Category: Taxation

MIL-OSI: Banzai Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Revenue of $16.7 Million on a Consolidated, Pro-forma Basis for the Twelve Months Ending December 31, 2024, Representing 267% Annual Growth; Exceeded Guidance of $10 Million by 67%

Q4 2024 Adjusted Net Loss Improved by $7.8 Million from ($9.2) Million in Q4 2023 to ($1.4) Million, Bringing the Company Closer to Profitability

Management to Host Fourth Quarter and Full Year 2024 Results Conference Call Today, Tuesday, April 15, 2025 at 5:30 p.m. Eastern Time

SEATTLE, April 15, 2025 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 and Subsequent Key Financial & Operational Highlights

Completed two acquisitions: ClearDoc, Inc. (“OpenReel”) on December 19, 2024, and Vidello, Ltd. (“Vidello”) on January 31, 2025.
Signed a definitive agreement to acquire Act-On Software Inc. (“Act-On”), an enterprise marketing automation platform (MAP) provider, which is projected to increase revenue by $27 million for the twelve-month period ending December 31, 2025, on a pro-forma basis, when completed; acquisition subject to closing conditions.
Completed ahead-of-schedule repayment of $20.3 million of outstanding liabilities as of March 31, 2025, pursuant to the $24.8 million debt payoff and restructuring agreements announced on September 24, 2024.

Pro-Forma, As Consolidated Highlights of Banzai International, Inc; ClearDoc, Inc. (d/b/a OpenReel); and Vidello, Ltd.

Revenue of $16.7 million on a consolidated, pro-forma basis, for the year ended December 31, 2024, representing 267% annual growth compared to Banzai’s stand-alone revenue in FY 2023.
Expanded customer base to over 90,000 total customers.

Highlights of Banzai International, Inc.

Revenue of $4.5 million for FY 2024, a decrease of $0.03 million over FY 2023 of $4.6 million on a GAAP basis.
Revenue of $1.3 million for Q4 2024 compared to $1.1 million for Q3 2024, a 20% sequential increase.
Annual Recurring Revenue (ARR) of $6.8 million for Q4 2024. This represents a 54% annualized ARR growth rate compared to Q3 2024.
Q4 2024 Adjusted Net Loss was ($1.44) million, a $(0.03) million sequential improvement from Q3 2024 Adjusted Net Loss of ($1.47) million. This represents an annualized improvement of $0.12 million.
FY 2024 Adjusted EBITDA improved by $5.4 million to ($6.5) million in FY 2024 from ($11.9) million in FY 2023.
Launched a comprehensive initiative designed to improve net income by up to $13.5 million annually while maintaining growth outlook.
Demio’s AI-powered webinar platform recognized with multiple accolades from the Gartner Digital Markets brands – Capterra, Software Advice, and GetApp.

Highlights of ClearDoc Inc. (d/b/a OpenReel)

OpenReel demonstrated profitable financial results in FY 2024.
FY 2024 Revenue of $6.3 million
FY 2024 Net Income of $0.1 million

Highlights of Vidello, Ltd.

Vidello demonstrated profitable financial performance in CY 2024.
CY 2024 Revenue of $6.1 million
CY 2024 Net Income of $1.5 million
Launched CreateStudio 4.0, the latest version of its award-winning video creation product.
Vidello, Ltd. FY 2024 ends March 31, 2024. CY 2024 results included audited financials for the period January 1, 2024, through March 31, 2024, and include reviewed, unaudited financials for the period April 1, 2024, through December 31, 2024.

“The fourth quarter was underscored by significant consolidated, pro-forma revenue growth enabled by the recently closed acquisitions of Vidello and OpenReel, and continued strong performance for our products,” said Joe Davy, Founder and CEO of Banzai. “Pro-forma revenue was $16.7 million for the full year 2024 including the recently closed acquisitions, representing a 267% increase from the prior year’s standalone results. Vidello’s next-generation video creation, editing, and marketing suite, and OpenReel’s digital video creation platform combined to add approximately $12.4 million in revenues that enabled us to exceed our previously announced 2024 guidance. In addition, we are making continued progress toward closing the acquisition of Act-On Software, which is projected to increase revenue by $27 million for the full year 2025 on a pro-forma basis when completed, which remains subject to the satisfaction or waiver of closing conditions and therefore there is no guarantee it will be completed or provide such revenue.

“For the fourth quarter, we achieved a 54% annualized Annual Recurring Revenue growth rate. Growth was driven by our focus on mid-market and enterprise customers, and on the Reach product through re-engineering and expanded sales efforts. In total, we now serve over 90,000 customers.

“To better serve our customers, we have continued to invest in our products and growth initiatives. We recently launched CreateStudio 4.0, with major A.I. enhancements for video creation including new A.I. builders, hook generators and assistant, and improved audio visualizer, call-to-action, and UI improvements. We added significant enhancements to our Demio platform through deeper integration with Salesforce, and key enhancements designed to maximize efficiency and scalability. Demio’s success was further validated with accolades including the Capterra Shortlist, the Software Advice Frontrunners, the GetApp Category Leaders, and Forbes.

“In 2024 we developed a completely re-engineered Reach offering, that we feel positions us for future growth in that category, as well as Curate, an AI-powered newsletter product which has already gained meaningful early customer traction.

“We made significant improvements to our balance sheet and cost structure, which we believe will position us for sustainable profitability in the future. With the investment in our Vidello acquisition, we further improved our financial position and flexibility with a $34.3 million year over year improvement in stockholders’ equity, expected to be positive $3.4 million as of March 31, 2025. We also implemented a strategic initiative that we expect will enable us to significantly improve net income, substantially extend our cash runway, and invest in growth. We are making significant progress toward these goals and overall improvement in net income is expected to be approximately $13.5 million annually when fully implemented, while maintaining our growth outlook.

“Looking ahead, combined with our new acquisitions we are fueling marketing results with an integrated platform of AI-powered MarTech solutions that will continue to drive growth. We are launching exciting new products and capabilities that will provide innovative solutions for our clients and further our market reach. We continually strive to manage costs efficiently while investing in our software platform, sales and marketing, and product development. We look forward to additional updates on our anticipated milestones in the weeks and months to come,” concluded Davy.

Fourth Quarter 2024 Financial Results

Banzai believes its non-GAAP financial measure ARR is more meaningful in evaluating its performance. The Company’s management team evaluates its financial and operating results utilizing this non-GAAP measure. For the three months ended December 31, 2024, ARR increased to $6.8 million, representing a 54% annualized ARR growth rate.

Total GAAP revenue for the three months ended December 31, 2024, was $1.3 million, a sequential increase of 20.3% from the three months ended September 30, 2024, and an increase of 20.1% compared to the prior year quarter.

Total cost of revenue for the three months ended December 31, 2024 was $0.4 million, compared to $0.3 million in the prior year quarter, an increase of 19.9%. The increase was proportional to the revenue for the corresponding period.

Gross profit for the three months ended December 31, 2024, was $0.9 million, compared to $0.8 million in the prior year quarter. Gross margin was 71.2% in the fourth quarter of 2024, compared to 71.3% in the fourth quarter of 2023.

Total operating expenses for the three months ended December 31, 2024, were $4.8 million, compared to $4.0 million in the prior year quarter.

Net loss for the three months ended December 31, 2024, was $7.9 million, compared to $6.4 million in the prior year quarter. The greater net loss is primarily due to higher Pubco expense & overall operating expenses.

Adjusted Net Loss for the three months ended December 31, 2024, was ($1.4) million, compared to ($9.2) million in the prior year quarter. This was driven by improvements to the Company’s efficiency and by write-off agreements entered into for certain liabilities, substantially reducing the Company’s current and future cash liabilities.

Adjusted EBITDA for the three months ended December 31, 2024, was ($4.1) million, compared to Adjusted EBITDA of ($23.7) million for the prior year quarter, representing an improvement of $19.6 million.

Full Year 2024 Financial Results

Total revenue for the year ended December 31, 2024, and 2023, was $4.5 million and $4.6 million, respectively, a decrease of 0.7%. This decrease is primarily attributable to lower Reach revenue which declined by approximately $19 thousand due to a shift in Banzai’s focus to its Demio product and decision to phase out the legacy Reach offering, which decision was reversed in the later part of Q1 2024, with the launch of Reach 2.0. In 2024 Banzai revitalized its focus on the Reach offering through re-engineering and expanded sales efforts. Demio revenue was lower by approximately $223 thousand for the year ended December 31, 2024 as compared to the year ended December 31, 2023 due to churn and lower new sales period-over-period, and due to the company’s strategic shift to focus on mid-market customers, which the Company expects will ultimately result in higher Average Customer Value and Net Retention Rate for the Demio product.

Cost of revenue for the years ended December 31, 2024, and 2023 was $1.42 million and $1.44 million, respectively. This represents an improvement of approximately $22 thousand, or approximately 1.5%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. This improvement is due primarily to a higher average customer value that led to an approximately 5% lower average cost per customer, driven by lower contracted services and infrastructure costs of approximately $84 thousand and $90 thousand, respectively.

Gross profit for the year ended December 31, 2024, and 2023 was $3.11 million and $3.12 million, respectively. This represents a decrease of approximately $11 thousand, or approximately 0.4%, which was due to the decreases in revenue of approximately $33 thousand and decreases in the cost of revenue of approximately $22 thousand described above. Gross margin for the year ended December 31, 2024 and 2023 was 68.6% and 68.3%, respectively.

Total operating expenses for the year ended December 31, 2024 and 2023, were $16.6 million and $12.9 million, respectively, an increase of 28.4%. This increase was due primarily to an overall increase in salaries and related expenses of approximately $0.5 million, marketing expenses of approximately $0.6 million, costs associated with audit, technical accounting, and legal and other professional services of approximately $2.6 million. On September 16, 2024, the Company implemented a reduction in force (the “Reduction”) intended to decrease expenses and maintain a streamlined organization to support key programs and customers, that is expected to conserve cash. As part of the Reduction, the Company reduced its headcount by 24 employees, which represented approximately 34% of the Company’s full-time employees as of September 16, 2024. The cost-saving measures from the Reduction are expected to reduce annual operating expenses by approximately an additional $1.3 million beginning in the fourth quarter of 2024. The Company estimates that it will incur total restructuring charges of approximately $0.1 million, including severance payments in connection with the Reduction. The Company completed the reduction in October, 2024.

Net loss for the year ended December 31, 2024 and 2023, was $31.5 million and $14.4 million, respectively. The greater net loss is primarily due to an increase in total other expenses of approximately $13.4 million during the year ended December 31, 2024 compared to the year ended December 31, 2023, in addition to an increase in operating expenses of approximately $3.7 million.

Adjusted Net Loss for the year ended December 31, 2024 and 2023, was ($6.5) million and ($11.9) million, respectively, representing an improvement of $5.4 million.

Net cash used in operating activities for the year ended December 31, 2024, was $9.6 million, compared to $1.6 million for the year ended December 31, 2023.

Cash totaled $1.1 million as of December 31, 2024, compared to $2.1 million as of December 31, 2023.

Annual Recurring Revenue (“ARR”) refers to annual run-rate revenue of subscription agreements from all customers in the last month of the measured period. These statements are forward-looking and actual ARR may differ materially. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause Banzai’s actual ARR to differ materially from these forward-looking statements.

Fourth Quarter and Full Year 2024 Results Conference Call

Banzai Founder & CEO Joe Davy and Interim CFO Alvin Yip will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

A replay of the webcast and the presentation utilized during the call will be available in the Company’s investor relations section here.

Note About Non-GAAP Financial Measures

Adjusted EBITDA

In addition to our results determined in accordance with U.S. GAAP, we believe that Adjusted EBITDA, a non-GAAP measure as defined below, is useful in evaluating our operational performance distinct and apart from certain irregular, non-cash, and non-operational expenses. We use this information for ongoing evaluation of operations and for internal planning purposes. We believe that non- GAAP financial information, when taken collectively with results under GAAP, may be helpful to investors in assessing our operating performance and comparing our performance with competitors and other comparable companies.

Non-GAAP measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We endeavor to compensate for the limitation of Adjusted EBITDA, by also providing the most directly comparable GAAP measure, which is net loss, and a description of the reconciling items and adjustments to derive the non-GAAP measure.

Adjusted EBITDA should only be considered alongside results prepared in accordance with GAAP, including various cash-flow metrics, net income (loss) and our other GAAP results and financial performance measures.

Net Income/(Loss) to Adjusted EBITDA Reconciliation

	*Year Ended* *December 31,*			*Year Ended* *December 31,*			*Year-over-*			*Year-over-*
($ in Thousands)	*2024*			*2023*			*Year $*			*Year %*
Net loss	$	(31,513	)	$	(14,406	)	$	(17,107	)		118.7	%
Other expense (income), net		88			(63	)		151			-239.7	%
Depreciation expense		24			7			17			242.9	%
Stock based compensation		1,166			1,246			(80	)		-6.4	%
Interest expense		—			1,068			(1,068	)		-100.0	%
Interest expense – related party		3,047			4,486			(1,439	)		-32.1	%
Income tax expense		—			—			—		nm
GEM settlement fee expense		200			—			200		nm
Gain on extinguishment of liabilities		(681	)		—			(681	)	nm
Loss on debt issuance		653			—			653		nm
Loss on issuance of term notes		1,072			—			1,072		nm
Loss on conversion and settlement of Alco promissory notes – related party		4,809			—			4,809		nm
Loss on conversion and settlement of CP BF notes – related party		6,529			—			6,529		nm
Change in fair value of warrant liability		(626	)		(1,807	)		1,181			-65.4	%
Change in fair value of warrant liability – related party		(573	)		115			(688	)		-598.3	%
Change in fair value of simple agreement for future equity		—			(208	)		208			-100.0	%
Change in fair value of simple agreement for future equity – related party		—			(2,752	)		2,752			-100.0	%
Change in fair value of bifurcated embedded derivative liabilities		—			(1,405	)		1,405			-100.0	%
Change in fair value of bifurcated embedded derivative liabilities – related party		(51	)		(3,063	)		3,012			-98.3	%
Change in fair value of convertible notes		693			(34	)		727			-2138.2	%
Change in fair value of term notes		89			—			89		nm
Change in fair value of convertible bridge notes		(10	)		—			(10	)	nm
Yorkville prepayment premium expense		81			—			81		nm
Goodwill impairment		2,725			—			2,725		nm
Transaction related expenses		5,772			4,746			1,026			21.6	%
Adjusted EBITDA (Loss)	$	(6,506	)	$	(11,944	)	$	5,438			-45.5	%

About Banzai

Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Customers who use Banzai’s product suite include Autodesk, Dell Technologies, New York Life, Thermo Fisher Scientific, Thinkific, and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group – MZ North America
949-491-8235
BNZI@mzgroup.us
www.mzgroup.us

Media
Rachel Meyrowitz
Director, Demand Generation, Banzai
media@banzai.io


BANZAI INTERNATIONAL, INC. Consolidated Balance Sheets

	December 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash	$	1,087,497		$	2,093,718
Accounts receivable, net of allowance for credit losses of $24,210 and $5,748, respectively		936,321			105,049
Prepaid expenses and other current assets		643,674			741,155
Total current assets		2,667,492			2,939,922

Property and equipment, net		3,539			4,644
Intangible assets, net		3,883,853			—
Goodwill		18,972,475			2,171,526
Operating lease right-of-use assets		72,565			134,013
Bifurcated embedded derivative asset – related party		63,000			—
Other assets		11,154			38,381
Total assets		25,674,078			5,288,486

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable		7,782,746			6,439,863
Accrued expenses and other current liabilities		3,891,018			5,194,240
Convertible notes (Yorkville)		—			1,766,000
Convertible notes – related party		8,639,701			5,233,932
Convertible notes		215,057			—
Notes payable – related party, net of discount		—			9,164,924
Notes payable, carried at fair value		3,575,000			—
Deferred underwriting fees		—			4,000,000
Deferred fee		—			500,000
Warrant liability		15,000			641,000
Warrant liability – related party		2,300			575,000
Earnout liability		14,850			59,399
Due to related party		167,118			67,118
GEM commitment fee liability		—			2,000,000
Deferred revenue		3,934,627			1,214,096
Operating lease liabilities, current		22,731			234,043
Total current liabilities		28,260,148			37,089,615

Deferred revenue – long-term		117,643			—
Deferred tax liability		10,115			—
Operating lease liabilities, non-current		49,974			—
Other long-term liabilities		—			75,000
Total liabilities		28,437,880			37,164,615

Commitments and contingencies (Note 17)

Stockholders’ equity (deficit):
Common stock, $0.0001 par value, 275,000,000 (250,000,000 Class A and 25,000,000 Class B) shares authorized and 8,195,163 (5,884,029 Class A and 2,311,134 Class B) and 2,585,297 (274,163 Class A and 2,311,134 Class B) issued and outstanding at December 31, 2024 and December 31, 2023, respectively		800			259
Preferred stock, $0.0001 par value, 75,000,000 shares authorized, 1 and 0 shares issued and outstanding at December 31, 2024 and December 31, 2023		—			—
Additional paid-in capital		75,515,111			14,889,936
Accumulated deficit		(78,279,713	)		(46,766,324	)
Stockholders’ equity (deficit)		(2,763,802	)		(31,876,129	)
Total liabilities and stockholders’ equity (deficit)	$	25,674,078		$	5,288,486


BANZAI INTERNATIONAL, INC. Consolidated Statements of Operations

	For the Years Ended December 31,
	2024			2023
Operating income:
Revenue	$	4,527,879		$	4,561,300
Cost of revenue		1,422,542			1,444,618
Gross profit		3,105,337			3,116,682

Operating expenses:
General and administrative expenses		16,548,902			12,905,073
Depreciation and amortization expense		24,179			7,160
Total operating expenses		16,573,081			12,912,233

Operating loss		(13,467,744	)		(9,795,551	)

Other expenses (income):
SEPA commitment fee and deferred fee expense		—			3,826,176
GEM warrant expense		—			2,448,000
GEM commitment fee expense		—			2,000,000
GEM settlement fee expense		200,000			—
Other expense (income), net		88,329			(62,985	)
Interest income		(10	)		(813	)
Interest expense		—			1,068,447
Interest expense – related party		3,047,101			4,486,027
Gain on extinguishment of liabilities		(680,762	)		—
Loss on debt issuance		653,208			—
Loss on extinguishment of term notes		1,071,563			—
Loss on conversion and settlement of Alco promissory notes – related party		4,808,882			—
Loss on conversion and settlement of CP BF notes – related party		6,529,402			—
Change in fair value of warrant liability		(626,000	)		(1,807,000	)
Change in fair value of warrant liability – related party		(572,700	)		115,000
Change in fair value of simple agreement for future equity		—			(207,570	)
Change in fair value of simple agreement for future equity – related party		—			(2,752,430	)
Change in fair value of bifurcated embedded derivative liabilities		—			(1,404,863	)
Change in fair value of bifurcated embedded derivative liabilities – related party		(51,000	)		(3,063,278	)
Change in fair value of convertible notes		693,000			(34,000	)
Change in fair value of term notes		88,588			—
Change in fair value of convertible bridge notes		(10,176	)		—
Yorkville prepayment premium expense		80,760			—
Goodwill impairment		2,725,460			—
Total other expenses, net		18,045,645			4,610,711
Loss before income taxes		(31,513,389	)		(14,406,262	)
Income tax expense		—			—
Net loss		(31,513,389	)		(14,406,262	)

Deemed dividend – Series A and Series B warrant modification (net of tax)		(418,360	)		—

Net loss attributable to common shareholders	$	(31,095,029	)	$	(14,406,262	)

Net loss per share attributable to common shareholders
Basic and diluted	$	(6.97	)	$	(6.00	)

Weighted average common shares outstanding
Basic and diluted		4,458,169			2,401,988


BANZAI INTERNATIONAL, INC. Consolidated Statements of Cash Flows

	For the Years Ended December 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(31,513,389	)	$	(14,406,262	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		24,179			7,160
Provision for credit losses on accounts receivable		18,462			(102,112	)
Non-cash shares issued to Yorkville for aggregate commitment fee		—			3,288,000
Non-cash issuance of warrants accounted for as liabilities		—			2,448,000
Non-cash share issuance for marketing expenses		245,252			—
Non-cash settlement of GEM commitment fee		200,000			2,000,000
Non-cash share issuance for Yorkville redemption premium		80,760			—
Discount at issuance on notes carried at fair value		747,962			686,016
Non-cash interest expense – related party		1,532,475			513,977
Amortization of debt discount and issuance costs		—			958,822
Amortization of debt discount and issuance costs – related party		1,393,785			2,410,735
Amortization of operating lease right-of-use assets		137,717			173,245
Stock based compensation expense		1,165,680			1,245,796
Gain on extinguishment of liability		(680,762	)		—
Loss on conversion and settlement of Alco promissory notes – related party		4,808,882			—
Loss on conversion and settlement of CP BF notes – related party		6,529,402			—
Loss on debt issuance		653,208			—
Loss on extinguishment of term notes		1,071,563			—
Impairment loss		2,725,460			—
Excise tax		—			305,719
Change in fair value of warrant liability		(626,000	)		(1,807,000	)
Change in fair value of warrant liability – related party		(572,700	)		115,000
Change in fair value of simple agreement for future equity		—			(207,570	)
Change in fair value of simple agreement for future equity – related party		—			(2,752,430	)
Change in fair value of bifurcated embedded derivative liabilities		—			(1,404,863	)
Change in fair value of bifurcated embedded derivative liabilities – related party		(51,000	)		(3,063,278	)
Change in fair value of convertible promissory notes		693,000			(34,000	)
Change in fair value of term notes		88,588			—
Change in fair value of convertible bridge notes		(10,176	)		—
Changes in operating assets and liabilities:
Accounts receivable		15,828			65,479
Prepaid expenses and other current assets		551,645			(407,648	)
Other assets		27,227			—
Deferred offering costs		—			(1,708,163	)
Accounts payable		1,012,281			5,339,614
Due to related party		—			67,118
Deferred revenue		(6,315	)		283,660
Accrued expenses		498,051			4,448,867
Operating lease liabilities		(237,607	)		(284,963	)
Earnout liability		(44,549	)		(229,700	)
Deferred fees		—			500,000
Deferred revenue – long-term		10,573			—
Deferred tax liability		10,115			—
Other long-term liabilities		(75,000	)		—
Net cash used in operating activities		(9,575,403	)		(1,550,781	)
Cash flows from investing activities:
Cash acquired in acquisition of OpenReel		82,219			—
Net cash provided by investing activities		82,219			—
Cash flows from financing activities:
Effect of Merger, net of transaction costs (Note 4)		—			(7,615,462	)
Payment of GEM commitment fee		(1,200,000	)		—
Repayment of convertible notes (Yorkville)		(750,000	)		—
Proceeds from term notes, net of issuance costs		2,782,438			—
Repayment of term notes		(1,939,583	)		—
Partial repayment of convertible notes – related party		(283,315	)		—
Proceeds from Yorkville redemption premium		35,040			—
Proceeds from advance from related party		100,000			—
Proceeds from issuance of GEM promissory note		—			—
Proceeds from issuance of notes payable, net of issuance costs – related party		—			4,387,701
Proceeds from issuance of convertible notes, net of issuance costs		2,602,000			3,235,000
Proceeds from issuance of convertible notes, net of issuance costs – related party		—			2,583,000
Proceeds received for exercise of Pre-Funded warrants		2,072			—
Proceeds from issuance of shares to Yorkville under the SEPA agreement		880,943			—
Proceeds from issuance of common stock		6,257,368			30,761
Net cash provided by financing activities		8,486,963			2,621,000
Net decrease in cash		(1,006,221	)		1,070,219
Cash at beginning of period		2,093,718			1,023,499
Cash at end of period	$	1,087,497		$	2,093,718

The MIL Network –

April 16, 2025

MIL-OSI: Eightco announces Full-Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

2024 revenues of $39.6 million down from $67.6 million, driven by reduction in capital available for cell phone sales after repayment of the previously outstanding convertible note
2024 Gross Profit of $6.0 million, down from $6.2mn

Easton, PA, April 15, 2025 (GLOBE NEWSWIRE) — Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”), today announced financial results for the fiscal year ended December 31, 2024.

Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (“Forever 8”), the Company’s largest subsidiary, said “We continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term value to shareholders. In the first quarter of 2024, the Company announced the repayment of a highly dilutive debt security and repurchased and cancelled a significant amount of outstanding warrants. We believe we now have a much cleaner capital structure that will help support our future advancements.”

2024 financial highlights

2024 fiscal year end (December 31, 2024) compared to 2023 fiscal year end (December 31, 2022).

	2024			2023
Revenues, net	$	39,621,272		$	67,568,353
Cost of revenues		33,639,274			61,308,561
Gross profit		5,981,998			6,259,792

Operating expenses:
Selling, general and administrative expenses		12,759,719			14,805,627
Restructuring and severance		1,414,838			2,133,982
Total operating expenses		14,174,557			16,939,609
Operating loss		(8,192,559	)		(10,679,817	)

About Eightco Holdings, Inc.

Eightco (NASDAQ: OCTO) is committed to growth of its subsidiary, Forever 8 Fund, LLC, an inventory capital and management platform for e-commerce sellers. In addition, the Company is actively seeking new opportunities to add to its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions. Through a combination of innovative strategies and focused execution, Eightco aims to create significant value and growth for its stockholders.

For additional information, please visit www.8co.holdings and www.forever8.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: Eightco’s ability to maintain compliance with the Nasdaq’s continued listing requirements; unexpected costs, charges or expenses that reduce Eightco’s capital resources; Eightco’s inability to raise adequate capital to fund its business; and Eightco’s inability to innovate and attract users for Eightco’s products and services. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco’s actual results to differ from those contained in forward-looking statements, see Eightco’s filings with the SEC, including in its Annual Report on Form 10-K filed with the SEC on April 15, 2025. All information in this press release is as of the date of the release, and Eightco undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

For further information, please contact:
Investor Relations
investors@8co.holdings

The MIL Network –

April 16, 2025

MIL-OSI: LanzaTech Announces Fourth-Quarter and Full-Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

CHICAGO, April 15, 2025 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), a carbon management solutions company, today filed its annual report for the fiscal year ended December 31, 2024 (the “Form 10-K”).

Key Takeaways:

Reported total revenue of $12.0 million for fourth-quarter 2024 as compared to $20.5 million for fourth-quarter 2023. The decrease was driven primarily by fourth-quarter 2023 benefiting from engineering services performed across several projects which were subsequently completed. Fourth-quarter 2024 revenue was within the forecasted range of potential outcomes previously provided, albeit at the low end of the range due to continued timing delays with several large biorefining projects that remain underway.
Reported revenue of $49.6 million for full-year 2024 as compared to $62.6 million for full-year 2023. The year-over-year decrease was primarily driven by 2023 results benefiting from projects that have since reached the completion of their current development phase, coupled with timing delays related to several large biorefining projects experienced throughout 2024.
Shifting the Company’s core operational focus from research and development to global deployment LanzaTech’s commercially proven technology is underway, with actions being taken to sharpen the business focus and improve the Company’s cost structure.
Evaluating liquidity enhancing initiatives, including capital raising, partnership or asset-related opportunities, and other strategic options. Management has concluded that these initiatives and cost reduction plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern, per applicable GAAP requirements.

Fourth-Quarter and Full-Year 2024 Financial Results

The table below outlines key reported fourth-quarter and full-year 2024 results ($ millions, unless noted):

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Revenue	$	12.0		$	20.5		$	49.6		$	62.6
Cost of revenue		5.6			12.0			26.0			45.0
Gross Profit		6.5			8.5			23.6			17.7
Operating expenses		33.5			27.1			132.6			124.0
Net loss		(27.0	)		(18.7	)		(137.7	)		(134.1	)
Adjusted EBITDA loss ⁽¹⁾	$	(21.2	)	$	(19.6	)	$	(88.2	)	$	(80.1	)

(1) See “Non-GAAP Financial Measures” and “Reconciliations of GAAP Net Loss to Adjusted EBITDA” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

Revenue

Reported total revenue of $12.0 million and $49.6 million for fourth-quarter and full-year 2024, respectively, as compared to total revenue of $20.5 million and $62.6 million for fourth-quarter and full-year 2023, respectively. The decrease during both periods was driven primarily by 2023 results benefiting from engineering and other services contracts with existing customers and government entities whose projects have since reached completion of their current development phase. Additionally, several large projects experienced timing delays during 2024, which impacted their transferring to the phase where revenue is recognized. Fourth-quarter 2024 revenues were within the forecasted range of potential outcomes previously provided, albeit at the low end of the range due to the aforementioned project delays. Two key projects that did not transfer to a third party, the phase in which revenues are recognized for these projects, were Project Drake in the European Union, and LanzaTech’s site under development in Norway. In addition, LanzaTech continues to expect additional LanzaJet shares to be issued with sublicensing events of LanzaJet’s alcohol-to-jet technology. These projects remain underway during 2025. Fourth-quarter 2024 results include revenue attributable to Project SECURE, which, in December of 2024, was awarded Department of Energy funding for the initiation of phase one of the project. Project SECURE is led by Technip Energies, in partnership with LanzaTech.
Joint Development Agreement (“JDA”) & Contract Research revenue for fourth-quarter and full-year 2024 was $1.7 million and $10.6 million, respectively, as compared to $4.2 million and $14.6 million for fourth-quarter and full-year 2023, respectively. The year-over-year decline in both cases was attributable to certain government projects being completed, compounded by a period of downtime prior to new projects commencing, primarily during the second half of 2024.
CarbonSmart™ revenue for fourth-quarter and full-year 2024 was $3.9 million and $7.9 million, respectively, as compared to $2.1 million and $5.3 million for fourth-quarter and full-year 2023, respectively. Fourth-quarter 2024 revenues increased by 88 percent as compared to fourth-quarter 2023 due to incremental direct fuel sales as a result of establishing licensing arrangements, partners, and supply chain infrastructure during third-quarter 2024.

Cost of Revenue

Fourth-quarter and full-year 2024 cost of revenue was $5.6 million and $26.0 million, respectively, as compared to $12.0 million and $45.0 million for fourth-quarter and full-year 2023, respectively. Cost of revenue for fourth-quarter 2024 was largely comprised of the cost of the CarbonSmart product sold and headcount allocations related to the delivery of biorefining services and JDA work. Gross margin for fourth-quarter 2024 was 54 percent largely as a function of revenue mix, including additional lower-margin CarbonSmart sales.

Operating Expenses

Fourth-quarter and full-year 2024 operating expenses were $33.5 million and $132.6 million, respectively, as compared to $27.1 million and $124.0 million for fourth-quarter and full-year 2023. The increase year-over-year was driven primarily by project-related expenses, like those incurred for Project Drake and LanzaTech’s project in Norway, that are expected to be recovered once the projects advance to Final Investment Decision (“FID”).

Net Loss

Fourth-quarter and full-year 2024 net losses were $27.0 million and $137.7 million, respectively, as compared to fourth-quarter and full-year 2023 net losses of $18.7 million and $134.1 million, respectively. The increase was attributable to a non-cash expense on financial instruments, as well as the same factors that drove the reduction in revenue as compared to prior periods.

Adjusted EBITDA Loss

Fourth-quarter and full-year 2024 adjusted EBITDA losses were $21.2 million and $88.2 million, respectively, as compared to adjusted EBITDA losses of $19.6 million and $80.1 million for fourth-quarter and full-year 2023, respectively. The increases in losses year-over-year are mainly attributable to the same factors that drove the reduction in revenue for the comparative periods.

Balance Sheet and Liquidity

As of December 31, 2024, LanzaTech had $58.1 million in total cash, restricted cash, and investments, compared to total cash of $89.1 million at the end of third-quarter 2024.

About LanzaTech

LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. For more information about LanzaTech, please visit https://lanzatech.com.

Forward Looking Statements

This press release includes forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs and assumptions of LanzaTech’s management. Although LanzaTech believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. The forward-looking statements are based on projections prepared by, and are the responsibility of, LanzaTech’s management. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including the Company’s ability to continue to operate as a going concern. LanzaTech may be adversely affected by other economic, business, or competitive factors, and other risks and uncertainties, including those described under the header “Risk Factors” in its Form 10-K and in future SEC filings. New risk factors that may affect actual results or outcomes emerge from time to time and it is not possible to predict all such risk factors, nor can LanzaTech assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements attributable to LanzaTech or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with US GAAP and to provide investors with additional information regarding our financial results, we have presented adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is not based on any standardized methodology prescribed by US GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

We define adjusted EBITDA as our net loss, excluding the impact of depreciation, interest income, net, stock-based compensation, change in fair value of warrant liabilities, change in fair value of SAFE liabilities, change in fair value of the FPA Put Option liability and Fixed Maturity Consideration, change in fair value of our outstanding convertible note, transaction costs on issuance of Forward Purchase Agreement, (loss) gain from equity method investees and other one-time costs related to the Business Combination and securities registration on Form S-4 and our registration statement on Form S-1. We monitor adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our operating performance, to establish budgets, and to develop operational goals for managing our business. We believe adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we include in net loss. Accordingly, we believe adjusted EBITDA provides useful information to investors, analysts, and others in understanding and evaluating our operating results and enhancing the overall understanding of our past performance and future prospects.

Adjusted EBITDA is not prepared in accordance with US GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with US GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net loss, which is the most directly comparable financial measure calculated and presented in accordance with US GAAP. For example, adjusted EBITDA: (i) excludes stock-based compensation expense because it is a significant non-cash expense that is not directly related to our operating performance; (ii) excludes depreciation expense and, although this is a non-cash expense, the assets being depreciated and amortized may have to be replaced in the future; (iii) excludes gain or losses on equity method investee; and (iv) excludes certain income or expense items that do not provide a comparable measure of our business performance. In addition, the expenses and other items that we exclude in our calculations of adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from adjusted EBITDA when they report their operating results. In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

LANZATECH GLOBAL INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data)
	December 31,
		2024			2023
Assets
Current assets:
Cash and cash equivalents	$	43,499		$	75,585
Held-to-maturity investment securities		12,374			45,159
Trade and other receivables, net of allowance		9,456			11,157
Contract assets		18,975			28,238
Other current assets		15,030			12,561
Total current assets		99,334			172,700
Property, plant and equipment, net		22,333			22,823
Right-of-use assets		26,790			18,309
Equity method investment		4,363			7,066
Equity security investment		14,990			14,990
Other non-current assets		6,873			5,736
Total assets	$	174,683		$	241,624
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	5,289		$	4,060
Other accrued liabilities		8,876			7,316
Warrants		3,531			7,614
Fixed Maturity Consideration and current FPA Put Option liability		4,123			—
Contract liabilities		6,168			3,198
Accrued salaries and wages		2,302			5,468
Current lease liabilities		158			126
Total current liabilities		30,447			27,782
Non-current lease liabilities		30,619			19,816
Non-current contract liabilities		5,233			8,233
Fixed Maturity Consideration		—			7,228
FPA Put Option liability		30,015			37,523
Brookfield SAFE liability		13,223			25,150
Convertible Note		51,112			—
Other long-term liabilities		587			1,421
Total liabilities		161,236			127,153

Shareholders’ Equity
Common stock, $0.0001 par value, 600,000,000 and 400,000,000 shares authorized; 194,915,711 and 196,642,451 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		19			19
Additional paid-in capital		981,638			943,960
Accumulated other comprehensive income		1,393			2,364
Accumulated deficit		(969,603	)		(831,872	)
Total shareholders’ equity	$	13,447		$	114,471
Total liabilities and shareholders’ equity	$	174,683		$	241,624

LANZATECH GLOBAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data)
	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Revenues:
Contracts with customers and grants	$	5,311		$	13,834		$	22,995		$	45,953
CarbonSmart product sales		3,933			2,072			7,943			5,337
Collaborative arrangements		1,104			2,413			5,573			5,529
Related party transactions		1,682			2,144			13,081			5,812
Total revenues		12,030			20,463			49,592			62,631
Costs and operating expenses:
Contracts with customers and grants⁽¹⁾		985			8,818			15,341			37,653
CarbonSmart product sales⁽¹⁾		3,894			2,390			7,543			4,889
Collaborative arrangements⁽¹⁾		532			761			2,566			2,265
Related party transactions⁽¹⁾		157			22			520			172
Research and development expense		16,459			16,303			77,007			68,142
Depreciation expense		1,278			1,471			5,567			5,452
Selling, general and administrative expense		15,745			9,343			49,981			50,438
Total cost and operating expenses		39,050			39,108			158,525			169,011
Loss from operations		(27,020	)		(18,645	)		(108,933	)		(106,380	)
Other income (expense):
Interest income, net		710			1,408			3,162			4,572
Other expense, net		5,616			524			(17,726	)		(29,388	)
Total other expense, net		6,326			1,932			(14,564	)		(24,816	)
Loss before income taxes		(20,694	)		(16,713	)		(123,497	)		(131,196	)
Income tax expense		—			—			—			—
Loss from equity method investees, net		(6,299	)		(1,961	)		(14,234	)		(2,902	)
Net loss	$	(26,993	)	$	(18,674	)	$	(137,731	)	$	(134,098	)

Other comprehensive loss:
Changes in credit risk of fair value instruments		(1,096	)		—			(1,096	)		—
Foreign currency translation adjustments		322			578			124			(376	)
Comprehensive loss	$	(27,767	)	$	(18,096	)	$	(138,703	)	$	(134,474	)

Unpaid cumulative dividends on preferred stock		—			—			—			(4,117	)
Net loss allocated to common shareholders	$	(26,993	)	$	(18,674	)	$	(137,731	)	$	(138,215	)

Net loss per common share – basic and diluted	$	(0.14	)	$	(0.10	)	$	(0.70	)	$	(0.79	)
Weighted-average number of common shares outstanding – basic and diluted		197,789,128			196,227,601			197,579,945			176,023,219

(1) exclusive of depreciation

LANZATECH GLOBAL INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
	Years Ended December 31,
		2024			2023
Cash Flows From Operating Activities:
Net loss	$	(137,731	)	$	(134,098	)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense		13,208			15,199
Gain on change in fair value of SAFE and warrant liabilities		(17,887	)		(14,471	)
Loss on change in fair value of the FPA Put Option and the Fixed Maturity Consideration liabilities		23,510			44,300
Loss on change in fair value of Convertible Note		11,894			—
Provisions for losses on trade and other receivables, net of recoveries		961			700
Depreciation of property, plant and equipment		5,592			5,452
Amortization of discount on debt security investment		(854	)		(1,301	)
Non-cash lease expense		1,713			1,526
Non-cash recognition of licensing revenue		(11,532	)		(1,805	)
Loss from equity method investees, net		14,234			2,902
Gain from disposal of PPE		(25	)		—
Unrealized (Gain)/loss on net foreign exchange		(284	)		182
Changes in operating assets and liabilities:
Accounts receivable, net		557			104
Contract assets		9,162			(10,049	)
Accrued interest on debt investment		183			(266	)
Other assets		(2,066	)		(2,658	)
Accounts payable and accrued salaries and wages		(1,790	)		(4,991	)
Contract liabilities		311			95
Operating lease liabilities		641			(337	)
Other liabilities		1,143			2,220
Net cash used in operating activities		(89,060	)		(97,296	)
Cash Flows From Investing Activities:
Purchase of property, plant and equipment		(5,312	)		(8,553	)
Proceeds from disposal of property, plant and equipment		25			—
Purchase of debt securities		(27,083	)		(93,858	)
Proceeds from maturity of debt securities		60,722			50,000
Purchase of additional interest in equity method investment		—			(288	)
Origination of related party loan		—			(5,212	)
Net cash provided by/(used in) investing activities		28,352			(57,911	)
Cash Flows From Financing Activities:
Proceeds from the Business Combination and PIPE, net of transaction expenses (Note 3)		—			213,381
FPA prepayment		—			(60,096	)
Proceeds from exercise of options		300			2,550
Repurchase of equity instruments of the Company		(48	)		(7,650	)
Settlement of FPA		(10,039	)		—
Proceeds from issuance of Convertible Note, net		40,000			—
Net cash provided by financing activities		30,213			148,185
Effects of currency translation on cash, cash equivalents and restricted cash		(52	)		(404	)
Net decrease in cash, cash equivalents and restricted cash		(30,547	)		(7,426	)
Cash, cash equivalents and restricted cash at beginning of period		76,284			83,710
Cash, cash equivalents and restricted cash at end of period	$	45,737		$	76,284

Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property, plant and equipment under accounts payable	$	132		$	279
Right-of-use asset additions		10,194			12,866
Non-cash partial reversal of FPA upon settlement		24,084			—
Third-party issuance costs for the Convertible Note		3,169			—
Reclassification of capitalized costs related to the business combination to equity		—			1,514
Cashless conversion of warrants on preferred shares		—			5,890
Recognition of public and private warrant liabilities in the Business Combination		—			4,624
Reclassification of AM SAFE warrant to equity		—			1,800
Conversion of AM SAFE liability into common stock		—			29,730
Conversion of Legacy LanzaTech NZ, Inc. preferred stock and in-kind dividend into common stock		—			722,160
Reclassification of FPA Warrants to equity	$	—		$	3,063


Reconciliation of GAAP Net Loss to Adjusted EBITDA (In thousands) Unaudited
			Three Months Ended December 31,						Years Ended December 31,
				2024			2023			2024			2023
Net Loss			$	(26,993	)	$	(18,674	)	$	(137,731	)	$	(134,098	)
Depreciation				1,278			(1,471	)		5,567			5,452
Interest income, net				(710	)		(1,408	)		(3,162	)		(4,572	)
Stock-based compensation expense and change in fair value of SAFE and warrant liabilities ⁽¹⁾				6,191			—			(4,679	)		728
Change in fair value of the FPA Put Option and Fixed Maturity Consideration liabilities (net of interest accretion reversal)				—			—			23,283			44,300
Change in fair value of Convertible Note and related transaction costs				(7,296	)		—			14,276			—
Transaction costs on issuance of FPA				—			—			—			451
Loss from equity method investees, net				6,299			1,961			14,234			2,902
One-time costs related to the Business Combination, initial securities registration and non-recurring regulatory matters⁽²⁾				—			—			—			4,693
Adjusted EBITDA			$	(21,231	)	$	(19,592	)	$	(88,212	)	$	(80,144	)

(1	)	Stock-based compensation expense represents expense related to equity compensation plans.

(2	)	Represents costs incurred related to the Business Combination that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction, but are not expected to recur in the future, as well as costs incurred subsequent to deal close related to our securities registration on Form S-4 and our registration statement on Form S-1. Regulatory matters includes fees related to non-recurring items during the year ended December 31, 2023.

Investor Relations Contact

Kate Walsh

VP, Investor Relations & Tax

Investor.Relations@lanzatech.com

The MIL Network –

April 16, 2025

MIL-OSI USA: Rep. Cammack Celebrates Grand Opening of New Ocala District Office Location

Source: United States House of Representatives – Congresswoman Kat Cammack (R-FL-03)

OCALA, FL — Yesterday, Rep. Cammack and hundreds of constituents celebrated the grand opening of the new Ocala District Office located in the McPherson Government Complex at 2630 SE 3rd Street in Ocala.

Joined by special guests Marion County Sheriff Billy Woods, Ocala Police Chief Mike Balken, members of the Marion County Board of County Commissioners, and leaders from the Ocala Chamber & Economic Partnership (CEP), Congresswoman Cammack and her district staff cut the ribbon for the new facility, which opened earlier in March following the completion of needed renovations.

Congresswoman Cammack, members of her staff, and constituents celebrate the ribbon-cutting for the new office.

“I’m thrilled to have relocated our Ocala District Office back to its original location in the McPherson Government Complex,” said Rep. Cammack. “Centrally located with other useful local and state offices for constituents in Marion County, our office is a one-stop shop for folks seeking assistance with federal agencies, including the VA, Social Security Administration, and IRS, along with economic development opportunities, internships for local students, and more. Our team continues to deliver the same excellent service we always have in this new location. We hope constituents will visit us soon in-person or contact us via phone at (352) 421-9052.”

The Ocala District Office is located at 2630 SE 3rd Street, Ocala, FL 34471 and is open Monday through Friday from 9am to 5pm. No appointments are necessary to visit with staff.

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MIL OSI USA News –

April 16, 2025
MIL-OSI USA: Maryland Return Preparer Charged with Preparing False Tax Returns for Clients

Source: US State of North Dakota

A federal grand jury in Greenbelt, Maryland, returned an indictment, unsealed yesterday, charging a Maryland woman with preparing false tax returns for clients and failing to file her own tax returns.

According to the indictment, Zewdi Tsegay, of Burtonsville, ran a tax preparation business called Taxes R Us LLC, which later changed its named to Taxes 4 You LLC. The indictment alleges that from 2018 through 2024, Tsegay prepared and filed with the IRS false tax returns for clients. These returns allegedly included false business losses that benefited the client by claiming false refunds to which they were not entitled or decreasing their tax liability.

According to the indictment, the IRS conducted an undercover operation at Tsegay’s business in March 2020. Tsegay allegedly initially prepared the undercover agent’s tax return correctly, which reflected that the undercover agent owed taxes, and then added a fictitious business loss to the return, which resulted in the return improperly requesting a refund. The indictment further alleges that from 2021 to 2023, Tsegay was required to file tax returns for herself but did not do so.

If convicted, Tsegay faces a maximum penalty of three years in prison for each count of filing a false tax return and a maximum penalty of one year in prison for each count of failing to file her own tax returns. 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 made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Catriona M. Coppler and Richard Kelley of the Tax Division are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: On Tax Day, Senators Reverend Warnock, Tillis Introduce Bipartisan Legislation to Extend Tax Deadline for Natural Disaster Victims

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

On Tax Day, Senators Reverend Warnock, Tillis Introduce Bipartisan Legislation to Extend Tax Deadline for Natural Disaster Victims

The Disaster Related Extension of Deadlines Act would help disaster victims receive their tax refund by extending the deadline to claim a credit or refund if they’ve previously overpaid their taxes
This is the Senator’s latest effort to continue helping the Georgia communities that were impacted by Hurricane Helene
Senator Reverend Warnock: “Georgians impacted by natural disasters should not be racing the clock to get the money they’re owed from the federal government […] I’m continuing to advocate for Georgians impacted by Hurricane Helene and other natural disasters”
Senator Tillis: “North Carolinians affected by this disaster deserve the opportunity to claim the tax refunds they’re entitled to without facing unnecessary red tape.”
Washington, D.C. – On Tax Day, U.S. Senators Reverend Raphael Warnock (D-GA) and Thom Tillis (R-NC) introduced the bipartisan Disaster Related Extension of Deadlines Act, legislation that provides an extension to ensure taxpayers impacted by recent natural disasters have more flexibility when claiming refunds or credits.
“Georgians impacted by natural disasters should not be racing the clock to get the money they’re owed from the federal government,” said Senator Warnock. “That is why I’m proud to introduce the bipartisan Disaster Related Extension of Deadlines Act with Senator Tillis. I’m continuing to advocate for Georgians impacted by Hurricane Helene and other natural disasters.”
“Helene devastated communities across Western North Carolina, leaving many families struggling to recover,” said Senator Tillis. “North Carolinians affected by this disaster deserve the opportunity to claim the tax refunds they’re entitled to without facing unnecessary red tape. This commonsense legislation ensures disaster victims aren’t penalized for circumstances beyond their control and provides much-needed relief during the recovery process.”
Taxpayers usually have three years to file a claim for credit or refund of any overpayments of tax. However, when a filing deadline is postponed due to a federally declared disaster or similar reason, the three-year “lookback period” for paying refunds is not increased. As a result, some taxpayers who take advantage of a postponed filing deadline will not be able to obtain a refund.
Separately, the Internal Revenue Service (IRS) is required to demand payment within 60 days of an assessment, even if the payment deadline is postponed. As a result, the IRS may send letters demanding payments that have been postponed. This creates unnecessary confusion and stress for disaster victims.
To ensure that taxpayers impacted by disasters are treated like every other taxpayer when claiming their refunds, the Disaster Related Extension of Deadlines Act would:
Extend the three-year period for receiving a refund or credit when the IRS extends a filing deadline due to a natural disaster, ensuring that a deadline extension does not give disaster impacted taxpayers a shorter lookback period for claiming a refund;
Ensure that the automatic IRS payment deadline is extended to match any disaster-based filing deadline extension
Since Hurricane Helene made landfall last year, Senator Warnock has been deeply involved in the recovery process. He led the bipartisan call in the Senate for Congress to return to Washington from the October recess and urgently pass additional disaster relief. To date, Senator Warnock has helped secure over $238 million in individual and household assistance to Georgians from FEMA, and he has hosted three outreach clinics in rural communities to help connect roughly 200 Georgians with federal assistance following Hurricane Helene.
The American Institute of CPAs and the National Association of Realtors support the legislation.
Full text of the bill is availableHERE.
One page of the bill is availableHERE.

MIL OSI USA News –

April 16, 2025
MIL-OSI Security: Tyler tax preparer sentenced to federal prison for role in tax refund fraud scheme

Source: Office of United States Attorneys

TYLER, Texas – A Tyler tax preparer has been sentenced to federal prison for her role in a tax refund fraud scheme in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

Karistha Johnson, 38, pleaded guilty to making false and fraudulent statements on a tax return and was sentenced to 24 months in federal prison by U.S. District Judge Jeremy D. Kernodle on April 15, 2025. Johnson was ordered to pay $1,244,934 in restitution.

“The Eastern District of Texas is committed to prosecuting tax preparers who engage in return preparer fraud schemes,” said Acting U.S. Attorney Abe McGlothin, Jr. “Schemes like this threaten to disrupt the orderly administration of the income tax system for law-abiding taxpayers, and taxpayers ultimately end up paying the bill.”

“Ms. Johnson, in her role as a tax preparer, took advantage of those seeking assistance by filing fraudulent returns,” said Christopher J. Altemus Jr., Special Agent in Charge of IRS Criminal Investigation’s Dallas Field Office. “By fabricating deductions and business expenses, she filed hundreds of false returns, resulting in more than $1.2 million in fraudulent refunds. The women and men of IRS-CI remain dedicated to safeguarding our tax system and ensuring that individuals who engage in fraudulent activities face the full consequences under the law.”

According to information presented in court, Johnson was involved in a multi-year return preparer fraud scheme involving the submission of tax returns containing false and fraudulent statements. Johnson prepared and filed 610 returns from 2017 through 2019 and received $1,244,934 in fraudulent refunds.

This case was investigated by the Internal Revenue Service Criminal Investigation (IRS-CI) and prosecuted by Assistant U.S. Attorney Nathaniel C. Kummerfeld.

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MIL Security OSI –

April 16, 2025
MIL-OSI Security: Carnegie Man Charged with Evading Taxes and Willful Failure to File Tax Return

Source: Office of United States Attorneys

PITTSBURGH, Pa. – A resident of Carnegie, Pennsylvania, has been indicted by a federal grand jury in Pittsburgh on charges of tax evasion and willful failure to file a tax return, Acting United States Attorney Troy Rivetti announced today.

The seven-count Indictment named Caesar Tavoletti III, 42, as the sole defendant.

According to the Indictment, Tavoletti evaded taxes for tax years 2018-2020 and willfully failed to file tax returns for tax years 2018-2021.

The law provides for a maximum total sentence of up to five years in prison, a fine of up to $250,000 or twice the gross gain or loss of the offense, or both, on each of the tax evasion counts. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

Assistant United States Attorney William Guappone is prosecuting this case on behalf of the government.

The Internal Revenue Service – Criminal Investigation conducted the investigation leading to the Indictment.

An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.

MIL Security OSI –

April 16, 2025
MIL-OSI Security: Owner of New Jersey Businesses Admits to Fraudulently Obtaining Over $3.2 Million from The Paycheck Protection Program

Source: Office of United States Attorneys

TRENTON, N.J. – An owner of several New Jersey businesses admitted to fraudulently obtaining over $3.2 million in federal Paycheck Protection Program (PPP) loans, U.S. Attorney Alina Habba announced.

Daniel Dadoun, 48, of Israel, formerly of South Plainfield, New Jersey, pleaded guilty before U.S. District Judge Robert Kirsch to an information charging bank fraud and money laundering.

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

From April 2020 through August 2022, Dadoun engaged in a scheme to illegally obtain over $3.2 million in PPP loans for his New Jersey businesses by submitting false and fraudulent loan applications. After receiving the PPP loan proceeds, Dadoun sought to keep the money by submitting false and fraudulent PPP loan forgiveness applications that misrepresented payroll expenses and the number of employees at his companies. In support of the loan and forgiveness applications, Dadoun submitted falsified tax documents and altered bank statements.

The charge of bank fraud carries a maximum penalty of 30 years’ imprisonment and a maximum fine of $1,000,000, or twice the gross gain to the defendant or gross loss to the victim, whichever is greatest. The charge of money laundering carries a maximum penalty of 10 years’ imprisonment and a maximum fine of $250,000, or twice the gross gain to the defendant or gross loss to the victim, or twice the amount of criminally derived property involved in the transaction, whichever is greater. Sentencing is scheduled for August 13, 2025.

U.S. Attorney Habba credited special agents of Homeland Security Investigations Newark, under the direction of Special Agent in Charge Ricky J. Patel, special agents of IRS – Criminal Investigation, New York Field Office, under direction of Acting Special Agent in Charge Harry T. Chavis, Jr., special agents of the Social Security Administration – Office of the Inspector General, Boston New York Field Division, under the direction of Special Agent in Charge Amy Connelly, 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, with the investigation leading to the guilty plea.

The government is represented by Assistant U.S. Attorney Katherine M. Romano of the U.S. Attorney’s Office Health Care Fraud Unit in Newark.

The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of 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.

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Defense counsel: Anthony J. Pope, Jr., Esq.

MIL Security OSI –

April 16, 2025
MIL-OSI Security: Independence, MO Man Sentenced for $1.4 Million COVID-19 Scheme

Source: Office of United States Attorneys

KANSAS CITY, Mo. – An Independence, Mo., man was sentenced in federal court today for filing a false claim as part of a scheme to fraudulently receive nearly $1.4 million in COVID-19 relief funds from the government.

Richard Dean Schiele, Jr., 51, was sentenced by U.S. Chief District Judge Beth Phillips to a year and a day imprisonment and ordered to pay $130,125.09 in restitution to the Internal Revenue Service.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES” Act) provided for an Employee Retention Credit designed to encourage businesses to keep employees on their payroll. The Employee Retention Credit is available to eligible employers that paid qualified wages to some or all employees after March 12, 2020, and before Jan. 1, 2022.

In his guilty plea, Schiele admitted he filed nine Employer’s Quarterly Tax Return forms with the IRS on April 22, 2023, for a company he formed the same month called Schiele Family Own Distribution. The returns made a total of $1,392,716 in claims for COVID–19 pandemic era credits against the company’s ostensible employment taxes. In reality, Schiele admitted, the company did not have any employees in 2020 through 2022.

Based on these false claims, the IRS issued checks totaling $478,890 to Schiele. The Treasury Department recovered $348,764.91 from Schiele’s bank account. Under the terms of today’s sentence, Schiele must pay $130,125 in restitution to the IRS.

This case is being prosecuted by Assistant U.S. Attorney Paul S. Becker. It was investigated by IRS-Criminal Investigation.

MIL Security OSI –

April 16, 2025
MIL-OSI Security: Maryland Return Preparer Charged with Preparing False Tax Returns for Clients

Source: United States Attorneys General 1

A federal grand jury in Greenbelt, Maryland, returned an indictment, unsealed yesterday, charging a Maryland woman with preparing false tax returns for clients and failing to file her own tax returns.

According to the indictment, Zewdi Tsegay, of Burtonsville, ran a tax preparation business called Taxes R Us LLC, which later changed its named to Taxes 4 You LLC. The indictment alleges that from 2018 through 2024, Tsegay prepared and filed with the IRS false tax returns for clients. These returns allegedly included false business losses that benefited the client by claiming false refunds to which they were not entitled or decreasing their tax liability.

According to the indictment, the IRS conducted an undercover operation at Tsegay’s business in March 2020. Tsegay allegedly initially prepared the undercover agent’s tax return correctly, which reflected that the undercover agent owed taxes, and then added a fictitious business loss to the return, which resulted in the return improperly requesting a refund. The indictment further alleges that from 2021 to 2023, Tsegay was required to file tax returns for herself but did not do so.

If convicted, Tsegay faces a maximum penalty of three years in prison for each count of filing a false tax return and a maximum penalty of one year in prison for each count of failing to file her own tax returns. 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 made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Catriona M. Coppler and Richard Kelley of the Tax Division are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

April 16, 2025
MIL-OSI Asia-Pac: India Reinforces Commitment to Energy Security and Exploration Growth: Shri Hardeep Singh Puri at OALP IX & Special DSF Signing Ceremony

Source: Government of India

India Reinforces Commitment to Energy Security and Exploration Growth: Shri Hardeep Singh Puri at OALP IX & Special DSF Signing Ceremony

India Accelerates Scientific Exploration: 76% of Active E&P Area Opened Since 2014, 28 Blocks Awarded Under OALP Round-IX

Posted On: 15 APR 2025 8:12PM by PIB Delhi

“The Indian hydrocarbon sector is entering a new era of accelerated exploration and development,” said Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, while addressing the Open Acreage Licensing Policy (OALP) Round-IX and Special Discovered Small Field (DSF) Signing Ceremony held here tonight. He highlighted that through investor-friendly reforms, swift approvals, scientific exploration, and a strong emphasis on sustainability, India is steadily building a resilient and future-ready energy ecosystem aligned with the vision of Viksit Bharat.

Addressing the esteemed gathering of dignitaries, industry stakeholders, and investors, Shri Puri noted that today’s signing ceremony signifies much more than the completion of a procedural formality—it is a powerful testament to India’s unwavering commitment to reducing its import dependence and securing its energy future.

With India currently reliant on imports for 88% of its crude oil and 50% of its natural gas needs, the urgency for domestic exploration and production has never been greater. As the Minister pointed out, “In the next two decades, 25% of the world’s incremental energy demand growth will come from India.”

Reflecting on the past, Shri Puri acknowledged the challenges the Indian upstream sector faced between 2006 and 2016—a “dull decade” marred by policy paralysis and procedural delays, leading to the exit of global energy giants like BP, ENI, and Santos. However, the tide has turned. “We were determined to unlock India’s untapped energy potential, estimated at approximately 42 billion tonnes of oil and oil equivalent of gas,” he said.

To that end, the Government has implemented a series of transformative reforms over the past decade. A key achievement has been the expansion of exploration activity, with the explored area of India’s sedimentary basins increasing from 6% in 2014 to 10% today, with a target of reaching 15%. The Minister reiterated the commitment to increasing exploration acreage to 1 million sq. km by 2030, highlighting the dramatic 99% reduction in “No-Go” areas within India’s Exclusive Economic Zone (EEZ).

Scientific, data-driven exploration has been a cornerstone of this strategy, backed by a ₹7,500 crore investment into new seismic data acquisition, aerial surveys in remote terrains, and stratigraphic wells. Importantly, geo-scientific data is now available for major basins on both coasts, with the National Data Repository being upgraded to a cloud-based platform to ensure faster, transparent access to seismic, production, and well data.

The Minister proudly noted that 76% of the total area currently under exploration has been brought under active exploration only since 2014. Under OALP Round-IX alone, 28 blocks across eight sedimentary basins have been awarded, covering 1.36 lakh square kilometers—38% of which fall in areas previously designated as “No-Go.” Additionally, two blocks were awarded under the Special DSF Round, with a total of 60 bids received.

“Congratulations to all the awardees. Your success will play a pivotal role in meeting our increasing energy demands as India continues its ascent as one of the world’s largest energy consumers,” Shri Puri said.

Looking ahead, the Minister announced that OALP Round-X has already been launched at the India Energy Week 2025, offering 25 blocks across 13 sedimentary basins—covering the largest-ever acreage of 1.92 lakh square kilometers, with 51% falling in previously restricted zones.

Furthermore, DSF Round-IV is being launched tonight, comprising 55 discoveries across nine contract areas with estimated reserves of 258.59 million metric tonnes of oil equivalent (MMTOE). All blocks have undergone rigorous technical vetting by global experts, and critically, all relevant data is being made freely available to potential investors.

He also shared that under previous DSF Bid Rounds (I, II, and III), a total of 85 Revenue Sharing Contracts covering 175 fields have been awarded.

Highlighting the potential in unconventional hydrocarbon sources, Shri Puri elaborated on India’s Coal Bed Methane (CBM) assets, currently estimated at 2,600 BCM. With 15 active CBM blocks—five already under production—the Government is preparing to launch a Special CBM 2025 Round to offer three new blocks (two in West Bengal and one in Gujarat), further diversifying India’s energy portfolio.

In a major legislative update, the Minister announced that the amended Oilfields (Regulation and Development) Act, 1948 (ORDA), will come into effect in April 15, 2025. This “landmark reform” modernizes India’s upstream regulatory framework and aligns it with international best practices.

The Government has also been responsive to industry concerns through the establishment of a Joint Working Group (JWG) comprising private E&P operators, National Oil Companies, the Ministry of Petroleum and Natural Gas, and the Directorate General of Hydrocarbons. “The JWG has submitted its report, and we are formally launching it this evening,” Shri Puri announced.

In a move towards inclusive governance and legal clarity, the Minister also launched the draft PNG Rules Public Consultation Portal, encouraging industry and public stakeholders to share feedback. These rules will help shape future Model Revenue Sharing Contracts and streamline sectoral regulations.

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MONIKA

(Release ID: 2121952) Visitor Counter : 40

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: IREDA Reports Highest Ever PAT of ₹1,699 Crore for FY 2024-25, First Company in the NBFC and Banking Sector to Announce Audited Results
Source: Government of India

Posted On: 15 APR 2025 7:53PM by PIB Delhi

Indian Renewable Energy Development Agency Ltd. (IREDA) has announced its Audited Standalone and Consolidated financial results for the Quarter and Year ended March 31, 2025, showcasing significant growth across key financial metrics. The company reported its highest ever Annual Profit After Tax of ₹1,699 crore. As the nation’s largest pure-play Green Financing NBFC, IREDA has once again set industry standards by publishing its Audited Financial Results within just 15-days. This milestone positions IREDA as the first company in the NBFC and Banking Sector, and the first PSU, to publish Audited Financial Results in just 15-days.

The Board of Directors of IREDA, during a meeting held today, acknowledged the company’s outstanding performance and approved the Audited Standalone and Consolidated financial results for the Quarter and Year ended March 31, 2025.

Key Financial Highlights (Standalone) – Q4 FY2024-25 vs Q4 FY2023-24:
- Profit After Tax (PAT): ₹502 crore (↑49%)
- Profit Before Tax (PBT): ₹630 crore (↑31%)
- Revenue from Operations: ₹1,904 crore (↑37%)
- Net Worth: ₹10,266 crore (↑20%)
- Loan Book: ₹76,281 crore (↑28%)
Key Financial Highlights (Standalone) – FY2024-25 vs FY2023-24:
- Profit After Tax (PAT): ₹1,699 crore (↑36%)
- Profit Before Tax (PBT): ₹2,104 crore (↑25%)
- Revenue from Operations: ₹6,742 crore (↑36 %)
- Net Worth: ₹10,266 crore (↑20%)
- Loan Book: ₹76,282 crore (↑28%)
Commenting on the results, Shri Pradip Kumar Das, CMD, IREDA, said, “IREDA’s sustained growth in revenue, profitability, and loan book underscores our strategic focus towards financing India’s renewable energy ambitions. We remain committed to being the enabler of India’s green energy transition through innovative financial solutions and strategic partnerships.”

Shri Das also expressed his appreciation for Team IREDA for their unwavering dedication and excellence in achieving these milestones. He further extended his gratitude to Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Ms. Nidhi Khare, Secretary, MNRE; other senior officials of MNRE and other ministry; and the Board of Directors for their continued support and invaluable guidance.

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Navin Sreejith

(Release ID: 2121943) Visitor Counter : 68

MIL OSI Asia Pacific News –
April 16, 2025
MIL-OSI Asia-Pac: The Department of Administrative Reforms and Public Grievances (DARPG) released the 35th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments performance for the month of March, 2025
Source: Government of India

The Department of Administrative Reforms and Public Grievances (DARPG) released the 35th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments performance for the month of March, 2025

A total of 1,21,065 Grievances were Redressed by Central Ministries/Departments as of 28th March, 2025

For the 33rd month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat

Department of Telecommunications, Department of Posts, and Central Board of Indirect Taxes and Customs topped in Group A category in the rankings released for the month of March, 2025

Ministry of Parliamentary Affairs, Ministry of Tribal Affairs and Department of Heavy Industry topped in Group B category in the rankings released for the month of March, 2025

Posted On: 15 APR 2025 7:45PM by PIB Delhi

The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for March 2025, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 33^rdreport on Central Ministries/Departments published by DARPG.

A total of 1,21,065 grievances were Redressed by Central Ministries/Departments as of 28^th March, 2025. The Average Grievance Disposal Time in the Central Ministries/Departments from 1^st March to 28^th March, 2025 is 16 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.

The report provides the data for new users registered through the CPGRAMS Portal in the month of March, 2025. A total of 49,912 new users registered by 28^th March, 2025, with maximum registrations from Uttar Pradesh (7,602) registrations.

The said report also provides the state-wise analysis on the grievances registered through Common Service Centres as of 28^th March, 2025. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 7,150 grievances were registered through CSCs by 28^th March, 2025. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.

The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for March 2025 for Central Ministries/ Departments:
1. PG Cases:
- As of 28th March 2025, 1,16,970 PG cases were received on the CPGRAMS portal, 1,21,065 PG cases were redressed and there exists a pendency of 57,456 PG cases.
1. PG Appeals:
- As of 28th March 2025, 24,478 appeals were received and 21,400 appeals were disposed
- The Central Secretariat has a pendency of 25,488 PG Appeals for the period 1st March 2025 to 28th March, 2025.
1. Grievance Redressal Assessment and Index (GRAI) – till 28^th March, 2025
- Department of Telecommunications, Department of Posts, and Central Board of Indirect Taxes and Customs are amongst the top performers in the Grievance Redressal Assessment & Index within the Group A (more than equal to 500 grievances) as of 28th March, 2025.
- Ministry of Parliamentary Affairs, Ministry of Tribal Affairs and Department of Heavy Industry are amongst the top performers in Grievance Redressal Assessment & Index within the Group B (less than 500 grievances) as of 28th March, 2025.
The report also features 4 success stories of effective grievance resolution from Central Ministries/Departments:
1. Grievance of Shri Prakash Kumar Agarwal – Delay in PF Withdrawal Claim
Shri Prakash Kumar Agarwal faced delays in the processing of his PF withdrawal claim (Form 19) despite fulfilling all requirements. Having worked for over 12 years, he submitted his application, ensuring TDS exemption as per regulations. After repeated documentation requests over six months, he filed a grievance on the CPGRAMS Portal. Following that, concerned authorities processed his claim promptly, and the final PF settlement of ₹35,31,303/- was issued, resolving the matter within the same day.
1. Grievance of Shri Vishal Verma – Non-Receipt of LPG Subsidy
Shri Vishal Verma, holding an HP Gas LPG connection registered in the name of Ms. Anita Verma, faced subsidy non-receipt issues for several months. Upon inquiry at the LPG office, he was informed that his Aadhaar was not linked with NPCI, and he was advised to contact his bank. However, the bank confirmed that the Aadhaar was correctly linked with NPCI. Seeking a resolution, he filed a grievance on the CPGRAMS Portal. After verification by concerned authority, the subsidy was transferred to Ms. Anita Verma’s account.
1. Grievance of Shri Souptik Sarkar – NFSC Fellowship Disbursement Delay
Shri Souptik Sarkar, a Ph.D. student at Bidhan Chandra Krishi Viswavidyalaya, faced difficulties in linking his account for the National Fellowship for Scheduled Castes (NFSC) under the UGC NET December session. Despite completing all formalities on the Canara Bank Scholarship Portal, his request was repeatedly rejected due to subject classification issues. Seeking resolution, he filed a grievance on the CPGRAMS Portal. In response, the authorities reviewed the case, and linking request under the NFSC scheme was approved based on an explanation from the Registrar of Bidhan Chandra Krishi Vishwavidyalaya.
1. Grievance of Smt. Bhumika Naresh Gaikwad – National Overseas Scholarship Processing Delay
Smt. Bhumika Naresh Gaikwad, selected under the National Overseas Scholarship (NOS) 2024 for a Master of Commerce (Extension) at the University of Sydney, faced delays in receiving her final award letter. Despite completing all formalities, including income and caste verification, she awaited confirmation for months, leading to uncertainty and the need to defer her university intake. With no clear response from the NOS office, she filed a grievance on the CPGRAMS Portal. Following this, the concerned authority issued her final award letter, ensuring she could proceed without further disruptions. The grievance was promptly resolved within just three days of filing.

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NKR/PSM

(Release ID: 2121941) Visitor Counter : 15

MIL OSI Asia Pacific News –
April 16, 2025
MIL-OSI Asia-Pac: NITI Aayog launches Report on ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’
Source: Government of India

NITI Aayog launches Report on ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’

Global trade market for power and hand tools worth ~$ 100 billion is projected to reach ~$ 190 billion by 2035

Aims to achieve ~$ 25 billion exports in the next 10 years; generate ~35 lakh jobs

Interventions include building world-class hand tool clusters with advanced infrastructure and addressing structural cost disadvantages through market reforms

Posted On: 15 APR 2025 6:02PM by PIB Delhi

NITI Aayog launched a report on Hand and Power tools sectors – ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’. The report underscores the transformative potential of hand and power tools industry for India’s economic growth, delving into the challenges, policy headwinds, and necessary interventions vital for strengthening the Indian hand and power tool ecosystem. It outlines a strategic path for the sector to enhance its global competitiveness and capture a significantly larger share of the international market. The report was launched by Shri Suman Bery, Vice Chairman, NITI Aayog in the presence of Dr. V.K. Saraswat, Member, Dr. Arvind Virmani, Member, and Shri BVR Subrahmanyam, CEO, NITI Aayog.

The report suggests that the global trade market for power and hand tools, currently valued at approximately $ 100 billion, is projected to grow significantly, reaching around $ 190 billion by 2035. Within this market, hand tools account for $ 34 billion and are expected to expand to $ 60 billion by 2035, while power tools, including tool accessories, represent $ 63 billion and are anticipated to surge to $ 134 billion, with electrical tools comprising the majority. China dominates global exports, holding about 50% of the hand tools market with $ 13 billion and 40% of the power tools market with $ 22 billion, whereas India has a smaller presence, exporting $ 600 million in hand tools (1.8% market share) and $ 470 million in power tools (0.7% market share).

One important finding of the report is that India has the potential to capture a larger share of the global market, targeting $ 25 billion in exports over the next decade, which could create approximately 35 lakh jobs by achieving a 10% market share in power tools and 25% in hand tools. Through fostering innovation, empowering our MSMEs, strengthening India’s industrial ecosystem, we can solidify the nation’s position as a reliable, high-quality global manufacturing hub. The potential rewards for Indian economy and its people are immense.

The report also analyses the challenges which India may face, including a 14-17% cost disadvantage compared to China, driven by higher structural costs and smaller operational scale. This disadvantage stems from elevated raw material costs, such as steel, plastic, and motors, as well as lower labour productivity due to higher overtime wages and restrictions on overtime hours. Furthermore, higher interest rates and logistics costs for transporting goods from inland states to ports further hinder India’s competitiveness in the global market.

To achieve India’s potential of $ 25 billion in power and hand tool exports over the next decade, the report delves into the issues impacting hand and power tools sectors and recommends three key categories of interventions which are essential. These include:
1. Developing world-class hand tool clusters with advanced infrastructure is critical, requiring 3-4 clusters aggregating around 4,000 acres. These clusters operating under a public-private partnership (PPP) model would feature plug-and-play infrastructure, worker housing, and facilities like connectivity and convention centers to streamline operations.
2. Addressing structural cost disadvantages through market reforms is necessary, including rationalizing Quality Control Order (QCO) restrictions and import duties on essential raw materials like steel and machinery, simplifying the Export Promotion Capital Goods (EPCG) scheme by easing Authorized Economic Operator (AEO) requirements, and reducing penal provisions like interest on defaults. Additionally, reforms to building regulations and labour laws are needed to enhance competitiveness.
3. Providing bridge cost support to offset cost disadvantages is crucial, though no additional support beyond existing schemes like Remission of Duties and Taxes on Exported Products (RoDTEP) and duty drawbacks is required if factor market interventions are effectively implemented. However, the report estimates that in the absence of these reforms, an additional RS. 8,000 crores in bridge support will be necessary, which should be viewed as an investment rather than a subsidy, as it is expected to generate 2-3 times its value in tax revenue over the next five years.
The report observes that the tools industry serves as a foundational pillar of the global manufacturing ecosystem. The Hand and Power Tools sector represents a significant opportunity to realise India’s ambition of becoming a ‘global manufacturing hub’. The report underlines that India stands at the cusp of becoming a developed nation i.e Viksit Bharat @ 2047, where the industrial eco-system will play a pivotal role. The Hand and Power Tools sector will help enhance our domestic manufacturing and expand our global footprint by $ 25 billion in the next 10 years, with the growth in the construction and DIY markets, augmenting the “Make in India” initiative and accelerating nation’s economic growth.

The report can be accessed at: https://www.niti.gov.in/sites/default/files/2025-04/India_Hand_Power_Tools_Sector_Report.pdf

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MIL OSI Asia Pacific News –
April 16, 2025
MIL-OSI Asia-Pac: DRI intercepts 7.56 kg cocaine worth around Rs. 75.6 crore at IGI Airport from an in-bound passenger from Dubai, one held

Source: Government of India

Posted On: 15 APR 2025 4:50PM by PIB Delhi

In a significant operation against drug trafficking, acting on specific intelligence, the Directorate of Revenue Intelligence (DRI) intercepted an Indian national upon her arrival from Dubai at Indira Gandhi International (IGI) Airport, on 14.04.2024, New Delhi.

The baggage of the passenger, after a thorough inspection, was found to contain five empty handbags / purses. Upon cutting open the inner layers of these five bags, 10 packets of white-coloured powder weighing 7.56 kg and worth around Rs. 75.6 crore, were found concealed and tested positive for cocaine.

The apprehended individual was arrested under the provisions of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985. The DRI is pursuing further investigations to uncover the source of the drugs and identify any potential networks involved in the smuggling operation.

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MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI USA: Support Grows for ‘Beacon of Hope’ R&D Legislation

Source: United States House of Representatives – Congressman Ron Estes (R-Kansas)

On Tax Day, organizations and innovators are continuing to show support for the American Innovation and R&D Competitiveness Act, legislation introduced by Reps. Ron Estes (R-Kansas) and John Larson (D-Connecticut) that permanently allows for immediate research and development expensing looking back to 2022 when the provision expired. Reps. Estes and Larson were joined by Reps. Rudy Yakym (R-Indiana) and Suzan DelBene (D-Washington) and the bill has an additional 70 cosponsors evenly split between Republicans and Democrats. The statements below are in addition to support expressed by the National Association of Manufacturers and the Association of Equipment Manufacturers when Reps. Estes and Larson introduced the bill in March.

“The Aerospace Industries Association is grateful for the continued bipartisan support of the American Innovation and R&D Competitiveness Act, which will restore immediate research and development expensing — allowing innovation to flourish among America’s aerospace and defense companies and ensuring we continue to outpace our adversaries. We thank Congressman Estes and Congressman Larson for championing these efforts and supporting American business by reintroducing this important bill,” said Eric Fanning, president and CEO, Aerospace Industries Association.

“Restoring full and immediate R&D expensing is essential to the future of American manufacturing and the competitiveness of the U.S. plastics industry,” said Chris Rager, vice president of government affairs, Plastics Industry Association. “Our sector supports over one million jobs and drives innovation in critical areas like healthcare, automotive, and sustainable packaging. This bipartisan measure will help ensure manufacturers can continue investing in next-generation technologies that strengthen our economy, advance sustainability, and keep the United States at the forefront of global innovation.”

“The American Innovation and R&D Competitiveness Act is a beacon of hope for U.S. manufacturers as we face unfair global competition,” said Eric Axel, executive director, American Medical Manufacturers Association. “By reinstating immediate R&D expensing, this bipartisan legislation empowers domestic makers of critical medical supplies to innovate, compete, and safeguard our public health and national security. It’s a crucial step towards ensuring America remains a leader in producing life-saving supplies, fostering economic resilience, and creating high-paying jobs nationwide.”

“Our research and development efforts drive advancements in magnetic technologies used across food processing, recycling, and advanced manufacturing. These innovations not only help protect equipment and ensure safety—they also support good-paying, skilled jobs in Kansas. Restoring immediate expensing for R&D, as proposed in Congressman Estes’ legislation, would give manufacturers like us the certainty and resources we need to keep hiring, expanding, and staying competitive. We’re grateful for his leadership and strong support of Kansas manufacturers,” said Robert Bunting Jr., president & CEO, Bunting in Newton, Kansas.

You can read the full text of the bill here.

Background
Rep. Estes has been a leader in advocating for American innovation. In the previous Congress, Reps. Estes and John Larson (D-Connecticut) reintroduced H.R. 2673 – the American Innovation and R&D Competitiveness Act – on April 18, 2023. Rep. Estes delivered remarks on the House floor in April of 2023 and numerous organizations offered their support following the bill’s introduction. In June, Rep. Estes testified on the legislation in a Small Business Committee subcommittee, discussed the bill during a Ways and Means markup for the Committee’s Build It in America Act – an economic package that included a version of Rep. Estes’ bill and was reported out of committee and penned an op-ed for The Hill highlighting the then more than 100 cosponsors and touting the benefits of the legislation. In December, Rep. Estes spoke to Tax Notes about the expired provision and published an op-ed in Newsweek unpacking the positive outcomes – for individual taxpayers and across the economy – made possible by the Tax Cuts and Jobs Act (TCJA) of 2017 and explaining how his bipartisan bill offers a solution to the expired R&D expensing provision that would help restore America’s dominance in R&D and secure American jobs.

In April of 2024, Ways and Means Committee Chairman Jason Smith (R-Missouri) and Tax Subcommittee Chairman Mike Kelly (R-Pennsylvania) named Rep. Estes chair of the newly formed U.S. Innovation Tax Team, one of ten working groups comprised of committee members to study key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025. Rep. Estes talked with innovators and manufacturers throughout Kansas in August and September and led a delegation with House Ways and Means Chairman Jason Smith (R-Missouri) and then-Tax Team Vice Chair Michelle Steel (R-California) to Silicon Valley later in September to meet with U.S. innovators and stakeholders about the upcoming TCJA expirations.

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: Kelly honors Crawford County Treasurer as latest Community Champion

Source: United States House of Representatives – Representative Mike Kelly (R-PA)

CONNEAUT LAKE, Pa. — On Saturday, April 12, U.S. Rep. Mike Kelly (R-PA) honored Crawford County Treasurer Christine Krzysiak as the latest 16th Congressional District Community Champion for her decades of public service to Crawford County. Krzysiak will retire at the end of the year after serving as Crawford County Treasurer for 14 years.

“Christine embodies what it means to be a dedicated public servant,” Rep. Kelly said. “Whether it’s her role as Crawford County Treasurer, serving in her church, or becoming a mentor to young professionals across the region, she continues to put others first and strengthen our communities.”

Krzysiak serves on the executive board of the County Treasurers’ Association of Pennsylvania (CTAP) and has for the last 4 years. She was elected as CTAP president in 2023. Additionally, she has been a member of the Meadville Business and Professional Women since 2011, where she served as their Treasurer for seven of those years. Krzysiak currently serves on their Audit Committee. She also serves as an altar server at her church.

Previously, Krzysiak served as Venango Township (Crawford County) Tax Collector from 2005-2011.She first began working for Crawford County in the Clerk of Courts Office in 1984.

Krzysiak and her husband have three adult children and one grandchild.

BACKGROUND

The Community Champion Award is a citation instituted by the Office of U.S. Representative Mike Kelly in January 2015 to recognize and thank service-minded individuals throughout Pennsylvania’s 16th Congressional District for selfless and significant contributions to their surrounding communities. Each winner is presented with an official award plaque from Rep. Kelly’s office, a flag flown over the U.S. Capitol building, and a statement of congratulations entered into the official Congressional Record.

In February, Rep. Kelly honored Erie businessman Chris Sirianni for his contributions to the Lake Erie Ale Trail and promoting the craft beer industry in Northwest Pennsylvania. During his tenure, Sirianni grew the group from four to 17 local breweries. He stepped down from his executive duties with the Lake Erie Ale Trail in January 2025.

Rep. Kelly co-chairs the House Small Brewers Caucus in the U.S. House of Representatives.

MIL OSI USA News –

April 16, 2025
MIL-OSI Global: Des Moines food pantries face spiking demand as the Iowa region’s SNAP enrollment declines

Source: The Conversation – USA – By Lendie R. Follett, Associate Professor of Business Analytics, Drake University

A volunteer loads food into a bag at the Des Moines Area Religious Council food pantry in 2020. AP Photo/Charlie Neibergall

As part of its drive to cut federal spending, the Trump administration has paused over US$500 million of funds that had previously flowed annually to food banks across the U.S. It’s not the only policy change that could make it harder than it already is for many Americans to get enough to eat.

I’m a professor of statistics who finds hidden patterns in data related to food insecurity in Iowa. I also serve on the board of directors of Iowa’s largest network of food pantries.

Food pantries in Iowa have seen demand for their assistance soar in recent years. At the same time, fewer Iowans have been enrolled in the Supplemental Nutrition Assistance Program, through which low-income Americans get money from the government to buy groceries.

Hunger in the breadbasket of the world

It may seem illogical that anyone in Iowa would need help obtaining food.

Known as the “breadbasket of the world,” my state plays a crucial role in food production as a top supplier of grain, meats and eggs to both domestic and international markets.

For example, in 2023, Iowa led the nation in corn production, harvesting over 2.5 billion bushels. It’s also the top producer of eggs, supplying more than 13 billion eggs per year.

Despite this agricultural abundance, food insecurity – not being able to maintain an adequate diet – is a pressing issue. In 2022, an estimated 1 in 9 Iowans were hungry. This rate was even higher among children: 1 in 6.

Des Moines Area Religious Council Food Pantry worker Patrick Minor looks over a cooler full of ground pork packages during a pantry stop in Des Moines, Iowa, in 2020.
AP Photo/Charlie Neibergall

Food pantries struggle to keep up

Many food-insecure families turn to food pantries to fill their refrigerators and cupboards.

The Des Moines Area Religious Council operates 14 food pantries in the Polk County area. This network of food pantries has been seeing record-breaking demand. It provided food to more than 70,000 people in 2024, up from 59,000 a year earlier.

About 35% of the people it supports are children. This rate has been increasing since government phased out COVID-19 pandemic-era programs, such as the Child Tax Credit expansion and summer EBT, a federal nutrition program that helped low-income families feed their kids when schools were closed.

Some 19% of food pantry clients in the Des Moines region are unemployed adults, only 8% are people who are 65 and up, and 38% are adults who are either working or have disabilities.

Scaling back benefits in 2022

Early in the pandemic, Congress temporarily expanded SNAP by providing everyone enrolled in the program with the maximum amount of benefits for which they were eligible based on the number of people in their family, regardless of their income. Normally, only 37% of the people who get SNAP benefits get the maximum amount. For 2025, for example, a family of three can get up to $768 a month through the program.

In March 2022, Iowa became one of the first states to end this policy, creating a natural experiment of sorts at a time when food prices were rising quickly.

As you might expect, the number of clients visiting food pantries surged once that policy changed. This trend continued throughout 2024, with many months of record-breaking demand at the state’s food pantries.

Hunger is up, SNAP enrollment is down

While most food pantry visitors in Polk County qualify for at least some SNAP benefits, only around 1 in 3 are enrolled in the program today, down from 44% in 2020.

This decline in SNAP enrollment is placing more pressure on the food pantries trying to make up the difference.

Low SNAP enrollment rates can be partly explained by low benefit amounts, which is all that some eligible individuals and families qualify for.

Recent laws have made it more difficult for families to be eligible to receive benefits. In 2023, Iowa introduced a state-specific asset test, which limits the total assets of all members of a family to $15,000 in order to maintain eligibility. This test includes the value of boats, vacation homes and savings accounts. It also includes a second vehicle used for household transportation purposes, but not a family’s primary residence.

Another consideration is time management, especially in light of the additional administrative hurdles.

“The time it is taking these working households to get and maintain their SNAP benefits is significantly more time and effort than simply visiting a local food pantry,” said Matt Unger, Des Moines Area Religious Council’s CEO. “Here in Iowa, we are facing nearly a 17-year low in SNAP enrollment while food banks and food pantries across the state are breaking records every month. Something just doesn’t add up.”

Congress is currently deciding whether to cut SNAP spending. If lawmakers do that, benefits will decline, increasing the strain on food pantries in Iowa and everywhere else across the country.

Lendie R. Follett is affiliated with the Des Moines Area Religious Council. She currently serves on the board of directors.

– ref. Des Moines food pantries face spiking demand as the Iowa region’s SNAP enrollment declines – https://theconversation.com/des-moines-food-pantries-face-spiking-demand-as-the-iowa-regions-snap-enrollment-declines-252351

MIL OSI – Global Reports –

April 16, 2025
MIL-OSI USA: Feenstra Introduces Legislation to Help Iowa Families Adopt

Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) helped introduce legislation to lower the financial costs of adoption by making the Adoption Tax Credit fully refundable and removing income as a barrier to adoption.

“As a father of four, I believe that every child deserves a loving home and that we should encourage families to adopt. Iowans who want to adopt but do not have the financial resources to do so should not be prevented from making additions to their families – they should be supported,” said Rep. Feenstra. “I’m glad to work with a bipartisan group of my colleagues to make the Adoption Tax Credit fully refundable so that families can adopt without facing costly financial barriers. To keep our communities strong, we need to invest in our families and help every child find a permanent, loving home.”

Approximately half of youth adopted from foster care live in families with incomes at or below 200% of the federal poverty level.

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MIL OSI USA News –

April 16, 2025
MIL-OSI USA: News 04/10/2025 Blackburn, Colleagues Introduce Bipartisan Legislation to Make Adoption Tax Credit Refundable

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)

WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.), Kevin Cramer (R-N.D.), Amy Klobuchar (D-Minn.), and Ben Ray Luján (D-N.M.), introduced the Adoption Tax Credit Refundability Act to restore the refundable portion of the Adoption Tax Credit. By allowing the tax credit to be refundable, families will be able to access the full amount as a refund, even if the credit exceeds a family’s tax burden. The credit was previously refundable in 2010 and 2011.

“Offering permanent homes to adoptive children strengthens families and is a blessing,” said Senator Blackburn. “The Adoption Tax Credit Refundability Act would reduce the financial burden of adoption and make adoption more accessible.”

“Adoption is a true joy for families, but it is not without significant financial cost,” said Senator Cramer. “Our bill will make the credit refundable to help all adoptive families access the full amount of the adoption tax credit, regardless of their tax burden. Support for adoptive families is essential to ensure more children find the stable, loving home they deserve.”

“Minnesotans have a long and proud tradition of adoption to welcome children into safe and loving homes,” said Senator Klobuchar. “Our bipartisan legislation will allow more families to access the full adoption tax credit, helping ensure a smooth and successful transition for children and families. As co-chair of the Congressional Coalition on Adoption, I’ll keep working to improve the adoption process and help every child find the permanent home they deserve.”

“For families across the country, adoption is a blessing that provides children with a loving, stable home,” said Senator Luján. “Families should not face steep financial costs for opening their arms and offering a permanent home to adoptive children. That is why I’m proud to join my colleagues in introducing the Adoption Tax Credit Refundability Act to lower the financial cost of adoption and help more children find loving homes.”

Senate cosponsors include U.S. Senators Tim Scott (R-S.C.), Mark Warner (D-Va.), James Lankford (R-Okla.), Elizabeth Warren (D-Mass.), Josh Hawley (R-Mo.), Jeff Merkley (D-Ore.), Chris Van Hollen (D-Md.), Angus King (I-Maine), Tim Kaine (D-Va.), Tammy Duckworth (D-Ill.), Jacky Rosen (D-Nev.), John Fetterman (D-Pa.), and Mark Kelly (D-Ariz.). The legislation was also introduced in the U.S. House of Representatives by U.S. Representatives Danny K. Davis (D-Ill.), Blake Moore (R-Utah), Gwen Moore (D-Wis.), Randy Feenstra (R-Iowa), Sydney Kamlager-Dove (D-Calif.), Don Bacon (R-Nev.), Don Beyer (D-Va.), and Robert Aderholt (R-Ala.).

This legislation is endorsed by the Adoption Tax Credit Working Group Executive Committee and 100 national, state, and local groups.

Click here for bill text.

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: News 04/11/2025 Blackburn Pushes Back Against Democrats’ Lies About Social Security, Medicaid, and Medicare

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)

NASHVILLE, Tenn. – U.S. Senator Marsha Blackburn (R-Tenn.) released a fact sheet explaining how Republicans are fighting to protect Social Security, Medicare, and Medicaid benefits. Earlier this year, Senator Blackburn introduced the RETIREES FIRST Act to lower taxes on Social Security benefits for seniors.

“Democrats can lie all they want, but the American people deserve to know the truth: Republicans are fighting to put more money in their pockets – not less,” said Senator Blackburn. “Republicans are going to strengthen and protect these benefits for Americans who are playing by the rules by rooting out any waste, fraud, and abuse in the system.”

Find the guide here and below.

MIL OSI USA News –

April 16, 2025
MIL-OSI: H&R Block Leverages OpenAI to Create a Force Multiplier for Its Human Expertise

Source: GlobeNewswire (MIL-OSI)

KANSAS CITY, Mo., April 15, 2025 (GLOBE NEWSWIRE) — H&R Block (NYSE: HRB) and OpenAI today announced a joint effort to develop a generative artificial intelligence (GenAI) solution enabling H&R Block’s vast network of more than 60,000 tax professionals to deliver tailored insights, faster, to the millions of clients served each year virtually or at one of its 9,000 locations nationwide. The collaboration will combine OpenAI’s advanced models with the deep expertise of H&R Block’s The Tax Institute (TTI).

Comprised of tax attorneys, CPAs and enrolled agents, The Tax Institute continuously monitors and analyzes federal, state and local tax code changes to equip H&R Block tax professionals, DIY products and its AI Tax Assist solution to provide information and guidance on complicated tax situations for its more than 20 million clients. The Tax Institute provides extensive self-help resources for tax professionals to reference when serving clients, and a human-driven research service when client situations are more complicated. Leveraging GenAI improves TTI’s ability to support tax professionals in real time by providing accurate, personalized answers backed by TTI’s vetted content.

“Millions of hardworking taxpayers trust H&R Block to ensure the best possible outcome at tax time. By pairing OpenAI’s advanced AI technology with the unparalleled tax knowledge of The Tax Institute, H&R Block’s tax experts can deliver more personalized, highly nuanced guidance, streamline tax preparation, and improve the experience for millions of Americans,” said Ronnie Chatterji, Chief Economist of OpenAI.

The initial phase will launch later this year, followed by a larger-scale deployment for Tax Season 2026. H&R Block and OpenAI will also collaborate to study the real-world impact and understanding of AI on professional tax preparation and assist H&R Block with building scalable solutions to address a range of AI use cases for the company.

“Whether from life changes to changing tax laws, tax preparation has become increasingly complex for taxpayers and tax professionals. We’ve seen the success of AI Tax Assist in building the confidence of our DIY clients and enabling them to prepare their taxes when it is most convenient,” said Scott Manuel, Chief Strategy and Operations Officer at H&R Block. “We are confident the collaboration with OpenAI will have a similar impact on enhancing our tax professionals’ ability to provide highly personalized, real-time support for our clients.”

The initiative builds off the launch of H&R Block’s AI Tax Assist, a GenAI experience designed to streamline the online DIY tax preparation process. Launched before tax season 2024, AI Tax Assist combines 70 years of trusted tax expertise with the power and efficiency of artificial intelligence to provide real-time, reliable tax filing assistance for clients using H&R Block DIY products.

Editor’s Note:
For media assets, visit hrblock.com/tax-center/newsroom or https://www.hrblock.com/tax-center/media-kit/tax-season-2025/ for the Tax Season 2025 media kit.

About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

The MIL Network –

April 16, 2025
MIL-OSI USA: Speaker Johnson: If Democrats Have Their Way, Americans Will See the Largest Tax Increase in American History

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

WASHINGTON — Speaker Johnson released an op-ed on Tax Day warning of the disastrous consequences if Congress does not extend the tax cuts passed in 2017 under the Tax Cuts and Jobs Act.

Read the op-ed here or below:

This Tax Day, remember: if Democrats in Congress have their way, Americans will see the largest middle-class tax hike in history come next year.

That’s because the Trump tax cuts Republicans passed in 2017 are set to expire this December. Unless Congress intervenes, the average American will see a 22% increase in their taxes. For the average family of four, that means a $1,700 hike, and a Child Tax Credit that’s slashed in half for 40 million households.

The big picture for the American economy would be just as bad. Over 26 million businesses would see their federal tax rate jump to 43%, and we’d lose nearly six million jobs and $1 trillion in GDP. By every metric, allowing the Trump tax cuts to expire would be devastating for our nation and its economy.

Thankfully, last week, House Republicans took a critical step to ensure this doesn’t happen. The budget resolution we passed lays the groundwork to extend the 2017 tax cuts and rein in wasteful spending so Americans can keep more of their hard-earned money.

Right on cue, all the Left’s familiar voices trotted out the same tired talking point: “it’s just a tax break for the rich.” Of course, those voices are lying. In the aftermath of the 2017 tax cuts, middle-class families actually came out ahead. Even the left-leaning Tax Policy Center found that over 90% of middle-income earners enjoyed a tax decrease – and an economy with much greater opportunity. There were millions of new jobs, revenues were spiking, and incomes were rising in every metro area across the country for the first time in three decades. In just two years, median household incomes jumped by $5,000 – more than in the previous eight years combined.

Americans experienced the greatest economy under President Trump because we followed a simple formula for success: we produced energy at home, cut regulations, reduced the size and scope of government, and cut taxes for working families and businesses.

After four years of Bidenomics failing the American people, our country needs a new direction. Congressional Republicans are working closely with the Trump Administration to bring back the growth and prosperity everyone remembers. That starts with keeping taxes low for American families and the businesses that power our economy.

Our best days are still ahead of us.

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MIL OSI USA News –

April 16, 2025
MIL-OSI: Sidetrade reported a 22% increase in Revenue for Q1 2025, including a 26% rise in SaaS subscription.
Source: GlobeNewswire (MIL-OSI)

Robust bookings despite a challenging macroeconomic environment

€2.77 million in Annual Contract Value (ACV) in Q1 2025
- Including €1.28 million in new SaaS bookings (ARR)
- And €1.49 million in Services bookings
Solid revenue growth of +22%, driven by a +26% increase in SaaS subscriptions, reflecting strong recurring revenue momentum

Double-digit sales growth confirmed for 2025, despite ongoing market uncertainty

Sidetrade, the global leader in AI-powered Order-to-Cash applications, today announces €2.77 million in bookings for the first quarter of 2025, along with revenue growth of +22%, including a +26% increase in SaaS subscriptions.

Olivier Novasque, CEO of Sidetrade commented:

“While the start of the year has been shaped by an uncertain economic climate—particularly in the United States—we continue to deliver double-digit revenue growth quarter after quarter. In Q1, we commend the strong performance of our European bookings, reflecting solid commercial momentum among existing clients. This was driven by the adoption of new product modules and geographic expansion into new countries. This expansion within our installed base effectively offset the more cautious stance of decision-makers in the US market. Achieving a near-perfect balance (50/50) in our development model over the past three years—between bookings from Europe versus the United States on one hand, and new customer sales versus existing customer upsell on the other—has equipped us with the resilience to navigate more turbulent periods when one of these components temporarily falters. Looking ahead across all four quarters of fiscal year 2025, we are confident in our ability to maintain this equilibrium. Regarding Q1 revenue, our record bookings in 2024, combined with a revenue recurrence rate exceeding 90% and the contribution from SHS Viveon, has enabled us to achieve a strong growth of +22%, continuing the momentum from our standout 2024 performance.”

€2.77 million in Annual Contract Value (ACV) in Q1 2025
In the first quarter of 2025, Sidetrade delivered a solid performance, recording €2.77 million in Annual Contract Value (ACV) from new signed contracts, compared to €3.98 million in Q1 2024. It is important to note that Q1 2024 represented an exceptionally high comparison base, with triple-digit growth of +117%, nearing the Company’s all-time record of €4.1 million. While Q1 2025 marks a year-over-year decline of 30% against this particularly strong prior-year quarter, the performance remains robust in absolute terms and significantly exceeds the €1.83 million recorded in Q1 2023, representing a +51% increase over that period.

During the quarter, strong performance in Europe—driven by existing customers and accounting for nearly 90% of total bookings—more than offset a more mixed performance in the United States. This European momentum was supported by the successful commercialization of new product modules, including CashApps and Augmented Invoice, the latter being dedicated to electronic invoicing. In North America, bookings contributed 15% of Q1 2025 total bookings. The region faced a more cautious investment environment, as key decision-makers adopted a wait-and-see approach regarding new project commitments.

In addition, new SaaS bookings (New ARR) totaled €1.28 million, compared to €1.85 million in Q1 2024, while Services bookings totaled €1.49 million versus €2.13 million in Q1 2024.

Sidetrade’s development model—balanced between North America and Europe, and between new customer acquisitions and upsells to the existing client base—provides the Company with strong resilience against short-term market imbalances. This quarter, solid expansion sales in Europe among existing customers ultimately enabled the Company to deliver a robust overall performance, despite a more challenging macroeconomic environment in the US.

Solid revenue growth of +22%, driven by a +26% increase in SaaS subscriptions, reflecting strong recurring revenue momentum

Sidetrade

(€m)
Q1 2025 Q1 2024 Change

SaaS Subscriptions 12.1 ⁽¹⁾ 9.6 +26%

Revenue 14.3 ⁽²⁾ 11.8 +22%

All the 2025 information in this financial release is from consolidated, unaudited data.
⁽¹⁾ includes €1.35 million in recurring revenue from SHS Viveon
⁽²⁾ includes €1.90 million in total revenue from SHS Viveon

Sidetrade recorded a very strong start to fiscal year 2025, posting revenue of €14.3 million for the first quarter, representing year-over-year growth of +22%.

SaaS subscriptions reached €12.1 million in Q1 2025, reflecting year-over-year growth of 26%, including +12% on a like-for-like basis (excluding the integration of SHS Viveon). This sustained pace underscores the effectiveness of Sidetrade’s SaaS business model and its ability to efficiently convert bookings into recognized revenue.

In the first quarter of 2025, Services revenue posted modest growth of +3%, reaching €2.2 million. On a like-for-like basis (excluding the impact of SHS Viveon), this represents a decline of -20%. This trend reflects a lower volume of new large-scale projects and more limited-service engagements related to SaaS subscriptions among existing clients.

Sidetrade continued to expand its footprint with large multinationals. In Q1 2025, subscriptions from companies generating over €2.5 billion in annual revenue grew by 44%. For the first time, contracts from these large enterprises accounted for more than half of Sidetrade’s total subscription revenue, representing 53% of the total—underscoring the Company’s increasingly strong positioning within the large enterprise segment. This momentum is expected to remain a key growth driver in the coming quarters.

The integration of SHS Viveon’s operations (effective as of July 1, 2024) contributed €1.9 million to Sidetrade’s revenue in the first quarter of 2025, accounting for 13% of the total quarterly revenue.

It is important to note that all of Sidetrade’s multi-year contracts are systematically indexed to inflation—using the Syntec index for Southern Europe, the UK Consumer Price Index (CPI) for Northern Europe, and the U.S. CPI for the United States. This mechanism ensures that annual price adjustments are applied automatically to SaaS subscription fees in line with inflation trends, without the need to wait for contract renewal.

Next financial announcement
Annual General Meeting: June 18, 2025, 11:00 AM – 12:30 PM (France, Sidetrade headquarters)
First Half Year Revenue for 2025: July 16, 2025 (after the stock market closes)

Investor relations
Christelle Dhrif 00 33 6 10 46 72 00 cdhrif@sidetrade.com

Media relations
Becca Parlby 00 44 7824 5055 84 bparlby@sidetrade.com

About Sidetrade (www.sidetrade.com)
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 39.9 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Biffa, Bunzl, Engie, Inmarsat, KPMG, Lafarge, Manpower, Page, Randstad, Saint-Gobain, Securitas, Tech Data, UGI, and Veolia.
Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.

For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.

In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.

Attachment
- Another double-digit growth quarter
The MIL Network –
April 16, 2025
MIL-OSI USA: Welch, King Introduce Legislation to Prevent Costly Falls

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

Bill would establish a tax credit for home modifications that increase safety and accessibility
WASHINGTON, D.C. — U.S. Senators Peter Welch (D-Vt.) and Angus King (I-Maine) recently introduced the Home Accessibility Tax Credit Act, legislation to help prevent dangerous and costly falls. The Senators’ bill would establish a refundable tax credit for eligible home modifications designed to improve accessibility—saving both Americans with the highest risk of falling, as well as taxpayers, from the high medical costs associated with falls. In recent years, Vermont has ranked 49th in the nation for highest fall rates per capita, with over one-third of Vermonters over 65 years old reporting at least one fall in a calendar year.
“Accessible living spaces can make a big difference when it comes to preventing falls–but making structural changes to a home doesn’t come cheap. We need to do more to meet the needs of aging Vermonters, including helping folks pay for lifesaving home modifications that keep them safe,” said Senator Welch. “I’m proud to partner with Senator King on this legislation to ensure New Englanders can live safely in their homes.”
“I often say, ‘an ounce of prevention is worth a pound of cure,’ and the cheapest way to treat a broken hip is to prevent it from happening in the first place,” said Senator King. “The Home Accessibility Tax Credit Act is important legislation that would ease the financial burden of accessibility-focused home improvement projects — such as modifying doorways or installing grab bars. This is a commonsense step forward to help save Maine people from the physical danger and financial costs that can result from all-too-common falls.”
The tax credit would be equal to 35% of the cost of the qualified home modification, with a cap of $10,000 per taxable year and $30,000 in lifetime limit across all taxable years. The tax credit is targeted toward middle income families and will become phased out for higher-earners.
Eligible home modifications would include zero-step entrances, ramps, widened doors and hallways, modified counters, bathroom accessibility improvements, and the installation, replacement, or modification of appliances to make them more accessible to individuals with a vision impairment. The list of approved modifications could be updated by the Internal Revenue Service (IRS) and Health and Human Services (HHS).
Three groups would be eligible to receive the tax credit:

Individuals 60 and older;
Individuals under retirement age but entitled to social security disability insurance (SSDI), supplemental security income (SSI) or veterans disability compensation; or
Individuals at any age with a disability certification.

Read and download the full text of the bill.

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: On Tax Day, Ernst Cracks Down on the IRS

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – As Americans fork over their hard-earned money to Uncle Sam on Tax Day, U.S. Senator Joni Ernst (R-Iowa) is introducing a trio of bills to reform the Internal Revenue Service (IRS) in response to concerning reports that the agency is stockpiling weapons and filled with tax-dodging bureaucrats.
The new legislation comes after Ernst laid out a series of recommended changes for Treasury Secretary Scott Bessent to implement at “America’s least favorite government agency” to cut down on costs, increase efficiency, and better serve taxpayers.
“The spirit of 1776 is alive and well at the most unlikely of places – the IRS,” said Ernst. “The agency is stockpiling weapons and staging a tax revolt. This Tax Day, I am holding these tax collectors accountable by forcing them to live by the rules they are supposed to enforce and auditing the auditors!”
An Ernst audit revealed that more than 5,800 IRS and contractor employees owed nearly $50 million in overdue taxes. In November 2024, the IRS admitted that 2,044 employees still had tax balances totaling more than $12 million. Unfortunately, tax-dodging bureaucrats are not limited to just the IRS. In Fiscal Year 2021, the IRS found 149,000 federal employees owed approximately $1.5 billion in unpaid taxes.
Ernst is cracking down on tax-dodging tax collectors and taxpayer-funded bureaucrats with her:
Congressman Randy Feenstra (R-Iowa) is introducing the Tax DODGER Act in the House of Representatives.
While many IRS agents have not been paying their taxes, that has not stopped them from spending millions of your tax dollars to stockpile enough weapons to make the agency one of the 50 largest police forces in America.
In response to the IRS stockpiling weapons, Ernst is introducing the Why Does the IRS Need Guns Act to prohibit the IRS from using federal funds to purchase, store, or transfer guns or ammo. Any guns and ammo currently in IRS possession would be required to be sold at auction with the proceeds going to pay down the debt.
Congressman Barry Moore (R-Ala.) is introducing the Why Does the IRS Need Guns Act in the House of Representatives.
“The IRS has consistently been weaponized against American citizens, targeted religious organizations, journalists, gun owners, and everyday Americans,” said Moore. “Arming these agents does not make the American public safer. My legislation, the Why Does the IRS Need Guns Act, would disarm these agents, auction off their guns to Federal Firearms License Owners, and sell their ammunition to the public. The only thing IRS agents should be armed with are calculators.”

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: Maryland Man Convicted of Failing to Pay Payroll Taxes

Source: US State Government of Utah

A federal jury convicted a Maryland man yesterday of 16 counts of failing to collect and pay over payroll taxes.

The following is according to court documents and evidence presented at trial: Brett Hill, of Parkton and Berlin, was the Chief Executive Officer of two telecommunications companies. As such, Hill was responsible for withholding federal income, Social Security, and Medicare taxes from his employees’ wages and paying those funds over to the government. He was also responsible for filing tax returns each quarter and for paying over the companies’ share of Social Security and Medicare taxes. From the second quarter of 2016 through fourth quarter of 2018, Hill withheld taxes from his employees’ wages at one or both of his companies but did not file tax returns or pay those taxes over to the government. Hill did not pay over his companies’ share either. Instead of paying the taxes he withheld from his employees’ paychecks, Hill paid himself a salary and paid other expenses.

In total, Hill caused a tax loss to the United States of over $1 million.

Hill will be sentenced at a later date. He faces a maximum penalty of five years in prison for each count of failing to collect and pay over taxes. 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 made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Shawn T. Noud and Catriona M. Coppler of the Tax Division are prosecuting the case.

MIL OSI USA News –

April 16, 2025
MIL-OSI Security: Maryland Man Convicted of Failing to Pay Payroll Taxes

Source: United States Attorneys General 13

A federal jury convicted a Maryland man yesterday of 16 counts of failing to collect and pay over payroll taxes.

The following is according to court documents and evidence presented at trial: Brett Hill, of Parkton and Berlin, was the Chief Executive Officer of two telecommunications companies. As such, Hill was responsible for withholding federal income, Social Security, and Medicare taxes from his employees’ wages and paying those funds over to the government. He was also responsible for filing tax returns each quarter and for paying over the companies’ share of Social Security and Medicare taxes. From the second quarter of 2016 through fourth quarter of 2018, Hill withheld taxes from his employees’ wages at one or both of his companies but did not file tax returns or pay those taxes over to the government. Hill did not pay over his companies’ share either. Instead of paying the taxes he withheld from his employees’ paychecks, Hill paid himself a salary and paid other expenses.

In total, Hill caused a tax loss to the United States of over $1 million.

Hill will be sentenced at a later date. He faces a maximum penalty of five years in prison for each count of failing to collect and pay over taxes. 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 made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Shawn T. Noud and Catriona M. Coppler of the Tax Division are prosecuting the case.

MIL Security OSI –

April 16, 2025
MIL-OSI USA: Ahead of Tax Day, Warren, Wyden, Pocan Demand Intuit Explain Continued Efforts to Kill IRS’ Free Filing Alternative, Overcharge Taxpayers on TurboTax

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

Senator Warren’s office tested TurboTax, finding that a sample taxpayer would pay $128 to file her taxes using TurboTax’s “free” software, while being upsold multiple times in the process.

Intuit spent nearly $4 million in 2023 and again in 2024 to sabotage “Direct File,” the IRS’ free tax filing program

Washington, D.C. – Ahead of Tax Day, U.S. Senators Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, and Ron Wyden (D-Mass.), Ranking Member of the Senate Finance Committee, along with Representative Mark Pocan (D-Wisc.), pressed Intuit on the company’s lobbying to end Direct File, a free tool for taxpayers to file directly with the Internal Revenue Service (IRS), and its misleading sales tactics to upsell customers using TurboTax.

In 2024, the IRS launched Direct File, an online program that allows people with simple filing situations to file their taxes online for free and directly with the IRS. Direct File has helped hundreds of thousands of taxpayers file their taxes accurately and securely. The program received excellent reviews and has expanded to 25 states and over 30 million eligible Americans.

Despite Treasury Secretary Bessent’s promise to keep Direct File going through the 2025 tax filing season, the long-term future of the program continues to be threatened, in no small part due to Intuit’s lobbying. Intuit has spent nearly $4 million in 2023 and again in 2024 attempting to kill the program. During the 2024 election cycle, Intuit joined other commercial tax preparation companies to make large donations to Republican congressmembers who later worked to eliminate Direct File. Recent reports also indicate that some members of the Department of Government Efficiency (DOGE) hope to end Direct File entirely, and Republican lawmakers, bankrolled by Intuit, have continued to call on the Trump Administration to end the program.

Intuit also has a history of misleading customers about costs, relentlessly upselling taxpayers, and misusing customer data. A simulated filing by Senator Warren’s office found that these efforts continue. Despite TurboTax’s promises that its services are free, Senator Warren’s office found that a sample taxpayer would pay $128 to file her taxes, while being upsold multiple times in the process. In comparison, the cost for that same taxpayer would be $0 on DirectFile with no upselling.

“It is unconscionable that Intuit is engaged in an ‘aggressive’ and ‘covert’ war on Direct File, which makes it easy and free for millions of taxpayers across the country to file their taxes, while misleading, upselling, and overcharging them for your own services. You should end these abusive tactics and relinquish your efforts to eliminate Direct File once and for all,” concluded the lawmakers.

The lawmakers pressed Intuit for more information on its efforts to eliminate Direct File, its relentless upselling tactics through TurboTax, and its lobbying and donations over the last year.

Senator Warren is leading voice in advocating for low-income taxpayers and for improved IRS resources:
In February 2025, Senators Elizabeth Warren and Bill Cassidy (R-La.) reintroduced the Internal Revenue Service Math and Taxpayer Help (IRS MATH) Act, to improve math error notices — an Internal Revenue Service (IRS) authority used to quickly adjust taxpayers’ returns.
In January 2025, Senator Elizabeth Warren led over 135 members of Congress in writing to Treasury Secretary-Designate Scott Bessent and Internal Revenue Services’ (IRS) Commissioner-Designate Billy Long, urging them to maintain and expand the IRS’ Direct File program.
In October 2024, Senators Elizabeth Warren, Ron Wyden (D-Ore.), and Representative Katie Porter (D-Calif.) wrote to the Department of the Treasury and the Internal Revenue Service urging the agencies to make the Direct File tax filing program more secure and accessible by ending reliance on ID.me, which uses a flawed facial recognition software.
In April 2024, following the 2024 tax filing deadline, at a hearing of the U.S. Senate Committee on Finance, Senator Elizabeth Warren questioned IRS Commissioner Daniel I. Werfel, on the IRS’s use of Inflation Reduction Act funds to successfully pilot a Direct File program, a first-of-its-kind option for Americans in twelve states to be able to file their taxes online directly with the IRS, easily and for free.
In April 2024, Senator Warren and colleagues applauded the success of Direct File’s Pilot during the 2024 tax filing season, highlighting rave reviews, millions of dollars in refunds claimed and filing fees saved.
In April 2024, Senator Warren sent a letter to Chair Lina M. Khan of the Federal Trade Commission (FTC), blasting Intuit, the maker of TurboTax, for continuing to relentlessly upsell TurboTax users despite numerous FTC and state lawsuits and settlements. Senator Warren applauded the FTC’s oversight of Intuit, and urged the Commission to continue to take action to protect taxpayers from tax preparation companies that pile junk fees onto users.
In March 2024, Senator Warren celebrated the successful launch of the IRS’s Direct File pilot.
In March 2024, Senator Warren highlighted the positive feedback that the IRS’s Direct File pilot in 12 states has received from taxpayers and asked Secretary of the Treasury Janet Yellen to commit to expanding and extending the program in 2025 if positive feedback continues, which Yellen agreed to.
In February 2024, Senators Warren, Blumenthal, Sanders, and Representative Porter sent a response to Intuit, blasting the company for its failure to answer basic questions the lawmakers asked in their January 2, 2024 letter seeking an accounting of the expenses underlying the company’s massive federal research tax breaks.
In January 2024, Senators Warren, Blumenthal (D-Conn.), and Bernie Sanders (I-Vt.), and Representative Katie Porter (D-Calif.) sent a letter to Intuit requesting a full accounting of the expenses underlying the company’s massive federal research tax breaks by January 16, 2024. Intuit disclosed that it received $94 million in federal research tax credits in 2022, while simultaneously spending millions lobbying against the establishment of a free program for Americans to file their taxes online.
In October 2023, Senators Warren, Ron Wyden (D-Ore.), Chair of the Senate Finance Committee, Blumenthal, Tammy Duckworth (D-Ill.), Sanders, Sheldon Whitehouse (D-R.I.), and Representative Porter sent letters to five tax preparation companies—H&R Block, TaxAct, TaxSlayer, Ramsey Solutions, and Intuit—that recently received notices of penalty offenses from the Federal Trade Commission (FTC) regarding the misuse of taxpayer’s sensitive and confidential information.
In October 2023, Senators Warren and Patty Murray (D-Wash.), Chair of the Senate Appropriations Committee, and Representatives Porter, Brad Sherman (D-Calif.), and Don Beyer (D-Va.) released a statement supporting the U.S. Department of Treasury and the Internal Revenue Service (IRS) joint announcement of their 2024 pilot of Direct File, a program that allows Americans to file tax returns digitally and free of charge. The lawmakers acknowledged the Inflation Reduction Act’s role in the program’s development, and stated their intention to support the IRS’s efforts to develop and expand the Direct File pilot.
In August 2023, Senator Warren and Representative Porter sent a letter to the Free File Alliance, the American Coalition for Taxpayer Rights, Intuit, and H&R Block admonishing the companies’ relentless lobbying against the Internal Revenue Service’s (IRS) direct free filing tool.
In July 2023, Senators Warren, Wyden, Blumenthal, Duckworth, Sanders, and Whitehouse and Representative Porter released a report revealing the outrageous, extensive, and potentially illegal sharing of taxpayers’ sensitive personal and financial information with Meta by online tax preparation companies. The lawmakers also sent a letter to the IRS, the Treasury Inspector General for Tax Administration, the Federal Trade Commission, and the Department of Justice highlighting their key findings and calling on these departments to fully investigate this matter and prosecute any company or individuals who violated the law.
In June 2023, Senators Warren and Tom Carper (D-Del.) and Representatives Sherman, Porter, and Beyer, led a coalition of 99 Democratic lawmakers in a letter to IRS Commissioner Daniel Werfel and Deputy Treasury Secretary Adewale Adeyemo, applauding the IRS’s announcement of a pilot of a free tax filing tool next year.
In May 2023, Senator Warren’s call for a Free E-File Program was finally answered by the IRS through the Inflation Reduction Act .
In April 2023, Senators Warren and Carper led 29 other senators in a letter to the IRS Commissioner, urging the agency to simplify the tax process and broaden access to free e-filing options.
In April 2023, at a hearing of the Senate Finance Committee, Senator Warren questioned the IRS Commissioner about the agency’s failed Free-File partnership with private tax preparation software companies and called on the agency to implement a direct E-File program.
In December 2022, Senators Warren and Wyden and Representatives Porter and Sherman sent letters to tax preparation companies H&R Block, TaxAct, and TaxSlayer, plus big tech firms Meta and Google, amid reports that the tax preparation companies have been secretly transmitting individual taxpayers’ sensitive financial information to Meta and Google
In August 2022, Senator Warren highlighted key priorities she secured in the Senate’s Inflation Reduction Act, including establishing an IRS task force to look into developing and running an IRS-run free direct E-File tax return system, based on Senator Warren’s Tax Filing Simplification Act.
In July 2022, Senator Warren led 22 lawmakers to introduce the Tax Filing Simplification Act of 2022, legislation that would direct the IRS to develop its own free online tax preparation and filing service that would simplify the tax filing process for millions of Americans.
In June 2022, at a hearing of the Senate Finance Committee, Secretary of Treasury Janet Yellen agreed with Senator Warren on the need to create a free tax filing system that actually works for Americans.
In June 2022, Senator Warren and Representatives Porter and Sherman sent a letter to Richard K. Delmar, Acting Treasury Department Inspector, General, J. Russell George, Treasury Inspector General for Tax Administration, and Andrew Katsaros, Acting Inspector General at the Federal Trade Commission, regarding troubling reports of Intuit’s abuse of the revolving door and the company’s hiring of former federal regulators and influence-peddlers to defend its shady business practices. In the letter, which is a follow up to the prior April 2022 letter, the lawmakers call out Intuit for forcing American taxpayers into paying for services that should be free, and request an in-depth investigation into the company and its use of the revolving door to influence policy decisions at those agencies.
In April 2022, Senator Warren and Representatives Sherman and Porter sent a letter to Intuit regarding the company’s unethical use of the revolving door to hire former regulators to defend their shady business practices that scam taxpayers out of billions of dollars. In June 2022, the lawmakers sent a follow-up.
In February 2022, Senator Warren and Representative Pramila Jayapal (D-Wash.) sent a letter to the Acting Inspector General of the Department of Treasury and the Treasury Inspector General for Tax Administration, calling on them to open an investigation into the unethical revolving door between the world’s largest accounting firms and the Treasury Department and IRS.
In February 2022, Senator Warren made the case for increased funding for the Internal Revenue Service (IRS) through the Build Back Better Act and called on the administration to create the simplified filing tools proposed in her Tax Filing Simplification Act.

Category: Taxation

India Reinforces Commitment to Energy Security and Exploration Growth: Shri Hardeep Singh Puri at OALP IX & Special DSF Signing CeremonyIndia Accelerates Scientific Exploration: 76% of Active E&P Area Opened Since 2014, 28 Blocks Awarded Under OALP Round-IX

NITI Aayog launches Report on ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’Global trade market for power and hand tools worth ~$ 100 billion is projected to reach ~$ 190 billion by 2035

Hunger in the breadbasket of the world

Food pantries struggle to keep up

Scaling back benefits in 2022

Hunger is up, SNAP enrollment is down

India Reinforces Commitment to Energy Security and Exploration Growth: Shri Hardeep Singh Puri at OALP IX & Special DSF Signing Ceremony

India Accelerates Scientific Exploration: 76% of Active E&P Area Opened Since 2014, 28 Blocks Awarded Under OALP Round-IX

NITI Aayog launches Report on ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’

Global trade market for power and hand tools worth ~$ 100 billion is projected to reach ~$ 190 billion by 2035