Police Department, and Department of Veterans Affairs- Office of Inspector General-Criminal Investigations Division.

###

MIL Security OSI –

April 30, 2025

MIL-OSI: 2025 first-quarter results

Source: GlobeNewswire (MIL-OSI)

Paris (France), April 29, 2025

A SOLID START TO THE YEAR, WITH SUCCESSFUL REFINANCING
AND VESSEL CAPACITY AGREEMENT TERMINATED

		Q1¹
*Revenue*²		*$301M (+10%)*
*Adjusted EBITDA*²		*$143M (+35%)*
*Net Cash Flow*		*$(20)M (vs $30M)* Including a $42M interest payment in March 2025 (historically paid in Q2)

Sophie Zurquiyah, Chief Executive Officer of Viridien:

“The first quarter of 2025 was marked by two significant milestones for the Group: the termination of the vessel capacity agreement, completing our transition toward an asset-light model, and the successful refinancing of our bonds. The end of the vessel capacity agreement opens a new chapter of enhanced flexibility in our cost base and stronger cash generation, while our bond refinancing reflects the financial market’s confidence in the execution of our strategy and our long-term potential.

In parallel, our financial results for the first quarter of 2025 confirm the robust performance of our business, with commercial wins, solid profitability, and cash generation fully aligned with our long-term ambitions.

Assuming moderate fluctuations in the oil market, we expect to achieve our target of approximately $100M in Net Cash Flow generation for the year and to continue our deleveraging journey.”

Q1 2025 Highlights²

Group
- IFRS Revenue, EBITDA and Net Income of respectively $258 million, $99 million, $(28) million
- Group revenue increased thanks to sustained momentum in Geoscience and successful Earth Data sales. Sensing & Monitoring comparison base returned to a more normalized level

Group Adjusted EBITDA of $143 million, up 35%, benefited from (i) revenue growth at Geoscience, (ii) revenue growth and the end of vessel commitment penalty fees at Earth Data, and (iii) cost reductions at Sensing & Monitoring
Cash flow of $22 million before the $42 million bond interest payment in Q1 (historically paid in Q2). Net Cash Flow of $(20) million after interest payment and negative working capital impact
Final milestones of our financial roadmap achieved: successful refinancing of our April 2027 $447 million and €578 million notes, replaced with $450 million 10% and €475 million 8.5% senior secured notes due October 2030
Net debt at $974 million and liquidity at $257 million

Digital, Data and Energy Transition (DDE)
- Revenue at $214 million, up 16% with growth both at Geoscience (+25%) and Earth Data (+7%)
- Adjusted EBITDA at $137 million, up 32%
  - Geoscience:
    - Revenue at $110 million (+25%)
    - Solid performance driven by continued adoption of our most advanced Elastic FWI technologies worldwide
    - North America outperforming and sustained interest of MENA clients for high-quality imaging
    - Low Carbon: minerals study in Saudi Arabia and new win for carbon sequestration in the North Sea
    - HPC & Digital: new HPC customers in Materials Science and Image Rendering operating on our platform
  - Earth Data:
    - Revenue at $104 million (+7%)
    - Cash EBITDA at $39 million (+12%)
    - Early results show game-changing imaging at Laconia and environmental permit received for a program in Brazil. Active on multiple reprocessing projects worldwide
    - Low Carbon: CCUS screening package projects funded by industrial emitters in Europe
Sensing and Monitoring (SMO)
- Revenue at $87 million, nearly stable (-2%), with a return to a more normalized comparison base
- Adjusted EBITDA at $14 million (+37%), driven by cost reduction impact on profitability
  - Sustained activities in Land with strong momentum on nodal systems
  - New Businesses: new infrastructure monitoring contracts signed in North America; pursuing several geotechnical monitoring opportunities in rail and mining sectors worldwide; awarded a new project for our Marlin Ports & Logistics solution in Asia
Full-Year 2025 financial outlook
- In 2025, assuming a stable E&P Capex environment, performance is expected to be driven by:
  - Geoscience: growth supported by industry-leading technology and strong backlog

Earth Data: stronger Cash EBITDA KPI following the end of vessel commitment penalty fees
- Sensing & Monitoring: further savings expected from the restructuring plan
- New Businesses: growth and first- year positive contribution to Group profitability

Financial objective:
- Net Cash Flow of approximately $100 million, assuming moderate oil market fluctuations

Following the successful refinancing completed in Q1, Viridien will continue focusing on cash flow generation and deleveraging

Q1 2025 Conference call
- The press release and presentation will be available on our website www.viridiengroup.com at 5:45 p.m. (CET)
- An English-language analysts’ conference call is scheduled today at 6:00 p.m. (CET)
- Participants should register for the call here to receive a dial-in number and access code, or participate via the live webcast here
- A replay of the conference call will be available the following day for a period of 12 months in audio format on the Company’s website

The Board of Directors met on April 29, 2025, and closed the consolidated financial statements as of
March 31, 2025. Please note that the figures and information published in this press release have not been audited nor have they been subject to any limited review by Viridien’s statutory auditors.

About Viridien:

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Investors contact:

VP Investor Relations and Corporate Finance
Alexandre Leroy
alexandre.leroy@viridiengroup.com
+33 6 85 18 44 31

Q1 2025 – Financial Results

Key Segment P&L figures ⁽¹⁾ (in millions of $)	2024	2025	*Var.* %
Key Segment P&L figures ⁽¹⁾ (in millions of $)	Q1	Q1	*Var.* %
Exchange rate euro/dollar	1.09	1.04	(5%)
Segment revenue	273	301	*10%*
DDE	185	214	16%
Geoscience	88	110	25%
Earth Data	97	104	7%
SMO	89	87	(2%)
Land	45	51	14%
Marine	34	25	(26%)
Beyond the core	11	11	4%
Segment EBITDAs	105	142	*36%*
Adjusted ⁽²⁾Segment EBITDAS	106	143	*35%*
DDE	104	137	32%
SMO	10	14	37%
Corporate and other	(8)	(8)	-1%
Segment operating income	28	65	*136%*
Adjusted ⁽²⁾Segment operating income	29	66	*130%*
DDE	35	66	87%
SMO	2	8	303%
Corporate and other	(9)	(9)	-1%
1) Unaudited figures 2) Adjusted for non-recurring charges and gains

Other KPI ⁽¹⁾ (in millions of $)	2024	2025	*Var.* %
Other KPI ⁽¹⁾ (in millions of $)	Q1	Q1	*Var.* %
Geoscience Backlog	227	329	*45%*
Total Capex	58	61	5%
EDA Library net book value ⁽²⁾	471	489	4%
Liquidity	440	257	*-42%*
o.w. undrawn RCF	90	110 ⁽³⁾	22%
Gross debt ⁽²⁾	1 316	1 120	*-15%*
o.w. accrued interests	43	2	-96%
o.w. lease liabilities	108	124	15%
Net debt ⁽²⁾	966	974	1%
1) Unaudited figures 2) Post IFRS15 and 16 3) $125M RCF fully undrawn, o/w. $15M ancillary guarantee facility

Consolidated IFRS Income Statements ⁽¹⁾ (in millions of $)	2024	2025	*Var.* %
	Q1	Q1	*Var.* %
Exchange rate euro/dollar	1.09	1.04	(5%)
Revenue	249	258	4%
EBITDA	80	99	*24%*
Operating Income	20	56	*185%*
Equity from Investment	(0)	(0)	2%
Net cost of financial debt	(24)	(26)	6%
Other financial income (loss)	0	(46)	–
Income taxes	2	(13)	–
Net Income / Loss from continuing operations	(3)	(29)	–
Net Income / Loss from discontinued operations	0	1	–
Net Income / (Loss)	(3)	(28)	–
Shareholder’s net income / (loss)	(3)	(28)	–
Basic Earnings per share in $	(0.42)	(3.88)	–
Basic Earnings per share in €	(0.38)	(3.74)	–

1) Unaudited figures

Cash Flow items ⁽¹⁾ (in millions of $)	2024	2025	*Var.* %
Cash Flow items ⁽¹⁾ (in millions of $)	Q1	Q1	*Var.* %
Segment EBITDA	105	142	*36%*
Income Tax Paid	(3)	(4)	(26%)
Change in Working Capital & Provisions	(0)	(47)	–
Other Cash Items	(1)	(1)	13%
Cash provided by Operating Activity	102	91	*(9%)*
Total Capex	(58)	(61)	(5%)
Acquisitions and Proceeds of Assets	0	(1)	–
Cash from Investing Activity	(58)	(62)	*(7%)*
Paid Cost of Debt	2	(39)	–
Lease Repayment	(12)	(10)	17%
Cash from Financing Activity	(10)	(49)	–
Discontinued Operations Acquisitions	(3)	(0)	89%
Net Cash Flow	30	(20)	–
Financing cash flow	(3)	(129)	–
Forex and other	(4)	(6)	–
Net increase/(decrease) in cash	23	(155)	–

1) Unaudited figures

CONSOLIDATED FINANCIAL STATEMENTS – March 31, 2025

Unaudited Interim Consolidated statement of operations

		Three months ended March 31,
(In millions of US$, except per share data)	Notes	2025	2024
Operating revenues		257.5	248.6
Other income from ordinary activities		0.1	0.1
Total income from ordinary activities		257.6	248.7
Cost of operations		(171.0)	(192.8)
Gross profit		86.6	55.9
Research and development expenses – net		(4.0)	(4.9)
Marketing and selling expenses		(7.7)	(8.8)
General and administrative expenses		(18.1)	(21.3)
Other revenues (expenses) – net	5	(0.3)	(1.1)
Operating income (loss)		56.4	19.8
Cost of financial debt – gross		(27.4)	(27.4)
Income provided by cash and cash equivalents		1.6	3.1
Cost of financial debt, net		(25.8)	(24.3)
Other financial income (loss)	6	(46.2)	(0.0)
Income (loss) before incomes taxes and share of income (loss) from companies accounted for under the equity method		(15.5)	(4.5)
Income taxes		(12.9)	2.1
Net income (loss) before share of income (loss) from companies accounted for under the equity method		(28.4)	(2.4)
Net income (loss) from companies accounted for under the equity method		(0.2)	(0.2)
Net income (loss) from continuing operations		(28.6)	(2.6)
Net income (loss) from discontinued operations		0.7	0.0
Consolidated net income (loss)		(28.0)	(2.6)
Attributable to:
Owners of Viridien S.A.	$	(27.8)	(3.0)
Non-controlling interests	$	(0.2)	0.4
Net income (loss) per share
Basic (a)	$	(3.88)	(0.42)
Diluted (a)	$	(3.88)	(0.42)
Net income (loss) from continuing operations per share
Basic (a)	$	(3.97)	(0.42)
Diluted (a)	$	(3.97)	(0.42)
Net income (loss) from discontinued operations per share ^(a)
Basic (a)	$	0.09	(0.00)
Diluted (a)	$	0.09	(0.00)

(a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per share for 2023 has been adjusted retrospectively. The number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

See the notes to the Unaudited Interim Consolidated Financial Statements

Unaudited Interim Consolidated statement of comprehensive income (loss)

		Three months ended March 31,
(In millions of US$)	Notes	2025 ^(a)	2024 ^(a)
Net income (loss) from statements of operations		(28.0)	(2.6)
Net gain (loss) on cash flow hedges		(0.3)	0.3
Variation in translation adjustments		9.9	(5.8)
Net other comprehensive income (loss) to be reclassified in profit (loss) in subsequent period (1)		9.6	(5.5)
Net gain (loss) on actuarial changes on pension plan		(0.5)	0.0
Net other comprehensive income (loss) not to be reclassified in profit (loss) in subsequent period (2)		(0.5)	0.0
Total other comprehensive income (loss) for the period, net of taxes (1) + (2)		9.1	(5.5)
Total comprehensive income (loss) for the period		(18.9)	(8.1)
Attributable to:
Owners of Viridien S.A.		(18.8)	(8.4)
Non-controlling interests		(0.1)	0.3

(a) Including other comprehensive income related to discontinued operations which is not material

Unaudited Interim Consolidated statement of financial position

(In millions of US$)	Notes	March 31, 2025	December 31, 2024
ASSETS
Cash and cash equivalents		146.6	301,7
Trade accounts and notes receivable, net		343.7	339,9
Inventories and work-in-progress, net		162.4	163,3
Income tax assets		13.5	22,9
Other current assets, net		78.1	74,0
Assets held for sale, net		26.4	24,5
Total current assets		770.7	926,2
Deferred tax assets		39.5	43,6
Other non-current assets, net		8.6	8,9
Investments and other financial assets, net		24.2	25,7
Investments in companies under the equity method		5.9	1,1
Property, plant and equipment, net		212.1	220,6
Intangible assets, net		569.3	535,4
Goodwill, net		1,086.4	1,082,8
Total non-current assets		1,946.0	1,918,1
TOTAL ASSETS		2,716.7	2,844,3
LIABILITIES AND EQUITY
Financial debt – current portion	3	43.8	56,9
Trade accounts and notes payables		101.3	120,9
Accrued payroll costs		92.4	84,5
Income taxes payable		17.8	20,4
Advance billings to customers		18.1	19,2
Provisions — current portion		18.8	19,7
Other current financial liabilities		0.0	0,5
Other current liabilities		207.7	182,5
Liabilities associated with non-current assets held for sale		2.2	2,4
Total current liabilities		502.1	507,0
Deferred tax liabilities		18.4	18,4
Provisions — non-current portion		30.9	28,8
Financial debt – non-current portion	3	1,076.4	1,165,6
Other non-current financial liabilities		0.0	0,0
Other non-current liabilities		1.8	1,7
Total non-current liabilities		1,127.5	1,214,5
Common stock: 11,214,681 shares authorized and 7,161,465 shares with a €1.00 nominal value outstanding at March 31, 2025		8.7	8,7
Additional paid-in capital		118.7	118,7
Retained earnings		1,009.0	1,036,5
Other Reserves		37.5	55,2
Treasury shares		(20.1)	(20,1)
Cumulative income and expense recognized directly in equity		(1.4)	(1,1)
Cumulative translation adjustment		(103.3)	(113,3)
Equity attributable to owners of Viridien S.A.		1,049.2	1,084,7
Non-controlling interests		38.0	38,1
Total equity		1,087.2	1,122,8
TOTAL LIABILITIES AND EQUITY		2,716.7	2,844,3

See the notes to the Unaudited Interim Consolidated Financial Statements

Unaudited Interim Consolidated statement of cash flows

		Three months ended March 31,
(In millions of US$)	Notes	2025	2024
OPERATING ACTIVITIES
Consolidated net income (loss)		(28.0)	(2.6)
Less: Net income (loss) from discontinued operations		(0.7)	(0.0)
Net income (loss) from continuing operations		(28.6)	(2.6)
Depreciation, amortization and impairment		21.2	24.2
Impairment and amortization of Earth Data Surveys		24.3	39.0
Depreciation and amortization of Earth Data surveys, capitalized		(4.2)	(3.8)
Variance on provisions		(0.7)	0.3
Share-based compensation expenses		1.1	0.9
Net (gain) loss on disposal of fixed and financial assets		0.1	–
Share of (income) loss in companies recognized under equity method		0.2	0.2
Other non-cash items		30.9	1.2
Net cash-flow including net cost of financial debt and income tax		44.3	59.4
Less: Cost of financial debt		25.8	24.3
Less: Income tax expense (gain)		12.9	(2.1)
Net cash-flow excluding net cost of financial debt and income tax		83.0	81.6
Income tax paid		(4.1)	(3.2)
Net cash-flow before changes in working capital		78.9	78.4
Changes in working capital		11.6	22.3
– change in trade accounts and notes receivable		24.9	33.6
– change in inventories and work-in-progress		6.3	0.2
– change in other current assets		(0.2)	(2.1)
– change in trade accounts and notes payable		(19.8)	15.4
– change in other current liabilities		0.0	(24.8)
Net cash-flow from operating activities		90.5	100.7

INVESTING ACTIVITIES
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers		(61.2)	(58.2)
Proceeds from disposals of tangible and intangible assets		0.0	0.5
Dividends received from investments in companies under the equity method		–	0.2
Total net proceeds from financial assets		–	–
Variation in other non-current financial assets		2.3	(3.3)
Net cash-flow from investing activities		(58.9)	(60.8)

		Three months ended March 31,
(In millions of US$)	Notes	2025	2024
FINANCING ACTIVITIES
Repayment of long-term debt		(1,074.2)	(0.2)
Total issuance of long-term debt		964.2	–
Call premium		(21.9)	–
Refinancing transaction costs paid		(11.7)	–
Lease repayments		(9.8)	(11.8)
Financial expenses paid		(38.8)	2.0
Dividends paid and share capital reimbursements:
— to owners of Viridien		–	–
— to non-controlling interests of integrated companies		–	–
Net cash-flow from financing activities		(192.2)	(10.0)

Effects of exchange rates on cash		6.0	(4.1)
Net cash flows incurred by discontinued operations		(0.3)	(2.9)
Net increase (decrease) in cash and cash equivalents		(155.0)	22.9
Cash and cash equivalents at beginning of year		301.7	327.0
Cash and cash equivalents at end of period		146.6	349.9

See the notes to the Interim Consolidated Financial Statements

Unaudited Interim Consolidated statements of changes in equity

Amounts in millions of US$, except share data	Number of Shares issued	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumulative translation adjustment	Equity attributable to owners of Viridien S.A.	Non-controlling interests	Total equity
Balance at January 1, 2024	7,136,763	8.7	118.7	980.4	27.3	(20.1)	(1.4)	(90.8)	1,022.8	41.5	1,064.3
Net gain (loss) on actuarial changes on pension plan (1)				0.0					0.0		0.0
Net gain (loss) on cash flow hedges (2)							0.3		0.3		0.3
Net gain (loss) on translation adjustments (3)								(5.7)	(5.7)	(0.1)	(5.8)
Other comprehensive income (1)+(2)+(3)	–	–	–	0.0	–	–	0.3	(5.7)	(5.4)	(0.1)	(5.5)
Net income (4)				(3.0)					(3.0)	0.4	(2.6)
Comprehensive income (1)+(2)+(3)+(4)	–	–	–	(3.0)	–	–	0.3	(5.7)	(8.4)	0.3	(8.1)
Exercise of warrants
Dividends									–		–
Cost of share-based payment				0.8					0.8		0.8
Variation in translation adjustments generated by the parent company					9.7				9.7		9.8
Balance at March 31, 2024	7,136,763⁽^a)	8.7	118.7	978.2	37.0	(20.1)	(1.1)	(96.5)	1,024.9	41.8	1,066.7

Amounts in millions of US$, except share data	Number of Shares issued	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumulative translation adjustment	Equity attributable to owners of Viridien S.A.	Non-controlling interests	Total equity
Balance at January 1, 2025	7,161,465⁽^b)	8.7	118.7	1,036.5	55.2	(20.1)	(1.1)	(113.3)	1,084.7	38.1	1,122.8
Net gain (loss) on actuarial changes on pension plan (1)				(0.5)					(0.5)		(0.5)
Net gain (loss) on cash flow hedges (2)							(0.3)		(0.3)		(0.3)
Net gain (loss) on translation adjustments (3)								9.9	9.9	0.0	9.9
Other comprehensive income (1)+(2)+(3)				(0.5)	–	–	(0.3)	9.9	9.0	0.0	9.1
Net income (loss) (4)				(27.8)					(27.8)	(0.2)	(28.0)
Comprehensive income (1)+(2)+(3)+(4)				(28.4)			(0.3)	9.9	(18.8)	(0.1)	(18.9)
Dividends									–	–	–
Cost of share-based payment				0.7					0.7		0.7
Variation in translation adjustments generated by the parent company					(17.7)				(17.7)		(17.7)
Changes in consolidation scope and other				0.2					0.2		0.2
Balance at March 31, 2025	7,161,465	8.7	118.7	1,009.0	37.5	(20.1)	(1.4)	(103.3)	1,049.2	38.0	1,087.2

(a) Pro forma following Reverse Share Split
(b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, the Company’s Chief Executive Officer has decided to implement a reverse share split on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value

¹All variations refer to the same period last year
²Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2024 Universal Registration Document’s glossary, under section 8.7

Attachment

Viridien – Q1 2025 results

The MIL Network –

April 30, 2025

MIL-OSI: 2025 Q1 Revenue Report

Source: GlobeNewswire (MIL-OSI)

2025 Q1 revenue of €232.4 million, down -12.3%
- Continued implementation of selectivity strategy with priority given to margins, primarily in telecoms in France and Spain
- High comparison basis: +3.8% in Q1 2024 compared to -5.8% for the full year 2024
Growth drivers remain well-oriented
- Energy up +19.1% (+30.1% in France), representing 18% of the Group’s Q1 revenue
- Strong momentum in Germany, where the Group has a solid presence, with growth of +20.7% in Q1
Ongoing measures to improve performance in the Other Countries segment
- Growth resumes in Italy: +14.6%, with gradually improving economic conditions
- Restructuring of Connectivity activities in Spain, with strategic refocusing on Energy and Technology

In millions of euros (unaudited)	Q1 2025	Q1 2024	% change
Revenue	232.4	265.0	-12.3%
Benelux	88.7	100.7	-12.0%
France	76.3	97.9	-22.0%
Germany	21.9	18.2	+20.7%
Other Countries	45.5	48.3	-5.8%

Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “In a mixed market environment, we remain firmly committed to our strategy, maintaining a clear focus on margins and cash generation over revenue growth. In France in particular, faced with a fiber deployment market that has reached maturity, we are maintaining a highly selective approach and continuing to refocus on energy services, which now account for 30% of our revenue. In the Benelux, where the market is undergoing reorganization, our telecom business has stabilized compared to the fourth quarter of 2024, and we anticipate a return to growth during the second half of the year. In Germany, we continue to deliver profitable growth in a structured manner, and the investment plan recently announced by the local government reinforces our confidence in the market’s long-term potential. Lastly, in Other Countries, we are progressing with the performance improvement measures announced at our Capital Markets Day, particularly in Spain, where we are undertaking a deep transformation of our operations. We remain confident in the relevance of our multi-technical and multi-local model, the strength of our growth drivers, and our ability to achieve our 2026 targets.”

Consolidated Revenue

Solutions30’s Q1 2025 consolidated revenue amounted to €232.4 million, down -12.3% year-on-year against a particularly high comparison basis, as Q1 2024 marked the strongest quarterly growth of 2024, at +3.8%. The comparison basis will be significantly more favorable over the balance of the year, as the last three quarters of 2024 recorded declines of -4.3% in Q2, -10.1% in Q3, and -11.4% in Q4.

Revenue change in Q1 includes an organic contraction of -12.8%, the impact of recent acquisitions for +0.2%, and a favorable currency effect of +0.3%.

Revenue from Connectivity activities amounted to €164.2 million, down -20.0%, in a context of increased selectivity in the Group’s most mature markets, notably France and Spain. Revenue from Energy activities amounted to €41.3 million, up +19.1%, driven by very favorable market trends, particularly in photovoltaic systems in France. Revenue from Technology activities amounted to €26.9 million, up +7.3%, with increased volumes of IT support services.

Benelux

The Benelux posted Q1 revenue of €88.7 million, representing 38% of total revenue, down -12.0%. This includes an organic contraction of -12.5%, and the impact from the acquisition of Xperal for +0.5%. Connectivity posted revenue of €67.9 million, down -14% compared to Q1 2024, which did not yet reflect the delays caused, from Q2 onwards, by negotiations between Belgian telecom service providers aimed at streamlining their investments. However, revenue stabilized compared with Q4 2024 (€67.3 million). In the home connect segment, the adaptation of operational processes following Proximus acquiring 100% of Fiberklaar is nearing completion, positioning the business to return to normal at some point in the second half of the year.

Revenue from Energy activities decreased by -16% to €14.1 million. The first phase of smart meter deployment in Flanders is nearing completion, with tenders for the second phase expected to be launched later this year. At the same time, the gradual ramp-up of the contract with Fluvius for the modernization of the low-voltage electricity grid has begun.

Technology activities posted revenue of €6.7 million in Q1 2025, up significantly by +26%.

France

In France, Q1 revenue amounted to €76.3 million, or 33% of the total, down -22% on a purely organic basis. Revenue from Connectivity fell sharply by -43% to €36.8 million, reflecting the impact of selectivity measures implemented from Q2 2024 onwards. In the context of a structural slowdown in the fiber deployment market, the Group has significantly reduced its exposure to certain contracts that no longer met its profitability standards. While this led to a sharp revenue decline from Q2 onwards, it resulted in an improvement in margins over the full year 2024.

Energy activities continue to make strong progress, with growth of +30% in Q1 and revenue of €22.8 million, now representing 30% of the total. The good momentum in photovoltaics continues, despite the usually unfavorable seasonal effect in winter. Growth is also being supported by services to electricity and gas distribution networks, where Solutions30 is successfully diversifying its activities.

In Technology, the momentum in IT support services continues, driven by contract extensions. Revenue amounted to €16.7 million, up +7%.

Germany

In Germany, Q1 revenue amounted to €21.9 million, or 9% of the total, up +20.7% on a purely organic basis. Connectivity, which accounts for 95% of the total, posted growth of +22%, driven by fiber deployment activities, which continue to ramp up, while coaxial network services remain solid.

Although still at an early stage, representing around 5% of revenue, Energy activities offer strong growth potential. Germany is Europe’s leading market for photovoltaics, currently accounting for the bulk of Solutions30’s revenue from Energy activities, while the energy storage and rail signaling infrastructure markets offer particularly attractive growth prospects.

For both Connectivity and Energy, the investment plan recently announced by the local government reinforces the long-term growth potential of the German market, which is set to play an increasingly important role in Solutions30’s business portfolio.

Other Countries

In other countries, the Group posted Q1 revenue of €45.5 million, or 20% of the total, down -5.8%. This includes a -7.2% organic contraction, reflecting the selectivity strategy implemented in Spain and the United Kingdom in 2024. The currency effect was positive at +1.4%, driven by the appreciation of the Polish zloty and the British pound against the euro during the period.

In Poland, growth remained solid at +11.4%, taking Q1 revenue to €16.2 million. The Polish telecoms market continues to benefit from favorable trends, and Solutions30 is delivering profitable growth there.

Italy returned to growth, posting a +14.6% increase in Q1, with revenue of €14.9 million. The situation with the Group’s main Italian telecoms customer has now been resolved.

In Spain, revenue amounted to €7.3 million, down -37.2%. The Group has accelerated the restructuring of its Connectivity business, faced with a mature fiber market, while continuing to refocus on its Energy and Technology businesses, that are supported by favorable underlying trends.

Finally, in the United Kingdom, revenue totaled €7.1 million, down -22.3% against a high comparison basis (+10% in Q1 2024), as selectivity measures aimed at improving margins in the mobile telecommunications business were not implemented until Q2 2024.

Appendix

Breakdown of Q1 revenue by segment:

In millions of euros (unaudited)	Q1 2025	Q1 2024	% change
Benelux	88.7	100.7	-12.0%
Connectivity	67.9	78.7	-13.8%
Energy	14.1	16.7	-15.8%
Technology	6.7	5.3	+25,7%

France	76.3	97.9	-22.0%
Connectivity	36.8	64.7	-43.2%
Energy	22.8	17.5	+30,1%
Technology	16.7	15.6	+7,1%

Germany	21.9	18.2	+20.7%

Other Countries	45.5	48.3	-5.8%
Poland	16.2	14.6	+11,4%
Italy	14.9	13.0	+14,6%
Spain	7.3	11.6	-37.2%
United Kingdom	7.1	9.2	-22.3%
Group revenue	232.4	265.0	-12.3%

Upcoming Events

TPICAP Conference Paris May 15, 2025
Annual General Meeting June 17, 2025
2025 Half-Year Earnings Report September 17, 2025 (after market close)
2025 Q3 Revenue Report November 5, 2025 (after market close)

About Solutions30 SE

Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices: CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.
Visit our website to learn more: www.solutions30.com.

Contact

Individual Shareholders:
Tel: +33 1 86 86 00 63 – actionnaires@solutions30.com

Analysts/Investors:
investor.relations@solutions30.com

Press – Image 7:
Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

Attachment

PR_EN_ Q12025-29_04_25

The MIL Network –

April 30, 2025

MIL-OSI: ASM reports first quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

Almere, The Netherlands
April 29, 2025, 6 p.m. CET

Solid start of the year, Q1 sales supported by continued AI-related strength

ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q1 2025 results (unaudited).

Financial highlights

€ million	Q1 2024	Q4 2024	Q1 2025
New orders	697.9	731.4	834.2
yoy change % at constant currencies	10%	8%	14%

Revenue	639.0	809.0	839.2
yoy change % at constant currencies	(8%)	27%	26%

Gross profit	337.8	407.2	447.8
Gross profit margin %	52.9 %	50.3 %	53.4 %

Operating result	187.1	222.3	266.2
Operating result margin %	29.3 %	27.5 %	31.7 %

Adjusted operating result ¹	191.8	227.0	271.0
Adjusted operating result margin %¹	30.0 %	28.1 %	32.3 %

Net earnings (losses)	173.1	225.8	(28.9)
Adjusted net earnings ¹	178.9	231.5	191.9

¹ Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.

New orders of €834 million in Q1 2025 increased by 14% over the same period last year at constant currency (increased by 20% as reported), supported by strong GAA 2nm orders, and a relatively solid contribution from the Chinese market in the quarter.

Revenue of €839 million increased by 26% at constant currencies (increased by 31% as reported) from Q1 of last year, above the midpoint of the guidance (€810-850 million).

Gross profit margin increased to 53.4%, up from both Q1 of last year (52.9%) and up from prior quarter (50.3%). The increase compared to prior quarter was driven by a favorable product and customer mix.

Adjusted operating result margin of 32.3% is an improvement of 2.3% points compared to the same period last year, and an increase by 4.2% points compared to the previous quarter. This was mainly due to higher gross profit margin and moderated operating expenses (with year-on-year SG&A reducing from 11.4% to 9.1% as a percentage of revenue).

Our reported net results included an impairment of €215 million from our stake in ASMPT, triggered by the reduced market valuation in the recent period. There is no cash impact. Following the impairment, and in line with our accounting policy, the changes in the market value of ASMPT will be included in our quarterly net results in case of further decline or until the impairment charge has been reversed.

Comment

“ASM continued to deliver strong results in the first quarter of 2025. Sales increased by 26% at constant currencies, to €839 million, which was above the midpoint of our €810-850 million guidance,” said Hichem M’Saad, CEO of ASM. “The year-on-year increase was largely driven by robust sales in the leading-edge logic/foundry segment as leading customers continued moving towards high-volume manufacturing of the 2nm gate-all-around (GAA) node.

Market conditions continued to be mixed in the first quarter. Demand in the AI-related segments, including leading-edge logic/foundry and DRAM HBM memory, remained strong, while most of the other market segments remained sluggish. Bookings increased to €834 million in Q1 2025, up 14% year-on-year at constant currencies. Strong GAA orders, healthy demand from memory customers, especially for HBM-related DRAM applications, and solid demand from Chinese customers mainly contributed to the solid bookings. The cash position increased to a strong level of slightly more than €1.1 billion on the back of robust free cash flow of €264 million.

The gross margin increased to a high level of 53.4%, largely driven by product and customer mix. The gross margin also benefited from ongoing cost reduction programs. For the full year 2025, we now expect the gross margin to be in the upper half of the target range of 46%-50%. This excludes any potential direct impact from tariffs, which at this point is difficult to predict. We have prepared various scenarios to mitigate potential financial impact, leveraging our global supply chain capabilities and diversified manufacturing operations in combination with passing on impact into the value chain.”

Outlook

Global trade tensions and recent announcements of reciprocal tariffs have increased macroeconomic uncertainty. It is too early to tell what the impact on GDP and the semiconductor market will be. So far, our discussions with key customers have not materially changed.

We expect our sales in 2025 to grow by a double-digit percentage range of a 10-20% year on year, at constant currencies, and ahead of the WFE market, which is forecast to grow slightly this year. While we have reasonable visibility that we will achieve the lower end of the range, achieving the higher end will require some upside opportunities to materialize which at this point is still uncertain. In view of the recently increased exchange rate volatility and ASM’s significant US$ revenue exposure (>80% of sales) we decided to change our guidance from absolute Euro amounts to growth rates at constant currencies.

For Q2 2025 we expect sales to increase compared to Q1 by a range of +1% to +6% at constant currencies. This implies continued double-digit year-on-year sales growth in Q2 2025 at constant currencies.

We continue to be confident that our gate-all-around sales will increase strongly in 2025. Supported by robust HBM-related DRAM demand, we expect healthy memory sales in full year 2025, albeit lower than the very strong level in 2024. The power/analog/wafer market is still in a cyclical downturn and the outlook for this segment has further weakened for the rest of the year.

Underpinned by strong R&D engagements, we believe ASM remains well positioned in the coming years to benefit from increasing ALD and Epi intensity with the transition to a tighter and more complex device architecture in logic with GAA and in DRAM with 4F2.

Annual General Meeting

On March 27, 2025, ASM published the agenda, convocation, and other materials for the 2025 Annual General Meeting (AGM), to be held on May 12, 2025, in Almere, which as also earlier announced, includes, amongst other things, resolutions on:

the annual accounts of 2024;

the remuneration report 2024;

the proposal to declare a regular dividend of €3.00 (three euros) per common share;

the reappointment of Mr. Verhagen (for two years) as member of the Management Board;

the reappointment of Ms. Van der Meer Mohr (for four years), Mr. Sanchez (for four years) and Ms. Kahle-Galonske (for one year) as members of the Supervisory Board;

the appointment of EY Accountants B.V. as auditor to audit the annual accounts for the financial year 2026 and as assurance provider of sustainability information for the financial years 2025 and 2026.

Please refer to the AGM documents available on our website for more detailed information.

Share buyback program

In our Q4 press release, ASM announced that the Management Board has authorized a new share repurchase program of up to €150 million of the company’s common shares for the 2025/2026 period. As announced in a separate press release today, the share buyback program will start on April 30, 2025.

About ASM

ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, pandemics, epidemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Quarterly earnings conference call details

ASM will host the quarterly earnings conference call and webcast on Wednesday, April 30, 2025, at 3:00 p.m. CET. Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.
A simultaneous audio webcast and replay will be accessible at this l i nk.

Contacts
Investor and media relations	Investor relations
Victor Bareño	Valentina Fantigrossi
T: +31 88 100 8500	T: +31 88 100 8502
E: investor.relations@asm.com	E: investor.relations@asm.com

The MIL Network –

April 30, 2025

MIL-OSI Security: Bank General Counsel Sentenced to Four Years in Prison for $7.4 Million Embezzlement Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that JAMES BLOSE, 56, of Fairfield, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 48 months of imprisonment, followed by three years of supervised release, for offenses stemming from a decade-long embezzlement scheme at banks where he served as General Counsel and held other high-ranking positions.

According to court documents and statements made in court, from approximately 2013 to January 2022, Blose was an attorney and held high-ranking positions, including General Counsel, at Hudson Valley Bank and Sterling National Bank. From approximately January 2022, when Webster Bank acquired Sterling National Bank, until February 2023, Blose served as Executive Vice President and General Counsel and Corporate Secretary at Webster Bank.

From approximately 2013 until Webster Bank discovered his scheme and his employment was terminated in February 2023, Blose defrauded his employers (“The Bank”) in various ways. In certain commercial loan transactions where The Bank was the lender, Blose fraudulently retained for himself portions of closing costs, including legal fees. In certain real estate transactions in which The Bank was the seller, Blose retained portions of the sale proceeds for himself. For some of the real estate transactions, Blose created false documents in order to hide his theft from The Bank. Blose also stole from The Bank in other ways.

As part of the scheme, Blose used his attorney trust accounts to make personal expenditures, and to transfer funds to accounts in the names of business entities he created and controlled, and then used those funds for his personal benefit. Through this scheme, Blose stole approximately $7.4 million from his employers, and used the stolen funds to purchase a vacation property on Kiawah Island in South Carolina, for construction of his Connecticut home, and for luxury vehicles, jewelry, private jets charters, multiple country club memberships, and other expenses.

Judge Chatigny will determine restitution after additional court proceedings.

On December 20, 2024, Blose pleaded guilty to one count of bank fraud and one count of engaging in illegal monetary transactions.

Blose, who is released on a $250,000 bond, is required to report to prison on June 23

This investigation was conducted by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation, and the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General. Financial crimes investigators from Webster Bank assisted the investigation.

This case was prosecuted by Assistant U.S. Attorney Michael S. McGarry.

MIL Security OSI –

April 30, 2025

MIL-OSI USA: 100 DAYS OF INVESTMENT: $5+ Trillion in New Investment Fuels America’s Future

US Senate News:

Source: The White House
President Donald J. Trump has secured over $5 trillion in new U.S.-based investments in his first 100 days, which will create more than 451,000 new jobs as he sets the stage for a new era of American prosperity. From advanced manufacturing to cutting-edge artificial intelligence infrastructure, these historic investments — spurred by President Trump’s unwavering commitment to revitalizing American industry — will reinforce the U.S. as the global leader in innovation and economic growth.
The announcements keep coming. In recent days:
IBM announced a $150 billion investment over the next five years in its U.S.-based growth and manufacturing operations.
Thermo Fisher Scientific announced it will invest an additional $2 billion over the next four years to enhance and expand its U.S. manufacturing operations and strengthen its innovation efforts.
Corning announced it is expanding its Michigan manufacturing facility investment to $1.5 billion, adding 400 new, high-paying, advanced manufacturing jobs.
Merck & Co. announced a $1 billion investment to build a new state-of-the-art biologics manufacturing plant in Delaware, which will create at least 500 new jobs — part of the company’s commitment to invest more than $9 billion over the next four years.
“Since the advent of the 2017 Tax Cuts and Jobs Act, Merck has allocated more than $12 billion to enhance our domestic manufacturing and research capabilities, with additional planned investments of more than $9 billion over the next four years.”

Amgen announced a $900 million investment in its Ohio-based manufacturing operation.
The company credited President Trump’s landmark 2017 tax cuts for enabling its rapid expansion: “Pro-growth policies like the @POTUS @WhiteHouse 2017 Tax Cuts and Jobs Act helped make investments like this possible. Since enactment, Amgen has invested ~$5B in capital expenditures. This amounts to an additional downstream output to the U.S. economy of approximately $12B.”

The Bel Group announced a $350 million investment to expand its U.S.-based production, including at its South Dakota, Idaho and Wisconsin facilities — which will create 250 new jobs.
Here is the non-exhaustive list of investments secured in President Trump’s second term:
Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
Apple announced a $500 billion investment in U.S. manufacturing and training.
NVIDIA, a global chipmaking giant, announced it will invest $500 billion in U.S.-based AI infrastructure over the next four years amid its pledge to manufacture AI supercomputers entirely in the U.S. for the first time.
IBM announced a $150 billion investment over the next five years in its U.S.-based growth and manufacturing operations.
Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
Johnson & Johnson announced a $55 billion investment over the next four years in manufacturing, research and development, and technology.
Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in U.S.-based manufacturing and research and development, which is expected to create more than 1,000 full-time jobs.
Eli Lilly and Company announced a $27 billion investment to more than double its domestic manufacturing capacity.
United Arab Emirates-based ADQ and U.S.-based Energy Capital Partners announced a $25 billion investment in U.S. data centers and energy infrastructure.
Novartis, a Swiss drugmaker, announced a $23 billion investment to build or expand ten manufacturing facilities across the U.S., which will create 4,000 new jobs.
Hyundaiannounced a $21 billion U.S.-based investment — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs.
Hyundai also secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker.

United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
Thermo Fisher Scientific announced it will invest an additional $2 billion over the next four years to enhance and expand its U.S. manufacturing operations and strengthen its innovation efforts.
Merck & Co. announced it will invest a total of $9 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility — including in a new state-of-the-art biologics manufacturing plant in Delaware, which will create at least 500 new jobs.
Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
Stellantis announced a $5 billion investment in its U.S. manufacturing network, including re-opening its Belvidere, Illinois, manufacturing plant.
Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
Corning announced it is expanding its Michigan manufacturing facility investment to $1.5 billion, adding 400 new high-paying advanced manufacturing jobs for a total of 1,500 new jobs.
Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs — adding to the company’s earlier announcement that it will invest $500 million to expand its Idaho manufacturing plant.
GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
Amgen announced a $900 million investment in its Ohio-based manufacturing operation.
Schneider Electric announced it will invest $700 million over the next four years in U.S. energy infrastructure.
GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
Abbott Laboratories announced a $500 million investment in its Illinois and Texas facilities.
AIP Management, a European infrastructure investor, announced a $500 million investment to solar developer Silicon Ranch.
London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
The Bel Group announced a $350 million investment to expand its U.S.-based production, including at its South Dakota, Idaho and Wisconsin facilities — which will create 250 new jobs.
Clasen Quality Chocolate announced a $230 million investment to build a new production facility in Virginia, which will create 250 new jobs.
Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new, high-paying jobs.
Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
TS Conductor announced a $134 million investment to build an advanced conductor manufacturing facility in South Carolina, which will create nearly 500 new jobs.
Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
Charms, LLC, a subsidiary of candymaker Tootsie Roll Industries, announced a $97.7 million investment to expand its production plant and distribution center in Tennessee.
Toyota Motor Corporation announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the 2,000 workers at the factory.
AeroVironment, a defense contractor, announced a $42.3 million investment to build a new manufacturing facility in Utah.
Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
Guardian Bikes announced a $19 million investment to build the first U.S.-based large-scale bicycle frame manufacturing operation in Indiana.
Amsterdam-based AMG Critical Minerals announced a $15 million investment to build a chrome manufacturing facility in Pennsylvania.
NOVONIX Limited, an Australia-based battery technology company, announced a $4.6 million investment to build a synthetic graphite manufacturing facility in Tennessee.
LGM Pharma announced a $6 million investment to expand its manufacturing facility in Rosenberg, Texas.
ViDARR Inc., a defense optical equipment manufacturer, announced a $2.69 million investment to open a new facility in Virginia.
That doesn’t even include the U.S. investments pledged by foreign countries:
United Arab Emirates announced a $1.4 trillion investment in the U.S. over the next decade.
Saudi Arabia announced it intends to invest $600 billion in the U.S. over the next four years.
Japan announced a $1 trillion investment in the U.S.
Taiwan announced a pledge to boost its U.S.-based investment.

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: ICYMI: Ernst Standing up for Taxpayers in Washington

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – In case you missed it, Senate DOGE Caucus Chair Joni Ernst (R-Iowa) has been leading the fight in Washington to end taxpayer-funded union time (TFUT), the insane practice of requiring taxpayers to foot the bill for federal employees engaging in union activity while on the clock, including lobbying Congress for higher pay, negotiating telework agreements, and securing other cushy perks.
While data was not released under the Biden administration, the most recent report from 2019 showed federal employees spent 2,606,390 hours engaged in union activities while on the clock for the American people, costing taxpayers $160 million in just one year.
To uncover the true cost of TFUT, Senator Ernst demanded in December 2024 that 24 federal agencies provide accurate and up to date data. Ernst’s efforts have already uncovered the jaw-dropping details of the true cost to taxpayers at three federal agencies.
The Nuclear Regulatory Commission (NRC) revealed an 11% increase in costs since 2019, racking up more than $400,000 annually.
NY POST | Nuclear agency had 11% increase in taxpayer-funded union time from five years ago, records show
The National Aeronautics and Space Administration (NASA) similarly admitted that north of $400,000 was spent every year for union activity.
NY POST | NASA spent over $400K taxpayer dollars on union time last year
The real bombshell came from the Defense Health Agency (DHA), which oversees the TRICARE health benefits for servicemembers, who said its bureaucrats spent 87,000 hours on union activity costing taxpayers $3.3 million.
NY POST | Workers at Defense Health Agency spent $3.3 million and 87,000 hours working on their own union benefits
Because the data from these three agencies is just the tip of the iceberg, Senator Ernst sent a letter to the Trump administration requesting that the Office of Personnel Management (OPM) resume tracking and publicly disclosing the total cost of TFUT across government to provide taxpayers with a true accounting. The Trump administration has agreed and will soon publish a government-wide report. Ernst also introduced the Taxpayer-Funded Union Time Transparency Act to require the annual public disclosure of the cost of TFUT to the American people.
Transparency is an important step but Ernst has also introduced the Protecting Taxpayers’ Wallet Act to require federal unions to reimburse taxpayers for all costs involving TFUT to potentially save the American people more than a billion dollars over the next decade.
Her bill will ensure that no more tax dollars are spent on bureaucrats securing cushy perks as was the case at the Internal Revenue Service (IRS). Ernst uncovered that the IRS’s union secured a cushy telework agreement allowing employees to come in just two days per two-week pay period. To rub salt in the wound, all of the negotiations were done on taxpayers’ dime.
NY POST | IRS workers only had to show up to work once a week in person, before Trump took over
Last week, Ernst sent a letter to Housing and Urban Development (HUD) Secretary Scott Turner about how his department has been ground zero for TFUT abuse by bureaucrats. She detailed examples of bureaucrats launching real estate careers, going on beach vacations, and even sitting in jail cells all while allegedly on union time.
THE DAILY CALLER | Joni Ernst Reveals More Examples Of HUD Bureaucrats Bilking Taxpayers
Ernst’s efforts to fight for taxpayers have earned her sweeping praise.
NY POST | Public-sector workers spent 87,000 hours screwing you — just at one agency, just in two years
The New York Post Editorial Board wrote about Senator Ernst and called her, “A fierce advocate for the troops as well as a staunch fighter against fraud and waste as head of the Senate DOGE caucus.”
The Public Labor Unions Accountability Committee, who advocates for holding public sector unions accountable, has applauded Ernst’s work and emphasized that American taxpayers deserve to know where their money is going.
FOX NEWS | MARY KATHARINE HAM: Teachers union bosses put themselves first, teachers and students last
Fox News contributor, OutKick columnist, and Senior Advisor to the Public Labor Unions Accountability Committee Mary Katharine Ham praised Ernst’s efforts and demanded that public sector unions be removed from politics. Ham also called out the true cost of public sector unions on the Ruthless podcast and the Guy Benson Show.
WASHINGTON EXAMINER | No more union time on taxpayer dime
The Washington Examiner Editorial board applauded Ernst’s Protecting Taxpayer’s Wallet Act in a piece calling for the end of union time on the taxpayers’ dime.
Americans For Fair Treatment, an advocacy group for getting union spending out of politics, has also praised the Protecting Taxpayer’s Wallet Act and called for its swift passage to bring a little fiscal sanity to Washington.
SEAN HANNITY | IR-MESS! IRS Workers Only Had to Show Up for Work One Day a Week Before Trump 2.0: Report
Hannity called out the insanity of IRS bureaucrats only having to show up once a week after Senator Ernst unearthed the arrangement.

MIL OSI USA News –

April 30, 2025

MIL-OSI Africa: SARS welcomes agreement to suspend VAT increase

Source: South Africa News Agency

The Commissioner of the South African Revenue Service (SARS), Edward Kieswetter, has welcomed the agreement between the parties and the court order to suspend the 0.5 percentage point increase in value-added tax (VAT).

The VAT increase was initially announced to come into effect on 1 May 2025.

The Minister of Finance and main respondents in the matter, the Democratic Alliance and the Economic Freedom Fighters (EFF), agreed to have the matter settled out of court, and the Western Cape High Court subsequently ratified the agreement on 27 April 2025.

“This is an important order that provides clarity to SARS to effectively and efficiently administer the VAT Act. It also has practical implication for consumers and VAT vendors charged with managing VAT.

“The court’s order suspends the 0.5 percentage point increase that was originally announced to come into effect on 1 May 2015 and there is, therefore, no basis for VAT vendors to implement an increase of VAT rate,” SARS said.

The revenue service urged all vendors to readjust their systems back to 15%, while also calling on consumers to ensure that they are charged the correct VAT rate of 15%.

“In the unlikely event they are charged 15.5%, consumers should bring this to the attention of the vendor and ensure that this is resolved at the point of sale or otherwise by mutual agreement,” SARS said.

Meanwhile, the Minister of Finance, Enoch Godongwana has agreed to the court order suspending his decision to increase the VAT rate by 0.5 percentage points.

READ | Government agrees to suspend VAT increase decision

“[Minister] Godongwana welcomes the court order, as it is entirely consistent with his announcement on 23 April 2025 to suspend the VAT increase. Having already announced the withdrawal, the Minister felt that he would no longer have cause to continue with the court case.

“The context to the suspension of the increase is set out in an affidavit filed earlier on Sunday by the Minister in response to the Democratic Alliance’s (“the DA”) supplementary affidavit filed on 25 April 2025,” National Treasury said in a statement. – SAnews.gov.za

MIL OSI Africa –

April 30, 2025

MIL-OSI: Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan

Source: GlobeNewswire (MIL-OSI)

HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and $1.9 million, or $0.24 per diluted share, in the first quarter of 2024.

Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on April 24, 2025. The dividend will be payable June 6, 2025, to shareholders of record May 16, 2025. The current dividend represents an annualized yield of 3.43% based on recent market prices.

“We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”

First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):

Net income was $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and increased 70.7% compared to $1.9 million, or $0.24 per diluted share, in the first quarter a year ago.
Net interest margin (“NIM”) was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago.
Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.
Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased 2.1% to $20.9 million in the first quarter of 2025, compared to $21.4 million in the preceding quarter and increased 9.1% compared to $19.2 million in the first quarter a year ago.
Total loans increased 1.7% to $1.52 billion, at March 31, 2025, compared to $1.50 billion a year earlier, and remained unchanged compared to $1.52 billion at December 31, 2024.
Total deposits increased $54.4 million or 3.3% to $1.69 billion at March 31, 2025, compared to a year earlier, and increased $8.7 million or 0.5%, compared to December 31, 2024.
The allowance for credit losses represented 1.10% of portfolio loans and 313.1% of nonperforming loans at March 31, 2025, compared to 1.10% of total portfolio loans and 227.6% of nonperforming loans at March 31, 2024.
The Company paid a quarterly cash dividend in the first quarter of $0.1425 per share on March 7, 2025, to shareholders of record February 14, 2025.

The Company’s available borrowing capacity was approximately $437.4 million at March 31, 2025, compared to $404.0 million at December 31, 2024.

	March 31, 2025				December 31, 2024
(Dollars in thousands)	Borrowings Outstanding		Remaining Borrowing Capacity		Borrowings Outstanding		Remaining Borrowing Capacity
Federal Home Loan Bank advances	$	124,952	$	310,857	$	140,930	$	276,664
Federal Reserve Bank discount window		–		26,509		–		27,349
Correspondent bank lines of credit		–		100,000		–		100,000
Total	$	124,952	$	437,366	$	140,930	$	404,013

Balance Sheet Results

Total assets were $2.09 billion at March 31, 2025, compared to $2.08 billion a year ago, and $2.10 billion three months earlier. The investment securities portfolio totaled $291.7 million at March 31, 2025, compared to $311.2 million a year ago, and $292.6 million at December 31, 2024.

Eagle originated $43.2 million in new residential mortgages during the quarter and sold $42.8 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.15%. This production compares to residential mortgage originations of $68.1 million in the preceding quarter with sales of $64.0 million and an average gross margin on sale of mortgage loans of approximately 3.18%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

Total loans increased $26.1 million, or 1.7%, compared to a year ago, and increased $2.9 million, or 0.2%, from three months earlier. Commercial real estate loans increased 5.3% to $666.3 million at March 31, 2025, compared to $632.5 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at March 31, 2025. Agricultural and farmland loans increased 10.7% to $284.6 million at March 31, 2025, compared to $257.0 million a year earlier. Residential mortgage loans decreased 4.9% to $149.7 million, compared to $157.4 million a year earlier. Commercial loans increased 1.5% to $139.7 million, compared to $137.6 million a year ago. Commercial construction and development loans decreased 25.5% to $110.1 million, compared to $147.7 million a year ago. Home equity loans increased 11.3% to $100.7 million, residential construction loans increased 1.1% to $45.5 million, and consumer loans decreased 9.1% to $27.0 million, compared to a year ago.

“Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.

Total deposits increased to $1.69 billion at March 31, 2025, compared to $1.64 billion at March 31, 2024, and $1.68 billion at December 31, 2024. Noninterest-bearing checking accounts represented 24.3%, interest-bearing checking accounts represented 12.5%, savings accounts represented 12.6%, money market accounts comprised 23.5% and time certificates of deposit made up 27.1% of the total deposit portfolio at March 31, 2025. Time certificates on deposits include $6.2 million in brokered certificates at March 31, 2025, compared to $50.0 million at March 31, 2024 and no brokered certificates at December 31, 2024. The average cost of total deposits was 1.67% in the first quarter of 2025, compared to 1.71% in the preceding quarter and 1.62% in the first quarter of 2024. The estimated amount of uninsured deposits was approximately $309.0 million, or 18% of total deposits, at March 31, 2025, compared to $323.0 million, or 19% of total deposits, at December 31, 2024.

FHLB advances and other borrowings decreased to $125.0 million at March 31, 2025, compared to $177.5 million at March 31, 2024, and $140.9 million at December 31, 2024. The average cost of FHLB advances and other borrowings was 4.75% in the first quarter of 2025, compared to 5.02% in the preceding quarter and 5.53% in the first quarter of 2024.
Shareholders’ equity was $177.6 million at March 31, 2025, compared to $168.9 million a year earlier and $174.8 million three months earlier. Book value per share increased to $22.26 at March 31, 2025, compared to $21.07 a year earlier and $21.77 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.38 at March 31, 2025, compared to $16.05 a year earlier and $16.88 three months earlier.

Operating Results

“As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”

Eagle’s NIM was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point improvement compared to the first quarter a year ago. The interest accretion on acquired loans totaled $172,000 and resulted in a four basis-point increase in the NIM during the first quarter of 2025, compared to $161,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2025 increased to 5.76%, compared to 5.70% in the fourth quarter of 2025 and 5.47% in the first quarter a year ago. Funding costs for the first quarter of 2025 were 2.54%, compared to 2.69% in the fourth quarter of 2024 and 2.67% in the first quarter of 2024.

Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.

Total noninterest income decreased 12.2% to $4.0 million in the first quarter of 2025, compared to $4.6 million in the preceding quarter, and unchanged compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.1 million in the first quarter of 2025, compared to $2.8 million in the preceding quarter and $2.2 million in the first quarter a year ago. This decrease compared to the preceding quarter was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes.

Eagle’s first quarter noninterest expense was $17.0 million, a decrease of 3.9% compared to $17.7 million in the preceding quarter and unchanged compared to $17.0 million in the first quarter a year ago. Contract changes led to lower data processing expense, which contributed to the quarter-over-quarter decrease.

For the first quarter of 2025, the Company recorded income tax expense of $631,000. This compared to income tax expense of $269,000 in the preceding quarter and $370,000 in the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 16.3%, which was unchanged compared to 16.3% for the first quarter of 2024. The preceding quarter’s effective tax rate was 7.3%. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

Credit Quality

During the first quarter of 2025, Eagle recorded a $42,000 provision for credit losses. This compared to a $36,000 recapture in the provision for credit losses in the preceding quarter and a $135,000 recapture in the provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 313.1% of nonperforming loans at March 31, 2025, compared to 437.7% three months earlier and 227.6% a year earlier. Nonperforming loans were $5.3 million at March 31, 2025, $3.9 million at December 31, 2024, and $7.2 million a year earlier. Net loan charge-offs totaled $2,000 in the first quarter of 2025, compared to net loan charge-offs of $44,000 in the preceding quarter and net loan recoveries of $65,000 in the first quarter a year ago. The allowance for credit losses was $16.7 million, or 1.10% of total loans, at March 31, 2025, compared to $16.9 million, or 1.11% of total loans, at December 31, 2024, and $16.4 million, or 1.10% of total loans, a year ago.

Capital Management

The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at March 31, 2025, up from 6.32% a year ago and 6.57% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of March 31, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.29% as of March 31, 2025.

Stock Repurchase Authority

Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately 5.0% of outstanding shares. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

About the Company

Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

Forward Looking Statements

This release may contain certain “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, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

Balance Sheet
(Dollars in thousands, except per share data)						(Unaudited)
			March 31,			December 31,			March 31,
			2025			2024			2024

Assets:
	Cash and due from banks		$	21,360		$	29,824		$	19,479
	Interest bearing deposits in banks			1,445			1,735			1,438
		Total cash and cash equivalents		22,805			31,559			20,917
	Securities available-for-sale, at fair value			291,661			292,590			311,227
	Federal Home Loan Bank (“FHLB”) stock			7,101			7,778			8,449
	Federal Reserve Bank (“FRB”) stock			4,131			4,131			4,131
	Mortgage loans held-for-sale, at fair value			6,223			13,368			9,612
	Loans:
	Real estate loans:
	Residential 1-4 family			149,699			153,721			157,414
	Residential 1-4 family construction			45,508			45,701			45,026
	Commercial real estate			666,265			645,962			632,452
	Commercial construction and development			110,107			124,211			147,740
	Farmland			153,456			146,610			140,246
	Other loans:
	Home equity			100,665			97,543			90,418
	Consumer			26,978			28,513			29,677
	Commercial			139,668			144,039			137,640
	Agricultural			131,162			134,346			116,775
		Total loans		1,523,508			1,520,646			1,497,388
	Allowance for credit losses			(16,720	)		(16,850	)		(16,410	)
		Net loans		1,506,788			1,503,796			1,480,978
	Accrued interest and dividends receivable			13,271			12,890			12,038
	Mortgage servicing rights, net			15,282			15,376			15,738
	Assets held-for-sale, at cost			960			960			–
	Premises and equipment, net			101,759			101,540			97,643
	Cash surrender value of life insurance, net			53,573			53,232			48,218
	Goodwill			34,740			34,740			34,740
	Core deposit intangible, net			4,181			4,499			5,514
	Other assets			25,941			26,631			26,869
		Total assets	$	2,088,416		$	2,103,090		$	2,076,074

Liabilities:
	Deposit accounts:
	Noninterest bearing		$	411,272		$	419,211		$	408,781
	Interest bearing			1,278,694			1,262,017			1,226,818
		Total deposits		1,689,966			1,681,228			1,635,599
	Accrued expenses and other liabilities			36,739			47,018			34,950
	FHLB advances and other borrowings			124,952			140,930			177,540
	Other long-term debt, net			59,186			59,149			59,037
		Total liabilities		1,910,843			1,928,325			1,907,126

Shareholders’ Equity:
	Preferred stock (par value $0.01 per share; 1,000,000 shares
	authorized; no shares issued or outstanding)			–			–			–
	Common stock (par value $0.01; 20,000,000 shares authorized;
	8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784
	shares outstanding at March 31, 2025, December 31, 2024, and
	March 31, 2024, respectively			85			85			85
	Additional paid-in capital			108,451			108,334			108,893
	Unallocated common stock held by Employee Stock Ownership Plan			(3,867	)		(4,011	)		(4,440	)
	Treasury stock, at cost (530,252, 480,252 and 490,645 shares at
	March 31, 2025, December 31, 2024 and March 31, 2024, respectively)			(11,517	)		(10,761	)		(11,124	)
	Retained earnings			103,366			101,264			96,797
	Accumulated other comprehensive loss, net of tax			(18,945	)		(20,146	)		(21,263	)
		Total shareholders’ equity		177,573			174,765			168,948
		Total liabilities and shareholders’ equity	$	2,088,416		$	2,103,090		$	2,076,074

Income Statement					(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended
			March 31,		December 31,			March 31,
			2025		2024			2024
Interest and dividend income:
	Interest and fees on loans		$	23,320	$	23,756		$	21,942
	Securities available-for-sale			2,451		2,475			2,724
	FRB and FHLB dividends			260		308			247
	Other interest income			38		148			29
		Total interest and dividend income		26,069		26,687			24,942
Interest expense:
	Interest expense on deposits			6,871		7,216			6,548
	FHLB advances and other borrowings			1,626		2,005			2,497
	Other long-term debt			670		676			683
		Total interest expense		9,167		9,897			9,728
Net interest income				16,902		16,790			15,214
Provision (recapture) for credit losses				42		(36	)		(135	)
		Net interest income after provision for credit losses		16,860		16,826			15,349

Noninterest income:
	Service charges on deposit accounts			389		387			400
	Mortgage banking, net			2,125		2,818			2,177
	Interchange and ATM fees			593		675			563
	Appreciation in cash surrender value of life insurance			350		408			288
	Net loss on sale of available-for-sale securities			–		(141	)		–
	Other noninterest income			559		425			524
		Total noninterest income		4,016		4,572			3,952

Noninterest expense:
	Salaries and employee benefits			9,664		9,830			9,718
	Occupancy and equipment expense			2,302		2,194			2,099
	Data processing			1,330		1,715			1,525
	Software subscriptions			658		576			528
	Advertising			232		466			253
	Amortization			320		337			369
	Loan costs			372		372			398
	FDIC insurance premiums			231		287			299
	Professional and examination fees			520		596			484
	Other noninterest expense			1,377		1,323			1,360
		Total noninterest expense		17,006		17,696			17,033

Income before provision for income taxes				3,870		3,702			2,268
Provision for income taxes				631		269			370
Net income			$	3,239	$	3,433		$	1,898

Basic earnings per common share			$	0.41	$	0.44		$	0.24
Diluted earnings per common share			$	0.41	$	0.44		$	0.24

Basic weighted average shares outstanding				7,812,248		7,862,279			7,824,928

Diluted weighted average shares outstanding				7,823,636		7,868,507			7,835,304

ADDITIONAL FINANCIAL INFORMATION						(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended or Years Ended
			March 31,			December 31,			March 31
			2025			2024			2024

Mortgage Banking Activity (For the quarter):
	Net gain on sale of mortgage loans		$	1,349		$	2,036		$	1,414
	Net change in fair value of loans held-for-sale and derivatives			(115	)		(3	)		(173	)
	Mortgage servicing income, net			891			785			936
		Mortgage banking, net	$	2,125		$	2,818		$	2,177

Performance Ratios (For the quarter):
	Return on average assets			0.62	%		0.65	%		0.37	%
	Return on average equity			7.66	%		8.12	%		4.67	%
	Yield on average interest earning assets			5.76	%		5.70	%		5.47	%
	Cost of funds			2.54	%		2.69	%		2.67	%
	Net interest margin			3.74	%		3.59	%		3.33	%
	Core efficiency ratio*			79.77	%		81.26	%		86.95	%

Asset Quality Ratios and Data:			As of or for the Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024

	Nonaccrual loans		$	2,701		$	3,227		$	5,231
	Loans 90 days past due and still accruing			2,638			623			1,979
		Total nonperforming loans		5,339			3,850			7,210
	Other real estate owned and other repossessed assets			46			45			–
		Total nonperforming assets	$	5,385		$	3,895		$	7,210

	Nonperforming loans / portfolio loans			0.35	%		0.25	%		0.48	%
	Nonperforming assets / assets			0.26	%		0.19	%		0.35	%
	Allowance for credit losses / portfolio loans			1.10	%		1.11	%		1.10	%
	Allowance for credit losses/ nonperforming loans			313.17	%		437.66	%		227.60	%
	Gross loan charge-offs for the quarter		$	6		$	51		$	1
	Gross loan recoveries for the quarter		$	4		$	7		$	66
	Net loan charge-offs (recoveries) for the quarter		$	2		$	44		$	(65	)


			March 31,			December 31,			March 31,
			2025			2024			2024
Capital Data (At quarter end):
	Common shareholders’ equity (book value) per share		$	22.26		$	21.77		$	21.07
	Tangible book value per share**		$	17.38		$	16.88		$	16.05
	Shares outstanding			7,977,177			8,027,177			8,016,784
	Tangible common equity to tangible assets***			6.77	%		6.57	%		6.32	%

Other Information:
	Average investment securities for the quarter		$	293,273		$	300,088		$	314,129
	Average investment securities year-to-date		$	293,273		$	306,538		$	314,129
	Average loans for the quarter ****		$	1,526,774		$	1,533,686		$	1,499,293
	Average loans year-to-date ****		$	1,526,774		$	1,523,384		$	1,499,293
	Average earning assets for the quarter		$	1,835,210		$	1,858,078		$	1,830,316
	Average earning assets year-to-date		$	1,835,210		$	1,850,120		$	1,830,316
	Average total assets for the quarter		$	2,079,142		$	2,107,357		$	2,066,579
	Average total assets year-to-date		$	2,079,142		$	2,092,051		$	2,066,579
	Average deposits for the quarter		$	1,671,349		$	1,671,653		$	1,625,770
	Average deposits year-to-date		$	1,671,349		$	1,636,390		$	1,625,770
	Average equity for the quarter		$	169,088		$	169,054		$	162,637
	Average equity year-to-date		$	169,088		$	164,591		$	162,637

* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
costs and intangible asset amortization, by the sum of net interest income and non-interest income.
** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
less goodwill and core deposit intangible, by common shares outstanding.
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
**** Includes loans held for sale

Reconciliation of Non-GAAP Financial Measures

Core Efficiency Ratio			(Unaudited)
(Dollars in thousands)			Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024
Calculation of Efficiency Ratio:
	Noninterest expense – efficiency ratio numerator		$	17,006		$	17,696		$	17,033

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Efficiency ratio denominator		20,918			21,362			19,166

	Efficiency ratio (GAAP)			81.30	%		82.84	%		88.87	%

Calculation of Core Efficiency Ratio:
	Noninterest expense		$	17,006		$	17,696		$	17,033
	Intangible asset amortization			(320	)		(337	)		(369	)
		Core efficiency ratio numerator		16,686			17,359			16,664

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Core efficiency ratio denominator		20,918			21,362			19,166

	Core efficiency ratio (non-GAAP)			79.77	%		81.26	%		86.95	%

Tangible Book Value and Tangible Assets			(Unaudited)
(Dollars in thousands, except per share data)			March 31,			December 31,			March 31,
			2025			2024			2024
Tangible Book Value:
	Shareholders’ equity		$	177,573		$	174,765		$	168,948
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)	$	(40,254	)
		Tangible common shareholders’ equity (non-GAAP)	$	138,652		$	135,526		$	128,694

	Common shares outstanding at end of period			7,977,177			8,027,177			8,016,784

	Common shareholders’ equity (book value) per share (GAAP)		$	22.26		$	21.77		$	21.07

	Tangible common shareholders’ equity (tangible book value)
		per share (non-GAAP)	$	17.38		$	16.88		$	16.05

Tangible Assets:
	Total assets		$	2,088,416		$	2,103,090		$	2,076,074
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)		(40,254	)
		Tangible assets (non-GAAP)	$	2,049,495		$	2,063,851		$	2,035,820

	Tangible common shareholders’ equity to tangible assets
		(non-GAAP)		6.77	%		6.57	%		6.32	%

Contacts:

Laura F. Clark, President and CEO
(406) 457-4007
Miranda J. Spaulding, SVP and CFO
(406) 441-5010

The MIL Network –

April 30, 2025

MIL-OSI Economics: STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election

Source: – Press Release/Statement:

Headline: STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election

CanREA eager to resume positive work with the federal government to advance wind energy, solar energy and energy storage initiatives nationwide.

Ottawa, Ontario, April 29, 2025—The Canadian Renewable Energy Association (CanREA) congratulates Prime Minister Mark Carney and the Liberal Party of Canada for their election today, forming a minority government. At press time, votes were still being counted with many ridings too close to call.

“CanREA looks forward to strengthening our collaboration with the Canadian government to advance clean-energy initiatives nationwide. Expanding investments in wind, solar, and energy storage technologies is essential for safeguarding Canada’s economic sovereignty while delivering affordable, reliable and clean energy solutions. The urgency to act has never been greater,” said Vittoria Bellissimo, CanREA’s President and CEO.

During the campaign, Mr. Carney and the Liberal Party committed to a suite of proposals that support the rapid deployment of clean energy. These include:

Finalizing the Clean Economy Investment Tax Credits (ITCs), policies that have already galvanized private sector investment in Canada’s renewable energy and energy storage industry. Getting the remaining ITCs passed into law, particularly the Clean Electricity ITC, will secure Canada’s position as a competitive and safe place for the private sector to invest. These will also help lower the cost of electricity to Canadian ratepayers.
Reducing the barriers that Indigenous companies and communities face when it comes to accessing capital, by expanding the kinds of projects the Canada Infrastructure Bank can support to be more in line with First Nation, Inuit and Métis priorities. The Liberals also committed to exploring options for an Indigenous Infrastructure Bank to further address this gap.
Offering support for Canadians entering the trades, while also helping to reduce barriers that these skilled workers face when working in another province.
Creating a new First and Last Mile Fund that will move more electricity and goods from where they are produced to where they are needed, creating a more integrated and accessible Canadian economy.
Signing new Cooperation and Substitution Agreements with all willing provinces, territories, and Indigenous Governing Bodies within six months, ensuring that projects go through only one review that upholds environmental standards and Indigenous consultation.
Cementing the signal for electrification by maintaining the industrial carbon price. During his leadership campaign, Mr. Carney even promised to set a pricing schedule out to 2035—this would be a strong signal upon which Canada’s renewable energy and energy storage industry could rely.
“We are ready to work with all 343 MPs to deliver on legislation that will accelerate the development of the new renewable energy and energy storage projects Canada needs to meet its economic and environmental goals,” said Fernando Melo, CanREA’s Federal Director.

“CanREA will continue to champion the speedy introduction of legislation that will enable the Clean Electricity ITC and other tools to improve Indigenous communities’ and companies’ access to capital. We are also committed to working with the new Liberal government to secure Canada’s clean-energy supply chains during this period of uncertainty,” said Melo.

Quotes

“CanREA looks forward to strengthening our collaboration with the Canadian government to advance clean-energy initiatives nationwide. Expanding investments in wind, solar, and energy storage technologies is essential for safeguarding Canada’s economic sovereignty while delivering affordable, reliable and clean energy solutions. The urgency to act has never been greater.”

—Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA)

“We are ready to work with all 343 MPs to deliver on legislation that will accelerate the development of the new renewable energy and energy storage projects Canada needs to meet its economic and environmental goals. CanREA will continue to champion the speedy introduction of legislation that will enable the Clean Electricity ITC and other tools to improve Indigenous communities’ and companies’ access to capital. We are also committed to working with the new Liberal government to secure Canada’s clean-energy supply chains during this period of uncertainty.”

—Fernando Melo, Federal Director, Canadian Renewable Energy Association (CanREA)

For media interview opportunities, please contact:

Bridget Wayland, Senior Director of CommunicationsCanadian Renewable Energy Associationcommunications@renewablesassociation.ca

About CanREA

The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on X and LinkedIn. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca.
The post STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election appeared first on Canadian Renewable Energy Association.

MIL OSI Economics –

April 30, 2025

MIL-OSI: Gevo to Report First Quarter 2025 Financial Results on May 13, 2025

Source: GlobeNewswire (MIL-OSI)

ENGLEWOOD, Colo., April 29, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) announced today that it will host a conference call on May 13, 2025, at 4:30 p.m. ET (2:30 p.m. MT) to report its financial results for the first quarter ended March 31, 2025.

To participate in the live call, please register through the following event weblink: https://register-conf.media-server.com/register/BI14d4db26011d45b9871ce05b8b3c5a63

After registering, participants will be provided with a dial-in number and pin.

To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/xd9v2i3x

A webcast replay will be available two hours after the conference call ends on May 13, 2025. The archived webcast will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

About Gevo
Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

For more information, see www.gevo.com.

PUBLIC AFFAIRS CONTACT
Heather Manuel
VP of Stakeholder Engagement & Partnerships
PR@gevo.com

INVESTOR CONTACT
Eric Frey, PhD
VP of Corporate Development
IR@gevo.com

The MIL Network –

April 30, 2025

MIL-OSI: cBrain aims to create and lead two new global solution niches

Source: GlobeNewswire (MIL-OSI)

Company Announcement no. 05/2025

cBrain aims to create and lead two new global solution niches

Copenhagen, April 29, 2025

The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain (NASDAQ: CBRAIN) has announced to adjust its growth strategy during the first half of 2025 to capitalize on these market changes.

Consequently, the growth strategy is extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

Solid development in Denmark and internationally

cBrain has entered the year as planned with continued development in Denmark and international markets.

In January, cBrain announced an agreement to deliver the F2 Digital platform for the new Danish Ministry of Resilience and Preparedness. The F2 solution was configured for the ministerial work, ready-to-go-live, in 3 weeks.

In March cBrain announced the successful delivery of the F2 Digital platform for the Danish Energy Agency. F2 has been configured as a grant management solution to support the heat pump subsidy program. At launch the agency said the new solution exceeded all expectations, with almost 70% of all applications being processed fully automatically, and the first 930 citizen applications approved within only minutes of launching the subsidy program.

In Germany, cBrain continues deploying F2 with the agency that administrates public pensions. Several thousand users have gone live during the first months of the year, and cBrain has won a new tender extending the scope of work.

In Romania, cBrain’s partner has won a public tender to deliver a new national platform for administrating citizen pensions. F2 is now being configured as the case management and processing kernel, supporting close to 100 different administrative processes and integrating with multiple other systems. cBrain sees the project as a milestone both technically and strategically, demonstrating the power of the F2 Service Builder and the early success of the F2-for-Partner strategy.

Taking leadership within Paperless Ministry and Environmental Permitting

The long-term cBrain growth strategy is founded on a vision and a business case to provide standard software for government. Working in close collaboration with Danish government for 15 years, cBrain has invested more than 450,000 hours in developing the F2 platform.

Today, almost all Danish ministries, and more than 75 Danish authorities in total, use F2 as their digital platform. Internationally, cBrain has delivered F2 to government organizations across five continents. With Denmark ranked number one in the United Nations E-Government Survey for the past eight years, this offers cBrain a strong first-mover advantage and a solid reference position.

Leveraging the F2 software platform, cBrain is executing an ambitious international growth plan with the aim of becoming a global leader in the fast emerging market for Commercial Off-The-Shelf (COTS) software built for government.

With the 2024 Annual Report, cBrain stated that the transition from custom-built IT solutions to standardized platforms seems to emerge faster than anticipated. This assumption seems to be continuously validated throughout the spring. An increasing number of competitors are repositioning themselves as COTS suppliers, and the White House issued an executive order in April directing the administration to prioritize the procurement of commercial off-the-shelf solutions rather than procuring custom products and developing systems.

The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain has announced an adjustment to its growth strategy during the first half of 2025 to capitalize on these market changes.

The core of cBrain’s growth strategy is built on serving large government clients, securing steady, sustainable growth through long-term software subscriptions, and accelerating international growth through the F2-for-Partners concept.

The growth strategy is now being extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

The F2 Paperless Ministry Solution

cBrain has built a strong home market position in Denmark. This position has been achieved by taking leadership as the supplier of the F2 Paperless Ministry solution, which today is the digital platform for almost all Danish ministries.

In the autumn 2024 the Danish government announced 3 new ministries, and in January cBrain announced that all 3 new ministries have now chosen F2 as their digital platform. The F2 ministry solution was installed and configured, ready to go live within only 3 weeks. The new ministerial projects demonstrate the power of Commercial Off-The-Shelf (COTS) for government solutions and consolidate cBrains unique position in the Danish market.

Building from the paperless ministry leadership position, cBrain has successfully been able to expand outside the ministerial solution niche into the broad Danish government market. Today serving more than 75 Danish government organizations with a large catalog of citizen-facing solutions, from tax solutions and auditing to grants management, inspections, licensing, and family affairs.

A key pillar of the expanded growth strategy is to replicate the Danish success by establishing bridgeheads in new international markets, based on a focused, vertical go-to-market approach centered around the Paperless Ministry offering. The ultimate goal is to achieve global niche leadership, thereby securing a strong foundation for future growth.

cBrain is currently testing and validating the new strategic Paperless Ministry initiative, with market initiatives in Europe and Africa.

In Europe, cBrain is still working to establish contacts with ministries in selected countries. In Africa, the initial market activities have led to a pilot project, where the Danish Paperless Ministry solution was configured and made ready to go live for a Kenyan ministry in just 10 weeks.

cBrain is now developing a go-to-market plan for the African region, working closely with Danish embassies in Africa and aligning with the UNDP Digital Offer for Africa strategy. This builds on the partnership with UNDP announced in November 2024. cBrain sees the African Paperless Ministry solution, leveraging Danish government experience, as a unique tool to help African governments achieve fast digital transformation.

Environmental Permitting

As a second pillar of its expanded growth strategy, and in parallel with the Paperless Ministry initiative, cBrain has launched an ambitious initiative to position the F2 Environmental Permitting solution as a strategic niche offering, aiming to take a leading international market position.

The importance of environmental assessment and permitting is growing worldwide. Government review and permitting processes are required for many infrastructure projects, including roads, bridges, mines, factories, and power plants. In April 2025, the White House issued an executive order stating that executive departments and agencies shall make maximum use of technology in environmental review and permitting processes for infrastructure projects of all kinds.

In close collaboration with the Danish Environmental Protection Agency (EPA), cBrain has developed an F2 based Environmental Permitting solution that eliminates the use of paper-based applications and accelerates case processing time and quality.

In July 2024, the White House Council on Environmental Quality (CEQ) issued a report to Congress that assesses and recommends technologies to improve environmental reviews and permitting processes. In this report, the cBrain F2 Platform is highlighted as a successful process and AI tool for environmental permitting.

cBrain therefore views environmental permitting as a potential niche entry point into the U.S. market, at both the federal and state levels, supporting its decision to invest in this area as the second pillar of its expanded growth strategy.

cBrain maintains its financial guidance for 2025

cBrain has provided financial guidance for the year, with an expected revenue growth of 10-15% and EBT (Earnings Before Tax) of 18-23%. cBrain maintains its financial guidance for 2025.

The allocation of leadership and delivery resources to support the new niche initiatives may temporarily slow current activities. However, the expanded growth strategy is expected to drive new business and accelerate overall growth over time. Depending on the pace of success, executing the expanded growth strategy therefore introduces uncertainty to the 2025 revenue outlook, both on the upside and downside.

In the 2025 budget cBrain has allocated extra one-time costs to market expansion of approximately 4 million Euro to support the revised strategy. These costs are fully included in the financial outlook for 2025 but are conditional on the validation to ensure disciplined growth.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Company Announcement may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachment

Company Announcement no. 2025-05 (Q1 announcemement)

The MIL Network –

April 30, 2025

MIL-OSI: Coastal Financial Corporation Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EVERETT, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank segment (“community bank”) with an industry leading banking as a service (“BaaS”) segment (“CCBX”), today reported unaudited financial results for the quarter ended March 31, 2025, including net income of $9.7 million, or $0.63 per diluted common share, compared to $13.4 million, or $0.94 per diluted common share, for the three months ended December 31, 2024 and $6.8 million, or $0.50 per diluted common share, for the three months ended March 31, 2024.

Management Discussion of the First Quarter Results

“First quarter of 2025 was impacted by elevated expenses related to the onboarding and implementation costs of several new partnerships and products within CCBX and investments in technology, however, we anticipate that the revenue and earnings from these investments will be highly valuable over the long-term,” stated CEO Eric Sprink. “We saw high quality deposit growth of $205.9 million during the first quarter, and our CCBX program fee income continued to increase, up 55.2% compared to the same period in 2024.”

Key Points for First Quarter and Our Go-Forward Strategy

Positive Growth Trends within CCBX Continue. As of March 31, 2025 we had two partners in testing, three in implementation/onboarding, one signed LOI and have an active pipeline of new partners and new products with existing partners for the balance of 2025 and into 2026. Total BaaS program fee income was $6.3 million for the three months ended March 31, 2025, an increase of $724,000, or 13.0%, from the three months ended December 31, 2024. We remain fully indemnified against fraud and 98.8% indemnified against credit risk with our CCBX partners as of March 31, 2025.

Investments for Growth Continues. Total noninterest expense of $72.0 million was up $4.6 million, or 6.8%, as compared to $67.4 million in the quarter ended December 31, 2024, mainly driven by higher salaries and employee benefits, legal and professional expenses and BaaS loan expense partially offset by lower BaaS fraud expense. As we increase the number of new CCBX partners and products with existing partners launching in 2025, we expect that expenses will tend to be front-loaded with a focus on compliance and operational risk before any new programs or products generate significant revenues. We remain focused on building our future revenue sources.

Strong Deposit Growth, Off Balance Sheet Activity Update. Total deposits of $3.79 billion, an increase of $205.9 million, or 5.7%, over the quarter ended December 31, 2024, driven primarily by growth in CCBX partner programs. On April 1, 2025 we launched the T-Mobile deposit program and those deposits will be reflected in the second quarter deposit totals. During the first quarter of 2025, we sold $744.6 million of loans, the majority of which were credit card receivables. We retain a portion of the fee income on sold credit card loans. As of March 31, 2025 there were 237,024 credit cards with fee earning potential, an increase of 54,575 compared to the quarter ended December 31, 2024 and an increase of 210,723 from March 31, 2024.

First Quarter 2025 Financial Highlights

The tables below outline some of our key operating metrics.

	Three Months Ended
(Dollars in thousands, except share and per share data; unaudited)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Income Statement Data:
Interest and dividend income	$	104,907		$	102,448		$	105,165		$	97,422		$	91,742
Interest expense		28,845			30,071			32,892			31,250			29,536
Net interest income		76,062			72,377			72,273			66,172			62,206
Provision for credit losses		55,781			61,867			70,257			62,325			83,158
Net interest (expense)/ income after provision for credit losses		20,281			10,510			2,016			3,847			(20,952	)
Noninterest income		63,477			74,100			78,790			69,138			86,176
Noninterest expense		71,989			67,411			64,424			57,964			56,509
Provision for income tax		2,039			3,832			2,926			3,425			1,915
Net income		9,730			13,367			13,456			11,596			6,800

	As of and for the Three Month Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Balance Sheet Data:
Cash and cash equivalents	$	624,302		$	452,513		$	484,026		$	487,245		$	515,128
Investment securities		46,991			47,321			48,620			49,213			50,090
Loans held for sale		42,132			20,600			7,565			—			797
Loans receivable		3,517,359			3,486,565			3,413,894			3,321,813			3,195,101
Allowance for credit losses		(183,178	)		(176,994	)		(171,674	)		(148,878	)		(139,941	)
Total assets		4,339,282			4,121,208			4,064,472			3,959,549			3,863,062
Interest bearing deposits		3,251,599			3,057,808			3,047,861			2,949,643			2,888,867
Noninterest bearing deposits		539,630			527,524			579,427			593,789			574,112
Core deposits ⁽¹⁾		3,321,772			3,123,434			3,190,869			3,528,339			3,447,864
Total deposits		3,791,229			3,585,332			3,627,288			3,543,432			3,462,979
Total borrowings		47,923			47,884			47,847			47,810			47,771
Total shareholders’ equity		449,917			438,704			331,930			316,693			303,709

Share and Per Share Data ⁽²⁾:
Earnings per share – basic	$	0.65		$	0.97		$	1.00		$	0.86		$	0.51
Earnings per share – diluted	$	0.63		$	0.94		$	0.97		$	0.84		$	0.50
Dividends per share		—			—			—			—			—
Book value per share ⁽³⁾	$	29.98		$	29.37		$	24.51		$	23.54		$	22.65
Tangible book value per share ⁽⁴⁾	$	29.98		$	29.37		$	24.51		$	23.54		$	22.65
Weighted avg outstanding shares – basic		14,962,507			13,828,605			13,447,066			13,412,667			13,340,997
Weighted avg outstanding shares – diluted		15,462,041			14,268,229			13,822,270			13,736,508			13,676,917
Shares outstanding at end of period		15,009,225			14,935,298			13,543,282			13,453,805			13,407,320
Stock options outstanding at end of period		163,932			186,354			198,370			286,119			309,069

See footnotes that follow the tables below

	As of and for the Three Month Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Credit Quality Data:
Nonperforming assets ⁽⁵⁾ to total assets		1.30	%		1.52	%		1.63	%		1.34	%		1.42	%
Nonperforming assets ⁽⁵⁾ to loans receivable and OREO		1.60	%		1.80	%		1.94	%		1.60	%		1.72	%
Nonperforming loans ⁽⁵⁾ to total loans receivable		1.60	%		1.80	%		1.94	%		1.60	%		1.72	%
Allowance for credit losses to nonperforming loans		325.0	%		282.5	%		257.2	%		278.6	%		254.3	%
Allowance for credit losses to total loans receivable		5.21	%		5.08	%		5.03	%		4.45	%		4.35	%
Gross charge-offs	$	53,686		$	61,585		$	53,305		$	55,207		$	58,994
Gross recoveries	$	5,486		$	5,223		$	4,516		$	2,254		$	2,036
Net charge-offs to average loans ⁽⁶⁾		5.57	%		6.56	%		5.60	%		6.54	%		7.30	%

Capital Ratios:
Company
Tier 1 leverage capital		10.67	%		10.78	%		8.40	%		8.31	%		8.24	%
Common equity Tier 1 risk-based capital		12.13	%		12.04	%		9.24	%		9.03	%		8.98	%
Tier 1 risk-based capital		12.22	%		12.14	%		9.34	%		9.13	%		9.08	%
Total risk-based capital		14.73	%		14.67	%		11.89	%		11.70	%		11.70	%
Bank
Tier 1 leverage capital		10.57	%		10.64	%		9.29	%		9.24	%		9.19	%
Common equity Tier 1 risk-based capital		12.12	%		11.99	%		10.34	%		10.15	%		10.14	%
Tier 1 risk-based capital		12.12	%		11.99	%		10.34	%		10.15	%		10.14	%
Total risk-based capital		13.42	%		13.28	%		11.63	%		11.44	%		11.43	%

⁽¹⁾	Core deposits are defined as all deposits excluding brokered and time deposits.
⁽²⁾	Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
⁽³⁾	We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
⁽⁴⁾	Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
⁽⁵⁾	Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
⁽⁶⁾	Annualized calculations.

Key Performance Ratios

Return on average assets (“ROA”) was 0.93% for the quarter ended March 31, 2025 compared to 1.30% and 0.73% for the quarters ended December 31, 2024 and March 31, 2024, respectively. ROA for the quarter ended March 31, 2025, decreased 0.37% and increased 0.19% compared to December 31, 2024 and March 31, 2024, respectively. Noninterest expenses were higher for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 largely due to higher salaries and employee benefits, due to annual pay increases and for new hires that contribute to our continued investments in growth, technology and risk management, legal and professional expenses and increased BaaS loan expense, which is directly related to interest earned on CCBX loans. These increases were partially offset by a decrease in BaaS fraud expense. Noninterest expenses were higher than the quarter ended March 31, 2024 due primarily to an increase in salaries and employee benefits, data processing and software licenses and legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management.

Legal and professional fees in first quarter were elevated in multiple areas including compliance, BSA, audit, legal and projects as we prepare for new partners, and we may experience a similar level of expenses again in second quarter before returning to a more historical level in third quarter 2025.

Yield on earning assets and yield on loans receivable increased 0.07% and 0.23%, respectively, for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. Average loans receivable as of March 31, 2025 increased $92.2 million compared to December 31, 2024 as net CCBX loans continue to grow, despite selling $744.6 million in CCBX loans during the quarter ended March 31, 2025.

The following table shows the Company’s key performance ratios for the periods indicated.

	Three Months Ended
(unaudited)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Return on average assets ⁽¹⁾		0.93	%		1.30	%		1.34	%		1.21	%		0.73	%
Return on average equity ⁽¹⁾		8.91	%		14.90	%		16.67	%		15.22	%		9.21	%
Yield on earnings assets ⁽¹⁾		10.32	%		10.24	%		10.79	%		10.49	%		10.21	%
Yield on loans receivable ⁽¹⁾		11.33	%		11.12	%		11.44	%		11.22	%		11.01	%
Cost of funds ⁽¹⁾		3.11	%		3.24	%		3.62	%		3.60	%		3.52	%
Cost of deposits ⁽¹⁾		3.08	%		3.21	%		3.59	%		3.58	%		3.49	%
Net interest margin ⁽¹⁾		7.48	%		7.23	%		7.42	%		7.12	%		6.92	%
Noninterest expense to average assets ⁽¹⁾		6.87	%		6.54	%		6.42	%		6.05	%		6.10	%
Noninterest income to average assets ⁽¹⁾		6.06	%		7.19	%		7.85	%		7.22	%		9.30	%
Efficiency ratio		51.59	%		46.02	%		42.65	%		42.84	%		38.08	%
Loans receivable to deposits ⁽²⁾		93.89	%		97.82	%		94.33	%		93.75	%		92.29	%

⁽¹⁾	Annualized calculations shown for quarterly periods presented.
⁽²⁾	Includes loans held for sale.

Management Outlook; CEO Eric Sprink

“Looking ahead to the balance of 2025, elevated onboarding activity is expected to continue into the second quarter as our CCBX pipeline remains very robust with high quality and potentially impactful opportunities. We plan to continue to invest in and enhance our technology and risk management infrastructure to support our next phase of CCBX growth. Our risk reduction efforts, namely our fraud and credit indemnifications via our partners, continued to function as expected despite the volatile macroeconomics conditions towards the end of first quarter. These efforts, plus additional growth in noninterest income should help mitigate the uncertainties associated with fluctuating interest rates and provide a stable, recurring income source.” said CEO Eric Sprink.

Coastal Financial Corporation Overview

The Company has one main subsidiary, the Bank, which consists of three segments: CCBX, the community bank and treasury & administration. The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.

CCBX Performance Update

Our CCBX segment continues to evolve, and we have 25 relationships, at varying stages, including two partners in testing, three in implementation/onboarding, one signed LOI as of March 31, 2025. We continue to refine the criteria for CCBX partnerships, exploring relationships with larger more established partners, with experienced management teams, existing customer bases and strong financial positions. We also will consider promising medium and smaller sized partners that align with our approach and terms including financial wherewithal and will continue to exit relationships where it makes sense for us to do so.

While we explore relationships with new partners we continue to expand our product offerings with existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners allows us to expand and grow our customer base with a modest increase in regulatory risk given our operational history with them. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect this trend to continue as current products grow and new products are introduced . We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances, and will continue this strategy to provide an on-going and passive revenue source with no on balance sheet risk or capital requirement.

On April 1, 2025, we went live with the T-Mobile deposit program and our second quarter deposits will include those balances. As we build our deposit base, we will be able to sweep deposits off and on the balance sheet as needed. This deposit sweep capability allows us to better manage liquidity and deposit programs. At March 31, 2025 we swept off $406.3 million in deposits for FDIC insurance and liquidity purposes. We are also launching a new suite of deposit products with RobinHood, which are expected to launch in the back half of 2025. The introduction of theses products are expected to increase deposits.

The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

	As of
(unaudited)	March 31, 2025	December 31, 2024	March 31, 2024
Active	19	19	19
Friends and family / testing	2	1	1
Implementation / onboarding	3	1	1
Signed letters of intent	1	3	0
Total CCBX relationships	25	24	21

CCBX loans increased $47.2 million, or 2.9%, to $1.65 billion despite selling $744.6 million in loans during the three months ended March 31, 2025. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At March 31, 2025 the portion of this portfolio for which we are responsible represented $19.9 million in loans.

The following table details the CCBX loan portfolio:

CCBX	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Commercial and industrial loans:
Capital call lines	$	133,466			8.1	%	$	109,017			6.8	%	$	135,671			10.3	%
All other commercial & industrial loans		29,702			1.8			33,961			2.1			47,160			3.6
Real estate loans:
Residential real estate loans		285,355			17.3			267,707			16.7			265,148			20.2
Consumer and other loans:
Credit cards		532,775			32.2			528,554			33.0			505,706			38.6
Other consumer and other loans		670,026			40.6			664,780			41.4			358,528			27.3
Gross CCBX loans receivable		1,651,324			100.0	%		1,604,019			100.0	%		1,312,213			100.0	%
Net deferred origination (fees) costs		(498	)					(442	)					(394	)
Loans receivable	$	1,650,826					$	1,603,577					$	1,311,819
Loan Yield – CCBX ⁽¹⁾⁽²⁾		16.88	%					16.81	%					17.74	%

⁽¹⁾	CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾	Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

The increase in CCBX loans in the quarter ended March 31, 2025, includes an increase of $24.4 million, or 22.4%, in capital call lines as a result of normal balance fluctuations and business activities, an increase of $17.6 million, or 6.6%, in residential real estate loans and an increase of $9.5 million or 0.8%, in other consumer and other loans. We continue to monitor and manage the CCBX loan portfolio, and sold $744.6 million in CCBX loans during the quarter ended March 31, 2025 compared to sales of $845.5 million in the quarter ended December 31, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio earnings and generate off balance sheet fee income. CCBX loan yield increased 0.07% for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024.

The following chart shows the growth in credit card accounts that generate fee income. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, and that generate fee income.

The following table details the CCBX deposit portfolio:

CCBX	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Demand, noninterest bearing	$	58,416			2.6	%	$	55,686			2.7	%	$	58,669			2.9	%
Interest bearing demand and money market		2,145,608			94.6			1,958,459			94.9			1,964,942			96.8
Savings		16,625			0.7			5,710			0.3			5,338			0.3
Total core deposits		2,220,649			97.9			2,019,855			97.9			2,028,949			100.0
Other deposits		46,359			2.1			44,233			2.1			—			—
Total CCBX deposits	$	2,267,008			100.0	%	$	2,064,088			100.0	%	$	2,028,949			100.0	%
Cost of deposits ⁽¹⁾		4.01	%					4.19	%					4.93	%

⁽¹⁾	Cost of deposits is annualized for the three months ended for each period presented.

CCBX deposits increased $202.9 million, or 9.8%, in the three months ended March 31, 2025 to $2.27 billion as a result of growth and normal balance fluctuations. This excludes the $406.3 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $273.2 million for the quarter ended December 31, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third-party facilitator/vendor sweep product, to participating financial institutions.

Community Bank Performance Update

In the quarter ended March 31, 2025, the community bank saw net loans decrease $16.5 million, or 0.9%, to $1.87 billion, as a result of normal balance fluctuations.

The following table details the Community Bank loan portfolio:

Community Bank	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Commercial and industrial loans	$	149,104			8.0	%	$	150,395			8.0	%	$	154,395			8.2	%
Real estate loans:
Construction, land and land development loans		166,551			8.9			148,198			7.8			160,862			8.5
Residential real estate loans		202,920			10.8			202,064			10.7			231,157			12.2
Commercial real estate loans		1,340,647			71.6			1,374,801			72.8			1,342,489			71.0
Consumer and other loans:
Other consumer and other loans		13,326			0.7			13,542			0.7			1,447			0.1
Gross Community Bank loans receivable		1,872,548			100.0	%		1,889,000			100.0	%		1,890,350			100.0	%
Net deferred origination fees		(6,015	)					(6,012	)					(7,068	)
Loans receivable	$	1,866,533					$	1,882,988					$	1,883,282
Loan Yield⁽¹⁾		6.53	%					6.53	%					6.46	%

⁽¹⁾	Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

Community bank loans decreased $34.2 million in commercial real estate loans, $1.3 million in commercial and industrial loans and $216,000 in consumer and other loans, partially offset by an increase of $18.4 million in construction, land and land development loans, during the quarter ended March 31, 2025.

The following table details the community bank deposit portfolio:

Community Bank	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Demand, noninterest bearing	$	481,214			31.5	%	$	471,838			31.0	%	$	515,443			35.9	%
Interest bearing demand and money market		560,416			36.8			570,625			37.5			834,725			58.2
Savings		59,493			3.9			61,116			4.0			68,747			4.8
Total core deposits		1,101,123			72.2			1,103,579			72.5			1,418,915			99.0
Other deposits		407,391			26.7			400,118			26.3			1			0.0
Time deposits less than $100,000		5,585			0.4			5,920			0.4			7,199			0.5
Time deposits $100,000 and over		10,122			0.7			11,627			0.8			7,915			0.6
Total Community Bank deposits	$	1,524,221			100.0	%	$	1,521,244			100.0	%	$	1,434,030			100.0	%
Cost of deposits⁽¹⁾		1.76	%					1.86	%					1.66	%

⁽¹⁾	Cost of deposits is annualized for the three months ended for each period presented.

Community bank deposits increased $3.0 million, or 0.2%, during the three months ended March 31, 2025 to $1.52 billion as result of normal balance fluctuations. The community bank segment includes noninterest bearing deposits of $481.2 million, or 31.5%, of total community bank deposits, resulting in a cost of deposits of 1.76%, which compared to 1.86% for the quarter ended December 31, 2024, largely due to the decreases in the Fed funds rate late in the third quarter and during the fourth quarter of 2024.

Net Interest Income and Margin Discussion

Net interest income was $76.1 million for the quarter ended March 31, 2025, an increase of $3.7 million, or 5.1%, from $72.4 million for the quarter ended December 31, 2024, and an increase of $13.9 million, or 22.3%, from $62.2 million for the quarter ended March 31, 2024. Net interest income compared to December 31, 2024, was higher due to an increase in average loans receivable, an increase in loan yield and a decrease in cost of funds. The increase in net interest income compared to March 31, 2024 was largely related to growth in higher yielding loans, partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.

Net interest margin was 7.48% for the three months ended March 31, 2025, compared to 7.23% for the three months ended December 31, 2024, largely due to higher loan yield and lower cost of deposits. Net interest margin, net of BaaS loan expense, (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) was 4.28% for the three months ended March 31, 2025, compared to 4.16% for the three months ended December 31, 2024. Net interest margin was 6.92% for the three months ended March 31, 2024. The increase in net interest margin for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was largely due to an increase in loan yield, partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable increased $2.6 million, or 2.7%, to $98.1 million for the three months ended March 31, 2025, compared to $95.6 million for the three months ended December 31, 2024, as a result of loan growth. Interest and fees on loans receivable increased $12.3 million, or 14.3%, compared to $85.9 million for the three months ended March 31, 2024, due to an increase in outstanding balances and higher interest rates. Net interest margin, net of BaaS loan expense (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) increased 0.12% for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 and increased 0.26% compared the three months ended March 31, 2024.

The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.48	%		7.23	%		6.92	%
Earning assets		4,124,065			3,980,078			3,613,769
Net interest income (GAAP)		76,062			72,377			62,206
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense⁽²⁾	$	43,555		$	41,657		$	36,099
Net interest margin, net of BaaS loan expense ⁽¹⁾⁽²⁾		4.28	%		4.16	%		4.02	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.33	%		11.12	%		11.01	%
Total average loans receivable	$	3,511,724		$	3,419,476		$	3,137,271
Interest and earned fee income on loans (GAAP)		98,147			95,575			85,891
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net loan income⁽²⁾	$	65,640		$	64,855		$	59,784
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾⁽²⁾		7.58	%		7.55	%		7.66	%

⁽¹⁾	Annualized calculations shown for periods presented.
⁽²⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Average investment securities decreased $974,000 to $47.2 million compared to the three months ended December 31, 2024 and decreased $68.2 million compared to the three months ended March 31, 2024 as a result of principal paydowns and maturing securities.

Cost of funds was 3.11% for the quarter ended March 31, 2025, a decrease of 13 basis points from the quarter ended December 31, 2024 and a decrease of 42 basis points from the quarter ended March 31, 2024. Cost of deposits for the quarter ended March 31, 2025 was 3.08%, compared to 3.21% for the quarter ended December 31, 2024, and 3.49% for the quarter ended March 31, 2024. The decreased cost of funds and deposits compared to December 31, 2024 and March 31, 2024 were largely due to the recent reductions in the Fed funds rate.

The following table summarizes the average yield on loans receivable and cost of deposits:

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾			Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾			Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾
Community Bank		6.53	%		1.76	%		6.53	%		1.86	%		6.46	%		1.66	%
CCBX ⁽¹⁾		16.88	%		4.01	%		16.81	%		4.19	%		17.74	%		4.93	%
Consolidated		11.33	%		3.08	%		11.12	%		3.21	%		11.01	%		3.49	%

⁽¹⁾	CCBX yield on loans does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾	Annualized calculations for periods presented.

The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

	For the Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
(dollars in thousands, unaudited)	Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾			Income / Expense		Income / expense divided by average CCBX loans⁽²⁾			Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾
BaaS loan interest income	$	67,855		16.88	%	$	64,532		16.81	%	$	55,839		17.74	%
Less: BaaS loan expense		32,507		8.09	%		30,720		8.00	%		26,107		8.29	%
Net BaaS loan income ⁽¹⁾	$	35,348		8.79	%	$	33,812		8.81	%	$	29,732		9.45	%
Average BaaS Loans⁽³⁾	$	1,630,088				$	1,527,178				$	1,265,857

⁽¹⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
⁽²⁾	Annualized calculations shown for the periods presented.
⁽³⁾	Includes loans held for sale.

Noninterest Income Discussion

Noninterest income was $63.5 million for the three months ended March 31, 2025, a decrease of $10.6 million from $74.1 million for the three months ended December 31, 2024, and a decrease of $22.7 million from $86.2 million for the three months ended March 31, 2024. The decrease in noninterest income for the quarter ended March 31, 2025 as compared to the quarter ended December 31, 2024 was primarily due to a decrease of $10.8 million in total BaaS income. The $10.8 million decrease in total BaaS income included an $8.4 million decrease in BaaS credit enhancements related to the provision for credit losses and a $3.1 million decrease in BaaS fraud enhancements partially offset by an increase of $724,000 in BaaS program income. The $724,000 increase in BaaS program income is largely due to higher reimbursement of CCBX partner expenses and an increase in transaction and interchange fees and servicing and other BaaS fees, (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

The $22.7 million decrease in noninterest income over the quarter ended March 31, 2024 was primarily due to a $25.1 million decrease in BaaS credit and fraud enhancements and an increase of $2.2 million in BaaS program income.

Noninterest Expense Discussion

Total noninterest expense increased $4.6 million to $72.0 million for the three months ended March 31, 2025, compared to $67.4 million for the three months ended December 31, 2024, and increased $15.5 million from $56.5 million for the three months ended March 31, 2024. The $4.6 million increase in noninterest expense for the quarter ended March 31, 2025, as compared to the quarter ended December 31, 2024, was primarily due to a $3.5 million increase in salaries and benefits, $1.9 million increase in legal and professional fees, and $1.8 million increase in BaaS loan expense, partially offset by a $3.1 million decrease in BaaS fraud expense. The salaries and benefits and legal and professional fees increases were part of our continued investments in growth, technology and risk management. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners.

The increase in noninterest expenses for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024 was largely due to a $6.4 million increase in BaaS loan expense, a $1.1 million increase in BaaS fraud expense, a $2.8 million increase in legal and professional expenses, a $3.5 million increase in salary and employee benefits, and a $1.3 million increase in data processing and software licenses due to enhancements in technology all of which are related to the growth of Company and investments in technology and risk management.

Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partners:

	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands; unaudited)		2025		2024		2024
Total noninterest expense (GAAP)	$	71,989	$	67,411	$	56,509
Less: BaaS loan expense		32,507		30,720		26,107
Less: BaaS fraud expense		1,993		5,043		923
Less: Reimbursement of expenses (BaaS)		1,026		812		254
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) ⁽¹⁾	$	36,463	$	30,836	$	29,225

⁽¹⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Provision for Income Taxes

The provision for income taxes was $2.0 million for the three months ended March 31, 2025, $3.8 million for the three months ended December 31, 2024 and $1.9 million for the first quarter of 2024. The income tax provision was lower for the three months ended March 31, 2025 compared to the quarter ended December 31, 2024 as a result of the deductibility of certain equity awards which reduced tax expense during the quarter ended March 31, 2025, and was higher compared to the quarter ended March 31, 2024, primarily due to higher net income compared to that quarter, partially offset by the deductibility of certain equity awards.

The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.55% for calculating the provision for state income taxes.

Financial Condition Overview

Total assets increased $218.1 million, or 5.3%, to $4.34 billion at March 31, 2025 compared to $4.12 billion at December 31, 2024. The increase is primarily comprised of a $171.8 million increase in cash and a $30.8 million increase in loans receivable. Total loans receivable increased to $3.52 billion at March 31, 2025, from $3.49 billion at December 31, 2024.

As of March 31, 2025, in addition to the $624.3 million in cash on hand the Company had the capacity to borrow up to a total of $662.4 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, plus an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of March 31, 2025.

The Company, on a stand alone basis, had a cash balance of $45.5 million as of March 31, 2025, which is retained for general operating purposes, including debt repayment, for funding $468,000 in commitments to bank technology investment funds and $40.0 million is available to be contributed to the Bank as capital.

Uninsured deposits were $558.8 million as of March 31, 2025, compared to $543.0 million as of December 31, 2024.

Total shareholders’ equity as of March 31, 2025 increased $11.2 million since December 31, 2024. The increase in shareholders’ equity was primarily comprised of an increase of $1.5 million in common stock outstanding as a result of equity awards exercised during the three months ended March 31, 2025 combined with $9.7 million in net earnings.

The Company and the Bank remained well capitalized at March 31, 2025, as summarized in the following table.

(unaudited)	Coastal Community Bank			Coastal Financial Corporation			Minimum Well Capitalized Ratios under Prompt Corrective Action ⁽¹⁾
Tier 1 Leverage Capital (to average assets)		10.57	%		10.67	%		5.00	%
Common Equity Tier 1 Capital (to risk-weighted assets)		12.12	%		12.13	%		6.50	%
Tier 1 Capital (to risk-weighted assets)		12.12	%		12.22	%		8.00	%
Total Capital (to risk-weighted assets)		13.42	%		14.73	%		10.00	%

⁽¹⁾

Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

Asset Quality

The total allowance for credit losses was $183.2 million and 5.21% of loans receivable at March 31, 2025 compared to $177.0 million and 5.08% at December 31, 2024 and $139.9 million and 4.38% at March 31, 2024. The allowance for credit loss allocated to the CCBX portfolio was $164.2 million and 9.95% of CCBX loans receivable at March 31, 2025, with $19.0 million of allowance for credit loss allocated to the community bank or 1.02% of total community bank loans receivable.

The following table details the allocation of the allowance for credit loss as of the period indicated:

	As of March 31, 2025									As of December 31, 2024									As of March 31, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Loans receivable	$	1,866,533		$	1,650,826		$	3,517,359		$	1,882,988		$	1,603,577		$	3,486,565		$	1,883,282		$	1,311,819		$	3,195,101
Allowance for credit losses		(18,992	)		(164,186	)		(183,178	)		(18,924	)		(158,070	)		(176,994	)		(21,384	)		(118,557	)		(139,941	)
Allowance for credit losses to total loans receivable		1.02	%		9.95	%		5.21	%		1.00	%		9.86	%		5.08	%		1.14	%		9.04	%		4.38	%

Net charge-offs totaled $48.2 million for the quarter ended March 31, 2025, compared to $56.4 million for the quarter ended December 31, 2024 and $57.0 million for the quarter ended March 31, 2024. Net charge-offs as a percent of average loans decreased to 5.57% for the quarter ended March 31, 2025 compared to 6.56% for the quarter ended December 31, 2024. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $299.8 million loan portfolio. At March 31, 2025, our portion of this portfolio represented $19.9 million in loans. Net charge-offs for this $19.9 million in loans were $1.1 million for the three months ended March 31, 2025 and December 31, 2024 and $2.1 million for the three months ended March 31, 2024.

The following table details net charge-offs for the community bank and CCBX for the period indicated:

	Three Months Ended
	March 31, 2025									December 31, 2024									March 31, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Gross charge-offs	$	4		$	53,682		$	53,686		$	139		$	61,446		$	61,585		$	15		$	58,979		$	58,994
Gross recoveries		(7	)		(5,479	)		(5,486	)		(3	)		(5,220	)		(5,223	)		(4	)		(2,032	)		(2,036	)
Net charge-offs	$	(3	)	$	48,203		$	48,200		$	136		$	56,226		$	56,362		$	11		$	56,947		$	56,958
Net charge-offs to average loans ⁽¹⁾		0.00	%		11.99	%		5.57	%		0.03	%		14.65	%		6.56	%		0.00	%		18.09	%		7.30	%

⁽¹⁾	Annualized calculations shown for periods presented.

During the quarter ended March 31, 2025, a $54.3 million provision for credit losses was recorded for CCBX partner loans, compared to the $63.7 million provision for credit losses was recorded for CCBX partner loans for the quarter ended December 31, 2024. The provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $164.2 million at March 31, 2025 compared to $158.1 million at December 31, 2024. The increase in the allowance is due to the addition of new loans, partially offset by loan sales. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

The factors used in management’s analysis for community bank credit losses indicated that a provision of $65,000 was needed for the quarter ended March 31, 2025 compared to a provision recapture of $1.1 million and $199,000 for the quarters ended December 31, 2024 and March 31, 2024, respectively. The provision in the current period was due to a change in the mix of the community bank loan portfolio and growth in construction loans.

The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024			March 31, 2024
Community bank	$	65	$	(1,071	)	$	(199	)
CCBX		54,319		63,741			79,717
Total provision expense	$	54,384	$	62,670		$	79,518

A provision for unfunded commitments of $613,000 was recorded for the quarter ended March 31, 2025 as a result of a change in the loan mix of available balance. A provision for accrued interest receivable of $784,000 was recorded for the quarter ended March 31, 2025 on CCBX loans.

At March 31, 2025, our nonperforming assets were $56.4 million, or 1.30%, of total assets, compared to $62.7 million, or 1.52%, of total assets, at December 31, 2024, and $54.9 million, or 1.42%, of total assets, at March 31, 2024. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of March 31, 2025, $54.1 million of the $56.2 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

Nonperforming assets decreased $6.3 million during the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024. This change is due to a decrease in CCBX loans 90 days or more past due and still on accrual. Community bank nonperforming loans increased $89,000 from December 31, 2024 to $189,000 as of March 31, 2025, and CCBX nonperforming loans decreased $6.4 million to $56.2 million from December 31, 2024. The decrease in CCBX nonperforming loans is due to a $7.1 million decrease in CCBX loans that are past due 90 days or more and still accruing interest partially offset by an increase of $707,000 in nonaccrual loans from December 31, 2024 to $20.2 million. Some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $16.1 million of these loans are less than 90 days past due as of March 31, 2025. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at March 31, 2025. Our nonperforming loans to loans receivable ratio was 1.60% at March 31, 2025, compared to 1.80% at December 31, 2024, and 1.72% at March 31, 2024. The lower nonperforming loans to loans receivable ratio is a reflection of our on-going risk reduction efforts.

For the quarter ended March 31, 2025, there were $3,000 community bank net recoveries and $48.2 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

The following table details the Company’s nonperforming assets for the periods indicated.

Consolidated	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans	$	381		$	334		$	—
Real estate loans:
Residential real estate		—			—			212
Commercial real estate		—			—			7,731
Consumer and other loans:
Credit cards		13,602			10,262			—
Other consumer and other loans		6,376			8,967			—
Total nonaccrual loans		20,359			19,563			7,943
Accruing loans past due 90 days or more:
Commercial & industrial loans		782			1,006			1,793
Real estate loans:
Residential real estate loans		2,407			2,608			1,796
Consumer and other loans:
Credit cards		27,187			34,490			37,603
Other consumer and other loans		5,632			4,989			5,731
Total accruing loans past due 90 days or more		36,008			43,093			46,923
Total nonperforming loans		56,367			62,656			54,866
Real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	56,367		$	62,656		$	54,866
Total nonaccrual loans to loans receivable		0.58	%		0.56	%		0.25	%
Total nonperforming loans to loans receivable		1.60	%		1.80	%		1.72	%
Total nonperforming assets to total assets		1.30	%		1.52	%		1.42	%

The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

CCBX	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans:
All other commercial & industrial loans	$	192		$	234		$	—
Consumer and other loans:
Credit cards		13,602			10,262			—
Other consumer and other loans		6,376			8,967			—
Total nonaccrual loans		20,170			19,463			—
Accruing loans past due 90 days or more:
Commercial & industrial loans		782			1,006			1,793
Real estate loans:
Residential real estate loans		2,407			2,608			1,796
Consumer and other loans:
Credit cards		27,187			34,490			37,603
Other consumer and other loans		5,632			4,989			5,731
Total accruing loans past due 90 days or more		36,008			43,093			46,923
Total nonperforming loans		56,178			62,556			46,923
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	56,178		$	62,556		$	46,923
Total CCBX nonperforming assets to total consolidated assets		1.29	%		1.52	%		1.21	%

Community Bank	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans	$	189		$	100		$	—
Real estate:
Residential real estate		—			—			212
Commercial real estate		—			—			7,731
Total nonaccrual loans		189			100			7,943
Accruing loans past due 90 days or more:
Total accruing loans past due 90 days or more		—			—			—
Total nonperforming loans		189			100			7,943
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	189		$	100		$	7,943
Total community bank nonperforming assets to total consolidated assets		0.01	%		—	%		0.21	%

About Coastal Financial

Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The $4.34 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment. To learn more about the Company visit www.coastalbank.com.

CCB-ER

Contact

Eric Sprink, Chief Executive Officer, (425) 357-3659
Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risk that changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands; unaudited)

ASSETS
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Cash and due from banks	$	43,467		$	36,533		$	45,327		$	59,995		$	32,790
Interest earning deposits with other banks		580,835			415,980			438,699			427,250			482,338
Investment securities, available for sale, at fair value		34			35			38			39			41
Investment securities, held to maturity, at amortized cost		46,957			47,286			48,582			49,174			50,049
Other investments		12,589			10,800			10,757			10,664			10,583
Loans held for sale		42,132			20,600			7,565			—			797
Loans receivable		3,517,359			3,486,565			3,413,894			3,321,813			3,195,101
Allowance for credit losses		(183,178	)		(176,994	)		(171,674	)		(148,878	)		(139,941	)
Total loans receivable, net		3,334,181			3,309,571			3,242,220			3,172,935			3,055,160
CCBX credit enhancement asset		183,377			181,890			173,600			149,096			142,412
CCBX receivable		12,685			14,138			16,060			11,520			10,369
Premises and equipment, net		28,639			27,431			25,833			24,526			22,995
Lease right-of-use assets		5,117			5,219			5,427			5,635			5,756
Accrued interest receivable		21,109			21,104			22,315			21,620			22,485
Bank-owned life insurance, net		13,501			13,375			13,255			13,132			12,991
Deferred tax asset, net		3,912			3,600			3,083			2,221			2,221
Other assets		10,747			13,646			11,711			11,742			12,075
Total assets	$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549		$	3,863,062

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits	$	3,791,229		$	3,585,332		$	3,627,288		$	3,543,432		$	3,462,979
Subordinated debt, net		44,331			44,293			44,256			44,219			44,181
Junior subordinated debentures, net		3,592			3,591			3,591			3,591			3,590
Deferred compensation		310			332			369			405			442
Accrued interest payable		1,107			962			1,070			999			1,061
Lease liabilities		5,293			5,398			5,609			5,821			5,946
CCBX payable		29,391			29,171			37,839			32,539			30,899
Other liabilities		14,112			13,425			12,520			11,850			10,255
Total liabilities		3,889,365			3,682,504			3,732,542			3,642,856			3,559,353
SHAREHOLDERS’ EQUITY
Common Stock		229,659			228,177			134,769			132,989			131,601
Retained earnings		220,259			210,529			197,162			183,706			172,110
Accumulated other comprehensive loss, net of tax		(1	)		(2	)		(1	)		(2	)		(2	)
Total shareholders’ equity		449,917			438,704			331,930			316,693			303,709
Total liabilities and shareholders’ equity	$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549		$	3,863,062

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts; unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024			March 31, 2024
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	98,147	$	95,575	$	99,676	$	90,879		$	85,891
Interest on interest earning deposits with other banks		6,070		6,021		4,781		5,683			4,780
Interest on investment securities		650		661		675		686			1,034
Dividends on other investments		40		191		33		174			37
Total interest income		104,907		102,448		105,165		97,422			91,742
INTEREST EXPENSE
Interest on deposits		28,185		29,404		32,083		30,578			28,867
Interest on borrowed funds		660		667		809		672			669
Total interest expense		28,845		30,071		32,892		31,250			29,536
Net interest income		76,062		72,377		72,273		66,172			62,206
PROVISION FOR CREDIT LOSSES		55,781		61,867		70,257		62,325			83,158
Net interest income/(expense) after provision for credit losses		20,281		10,510		2,016		3,847			(20,952	)
NONINTEREST INCOME
Service charges and fees		860		932		952		946			908
Loan referral fees		—		—		—		—			168
Unrealized gain (loss) on equity securities, net		16		1		2		9			15
Other income		682		473		486		257			308
Noninterest income, excluding BaaS program income and BaaS indemnification income		1,558		1,406		1,440		1,212			1,399
Servicing and other BaaS fees		1,419		1,043		1,044		1,525			1,131
Transaction and interchange fees		3,833		3,699		3,549		2,934			2,661
Reimbursement of expenses		1,026		812		565		857			254
BaaS program income		6,278		5,554		5,158		5,316			4,046
BaaS credit enhancements		53,648		62,097		70,108		60,826			79,808
BaaS fraud enhancements		1,993		5,043		2,084		1,784			923
BaaS indemnification income		55,641		67,140		72,192		62,610			80,731
Total noninterest income		63,477		74,100		78,790		69,138			86,176
NONINTEREST EXPENSE
Salaries and employee benefits		21,532		17,994		17,101		17,005			17,984
Occupancy		1,034		958		964		985			1,518
Data processing and software licenses		4,232		4,010		4,297		3,625			2,892
Legal and professional expenses		6,488		4,606		3,597		3,631			3,672
Point of sale expense		107		89		73		72			90
Excise taxes		722		778		762		(706	)		320
Federal Deposit Insurance Corporation (“FDIC”) assessments		755		750		740		690			683
Director and staff expenses		631		683		559		470			400
Marketing		50		28		67		14			53
Other expense		1,938		1,752		1,482		1,383			1,867
Noninterest expense, excluding BaaS loan and BaaS fraud expense		37,489		31,648		29,642		27,169			29,479
BaaS loan expense		32,507		30,720		32,698		29,011			26,107
BaaS fraud expense		1,993		5,043		2,084		1,784			923
BaaS loan and fraud expense		34,500		35,763		34,782		30,795			27,030
Total noninterest expense		71,989		67,411		64,424		57,964			56,509
Income before provision for income taxes		11,769		17,199		16,382		15,021			8,715
PROVISION FOR INCOME TAXES		2,039		3,832		2,926		3,425			1,915
NET INCOME	$	9,730	$	13,367	$	13,456	$	11,596		$	6,800
Basic earnings per common share	$	0.65	$	0.97	$	1.00	$	0.86		$	0.51
Diluted earnings per common share	$	0.63	$	0.94	$	0.97	$	0.84		$	0.50
Weighted average number of common shares outstanding:
Basic		14,962,507		13,828,605		13,447,066		13,412,667			13,340,997
Diluted		15,462,041		14,268,229		13,822,270		13,736,508			13,676,917

COASTAL FINANCIAL CORPORATION
AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾			Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾			Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾
Assets
Interest earning assets:
Interest earning deposits with other banks	$	553,393		$	6,070		4.45	%	$	501,654		$	6,021		4.77	%	$	350,868		$	4,780		5.48	%
Investment securities, available for sale ⁽²⁾		37			1		10.96			39			—		—			64,878			349		2.16
Investment securities, held to maturity ⁽²⁾		47,154			649		5.58			48,126			661		5.46			50,490			685		5.46
Other investments		11,757			40		1.38			10,783			191		7.05			10,262			37		1.45
Loans receivable ⁽³⁾		3,511,724			98,147		11.33			3,419,476			95,575		11.12			3,137,271			85,891		11.01
Total interest earning assets		4,124,065			104,907		10.32			3,980,078			102,448		10.24			3,613,769			91,742		10.21
Noninterest earning assets:
Allowance for credit losses		(170,542	)							(156,687	)							(114,985	)
Other noninterest earning assets		296,993								277,922								229,437
Total assets	$	4,250,516							$	4,101,313							$	3,728,221

Liabilities and Shareholders’ Equity
Interest bearing liabilities:
Interest bearing deposits	$	3,166,384		$	28,185		3.61	%	$	3,068,357		$	29,404		3.81	%	$	2,728,884		$	28,867		4.25	%
FHLB advances and other borrowings		—			1		—			—			1		—			5			—		—
Subordinated debt		44,309			598		5.47			44,272			599		5.38			44,159			598		5.45
Junior subordinated debentures		3,592			61		6.89			3,591			67		7.42			3,590			71		7.95
Total interest bearing liabilities		3,214,285			28,845		3.64			3,116,220			30,071		3.84			2,776,638			29,536		4.28
Noninterest bearing deposits		543,784								577,453								595,693
Other liabilities		49,624								50,824								58,829
Total shareholders’ equity		442,823								356,816								297,061
Total liabilities and shareholders’ equity	$	4,250,516							$	4,101,313							$	3,728,221
Net interest income				$	76,062							$	72,377							$	62,206
Interest rate spread							6.68	%							6.40	%							5.93	%
Net interest margin ⁽⁴⁾							7.48	%							7.23	%							6.92	%

⁽¹⁾	Yields and costs are annualized.
⁽²⁾	For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽³⁾	Includes loans held for sale and nonaccrual loans.
⁽⁴⁾	Net interest margin represents net interest income divided by the average total interest earning assets.

COASTAL FINANCIAL CORPORATION
SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Community Bank
Assets
Interest earning assets:
Loans receivable ⁽²⁾	$	1,881,636	$	30,292	6.53	%	$	1,892,298	$	31,043	6.53	%	$	1,871,414	$	30,052	6.46	%
Total interest earning assets		1,881,636		30,292	6.53			1,892,298		31,043	6.53			1,871,414		30,052	6.46
Liabilities
Interest bearing liabilities:
Interest bearing deposits		1,045,971		6,604	2.56	%		1,029,346		7,161	2.77	%		922,340		6,013	2.62	%
Intrabank liability		356,337		3,909	4.45			357,442		4,290	4.77			410,993		5,599	5.48
Total interest bearing liabilities		1,402,308		10,513	3.04			1,386,788		11,451	3.28			1,333,333		11,612	3.50
Noninterest bearing deposits		479,329						505,510						538,081
Net interest income			$	19,779					$	19,592					$	18,440
Net interest margin⁽³⁾					4.26	%					4.12	%					3.96	%

CCBX
Assets
Interest earning assets:
Loans receivable ⁽²⁾⁽⁴⁾	$	1,630,088	$	67,855	16.88	%	$	1,527,178	$	64,532	16.81	%	$	1,265,857	$	55,839	17.74	%
Intrabank asset		554,781		6,085	4.45			583,776		7,007	4.78			598,299		8,151	5.48
Total interest earning assets		2,184,869		73,940	13.72			2,110,954		71,539	13.48			1,864,156		63,990	13.81
Liabilities
Interest bearing liabilities:
Interest bearing deposits		2,120,413		21,581	4.13	%		2,039,011		22,243	4.34	%		1,806,544		22,854	5.09	%
Total interest bearing liabilities		2,120,413		21,581	4.13			2,039,011		22,243	4.34			1,806,544		22,854	5.09
Noninterest bearing deposits		64,455						71,943						57,612
Net interest income			$	52,359					$	49,296					$	41,136
Net interest margin⁽³⁾					9.72	%					9.29	%					8.88	%
Net interest margin, net of BaaS loan expense⁽⁵⁾					3.68	%					3.50	%					3.24	%

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Treasury & Administration
Assets
Interest earning assets:
Interest earning deposits with other banks	$	553,393	$	6,070	4.45	%	$	501,654	$	6,021	4.77	%	$	350,868	$	4,780	5.48	%
Investment securities, available for sale ⁽⁶⁾		37		1	10.96			39		—	—			64,878		349	2.16
Investment securities, held to maturity ⁽⁶⁾		47,154		649	5.58			48,126		661	5.46			50,490		685	5.46
Other investments		11,757		40	1.38			10,783		191	7.05			10,262		37	1.45
Total interest earning assets		612,341		6,760	4.48	%		560,602		6,873	4.88	%		476,498		5,851	4.94	%
Liabilities
Interest bearing liabilities:
FHLB advances and borrowings	$	—		1	—	%	$	—		1	—	%	$	5		—	—	%
Subordinated debt		44,309		598	5.47	%		44,272		599	5.38	%		44,159		598	5.45	%
Junior subordinated debentures		3,592		61	6.89			3,591		67	7.42			3,590		71	7.95
Intrabank liability, net ⁽⁷⁾		198,444		2,176	4.45			226,334		2,717	4.78			187,306		2,552	5.48
Total interest bearing liabilities		246,345		2,836	4.67			274,197		3,384	4.91			235,060		3,221	5.51
Net interest income			$	3,924					$	3,489					$	2,630
Net interest margin⁽³⁾					2.60	%					2.48	%					2.22	%

⁽¹⁾	Yields and costs are annualized.
⁽²⁾	Includes loans held for sale and nonaccrual loans.
⁽³⁾	Net interest margin represents net interest income divided by the average total interest earning assets.
⁽⁴⁾	CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽⁵⁾	Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
⁽⁶⁾	For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽⁷⁾	Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

Reconciliations of the GAAP and non-GAAP measures are presented below.

CCBX	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net BaaS loan income divided by average CCBX loans:
CCBX loan yield (GAAP)⁽¹⁾		16.88	%		16.81	%		17.74	%
Total average CCBX loans receivable	$	1,630,088		$	1,527,178		$	1,265,857
Interest and earned fee income on CCBX loans (GAAP)		67,855			64,532			55,839
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net BaaS loan income	$	35,348		$	33,812		$	29,732
Net BaaS loan income divided by average CCBX loans ⁽¹⁾		8.79	%		8.81	%		9.45	%
CCBX net interest margin, net of BaaS loan expense:
CCBX net interest margin ⁽¹⁾		9.72	%		9.29	%		8.88	%
CCBX earning assets		2,184,869			2,110,954			1,864,156
Net interest income (GAAP)		52,359			49,296			41,136
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense	$	19,852		$	18,576		$	15,029
CCBX net interest margin, net of BaaS loan expense ⁽¹⁾		3.68	%		3.50	%		3.24	%

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.48	%		7.23	%		6.92	%
Earning assets		4,124,065			3,980,078			3,613,769
Net interest income (GAAP)		76,062			72,377			62,206
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense	$	43,555		$	41,657		$	36,099
Net interest margin, net of BaaS loan expense ⁽¹⁾		4.28	%		4.16	%		4.02	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.33	%		11.12	%		11.01	%
Total average loans receivable	$	3,511,724		$	3,419,476		$	3,137,271
Interest and earned fee income on loans (GAAP)		98,147			95,575			85,891
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net loan income	$	65,640		$	64,855		$	59,784
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾		7.58	%		7.55	%		7.66	%

⁽¹⁾	Annualized calculations for periods presented.

The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. This non-GAAP measure shows the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partner. The most comparable GAAP measure is noninterest expense.

	As of and for the Three Months Ended
(dollars in thousands, unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
Noninterest expense, net of reimbursement of expenses (BaaS)
Noninterest expense (GAAP)	$	71,989	$	67,411	$	56,509
Less: BaaS loan expense		32,507		30,720		26,107
Less: BaaS fraud expense		1,993		5,043		923
Less: Reimbursement of expenses		1,026		812		254
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses	$	36,463	$	30,836	$	29,225

APPENDIX A –
As of March 31, 2025

Industry Concentration

We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.52 billion in outstanding loan balances. When combined with $2.14 billion in unused commitments the total of these categories is $5.67 billion.

Commercial real estate loans represent the largest segment of our loans, comprising 38.0% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $29.4 million, and the combined total in commercial real estate loans represents $1.37 billion, or 24.2% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Apartments	$	392,740	$	4,488	$	397,228	7.0	%	$	3,927	100
Hotel/Motel		149,859		61		149,920	2.6			6,516	23
Convenience Store		138,838		561		139,399	2.5			2,314	60
Office		121,346		7,183		128,529	2.3			1,379	88
Retail		101,118		744		101,862	1.8			972	104
Warehouse		103,813		—		103,813	1.8			1,790	58
Mixed use		91,025		5,220		96,245	1.7			1,167	78
Mini Storage		73,172		8,022		81,194	1.4			3,659	20
Strip Mall		43,678		—		43,678	0.8			6,240	7
Manufacturing		36,887		370		37,257	0.7			1,272	29
Groups < 0.70% of total		88,171		2,752		90,923	1.6			1,145	77
Total	$	1,340,647	$	29,401	$	1,370,048	24.2	%	$	2,082	644

Consumer loans comprise 34.5% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $910.8 million, and the combined total in consumer and other loans represents $2.13 billion, or 37.5% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $1,000. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX consumer loans
Credit cards	$	532,775	$	868,969	$	1,401,744	24.7	%	$	1.7	314,203
Installment loans		654,844		29,027		683,871	12.1			0.8	776,669
Lines of credit		627		2		629	0.0			1.3	477
Other loans		14,555		—		14,555	0.3			0.1	185,894
Community bank consumer loans
Installment loans		1,846		3		1,849	0.0			65.9	28
Lines of credit		173		357		530	0.0			5.2	33
Other loans		11,307		12,400		23,707	0.4			34.6	327
Total	$	1,216,127	$	910,758	$	2,126,885	37.5	%	$	1.0	1,277,631

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Residential real estate loans comprise 13.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $529.3 million, and the combined total in residential real estate loans represents $1.02 billion, or 18.0% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX residential real estate loans
Home equity line of credit	$	285,355	$	481,778	$	767,133	13.5	%	$	28	10,291
Community bank residential real estate loans
Closed end, secured by first liens		164,284		1,649		165,933	3.0			533	308
Home equity line of credit		27,931		45,016		72,947	1.3			115	242
Closed end, second liens		10,705		892		11,597	0.2			357	30
Total	$	488,275	$	529,335	$	1,017,610	18.0	%	$	45	10,871

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits. CCBX home equity lines of credit are limited to a $375.0 million portfolio maximum.

Commercial and industrial loans comprise 8.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $601.0 million, and the combined total in commercial and industrial loans represents $913.2 million, or 16.1% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $133.5 million in outstanding capital call lines, with an additional $514.9 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX C&I Loans
Capital Call Lines	$	133,466	$	514,864	$	648,330	11.4	%	$	1,019	131
Retail and other loans		29,702		21,736		51,438	0.9			10	3,002
Community bank C&I Loans
Construction/Contractor Services		30,768		31,642		62,410	1.1			152	202
Financial Institutions		48,648		—		48,648	0.9			4,054	12
Medical / Dental / Other Care		6,721		2,739		9,460	0.2			517	13
Manufacturing		5,611		4,022		9,633	0.2			156	36
Groups < 0.20% of total		57,356		25,969		83,325	1.4			222	258
Total	$	312,272	$	600,972	$	913,244	16.1	%	$	85	3,654

⁽¹⁾ Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Construction, land and land development loans comprise 4.7% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $72.5 million, and the combined total in construction, land and land development loans represents $239.0 million, or 4.2% of our total outstanding loans and loan commitments.

The following table details our loan commitment for our construction, land and land development portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Commercial construction	$	96,716	$	41,654	$	138,370	2.4	%	$	6,908	14
Residential construction		39,375		22,253		61,628	1.1			2,316	17
Developed land loans		7,788		2		7,790	0.1			556	14
Undeveloped land loans		16,684		4,185		20,869	0.4			1,112	15
Land development		5,988		4,382		10,370	0.2			665	9
Total	$	166,551	$	72,476	$	239,027	4.2	%	$	2,414	69

Exposure and risk in our construction, land and land development portfolio increased compared to recent periods as indicated in the following table:

	Outstanding Balance as of
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Commercial construction	$	96,716	$	83,216	$	97,792	$	110,372	$	102,099
Residential construction		39,375		40,940		35,822		34,652		28,751
Undeveloped land loans		16,684		8,665		8,606		8,372		8,190
Developed land loans		7,788		8,305		14,863		13,954		14,307
Land development		5,988		7,072		5,968		5,714		7,515
Total	$	166,551	$	148,198	$	163,051	$	173,064	$	160,862

Commitments to extend credit total $2.14 billion at March 31, 2025, however we do not anticipate our customers using the $2.14 billion that is showing as available due to CCBX partner and portfolio limits.

The following table presents outstanding commitments to extend credit as of March 31, 2025:

Consolidated
(dollars in thousands; unaudited)	As of March 31, 2025
Commitments to extend credit:
Commercial and industrial loans	$	86,108
Commercial and industrial loans – capital call lines		514,864
Construction – commercial real estate loans		50,221
Construction – residential real estate loans		22,255
Residential real estate loans		529,335
Commercial real estate loans		29,401
Credit cards		868,969
Consumer and other loans		41,789
Total commitments to extend credit	$	2,142,942

We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of March 31, 2025, capital call lines outstanding balance totaled $133.5 million and, while commitments totaled $514.9 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund or not fund the loan.

See the table below for CCBX portfolio maximums and related available commitments:

CCBX
(dollars in thousands; unaudited)	Balance			Percent of CCBX loans receivable		Available Commitments ⁽¹⁾		Maximum Portfolio Size		Cash Reserve/Pledge Account Amount ⁽²⁾
Commercial and industrial loans:
Capital call lines	$	133,466		8.1	%	$	514,864	$	350,000	$	—
All other commercial & industrial loans		29,702		1.8			21,736		475,720		541
Real estate loans:
Home equity lines of credit ⁽³⁾		285,355		17.3			481,778		375,000		33,436
Consumer and other loans:
Credit cards – cash secured		339					—				—
Credit cards – unsecured		532,436					868,969				27,589
Credit cards – total		532,775		32.2			868,969		850,000		27,589
Installment loans – cash secured		127,426					29,027				—
Installment loans – unsecured		527,418					—				1,175
Installment loans – total		654,844		39.7			29,027		1,814,541		1,175
Other consumer and other loans		15,182		0.9			2		4,739		419
Gross CCBX loans receivable		1,651,324		100.0	%		1,916,376		3,870,000	$	63,160
Net deferred origination fees		(498	)
Loans receivable	$	1,650,826

(1)	Remaining commitment available, net of outstanding balance.
(2)	Balances are as of April 9, 2025.
(3)	These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

APPENDIX B –
As of March 31, 2025

CCBX – BaaS Reporting Information

During the quarter ended March 31, 2025, $53.6 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes non-credit fraud losses on loans and deposits originated through partners, generally fraud losses related to loans are comprised primarily of first payment defaults. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating and servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (a reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release) which can be compared to interest income on the Company’s community bank loans.

The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

Loan income and related loan expense	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Yield on loans ⁽¹⁾		16.88	%		16.81	%		17.74	%
BaaS loan interest income	$	67,855		$	64,532		$	55,839
Less: BaaS loan expense		32,507			30,720			26,107
Net BaaS loan income ⁽²⁾	$	35,348		$	33,812		$	29,732
Net BaaS loan income divided by average BaaS loans ⁽¹⁾⁽²⁾		8.79	%		8.81	%		9.45	%

(1) Annualized calculation for quarterly periods shown.
(2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. The increase in average CCBX loans receivable was primarily due to our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans with enhanced credit standards. These higher quality loans also have lower stated rates and expected losses than some of our CCBX loans historically. Our yield on loans and our net interest margin net of BaaS loan expense slightly increased, as our CCBX portfolio is leveling out. Current loan sales and new loan growth are at more similar interest rates compared to prior periods when we were selling loans with higher risk and higher interest rates and replacing them with higher quality lower interest rate loans. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and also generate off balance sheet fee income. Growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024.

The following tables are a summary of the interest components, direct fees and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

Interest income	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
Loan interest income	$	67,855	$	64,532	$	55,839
Total BaaS interest income	$	67,855	$	64,532	$	55,839

Interest expense	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS interest expense	$	21,581	$	22,243	$	22,854
Total BaaS interest expense	$	21,581	$	22,243	$	22,854

BaaS income	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS program income:
Servicing and other BaaS fees	$	1,419	$	1,043	$	1,131
Transaction and interchange fees		3,833		3,699		2,661
Reimbursement of expenses		1,026		812		254
Total BaaS program income		6,278		5,554		4,046
BaaS indemnification income:
BaaS credit enhancements		53,648		62,097		79,808
BaaS fraud enhancements		1,993		5,043		923
BaaS indemnification income		55,641		67,140		80,731
Total noninterest BaaS income	$	61,919	$	72,694	$	84,777

Servicing and other BaaS fees increased $376,000 and transaction and interchange fees increased $134,000 in the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. We expect servicing and other BaaS fees to be higher when we are bringing new partners on and then to decrease when transaction and interchange fees increase as partner activity grows and contracted minimum fees are replaced with these recurring fees when they exceed the minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners.

BaaS loan and fraud expense:	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS loan expense	$	32,507	$	30,720	$	26,107
BaaS fraud expense		1,993		5,043		923
Total BaaS loan and fraud expense	$	34,500	$	35,763	$	27,030

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26a7ee4c-99dc-493e-8703-90dc906581e2

The MIL Network –

April 30, 2025

MIL-OSI: NB Private Equity Partners Announces Updated Company Operating Metrics

Source: GlobeNewswire (MIL-OSI)

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

St Peter Port, Guernsey 29 April 2025

RNS Announcement of Audited 2024 Results and 31 March 2025 Est. NAV and investor presentation dated 28 April 2025. NB Private Equity Partners (“NBPE” or the “Company”) today announces an update to previously published portfolio performance metrics, valuation and leverage statistics following the receipt of additional information. The updated metrics are LTM Revenue and LTM EBITDA growth¹ as of 31 December 2024 of 8.1% and 12.1%, respectively, and 15.3x EV/EBITDA valuation multiple², and 5.3x net debt/EBITDA². An updated investor presentation is available on the Company’s website.
For further information, please contact:

NBPE Investor Relations +44 20 3214 9002
Luke Mason NBPrivateMarketsIR@nb.com

Kaso Legg Communications +44 (0)20 3882 6644

Charles Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.

¹ Revenue & EBITDA Growth: Past performance is no guarantee of future results. Fair value as of 31 December 2024 and the data is subject to the following adjustments: 1) Excludes public companies, Marquee Brands and other investments not valued on multiples of EBITDA. 2) Analysis based on 66 private companies. 3) The private companies included in the data represent approximately 89% of the total direct equity portfolio. 4) The following exclusions to the data were made: a) growth of one company ($5 million of value) was excluded from the data as the Manager believed the EBITDA growth rate was an outlier due to an extraordinary percentage change c) four companies (8% of direct equity fair value) were held less than one year and excluded from the growth rates d) three companies (1% of direct equity fair value) were excluded with non-comparable time frames of LTM revenue and/or LTM EBITDA data or insufficient information to calculate a growth rate. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and based on as reported by the lead private equity sponsor to the Manager as of 28 April 2025. Where necessary, estimates were used, which include pro forma adjusted EBITDA and other EBITDA adjustments, pro forma revenue adjustments, run-rate adjustments for acquisitions, and annualised quarterly operating metrics. LTM periods as of 31/12/24 and 30/9/24 and 31/12/23 and 30/9/23. LTM revenue and LTM EBITDA growth rates are weighted by fair value. Growth rate data is based on 66 companies and subject to the aforementioned exclusions; underlying EBITDA reported by the GPs may include pro forma or other adjustments to LTM EBITDA in one or both periods and this reported EBITDA used to calculate growth rates may not be the same EBITDA for valuation purposes by underlying GPs. As a result, growth and valuation multiple data are not directly comparable.

² Valuation & Leverage: Past performance is no guarantee of future results. Fair value as of 31 December 2024 and subject to the following adjustments. 1) Excludes public companies, Marquee Brands and other investments not valued on a multiple of EBITDA. 2) Based on 58 private companies which are valued based on EV/EBITDA metrics 3) The private companies included in the data represents 79% of direct equity investment fair value. 4) Companies not valued on multiples of trailing EBITDA are excluded from valuation statistics. 5) Leverage statistics exclude companies with net cash position and leverage data represents 78% of direct equity investment fair value. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and are as reported by the lead private equity sponsor to the Manager as of 28 April 2025, based on reporting periods as of 31 December 2024 and 30 September 2024. EV and leverage data is weighted by fair value. LTM EBITDA used by underlying GPs for valuation purposes may differ from EBITDA used to calculate growth rates due to pro forma or other adjustments and therefore the two data sets are not directly comparable.
^.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

The MIL Network –

April 30, 2025

MIL-OSI: ACM Research Announces Preliminary Unaudited Revenue and Shipments for the First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Coincides with Release of ACM Shanghai First Quarter 2025 Results
ACM Reaffirms 2025 Revenue Outlook

FREMONT, Calif., April 29, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today announces expectations for preliminary unaudited revenue and total shipments for the first quarter of 2025. Today’s release coincides with the as-scheduled release of unaudited financial results by ACM Research (Shanghai), Inc., ACM’s principal operating subsidiary (“ACM Shanghai”), to the Shanghai Stock Exchange website [link to China Disclosure].

ACM will discuss its full financial results for the first quarter 2025 and its revenue outlook for the remainder of the year on its earnings call on Thursday, May 8, 2025, at 8 a.m. Eastern Time (8 p.m. China Time).

ACM announces the following:

preliminary unaudited revenue for the first quarter of 2025 is expected to be in the range of $165 million to $170 million, which would represent year-to-year growth of 8.4% to 11.7%.
preliminary total shipments for the first quarter of 2025 are expected to be in the range of $154 million to $157 million, which would represent a year-to-year decrease of 36% to 37%. This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 are expected to grow by 8% to 9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025.
re-affirms full year 2025 revenue outlook in the range of $850 million to $950 million, which would represent year-to-year growth of 9% to 21%.

Actual unaudited first quarter 2025 results are subject to the completion of ACM’s quarter end closing procedures and review by ACM’s independent registered public accounting firm.

ACM currently owns an 81.1% equity interest in ACM Shanghai, and a substantial majority of ACM’s consolidated revenue and net income is contributed by ACM Shanghai. The stand-alone financial results of ACM Shanghai are reported in RMB as prepared in accordance with Chinese generally accepted accounting principles, and those results will differ, potentially materially, from ACM’s consolidated revenue and net profit for the period, which will reflect additional financial and operational items and will be prepared in U.S. dollars in accordance with U.S. generally accepted accounting principles.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

© ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to such trademark.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Steven C. Pelayo, CFA
	+1 (360) 808-5154
	steven@blueshirtgroup.co

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.co

The MIL Network –

April 30, 2025

MIL-OSI: MoneyHero Group Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Q4 net loss narrowed sharply to US$(18.8) million
Q4 Adjusted EBITDA loss improved to US$(2.9) million

SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (Nasdaq: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

Management Commentary:

Rohith Murthy, Chief Executive Officer, stated:

“We closed out 2024 with a robust quarter of financial and operational results, making clear progress on our path towards profitability as we continue to focus on diversifying our revenue mix toward high-margin products, lowering operating expenses, and improving operational efficiency. Net loss narrowed sharply to US$(18.8) million from US$(94.3) million during the same period last year, and Adjusted EBITDA loss during the quarter improved substantially to US$(2.9) million – our best quarterly performance since going public. With registered members and approved applications increasing 42% and 21% year-over-year in 2024, we are confident in our ability to build upon this momentum and regain topline growth momentum with US$100 million in revenue and generate positive adjusted EBITDA on a quarterly basis in the second half of 2025.

In Q2 2024, we outlined five strategic pillars—Consumer Pull, Conversion Expertise, Operating Leverage, Strong Provider Partnerships, and Insurance Brokerage—and we’ve made meaningful progress across all of these. We launched seamless, end-to-end purchasing journeys in Travel and Car Insurance, substantially streamlined our operating model to create a leaner, lower-cost base, deepened banking partnerships following a major provider’s exit from key markets and significantly accelerated our insurance growth through targeted strategic collaborations.

These results directly reflect the impact our ‘efficiency’ strategy is having on building a more focused, resilient, and profitable business. We remain the largest credit card digital acquisition partner for the majority of banks across our geographies and are leveraging this strong market position to strategically broaden our focus toward high-margin verticals to improve revenue quality. Insurance revenue grew 40% in 2024 and now accounts for 10% of total revenue while wealth products revenue grew 138%, driven by strong demand for stock and bank account products. These verticals strengthen our margin profile while generating consistent and recurring revenue streams, both of which are key pillars of long-term sustainability. We also laid the foundation for scalable growth by materially lowering operating expenses and improving unit economics with an optimized cost structure across all markets, streamlined operations, and reduced paid marketing and rewards spend.

Looking ahead to 2025, we will maintain our focus on scaling high-margin verticals, particularly insurance, while continuing to tighten cost controls and simplifying workflows. Our product and tech strategy continues to follow a ‘buy-over-build’ philosophy, enabling faster innovation through strategic partnerships, including new initiatives in AI and automation that are already underway.

Our commitment to becoming an AI-first organization is already translating into several impactful initiatives across the business. We are actively working on deploying AI-powered customer service tools designed to significantly reduce inquiry volumes and achieve higher first-contact resolution rates. Additionally, we are piloting generative AI solutions to accelerate and scale content production efficiently. Throughout the organization, we are exploring opportunities to automate workflows using advanced AI tools and agentic AI to boost productivity, reduce operational overhead, and enable our teams to focus more strategically.

With a debt-free balance sheet, US$42.5 million in cash and cash equivalents, and a more efficient and scalable business model, we are well-equipped to capture a greater share of a large and growing addressable market and deliver sustainable, long-term value to shareholders.”

Danny Leung, interim Chief Financial Officer, added:

“Our strong results in the fourth quarter demonstrate the effectiveness of our strategy as we continue to make significant strides in the diversification of our revenue mix, expand partnerships with other key providers, and broaden our product offerings. We believe these adjustments position us well for sustained growth, and as providers scale their operations in different regions, we see opportunities to further strengthen our revenue base and deepen our market presence with them.

This quarter, we remained focused on executing our growth strategy and commenced our comprehensive reorganization and restructuring exercise to streamline operations and reduce costs. Our investments this quarter were squarely focused on customer acquisition, technology re-platforming, and data infrastructure, to build a solid foundation for future growth and profitability. These strategic investments were balanced by initiatives to streamline other aspects of our operations designed to enhance efficiency and drive returns.

Looking ahead, we expect adjusted EBITDA to consistently improve, building on the significant progress we made during the fourth quarter. With margins steadily improving, we are well-positioned to drive growth momentum heading into 2025, strengthening our confidence to generate positive Adjusted EBITDA on a quarterly basis in the second half of 2025. Our comprehensive review of our organizational structure, completed alongside a successful reorganization this year, has strengthened our operational foundation and set the stage for continued sustainable growth.”

Fourth Quarter 2024 Financial Highlights

Revenue decreased by 40% year-over-year to US$15.7 million in the fourth quarter of 2024, driven primarily by a shift in focus toward diversifying revenue mix toward high-margin products such as insurance and wealth products, and the high base effect set during the same period last year with increased investment in marketing and customer acquisition to expand market share.
- Revenue from insurance products increased by 10% year-over-year to US$2.1 million in the fourth quarter of 2024, accounting for 14% of total revenue, compared to 7% during the same period last year.
- Revenue from wealth products increased by 195% year-over-year to US$2.4 million in the fourth quarter of 2024, accounting for 15% of total revenue, compared to 3% during the same period last year.
Cost of revenue decreased by 62% year-over-year to US$6.6 million, with advertising and marketing expenses decreasing by 23% year-over-year in the fourth quarter of 2024, as the Company focused on scaling higher margin verticals and optimizing rewards costs associated with the credit cards vertical and paid marketing spend across all markets.
Total operating costs and expenses, excluding net foreign exchange differences, decreased to US$25.2 million in the fourth quarter of 2024 from US$45.6 million during the same period last year. Operating costs and expenses in the fourth quarter of 2023 included significant transaction costs associated with the listing as well as certain write-offs of intangible assets which are further detailed in the adjusted EBITDA reconciliation below.
Foreign exchange loss of US$8.9 million in the fourth quarter of 2024 was driven by the weakening of local currencies against the US dollar from end September 2024 to end December 2024.
Net loss for the period narrowed sharply to US$(18.8) million during the fourth quarter of 2024, compared to US$(94.3) million in the same period last year, primarily due to non-operating expenses including share-based payments to effect the merger with Bridgetown Holdings and finance costs.
Adjusted EBITDA loss improved to US$(2.9) million in the fourth quarter of 2024 from US$(4.6) million in the prior year period.

Full Year 2024 Financial Highlights

Revenue decreased by 1% year-over-year to US$79.5 million for the full year 2024, driven primarily by a shift in focus toward profitability by diversifying revenue mix toward high-margin products starting in the second half of 2024.
- Revenue from insurance products increased by 40% year-over-year to US$8.2 million for the year 2024, accounting for 10% of total revenue, compared to 7% in the prior year.
- Revenue from wealth products increased by 138% year-over-year to US$8.5 million for the year 2024, fueled by growth of stock account and bank account verticals.
Total operating costs and expenses, excluding net foreign exchange differences, increased by 3% year-over-year to US$114.9 million for the year 2024, primarily due to higher advertising and marketing expenses.
Net loss for the full year 2024 narrowed sharply to US$(37.8) million from US$(172.6) million in the prior year. Net loss for the full year 2023 includes US$143.4 million in non-operating expenses associated with share-based payments to effect the merger with Bridgetown Holdings, finance costs and changes in fair value of financial instruments.
Adjusted EBITDA loss was US$(23.7) million for the full year 2024, compared to US$(6.8) million in the prior year, largely attributable to strategic investments in marketing and customer acquisition during the first half of the year as well as increased operating costs associated with being a public company.
As of December 31, 2024, the Company had a debt-free balance sheet with US$42.5 million in cash and cash equivalents.

Fourth Quarter and Full Year 2024 Operational Highlights

Monthly Unique Users for the three months ended December 31, 2024 of 6.2 million
MoneyHero Group Members, to whom the Company provides more tailored product information and recommendations, grew by 42% year-over-year to 7.5 million as of December 31, 2024
Approved Application volumes increased by 21% year-over-year in 2024 to 767,000, driven by strong growth in the Company’s insurance products

Capital Structure

The table below summarizes the capital structure of the Company as of December 31, 2024:

Share Class	Issued and Outstanding
Class A Ordinary	28,653,467¹
Class B Ordinary	13,254,838
Preference Shares	2,407,575
Total Issued Shares	44,315,880
Employee Equity Options	690,055²
Issued Class A Ordinary Shares Underlying Employee Equity Options	(690,055)³
Total Issued and Issuable Shares⁴	44,315,880

______________________________
¹ Includes 690,055 shares issued to Computershare Hong Kong Investor Services Limited (“Computershare”) which are held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
² Includes granted but unexercised options as well as exercised options, pursuant to which the shares have not yet been issued as of December 31, 2024.
³ Issued in advance to Computershare and held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
⁴ Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of the money.

Summary of financial / KPI performance

	For the Three Months Ended December 31,				For the Full Year Ended December 31,
	2024		2023		2024		2023
	(US$ in thousands, unless otherwise noted)
Revenue	15,723		26,397		79,511		80,671
Adjusted EBITDA	(2,922	)	(4,613	)	(23,666	)	(6,763	)

Clicks (in thousands)⁵	2,222		N/A		N/A		N/A
Applications (in thousands)⁶	363		504		1,779		1,713
Approved Applications (in thousands)⁶	172		204		767		636

______________________________
⁵ As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable click data for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
⁶ Due to the nature of our business, there is often a delay in receiving confirmation of the number of Applications and Approved Applications by our commercial partners. As a result, the disclosed figures may utilize estimations if data is unavailable.

Revenue breakdown

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024		2023				2024		2023
	US$	%	US$		%		US$	%	US$	%
	(US$ in thousands, except for percentages)
By Geographical Market:
Singapore	5,060	32.2	12,111		45.9		30,890	38.9	32,070	39.8
Hong Kong	7,386	47.0	8,390		31.8		30,443	38.3	26,947	33.4
Taiwan	1,296	8.2	1,967		7.5		5,137	6.5	6,743	8.4
Philippines	1,977	12.6	3,887		14.7		12,844	16.2	14,169	17.6
Malaysia	5	0.0	43		0.2		197	0.2	738	0.9
Other Asia	0	0.0	(0	)	(0.0	)	0	0.0	4	0.0

Total Revenue	15,723	100.0	26,397		100.0		79,511	100.0	80,671	100.0

By Source:
Online financial comparison platforms	13,594	86.5	21,831		82.7		66,815	84.0	66,926	83.0
Creatory	2,129	13.5	4,566		17.3		12,696	16.0	13,746	17.0

Total Revenue	15,723	100.0	26,397		100.0		79,511	100.0	80,671	100.0

By Vertical:
Credit cards	7,559	48.1	19,976		75.7		48,958	61.6	60,258	74.7
Personal loans and mortgages	3,373	21.5	3,487		13.2		12,185	15.3	10,166	12.6
Wealth	2,397	15.2	813		3.1		8,504	10.7	3,580	4.4
Insurance	2,125	13.5	1,928		7.3		8,181	10.3	5,853	7.3
Other verticals	269	1.7	193		0.7		1,683	2.1	814	1.0

Total Revenue	15,723	100.0	26,397		100.0		79,511	100.0	80,671	100.0

Key Metrics

	For the Three Months Ended December 31, 2024
	(in millions, except for percentages)
Monthly Unique Users⁷^,⁸
Singapore	1.4	23.1	%
Hong Kong	1.1	17.2	%
Taiwan	1.7	28.2	%
Philippines	1.9	31.5	%
Total	6.2	100.0	%

Total Traffic^7,8
Singapore	3.1	16.6	%
Hong Kong	3.5	19.0	%
Taiwan	5.7	30.7	%
Philippines	6.3	33.7	%
Total	18.6	100.0	%











	As of December 31,










	2024			2023










	(in millions, except for percentages)










MoneyHero Group Members⁸










Singapore	1.3	17.7	%	1.2	22.1	%










Hong Kong	0.9	11.5	%	0.7	13.0	%










Taiwan	0.4	4.8	%	0.3	4.8	%










Philippines	5.0	66.1	%	2.9	55.3	%










Malaysia	0.0	0.0	%	0.3	4.8	%










Total	7.5	100.0	%	5.3	100.0	%

_____________________________
⁷ As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable monthly unique users and total traffic for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
⁸ Malaysia’s ‘CompareHero’ brand was acquired by Jirnexu Sdn. Bhd in July 2024.

Conference Call Details

The Company will host a conference call and webcast on Tuesday, April 29, 2025, at 8:00 a.m. Eastern Standard Time / 8:00 p.m. Singapore Standard Time to discuss the Company’s financial results. The MoneyHero Limited (NASDAQ: MNY) Q4 and FY 2024 Earnings call can be accessed by registering at:

Webcast: https://edge.media-server.com/mmc/p/g36exn6g/
Conference call: https://register-conf.media-server.com/register/BI63a8f286c9b74092aff58fc8eb219749

The webcast replay will be available on the Investor Relations website for 12 months following the event.

About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 290 commercial partner relationships as at December 31, 2024, and had approximately 6.2 million Monthly Unique Users across its platform for the three months ended December 31, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.

Key Performance Metrics and Non-IFRS Financial Measures

Historically, we utilized data from Universal Analytics (“UA”), Google’s analytics platform, to measure three key business metrics: monthly unique users, traffic, and clicks. Effective July 1, 2024, Google Analytics 4 (“GA4”) replaced UA. The methodologies used in GA4 are different and not comparable to the methodologies used in UA. While Google has provided some guidance on these differences, Google has not made available sufficient information for us to assess the impact (whether positive or negative) of this transition on our key business metrics, nor can we quantify the extent of such impact. Furthermore, due to the adoption of GA4, we have adjusted our definitions of these key business metrics to enhance accuracy and align them more closely with previous definitions under UA. Therefore, we are unable to provide comparable data for monthly unique user, traffic, and clicks for any periods prior to July 1, 2024.

“Monthly Unique User” means as a unique user with at least one session in a given month as determined by a unique device identifier from GA4. A session begins when a user opens an app in the foreground or views a page or screen while no other session is currently active (e.g., the prior session has ended). A session concludes after 30 minutes of user inactivity. To measure Monthly Unique Users over a period longer than one month, we calculate the average of the Monthly Unique Users for each month within that period. If an individual accesses a website or app from different devices within a given month, each device is counted as a separate unique user. However, if an individual logs in and accesses a website or app using the same login across different devices, they will only be counted as one unique user.

“Traffic” means the total number of unique sessions in GA4. A unique session is a group of user interactions recorded when a user accesses a website or app within a 30-minute window. The current session concludes when there is 30 minutes of inactivity or users have a change in traffic source.

“MoneyHero Group Members” means (i) users who have login IDs with us in Singapore, Hong Kong and Taiwan, (ii) users who subscribe to our email distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are registered in our rewards database in Singapore and Hong Kong. Any duplications across the three sources above are deduplicated.

“Clicks” means the sum of unique clicks by product item on a tagged “Apply Now” button on our website, including product result pages and blogs. We track Clicks to understand how our users engage with our platforms prior to application submission or purchase, which enables us to further optimize conversion rates.

“Applications” means the total number of product applications submitted by users and confirmed by our commercial partners.

“Approved Applications” means the number of applications that have been approved and confirmed by our commercial partners.

In addition to MoneyHero Group’s results determined in accordance with IFRS, MoneyHero Group believes that the key performance metrics above and the non-IFRS measures below are useful in evaluating its operating performance. MoneyHero Group uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. MoneyHero Group believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as profit/(loss) for the year/period and profit/(loss) before income tax.

Adjusted EBITDA is a non-IFRS financial measure defined as loss for the year plus depreciation and amortization, interest income, finance costs, income tax expenses/(credit), impairments of non-financial assets, equity-settled share-based payment expenses, other long-term employee benefits expense/(credit), non-recurring costs related to strategic exercises, gain on disposal of Malaysian operations, transaction expenses, changes in the fair value of financial instruments, non-recurring legal fees, gain on derecognition of convertible loan and bridge loan and unrealized foreign exchange differences. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.

A reconciliation is provided for each non-IFRS measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures. IFRS differs from U.S. GAAP in certain material respects and thus may not be comparable to financial information presented by U.S. companies. We currently, and will continue to, report financial results under IFRS, which differs in certain significant respects from U.S. GAAP.

	For the Three Months Ended December 31,					For the Year Ended December 31,
	2024			2023		2024		2023
	(US$ in thousands)
Loss for the period		(18,756	)	(94,296	)	(37,787	)	(172,601	)
Tax expenses		19		3		109		63
Depreciation and amortization		893		3,563		4,043		7,165
Interest income		(239	)	(679	)	(1,478	)	(873	)
Finance costs		8		13,657		25		19,028

EBITDA	(18,075		)	(77,752	)	(35,088	)	(147,217	)

Non-cash items:
Changes in fair value of financial instruments	526			(123	)	(447	)	57,333
Impairment of intangible assets	4,466			3,106		4,541		3,106
Equity settled share-based payment arising from employee share incentive scheme	1,631			5,653		3,179		6,629
Unrealized foreign exchange loss/(gain), net	8,523			(4,763	)	4,197		(895	)

Listing and other non-recurring strategic exercises related items:
Share-based payment arising from listing	–			67,027		–		67,027
Equity settled share-based payment arising from professional services in relation to listing	–			500		–		500
Transaction expenses	0			1,739		29		6,643
Gain on disposal of Malaysian operations	0			–		(600	)	–
Other non-recurring costs related to strategic exercises	–			(0	)	61		1

Other non-recurring items:
Other long-term employee benefits expense/(credit)	–			0		–		110
Non-recurring legal fees	7			–		462		0

Adjusted EBITDA	(2,922		)	(4,613	)	(23,666	)	(6,763	)

Revenue	15,723			26,397		79,511		80,671
Adjusted EBITDA	(2,922		)	(4,613	)	(23,666	)	(6,763	)
Adjusted EBITDA Margin	(18.6		)%	(17.5	)%	(29.8	)%	(8.4	)%

Forward Looking Statements

This document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; and the Group’s ability to implement its growth strategies and manage its growth; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to attract traffic to its websites; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to the Group’s information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group’s industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year ended December 31, 2023 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company.

For inquiries, please contact:

Investor Relations:
MoneyHero IR Team
IR@MoneyHeroGroup.com

Media Relations:
MoneyHero PR Team
Press@MoneyHeroGroup.com

Consolidated Statements of Loss and Other Comprehensive Income

	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023
	(US$ in thousands except for loss per share)
Revenue	15,723		26,397		79,511		80,671

Cost and expenses:
Cost of revenue	(6,603	)	(17,601	)	(46,180	)	(43,930	)
Advertising and marketing expenses	(3,954	)	(5,111	)	(21,619	)	(16,245	)
Technology costs	(1,397	)	(4,451	)	(7,427	)	(9,522	)
Employee benefit expenses	(5,837	)	(10,585	)	(24,151	)	(24,931	)
General, administrative and other operating expenses	(7,454	)	(7,863	)	(15,543	)	(16,725	)
Foreign exchange differences, net	(8,921	)	4,802		(4,783	)	657

Operating loss	(18,444	)	(14,411	)	(40,192	)	(30,026	)

Other income/(expenses):
Other income	241		679		2,092		878
Share-based payment on listing	–		(67,027	)	–		(67,027	)
Finance costs	(8	)	(13,657	)	(25	)	(19,028	)
Changes in fair value of financial instruments	(526	)	123		447		(57,333	)

Loss before income tax	(18,737	)	(94,293	)	(37,678	)	(172,538	)
Tax expenses	(19	)	(3	)	(109	)	(63	)
Loss for the period	(18,756	)	(94,296	)	(37,787	)	(172,601	)
Other comprehensive income/(loss)
Other comprehensive income/(loss) that may be classified to profit or loss in subsequent periods (net of tax):
Exchange differences on translation of foreign operations	8,071		(4,098	)	3,738		(820	)
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods (net of tax):
Remeasurement of defined benefit plan	8		(9	)	12		(30	)
Other comprehensive income/(loss), net of tax	8,079		(4,107	)	3,750		(850	)

Total comprehensive loss, net of tax	(10,677	)	(98,403	)	(34,037	)	(173,451	)

Loss per share attributable to ordinary equity holders of the parent
Basic and diluted	(0.5	)	(2.8	)	(0.9	)	(17.9	)

Consolidated Statements of Financial Position

	As of December 31,
(US$ in thousands)	2024	2023

NON-CURRENT ASSETS
Non-current financial asset	600	–
Intangible assets	1,018	7,294
Property and equipment	215	190
Right-of-use assets	744	590
Deposits	25	26

Total non-current assets	2,601	8,100

CURRENT ASSETS
Accounts receivable	13,538	17,236
Contract assets	11,825	16,025
Prepayments and other assets	9,041	4,855
Tax recoverable	63	0
Pledged bank deposits	185	189
Cash and cash equivalents	42,522	68,641

Total current assets	77,174	106,947

CURRENT LIABILITIES
Income tax payable	32	–
Accounts and other payables	29,101	33,222
Warrant liabilities	1,393	1,840
Lease liabilities	442	575
Provisions	71	72

Total current liabilities	31,039	35,708

NET CURRENT ASSETS	46,135	71,239
TOTAL ASSETS LESS CURRENT LIABILITIES	48,736	79,339

NON-CURRENT LIABILITIES
Lease liabilities	294	31
Deferred tax liabilities	30	29
Provisions	185	194

Total non-current liabilities	509	255

Net assets	48,227	79,084

EQUITY
Issued capital	4	4
Reserves	48,223	79,080

Total equity	48,227	79,084

The MIL Network –

April 30, 2025

MIL-OSI: Best Online Casinos Canada 2025: 7Bit Casino Recognized as the Best Overall Choice

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Ore., April 29, 2025 (GLOBE NEWSWIRE) — We played through plenty of online casinos across Canada, hoping to find great bonuses and a good time, but most fell short. After talking to a few local players, one name kept popping up, so we decided to check it out. That’s how we ended up at 7Bit Casino, and right away, it felt different. We were greeted with a 325% bonus up to 5.25 BTC and 250 free spins. The site’s packed with thousands of slots, live games, and fast, crypto-friendly payments.

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Why 7Bit Casino Stands Out from Other Casinos in Canada

7Bit Casino stands out among Canadian online casinos with its crypto-friendly, no KYC approach, supporting Bitcoin, Ethereum, and altcoins like Tron and Cardano. It offers instant withdrawals via Pay ID and crypto, unlike many fiat-only competitors. With over 10,000 games from 100+ providers, including NetEnt and BGaming, 7Bit delivers a diverse, exclusive library. The platform also builds community through Telegram, shares exclusive offers, and promotes eco-friendly crypto use, appealing to modern, privacy-focused players.

Our Favourite Overall Casino

7Bit Casino is our top pick among the best online casinos in Canada for 2025. Its seamless integration of crypto gaming, a vast slot selection, and rapid payouts make it a standout. The Curacao license guarantees security, while its cryptocurrency focus positions it as a leading anonymous online casino. For players seeking the best online casinos in Canada, 7Bit’s innovative features, player-centric design, and commitment to fairness make it an unrivaled choice.

How to Join 7Bit Casino

Joining 7Bit Casino is a breeze, ensuring quick access to the best online casinos in Canada:

Visit the Site: Navigate to 7Bit Casino. Click Here to Directly Visit 7Bit Casino
Sign Up: Click “Sign Up” and provide your email, username, and password.
Select Currency: Choose between fiat or crypto options for deposits and withdrawals.
Verify Account: Confirm your email address via the link sent to your inbox.
Deposit Funds: Fund your account using fiat or crypto payment methods.
Claim Bonus: Activate the welcome bonus of up to 5.25 BTC + 250 free spins.

This streamlined process gets you gaming in minutes, a hallmark of the best online casinos in Canada.

7Bit Casino Features

7Bit Casino stands out as one of the best online casinos in Canada, licensed by the Curacao eGaming Commission for a secure, fair experience. Its mobile compatibility ensures seamless access to games, account management, and withdrawals on the go. With over 10,000 games from 100+ providers, it offers a diverse selection of slots, table games, and live dealers.

Supporting both fiat and cryptocurrency payments, 7Bit provides flexibility for all players. Fast payouts, especially via Pay ID and crypto, make it a leader in quick transactions, while its VIP program rewards loyalty with cashback, free spins, and bonuses.

Additional features include:

Provably Fair Games: Many crypto-based games allow players to verify outcomes, enhancing trust and transparency.
Multi-Language Support: Available in English, French, and other languages, catering to Canada’s multicultural audience.
Regular Tournaments: Slot and table game tournaments offer cash prizes and free spins, adding competitive excitement.
Advanced Game Filters: Players can sort games by provider, theme, or features like Megaways, Bonus Buy, or high volatility.
Customizable Interface: Options to adjust themes and layouts for a tailored gaming experience (Bitcoin Casino Kings).

Pros and Cons of 7Bit Casino

Pros	Cons
Over 10,000 games, including top slots and live dealer options	High wagering requirements on some bonuses
Instant withdrawals via crypto and Pay ID	Occasional regional game restrictions
Generous welcome bonus: 5.25 BTC + 250 free spins
Supports fiat and crypto payments
Robust VIP program with exclusive rewards

Pros Explained:

Game Variety: 7Bit’s extensive library offers endless entertainment, from the best online pokies to immersive live dealer experiences, catering to all player preferences.
Speedy Payouts: As a pay ID casino, 7Bit ensures instant withdrawals, particularly for crypto users, setting a high standard for efficiency.
Bonuses: The welcome package and frequent free spins promotions enhance player value, making every session rewarding.
Payment Flexibility: Support for multiple currencies ensures accessibility for diverse players.
VIP Program: Personalized rewards, including higher cashback and dedicated account managers, foster loyalty.

Cons Explained:

Wagering Requirements: Some bonuses come with high playthrough conditions, which may challenge players aiming to withdraw winnings quickly.
Bank Transfers: While crypto and e-wallets are instant, bank transfers can take 3–5 days, lagging behind faster methods.
Regional Restrictions: Certain games may be unavailable in specific regions due to licensing or provider restrictions.

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Regulation of the Best Online Casinos in Canada

The best online casinos in Canada adhere to stringent regulations to ensure player safety and fairness. Key regulatory aspects include:

Licensing Requirements: Casinos like 7Bit must hold valid licenses, such as from the Curacao eGaming Commission, to operate legally. These licenses enforce oversight, fair play, and financial accountability.
Provincial Oversight: Ontario regulates online gambling through iGaming Ontario, requiring specific licensing for operators in the province. Offshore casinos, like 7Bit, serve other provinces under international licenses, offering broader access.
Age Restrictions: Players must be 19 or older to gamble online in Canada, aligning with federal and provincial laws to protect minors.
Responsible Gambling Measures: Licensed casinos provide tools like deposit limits, self-exclusion options, and cooling-off periods to promote responsible play and prevent addiction.
Taxation Policies: Recreational gambling winnings are tax-free in Canada, but professional gamblers may face taxation on consistent profits, as per CRA guidelines.
Security Standards: Mandatory SSL encryption, TLS1.3 protocols, and fairness audits by organizations like eCOGRA protect player data and ensure game integrity.
Advertising Compliance: Casinos must follow strict advertising guidelines, avoiding promotions targeting vulnerable groups or minors, and ensuring ethical marketing practices.

These regulations create a secure and transparent environment, making platforms like 7Bit trusted choices among the best online casinos in Canada.

How We Selected 7Bit as the Best Online Casinos in Canada

Our selection process for the best online casinos in Canada is meticulous, focusing on critical criteria to ensure quality and reliability:

License and Security

A valid license, such as 7Bit’s Curacao eGaming certification, is non-negotiable, guaranteeing regulatory oversight and fair play. Advanced security measures like TLS 1.3, SSL encryption, and two-factor authentication safeguard player data and transactions, making 7Bit a secure choice (Zamsino).

Bonuses and Promotions

We prioritize casinos offering fair and transparent bonuses. 7Bit’s generous welcome package and ongoing free spins promotions provide significant value, though players should note the wagering requirements.

Casino Games

A diverse game library is essential, encompassing slots, table games, live dealer options, and instant-win games. 7Bit’s 10,000+ titles ensure variety for all players.

Casino Game Providers

Partnerships with top providers like NetEnt, Microgaming, and Evolution Gaming ensure high-quality, innovative games. 7Bit’s collaboration with over 100 providers sets it apart.

Banking Methods

Support for multiple payment methods, including fiat and crypto, enhances accessibility. 7Bit’s instant crypto and Pay ID withdrawals are a major draw.

Customer Support

Responsive 24/7 support via live chat, email, and comprehensive FAQs is crucial. 7Bit excels in this area, ensuring player satisfaction.

How We Choose the Top-Rated Casino Sites

Our evaluation criteria for top-rated casino sites like 7Bit include:

Reputation and Trustworthiness: Positive player reviews and valid licensing build credibility.
Game Quality and Variety: High-RTP games and a diverse library cater to all preferences.
Bonuses and Promotions: Fair, valuable offers enhance player experience.
Payment Options: Secure, varied methods with fast processing times ensure convenience.
Customer Support: Responsive, multi-channel assistance resolves issues quickly.
Mobile Compatibility: Seamless app or browser play is essential for modern gaming.
Security and Fairness: Advanced encryption and third-party audits guarantee safety and integrity.

7Bit excels across these metrics, solidifying its place among the best online casinos Canada.

The Selection Process: Defining Excellence in Online Gaming

Excellence in online gaming, as demonstrated by 7Bit, involves a holistic approach:

Player-Centric Design: Intuitive interfaces, fast payouts, and generous bonuses prioritize user satisfaction.
Innovation and Updates: Regular game additions and crypto integration keep the platform cutting-edge.
Security and Transparency: Robust encryption, provably fair games, and clear terms build trust.
Accessibility Across Platforms: Seamless desktop and mobile experiences cater to diverse player needs.This comprehensive strategy positions 7Bit as a leader among the best online casinos in Canada for 2025.

About Gaming in 7Bit Casino

Gaming at 7Bit is immersive, intuitive, and endlessly engaging. The user-friendly interface simplifies navigation, allowing players to explore the vast library with ease. Frequent game additions ensure a fresh experience, while high-RTP titles maximize winning potential.

Whether spinning the best online pokies, strategizing in live dealer games, or enjoying instant win thrills, players benefit from a platform designed for entertainment and fairness. The crypto focus makes 7Bit a best no KYC casino, offering anonymous play without sacrificing security.

Additional 7Bit Features

Loyalty Program: A multi-tiered VIP system offers escalating rewards, including higher cashback percentages, free spins, and dedicated account managers for top-tier players.
Seasonal Promotions: Holiday-themed offers, such as Christmas or Halloween bonuses, provide exclusive free spins and deposit matches.
Community Engagement: Active Telegram and social media channels deliver real-time updates, exclusive free spins, and a sense of community among players.
Low Minimum Deposits: Starting at $10 for fiat and lower for crypto, 7Bit is accessible to players of all budgets.
Multi-Currency Accounts: Players can manage balances in multiple currencies, simplifying transactions across fiat and crypto.
Eco-Friendly Initiatives: By promoting low-energy crypto transactions, 7Bit appeals to environmentally conscious players, a unique selling point.
Cross-Platform Syncing: Progress syncs seamlessly across desktop and mobile, ensuring uninterrupted play.
Player Feedback Integration: 7Bit actively incorporates user suggestions, adding requested games and improving features.
Crypto Tutorials: Guides for new crypto users simplify deposits and withdrawals, enhancing accessibility.
Responsible Gambling Resources: Links to organizations like GamCare and tools like deposit limits promote safe play.
High RTP Focus: Many games boast RTPs above 96%, increasing player win potential (Bitcoin Casino Kings).

Bonuses and Promotions of 7Bit Casino

7Bit’s welcome bonus is a standout among the best online casinos Canada, offering up to 5.25 BTC + 250 free spins across four deposits:

1st Deposit: 100% match up to 1.5 BTC + 100 free spins
2nd Deposit: 75% match up to 1.25 BTC + 100 free spins
3rd Deposit: 50% match up to 1.5 BTC
4th Deposit: 100% match up to 1 BTC + 50 free spins

Ongoing promotions include:

Weekly Cashback: Up to 20% based on weekly losses, rewarding consistent play.
Monday Reload: 25% match up to 6.5 mBTC + 50 free spins, kicking off the week with a boost.
Wednesday Free Spins: Up to 100 free spins on Snoop Dogg Dollars, based on deposit size.
Friday Bonus: 111 free spins for a 0.52 mBTC deposit, perfect for weekend gaming.
Weekend Offer: 99 free spins
Telegram Offers: Exclusive bonuses, including 50–111 free spins for specific deposits.
Pre-Release Offers: 35 free spins on new titles like Gold Nugget Rush, giving early access to fresh games.
Spring Elite Offer: Up to 100 free spins, celebrating seasonal events.

These promotions make 7Bit a top new online casino, keeping players engaged with frequent rewards (CasinoOnlineCA).

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Payment Options

7Bit offers a versatile range of payment methods, catering to all player preferences:

Fiat Options:
- Visa: Secure card payments with quick deposits.
- Mastercard: Widely accepted for deposits and withdrawals.
- Interac: Popular in Canada for fast, local transactions.
- Skrill: E-wallet for rapid transfers.
- Neteller: Trusted e-wallet with global reach.
- Paysafe Card: Prepaid option for secure deposits.
- Bank Transfer: Reliable but slower for withdrawals.
- Neosurf: Prepaid voucher for anonymous deposits.
- EcoPayz: Eco-friendly e-wallet with low fees.
- MuchBetter: Mobile-friendly payment app for quick transactions.
Cryptocurrencies:
- Bitcoin (BTC): Industry-standard for fast, anonymous transactions.
- Ethereum (ETH): Smart contract-based crypto for secure payments.
- Litecoin (LTC): Lightweight crypto with low fees.
- Dogecoin (DOGE): Popular altcoin for microtransactions.
- Tether (USDT): Stablecoin for consistent value.
- Binance Coin (BNB): Versatile crypto for fast transfers.
- Cardano (ADA): An eco-friendly blockchain for secure payments.
- Ripple (XRP): Low-cost, high-speed transactions.
- Tron (TRX): Scalable crypto for efficient transfers.
- Bitcoin Cash (BCH): An enhanced Bitcoin variant for quick transactions.

Crypto transactions are instant and anonymous, reinforcing 7Bit’s status as a best no KYC casino. Fiat options like Interac and Skrill are also fast, with Pay ID withdrawals processed in under an hour, making 7Bit a leading Pay ID casino.

Customer Support

7Bit provides robust 24/7 support through:

Live Chat: Instant, multilingual assistance for real-time issue resolution.
Email: Detailed support for complex inquiries, with responses typically within 24 hours.
FAQ Section: Comprehensive self-help resources covering account management, payments, and bonuses.

While phone support is absent, the responsive live chat and email systems ensure player satisfaction. The FAQ section is regularly updated based on player queries, reflecting 7Bit’s commitment to user experience, a key trait of the best online casinos Canada.

Games Available in 7Bit Casino

7Bit’s expansive library of over 10,000 games includes:

Slots

Featuring the best online pokies, with high-RTP titles and diverse themes:

Mega Moolah: Progressive jackpot with life-changing payouts, ideal for jackpot hunters.
Starburst: Vibrant, fast-paced slot with frequent wins.
Book of Dead: Adventure-themed favorite with immersive storytelling.
Johnny Cash: Music-inspired slot with engaging features.
Raging Lion: Safari-themed game with big win potential.

Table Games

Classic and modern variants for strategic players:

Blackjack: Includes Classic, Multi-Hand, and European variants for varied gameplay.
Roulette: European, American, and French versions with distinct betting options.
Baccarat: Punto Banco and Speed Baccarat for quick, elegant play.
Craps: Fast-paced dice game with multiple betting strategies.
Poker: Texas Hold’em, Caribbean Stud, and Video Poker (Jacks or Better) for skill-based fun.

Live Dealer Games

Powered by Evolution Gaming and Pragmatic Play, offering immersive real-time experiences:

Live Blackjack: Multi-table options with interactive dealers.
Live Roulette: HD streaming for authentic spins, with European and American variants.
Live Baccarat: Elegant gameplay with professional croupiers.
Live Poker: Casino Hold’em and Three Card Poker for strategic battles.
Game Shows: Dream Catcher, Crazy Time, and Monopoly Live for entertainment-driven play.

Instant Win Games

Quick-play options for instant thrills:

Scratch Cards: Simple games with instant prize reveals.
Keno: Number-based game with customizable bets.
Bingo: Classic and themed variants for casual fun.

This diverse selection makes 7Bit a top destination among the best online casinos Canada (Casino.org).

The Most Popular Pay-out Methods at 7Bit Casino

The most preferred payout methods at 7Bit include:

Cryptocurrencies: Bitcoin, Ethereum, and Litecoin offer instant withdrawals with low fees, ideal for anonymous transactions.
E-wallets: Skrill, Neteller, and Interac provide quick processing, typically within 1–24 hours.
Pay ID: Near-instant withdrawals, highly popular among Canadian players for speed and convenience.
Bank Transfers: Reliable but slower, taking 3–5 days, suitable for larger withdrawals.

Crypto’s speed and anonymity make it a favorite, aligning with 7Bit’s anonymous online casino appeal. Pay ID’s efficiency further enhances its status as a leading pay ID casino.

Additional 7Bit Casino Highlights

Award Recognition: 7Bit has been nominated for “Best Crypto Casino” in recent industry awards, reflecting its excellence in the crypto gaming space.
Global Accessibility: Supports players from multiple countries, with region-specific promotions tailored to Canadian users.
High Volatility Options: A dedicated section for high-volatility slots caters to risk-takers seeking big wins.
Player-Driven Updates: Regular platform enhancements based on user feedback, such as improved navigation and new game categories.
Crypto Staking Rewards: Experimental feature allowing players to earn small rewards by holding certain cryptocurrencies in their 7Bit wallet.
Exclusive Game Releases: Early access to new titles from providers like BGaming, often paired with free spins promotions.
Social Responsibility: Partnerships with responsible gambling organizations and in-house tools to promote safe play (Bitcoin Casino Kings).

Final Thoughts On Best Online Casinos Canada

7Bit Casino, rated 4.8/5 for 2025, offers innovation, security, and entertainment with a vast game library, crypto-friendly platform, instant payouts, and player-focused features. Ideal for free spins, online pokies, or live dealer games, it excels as a leading pay ID and anonymous casino, delivering a secure, rewarding, and cutting-edge experience.

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Frequently Asked Questions

Is 7Bit Casino legal in Canada?
Yes, 7Bit Casino is licensed by the Curacao eGaming Commission, making it legal for Canadian players outside Ontario, where iGaming Ontario regulates local operators. Always verify local laws before playing.
What’s the welcome bonus?
New players can claim up to 5.25 BTC + 250 free spins across four deposits. The bonus is structured to reward initial deposits, with free spins usable on select slots.
How fast are withdrawals?
Crypto and Pay ID withdrawals are processed instantly, often within minutes. E-wallets like Skrill take 1–24 hours, while bank transfers may require 3–5 days.
Is there a mobile version?
Yes, 7Bit offers a seamless mobile platform compatible with iOS and Android. Players can access the full game library and manage accounts without downloading an app.
Are there no deposit bonuses?
Yes, 7Bit occasionally offers no-deposit bonuses, such as free spins for new players or Telegram promotions. Check the promotions page or social channels for updates.
Can I play anonymously?
Yes, crypto transactions allow anonymous play, requiring minimal personal information. This makes 7Bit a top choice for privacy-conscious players.

EMAIL: Support@7bitCasino.com

Disclaimer and Affiliate Disclosure

General Disclaimer
This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

Casino and Gambling Disclaimer
Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

Affiliate Disclosure
This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee7b7996-5711-4ded-8c48-d7d20368a86a

The MIL Network –

April 30, 2025

MIL-OSI USA: Engineering Students Excel at UConn Stamford’s First Senior Design Day

Source: US State of Connecticut

In between classes, careers, hobbies, and other obligations, coordinating plans with friends can be difficult for many college students and young professionals.

“We’ve all experienced this planning chaos firsthand,” says Jainil Desai ’25 (ENG), a computer science major. “What if there was a way to make getting together with friends easier, smarter and more fun?”

Visitors and judges at the Senior Design poster presentation could download a beta version of the STAC-IT app. (Olivia Drake/UConn photo)

Desai, along with seven other students developed an innovative solution—a mobile app that simplifies social planning into a smooth, personalized experience.

The team, also including Engineering students Yuzhuo Zhang ’25, Kevin Enrique Hernandez ’25, Amid Qazi ’25, Jan Ulloa, ’25 Toyi Hendrik Shimizu ’25, Mohammad Abujaffar ’25, and Ignacio Efrain Deleon ’25, debuted their app— STAC-IT— during the first-ever Senior Design Day Program held April 25 at UConn Stamford.

In 2024–2025, UConn Stamford has 31 students engaged in year-long senior design projects as part of its full four-year computer science degree program. To showcase their work and strengthen ties with the broader community, the campus hosted its inaugural Senior Design Day Program — providing students the opportunity to present their projects to fellow students, faculty, and industry partners.

The program is similar to the Senior Design Demonstration Day held annually at UConn Storrs.

“Located in a growing industrial and technology hub, with proximity to Stamford and greater New York area companies, UConn Stamford is uniquely positioned to foster strong collaborations between its students and the tech workforce,” says Hasan Baig, director of the computer science program at UConn Stamford and event organizer. “Events like the Senior Design Day Program are critical in preparing graduates for real-world opportunities while helping industry partners discover emerging talent.”

During the program, six teams made five-minute pitches to multiple UConn alumni and industry leaders who served as judges. Later, the teams spoke to the judges one-on-one during a poster session. The STAC-IT team, sponsored by Stacks IT, took first place.

Aaron McClure, a judge from GE Appliances and CoCREATE in Stamford, found all six projects to be “good ideas that solve common problems.” STAC-IT, in particular, he says, is an ingenious way to get friends together.

“Sometimes organizing people can be like herding cats,” he says. “If you want to get coffee, you can check the STAC-IT app to see if any of your friends also want to get coffee so you can meet up.”

The Gush team created a platform where users can form authentic connections based on who they are, not just how they look. (Olivia Drake/UConn photo)

McClure also was impressed with Gush, an online dating app that prioritizes personality—rather than physical attraction—to foster authentic connections. Paul Kwon ’25, Lyles Williams ’25, Max Senchukov ’25, and Joseph Vincento ’25 worked with the Woods Hole Institute to develop the app that pairs two users and places them inside a “blind date” with a countdown timer. When this timer finishes, users can either like or dislike each other. If both users like each other, they can now see each other’s photos and continue their conversation.

“The dating app is a very novel idea and very different that other ones out there,” McClure says. “I really liked their approach.”

In addition, Arianna Azizi ’25, Savar Jain ’25, and Romick Jean-Baptiste ’25 worked with their industry sponsor Neural Tax Networks to help reduce confusion during tax season. By using AI, their product provides answers to assist users with accessible tax and accounting research.

“I’ve seen my dad struggle with going his own taxes, so I really liked the idea of using AI to help normal people file their taxes,” says Hamza Ejaz ’27. “It was the most attention-grabbing project.”

Suchitha Misra’25, Karima Hamada ’25, Ananya Jonnakuti ’25, William French ’25, Trang Tran ’25, and Dylan Young ’25 worked with industry sponsor PRE to create gameified startup pitches. The platform enables audiences to act as mock investors, providing real-time feedback and investment signals to founders during live or remote events. This gamified approach boosts engagement, helps identify high-potential startups, and provides valuable performance insights to presenters.

Dalia Clarke ’22 (ENG) served as a Senior Design judge. (Olivia Drake/UConn photo)

Peter Vaichus ’25, Tom McCarthy’25, and Joshua Pintacasi ’25 worked with their industry sponsor Culture Tech to help museums track their collections, licenses, and workflows. The team developed and integrated a Digital Asset Manager (DAM) into a specialized software so clients can import their collections directly from their DAM.

Sakib Nazmus ’25, Akhil Jannu ’25, William Lee ’25, and Dedeep Singu ’25 worked with their industry sponsor State Street Global Advisors to help institutional investors interpret make better financial decisions. The tool extracts and scores sentiment by topic (financial metrics, macro trends, regulation) and time. A custom dashboard enables visualization and analysis of paragraph and keyword level sentiment trends.

Mechanical engineering major Dalia Clarke ’22 (ENG) returned to her alma mater to help judge the presentations.

“I love learning from the students,” she says. “I was very impressed with the depth of their work and their ability to answer questions, and also that they all had plans for making their projects even better in the future.”

View photo gallery.

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

Source: US State of Connecticut

From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

MIL OSI USA News –

April 30, 2025

MIL-OSI: MINILUXE REPORTS FULL-YEAR FINANCIAL RESULTS FOR YEAR ENDED DECEMBER 29, 2024

Source: GlobeNewswire (MIL-OSI)

All reported figures in U.S. Dollars unless otherwise noted

Boston, MA, April 29, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) today announced its financial results for the 52 weeks ended December 29, 2024 (FY2024). The fiscal year of MiniLuxe (the “Company”) is a 52-week reporting cycle which ended in 2024 on Sunday, December 29, 2024.

As the Company has previously and consistently shared, there were three key strategic and performance objectives for 2024.

Key 2024 Strategic Pillars

Accelerate overall studio-level profitability (i.e. store level contribution) growth
Drive growth through operating partners (via JVs or M&A) and franchise partners
Increase fixed cost leverage and SG&A efficiency

Across each of these core strategic pillars and 2024 performance objectives, the Company made material progress.

Highlights of Business Performance

Studio-level profitability (store-level cash contribution) grew YoY 360 percent.

As a percentage of revenue, SG&A reduced to under 16 percent, which represented a decrease of approximately 24 percent versus prior year while gross profit grew to $11M or +8 percent improvement versus prior year.

The net effect of both increasing studio cash contribution, decreasing SG&A and increasing gross profit margin led to adjusted EBITDA losses being cut by more than half in 2024 to -$4.0M from -$9.0M in 2023.

Operating cash burn improved by a factor of over 3x to just over -$2M in 2024 from -$7M in 2023.

FY2024 year-end cash, cash equivalent and restricted cash reached $4M, an improvement of $.6M versus $3.4M at year-end FY2023 due to a combination of dramatically reduced cash burn and ~$1.6M coming from the first closing of a non-brokered private placement which was originally announced on November 27, 2024. (more details below).

The Company seeks to maintain this positive momentum in 2025, progressing increasingly closer to overall company-wide profitability. Total Company revenue for 2024 finished at a record level of $26.1M or just over 6% YoY growth, compared to $24.6M in 2023. While the overall quantum of YoY growth was relatively modest, the quality and increased profitability of that growth was both very significant and intentional in terms of the Company’s operating strategy. These results were accomplished by driving revenue growth through studio specific KPIs, some studios were held to more constrained growth (to better focus on improving efficiencies and profitability) while the majority of the fleet portfolio were managed to all-time-record revenue highs. In terms of unit-level revenue, two studios crossed over the $2M revenue threshold before the end of the year (ultimately reaching ~$1,500 per square feet of sales). The top 25 percent of studios in the fleet are now at a median of ~$1.9M per unit volume and the top 50 percent at ~ $1.6M.

Also noteworthy is that MiniLuxe’s most loyal client base – those visiting 20+ times per year – grew 4.5% year-over-year between 2024 and 2023. In any given month, the split of customers is between ~88% repeat and ~12% new customers.

Throughout 2024 and as the Company goes into 2025, the focus on Operating Partners remains core to the Company’s strategy to leverage its brand and platform while scaling growth through localized operators. In July of 2024, MiniLuxe announced its first operating and JV partner for the Atlanta region with the business Sugarcoat. As part of the joint venture agreement, MiniLuxe took a majority ownership stake of one Sugarcoat location in The Forum Peachtree Corners in Atlanta. On December 17th of 2024, MiniLuxe also announced its first franchise operating partner, Ms. Quynh Pham, who opened a MiniLuxe studio in Brookline, MA (taking over the old MiniLuxe Academy Studio). Both joint venture and franchise partners have rapidly brought forward fresh ideas and hyper-localized marketing and new operational best-practices translating into increased week-over-week sales, walk-ins and utilization levels. During 2024 the Company also had its first full year of results with its regional operating partner in the Dallas Fort Worth area which saw a lift in profitability of over 5x within the year.

A key driver to longer-term growth and competitive advantage has been the Company’s ability to attract and retain its ecosystem of nail designer talent. FY2024 represented a record year in terms of annual retention of designer talent which was at 87 percent, up 3 percentage points from 84 percent in 2023. Additionally, a number of nail designers crossed their five-year anniversaries with the Company and now over 50 percent of the nail designer talent employment base hold tenure with the Company for 5 years or more.

“In 2024 the team demonstrated our deepest understanding of unit economics and KPIs, delivering the strongest studio performance across the portfolio, while diversifying our revenue streams with new JV, franchise and operating partners – setting us up on our journey towards greater scale and growth. We head into 2025 with a record level of 360%+ YoY studio profitability, deepening brand loyalty amongst our customer base, a strong balance sheet, and much enthusiasm for what’s ahead.” said Tony Tjan, Chief Executive Officer and Co-founder of MiniLuxe.

Subsequent Events and 2025 Outlook

To date, the first part of Q1 2025 presented the Company with both early progress towards its strategic priorities but also headwinds in the form of the LA wildfires and the introduction of US tariffs on trade partners.

The LA fires impacted foot traffic and demand for Beverly Hills and Brentwood Studios. The Company has taken measures to address this potential impact to studio economics with increased leadership support and connectivity with the local community such that demand has begun to return (but is not anticipated to fully recover until 2H 2025).

While the vast majority of MiniLuxe’s products are made in the US, the company is still making efforts to further minimize supply related exposure by exploring options to shift sourcing from China to US based vendors and lower tariff markets like Vietnam and Taiwan. These early moves are designed to optimize and protect gross margins in MiniLuxe’s proprietary products and Paintbox custom press on products and packaging.

Early wins in Q1 of 2025 include closing on a new tranche of funding and reaching an agreement for the conversion of all of the Company’s remaining balance of convertible notes as explained below.

Effective February 10, 2025, the Company completed a non-brokered private placement of Class A subordinate voting shares of the Company and raised a total of USD $3.49M or (~CDN $4.94M) through the issuance of 6,247,717 Subordinate Voting Shares at a price of USD $0.55 each (CDN $0.79) Together, with the first private placement closing and this second and final closing of the Offering raised total new primary capital for the Company in the amount of USD $5.067M or (~CDN $7.26M).

Alongside the private placement offering, the Company also finalized additional shares-for-debt agreements to satisfy an aggregate of USD$1,055,577 (~CDN$1.49 million) of outstanding debt related to the principal and accrued but unpaid interest on certain convertible debentures of the Company (the “Debentures”). As part of this debt conversion, an aggregate of 2,294,731 Subordinate Voting Shares were issued at a deemed price of USD$0.46 per share, with an effective conversion date of February 7, 2025.

The Company offered existing Debenture holders participating in the Offering the opportunity to elect to receive Subordinate Voting Shares at a discounted conversion price relative to the original terms of the Debentures. All Debenture holders electing to convert are deemed to be at arm’s length from the Company. The issuance of these shares remains subject to TSX Venture Exchange approval. Similarly, completion of all tranches of the private placement Offering is subject to the satisfaction of customary closing conditions, including the approval of the TSX Venture Exchange. The securities issued pursuant to the initial closing of the Offering are subject to a hold period of four months and one day from the issuance date in accordance with applicable securities laws.

On March 11, 2025, the Company announced the refinancing and extension of maturity of its existing senior debt to 2028 to be coincident with a new tranche of $1.675M of senior debt from Flow Capital.

On March 21, 2025, the Company announced that it had reached agreement for the conversion of all of its remaining balance of convertible notes.

2024 Results

Selected Financial Measures

Results of Operations

The following table outlines the consolidated statements of loss and comprehensive loss for the fiscal year which ended December 29, 2024, and December 31, 2023.

Cash Flows

The following table presents cash and cash equivalents for the fiscal year which ended December 29, 2024, and December 31, 2023.

Non-IFRS Measures and Reconciliation of Non-IFRS Measures

This press release references certain non-IFRS measures used by management. These measures are not recognized under International Financial Reporting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The non-IFRS measures referred to in this press release are “Adjusted EBITDA” and “Fleet Adjusted EBITDA”.

Adjusted EBITDA

Management believes Adjusted EBITDA most accurately reflects the commercial reality of the Company’s operations on an ongoing basis by adding back non-cash expenses. Additionally, the rent-related adjustments ensure that studio-related expenses align with revenue generated over the corresponding time periods.

Adjusted EBITDA is calculated by adding back fixed asset depreciation, right-of-use asset amortization under IFRS 16, asset disposal, and share-based compensation expense to IFRS operating income, then deducting straight-line rent expenses net of lease abatements. IFRS operating income is revenue less cost of sales (gross profit), additionally adjusted for general and administrative expenses, and depreciation and amortization expenses.

A reconciliation of IFRS operating income to Adjusted EBITDA is included in Selected Consolidated Financial Information.
‎

The Company also uses Fleet Adjusted EBITDA to evaluate the performance of its MiniLuxe Core Studio business (19 MiniLuxe-branded studios operating for 18+ months). This metric is calculated in a similar manner, starting with Talent revenue and adjusting for non-fleet Talent revenue and cost of sales, further adjusted by fleet general and administrative expenses and finally subtracting straight line rent expense (similar to amount used in the full company Adjusted EBITDA, less amounts allocated to locations outside of MiniLuxe’s core studio business, i.e. Paintbox). The Company believes that this metric most closely mirrors how management views the fleet portion of the business. A reconciliation of Talent revenue to Fleet Adjusted EBITDA is included in Selected Consolidated Financial Information.

The following table reconciles net Operating Loss to Adjusted EBITDA for FY24 and FY23.

The following table reconciles Fleet Talent Revenue to Fleet Adjusted EBITDA for FY24 and FY23.

_____________________________________________

¹Straight-line rent expense for a given payment period is calculated by dividing the sum of all payments over the life of the lease (the figure used in the present value calculation of the right-of-use asset) by the number of payment periods (typically months). This number is then annualized by adding the rent expenses calculated for the payment periods that comprise each fiscal year. For leases signed mid-year, the total straight-line rent expense calculation applies the new lease terms only to the payment periods after the signing of the new lease.

About MiniLuxe

MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company’s owned-and-operated studio services. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe’s aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the most diverse and largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 4 million services.

For further information

Christine Mastrangelo
‎Investor Relations, MiniLuxe Holding Corp.
‎cmastrangelo@MiniLuxe.com
‎MiniLuxe.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) concerning the Company and its subsidiaries within the meaning of applicable securities laws. Forward-looking information may relate to the future financial outlook and anticipated events or results of the Company and may include information regarding the Company’s financial position, business strategy, growth strategies, acquisition prospects and plans, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “budgets”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projects”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Many factors could cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking information, including, without limitation, those listed in the “Risk Factors” section of the Company’s filing statement dated November 9, 2021. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release.

Forward-looking information, by its nature, is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate and reasonable in the circumstances. Those factors should not be construed as exhaustive. Despite a careful process to prepare and review forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the Company bases its forward-looking information on assumptions that it believes were reasonable when made, which include, but are not limited to, assumptions with respect to the Company’s future growth potential, results of operations, future prospects and opportunities, execution of the Company’s business strategy, there being no material variations in the current tax and regulatory environments, future levels of indebtedness and current economic conditions remaining unchanged, the Company cautions readers that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made (or as of the date they are otherwise stated to be made). Any forward-looking statement that is made in this press release speaks only as of the date of such statement.

The MIL Network –

April 29, 2025

MIL-OSI: CECO Environmental Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Numerous Financial Records Reflect Strength of Well-Positioned Portfolio
Company Maintains Full Year Outlook

ADDISON, Texas, April 29, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the first quarter of 2025.

First Quarter Summary⁽¹⁾

Orders of $227.9 million, up 57 percent
Backlog of $602.0 million, up 55 percent
Revenue of $176.7 million, up 40 percent
Gross profit margin of 35.2 percent; Gross margin of $68.0 million, up 28 percent
Net income of $36.0 million; non-GAAP net income of $3.5 million
GAAP EPS (diluted) of $0.98; non-GAAP EPS (diluted) of $0.10
Adjusted EBITDA of $14.0 million, up 6 percent
Free cash flow of $(15.1) million, down $13.2 million

_{⁽¹⁾ All comparisons are versus the comparable prior year period, unless otherwise stated.}
_{Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.}

Todd Gleason, CECO’s Chief Executive Officer commented, “We started 2025 with outstanding first quarter record orders of $228 million, which helped drive new record levels of backlog and revenue for the company. This is a powerful statement on the strength of our well-positioned portfolio, which is closely aligned to key long-term growth themes of industrial manufacturing reshoring, electrification, power generation, natural gas infrastructure, and industrial water investments. This marks the second consecutive quarter with bookings greater than $200 million, which has enabled our backlog to exceed $600 million for the first time in Company history. With our order pursuit pipeline now over $5 billion, we remain highly confident in our continued growth outlook.”

First quarter operating income was $61.9 million, up $54.2 million when compared to $7.7 million in the first quarter 2024. On an adjusted basis, non-GAAP operating income was $8.6 million, down $1.6 million or 16 percent when compared to $10.2 million in the first quarter of 2024. Net income was $36.0 million in the quarter, up $34.5 million compared to $1.5 million in the first quarter 2024. Non-GAAP net income was $3.5 million, down $0.5 million when compared to $4.0 million in the first quarter 2024. Adjusted EBITDA of $14.0 million, reflecting an Adjusted EBITDA margin of 7.9 percent, was up 6 percent compared to $13.2 million in the first quarter 2024. Free cash flow in the quarter was $(15.1) million, down $13.2 million compared to $(1.9) million in the first quarter of 2024.

“In the first quarter, we introduced strategic price actions to address preliminary tariff impacts. Additionally, to proactively manage our record backlog and robust project pipeline, we selectively pulled-in some inventory purchases and added key operational and customer-centric personnel to maintain the highest level of project execution. These additions drove incremental engineering, project management and business development costs during the first quarter as well as utilizing additional cash. This had the effect of depressing Adjusted EBITDA in the quarter, but these proactive measures were important to better position CECO for executing on our record backlog. Starting in Q2 2025, we will take strategic cost actions associated with eliminating redundant general and administrative roles and expenses resulting from our programmatic M&A and will expand our ongoing productivity and efficiency initiatives. We expect the benefits from these actions, when combined with continued strong volume growth, will underpin operating margin expansion throughout the year,” added Gleason.

2025 Full Year Guidance

For the full year 2025 outlook, the Company maintains its expectation to deliver Revenue of $700 to $750 million, up approximately 30 percent at the midpoint year and maintains its expected range for Adjusted EBITDA of $90 to $100 million, up approximately 50 percent at the midpoint versus 2024. The Company maintains its 2025 adjusted free cash flow to be between 60 and 75 percent of Adjusted EBITDA.

“We are very pleased with the strong start to the year as our industrial air, industrial water and energy transition businesses continue to drive growth through our operating model leveraging their respective niche leadership positions, and flexible business models. Our record backlog and opportunity pipeline provide me with confidence in achieving our growth targets for the year. While we recognize we are in a very dynamic environment which makes it difficult to predict the impact tariffs and other related uncertainties might have on the economy and on our operations, we believe that our direct exposure to tariff-related imports is relatively modest. CECO is comparatively well-positioned as we execute and manufacture a majority of our business in the same regions in which we sell. At present, this aspect of our business design and operating model, coupled with the cost actions we have taken, allows us to maintain our full year outlook – but we are monitoring the economic situation and working with our supply chain to aggressively manage any additional cost expenses which might arise over the course of the year,” concluded Gleason.

EARNINGS CONFERENCE CALL

A conference call is scheduled for today at 8:30 a.m. ET to discuss the first quarter 2025 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/tvr2idgu.

A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/tvr2idgu.

ABOUT CECO ENVIRONMENTAL

CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670
investor.relations@onececo.com

Investor Relations Contact:
Steven Hooser and Jean Marie Young
Three Part Advisors, LLC
214-872-2710
investor.relations@onececo.com

CECO ENVIRONMENTAL CORP. CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except per share data)	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	146,471		$	37,832
Restricted cash		205			369
Accounts receivable, net allowances of $8,663 and $8,863		152,405			159,572
Costs and estimated earnings in excess of billings on uncompleted contracts		83,335			69,889
Inventories		52,919			42,624
Prepaid expenses and other current assets		36,910			16,859
Prepaid income taxes		3,856			3,826
Total current assets		476,101			330,971
Property, plant and equipment, net		46,063			33,810
Right-of-use assets from operating leases		24,419			25,102
Goodwill		274,769			269,747
Intangible assets – finite life, net		109,250			74,050
Intangible assets – indefinite life		9,559			9,466
Deferred income taxes		210			966
Deferred charges and other assets		16,724			15,587
Total assets	$	957,095		$	759,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt	$	1,673		$	1,650
Accounts payable		109,504			109,671
Accrued expenses		59,176			47,528
Billings in excess of costs and estimated earnings on uncompleted contracts		87,870			81,501
Notes payable		700			1,700
Income taxes payable		19,831			2,612
Total current liabilities		278,754			244,662
Other liabilities		4,314			14,362
Debt, less current portion		338,037			217,230
Deferred income tax liability, net		26,481			11,322
Operating lease liabilities		19,458			20,230
Total liabilities		667,044			507,806
Commitments and contingencies (See Note 14)
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued		—			—
Common stock, $.01 par value; 100,000,000 shares authorized, 35,250,489 and 34,978,009 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		352			349
Capital in excess of par value		255,807			255,211
Retained earnings		42,554			6,570
Accumulated other comprehensive loss		(12,922	)		(14,441	)
Total CECO shareholders’ equity		285,791			247,689
Noncontrolling interest		4,260			4,204
Total shareholders’ equity		290,051			251,893
Total liabilities and shareholders’ equity	$	957,095		$	759,699

CECO ENVIRONMENTAL CORP. CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three months ended March 31,
(in thousands, except per share data)	2025			2024
Net sales	$	176,697		$	126,332
Cost of sales		114,535			81,200
Gross profit		62,162			45,132
Selling and administrative expenses		53,542			34,908
Amortization expenses		3,096			2,156
Acquisition and integration expenses		8,143			190
Gain on sale of Global Pump Solutions business		(64,502	)		—
Other expenses		13			192
Income from operations		61,870			7,686
Other expense, net		(594	)		(1,513	)
Interest expense		(6,217	)		(3,413	)
Income before income taxes		55,059			2,760
Income tax expense		18,617			667
Net income		36,442			2,093
Noncontrolling interest		(458	)		(585	)
Net income attributable to CECO Environmental Corp.	$	35,984		$	1,508
Earnings per share:
Basic	$	1.03		$	0.04
Diluted	$	0.98		$	0.04
Weighted average number of common shares outstanding:
Basic		35,028,301			34,846,163
Diluted		36,689,320			36,177,323

CECO ENVIRONMENTAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended March 31,
(in thousands)	2025			2024
Cash flows from operating activities:
Net income	$	36,442		$	2,093
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		5,115			3,512
Unrealized foreign currency gain (loss)		(1,142	)		149
Gain on sale of Global Pump Solutions business		(64,502	)		—
(Loss) gain on sale of property and equipment		(15	)		115
Debt discount amortization		206			120
Share-based compensation expense		3,356			1,670
Provision (recovery) for credit loss		819			(384	)
Inventory reserve expense		92			499
Deferred income tax benefit		166			—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		16,215			(5,355	)
Costs and estimated earnings in excess of billings on uncompleted contracts		(12,270	)		7,858
Inventories		(2,416	)		(4,447	)
Prepaid expense and other current assets		(17,652	)		1,211
Deferred charges and other assets		(1,137	)		(221	)
Accounts payable		(3,633	)		(2,442	)
Accrued expenses		8,865			1,220
Billings in excess of costs and estimated earnings on uncompleted contracts		5,933			1,262
Income taxes payable		17,220			(387	)
Other liabilities		(3,358	)		(5,249	)
Net cash (used in) provided by operating activities		(11,696	)		1,224
Cash flows from investing activities:
Acquisitions of property and equipment		(3,385	)		(3,116	)
Net cash proceeds for sale of Global Pump Solutions business		105,860			—
Net cash (paid) received for acquisitions, net of cash acquired		(97,646	)		422
Net cash provided by (used in) investing activities		4,829			(2,694	)
Cash flows from financing activities:
Borrowings on revolving credit lines		148,100			13,400
Repayments on revolving credit lines		(27,600	)		(12,600	)
Repayments of long-term debt		(420	)		(2,553	)
Payments on finance leases and financing liability		(234	)		(229	)
Deferred consideration paid for acquisitions		(1,000	)		(1,000	)
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options		(2,688	)		258
Noncontrolling interest distributions		(402	)		(804	)
Common stock repurchased		—			(3,000	)
Net cash provided by (used in) financing activities		115,756			(6,528	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(414	)		(422	)
Net increase (decrease) in cash, cash equivalents and restricted cash		108,475			(8,420	)
Cash, cash equivalents and restricted cash at beginning of period		38,201			55,448
Cash, cash equivalents and restricted cash at end of period	$	146,676		$	47,028
Cash paid during the period for:
Interest	$	3,987		$	3,269
Income taxes	$	2,405		$	975

CECO ENVIRONMENTAL CORP. RECONCILIATION OF GAAP TO NON-GAAP MEASURES

	Three months ended March 31,
(in millions, except ratios)	2025			2024
Operating income as reported in accordance with GAAP	$	61.9		$	7.7
Operating margin in accordance with GAAP		35.0	%		6.1	%
Amortization expenses		3.1			2.2
Acquisition and integration expenses		8.1			0.2
Gain on sale of Global Pump Solutions business		(64.5	)		—
Other expenses⁽¹⁾		—			0.1
Non-GAAP operating income	$	8.6		$	10.2
Non-GAAP operating margin		4.9	%		8.1	%

	Three months ended March 31,
(in millions, except share data)	2025			2024
Net income as reported in accordance with GAAP	$	36.0		$	1.5
Amortization and earnout expenses		3.1			2.2
Acquisition and integration expenses		8.1			0.2
Gain on sale of Global Pump Solutions business		(64.5	)		—
Restructuring expenses		—			0
Foreign currency remeasurement		0.6			0.9
Tax (benefit) expense of adjustments		20.2			(0.9	)
Non-GAAP net income	$	3.5		$	4.0
Depreciation		2.0			1.3
Non-cash stock compensation		3.4			1.7
Other expense, net		—			0.6
Interest expense		6.2			3.4
Income tax expense		(1.6	)		1.6
Noncontrolling interest		0.5			0.6
Adjusted EBITDA	$	14.0		$	13.2

Earnings per share:
Basic	$	1.03		$	0.04
Diluted	$	0.98		$	0.04

Non-GAAP net (loss) income per share:
Basic	$	0.10		$	0.11
Diluted	$	0.10		$	0.11

	Three months ended March 31,
(in millions)	2025			2024
Net cash provided by operating activities	$	(11.7	)	$	1.2
Acquisitions of property and equipment		(3.4	)		(3.1	)
Free cash flow	$	(15.1	)	$	(1.9	)

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

SAFE HARBOR

Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are 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, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: the effect of the divestiture of our Fluid Handling business on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the transaction, diversion of management’s attention from ongoing business operations in connection with the integration of recent acquisitions, the amount of the costs, fees, expenses and other charges related to the transaction, the achievement of the anticipated benefits of transactions, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges or other customer considerations; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases; our ability to successfully realize the expected benefits of our restructuring program; economic and political conditions generally; our ability to optimize our business portfolio by identifying acquisition targets, executing upon any strategic acquisitions or divestitures, integrating acquired businesses and realizing the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

The MIL Network –

April 29, 2025

MIL-OSI United Kingdom: City families reminded to check vehicle hire companies during Prom season

Source: City of Wolverhampton

City of Wolverhampton Council’s licensing team is working with schools and other councils across the region to alert families to potential risks.

Officers are warning that not all companies that advertise the services of stretched limousines and other luxury or performance vehicles are licensed.

The following advice is being issued so people can be sure that the vehicle being booked is safe and legal. The type of checks needed depend on how many passenger seats the vehicle has.

Advice includes:

companies hiring out a vehicle and driver with fewer than nine seats may require a private hire vehicle operators licence from City of Wolverhampton Council. Ask the company if they are licensed and which local authority licenses them, then contact that authority to confirm
parents/carers can also check to see if they are licensed online at Taxi licences by clicking ‘Online Licence Registers’ and then selecting ‘Operators’
companies hiring out a limousine with a driver with nine passenger seats or more must have a public service vehicle (PSV) operator licence, issued by a Traffic Commissioner. You can check online at GOV.UK.
if the company doesn’t have a licence, it could be operating illegally. You can report this at Taxi Complaints – Report a taxi driver or by calling 01902 55 TAXI (01902 558294)
officers warn that extra care is needed when booking services advertised on social media as this is where the unlicensed trade primarily operates.

Councillor Bhupinder Gakhal, cabinet member for resident services at City of Wolverhampton Council, said: “Prom nights are special occasions for young people to get together and celebrate all that they have achieved.

“Unfortunately, we are aware that there may be unscrupulous companies looking to take advantage at this time of year. The driver may not have had a criminal record check or the vehicle may not be roadworthy. In addition, unlicensed vehicles and drivers won’t be insured.

“Hiring a vehicle and driver that hasn’t been properly vetted and licensed could put your child and their friends at risk.

“Please consider making checks on the company you are thinking of hiring from to make sure everyone has fun and stays safe on Prom night.”

MIL OSI United Kingdom –

April 29, 2025

MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

First quarter net income of $21.5 million;
First quarter earnings per diluted common share of $0.71;
Annualized return on first quarter average assets of 1.03%;
Annualized return on first quarter average tangible common equity of 14.14%⁽¹⁾; and
Nonperforming assets remain low at 0.39% of total assets.

TYLER, Texas, April 29, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter ended March 31, 2025. Southside reported net income of $21.5 million and earnings per diluted common share of $0.71 for both of the three month periods ended March 31, 2025 and 2024. The annualized return on average shareholders’ equity for the three months ended March 31, 2025 was 10.57%, compared to 11.02% for the same period in 2024. The annualized return on average assets was 1.03% for both of the three month periods ended March 31, 2025 and 2024.

“We are pleased to report financial results for the first quarter ended March 31, 2025, which included earnings per share of $0.71, a return on average assets of 1.03%, and a return on average tangible common equity of 14.14%,” stated Lee R. Gibson, Chief Executive Officer of Southside. “Linked quarter, the net interest margin increased three basis points to 2.86%, net interest income increased $145,000 to $53.9 million, and deposits net of public fund and brokered deposits increased $91.9 million. The linked quarter decrease in total loans was primarily due to payoffs exceeding original projections. Our loan pipeline is solid and we continue to anticipate mid-single-digit loan growth for 2025; however, it will likely be heavily weighted in the last half of the year.”

Operating Results for the Three Months Ended March 31, 2025

Net income was $21.5 million and earnings per diluted common share were $0.71 for both of the three month periods ended March 31, 2025 and 2024. Annualized returns on average assets and average shareholders’ equity for the three months ended March 31, 2025 were 1.03% and 10.57%, respectively, compared to 1.03% and 11.02%, respectively, for the three months ended March 31, 2024. Our efficiency ratio and tax-equivalent efficiency ratio⁽¹⁾ were 57.04% and 55.04%, respectively, for the three months ended March 31, 2025, compared to 57.95% and 55.54%, respectively, for the three months ended March 31, 2024, and 56.08% and 54.00%, respectively, for the three months ended December 31, 2024.

Net interest income for the three months ended March 31, 2025 was $53.9 million, an increase of $0.5 million, or 0.9%, compared to the same period in 2024. Linked quarter, net interest income increased $0.1 million, or 0.3%, compared to $53.7 million for the three months ended December 31, 2024. The increase in net interest income for both periods was due to the decrease in the average rate paid on interest bearing liabilities and the increase in the average balance of our interest earning assets, partially offset by the decrease in the average yield of interest earning assets and the increase in the average balance of our interest bearing liabilities.

Our net interest margin increased to 2.74% for the three months ended March 31, 2025, compared to 2.72% for the same period in 2024, while tax-equivalent net interest margin⁽¹⁾ was 2.86% for both of the three month periods ended March 31, 2025 and 2024. Linked quarter, net interest margin and tax-equivalent net interest margin⁽¹⁾ increased from 2.70% and 2.83%, respectively, for the three months ended December 31, 2024.

Noninterest income was $10.2 million for the three months ended March 31, 2025, an increase of $0.5 million, or 5.1%, compared to $9.7 million for the same period in 2024. The increase was primarily due to increases in gain on sale of loans and trust fees, partially offset by an increase in net loss on sale of securities available for sale (“AFS”). On a linked quarter basis, noninterest income decreased $2.1 million, or 16.8%, compared to the three months ended December 31, 2024. The decrease was primarily due to a decrease in other noninterest income, an increase in net loss on sale of securities AFS and a decrease in deposit services income. The decrease in other noninterest income was due to a decrease in swap fee income for the three months ended March 31, 2025.

Noninterest expense increased $0.2 million, or 0.6%, to $37.1 million for the three months ended March 31, 2025, compared to $36.9 million for the same period in 2024, due to increases in other noninterest expense and professional fees, partially offset by decreases in salaries and employee benefits expense and amortization of intangibles. On a linked quarter basis, noninterest expense decreased by $1.1 million, or 2.8%, compared to the three months ended December 31, 2024, due to decreases in salaries and employee benefits, net occupancy, other noninterest expense and professional fees.

Income tax expense increased $0.1 million, or 2.1%, for the three months ended March 31, 2025, compared to the same period in 2024. On a linked quarter basis, income tax expense increased $0.1 million, or 1.3%. Our effective tax rate (“ETR”) increased to 18.0% for the three months ended March 31, 2025, compared to 17.7% for the three months ended March 31, 2024, and increased from 17.6% for the three months ended December 31, 2024. The higher ETR for the three months ended March 31, 2025 compared to the same period in 2024, was primarily due to an increase in state income tax expense.

Balance Sheet Data

At March 31, 2025, Southside had $8.34 billion in total assets, compared to $8.35 billion at March 31, 2024, and $8.52 billion at December 31, 2024.

Loans at March 31, 2025 were $4.57 billion, a decrease of $10.1 million, or 0.2%, compared to $4.58 billion at March 31, 2024. Linked quarter, loans decreased $94.4 million, or 2.0%, due to decreases of $79.7 million in construction loans, $19.7 million in municipal loans, $2.5 million in commercial real estate loans and $1.9 million in loans to individuals. These decreases were partially offset by increases of $8.5 million in commercial loans and $1.0 million in 1-4 family residential loans.

Securities at March 31, 2025 were $2.74 billion, an increase of $24.2 million, or 0.9%, compared to $2.71 billion at March 31, 2024. Linked quarter, securities decreased $76.9 million, or 2.7%, from $2.81 billion at December 31, 2024.

Deposits at March 31, 2025 were $6.59 billion, an increase of $45.1 million, or 0.7%, compared to $6.55 billion at March 31, 2024. Linked quarter, deposits decreased $63.4 million, or 1.0%, from $6.65 billion at December 31, 2024.

At March 31, 2025, we had 178,840 total deposit accounts with an average balance of $34,000. Our estimated uninsured deposits were 40.0% of total deposits as of March 31, 2025. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 20.8% as of March 31, 2025. Our noninterest bearing deposits represent approximately 20.9% of total deposits. Linked quarter, our cost of interest bearing deposits decreased nine basis points from 2.92% in the prior quarter to 2.83%. Linked quarter, our cost of total deposits decreased five basis points from 2.31% in the prior quarter to 2.26%.

Our cost of interest bearing deposits decreased 14 basis points, from 2.97% for the three months ended March 31, 2024, to 2.83% for the three months ended March 31, 2025. Our cost of total deposits decreased 10 basis points, from 2.36% for the three months ended March 31, 2024, to 2.26% for the three months ended March 31, 2025.

Capital Resources and Liquidity

Our capital ratios and contingent liquidity sources remain solid. During the first quarter ended March 31, 2025, we did not purchase any common stock pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. Subsequent to March 31, 2025, and through April 25, 2025, we purchased 196,419 shares of common stock at an average price of $26.82 pursuant to the Stock Repurchase Plan.

As of March 31, 2025, our total available contingent liquidity, net of current outstanding borrowings, was $2.29 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.

Asset Quality

Nonperforming assets at March 31, 2025 were $32.2 million, or 0.39% of total assets, an increase of $24.2 million, or 303.5%, compared to $8.0 million, or 0.10% of total assets, at March 31, 2024. Linked quarter, nonperforming assets increased $28.6 million, or 797.0%, from $3.6 million at December 31, 2024 due primarily to increases of $27.5 million in restructured loans and $1.1 million in nonaccrual loans. The increase in restructured loans was due to the extension of maturity on a $27.5 million commercial real estate loan to allow for an extended lease up period. Classified loans totaled $67.0 million on March 31, 2025, compared to $48.0 million on December 31, 2024, primarily due to the downgrade of a $17.9 million commercial real estate loan in the first quarter that paid off on April 4, 2025.

The allowance for loan losses totaled $44.6 million, or 0.98% of total loans, at March 31, 2025, compared to $44.9 million, or 0.96% of total loans, at December 31, 2024. The allowance for loan losses was $43.6 million, or 0.95% of total loans, at March 31, 2024. The increase in allowance as a percentage of total loans was primarily due to an increase in economic concerns forecasted in the CECL model, partially offset by a decrease in the loan portfolio due to payoffs.

For the three months ended March 31, 2025, we recorded a provision for credit losses for loans of $42,000, compared to a provision of $1.2 million and $1.6 million for the three months ended March 31, 2024 and December 31, 2024, respectively. Net charge-offs were $0.3 million for the three months ended March 31, 2025 and March 31, 2024, compared to net charge-offs of $1.0 million for the three months ended December 31, 2024.

We recorded a provision for credit losses on off-balance-sheet credit exposures of $0.7 million for the three months ended March 31, 2025, compared to a reversal of provision for credit losses on off-balance-sheet credit exposures $1.1 million and $0.2 million for the three months ended March 31, 2024 and December 31, 2024, respectively. The balance of the allowance for off-balance-sheet credit exposures was $3.8 million and $2.8 million at March 31, 2025 and 2024, respectively, and is included in other liabilities.

Dividend

Southside Bancshares, Inc. declared a first quarter cash dividend of $0.36 per share on February 6, 2025, which was paid on March 6, 2025, to all shareholders of record as of February 20, 2025.

_______________

(1)	Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Conference Call

Southside’s management team will host a conference call to discuss its first quarter ended March 31, 2025 financial results on Tuesday, April 29, 2025 at 11:00 a.m. CDT. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events.

Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register-conf.media-server.com/register/BI1a8ec95cd2734970adaf83fadfc7f01d to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process.

For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments.

Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio.

These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure.

Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables.

A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company with approximately $8.34 billion in assets as of March 31, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 73 ATMs/ITMs.

To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

Forward-Looking Statements

Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate changes, tax reform, inflation, tariffs, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations, including the impact of changes in interest rates on our financial projections, models and guidance, and general economic and recessionary concerns, as well as the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment and increasing insurance costs, as well as the financial stress on borrowers as a result of the foregoing, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, and our ability to manage liquidity in a rapidly changing and unpredictable market.

Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.


Southside Bancshares, Inc. Consolidated Financial Summary (Unaudited) (Dollars in thousands)

	As of
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
ASSETS
Cash and due from banks	$	103,359		$	91,409		$	130,147		$	114,283		$	96,744
Interest earning deposits		293,364			281,945			333,825			272,469			307,257
Federal funds sold		34,248			52,807			22,325			65,244			65,372
Securities available for sale, at estimated fair value		1,457,939			1,533,894			1,408,437			1,405,944			1,405,221
Securities held to maturity, at net carrying value		1,278,330			1,279,234			1,288,403			1,305,975			1,306,898
Total securities		2,736,269			2,813,128			2,696,840			2,711,919			2,712,119
Federal Home Loan Bank stock, at cost		34,208			33,818			40,291			32,991			27,958
Loans held for sale		903			1,946			768			1,352			756
Loans		4,567,239			4,661,597			4,578,048			4,589,365			4,577,368
Less: Allowance for loan losses		(44,623	)		(44,884	)		(44,276	)		(42,407	)		(43,557	)
Net loans		4,522,616			4,616,713			4,533,772			4,546,958			4,533,811
Premises & equipment, net		142,245			141,648			138,811			138,489			139,491
Goodwill		201,116			201,116			201,116			201,116			201,116
Other intangible assets, net		1,531			1,754			2,003			2,281			2,588
Bank owned life insurance		137,962			138,313			137,489			136,903			136,604
Other assets		135,479			142,851			124,876			133,697			130,047
Total assets	$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest bearing deposits	$	1,379,641		$	1,357,152		$	1,377,022		$	1,366,924		$	1,358,827
Interest bearing deposits		5,211,210			5,297,096			5,058,680			5,129,008			5,186,933
Total deposits		6,590,851			6,654,248			6,435,702			6,495,932			6,545,760
Other borrowings and Federal Home Loan Bank borrowings		691,417			808,352			865,856			763,700			770,151
Subordinated notes, net of unamortized debt issuance costs		92,078			92,042			92,006			91,970			93,913
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,276			60,274			60,273			60,272			60,271
Other liabilities		92,055			90,590			103,172			144,858			95,846
Total liabilities		7,526,677			7,705,506			7,557,009			7,556,732			7,565,941
Shareholders’ equity		816,623			811,942			805,254			800,970			787,922
Total liabilities and shareholders’ equity	$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863


Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars and shares in thousands, except per share data)

	Three Months Ended
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Income Statement:
Total interest and dividend income	$	100,288		$	101,689		$	105,703		$	104,186		$	102,758
Total interest expense		46,436			47,982			50,239			50,578			49,410
Net interest income		53,852			53,707			55,464			53,608			53,348
Provision for (reversal of) credit losses		758			1,384			2,389			(485	)		58
Net interest income after provision for (reversal of) credit losses		53,094			52,323			53,075			54,093			53,290
Noninterest income
Deposit services		5,829			6,084			6,199			6,157			5,985
Net gain (loss) on sale of securities available for sale		(554	)		—			(1,929	)		(563	)		(18	)
Gain (loss) on sale of loans		55			138			115			220			(436	)
Trust fees		1,765			1,773			1,628			1,456			1,336
Bank owned life insurance		799			848			857			1,767			784
Brokerage services		1,120			1,054			1,068			1,081			1,014
Other		1,209			2,384			233			1,439			1,059
Total noninterest income		10,223			12,281			8,171			11,557			9,724
Noninterest expense
Salaries and employee benefits		22,382			22,960			22,233			21,984			23,113
Net occupancy		3,404			3,629			3,613			3,750			3,362
Advertising, travel & entertainment		924			884			734			795			950
ATM expense		378			378			412			368			325
Professional fees		1,520			1,645			1,206			1,075			1,154
Software and data processing		2,839			2,931			2,951			2,860			2,856
Communications		383			320			423			410			449
FDIC insurance		947			931			939			977			943
Amortization of intangibles		223			249			278			307			337
Other		4,089			4,232			3,543			3,239			3,392
Total noninterest expense		37,089			38,159			36,332			35,765			36,881
Income before income tax expense		26,228			26,445			24,914			29,885			26,133
Income tax expense		4,721			4,659			4,390			5,212			4,622
Net income	$	21,507		$	21,786		$	20,524		$	24,673		$	21,511

Common Share Data:
Weighted-average basic shares outstanding		30,390			30,343			30,286			30,280			30,262
Weighted-average diluted shares outstanding		30,483			30,459			30,370			30,312			30,305
Common shares outstanding end of period		30,410			30,379			30,308			30,261			30,284
Earnings per common share
Basic	$	0.71		$	0.72		$	0.68		$	0.81		$	0.71
Diluted		0.71			0.71			0.68			0.81			0.71
Book value per common share		26.85			26.73			26.57			26.47			26.02
Tangible book value per common share		20.19			20.05			19.87			19.75			19.29
Cash dividends paid per common share		0.36			0.36			0.36			0.36			0.36

Selected Performance Ratios:
Return on average assets		1.03	%		1.03	%		0.98	%		1.19	%		1.03	%
Return on average shareholders’ equity		10.57			10.54			10.13			12.46			11.02
Return on average tangible common equity ⁽¹⁾		14.14			14.12			13.69			16.90			15.07
Average yield on earning assets (FTE) ⁽¹⁾		5.23			5.24			5.51			5.45			5.38
Average rate on interest bearing liabilities		3.03			3.12			3.28			3.32			3.22
Net interest margin (FTE) ⁽¹⁾		2.86			2.83			2.95			2.87			2.86
Net interest spread (FTE) ⁽¹⁾		2.20			2.12			2.23			2.13			2.16
Average earning assets to average interest bearing liabilities		128.10			129.55			128.51			128.62			127.71
Noninterest expense to average total assets		1.78			1.80			1.73			1.72			1.77
Efficiency ratio (FTE) ⁽¹⁾		55.04			54.00			51.90			52.71			55.54

(1)	Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.


Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Nonperforming Assets:	$	32,193		$	3,589		$	7,656		$	6,918		$	7,979
Nonaccrual loans		4,254			3,185			7,254			6,110			7,709
Accruing loans past due more than 90 days		—			—			—			—			—
Restructured loans		27,505			2			—			145			151
Other real estate owned		388			388			388			648			119
Repossessed assets		46			14			14			15			—

Asset Quality Ratios:
Ratio of nonaccruing loans to:
Total loans		0.09	%		0.07	%		0.16	%		0.13	%		0.17	%
Ratio of nonperforming assets to:
Total assets		0.39			0.04			0.09			0.08			0.10
Total loans		0.70			0.08			0.17			0.15			0.17
Total loans and OREO		0.70			0.08			0.17			0.15			0.17
Ratio of allowance for loan losses to:
Nonaccruing loans		1,048.97			1,409.23			610.37			694.06			565.01
Nonperforming assets		138.61			1,250.60			578.32			613.00			545.90
Total loans		0.98			0.96			0.97			0.92			0.95
Net charge-offs (recoveries) to average loans outstanding		0.03			0.08			0.04			0.02			0.03

Capital Ratios:
Shareholders’ equity to total assets		9.79			9.53			9.63			9.58			9.43
Common equity tier 1 capital		13.44			13.04			13.07			12.72			12.43
Tier 1 risk-based capital		14.49			14.07			14.12			13.76			13.47
Total risk-based capital		17.01			16.49			16.59			16.16			15.92
Tier 1 leverage capital		9.73			9.67			9.61			9.40			9.22
Period end tangible equity to period end tangible assets ⁽¹⁾		7.54			7.33			7.38			7.33			7.17
Average shareholders’ equity to average total assets		9.75			9.76			9.67			9.52			9.35

(1)	Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.


Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2025			2024
Loan Portfolio Composition	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Real Estate Loans:
Construction	$	458,101		$	537,827		$	585,817		$	546,040		$	599,464
1-4 Family Residential		741,432			740,396			755,406			738,037			720,508
Commercial		2,577,229			2,579,735			2,422,612			2,472,771			2,413,345
Commercial Loans		371,643			363,167			358,854			359,807			358,053
Municipal Loans		371,271			390,968			402,041			416,986			427,225
Loans to Individuals		47,563			49,504			53,318			55,724			58,773
Total Loans	$	4,567,239		$	4,661,597		$	4,578,048		$	4,589,365		$	4,577,368

Summary of Changes in Allowances:
Allowance for Securities Held to Maturity
Balance at beginning of period	$	—		$	—		$	—		$	—		$	—
Provision for (reversal of) securities held to maturity		64			—			—			—			—
Balance at end of period	$	64		$	—		$	—		$	—		$	—

Allowance for Loan Losses
Balance at beginning of period	$	44,884		$	44,276		$	42,407		$	43,557		$	42,674
Loans charged-off		(613	)		(1,232	)		(773	)		(721	)		(634	)
Recoveries of loans charged-off		310			277			365			444			347
Net loans (charged-off) recovered		(303	)		(955	)		(408	)		(277	)		(287	)
Provision for (reversal of) loan losses		42			1,563			2,277			(873	)		1,170
Balance at end of period	$	44,623		$	44,884		$	44,276		$	42,407		$	43,557

Allowance for Off-Balance-Sheet Credit Exposures
Balance at beginning of period	$	3,141		$	3,320		$	3,208		$	2,820		$	3,932
Provision for (reversal of) off-balance-sheet credit exposures		652			(179	)		112			388			(1,112	)
Balance at end of period	$	3,793		$	3,141		$	3,320		$	3,208		$	2,820
Total Allowance for Credit Losses	$	48,480		$	48,025		$	47,596		$	45,615		$	46,377

The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.


Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	March 31, 2025							December 31, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾		Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,625,902		$	68,160	5.98	%	$	4,604,175		$	70,155	6.06	%
Loans held for sale		752			11	5.93	%		1,562			23	5.86	%
Securities:
Taxable investment securities ⁽²⁾		749,155			6,363	3.44	%		784,321			6,949	3.52	%
Tax-exempt investment securities ⁽²⁾		1,134,590			10,253	3.66	%		1,138,271			10,793	3.77	%
Mortgage-backed and related securities ⁽²⁾		1,041,038			13,523	5.27	%		1,031,187			12,043	4.65	%
Total securities		2,924,783			30,139	4.18	%		2,953,779			29,785	4.01	%
Federal Home Loan Bank stock, at cost, and equity investments		43,285			483	4.53	%		37,078			591	6.34	%
Interest earning deposits		319,889			3,370	4.27	%		273,656			3,160	4.59	%
Federal funds sold		43,813			478	4.42	%		43,121			508	4.69	%
Total earning assets		7,958,424			102,641	5.23	%		7,913,371			104,222	5.24	%
Cash and due from banks		89,703							102,914
Accrued interest and other assets		457,948							454,387
Less: Allowance for loan losses		(45,105	)						(44,418	)
Total assets	$	8,460,970						$	8,426,254
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	593,953			1,429	0.98	%	$	594,196			1,456	0.97	%
Certificates of deposit		1,336,815			14,406	4.37	%		1,187,800			13,537	4.53	%
Interest bearing demand accounts		3,406,342			21,412	2.55	%		3,459,122			23,468	2.70	%
Total interest bearing deposits		5,337,110			37,247	2.83	%		5,241,118			38,461	2.92	%
Federal Home Loan Bank borrowings		614,897			5,837	3.85	%		572,993			5,557	3.86	%
Subordinated notes, net of unamortized debt issuance costs		92,060			932	4.11	%		92,024			945	4.09	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,275			1,014	6.82	%		60,274			1,095	7.23	%
Repurchase agreements		75,291			666	3.59	%		80,891			782	3.85	%
Other borrowings		33,061			740	9.08	%		61,196			1,142	7.42	%
Total interest bearing liabilities		6,212,694			46,436	3.03	%		6,108,496			47,982	3.12	%
Noninterest bearing deposits		1,334,933							1,383,204
Accrued expenses and other liabilities		88,450							112,320
Total liabilities		7,636,077							7,604,020
Shareholders’ equity		824,893							822,234
Total liabilities and shareholders’ equity	$	8,460,970						$	8,426,254
Net interest income (FTE)				$	56,205						$	56,240
Net interest margin (FTE)						2.86	%						2.83	%
Net interest spread (FTE)						2.20	%						2.12	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of March 31, 2025 and December 31, 2024, loans totaling $4.3 million and $3.2 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.


Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	September 30, 2024							June 30, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾		Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,613,028		$	72,493	6.25	%	$	4,595,980		$	70,293	6.15	%
Loans held for sale		871			11	5.02	%		1,489			24	6.48	%
Securities:
Taxable investment securities ⁽²⁾		791,914			7,150	3.59	%		783,856			7,009	3.60	%
Tax-exempt investment securities ⁽²⁾		1,174,445			11,825	4.01	%		1,254,097			12,761	4.09	%
Mortgage-backed and related securities ⁽²⁾		886,325			11,976	5.38	%		830,504			11,084	5.37	%
Total securities		2,852,684			30,951	4.32	%		2,868,457			30,854	4.33	%
Federal Home Loan Bank stock, at cost, and equity investments		41,159			582	5.63	%		40,467			573	5.69	%
Interest earning deposits		281,313			3,798	5.37	%		300,047			4,105	5.50	%
Federal funds sold		33,971			488	5.71	%		75,479			1,021	5.44	%
Total earning assets		7,823,026			108,323	5.51	%		7,881,919			106,870	5.45	%
Cash and due from banks		100,578							110,102
Accrued interest and other assets		455,091							424,323
Less: Allowance for loan losses		(42,581	)						(43,738	)
Total assets	$	8,336,114						$	8,372,606
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	598,116			1,490	0.99	%	$	604,753			1,454	0.97	%
Certificates of deposit		1,087,613			12,647	4.63	%		1,020,099			11,630	4.59	%
Interest bearing demand accounts		3,409,911			24,395	2.85	%		3,513,068			25,382	2.91	%
Total interest bearing deposits		5,095,640			38,532	3.01	%		5,137,920			38,466	3.01	%
Federal Home Loan Bank borrowings		618,708			6,488	4.17	%		606,851			6,455	4.28	%
Subordinated notes, net of unamortized debt issuance costs		91,988			937	4.05	%		92,017			936	4.09	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,273			1,180	7.79	%		60,271			1,171	7.81	%
Repurchase agreements		83,297			899	4.29	%		88,007			955	4.36	%
Other borrowings		137,482			2,203	6.37	%		143,169			2,595	7.29	%
Total interest bearing liabilities		6,087,388			50,239	3.28	%		6,128,235			50,578	3.32	%
Noninterest bearing deposits		1,344,165							1,346,274
Accrued expenses and other liabilities		98,331							101,399
Total liabilities		7,529,884							7,575,908
Shareholders’ equity		806,230							796,698
Total liabilities and shareholders’ equity	$	8,336,114						$	8,372,606
Net interest income (FTE)				$	58,084						$	56,292
Net interest margin (FTE)						2.95	%						2.87	%
Net interest spread (FTE)						2.23	%						2.13	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of September 30, 2024 and June 30, 2024, loans totaling $7.3 million and $6.1 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.


Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	March 31, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,559,602		$	68,849	6.07	%
Loans held for sale		8,834			18	0.82	%
Securities:
Taxable investment securities ⁽²⁾		780,423			6,967	3.59	%
Tax-exempt investment securities ⁽²⁾		1,285,922			13,168	4.12	%
Mortgage-backed and related securities ⁽²⁾		764,713			10,119	5.32	%
Total securities		2,831,058			30,254	4.30	%
Federal Home Loan Bank stock, at cost, and equity investments		40,063			333	3.34	%
Interest earning deposits		380,181			5,202	5.50	%
Federal funds sold		62,599			838	5.38	%
Total earning assets		7,882,337			105,494	5.38	%
Cash and due from banks		114,379
Accrued interest and other assets		441,783
Less: Allowance for loan losses		(42,973	)
Total assets	$	8,395,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	604,529			1,424	0.95	%
Certificates of deposit		941,947			10,341	4.42	%
Interest bearing demand accounts		3,634,936			26,433	2.92	%
Total interest bearing deposits		5,181,412			38,198	2.97	%
Federal Home Loan Bank borrowings		607,033			5,950	3.94	%
Subordinated notes, net of unamortized debt issuance costs		93,895			956	4.10	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,270			1,175	7.84	%
Repurchase agreements		92,177			967	4.22	%
Other borrowings		137,287			2,164	6.34	%
Total interest bearing liabilities		6,172,074			49,410	3.22	%
Noninterest bearing deposits		1,338,384
Accrued expenses and other liabilities		100,014
Total liabilities		7,610,472
Shareholders’ equity		785,054
Total liabilities and shareholders’ equity	$	8,395,526
Net interest income (FTE)				$	56,084
Net interest margin (FTE)						2.86	%
Net interest spread (FTE)						2.16	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of March 31, 2024, loans totaling $7.7 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented.


Southside Bancshares, Inc. Non-GAAP Reconciliation (Unaudited) (Dollars and shares in thousands, except per share data)

	Three Months Ended
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Reconciliation of return on average common equity to return on average tangible common equity:
Net income	$	21,507		$	21,786		$	20,524		$	24,673		$	21,511
After-tax amortization expense		176			196			220			243			266
Adjusted net income available to common shareholders	$	21,683		$	21,982		$	20,744		$	24,916		$	21,777

Average shareholders’ equity	$	824,893		$	822,234		$	806,230		$	796,698		$	785,054
Less: Average intangibles for the period		(202,784	)		(203,020	)		(203,288	)		(203,581	)		(203,910	)
Average tangible shareholders’ equity	$	622,109		$	619,214		$	602,942		$	593,117		$	581,144

Return on average tangible common equity		14.14	%		14.12	%		13.69	%		16.90	%		15.07	%

Reconciliation of book value per share to tangible book value per share:
Common equity at end of period	$	816,623		$	811,942		$	805,254		$	800,970		$	787,922
Less: Intangible assets at end of period		(202,647	)		(202,870	)		(203,119	)		(203,397	)		(203,704	)
Tangible common shareholders’ equity at end of period	$	613,976		$	609,072		$	602,135		$	597,573		$	584,218

Total assets at end of period	$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863
Less: Intangible assets at end of period		(202,647	)		(202,870	)		(203,119	)		(203,397	)		(203,704	)
Tangible assets at end of period	$	8,140,653		$	8,314,578		$	8,159,144		$	8,154,305		$	8,150,159

Period end tangible equity to period end tangible assets		7.54	%		7.33	%		7.38	%		7.33	%		7.17	%

Common shares outstanding end of period		30,410			30,379			30,308			30,261			30,284
Tangible book value per common share	$	20.19		$	20.05		$	19.87		$	19.75		$	19.29

Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):
Net interest income (GAAP)	$	53,852		$	53,707		$	55,464		$	53,608		$	53,348
Tax-equivalent adjustments:
Loans		581			598			608			633			656
Tax-exempt investment securities		1,772			1,935			2,012			2,051			2,080
Net interest income (FTE) ⁽¹⁾		56,205			56,240			58,084			56,292			56,084
Noninterest income		10,223			12,281			8,171			11,557			9,724
Nonrecurring income ⁽²⁾		554			(25	)		2,797			(576	)		18
Total revenue	$	66,982		$	68,496		$	69,052		$	67,273		$	65,826

Noninterest expense	$	37,089		$	38,159		$	36,332		$	35,765		$	36,881
Pre-tax amortization expense		(223	)		(249	)		(278	)		(307	)		(337	)
Nonrecurring expense ⁽³⁾		(1	)		(919	)		(219	)		2			17
Adjusted noninterest expense	$	36,865		$	36,991		$	35,835		$	35,460		$	36,561

Efficiency ratio		57.04	%		56.08	%		53.94	%		54.90	%		57.95	%
Efficiency ratio (FTE) ⁽¹⁾		55.04	%		54.00	%		51.90	%		52.71	%		55.54	%

Average earning assets	$	7,958,424		$	7,913,371		$	7,823,026		$	7,881,919		$	7,882,337

Net interest margin		2.74	%		2.70	%		2.82	%		2.74	%		2.72	%
Net interest margin (FTE) ⁽¹⁾		2.86	%		2.83	%		2.95	%		2.87	%		2.86	%

Net interest spread		2.08	%		1.99	%		2.10	%		2.00	%		2.02	%
Net interest spread (FTE) ⁽¹⁾		2.20	%		2.12	%		2.23	%		2.13	%		2.16	%

(1)	These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
(2)	These adjustments may include net gain or loss on sale of securities available for sale, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
(3)	These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

The MIL Network –

April 29, 2025

MIL-OSI USA: Take It Down Act Passes the House and Heads to President’s Desk

Source: United States House of Representatives – Congresswoman María Elvira Salazar’s (FL-27)

strong>(Washington, D.C.) – Today, the House of Representatives passed the Senate version of the bipartisan, bicameral TAKE IT DOWN Act (S.146), completing its passage through Congress. The bill passed unanimously in the Senate in February 2025. The TAKE IT DOWN Act protects victims of real and deepfake ‘revenge pornography’ by criminalizing the publication of these harmful images, in addition to requiring websites to quickly remove them. The rising popularity of AI requires decisive federal legal protections that will empower victims of these heinous crimes, most of whom are women and girls.

You can see Rep. Salazar’s remarks in front of the House of Representatives here.

“This is a historic day for parents and children facing unprecedented new challenges with technology. My TAKE IT DOWN Act will finally give innocent victims real protection from online exploitation. Websites and platforms like Snapchat, Instagram, and TikTok must remove fake, compromising pornographic images within 48 hours or face consequences. No more inaction. No more excuses: if you exploit an innocent child, you will face jail time,” said Rep. Salazar (FL-27).

“The TAKE IT DOWN Act’s passage is a significant step forward in Congress’ responsibility to protect the privacy and dignity of Americans against bad actors and the most harmful developments of AI. It takes only minutes to create a deepfake or share intimate images without consent, yet the lasting consequences devastate its victims — often girls and women. Our bill requires platforms to remove these horrifying images and videos from the internet within 48 hours. I’m deeply grateful to work with Sen. Klobuchar, Sen. Cruz, and Rep. Salazar to create this bipartisan federal law,” said Rep. Dean (PA-04).

“The publication of sexually exploitative images—including AI-generated deepfakes—is a terrifying reality of the digital age. I applaud the First Lady for her leadership and the Problem Solvers Caucus for working across party lines to pass the TAKE IT DOWN Act. This is a critical first step, and we must continue working together to protect people from these reprehensible acts,” said Rep. Suozzi (NY-03).

“As a father, husband, and proud South Texan, I’m glad we got this important bill across the finish line in the House and the Senate in a bipartisan way. The TAKE IT DOWN Act is a vital step in safeguarding the dignity and safety of individuals, particularly our most vulnerable. It ensures the swift removal of harmful content and holds perpetrators accountable—prioritizing the protection and well-being of those affected by deepfakes and non-consensual intimate imagery,” said Rep. Cuellar, Ph.D. (TX-28).

“The increasing use of artificial intelligence to create and circulate deep fake pornography threatens the wellbeing and security of its victims, primarily women. Perpetrators have used deep fake pornography as a tool to harass, humiliate, and intimidate women and children online, and we need to work together to protect against these threats. This is a serious and growing issue that requires urgent action, which is why I introduced the Take It Down Act. I am thankful it has been passed by the House, and I look forward to it promptly being signed into law,”said Rep. Dingell (MI-12)

“In an age where personal privacy can be violated with a click, the House’s passage of the TAKE IT DOWN Act marks a critical step forward. This bipartisan legislation creates long-overdue federal safeguards against non-consensual intimate imagery and the growing threat of AI-generated deepfakes. It establishes a clear legal standard: victims have the right to have these exploitative images removed, and perpetrators will be held accountable. This is a commonsense, essential measure to protect Americans, empower survivors, uphold justice, and bring our laws in line with the realities of the digital era,” said Rep. Fitzpatrick (PA-01).

“There is nothing more personal than one’s image and dignity. NCII is a cruel and deeply violating issue, and with the rapid advancement of artificial intelligence, there has been a disturbing increase in these images online. The Take It Down Act is a crucial step in personal and internet security, and I am proud to help send this bill to President Trump’s desk. By introducing new protections against NCII content and criminalizing the publication of such content, we are making our world, both in person and online, safer for everyone,” said Rep. Bresnahan (PA-08)

“Congress must make sure there are protections in place, especially for minors, as technology rapidly evolves. Bipartisan support for and House passage of the TAKE IT DOWN Act is a critical step toward providing individuals who are victimized and inappropriately distorted through AI strong mechanisms to take action and remedy such traumatic situations,” said Rep. Edwards (NC-11).

“The passage of the TAKE IT DOWN Act is a historic win in the fight to protect victims of revenge porn and deepfake abuse. This victory belongs first and foremost to the heroic survivors who shared their stories and the advocates who never gave up. By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable. This day would not have been possible without the courage and perseverance of Elliston Berry, Francesca Mani, Breeze Liu, and Brandon Guffey, whose powerful voices drove this legislation forward. I am especially grateful to my colleagues—including Sen. Amy Klobuchar, Rep. Maria Salazar, Rep. Madeleine Dean, First Lady Melania Trump, and House Leadership—for locking arms in this critical mission to protect Americans from online exploitation,” said Sen. Ted Cruz (TX).

“We must provide victims of online abuse with the legal protections they need when intimate images are shared without their consent, especially now that deepfakes are creating horrifying new opportunities for abuse. These images can ruin lives and reputations, but now that our bipartisan legislation is becoming law, victims will be able to have this material removed from social media platforms and law enforcement can hold perpetrators accountable,” said Sen. Klobuchar (MN).

Over 120 organizations representing victim advocacy groups, law enforcement, and leaders in the tech industry have voiced their support for the TAKE IT DOWN Act, including Meta, Snap, Google, Microsoft, TikTok, X, Amazon, Bumble, Match Group, Entertainment Software Association, IBM, TechNet, the U.S. Chamber of Commerce, Internet Works, the National Fraternal Order of Police, the National Center for Missing and Exploited Children (NCMEC), RAINN (Rape, Abuse & Incest National Network), and the National Center on Sexual Exploitation (NCOSE).

The TAKE IT DOWN Act addresses these issues while protecting lawful speech by:

Criminalizing the publication of non-consensual intimate images (NCII), or the threat to publish NCII, in interstate commerce;

Permitting the good faith disclosure of NCII to assist victims including for law enforcement or medical treatment purposes;

Requiring websites to take down NCII within 48 hours of receiving notice from victims; and

Requiring that computer-generated NCII meet a “reasonable person” standard for appearing to realistically depict an individual, consistent with current First Amendment jurisprudence.

Rep. Salazar reintroduced this bill in January and led the effort in the House to get it signed into law. President Trump endorsed the TAKE IT DOWN Act during a recent address to Congress. You can see his remarks here. The Act has been a legislative priority of former First Lady Melania Trump. Thanks to her strong advocacy, including a roundtable on Capitol Hill last month, this bill has now passed.

More information about the TAKE IT DOWN Act can be found here.

The full text of the bill can be found here.

The passage of the TAKE IT DOWN Act is Congresswoman Salazar’s ninth bill to be signed into law. Other key policies sponsored by Rep. Salazar that have been enacted into law include:

The COVID Economic Injury Disaster Loan (EIDL) Relief Act to provide economic relief for Floridians. Implemented by the Biden Administration in March 2021.

The Reinforcing Nicaragua’s Adherence to Conditions for Electoral Reform (RENACER) Act to sanction the Ortega Regime in Nicaragua. Signed into law in November 2021.

The PRICE Act to make it easier for small businesses to get federal contracts. Signed into law in February 2022.

The Summer Barrow Prevention, Treatment, and Recovery Act to reauthorize critical funding for programs that address mental health and substance abuse issues. Signed into law in December 2022.

The REEF Act to incentivize retired Navy ships to be sunk and used as artificial reefs in marine ecosystems across America. Signed into law in December 2023.

The RECLAIM Taxpayer Funds Act to recover billions in fraudulent government loans and restore fiscal responsibility and government accountability. Implemented by the Biden Administration in December 2023.

The Migratory Birds of the Americas Conservation Enhancements Act to protect migratory birds and their habitat, which is critical for the Everglades. Signed into law April 2024.

The Forgotten Heroes of the Holocaust Congressional Gold Medal Act honors 60 diplomats who risked their lives during World War II to save Jews from Nazi persecution. Signed into law December 2024.

You can read more about Congresswoman Salazar’s legislative victories here.

MIL OSI USA News –

April 29, 2025

Category: Taxation