Category: Taxation

MIL-OSI Australia: Building the allied health workforce in Southern NSW

Source: New South Wales Government 2

Headline: Building the allied health workforce in Southern NSW

Published: 4 March 2025

Released by: Minister for Regional Health, Minister for Regional NSW

The Rural Allied Health Educator Pilot Program, a joint venture between NSW Health and the Department of Primary Industries and Regional Development (DPIRD), is building a pipeline of allied health clinicians in rural, regional and remote communities, by boosting the number of student placements in Southern NSW Local Health District (SNSWLHD).

SNSWLHD developed a new student-led clinic as part of its program to assess and provide therapy for pre-school children in Moruya. Ten allied health students have gone through the program with more planned for 2025.

The program is enticing allied health students to stay and take up full time roles in rural, regional and remote locations.

A survey of students participating in the program found prior to commencing placement only 56.2 per cent were interested in working for NSW Health in a rural area as a graduate.

Following completion of placement, 85 per cent were more interested in working for NSW Health in a rural area as an allied health graduate and 95 per cent of students were satisfied with their placement experience and would recommend a rural placement to other students.

Allied health clinical placements typically take 4-8 weeks and give students experience across a range of clinical areas relevant to their profession.

At SNSWLHD, the allied health educators supervise students directly and work with universities to coordinate placements.

Amy Cooke and Joanne Li completed their allied health student placement at Moruya Hospital in February 2025 where they worked with the Brighter Beginnings program, delivering paediatric development screening, communication and occupational therapy assessments and interventions.

The $1 million Rural Allied Health Educator Pilot Program is a joint venture between NSW Health and the Department of Primary Industries and Regional Development across Hunter New England, Western NSW, Far West, Murrumbidgee and Southern NSW Local Health Districts.

DPIRD has invested $1 million per year over three years into the Rural Allied Health Educator Pilot Program.

For further information visit the Allied health professions in NSW Health webpage .

Quotes attributable to Regional Health Minister, Ryan Park:

“Staffing is one of the most critical issues we face in the healthcare system, and in regional, rural and remote locations that problem is amplified.

“I am really proud a program like this is having great results at encouraging allied health students to take up a rewarding role in the bush.

“The Minns Labor Government is committed to boosting our allied health workforce by increasing training and education pathways for students in rural and regional NSW.”

Quotes attributable to Minister for Regional New South Wales, Tara Moriarty:

“We support the Rural Allied Health Educator Program through funding these important regional allied health workforces.

“Getting essential workers into regional NSW is a major focus of the Government and this program plays a role in that plan.

“The students also have the opportunity to participate in The Welcome Experience while on placement.

“The Welcome Experience is a service which provides essential workers the support they need to make the move into live and work in regional communities by assisting them to get to know the local area and people first.”

Quotes attributable to Member for Bega, Dr Michael Holland:

“It’s really positive to hear this program is encouraging students to take up positions in regional, rural and remote hospitals.

“I spent many, many years working in regional and rural hospitals, and I can say that it is incredibly rewarding.”

Quotes attributable to Allied Health Educator, Cathie Matthews:

“The allied health students have been an integral part of our Brighter Beginnings and Speech Pathology Services offered to preschools in the Eurobodalla region.

“It has been great to see them develop their clinical skills working with our occupational therapists and Education colleagues to support children’s communication development.

“Providing students with quality clinical placements to develop their skills and love of allied health in the incredible communities found in our regions, and carry that passion with them through their careers has been an amazing privilege.”

Quotes attributable to Allied Health Student, Joanne Li:

“This rural placement has been thoroughly enjoyable and a wonderful opportunity to increase my knowledge and experience in the field.

“We have been able to work with a multi-disciplinary team to help provide screenings and interventions at preschools, which has greatly increased our knowledge and experience. The Southern Coast is beautiful with so much to offer, and the lack of traffic is such a luxury.”

Quotes attributable to Allied Health Student, Amy Cooke:

“I have loved undertaking my placement in the Eurobodalla region. It has been a wonderful opportunity to take the time away from my family commitments and focus on my learning and development in such a beautiful location.

“It has felt like a working holiday – enjoying the traffic free roads, friendly community and taking in all the sights along the coastline.”

MIL-OSI Australia: Happy to hear from us a little less?

Source: Australian Department of Revenue

We’ve stopped issuing automated statement of accounts (SOAs) when the only transaction on an account is a general interest charge (GIC).

This means there’ll be less ATO correspondence for you or your clients to receive and process, but you’ll still have access to up-to-date account information when it comes to interest accruing on debts.

You can view your clients’ account balances and recent transactions in Online services for agents.
Your clients can view their account balance and recent transactions in ATO online services.
Our regular debt correspondence with taxpayers will continue to advise that GIC may accrue until the debt is paid in full, and the amount owing will include any GIC incurred up to that point.
In certain circumstances, we may send taxpayers reminders by SMS, myGov message or email that GIC is accruing.
You or your client can contact us to request a SOA at any time.

We’ll continue to issue SOAs for other events, such as when interest accrues on early payments, when credits or refunds are used to offset other debts, and in some cases, when a Notice of Assessment issues.

MIL-OSI Australia: Highlights from the 2025 SMSFA conference

Source: Australian Department of Revenue

The 2025 SMSF Association conference was a great success, with Deputy Commissioner Emma Rosenzweig, Superannuation and Employer Obligations, speaking in collaboration with Leah Sciacca, Senior Executive Leader, Financial Advice & Investment Management, from ASIC. They discussed regulatory issues and updates:

Non-lodgment of Self-Managed Super Fund annual returns (SARs) continues to be a concern. If a trustee fails to lodge on time and doesn’t contact us, their SMSF’s compliance status could be removed from Super Fund lookup. This can stop rollovers and impact employer contributions; trustees may also face penalties.
The SMSF illegal early access gap decreased from $256.1 million in 2020–21 to $250.1 million in 2021–22. The latest estimate shows the amount accessed illegally either blatantly, or through prohibited loans being $481.8 million this is a statistically significant increase from the 2021 estimate. Prohibited loans contributed to this increase, highlighting the ongoing need for compliance.
Identity fraud and scams continue to rise in the SMSF sector. We’ve strengthened identity checks, but its important trustees educate themselves about being vigilant to identity fraudsters.
Recent changes to the Tax Practitioners Board Code of Conduct reinforce obligations for registered agents. They include maintaining client records, providing advice, and managing conflicts of interest and confidentiality.
Trustees not actioning release authorities. This means super could be taxed concessionally when it shouldn’t be and there are consequences for this.
The proposed commencement of Payday Super in July 2026 will almost certainly drive significant change for funds in the way contributions are received.

For more detailed information, you can read Emma’s speech from the conference.

We also released our last education module Running a SMSFExternal Link at our booth. This completes our suite of resources which help trustees understand their obligations are each stage of an SMSF’s lifecycle.

Looking for the latest news for SMSFs? You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.

are a qualified person for the purposes of Division 1A of the former Part IIIA of the ITAA 1936

MIL-OSI Australia: Average dividend and franking credit yields

Source: Australian Department of Revenue

When to use these yields

You can use these yields if you made an election under former section 160APHR of the Income Tax Assessment Act 1936 (ITAA 1936). This means you:

will not be denied a franking credit or tax offset under paragraph 207-145(1)(a) of the Income Tax Assessment Act 1997.

Note: Under the simplified imputation system, applying from 1 July 2002, franking accounts are expressed in dollars of tax paid, rather than the corresponding taxable income. From this time, average franking credit yield equals average franking rebate yield.

Example: how to calculate average franking credit yield for periods prior to 1 July 2002 before the franking accounts were expressed in dollars of tax paid.

The yields for the 12 months to 30 June 1999 are:

average dividend yield – 3.65%
average franking rebate yield – 1.44%
average franking credit yield – 1.44% × (64 ÷ 36) = 2.56%.

End of example

Find out more in TD 2007/11 Income tax: imputation: franked distributions: qualified persons: does an entity have to be a qualified person within the meaning of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936.

List of yields

These yields are calculated with the assistance of S&P Dow Jones Indices and are generally available by the middle of the following month.

2025 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 January	3.07%	0.96%

2024 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 December	3.10%	0.97%
30 November	3.12%	0.97%
31 October	3.18%	0.99%
30 September	3.23%	1.01%
31 August	3.19%	0.99%
31 July	3.83%	1.22%
30 June	3.86%	1.23%
31 May	3.89%	1.24%
30 April	3.92%	1.26%
31 March	3.95%	1.27%
29 February	3.25%	1.04%
31 January	4.14%	1.37%

2023 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 December	4.15%	1.37%
30 November	4.17%	1.38%
31 October	4.12%	1.38%
30 September	4.12%	1.38%
31 August	4.58%	1.57%
31 July	4.49%	1.53%
30 June	4.51%	1.54%
31 May	4.51%	1.55%
30 April	4.46%	1.53%
31 March	4.44%	1.52%
28 February	3.95%	1.31%
31 January	4.40%	1.51%

2022 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 December	4.41%	1.51%
30 November	4.39%	1.50%
31 October	4.36%	1.49%
30 September	4.32%	1.48%
31 August	4.01%	1.36%
31 July	3.99%	1.36%
30 June	3.97%	1.35%
31 May	3.95%	1.34%
30 April	3.94%	1.34%
31 March	3.97%	1.35%
28 February	4.17%	1.45%
31 January	3.61%	1.22%

2021 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 December	3.64%	1.23%
30 November	3.66%	1.24%
31 October	3.52%	1.19%
30 September	3.57%	1.21%
31 August	2.96%	0.94%
31 July	2.97%	0.97%
30 June	3.02%	0.99%
31 May	3.03%	1.01%
30 April	2.80%	0.91%
31 March	2.87%	0.93%
28 February	2.81%	0.89%
31 January	2.93%	0.93%

2020 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 December	2.93%	0.93%
30 November	3.00%	0.94%
31 October	3.29%	1.03%
30 September	3.29%	1.03%
31 August	3.52%	1.12%
31 July	3.62%	1.14%
30 June	3.60%	1.13%
31 May	3.69%	1.13%
30 April	4.05%	1.29%
31 March	4.03%	1.28%
29 February	3.84%	1.20%
31 January	3.98%	1.26%

2019 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 December	4.04%	1.28%
30 November	4.10%	1.30%
31 October	4.15%	1.34%
30 September	4.20%	1.36%
31 August	4.14%	1.35%
31 July	4.18%	1.36%
30 June	4.20%	1.36%
31 May	4.21%	1.37%
30 April	4.23%	1.38%
31 March	4.25%	1.39%
28 February	4.22%	1.39%
31 January	4.16%	1.35%

2018 yields
For the months ending	Average dividend yield (%)	Average franking rebate yield (%)
31 December	4.15%	1.35%
30 November	4.11%	1.34%
31 October	4.11%	1.34%
30 September	4.10%	1.34%
31 August	4.13%	1.35%
31 July	4.11%	1.34%
30 June	4.15%	1.35%
31 May	4.16%	1.36%
30 April	4.18%	1.36%
31 March	4.18%	1.36%
28 February	4.29%	1.39%
31 January	4.19%	1.36%

Find yields going back to 1998 on data.gov.auExternal Link.

S&P Dow Jones Indices

The ‘All Ordinaries’ is a product of S&P Dow Jones Indices LLC or its affiliates (‘SPDJI’) and ASX Operations Pty Ltd., S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (‘S&P’); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (‘Dow Jones’); ASX, ALL ORDINARIES are trademarks of ASX Operations Pty Ltd. SPDJI, Dow Jones, S&P, their respective affiliates, or ASX Operations Pty Ltd. and none of such parties make any representation regarding the advisability of investing in investment product(s) nor do they have any liability for any errors, omissions, or interruptions of the All Ordinaries.

MIL-OSI Australia: A new era for community foundations

Source: Australian Treasurer

The Albanese Government is delivering on its commitment to strengthen Australia’s philanthropic sector through historic reforms to support community foundations.

Community foundations pool donations from individuals, businesses and institutions to fund local initiatives and address community needs. A community foundation operates as a permanent, independent trust, investing funds to generate ongoing grants for charities and grassroots projects within a specific region.

With the publication of the Taxation Administration (Community Charity) Guidelines 2025, our new pathway to deductible gift recipient status for these community based charities is now established.

By fostering local giving and collaboration, community foundations strengthen social cohesion and drive long‑term, place‑based change.

Community foundations are located across Australia, in regions including Bass Coast, Geelong, Mackay, Alice Springs, the Eyre Peninsula, Albany and Fremantle. Community foundations support a wide range of initiatives, including education, mental health, social inclusion, environmental sustainability and disaster recovery.

Prior to this reform, community foundations have faced barriers attracting donations from private ancillary funds, which are used by individuals and families for private giving. Community foundations have also been constrained from directly supporting community groups that don’t have deductible gift recipient status.

The Community Charity Guidelines were developed in close consultation with the charitable sector. Community Foundations Australia Chair, Ben Rodgers, has said of the new guidelines:

‘The implementation of this reform brings more than 20 years of sector‑wide advocacy to a successful close, creating a new and better tax and regulatory framework for community foundations, in recognition of the vital role they play building thriving communities across Australia.’

Philanthropy Australia’s Chair, Maree Sidey, has said:

‘It’s vital that our policy and regulatory environment empowers people to give … these reforms remove big roadblocks, helping unlock the flow of more resources to important community initiatives,’

Labor’s support for community foundations is part of our goal to double philanthropic giving by 2030. We know that when charities thrive, communities thrive – and these reforms will provide a significant boost to the sector.

This reform reflects the Albanese Government’s commitment to fostering a robust charity sector and more resilient communities. It builds on our achievements to date. Since coming into government, the Australian Government has:

Improved the deductible gift recipient system by creating a new pathway for community foundations to access tax deductible status.
Streamlined the deductible gift recipient application process for environmental organisations, harm prevention charities, cultural organisations, and overseas aid organisations.
Introduced legislation to give the Australian Charities and Not‑for‑profits Commission greater discretion to comment publicly on harmful breaches of compliance, to better support public trust and confidence in the regulatory framework.
Appointed a widely respected charity sector expert, Sue Woodward, to head the Australian Charities and Not‑for‑profits Commission.
Refreshed the Australian Charities and Not‑for‑profits Commission Advisory Board to be more representative of the charity sector, bringing First Nations, CALD and youth voices onto the Board.
Sent a clear signal that charitable advocacy is supported and welcomed by this government.
Funded a new General Social Survey with new questions on participation in volunteering and involvement in cultural events and cultural activities, and providing insights reflecting the impact of giving, participation, and purpose driven activity.
Worked with state and territory governments to streamline and harmonise charitable fundraising rules across jurisdictions.
Appointed representatives from all states and territories to the advisory board of the Australian Charities and Not‑for‑profits Commission

Our government is proud to work alongside the charitable sector to create a stronger, more generous Australia.

Quotes attributable to Assistant Minister for Charities, Dr Andrew Leigh MP

“These reforms will make it easier for people to support charitable foundations in their local area.”

“The Australian Government has set a target of doubling philanthropic giving by 2030, and this announcement is an important step towards that goal.”

“By reducing the paperwork burden and expanding eligibility for tax‑deductible donations, the Albanese Government is ensuring that more money flows to charities that are making a real difference in people’s lives.”

MIL-OSI: DMG Blockchain Solutions Reports First Quarter 2025 Results and February Operations Update

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its fiscal first quarter 2025 financial results. All financial references are in Canadian Dollars unless specified otherwise. Readers are encouraged to review the Company’s December 31, 2024 quarterly unaudited financial statements and management’s discussion and analysis thereof for a fulsome assessment of the Company’s performance and applicable risk factors, available at www.sedarplus.ca.

Q1 2025 Financial Results Highlights

Revenue: $11.6 million in Q1 2025, up 97% from $5.9 million in Q4 2024 and up 20% from $9.7 million in Q1 2024.
Bitcoin Mined: 97 bitcoin mined in Q1 2025, up 49% from Q4 2024.
Cash Flow from Operations: -$2.7 million in Q1 2025, versus +$1.3 million in Q4 2024, as the Company sold $4 million less bitcoin than it earned.
Hashrate: 1.62 EH/s for Q1 2025, up 65% sequentially and 68% year-over-year; now operating at 1.8 EH/s with the goal to reach 2.1 EH/s in March 2025.
Fleet Efficiency: 22.9 J/TH in Q1 2025, an improvement of 7% from Q4 2024; targeting 21 J/TH when hydro miners are fully energized.
Cash and Digital Assets: $58.2 million as of quarter-end Q1 2025, up 62% from Q4 2024 and up 110% from Q1 2024.
Net Loss: -$0.02 per share in Q1 2025, versus -$0.05 per share in Q4 2024 and $0.04 in Q1 2024.

Preliminary February Operational Results

Bitcoin Mined: 27 BTC (vs 31 BTC in Jan 2025, in line with 28 days and curtailment)
Hashrate: 1.71 EH/s (vs 1.75 EH/s in Jan 2025)
Bitcoin Holdings: 443 BTC (vs 431 BTC in Jan 2025)
Days non-firm power curtailed: 3 (vs 0 in Jan 2025); average hashrate was 1.81 EH/s for period excluding curtailment

DMG’s CEO, Sheldon Bennett, commented: “In addition to growing our hashrate, the first part of our financial year 2025 marks a major step forward in our Core+ strategy and Generative Artificial Intelligence ambitions. With Systemic Trust now a Qualified Digital Asset Custodian, we are focused on onboarding new customers and ramping revenue. Our near-term roadmap to offer Systemic Trust custodial wallets that support DMG’s Petra technology along with the integration of both Helm Data Center Infrastructure Management and Reactor into Terra Pool, position us to fully enable our carbon neutral Bitcoin ecosystem. Furthermore, we have expanded our AI initiatives, with a memorandum of understanding for a 10 MW prefabricated data center in addition to our MOU to establish a joint venture with the Malahat Nation for 30 MW of AI compute capacity. We remain committed to growth in areas that can deliver the most long-term value for our shareholders.”

Financial First Quarter 2025 Financial Results Review

Revenue increased by $1,942,061 in Q1 2025 from $9,690,764 Q1 2024. The increase in revenue is attributable to increases in digital currency mining revenues of $1,489,833 due to increases in the average bitcoin price in the period of $116,580 versus $49,006 during the same period in the prior year. These increases were offset by increases in network difficulty from the same period last year.

Operating and maintenance expenses for Q1 2025 was $6,679,843, up from $5,147,651 in Q1 2024. This increase is primarily attributed to a $1,368,217 rise in utilities expenses, driven by expanded digital currency mining operations related to additional operating miners.

Research costs for Q1 2025 were $553,964, having increased by $115,785 compared to Q1 2024. Research in fiscal 2025 continues to focus on software and relates to work on Systemic Trust, Helm, Reactor and Blockseer Explorer.

General and administrative costs for Q1 2025 was $1,836,680 in comparison to $886,061 for Q1 2024. General and administrative costs consist mostly of wages, professional fees, consulting fees and interest expense. The overall increase of $950,619 is attributable mainly to an increase of $178,958 in consulting fees, $171,595 in wages and $422,645 in interest expense related to the Company’s credit facility with Sygnum Bank.

Depreciation for Q1 2025 was $4,349,470 compared to $4,341,782 in Q1 2024.

Net income decreased by $10,075,491 to a net loss of $3,103,001 for Q1 2025 versus net income of $6,972,490 in Q1 2024. The decrease in net loss is mainly a result of a large unrealized gain on revaluation of digital currencies in the prior year of $8,162,860 in the statement of profit and loss. A gain of $15,319,443 was recorded through other comprehensive income in the current period related to an unrealized gain on the revaluation of the balance held of digital currency. Gains related to the increase in digital currency in the prior year were offset against historical losses incurred in prior periods. Gains are recognized to the extent of any historical losses, after which gains are recognized through other comprehensive income under the accounting policies of IAS 38. Resulting in a large difference in net income between the two periods.

Total assets as of December 31, 2024 were $137,128,716, an increase of $33,259,735 versus September 30, 2024. The increase is mostly attributable to a net increase in digital currency of $19,615,571, due to the revaluation of digital currency balances at an increased price of bitcoin, $132,949 as of December 31, 2024 as compared to $88,673 as of September 30, 2024.

In Q1 2025, DMG sold 78 bitcoin, generating $7,305,976 cash, thus selling 81% of the bitcoin mined versus 143% in the prior quarter.

Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

First Quarter 2025 Results Conference Call Details

The Company will host a conference call to review its results and provide a corporate update on Tuesday, March 4, 2025 at 4:30 PM ET. Participants should register for the call via the registration link.

In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on March 4, 2025.

About DMG Blockchain Solutions Inc.

DMG is a publicly traded, sustainably-focused and vertically integrated blockchain and data center technology company that develops, manages and operates end–to-end digital solutions to monetize the blockchain and generative artificial intelligence compute ecosystems. DMG’s businesses are segmented into two business lines under the Core (data center infrastructure) and Core+ (software and services) strategies and unified through DMG’s vertical integration.

For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com

For Investor Relations:
investors@dmgblockchain.com

For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com

DMG Blockchain Solutions Inc.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian Dollars)
	Notes	As at December 31, 2024 (unaudited)	As at September 30, 2024 (audited)
ASSETS		$	$
Current
Cash and cash equivalents		4,273,533	1,679,060
Amounts receivable	6	4,802,944	4,910,251
Digital currency	5	53,943,274	34,327,703
Prepaid expense and other current assets		402,787	337,042
Marketable securities	8	359,833	316,803
Short-term investment	9	5,516,500	–
Total current assets		69,298,871	41,570,859

Long-term deposits	10	10,743,511	2,047,682
Property and equipment	12	50,194,530	53,798,978
Intangible asset		276,040	–
Long-term investments	13	45,000	45,000
Amount recoverable	7	6,570,764	6,406,462
Total assets		137,128,716	103,868,981

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Trade and other payables	14	3,748,608	5,183,107
Deferred revenue	19	7,355	–
Current portion of lease liability	15	40,071	43,483
Current portion of loans payable	16	20,020,520	13,928,462
Total current liabilities		23,816,554	19,155,052

Long-term lease liability	15	41,534	51,842
Total liabilities		23,858,088	19,206,894

Shareholders’ Equity
Share capital	17(a)	120,326,738	113,086,455
Reserves	17(b)(c)	55,036,328	45,853,100
Accumulated other comprehensive income		25,736,645	10,448,614
Accumulated deficit		(87,829,083)	(84,726,082)
Total shareholders’ equity		113,270,628	84,662,087
Total liabilities and shareholders’ equity		137,128,716	103,868,981

DMG Blockchain Solutions Inc.
Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in Canadian Dollars, except for number of shares)
(Unaudited)
		For the three months ended December 31,
	Notes	2024		2023
		$		$
Revenue	19	11,632,825		9,690,764

Expenses
Operating and maintenance costs	20(a)	6,679,843		5,147,651
General and administrative	20(b)	1,836,680		886,061
Stock-based compensation	17(b)	678,528		368,494
Research	20(c)	553,964		438,179
Bad debt (recovery) expense	6	(4,743)		3,764
Depreciation	12	4,349,470		4,341,782
Total expenses		14,093,742		11,185,931

Operating loss before other items		(2,460,917)		(1,495,167	)

Other income (expense)
Interest and other income	7	164,302		165,781
Impairment of non-current assets		37,819		–
Foreign exchange loss		(909,388)		(94,585)
Loss on fair value of investments	10	–		(609,120)
Provision of sales tax receivable	6	(307,739)		(253,900)
Unrealized revaluation gain on digital currency	5	28,083		8,162,860
Realized gain on sale of digital currency		301,809		851,870
Gain on change in fair value of marketable securities	8	43,030		244,751
Net income (loss)		(3,103,001	)	6,972,490

Other comprehensive income
Items that may be reclassified subsequently to income or loss:
Revaluation gain on digital assets	5	15,319,443		–
Cumulative translation adjustment		(31,412)		10,082
Net income and comprehensive income		12,185,030		6,982,572

Basic earnings (loss) per share	17(d)	$(0.02)		$0.04
Diluted earnings (loss) per share	17(d)	$(0.02)		$0.04
Weighted average number of shares outstanding	17(d)
– basic		185,799,634		168,147,570
– diluted		185,799,634		170,175,939

DMG Blockchain Solutions Inc.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian Dollars)
(Unaudited)
For the three months ended December 31,	2024	2023
	$	$
OPERATING ACTIVITIES
Net income (loss) for the period	(3,103,001)	6,972,490
Non-cash items:
Accretion	1,867	11,460
Depreciation	4,349,472	4,338,369
Share-based payments	678,528	368,494
Unrealized gain on revaluation of digital currency	(28,083)	(8,162,861)
Unrealized foreign exchange (gain) loss	926,984	(16,272)
Impairment of non-current assets	(37,819)	–
Unrealized gain on marketable securities	(43,030)	(244,751)
Impairment of investment	–	609,120
Provision for sales tax receivable	307,739	253,900
Bad debt (recovery) expense	(4,743)	3,764
Digital currency related revenue	(11,266,187)	(8,744,492)
Digital currency sold	7,305,976	9,445,176
Realized gain on sale of digital currency	(301,809)	(851,870)
Non-cash interest income	(164,302)	(164,632)
Accrued interest	329,604	–

Changes in non-cash operating working capital:
Prepaid expenses and other current assets	(65,745)	30,629
Amounts receivable	(101,051)	(781,682)
Deferred revenue	7,355	14,302
Trade and other payables	(1,523,145)	668,276
Net cash (used in) provided by operating activities	(2,731,390)	3,749,420

INVESTING ACTIVITIES
Purchase of property and equipment	(343,976)	(381,773)
Purchase of intangible assets	(276,040)	–
Deposits on mining equipment	(9,554,087)	(2,570,515)
Purchase of short-term investment	(5,516,500)	(609,120)
Refund of security deposit	457,325	–
Net cash used in investing activities	(15,233,278)	(3,561,408)

FINANCING ACTIVITIES
Proceeds from issuance of units	17,254,945	–
Share issuance costs	(1,570,875)	–
Proceeds from option exercises	60,913	269,776
Principal lease payments	(15,356)	(45,276)
Repayment of loan payable	(1,000,000)	–
Proceeds from secure loan	5,829,013	–
Net cash provided by financing activities	20,558,640	224,500

Impact of currency translation on cash and cash equivalents	501	(206)
Cash and cash equivalents, change	2,594,473	412,306
Cash and cash equivalents, beginning	1,679,060	1,789,913
Cash and cash equivalents, end	4,273,533	2,202,219

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

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the planned conference call, DMG’s strategies and plans, increasing hashrate and the anticipated timelines, the expected arrival and operation of the hydro miners and containers, growing the Company’s hashrate to 2.1 EH/s by March 2025, the development of Systemic Trust including generating revenues, the potential for a 10-megawatt prefabricated data center in addition to the MOU to establish a potential joint venture with the Malahat Nation for 30 megawatts of AI compute capacity, improving fleet efficiency and continuing to execute on Core+ software initiatives, onboarding of new clients to Terra Pool, the opportunity and plans to monetize bitcoin transactions, the continued investment in Bitcoin network software infrastructure and applications, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

MIL-OSI Economics: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

Source: W & T Offshore Inc

Headline: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company” or “us”) today reported operational and financial results for the fourth quarter and full year 2024, including the Company’s year-end 2024 reserve report. Detailed guidance for the first quarter of 2025 and full year 2025 was also provided, and W&T announced its dividend for the first quarter of 2025.

This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10 which are described and reconciled to the most comparable GAAP measures below in the accompanying tables under “Non-GAAP Information.”

Key highlights for the fourth quarter of 2024, the full year 2024 and since year end 2024 include:

Delivered production in full year 2024 of 33.3 thousand barrels of oil equivalent per day (“MBoe/d”) (43% oil), or 12.2 million barrels of oil equivalent (“MMBoe”). This production was within the Company’s guidance range despite impacts from three hurricanes in the Gulf of America (“GOA”) and other downtime which was mainly related to the Cox acquisition (as defined below);
- Achieved mid-point of the guidance for annual oil production and increased it by 4% year-over-year;
- Produced 32.1 MBoe/d (43% oil) or 3.0 MMBoe in fourth quarter 2024, within W&T’s guidance range;
- Announced the Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to come back online in the second quarter of 2025;
Increased year-end 2024 proved reserves at SEC pricing to 127.0 MMBoe, with oil reserves increasing 39%;
- Reported a standardized measure of discounted future net cash flows of $740.1 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a 10% annual rate (“PV-10”) of $1.2 billion, a 14% increase compared to PV-10 for year-end 2023, despite lower SEC pricing;
- Benefited from acquisitions totaling 21.7 MMBoe, along with positive well performance and technical revisions of 5.0 MMBoe, partially offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year, resulting in replacement of 219% of 2024 production with new reserves;
Incurred lease operating expenses (“LOE”) of $281.5 million in full year 2024, at the low end of the Company’s full year guidance range and $64.3 million in fourth quarter 2024, 12% below the low end of the Company’s fourth quarter guidance;
Acquired six shallow water GOA fields in January 2024 (“the Cox acquisition”), all of which are 100% working interest and located adjacent to existing W&T operations, for $77.3 million, which was funded with cash on hand;
Sold a non-core interest in Garden Banks Blocks 385 and 386 in January 2025, which included latest net production of approximately 195 barrels of oil equivalent per day (“Boe/d”) (72% oil) for $11.9 million (the “Garden Banks Disposition”), or over $60,000 per flowing barrel, after customary closing adjustments;
Received $58.5 million in cash for an insurance settlement (the “Insurance Settlement”) related to the Mobile Bay 78-1 well, in first quarter of 2025, which further bolsters W&T’s balance sheet;
Successfully refinanced the Company’s $275.0 million 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”) and $114.2 million outstanding amount under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”) with proceeds from the issuance of new $350.0 million of 10.75% Senior Second Lien Notes due 2029 (the “10.75% Notes”) in January 2025 and available cash on hand;
- Paid down and effectively reduced gross debt by around $39.0 million;
- Eliminated principal payments of $27.6 million in 2025, $25.4 million in 2026, $22.9 million in 2027 and $38.3 million in 2028;
- Lowered interest rate on the Senior Second Lien Notes by 100 basis points;
Entered into a new credit agreement in the first quarter 2025 for a $50 million revolving credit facility which matures in July 2028, that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC;
Reported net loss for full year 2024 of $87.1 million, or $(0.59) per diluted share and net loss of $23.4 million, or $(0.16) per diluted share for fourth quarter 2024;
- Adjusted Net Loss totaled $67.6 million, or $(0.46) per diluted share for full year 2024, and $26.2 million, or $(0.18) per diluted share, for fourth quarter 2024, which primarily excludes the net unrealized gain on outstanding derivative contracts, non-ARO plugging and abandonment (“P&A”) costs, other costs and the related tax effect;
Generated Adjusted EBITDA of $153.6 million in full year 2024 and $31.6 million in the fourth quarter of 2024;
Produced net cash from operating activities of $59.5 million and Free Cash Flow of $44.9 million in full year 2024;
Reported cash and cash equivalents of $109.0 million, lowered total debt to $393.2 million and lowered Net Debt to $284.2 million at December 31, 2024;
Added costless collar hedges for 50,000 million British Thermal Units per day (“MMBtu/d”) of natural gas for the period of March through December 2025;
Paid fifth consecutive quarterly dividend of $0.01 per common share in November 2024; and
- Declared first quarter 2025 dividend of $0.01 per share, which will be payable on March 24, 2025 to stockholders of record on March 17, 2025;

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We delivered solid results in 2024 thanks to our continued commitment to executing on our strategic vision focused on free cash flow generation, maintaining solid production and maximizing margins. We generated strong Adjusted EBITDA of $153.6 million and Free Cash Flow of $44.9 million for full year 2024. This was achieved despite limited contribution from the Cox acquisition as we continued to work on enhancing long-term value for these assets at the expense of deferring some near-term production. Some of this benefit is already reflected in our year-end reserves, which saw a 39% increase in oil reserves, and our PV-10 increased by almost $150 million, despite lower SEC pricing compared to year end 2023. We replaced production by over 200% with our positive revisions and acquisitions. Our focus on cost control and capturing synergies associated with our asset acquisitions contributed to our LOE coming in at the bottom end of our reduced guidance range. In addition, we are expecting further production uplift associated with the remaining fields from the Cox acquisition coming online in the second quarter of 2025 that have been shut in so that we could improve the facilities and transportation of production to enhance safety and efficiency of operations in the future.”

“In early 2025, we strengthened our balance sheet by closing the new 10.75% Notes, entered into a new revolving credit facility and added material cash through a non-core disposition and an insurance settlement. The new 10.75% Notes have an interest rate 100 basis points lower than our 11.75% Notes and received improved credit ratings from S&P and Moody’s, had a broad distribution including international investors and were significantly oversubscribed. We also received a $58.5 million cash insurance settlement payment related to a well loss event. Finally, we sold our non-core interests for $11.9 million after customary closing adjustments in Garden Banks 385 and 386 at over $60,000 per flowing barrel which is highly accretive to W&T. This further demonstrates the value of our assets and our ability to divest our properties at attractive multiples.”

Mr. Krohn concluded, “As we progress through 2025 with a stronger balance sheet, we remain poised to take advantage of potential acquisitions that will be accretive to our stakeholders. We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend in place since November 2023. Our strategy has proven to be sustainable over the past 40 plus years, and we are well-positioned to continue to successfully execute it in the future.”

Production, Prices and Revenue: Production for the fourth quarter of 2024 was 32.1 MBoe/d, within the Company’s fourth quarter guidance and up 4% compared with 31.0 MBoe/d for the third quarter of 2024 and down compared with 34.1 MBoe/d for the corresponding period in 2023. Production in the second half of 2024 was temporarily reduced mainly due to multiple named storms and third-party downtime. Fourth quarter 2024 production was comprised of 13.7 thousand barrels per day (“MBbl/d”) of oil (43%), 3.0 MBbl/d of natural gas liquids (“NGLs”) (9%), and 92.4 million cubic feet per day (“MMcf/d”) of natural gas (48%).

W&T’s average realized price per Boe before realized derivative settlements was $39.86 per Boe in the fourth quarter of 2024, a decrease of 5% from $41.92 per Boe in the third quarter of 2024 and a decrease of 4% from $41.55 per Boe in the fourth quarter of 2023. Fourth quarter 2024 oil, NGL and natural gas prices before realized derivative settlements were $68.71 per barrel of oil, $24.59 per barrel of NGL and $2.85 per Mcf of natural gas.

Revenues for the fourth quarter of 2024 were $120.3 million, which were slightly lower than the third quarter of 2024 revenues of $121.4 million driven by lower realized prices for oil. Fourth quarter 2024 revenues were approximately 9% lower than $132.3 million of revenues in the fourth quarter of 2023 due to lower average realized prices and lower production volumes.

Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was $64.3 million in the fourth quarter of 2024, which was 12% below the low end of the previously provided guidance range of $73.0 to $81.0 million. LOE came in lower than expected as the Company continued to realize synergies from asset acquisitions in late 2023 and early 2024. LOE for the fourth quarter of 2024 was approximately 11% lower compared to $72.4 million in the third quarter of 2024 primarily due to favorable audit adjustments, an increase in royalty credits and lower repairs and maintenance costs. LOE for the fourth quarter of 2024 was essentially flat compared to $64.6 million for the corresponding period in 2023. On a component basis for the fourth quarter of 2024, base LOE and insurance premiums were $53.5 million, workovers were $0.9 million, and facilities maintenance and other expenses were $9.9 million. On a unit of production basis, LOE was $21.76 per Boe in the fourth quarter of 2024. This compares to $25.37 per Boe for the third quarter of 2024 and $20.61 per Boe for the fourth quarter of 2023, reflecting a decrease in production in the periods.

Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled $5.9 million ($2.00 per Boe) in the fourth quarter of 2024, compared to $6.1 million ($2.15 per Boe) in the third quarter of 2024 and $6.6 million ($2.11 per Boe) in the fourth quarter of 2023. Gathering, transportation costs and production taxes decreased in the fourth quarter of 2024 from the prior quarter due to lower processing and transportation fees offset by increased production taxes.

Depreciation, Depletion and Amortization (“DD&A”): DD&A was $12.94 per Boe in the fourth quarter of 2024. This compares to $11.99 per Boe and $10.73 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

Asset Retirement Obligations Accretion: Asset retirement obligations accretion was $2.76 per Boe in the fourth quarter of 2024. This compares to $2.75 per Boe and $2.35 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

General & Administrative Expenses (“G&A”): G&A was $20.8 million for the fourth quarter of 2024, which increased from $19.7 million in the third quarter of 2024 primarily due to higher quarter over quarter accrual for non-cash long-term incentives and increased from $18.3 million in the fourth quarter of 2023 primarily due to higher quarter over quarter accruals for short-term incentives and non-cash long term incentives. On a unit of production basis, G&A was $7.04 per Boe in the fourth quarter of 2024 compared to $6.91 per Boe in the third quarter of 2024 and $5.82 per Boe in the corresponding period of 2023. These differences are primarily related to production variances.

Derivative (Gain) Loss, net: In the fourth quarter of 2024, W&T recorded a net loss of $2.1 million with commodity derivative contracts comprised of $2.6 million of realized losses and $0.5 million of unrealized gains related to the increase in fair value of open contracts. W&T recognized a net gain of $3.2 million in the third quarter of 2024 and a net gain of $13.2 million in the fourth quarter of 2023 related to commodity derivative activities.

To take advantage of the recent uptick in prices for natural gas, W&T recently added Henry Hub costless collars for 50,000 MMBtu/d of natural gas for the period of March through December 2025 with a floor of $3.88 per MMBtu and a ceiling of $5.125 per MMBtu.

A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

Interest Expense: Net interest expense in the fourth quarter of 2024 was $10.2 million compared to $10.0 million in the third quarter of 2024 and $9.7 million in the fourth quarter of 2023.

Other Expense: During 2021 and 2022, as a result of the declaration of bankruptcy by a third party that is the indirect successor in title to certain offshore interests that were previously divested by the Company, W&T recorded a contingent loss accrual related to anticipated non-ARO P&A costs. During the fourth quarter of 2024, the Company reassessed its existing obligations and recorded a $2.8 million decrease in the contingent loss accrual.

Income Tax (Benefit) Expense: W&T recognized an income tax benefit of $1.8 million in the fourth quarter of 2024. This compares to the recognition of an income tax benefit of $4.5 million and an income tax expense of $1.9 million for the quarters ended September 30, 2024 and December 31, 2023, respectively.

Capital Expenditures and Asset Retirement Settlements: Capital expenditures on an accrual basis (excluding acquisitions) in the fourth quarter of 2024 were $12.2 million, and asset retirement settlement costs totaled $19.3 million. For the year ended December 31, 2024, capital expenditures on an accrual basis (excluding acquisitions) totaled $28.6 million and asset retirements costs were $39.7 million. Investments related to acquisitions in the year ended December 31, 2024 totaled $80.6 million, which included $77.3 million for the Cox acquisition and $3.3 million of final purchase price adjustments related to W&T’s acquisition of properties in September 2023.

Balance Sheet and Liquidity: As of December 31, 2024, W&T had available liquidity of $159.0 million comprised of $109.0 million in unrestricted cash and cash equivalents and $50.0 million of borrowing availability under W&T’s first priority secured revolving facility provided by Calculus Lending LLC. As of December 31, 2024, the Company had total debt of $393.2 million and Net Debt of $284.2 million. As of December 31, 2024, Net Debt to trailing twelve months (“TTM”) Adjusted EBITDA was 1.8x.

Debt Refinance: On January 28, 2025 W&T closed an offering of the 10.75% Notes at par in a private offering that was exempt from registration under the Securities Act of 1933, as amended. The Company used a portion of the proceeds from the 10.75% Notes offering, along with cash on hand to, (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 11.75% Notes that were validly tendered pursuant to the terms thereof, (ii) repay $114.2 million outstanding under the Term Loan, (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 11.75% Notes not validly tendered and accepted for purchase in the tender offer, and (iv) pay premiums, fees and expenses related to these transactions. On the closing date of the offering of the 10.75% Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 11.75% Notes.

Pro forma for the debt refinance, the Garden Banks Disposition and the Insurance Settlement, as of December 31, 2024, W&T’s cash and cash equivalents would have been approximately $104.3 million, total debt would have been approximately $349.5 million and Net Debt would have been approximately $245.2 million. As of December 31, 2024, the pro forma Net Debt to TTM Adjusted EBITDA would have been 1.6x.

In conjunction with the issuance of the 10.75% Notes, the Company entered into a new credit agreement which provides the Company with a revolving credit and letter of credit facility, with initial lending commitments of $50 million with a letter of credit sublimit of $10 million. The Credit Facility matures on July 28, 2028.

Accretive Acquisition of Producing Properties in the GOA: In January 2024, W&T was the successful bidder for six fields in the GOA, including Eugene Island 64, Main Pass 61, Mobile 904, Mobile 916, South Pass 49 and West Delta 73, all of which include a 100% working interest and an average 82% net revenue interest. They are located in water depths ranging between approximately 15 and 400 feet. Their proximity to W&T’s areas of existing operations provides the ability for W&T to capture synergies regarding personnel, well optimization, gathering and transport. The final purchase price for the assets was $77.3 million, after closing costs and other transaction costs, which were funded from the Company’s cash on hand. Key highlights of the transaction included:

Added significant year-end 2024 reserves of 21.7 MMBoe (62% liquids), even after excluding 1.3 MMBoe of production during 2024;
Based on the cash consideration paid of $77.3 million, this equates to a price of $3.38 per Boe of 2024 SEC reserves booked, when adding back 2024 production of 1.3 MMBoe;
Multiple fields were immediately shut-in while improvements were made to bring them up to W&T’s standards for safety and efficiency. Those fields are expected to come back online in the first half of 2025;
- The Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to return to production in the second quarter of 2025; and
The Company believes that it can further increase production on these properties through workovers, recompletions and ongoing facility upgrades.

Non-Core Asset Disposition

In early 2025, W&T sold a non-core interest in Garden Banks Blocks 385 and 386, which included net production of approximately 195 Boe/d, for $11.9 million after normal purchase price adjustments. The effective date of the sale was December 1, 2024, and the transaction closed in January 2025. The impact to W&T’s reserves for year-end 2024 were minimal at about 0.12 MMBoe.

Full Year-End 2024 Financial Review

W&T reported a net loss for the full year 2024 of $87.1 million, or $(0.59) per diluted share, and Adjusted Net Loss of $67.6 million, or $(0.46) per diluted share. For the full year 2023, the Company reported net income of $15.6 million, or $0.11 per diluted share, and Adjusted Net Loss of $21.7 million, or $(0.15) per diluted share. W&T generated Adjusted EBITDA of $153.6 million for the full year 2024 compared to $183.2 million in 2023. The year-over-year decrease was primarily driven by lower oil and natural gas prices and decreased production. Revenues totaled $525.3 million for 2024 compared with $532.7 million in 2023. Net cash provided by operating activities for the year ended December 31, 2024 was $59.5 million compared with $115.3 million for the same period in 2023. Free Cash Flow totaled $44.9 million in 2024 compared with $63.3 million in 2023.

Production for 2024 averaged 33.3 MBoe/d for a total of 12.2 MMBoe, comprised of 5.3 MMBbl of oil, 1.2 MMBbl of NGLs and 34.3 Bcf of natural gas. Full year 2023 production averaged 34.9 MBoe/d or 12.7 MMBoe in total and was comprised of 5.1 MMBbl of oil, 1.4 MMBbl of NGLs and 37.6 Bcf of natural gas.

For the full year 2024, W&T’s average realized sales price per barrel of crude oil was $75.28 and $23.08 per barrel of NGLs and $2.65 per Mcf of natural gas. While the realized pricing for oil and natural gas were down year-over-year, the production mix was more weighted toward oil in 2024, thus the equivalent sales price for 2024 was $42.23 per Boe, which was 3% higher than the equivalent price of $41.16 per Boe realized in 2023. For 2023, the Company’s realized crude oil sales price was $75.52 per barrel, NGL sales price was $22.93 per barrel, and natural gas price was $2.93 per Mcf.

For the full year 2024, LOE was $281.5 million compared to $257.7 million in 2023. While LOE increased year-over-year in 2024 due to increased workover and facility investments, higher oil production and costs from the acquisition of additional properties in January 2024 and September 2023, W&T’s LOE for 2024 was 10% below the midpoint guidance for LOE as the Company was able to mitigate some of these increased costs through synergies from the asset acquisitions.

Gathering, transportation, and production taxes totaled $28.2 million in 2024, an increase from the $26.3 million in 2023.

For the full year 2024, G&A was $82.4 million, which was a 9% increase over the $75.5 million reported in 2023. The increase year-over-year is primarily due to increased salary and benefits costs and non-recurring legal fees that were somewhat offset by lower accruals for short-term incentives. On a per unit basis, G&A per Boe was $6.76 in 2024, up from $5.93 per Boe in 2023. G&A increased on a per Boe basis primarily due to lower production.

OPERATIONS UPDATE

Well Recompletions and Workovers

During the fourth quarter of 2024, the Company performed two workovers and two recompletions that positively impacted production for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

Year-End 2024 Proved Reserves

The Company’s year-end 2024 SEC proved reserves were 127.0 MMBoe, compared with 123.0 MMBoe at year-end 2023. In 2024, W&T recorded positive performance revisions of 5.0 MMBoe, and acquisitions of reserves of 21.7 MMBoe, which were offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year. During 2024, W&T continued to focus on reducing Net Debt while identifying and executing attractive acquisitions. Successful workovers, operational excellence and acquisitions allowed W&T to replace 219% of production with new reserves.

The SEC twelve-month first day of the month average spot prices used in the preparation of the report for year-end 2024 were $76.32 per barrel of oil and $2.13 per MMBtu of natural gas. Comparable prices used for the prior year report were $78.21 per barrel of oil and $2.64 per MMBtu of natural gas. The PV-10 of W&T’s proved reserves at year-end 2024 increased 14% to $1.2 billion from $1.1 billion at year-end 2023, driven primarily by an increase in oil reserves due to the acquisition in January 2024 and by positive reserve performance revisions which were somewhat offset by lower SEC pricing.

Approximately 51% of year-end 2024 proved reserves were liquids (41% crude oil and 10% NGLs) and 49% natural gas. The reserves were classified as 52% proved developed producing, 31% proved developed non-producing, and 17% proved undeveloped. W&T’s reserve life ratio at year-end 2024, based on year-end 2024 proved reserves and 2024 production, was 10.4 years.


	Oil		NGLs		Natural Gas				PV-10¹
	(MMBbls)		(MMBbls)		(Bcf)		MMBoe		($MM)
Proved reserves as of December 31, 2023	37.0		13.7		434.0		123.0		$	1,080.9
Revisions of previous estimates	7.4		1.8		(26.1	)	5.0
Revisions due to change in SEC prices	(0.4	)	(1.6	)	(51.0	)	(10.5	)
Purchase of minerals in place	12.9		0.3		51.8		21.7
Production	(5.3	)	(1.2	)	(34.3	)	(12.2	)
Proved reserves as of December 31, 2024	51.6		13.0		374.4		127.0		$	1,229.5

⁽¹⁾PV-10 for this presentation excludes any provisions for asset retirement obligations or income taxes.

In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average of the first-day-of-the-month price for the year ended December 31, 2024. The WTI spot price and the Henry Hub spot price were utilized as the reference prices and after adjusting for quality, transportation, fees, energy content, and regional price differentials, the average realized prices were $74.69 per barrel for oil, $22.98 per barrel for NGLs, and $2.58 per Mcf for natural gas. In determining the estimated realized price for NGLs, a ratio was computed for each field of the NGLs realized price compared to the crude oil realized price. This ratio was then applied to the crude price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future estimated production and development costs are based on year-end costs with no escalations.

The standardized measure of future net cash flows was $740.1 million at December 31, 2024, which is calculated as the PV-10 of $1,229.5 million less discounted cash outflows of $334.6 million associated with asset retirement obligations and $154.8 million associated with income taxes. At December 31, 2023, the standardized measure was $683.2 million, which is calculated as the PV-10 of $1,080.9 million less discounted cash outflows of $246.7 million associated with asset retirement obligations and $151.0 million associated with income taxes.

First Quarter and Full Year 2025 Production and Expense Guidance

The guidance for the first quarter and full year 2025 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

In the first quarter of 2025, there have been several planned facility and pipeline maintenance projects as well as unplanned downtime at several fields due to multiple winter freezes in the first quarter of 2025 that temporarily reduced production. Full year 2025 production reflects the West Delta 73 field returning to production in the second quarter as well as the other fields that were temporarily shut-in during the first quarter of 2025. First quarter 2025 LOE is expected to be higher than the prior quarter due to increased maintenance and repair costs and facility upgrades; full year 2025 LOE is expected to be modestly higher than 2024.


Production	First Quarter 2025	Full Year 2025
Oil (MBbl)	1,130 – 1,250	5,150 – 5,690
NGLs (MBbl)	205 – 235	1,020 – 1,140
Natural gas (MMcf)	7,220 – 7,980	34,880 – 38,560
Total equivalents (MBoe)	2,538 – 2,815	11,983 – 13,257
Average daily equivalents (MBoe/d)	27.6 – 30.6	32.8 – 36.3
Expenses	First Quarter 2025	Full Year 2025
Lease operating expense ($MM)	72.5 – 80.5	280.0 – 310.0
Gathering, transportation & production taxes ($MM)	6.1 – 6.9	27.1 – 30.1
General & administrative – cash ($MM)	17.8 – 19.8	62.0 – 69.0
General & administrative – non-cash ($MM)	2.1 – 2.5	10.1 – 11.3
DD&A ($ per Boe)		13.40 – 14.90

W&T expects substantially all income taxes in 2025 to be deferred.

2025 Capital Investment Program

W&T’s capital expenditure budget for 2025 is expected to be in the range of $34.0 million to $42.0 million, which excludes potential acquisition opportunities. Included in this range are planned expenditures related to asset integrations as well as ongoing costs related to the acquisitions for facilities, leasehold, seismic, and recompletions.

Plugging and abandonment expenditures are expected to be in the range of $27.0 million to $37.0 million. The Company spent approximately $40 million on these costs in 2024.

Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, March 4, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2024, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 646,200 gross acres (502,300 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 493,000 gross acres on the conventional shelf, approximately 147,700 gross acres in the deepwater and 5,500 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, sustainability initiatives, the impact of and integration of acquired assets, and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.


W&T OFFSHORE, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
Revenues:
Oil	$	86,778		$	90,862		$	94,076		$	395,620		$	381,389
NGLs		6,713			5,636			6,851			27,978			32,446
Natural gas		24,203			23,148			29,401			90,877			110,158
Other		2,651			1,726			2,012			10,786			8,663
Total revenues		120,345			121,372			132,340			525,261			532,656

Operating expenses:
Lease operating expenses		64,259			72,412			64,643			281,488			257,676
Gathering, transportation and production taxes		5,912			6,147			6,620			28,177			26,250
Depreciation, depletion, and amortization		38,208			34,206			33,658			143,025			114,677
Asset retirement obligations accretion		8,157			7,848			7,377			32,374			29,018
General and administrative expenses		20,799			19,723			18,251			82,391			75,541
Total operating expenses		137,335			140,336			130,549			567,455			503,162

Operating (loss) income		(16,990	)		(18,964	)		1,791			(42,194	)		29,494

Interest expense, net		10,226			9,992			9,729			40,454			44,689
Derivative (gain) loss, net		2,113			(3,199	)		(13,199	)		(3,589	)		(54,759	)
Other (income) expense, net		(4,118	)		15,709			3,772			18,071			5,621
(Loss) income before income taxes		(25,211	)		(41,466	)		1,489			(97,130	)		33,943
Income tax (benefit) expense		(1,849	)		(4,545	)		1,932			(9,985	)		18,345
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598

Net (loss) income per share:
Basic	$	(0.16	)	$	(0.25	)	$	—		$	(0.59	)	$	0.11
Diluted		(0.16	)		(0.25	)		—			(0.59	)		0.11

Weighted average common shares outstanding
Basic		147,365			147,206			146,578			147,133			146,483
Diluted		147,365			147,206			146,578			147,133			148,302


W&T OFFSHORE, INC.
Condensed Operating Data
(Unaudited)

	Three Months Ended
	December 31,		September 30,		December 31,		Year Ended December 31,
	2024		2024		2023		2024		2023
Net sales volumes:
Oil (MBbls)		1,263		1,210		1,219		5,255		5,050
NGLs (MBbls)		273		262		329		1,212		1,415
Natural gas (MMcf)		8,505		8,289		9,533		34,296		37,591
Total oil and natural gas (MBoe) ⁽¹⁾		2,953		2,854		3,136		12,183		12,730

Average daily equivalent sales (MBoe/d)		32.1		31.0		34.1		33.3		34.9

Average realized sales prices (before the impact of derivative settlements):
Oil ($/Bbl)	$	68.71	$	75.09	$	77.17	$	75.28	$	75.52
NGLs ($/Bbl)		24.59		21.51		20.82		23.08		22.93
Natural gas ($/Mcf)		2.85		2.79		3.08		2.65		2.93
Barrel of oil equivalent ($/Boe)		39.86		41.92		41.55		42.23		41.16

Average operating expenses per Boe ($/Boe):
Lease operating expenses	$	21.76	$	25.37	$	20.61	$	23.10	$	20.24
Gathering, transportation and production taxes		2.00		2.15		2.11		2.31		2.06
Depreciation, depletion, and amortization		12.94		11.99		10.73		11.74		9.01
Asset retirement obligations accretion		2.76		2.75		2.35		2.66		2.28
General and administrative expenses		7.04		6.91		5.82		6.76		5.93

(1) MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period.


W&T OFFSHORE, INC.
Consolidated Balance Sheets
(In thousands)
(Unaudited)

	December 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	109,003		$	173,338
Restricted cash		1,552			4,417
Receivables:
Oil and natural gas sales		63,558			52,080
Joint interest, net		25,841			15,480
Other		—			2,218
Prepaid expenses and other assets		18,504			17,447
Total current assets		218,458			264,980

Oil and natural gas properties, net		777,741			749,056
Restricted deposits for asset retirement obligations		22,730			22,272
Deferred income taxes		48,808			38,774
Other assets		31,193			38,923
Total assets	$	1,098,930		$	1,114,005

Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	83,625		$	78,857
Accrued liabilities		33,271			31,978
Undistributed oil and natural gas proceeds		53,131			42,134
Advances from joint interest partners		2,443			2,962
Current portion of asset retirement obligations		46,326			31,553
Current portion of long-term debt, net		27,288			29,368
Total current liabilities		246,084			216,852

Asset retirement obligations		502,506			467,262
Long-term debt, net		365,935			361,236
Other liabilities		16,182			19,420

Commitments and contingencies		20,800			18,043

Shareholders’ (deficit) equity:
Preferred stock		—			—
Common stock		2			1
Additional paid-in capital		595,407			586,014
Retained deficit		(623,819	)		(530,656	)
Treasury stock		(24,167	)		(24,167	)
Total shareholders’ (deficit) equity		(52,577	)		31,192
Total liabilities and shareholders’ (deficit) equity	$	1,098,930		$	1,114,005


W&T OFFSHORE, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
Operating activities:
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion, amortization and accretion		46,365			42,054			41,035			175,399			143,695
Share-based compensation		3,818			1,956			3,124			10,192			10,383
Amortization and write off of debt issuance costs		1,117			1,109			1,266			4,562			6,980
Derivative loss (gain), net		2,113			(3,199	)		(13,199	)		(3,589	)		(54,759	)
Derivative cash (settlements) receipts, net		(1,638	)		1,208			(2,809	)		4,527			(8,932	)
Deferred income (benefit) taxes		(1,941	)		(4,545	)		3,838			(10,077	)		18,485
Changes in operating assets and liabilities:								—
Accounts receivable		(17,064	)		21,913			(2,989	)		(19,621	)		12,586
Prepaid expenses and other current assets		1,792			2,502			(28,262	)		(1,450	)		(2,712	)
Accounts payable, accrued liabilities and other		3,831			(2,962	)		43,155			26,433			7,972
Asset retirement obligation settlements		(19,348	)		(8,347	)		(9,052	)		(39,692	)		(33,970	)
Net cash (used in) provided by operating activities		(4,317	)		14,768			35,664			59,539			115,326

Investing activities:
Investment in oil and natural gas properties and equipment		(14,124	)		(9,577	)		(12,139	)		(37,357	)		(41,813	)
Acquisition of property interests		—			—			1,479			(80,635	)		(27,384	)
Deposit related to acquisition of property interests		—			—			8,850			—			—
Purchase of corporate aircraft		—			—			—			—			(8,983	)
Purchases of furniture, fixtures and other		(19	)		(69	)		(347	)		(185	)		(3,428	)
Net cash used in investing activities		(14,143	)		(9,646	)		(2,157	)		(118,177	)		(81,608	)

Financing activities:
Proceeds from issuance of long-term debt		—			—			—			—			275,000
Repayments of long-term debt		(275	)		(275	)		(7,687	)		(1,100	)		(586,934	)
Debt issuance costs		(183	)		(174	)		—			(762	)		(7,380	)
Payment of dividends		(1,475	)		(1,473	)		(1,466	)		(5,902	)		(1,466	)
Other		(13	)		(31	)		(9	)		(798	)		(957	)
Net cash used in financing activities		(1,946	)		(1,953	)		(9,162	)		(8,562	)		(321,737	)
Change in cash, cash equivalents and restricted cash		(20,406	)		3,169			24,345			(67,200	)		(288,019	)
Cash, cash equivalents and restricted cash, beginning of period		130,961			127,792			153,410			177,755			465,774
Cash, cash equivalents and restricted cash, end of period	$	110,555		$	130,961		$	177,755		$	110,555		$	177,755

W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information

Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA,” “Free Cash Flow” and “PV-10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.

We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

Reconciliation of Net (Loss) Income to Adjusted Net Loss

Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include unrealized commodity derivative gain, net, allowance for credit losses, write-off of debt issuance costs, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net (loss) income of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.


	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
		(in thousands)
		(Unaudited)
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598
Unrealized commodity derivative gain, net		(497	)		(1,829	)		(14,785	)		(710	)		(58,846	)
Allowance for credit losses		118			10			28			558			37
Write-off debt issuance costs		—			—			—			—			2,330
Non-recurring legal and IT-related costs		860			(22	)		413			5,798			3,044
Non-ARO P&A costs		(2,763	)		16,627			4,137			20,925			6,246
Other		(1,302	)		(633	)		(240	)		(1,845	)		31
Tax effect of selected items ⁽¹⁾		753			(2,972	)		2,194			(5,192	)		9,903
Adjusted net loss	$	(26,193	)	$	(25,740	)	$	(8,696	)	$	(67,611	)	$	(21,657	)

Adjusted net loss per common share:
Basic	$	(0.18	)	$	(0.17	)	$	(0.06	)	$	(0.46	)	$	(0.15	)
Diluted	$	(0.18	)	$	(0.17	)	$	(0.06	)	$	(0.46	)	$	(0.15	)

Weighted average shares outstanding:
Basic		147,365			147,206			146,578			147,133			146,483
Diluted		147,365			147,206			146,578			147,133			146,483

⁽¹⁾ Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.

W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information

Adjusted EBITDA/ Free Cash Flow Reconciliations

The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax (benefit) expense, depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative gain, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, P&A costs and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

The following table presents a reconciliation of the Company’s net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:


	Three Months Ended
	December 31,				September 30,		December 31,			Year Ended December 31,
	2024				2024		2023			2024			2023
	(in thousands)
	(Unaudited)
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598
Interest expense, net		10,226			9,992			9,729			40,454			44,689
Income tax (benefit) expense		(1,849	)		(4,545	)		1,932			(9,985	)		18,345
Depreciation, depletion and amortization		38,208			34,206			33,658			143,025			114,677
Asset retirement obligations accretion		8,157			7,848			7,377			32,374			29,018
Unrealized commodity derivative gain, net		(497	)		(1,829	)		(14,785	)		(710	)		(58,846	)
Allowance for credit losses		118			10			28			558			37
Non-cash incentive compensation		3,818			1,956			3,124			10,192			10,383
Non-recurring legal and IT-related costs		860			(22	)		413			5,798			3,044
Non-ARO P&A costs		(2,763	)		16,627			4,137			20,925			6,246
Other		(1,302	)		(633	)		(240	)		(1,845	)		31
Adjusted EBITDA	$	31,614		$	26,689		$	44,930		$	153,641		$	183,222

Capital expenditures, accrual basis ⁽¹⁾	$	(12,228	)	$	(4,461	)	$	(10,319	)	$	(28,626	)	$	(41,278	)
Asset retirement obligation settlements		(19,348	)		(8,347	)		(9,052	)		(39,692	)		(33,970	)
Interest expense, net		(10,226	)		(9,992	)		(9,729	)		(40,454	)		(44,689	)
Free Cash Flow	$	(10,188	)	$	3,889		$	15,830		$	44,869		$	63,285

⁽¹⁾ A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:


Capital expenditures, accrual basis reconciliation
Investment in oil and natural gas properties and equipment	$	(14,124	)	$	(9,577	)	$	(12,139	)	$	(37,357	)	$	(41,813	)
Less: acquisition related expenditures included in investment in oil and natural gas properties and equipment		—			(4,929	)		—			(4,929	)		—
Less: changes in operating assets and liabilities associated with investing activities		(1,896	)		(187	)		(1,820	)		(3,802	)		(535	)
Capital expenditures, accrual basis	$	(12,228	)	$	(4,461	)	$	(10,319	)	$	(28,626	)	$	(41,278	)

The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:


	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
	(in thousands)
	(Unaudited)
Net cash (used in) provided by operating activities	$	(4,317	)	$	14,768		$	35,664		$	59,539		$	115,326
Allowance for credit losses		118			10			28			558			37
Amortization of debt items and other items		(1,117	)		(1,109	)		(1,266	)		(4,562	)		(6,980	)
Non-recurring legal and IT-related costs		860			(22	)		413			5,798			3,044
Current tax (benefit) expense ⁽¹⁾		92			—			(1,906	)		92			(140	)
Change in derivatives (payable) receivable ⁽¹⁾		(972	)		162			1,223			(1,648	)		4,845
Non-ARO P&A costs		(2,763	)		16,627			4,137			20,925			6,246
Changes in operating assets and liabilities, excluding asset retirement obligation settlements		11,441			(21,453	)		(11,904	)		(5,362	)		(17,846	)
Capital expenditures, accrual basis		(12,228	)		(4,461	)		(10,319	)		(28,626	)		(41,278	)
Other		(1,302	)		(633	)		(240	)		(1,845	)		31
Free Cash Flow	$	(10,188	)	$	3,889		$	15,830		$	44,869		$	63,285

⁽¹⁾ A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:


Current tax (benefit) expense:
Income tax (benefit) expense	$	(1,849	)	$	(4,545	)	$	1,932		$	(9,985	)	$	18,345
Less: Deferred income (benefit) taxes		(1,941	)		(4,545	)		3,838			(10,077	)		18,485
Current tax (benefit) expense	$	92		$	—		$	(1,906	)	$	92		$	(140	)

Changes in derivatives receivable (payable)
Derivatives (payable) receivable, end of period	$	(1,377	)	$	(405	)	$	271		$	(1,377	)	$	271
Derivatives payable (receivable), beginning of period		405			567			952			(271	)		4,574
Change in derivatives (payable) receivable	$	(972	)	$	162		$	1,223		$	(1,648	)	$	4,845

W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information

Reconciliation of PV-10 to Standardized Measure

The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the Company’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the Company’s proved oil and natural gas reserves represents a current market value of the Company’s estimated oil and natural gas reserves.

The following table presents a reconciliation of the standardized measure of discounted future net cash flows relating to the Company’s estimated proved oil and natural gas reserves, a GAAP measure, to PV-10, as defined by the Company.


	December 31,
	2024			2023
PV-10	$	1,229.5		$	1,080.9
Future income taxes, discounted at 10%		(154.8	)		(151.0	)
PV-10 before ARO		1,074.7			929.9
Present value of estimated ARO, discounted at 10%		(334.6	)		(246.7	)
Standardized measure	$	740.1		$	683.2


CONTACT:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

Source: W&T Offshore, Inc.

Released March 3, 2025

MIL OSI Economics –

MIL-OSI USA: ICYMI: NBC: ‘L.A. fire captain who fought California wildfires to attend joint address to Congress’

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

ICYMI: NBC: ‘L.A. fire captain who fought California wildfires to attend joint address to Congress’

Padilla and Líma survey the devastation of the Los Angeles fires [January 8, 2025] Additional photos of Senator Padilla and Captain Líma are available here.WASHINGTON, D.C. — In case you missed it, NBC recently highlighted U.S. Senator Alex Padilla’s (D-Calif.) announcement that Frank Líma, a longtime Los Angeles City fire captain and firefighter union leader, will be his guest at President Trump’s 2025 Address to a Joint Session of Congress. Captain Líma was on the frontlines in the fight against the devastating Los Angeles fires in January, including defending the Pacific Palisades fire station.
The article focuses on Padilla and Líma’s push for a fully supported firefighting workforce as well as federal disaster relief for Southern California communities with no strings attached — as has always been the case for disaster aid from the federal government.
Key Excerpts:
Palisades and Eaton fire survivors still need help. That’s the message Sen. Alex Padilla, D-Calif., hopes to send to Congress next week at first joint address of President Donald Trump’s second term.
Joining him at the address Tuesday will be union leader Frank Lima, a Los Angeles fire captain who helped defend the Pacific Palisades fire station when flames and scorching embers surrounded it on Jan. 7.
“As President Trump outlines his priorities for our country, we want to make clear that Los Angeles County cannot be forgotten,” Padilla said in a statement. “The community faces a long road to recovery and we need a fully staffed and supported firefighting workforce and federal support without conditions.”
Lima described the nearly weeklong siege “as a once-in-a-generation, biblical fire.” … Among the difficulties that week was persistent lack of resources, including water and staffing, within the overwhelmed fire department, whose ranks have dwindled in recent years. “We had more firefighters on duty in 1971 than we do today, yet our population doubled,” Lima told NBC News. “Our call load has increased fivefold per day. Our members are being run into the ground.”
Padilla has repeatedly questioned the Trump administration’s approach to distributing disaster aid. He pushed Doug Burgum, who is now the interior secretary, at his confirmation hearing on the question of whether conditions should be placed on aid. “Each situation is different,” Burgum said. Padilla countered that there had never been strings attached to disaster relief. “And I certainly hope this is not the first case,” he said.
Full text of the article is available here and below:
L.A. fire captain who fought California wildfires to attend joint address to Congress
By Alicia Victoria Lozano
Palisades and Eaton fire survivors still need help.
That’s the message Sen. Alex Padilla, D-Calif., hopes to send to Congress next week at first joint address of President Donald Trump’s second term.
Joining him at the address Tuesday will be union leader Frank Lima, a Los Angeles fire captain who helped defend the Pacific Palisades fire station when flames and scorching embers surrounded it on Jan. 7.
Attendees often bring guests who represent causes important to lawmakers.
“As President Trump outlines his priorities for our country, we want to make clear that Los Angeles County cannot be forgotten,” Padilla said in a statement. “The community faces a long road to recovery and we need a fully staffed and supported firefighting workforce and federal support without conditions.”
It has been nearly two months since deadly wildfires devastated the Los Angeles neighborhood of Pacific Palisades, the city of Altadena and surrounding communities in what is likely to be the costliest disaster in California’s history.
At least 29 people died, and more than 16,000 structures were destroyed.
Lima described the nearly weeklong siege “as a once-in-a-generation, biblical fire.” Hurricane-force winds ripped through large swaths of Los Angeles County, toppling trees and utility wires and sending thick smoke, ash and soot whirling across the county.
Among the difficulties that week was persistent lack of resources, including water and staffing, within the overwhelmed fire department, whose ranks have dwindled in recent years.
“We had more firefighters on duty in 1971 than we do today, yet our population doubled,” Lima told NBC News. “Our call load has increased fivefold per day. Our members are being run into the ground.”
Amid ongoing tensions over how the fires were handled, Mayor Karen Bass ousted Fire Chief Kristin Crowley last week.
The decision was made “in the best interests of Los Angeles’ public safety, and for the operations of the Los Angeles Fire Department,” Bass said in a statement.
“We know that 1,000 firefighters that could have been on duty on the morning the fires broke out were instead sent home on Chief Crowley’s watch,” Bass said.
On Thursday, Crowley appealed the decision, she said in a statement obtained by NBC Los Angeles.
The blame game has been constant since January.
When Trump viewed the destruction two weeks after the fires, he initially expressed shock and then pointed the finger at California Democratic leaders for failing to address the state’s ongoing wildfire threat.
Trump argued that wildlife protections have impeded access to water in California and then suggested he could withhold disaster aid over disagreements about voter ID laws and water policies.
Lima said Thursday: “Federal aid should not come with strings attached. Our firefighters and this community and the state need federal support.”
A recent economic impact study estimated total damages of the Palisades and Eaton fires will top $53 billion. The study, released by the nonprofit Los Angeles County Economic Development Corporation, listed “federal funding uncertainty” as a primary recovery challenge.
Padilla has repeatedly questioned the Trump administration’s approach to distributing disaster aid. He pushed Doug Burgum, who is now the interior secretary, at his confirmation hearing on the question of whether conditions should be placed on aid.
“Each situation is different,” Burgum said.
Padilla countered that there had never been strings attached to disaster relief.
“And I certainly hope this is not the first case,” he said.
Background:
Senator Padilla has fought relentlessly to secure and protect Southern Californians’ access to desperately needed disaster relief aid. In the immediate aftermath of the Los Angeles fires, Padilla and Senator Adam Schiff (D-Calif.) led 47 bipartisan members of the California Congressional delegation in successfully urging President Biden to grant Governor Gavin Newsom’s request for a major disaster declaration to expedite timely relief to Los Angeles County residents impacted by these disasters. Padilla also delivered remarks on the Senate floor urging his Republican colleagues and President Trump to provide essential disaster recovery aid to California without conditioning it on the passage of partisan legislation.
Last month, Padilla introduced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. He also announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Wildfire Emergency Act, the Fire-Safe Electrical Corridors Act, and the Disaster Mitigation and Tax Parity Act. In January, Padilla introduced another suite of bipartisan bills to strengthen wildfire recovery and resilience, including the Wildland Firefighter Paycheck Protection Act to protect firefighter pay.

MIL-OSI Economics: Tara McGee Joins ACP as Senior Director, Federal Affairs

Source: American Clean Power Association (ACP)

Headline: Tara McGee Joins ACP as Senior Director, Federal Affairs

WASHINGTON, D.C., March 3, 2025 – The American Clean Power Association (ACP) today announced that Tara McGee has joined the organization as Senior Director of Federal Affairs for tax and trade, bringing several years of legislative experience and skill.
In her new role, McGee will help lead ACP’s federal legislative engagement, working closely with policymakers, industry leaders, and key stakeholders to advance policies that support the clean energy economy.
“We are thrilled to welcome Tara to ACP’s Federal Affairs team,” said Frank Macchiarola, ACP’s Chief Advocacy Officer. “With more than a decade of experience on Capitol Hill, Tara has built a reputation as a strategic leader who fosters policy solutions and drives impactful legislation. Her deep experience in tax and trade, and relationships with policymakers will be instrumental in advancing our agenda.”
McGee most recently served as Tax and Trade Policy Advisor to U.S. Senator Shelley Moore Capito (WV), where she played a key role in advancing economic policies that support job creation, regulatory reform, and business growth. Previous roles include serving in legislative roles for U.S. Senator Roger Wicker (MS), U.S. Senator John Cornyn (TX) during his tenure as Senate Republican Whip, and Congressman Randy Neugebauer (TX-19). She is also an active member of the Tax Coalition.

MIL OSI Economics –

MIL-OSI USA: DOLA’s Division of Property Taxation Encourages Eligible Colorado Seniors to Take Advantage of the 2025-26 Qualified Senior Primary Residential Classification Property Tax Reduction

Source: US State of Colorado

The deadline is March 15 in the year the taxpayer is applying

STATEWIDE – The Qualified Senior Primary Residential Classification program is available for tax years 2025 and 2026. This allows property owners who moved between January 1, 2020 and December 31, 2025, and lost their Senior Property Tax Exemption, or those who plan to move in 2025 and would lose the exemption, to retain the property tax reduction for their new primary residence for 2025 and 2026.

“This is a great step in making sure Colorado’s aging population can keep more of their hard-earned money, and enjoy retirement. Our administration is committed to lowering property taxes for all Coloradans so small businesses and homeowners can thrive,” said Governor Polis.

For those who qualify, fifty percent (50%) percent of the first $200,000 in actual value of their primary residence real property will not be taxed unless it causes the assessed value to drop below $1,000. The classification applies to owner-occupied primary residential property, including single-family or multi-family residences, condos, townhomes or duplexes.

“At DOLA, we aim to make complicated processes simpler for all Coloradans, including seniors choosing to retire here in Colorado,” said Maria De Cambra, DOLA Executive Director. “Our staff is available to answer questions about the Qualified Senior Primary Residential Classification program to make sure eligible seniors are not losing this property tax reduction.”

ELIGIBILITY – A property owner must have previously qualified for, and received, the Senior Property Tax Exemption as of January 1, 2020, or later. If that exemption was removed, or will be, due to a change in the owner-occupier’s primary residence, then the new primary residence may qualify for this classification for tax years 2025 and/or 2026. There is also eligibility for a surviving spouse under certain conditions, and there are no income limits for this exemption.

Applicants must complete the Qualified Senior Primary Residence Classification application and submit it by mail, or in person, to the county assessor of the county in which the property is located by March 15. Late applications will be accepted until July 15, however late-filing applicants forfeit their right to appeal if the classification is denied.

Applications and instructions are available on the Division of Property Taxation website or at the county assessor of the county in which the property is located.

The property tax reduction will be reflected on the tax bill received from the county treasurer in the year following the application.

The Qualified Senior Primary Residential Classification should not be confused with programs creating tax credits tied to income tax returns or rebates managed by the Colorado Department of Revenue.

Colorado seniors can contact their local county assessor for questions regarding eligibility or the application. For questions about the program, contact the Department of Local Affairs (DOLA’s) Division of Property Taxation, at dola_dpt_frontdesk@state.co.us.

###

MIL-OSI: Guggenheim Investments Announces March 2025 Closed-End Fund Distributions

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

The following dates apply to the distributions:
Record Date	March 14, 2025
Ex-Dividend Date	March 14, 2025
Payable Date	March 31, 2025

Distribution Schedule
NYSE Ticker	Closed-End Fund Name	Distribution Per Share	Change from Previous Distribution	Frequency
AVK	Advent Convertible and Income Fund	$0.1172^†		Monthly
GBAB	Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	$0.12573^†		Monthly
GOF	Guggenheim Strategic Opportunities Fund	$0.1821^†		Monthly
GUG	Guggenheim Active Allocation Fund	$0.11875^†		Monthly

^† A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion^* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

*Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

Analyst Inquiries

William T. Korver
cefs@guggenheiminvestments.com

Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
Member FINRA/SIPC (03/25) 64065

MIL-OSI USA: Senators Coons, Moran introduce legislation to expand financing options for new energy projects

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) reintroduced the Financing Our Energy Future Act, which expands certain financing tools to all types of energy resources and infrastructure projects. The legislation would allow clean energy resources and infrastructure projects to form as master limited partnerships (MLPs), a tax structure currently only available to traditional energy projects. Newly eligible energy sources would include advanced nuclear, sustainable aviation fuel, hydrogen, biodiesel, biomass, carbon capture, and more.

“At a time when the United States needs to boost domestic energy production to meet surging demand, Congress should ensure all energy sources are competing on a level playing field,” said Senator Coons. “The Financing our Energy Future Act is a straightforward, bipartisan solution that will bolster investment in American energy projects, create good-paying jobs, and accelerate our transition to cleaner energy sources.”

“Being energy independent requires an all-of-the-above approach to energy production,” said Senator Moran. “Emerging renewable energy companies currently do not have access to a number of tax incentives available to other energy companies. Expanding these incentives to more companies will increase U.S. energy production, spur innovation, and help reduce prices for consumers.”

“NIA thanks Senator Coons and Moran for recognizing the role master limited partnerships can play in supporting our nation’s advanced nuclear energy leadership,” said Judi Greenwald, Executive Director of the Nuclear Innovation Alliance. “Their bipartisan master limited partnerships legislation will help commercialize important innovations in advanced nuclear energy and other key technologies, increase U.S. competitiveness, and create jobs.”

“The Energy Infrastructure Council commends Senators Moran and Coons, along with Representatives Estes and Thompson, for their leadership in introducing the Financing Our Energy Future Act,” said Lori Ziebart, President and CEO of the Energy Infrastructure Council. “This bipartisan legislation is one step that Congress can take this year to grow the energy economy to benefit all working-class Americans. It expands the master limited partnership structure to include new and emerging energy sources such as hydrogen, alternative energy, carbon capture and sequestration, and renewable fuels. The MLP structure has proven to be an efficient, cost-effective method for raising capital to support the development of critical energy infrastructure and provides individuals another vehicle to invest in energy infrastructure similar to real estate investment through REITS. Expanding this framework is essential as all energy sources will be needed to ensure a reliable and secure energy future. This expansion deepens the capital pool, improves market efficiency, creates jobs, and drives down costs of energy in a way that will help all Americans.”

“To strengthen its economic base and create more reliable and affordable energy, the U.S. needs tax policies that reflect the depth and breadth of America’s energy sector,” said Frank Macchiarola, American Clean Power (ACP) Association Chief Advocacy Officer. “The Financing Our Energy Future Act offers an innovative, logical approach to that challenge that will make America’s energy sector stronger and better able to serve the needs of the nation.”

“BPC Action applauds the introduction of the Financing Our Energy Future Act, an important step in incentivizing the deployment of innovative energy technologies to increase U.S. economic growth and global competitiveness,” said Michele Stockwell, President of Bipartisan Policy Center Action (BPC Action). “We commend Sens. Moran’s and Coons’ bipartisan leadership to level the playing field for novel energy projects—including around carbon capture, utilization, and storage, energy storage, advanced nuclear, and waste-to-energy—to have the same tax-advantaged structures currently available to fossil fuels.”

“As the U.S. enters a period of increasing demand growth, it is important to include all forms of reliable energy in advantageous tax and financing structures to accelerate deployment and ensure grid reliability,” said Jeremy Harrell, CEO of ClearPath Action. “We are excited to see advanced nuclear included in this proposal to help catalyze the next generation of advanced reactors through access to master limited partnerships.”

An MLP is a business structure that is taxed as a partnership but whose ownership interests are traded like corporate stock on a market. Currently, MLPs are only available to investors in energy portfolios for oil, natural gas, coal extraction, and pipeline projects. For projects to be an MLP, at least 90 percent of the project’s income must come from these sources. This legislation would amend the Internal Revenue Code to extend the publicly traded partnership ownership structure to renewable energy power generation projects.

In addition to Senators Coons and Moran, this legislation is cosponsored by Senators Susan Collins (R-Maine), John Barrasso (R-Wyo.), Roger Marshall (R-Kan.), John Cornyn (R-Texas), Angus King (I-Maine), John Curtis (R-Utah), Kevin Cramer (R-N.D.), Pete Ricketts (R-Neb.), and Mark Warner (D-Va.).

The full legislation can be read here.

MIL-OSI: James River Announces Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

PEMBROKE, Bermuda, March 03, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today reported the following results for the fourth quarter 2024 as compared to the same period in 2023:

	Three Months Ended December 31,						Three Months Ended December 31,
*($ in thousands, except for share data)*		2024		per diluted share				2023		per diluted share
Net (loss) income from continuing operations available to common shareholders	$	(92,669	)	$	(2.25	)	$	17,431		$	0.46
Net loss from discontinued operations¹		(1,372	)	$	(0.03	)		(170,211	)	$	(3.89	)
Net loss available to common shareholders		(94,041	)	$	(2.28	)		(152,780	)	$	(3.43	)
Adjusted net operating (loss) income²		(40,803	)	$	(0.99	)		12,442		$	0.33

Net loss from continuing operations available to common shareholders was $92.7 million ($2.25 per diluted share). Adjusted net operating loss² was $40.8 million ($0.99 per diluted share) for the fourth quarter of 2024. The decrease to both was largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (“E&S”) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited (“Enstar”) (“E&S Top Up ADC”) that closed on December 23, 2024. Net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (“LPTs”).

Highlights for 2024 included:

During the year we completed several strategic actions including (i) closing the sale of JRG Reinsurance Company Ltd. (“JRG Re”) to focus our business around our U.S. insurance businesses, (ii) entering into a $160.0 million combined loss portfolio transfer and adverse development cover for our E&S business (the “E&S ADC”), (iii) initiating a new strategic partnership with Enstar which, in part, entailed a $12.5 million equity investment in the Company and an additional $75.0 million E&S Top Up ADC, and (iv) amending the Certificate of Designations for our Series A Preferred Shares to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common shares (see Amendment of Series A Preferred Shares on page 5). We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future.
E&S segment gross written premium exceeded $1.0 billion for a second consecutive year, a slight increase compared to the prior year as the Company continued to focus on its leading, wholesale driven franchise. The Company had its highest levels of both new and renewal annual submission growth in five years, and positive renewal rate change of 9.0% for 2024, as compared to 9.3% for 2023.
Full year 2024 net investment income increased 10.8% compared to 2023, with a majority of asset classes reporting higher income.
Specialty Admitted Insurance segment combined ratio was 92.2% for 2024 as compared to 95.9% for 2023. Underwriting profit grew 68.6% compared to the prior year.
Shareholders’ equity per share of $10.10 decreased sequentially from $14.02 at September 30, 2024, due to the net loss from continuing operations and increase in the common shares outstanding.
The Company does not expect any meaningful losses associated with the tragic series of California wildfires.

Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus. The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

Fourth Quarter 2024 Operating Results

Gross written premium of $358.3 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	280,287	$	275,171	2	%
Specialty Admitted Insurance		78,005		114,134	(32	)%
	$	358,292	$	389,305	(8	)%

Net written premium of $114.0 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	99,684	$	146,628	(32	)%
Specialty Admitted Insurance		14,307		25,573	(44	)%
	$	113,991	$	172,201	(34	)%

Net earned premium of $105.6 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	87,275	$	153,926	(43	)%
Specialty Admitted Insurance		18,311		28,027	(35	)%
	$	105,586	$	181,953	(42	)%

Lower net retention for the E&S segment reflects the $52.8 million of ceded premium recorded upon closing the E&S Top Up ADC as well as reinstatement premium which reduced net written premiums in the fourth quarter of 2024 compared to the prior year quarter.

E&S Segment Fourth Quarter Highlights:
- The E&S segment grew gross written premium by 1.9% compared to the prior year quarter. Excluding excess casualty, where we have been cautious, the segment grew by 11.2%.
- Total submissions grew 9% compared to the prior year quarter. The E&S segment received over 80,000 new and renewal policy submissions for the fourth consecutive quarter, its third consecutive quarter of 9% submission growth, a level not seen since 2020.
Specialty Admitted Insurance Segment Fourth Quarter Highlights:
- Gross written premium for the fronting and program business declined 11.1% compared to the prior year quarter, excluding the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Including these two programs, segment gross written premium declined 31.7%.
Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:

	Three Months Ended December 31,
*($ in thousands)*		2024			2023
Excess and Surplus Lines	$	(8,943	)	$	(25,005	)
Specialty Admitted Insurance		—			(38	)
	$	(8,943	)	$	(25,043	)

The fourth quarter of 2024 reflected $8.9 million of net unfavorable reserve development in the E&S segment. The Company ceded $29.5 million of unfavorable reserve development on business subject to the E&S ADC during the fourth quarter of 2024 and the majority of the $8.9 million of net unfavorable development represents the retained loss corridor on that structure. There remains $116.2 million of aggregate limit on the E&S ADC and E&S Top-Up ADC which cover the overwhelming majority of all E&S reserves from 2010-2023.
Retroactive benefits of $2.7 million were recorded in loss and loss adjustment expenses during the fourth quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $58.0 million as of December 31, 2024.
Gross fee income was as follows:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Specialty Admitted Insurance	$	4,828	$	5,874	(18)%

The consolidated expense ratio was 43.7% for the fourth quarter of 2024, which was an increase from 24.2% in the prior year quarter. The expense ratio increase was primarily the result of $52.8 million of consideration paid in connection with the E&S Top Up ADC that closed on December 23, 2024, which resulted in lower net earned premium.

Investment Results

Net investment income for the fourth quarter of 2024 was $22.0 million, a decrease of 14.2% compared to $25.6 million in the prior year quarter. The decline in income was primarily due to a lower asset base across our fixed income and bank loan portfolios as we managed the portfolio for the payment of the $52.8 million of consideration paid in connection with the E&S Top Up ADC, as well as lower income from private investments, which in the prior year quarter benefited from a one-time payment of approximately $2.5 million related to the sale of certain investments.

The Company’s net investment income consisted of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Private Investments		1,334		3,199	(58)%
All Other Investments		20,628		22,389	(8)%
Total Net Investment Income	$	21,962	$	25,588	(14)%

The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended December 31, 2024 was 4.7% (versus 4.8% for the three months ended December 31, 2023).

Net realized and unrealized losses on investments of $2.8 million for the three months ended December 31, 2024 compared to net realized and unrealized gains on investments of $8.0 million in the prior year quarter.

Capital Management

The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on March 31, 2025 to all shareholders of record on March 10, 2025.

Amendment of Series A Preferred Shares

As previously disclosed, on November 11, 2024, the Company amended the Series A Preferred Shares. Among other amended terms, this amendment converted $37.5 million of the outstanding Series A Preferred Shares to common shares. The Company accounted for the amendment as an extinguishment due to the significance of qualitative and quantitative changes to the shares.

The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares. The Company also recorded a deemed dividend of $1.3 million for the difference between the $37.5 million of Series A Preferred Shares converted to common shares in the amendment and the $38.8 million fair value of the common shares issued. The combined $27 million deemed dividend increased the Net Loss to Common Shareholders and reduced tangible common equity for the fourth quarter of 2024 by approximately $0.60 per share.

Tangible Equity

Shareholders’ equity of $460.9 million at December 31, 2024 declined 13.1% compared to shareholders’ equity of $530.3 million at September 30, 2024. Tangible equity³ of $437.7 million at December 31, 2024 decreased 11.0% compared to tangible equity of $491.9 million at September 30, 2024, due to losses from continuing and discontinued operations as well as an increase in unrealized investment losses in accumulated other comprehensive income (“AOCI”). Other comprehensive loss was $27.2 million during the fourth quarter of 2024, due to a decrease in the value of the Company’s fixed maturity securities.

Board of Directors

The Company also announced that Non-Executive Chairman Ollie L. Sherman Jr. has chosen to retire from his leadership role and that the Board has appointed Christine LaSala as its next Non-Executive Chairperson. Following a period of transition, Mr. Sherman will also retire from the Board on April 30, 2025.

Mr. Sherman has served on the Board of Directors since May 2016 and had previously retired as a Managing Principal with Towers Watson in 2010. Ms. LaSala joined the Board of Directors in July 2024. She has over 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles. She currently serves as a director of Sedgwick, a leading provider of claims management, loss adjusting and technology-enabled risk, benefit and business solutions. She served as a director of Beazley plc for eight years, including in a variety of board leadership roles such as Interim Chair, prior to stepping down in April 2024.

Conference Call

James River will hold a conference call to discuss its fourth quarter results tomorrow, March 4, 2025 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800)-715-9871, Conference ID 6424000, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our ability to attract and retain insurance business that our subsidiaries write, our competitive position, and our financial condition; the amount of the final post-closing adjustment to the purchase price received in connection with the sale of our casualty reinsurance business and outcome of litigation relating to such transaction; the potential loss of key members of our management team or key employees and our ability to attract and retain personnel; adverse economic factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance law and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), and adjusted net operating return on tangible common equity excluding AOCI (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible common equity balances in the respective period, excluding AOCI), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

For more information contact:

Zachary Shytle
Senior Analyst, Investments and Investor Relations
980-249-6848
InvestorRelations@james-river-group.com

James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Balance Sheet Data (Unaudited)
*($ in thousands, except for share data)*	December 31, 2024		December 31, 2023
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale, at fair value	$	1,189,733	$	1,324,476
Equity securities, at fair value		86,479		119,945
Bank loan participations, at fair value		142,410		156,169
Short-term investments		97,074		72,137
Other invested assets		36,700		33,134
Total invested assets		1,552,396		1,705,861

Cash and cash equivalents		362,345		274,298
Restricted cash equivalents (a)		28,705		72,449
Accrued investment income		10,534		12,106
Premiums receivable and agents’ balances, net		243,882		249,490
Reinsurance recoverable on unpaid losses, net		1,996,913		1,358,474
Reinsurance recoverable on paid losses		101,210		157,991
Deferred policy acquisition costs		30,175		31,497
Goodwill and intangible assets		214,281		214,644
Other assets		466,635		457,047
Assets of discontinued operations held-for-sale		0		783,393
Total assets	$	5,007,076	$	5,317,250

LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses	$	3,084,406	$	2,606,107
Unearned premiums		572,034		587,899
Funds held (a)		25,157		65,235
Deferred reinsurance gain		57,970		20,733
Senior debt		200,800		222,300
Junior subordinated debt		104,055		104,055
Accrued expenses		53,178		56,722
Other liabilities		315,446		333,183
Liabilities of discontinued operations held-for-sale		0		641,497
Total liabilities		4,413,046		4,637,731

Series A redeemable preferred shares		133,115		144,898
Total shareholders’ equity		460,915		534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$	5,007,076	$	5,317,250

Tangible equity (b)	$	437,719	$	485,608
Tangible equity per share (b)	$	7.40	$	11.13
Tangible common equity per share (b)	$	6.67	$	9.05
Shareholders’ equity per share	$	10.10	$	14.20
Common shares outstanding		45,644,318		37,641,563

(a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
(b) See “Reconciliation of Non-GAAP Measures”

James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Income Statement Data (Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
*($ in thousands, except for share data)*		2024			2023			2024			2023
REVENUES
Gross written premiums	$	358,292		$	389,305		$	1,431,772		$	1,508,660
Net written premiums		113,991			172,201			580,854			693,901

Net earned premiums		105,586			181,953			600,196			708,005
Net investment income		21,962			25,588			93,089			84,046
Net realized and unrealized gains (losses) on investments		(2,803	)		7,954			3,625			10,441
Other income		1,968			2,609			10,716			9,517
Total revenues		126,713			218,104			707,626			812,009
EXPENSES
Losses and loss adjustment expenses (a)		144,560			133,162			554,374			500,157
Other operating expenses		47,068			45,734			193,198			193,656
Other expenses		1,563			2,325			6,145			3,792
Interest expense		5,709			6,561			24,666			24,627
Intangible asset amortization and impairment		91			91			363			2,863
Total expenses		198,991			187,873			778,746			725,095
(Loss) income from continuing operations before income taxes		(72,278	)		30,231			(71,120	)		86,914
Income tax (benefit) expense on continuing operations		(8,883	)		10,175			(7,634	)		25,705
Net (loss) income from continuing operations		(63,395	)		20,056			(63,486	)		61,209
Net loss from discontinued operations		(1,372	)		(170,211	)		(17,634	)		(168,893	)
NET LOSS	$	(64,767	)	$	(150,155	)	$	(81,120	)	$	(107,684	)
Dividends on Series A preferred shares		(29,274	)		(2,625	)		(37,149	)		(10,500	)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(94,041	)	$	(152,780	)	$	(118,269	)	$	(118,184	)
ADJUSTED NET OPERATING (LOSS) INCOME (b)	$	(40,803	)	$	12,442		$	(41,503	)	$	50,317

(LOSS) INCOME PER COMMON SHARE
Basic
Continuing operations	$	(2.25	)	$	0.46		$	(2.60	)	$	1.35
Discontinued operations	$	(0.03	)	$	(4.52	)	$	(0.46	)	$	(4.49	)
	$	(2.28	)	$	(4.06	)	$	(3.06	)	$	(3.14	)
Diluted (c)
Continuing operations	$	(2.25	)	$	0.46		$	(2.60	)	$	1.34
Discontinued operations	$	(0.03	)	$	(3.89	)	$	(0.46	)	$	(4.47	)
	$	(2.28	)	$	(3.43	)	$	(3.06	)	$	(3.13	)

ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE
Basic	$	(0.99	)	$	0.33		$	(1.07	)	$	1.34
Diluted (d)	$	(0.99	)	$	0.33		$	(1.07	)	$	1.33

Weighted-average common shares outstanding:
Basic		41,237,480			37,656,268			38,685,003			37,618,660
Diluted		41,237,480			43,744,208			38,685,003			37,810,440
Cash dividends declared per common share	$	0.01		$	0.05		$	0.16		$	0.20

Ratios:
Loss ratio		111.4	%		73.9	%		86.2	%		69.9	%
Expense ratio (e)		43.7	%		24.2	%		31.4	%		26.6	%
Combined ratio		155.1	%		98.1	%		117.6	%		96.5	%
Accident year loss ratio (f)		65.6	%		58.8	%		66.2	%		64.0	%



(a) Losses and loss adjustment expenses include $27.0 million and $37.2 million of expense for deferred retroactive reinsurance gains for the three and twelve months ended December 31, 2024, respectively ($1.3 million of benefit and $5.0 million of expense in the respective three and twelve month prior year periods).
(b) See “Reconciliation of Non-GAAP Measures”.
(c) The outstanding Series A preferred shares were dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
(d) The outstanding Series A preferred shares were anti-dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were not added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were excluded from the denominator.
(e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $926,000 and $4.6 million for the three and twelve months ended months ended December 31, 2024, respectively ($1.7 million and $5.3 million in the respective prior year periods), and a denominator of net earned premiums.
(f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).

James River Group Holdings, Ltd. and Subsidiaries Segment Results
EXCESS AND SURPLUS LINES
	Three Months Ended December 31,								Twelve Months Ended December 31,
*($ in thousands)*		2024			2023		% Change			2024			2023		% Change
Gross written premiums	$	280,287		$	275,171		1.9	%	$	1,017,029		$	1,007,351		1.0	%
Net written premiums	$	99,684		$	146,628		(32.0	)%	$	508,445		$	589,551		(13.8	)%

Net earned premiums	$	87,275		$	153,926		(43.3	)%	$	512,237		$	609,566		(16.0	)%
Losses and loss adjustment expenses excluding retroactive reinsurance		(103,327	)		(112,680	)	(8.3	)%		(448,714	)		(420,044	)	6.8	%
Underwriting expenses		(36,166	)		(32,348	)	11.8	%		(140,978	)		(135,175	)	4.3	%
Underwriting (loss) profit (a)	$	(52,218	)	$	8,898		—		$	(77,455	)	$	54,347		—

Ratios:
Loss ratio		118.4	%		73.2	%				87.6	%		68.9	%
Expense ratio		41.4	%		21.0	%				27.5	%		22.2	%
Combined ratio		159.8	%		94.2	%				115.1	%		91.1	%
Accident year loss ratio (b)		64.1	%		55.5	%				64.3	%		61.9	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).

SPECIALTY ADMITTED INSURANCE

	Three Months Ended December 31,								Twelve Months Ended December 31,
*($ in thousands)*		2024			2023		% Change			2024			2023		% Change
Gross written premiums	$	78,005		$	114,134		(31.7	)%	$	414,743		$	501,309		(17.3	)%
Net written premiums	$	14,307		$	25,573		(44.1	)%	$	72,409		$	104,350		(30.6	)%

Net earned premiums	$	18,311		$	28,027		(34.7	)%	$	87,959		$	98,439		(10.6	)%
Losses and loss adjustment expenses		(14,264	)		(21,752	)	(34.4	)%		(68,423	)		(75,122	)	(8.9	)%
Underwriting expenses		(3,186	)		(4,080	)	(21.9	)%		(12,663	)		(19,240	)	(34.2	)%
Underwriting profit (a), (b)	$	861		$	2,195		(60.8	)%	$	6,873		$	4,077		68.6	%

Ratios:
Loss ratio		77.9	%		77.6	%				77.8	%		76.3	%
Expense ratio		17.4	%		14.6	%				14.4	%		19.6	%
Combined ratio		95.3	%		92.2	%				92.2	%		95.9	%
Accident year loss ratio		77.9	%		77.5	%				78.5	%		77.3	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Underwriting results for the three and twelve months ended December 31, 2024 include gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).

Underwriting Performance Ratios

The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a loss portfolio transfer contract so long as any additional losses subject to the contract are within the limit of the loss portfolio transfer and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting for loss portfolio transfers gives the users of our financial statements useful information in evaluating our current and ongoing operations.

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
Excess and Surplus Lines:
Loss Ratio	118.4	%	73.2	%	87.6	%	68.9	%
Impact of retroactive reinsurance	30.9	%	(0.8	)%	7.3	%	0.8	%
Loss Ratio including impact of retroactive reinsurance	149.3	%	72.4	%	94.9	%	69.7	%

Combined Ratio	159.8	%	94.2	%	115.1	%	91.1	%
Impact of retroactive reinsurance	30.9	%	(0.8	)%	7.3	%	0.8	%
Combined Ratio including impact of retroactive reinsurance	190.7	%	93.4	%	122.4	%	91.9	%

Consolidated:
Loss Ratio	111.4	%	73.9	%	86.2	%	69.9	%
Impact of retroactive reinsurance	25.5	%	(0.7	)%	6.2	%	0.7	%
Loss Ratio including impact of retroactive reinsurance	136.9	%	73.2	%	92.4	%	70.6	%

Combined Ratio	155.1	%	98.1	%	117.6	%	96.5	%
Impact of retroactive reinsurance	25.5	%	(0.7	)%	6.2	%	0.7	%
Combined Ratio including impact of retroactive reinsurance	180.6	%	97.4	%	123.8	%	97.2	%

RECONCILIATION OF NON-GAAP MEASURES

Underwriting Profit

The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

	Three Months Ended December 31,						Twelve Months Ended December 31,
*($ in thousands)*		2024			2023			2024			2023
Underwriting (loss) profit of the operating segments:
Excess and Surplus Lines	$	(52,218	)	$	8,898		$	(77,455	)	$	54,347
Specialty Admitted Insurance		861			2,195			6,873			4,077
Total underwriting (loss) profit of operating segments		(51,357	)		11,093			(70,582	)		58,424
Other operating expenses of the Corporate and Other segment		(6,790	)		(7,628	)		(34,972	)		(33,940	)
Underwriting (loss) profit (a)		(58,147	)		3,465			(105,554	)		24,484
Losses and loss adjustment expenses – retroactive reinsurance		(26,969	)		1,270			(37,237	)		(4,991	)
Net investment income		21,962			25,588			93,089			84,046
Net realized and unrealized (losses) gains on investments		(2,803	)		7,954			3,625			10,441
Other income (expense)		(521	)		(1,394	)		(14	)		424
Interest expense		(5,709	)		(6,561	)		(24,666	)		(24,627	)
Amortization of intangible assets		(91	)		(91	)		(363	)		(363	)
Impairment of IRWC trademark intangible asset		—			—			—			(2,500	)
(Loss) income from continuing operations before taxes	$	(72,278	)	$	30,231		$	(71,120	)	$	86,914

(a) Included in underwriting results for the three and twelve months ended December 31, 2024 is gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).

Adjusted Net Operating Income

We define adjusted net operating (loss) income as income available to common shareholders excluding a) (loss) income from discontinued operations b) the impact of retroactive reinsurance accounting for loss portfolio transfers, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividend related to the conversion of the Series A Preferred Shares. We use adjusted net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

Our (loss) income available to common shareholders reconciles to our adjusted net operating (loss) income as follows:

	Three Months Ended December 31,
		2024						2023
*($ in thousands)*	Income Before Taxes			Net Income			Income Before Taxes			Net Income
Loss available to common shareholders	$	(102,924	)	$	(94,041	)	$	(142,605	)	$	(152,780	)
Loss from discontinued operations		1,372			1,372			170,211			170,211
Losses and loss adjustment expenses – retroactive reinsurance		26,969			21,306			(1,270	)		(1,003	)
Net realized and unrealized investment losses (gains)		2,803			2,214			(7,954	)		(6,284	)
Other expenses		1,563			1,340			2,321			2,298
Series A deemed dividends		27,006			27,006			—			—
Adjusted net operating (loss) income	$	(43,211	)	$	(40,803	)	$	20,703		$	12,442

	Twelve Months Ended December 31,
		2024						2023
*($ in thousands)*	Income Before Taxes			Net Income			Income Before Taxes			Net Income
Loss available to common shareholders	$	(125,903	)	$	(118,269	)	$	(92,479	)	$	(118,184	)
Loss from discontinued operations		17,634			17,634			168,893			168,893
Losses and loss adjustment expenses – retroactive reinsurance		37,237			29,418			4,991			3,943
Net realized and unrealized investment gains		(3,625	)		(2,865	)		(10,441	)		(8,248	)
Other expenses		6,145			5,573			1,588			1,938
Impairment of IRWC trademark intangible asset		—			—			2,500			1,975
Series A deemed dividends		27,006			27,006			—			—
Adjusted net operating (loss) income	$	(41,506	)	$	(41,503	)	$	75,052		$	50,317

Tangible Equity (per Share) and Tangible Common Equity (per Share)

We define tangible equity as shareholders’ equity plus mezzanine Series A preferred shares and the deferred retroactive reinsurance gain less goodwill and intangible assets (net of amortization). We define tangible common equity as tangible equity less mezzanine Series A preferred shares. Our definition of tangible equity and tangible common equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

	December 31, 2024		September 30, 2024		December 31, 2023		September 30, 2023
*($ in thousands, except for share data)*
Shareholders’ equity	$	460,915	$	530,347	$	534,621	$	562,544
Plus: Series A redeemable preferred shares		133,115		144,898		144,898		144,898
Plus: Deferred reinsurance gain (a)		57,970		31,001		20,733		37,653
Less: Goodwill and intangible assets		214,281		214,372		214,644		214,735
Tangible equity	$	437,719	$	491,874	$	485,608	$	530,360
Less: Series A redeemable preferred shares		133,115		144,898		144,898		144,898
Tangible common equity	$	304,604	$	346,976	$	340,710	$	385,462

Common shares outstanding		45,644,318		37,829,475		37,641,563		37,619,749
Common shares from assumed conversion of Series A preferred shares		13,521,635		6,848,763		5,971,184		5,640,158
Common shares outstanding after assumed conversion of Series A preferred shares		59,165,953		44,678,238		43,612,747		43,259,907

Equity per share:
Shareholders’ equity	$	10.10	$	14.02	$	14.20	$	14.95
Tangible equity	$	7.40	$	11.01	$	11.13	$	12.26
Tangible common equity	$	6.67	$	9.17	$	9.05	$	10.25

(a) Deferred reinsurance gain for the period ending September 30, 2023 includes the deferred retroactive reinsurance gain of $15.7 million related to the former Casualty Reinsurance LPT.

¹ The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods.
² Adjusted net operating (loss) income, tangible common equity per share and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

³ Tangible equity and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

Source: IMF – News in Russian

March 3, 2025

Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.^[2]

Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

Executive Board Assessment

In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

Selected Economic and Financial Indicators, 2020–30

Nominal GDP (2023): US$399.7 billion			Population (2023): 33.4 million
GDP per capita (2023, current prices): US$11,967			Poverty rate (2019, national poverty line): 0.2 percent
Unemployment rate (2023, period average): 3.4 percent			Adult literacy rate (2019): 95.0 percent

Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).


					Proj.
	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
					1/

Real GDP (percent change)	-5.5	3.3	8.9	3.6	5.0	4.7	4.4	4.0	4.0	4.0	4.0
Total domestic demand	-4.8	3.8	9.5	4.7	6.1	4.7	4.0	3.6	3.6	3.6	3.4
Private consumption	-3.9	1.8	11.3	4.7	5.3	4.5	3.9	3.4	3.9	3.8	3.7
Public consumption	4.1	5.8	5.1	3.3	4.3	3.5	2.7	2.4	2.3	2.3	2.3
Private investment	-11.9	2.8	7.2	4.6	12.0	6.0	5.1	4.0	4.0	4.0	4.0
Public gross fixed capital formation	-21.2	-11.0	5.3	8.6	11.2	4.0	2.8	2.3	2.1	2.0	2.1
Net exports (contribution to growth, percentage points)	-1.0	-0.3	-0.1	-0.9	-0.8	0.2	0.5	0.6	0.5	0.6	0.7

Output gap (in percent)	-4.0	-1.1	2.5	1.3	1.1	0.7	0.4	0.0	0.0	0.0	0.0

Saving and investment (in percent of GDP)
Gross domestic investment	19.7	22.1	23.6	22.5	22.5	22.5	22.6	22.6	22.5	22.5	22.5
Gross national saving	23.8	26.0	26.8	24.0	24.5	24.7	25.0	25.3	25.4	25.5	25.5

Fiscal sector (in percent of GDP) 2/
Federal government overall balance	-6.2	-6.4	-5.5	-5.0	-4.3	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8
Revenue	15.9	15.1	16.4	17.3	16.5	16.2	15.4	15.1	14.8	14.6	14.4
Expenditure and net lending	22.0	21.5	22.0	22.3	20.8	20.0	19.2	18.9	18.6	18.4	18.2
Federal government non-oil primary balance	-7.5	-6.7	-7.8	-6.6	-4.9	-4.1	-3.7	-3.4	-3.0	-2.8	-2.6
Consolidated public sector overall balance 3/	-7.3	-8.3	-6.0	-5.9	-8.4	-6.7	-6.8	-6.9	-6.8	-6.9	-6.9
General government debt 3/	67.7	69.2	65.5	69.7	69.6	68.9	68.7	69.1	69.3	69.6	69.8
Of which: federal government debt	62.0	63.3	60.2	64.3	64.4	63.7	63.5	63.8	64.1	64.3	64.5


Inflation and unemployment (in percent)
CPI inflation, annual average	-1.2	2.5	3.4	2.5	1.8	2.6	2.3	2.0	2.0	2.0	2.0
CPI inflation, end of period	-1.4	3.2	3.8	1.5	1.7	3.8	2.0	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), annual average	1.1	0.7	3.0	3.0	1.8	2.4	2.2	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), end of period	0.7	1.1	4.1	1.9	1.6	3.8	2.0	2.0	2.0	2.0	2.0
Unemployment rate	4.5	4.6	3.9	3.4	3.2	3.2	3.2	3.2	3.2	3.2	3.2


Macrofinancial variables (end of period)
Broad money (percentage change) 4/	4.9	5.6	4.0	5.8	7.1	7.6	6.7	5.9	5.9	5.9	5.9
Credit to private sector (percentage change) 4/	4.0	3.8	3.0	5.2	6.2	6.1	6.0	5.9	5.9	5.9	5.9
Credit-to-GDP ratio (in percent) 5/ 6/	144.8	137.7	122.4	126.7	125.7	123.9	123.1	123.1	123.1	123.1	123.1
Overnight policy rate (in percent)	1.75	1.75	2.75	3.00	…	…	…	…	…	…	…
Three-month interbank rate (in percent)	1.9	2.0	3.6	3.7	…	…	…	…	…	…	…
Nonfinancial corporate sector debt (in percent of GDP) 7/	109.7	109.0	97.5	101.2	…	…	…	…	…	…	…
Nonfinancial corporate sector debt issuance (in percent of GDP)	2.3	2.6	2.4	2.5	…	…	…	…	…	…	…
Household debt (in percent of GDP) 7/	93.1	88.9	80.9	84.2	…	…	…	…	…	…	…
Household financial assets (in percent of GDP) 7/	204.5	191.9	167.3	174.3	…	…	…	…	…	…	…
House prices (percentage change)	1.2	1.9	3.9	3.8	…	…	…	…	…	…	…


Exchange rates (period average)
Malaysian ringgit/U.S. dollar	4.19	4.14	4.40	4.56	…	…	…	…	…	…	…
Real effective exchange rate (percentage change)	-3.5	-1.3	-1.4	-2.5	…	…	…	…	…	…	…


Balance of payments (in billions of U.S. dollars) 5/
Current account balance	14.1	14.5	13.0	6.2	8.7	10.2	12.0	14.3	16.1	17.6	19.4
(In percent of GDP)	4.2	3.9	3.2	1.5	2.0	2.2	2.4	2.7	2.9	3.0	3.1
Goods balance	32.7	42.9	42.6	29.9	26.3	29.3	31.8	33.9	36.5	39.2	43.7
Services balance	-11.2	-15.8	-13.2	-9.5	-4.4	-4.1	-3.1	-1.7	-1.3	-1.0	-1.5
Income balance	-7.4	-12.5	-16.3	-14.2	-13.2	-14.9	-16.7	-17.9	-19.2	-20.6	-22.8
Capital and financial account balance	-18.5	3.8	1.8	-3.4	-6.0	0.2	-3.0	-5.0	-6.2	-7.1	-8.2
Of which: Direct investment	0.7	7.5	2.9	0.0	-1.3	2.0	2.1	2.2	2.4	2.5	2.6
Errors and omissions	-0.1	-7.3	-2.7	-7.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Overall balance	-4.6	11.0	12.1	-4.5	2.7	10.4	9.0	9.3	9.9	10.6	11.2

Gross official reserves (US$ billions) 5/	107.6	116.9	114.7	113.5	116.2	126.6	135.6	144.9	154.8	165.4	176.6
(In months of following year’s imports of goods and nonfactor services)	5.5	4.9	5.4	4.6	4.4	4.6	4.7	4.8	4.9	4.9	5.0
(In percent of short-term debt by original maturity)	117.6	120.8	104.9	100.3	99.4	98.3	97.2	97.0	97.3	97.9	98.9
(In percent of short-term debt by remaining maturity)	91.9	93.5	84.6	80.7	78.7	79.4	79.0	79.2	79.7	80.5	81.5
Total external debt (in billions of U.S. dollars) 5/	238.8	258.7	259.6	270.6	284.6	305.1	324.4	342.8	361.1	379.2	397.2
(In percent of GDP)	70.8	69.3	63.8	67.8	65.1	65.3	65.1	64.9	64.4	63.8	63.0
Of which: short-term (in percent of total, original maturity)	38.3	37.4	42.1	41.8	41.1	42.2	43.0	43.6	44.1	44.6	44.9
short-term (in percent of total, remaining maturity)	49.1	48.3	52.2	51.9	51.9	52.3	52.9	53.4	53.8	54.2	54.5
Debt service ratio 5/
(In percent of exports of goods and services) 8/	13.6	10.5	9.7	11.8	12.1	12.1	10.1	9.8	9.7	9.6	9.5
(In percent of exports of goods and nonfactor services)	14.4	11.4	10.3	12.7	12.9	12.9	10.7	10.4	10.3	10.2	10.0


Memorandum items:
Nominal GDP (in billions of ringgit)	1,418	1,549	1,794	1,823	1,952	2,099	2,241	2,373	2,512	2,660	2,817


Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.

1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted. 2/ Cash basis. 3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies. 4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap. 5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency. 6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter. 7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100). 8/ Includes receipts under the primary income account.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

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

https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation

MIL OSI

MIL OSI Russia News –

MIL-OSI: Dave Reports Fourth Quarter & Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

“We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

“Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

“In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

Quarterly Financial Highlights ($ in millions, unaudited)

	4Q23	1Q24	2Q24	3Q24	4Q24
GAAP Operating Revenues, Net	$73.2	$73.6	$80.1	$92.5	$100.9
% Change vs. prior year period	23%	25%	31%	41%	38%
Non-GAAP Variable Profit*	$45.9	$49.9	$51.8	$64.2	$72.6
% Change vs. prior year period	80%	47%	57%	72%	58%
Non-GAAP Variable Profit Margin*	63%	68%	65%	69%	72%
GAAP Net Income	$0.2	$34.2	$6.4	$0.5	$16.8
Adjusted Net Income*	$6.6	$8.1	$13.7	$21.1	$29.6
Adjusted EBITDA*	$10.0	$13.2	$15.2	$24.7	$33.4

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

Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16
Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million
ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%
Dave Debit Card spend increased 24% to $457 million
For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

Annual Financial Highlights ($ in millions, unaudited)

	FY 2023	FY 2024
GAAP Operating Revenues, Net	$259.1	$347.1
% Change vs. prior year	26%	34%
Non-GAAP Variable Profit*	$150.1	$238.5
% Change vs. prior year	74%	59%
Non-GAAP Variable Profit Margin*	58%	69%
GAAP Net (Loss) Income	($48.5)	$57.9
Adjusted Net (Loss) Income*	($22.1)	$72.5
Adjusted EBITDA (Loss)*	($10.1)	$86.5

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

Liquidity Summary

The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

2025 Financial Guidance ($ in millions)

	FY 2025
GAAP Operating Revenues, Net	$415 – $435
Year-Over-Year Growth	20% – 25%
Adjusted EBITDA*	$110 – $120
Year-Over-Year Growth	27% – 39%

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

Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first quarter, we anticipate the typical seasonal softness in demand for ExtraCash as tax refunds provide important liquidity to our members. Our focus remains on expanding ARPU, leaning into our banking offering, further strengthening member retention and expanding member lifetime value. Given our growth trajectory, strong variable margins and the scalability of our business model, we expect to drive another record year of performance in 2025.”

Beilman added, “Yesterday we announced the completion of our strategic partnership with Coastal Community Bank to serve as Dave’s sponsor bank for its ExtraCash and banking products. We selected Coastal based on their customer-first mission, deep knowledge across both credit and banking products, strong risk management, and our shared ambition to drive innovation and continue leveling the financial playing field for everyday Americans.”

Conference Call

Dave management will host a conference call on Tuesday, March 4^th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the fourth quarter and full year ended December 31, 2024, followed by a question-and-answer period. The conference call details are as follows:

Date: Tuesday, March 4^th, 2025
Time: 8:30 a.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

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

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

About Dave

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

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Non-GAAP Financial Information

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

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

Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and twelve months ended December 31, 2024, and 2023.

Investor Relations Contact

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

Media Contact

Dan Ury
press@dave.com

DAVE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Operating revenues:
Service based revenue, net	$	90.8		$	65.4		$	311.4		$	232.2
Transaction based revenue, net		10.1			7.8			35.7			26.9
Total operating revenues, net		100.9			73.2			347.1			259.1
Operating expenses:
Provision for credit losses		16.6			14.5			54.6			58.4
Processing and servicing costs		6.3			7.5			30.4			28.9
Advertising and marketing		12.6			10.0			44.9			48.4
Compensation and benefits		27.2			23.5			107.0			94.9
Other operating expenses		17.2			15.8			75.5			70.7
Total operating expenses		79.9			71.3			312.4			301.3
Other (income) expenses:
Interest expense, net		1.3			1.8			5.0			6.5
Gain on extinguishment of convertible debt		—			—			(33.4	)		—
Changes in fair value of earnout liabilities		0.9			—			1.0			—
Changes in fair value of public and private warrant liabilities		1.3			(0.2	)		1.7			(0.3	)
Total other (income) expense, net		3.5			1.6			(25.7	)		6.2
Net income (loss) before provision for income taxes		17.5			0.3			60.4			(48.4	)
Provision for income taxes		0.7			0.1			2.5			0.1
Net income (loss)	$	16.8		$	0.2		$	57.9		$	(48.5	)

Net income (loss) per share:
Basic	$	1.31		$	0.01		$	4.62		$	(4.07	)
Diluted	$	1.16		$	0.01		$	4.19		$	(4.07	)


RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
(in millions)
(unaudited)


	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Operating expenses	$	79.9		$	71.3		$	312.4		$	301.3
Non-variable operating expenses		(51.6	)		(44.0	)		(203.8	)		(192.3	)
Non-GAAP variable operating expenses	$	28.3		$	27.3		$	108.6		$	109.0


CALCULATION OF NON-GAAP VARIABLE PROFIT
(in millions)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

GAAP operating revenues, net	$	100.9		$	73.2		$	347.1		$	259.1
Non-GAAP variable operating expenses		(28.3	)		(27.3	)		(108.6	)		(109.0	)
Non-GAAP variable profit	$	72.6		$	45.9		$	238.5		$	150.1
Non-GAAP variable profit margin		72	%		63	%		69	%		58	%


DAVE INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
(in millions)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Net income (loss)	$	16.8		$	0.2		$	57.9		$	(48.5	)
Interest expense, net		1.3			1.8			5.0			6.5
Provision for income taxes		0.7			0.1			2.5			0.1
Depreciation and amortization		2.3			1.5			7.5			5.4
Stock-based compensation		10.1			6.6			37.3			26.7
Legal settlement and litigation accrual		—			—			7.0			—
Gain on extinguishment of convertible debt		—			—			(33.4	)		—
Changes in fair value of earnout liabilities		0.9			—			1.0			—
Changes in fair value of public and private warrant liabilities		1.3			(0.2	)		1.7			(0.3	)
Adjusted EBITDA (loss)	$	33.4		$	10.0		$	86.5		$	(10.1	)


DAVE INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
(in millions, except per share data)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Net income (loss)	$	16.8		$	0.2		$	57.9		$	(48.5	)
Stock-based compensation		10.1			6.6			37.3			26.7
Gain on extinguishment of convertible debt		—			—			(33.4	)		—
Legal settlement and litigation accrual		—			—			7.0			—
Changes in fair value of earnout liabilities		0.9			—			1.0			—
Changes in fair value of public and private warrant liabilities		1.3			(0.2	)		1.7			(0.3	)
Income tax expense related to gain on extinguishment of convertible debt		0.5			—			1.0			—
Adjusted net income (loss)	$	29.6		$	6.6		$	72.5		$	(22.1	)

Adjusted net income (loss) per share:
Basic	$	2.31		$	0.55		$	5.79		$	(1.85	)
Diluted	$	2.04		$	0.54		$	5.24		$	(1.85	)


DAVE INC.
LIQUIDITY AND CAPITAL RESOURCES
(in millions)
(unaudited)

	December 31,			December 31,
		2024			2023

Cash, cash equivalents and restricted cash	$	51.4		$	43.1
Marketable securities		0.1			1.0
Investments		40.5			113.2
Working capital		247.2			251.3
Total stockholders’ equity		183.1			87.1

MIL-OSI: GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

EL MONTE, Calif., March 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, including a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024, and continued robust growth in GigaCloud Marketplace GMV.

Fourth Quarter 2024 Financial Highlights

Total revenues of $295.8 million, increased 20.9% year-over-year.
Gross profit of $65.0 million, decreased 6.9% year-over-year.
Gross margin was 22.0%, compared to 28.5% in the fourth quarter of 2023.
Net income of $31.0 million, decreased 12.9% year-over-year.
Net income margin was 10.5%, compared to 14.5% in the fourth quarter of 2023.
Diluted EPS decreased 12.6% year-over-year to $0.76.
Adjusted EBITDA¹ decreased 29.5% year-over-year to $30.9 million.
Adjusted EPS – diluted² decreased 29.9% year-over-year to $0.75.
Cash, Cash Equivalents, Restricted Cash, and Investments totaled $303.1 million as of December 31, 2024, a 64.5% increase year-over-year.

Full Year 2024 Financial Highlights

Total revenues of $1,161.0 million, increased 65.0% year-over-year.
Gross profit of $285.2 million, increased 51.2% year-over-year.
Gross margin was 24.6%, compared to 26.8% in 2023.
Net income of $125.8 million, increased 33.7% year-over-year.
Net income margin was 10.8%, compared to 13.4% in 2023.
Diluted EPS increased 32.6% year-over-year to $3.05.
Adjusted EBITDA¹ increased 32.6% year-over-year to $156.9 million.
Adjusted EPS – diluted² increased 31.8% year-over-year to $3.81.

Operational Highlights

GigaCloud Marketplace GMV³ increased 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024.
3P seller GigaCloud Marketplace GMV⁴ increased 62.8% year-over-year to $693.9 million for the 12 months ended December 31, 2024. 3P seller GigaCloud Marketplace GMV represented 51.7% of total GigaCloud Marketplace GMV for the 12 months ended December 31, 2024.
Active 3P sellers⁵ increased 36.3% year-over-year to 1,111 for the 12 months ended December 31, 2024.
Active buyers⁶ increased 85.7% year-over-year to 9,306 for the 12 months ended December 31, 2024.
Spend per active buyer⁷ was $144,142 for the 12 months ended December 31, 2024.

“2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “This achievement reflects the growing recognition for our Supplier Fulfilled Retail (SFR) model and our continued success in expanding our platform, driving robust GMV performance. Our global diversification has been a key strength, with standout progress in Europe, which has experienced 155% GMV growth year over year, further validating the broad appeal for our solutions across diverse markets. Our expanding global footprint, deepening partnerships, and relentless focus on innovation continue to fuel our momentum and position us well for the long term. We remain confident in our ability to adapt and maintain our positive trajectory.

In addition, our Board has approved the appointment of Erica Wei as Chief Financial Officer after serving as Interim CFO since August 2024. She has played a key role in strengthening the Company’s financial strategy, leading compliance efforts, and enhancing financial reporting quality, which will be reflected in the upcoming 10-K. Her leadership will be essential as we continue to scale our business and drive long-term growth.”

“Our results reflect robust top-line performance and the strategic investments we are making to scale operations and position GigaCloud for long-term success,” said Erica Wei, Chief Financial Officer. “Despite a challenging macro environment, our ability to adapt and execute has kept us on a path of sustained, stable growth. At the same time, we are committed to enhancing shareholder value. Since our $46 million share repurchase authorization in September, we have executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of today. Our strong financial position of over $300 million in cash and cash equivalents, restricted cash, and short-term investments, while remaining debt-free, gives us the financial flexibility to continue investing in our platform, expanding globally, and driving sustained value for our shareholders.”

Business Outlook

The Company expects its total revenues to be between $250 million and $265 million in the first quarter of 2025. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Share Repurchase Program

In June 2023, we announced that our board of directors approved a share repurchase program to repurchase up to US$25.0 million of our Class A ordinary shares over the next 12 months, which expired in June 2024. On September 3, 2024, we announced that our board of directors approved a new share repurchase program under which we may purchase up to $46.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period. Under the share repurchase program, we may purchase our ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors. Our board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time. We plan to fund repurchases from our existing cash balance.

During the fourth quarter of 2024, we have repurchased 1,033,292 of our Class A ordinary shares at a total consideration of approximately $23 million. Subsequent to the fourth quarter of 2024, the Company has repurchased an aggregate of 283,889 Class A ordinary shares in the open market at a total consideration of approximately $6 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act.

Conference Call

The Company will host a conference call to discuss its financial results at 5:30 pm U.S. Eastern Time on March 3, 2025 (6:30 am Hong Kong Time on March 4, 2025). Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10045735-6sh8hd.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.

A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/.

About GigaCloud Technology Inc

GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

Forward-Looking Statements

This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

GigaCloud Technology Inc

Investor Relations

Email: ir@gigacloudtech.com

PondelWilkinson, Inc.

Laurie Berman (Investors) – lberman@pondel.com

George Medici (Media) – gmedici@pondel.com


GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands except for share data and per share data)

	December 31,
	2024			2023
ASSETS
Current assets
Cash and cash equivalents	$	259,759		$	183,283
Restricted cash		685			885
Investments		42,674			—
Accounts receivable, net		57,313			58,876
Inventories		172,489			132,247
Prepayments and other current assets		14,672			17,516
Total current assets		547,592			392,807
Non-current assets
Operating lease right-of-use assets		451,930			398,922
Property and equipment, net		29,498			24,614
Intangible assets, net		6,198			8,367
Goodwill		12,586			12,586
Deferred tax assets		10,026			1,440
Other non-current assets		12,645			8,173
Total non-current assets		522,883			454,102
Total assets	$	1,070,475		$	846,909



	2024			2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable (including accounts payable of VIEs without recourse to the Company of $nil and $11,563 as of December 31, 2024 and 2023, respectively)	$	78,163		$	69,757
Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $nil and $736 as of December 31, 2024 and 2023, respectively)		4,486			5,537
Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $nil and $1,305 as of December 31, 2024 and 2023, respectively)		88,521			57,949
Income tax payable (including income tax payable of VIEs without recourse to the Company of $nil and $3,644 as of December 31, 2024 and 2023, respectively)		13,615			15,212
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $nil and $2,774 as of December 31, 2024 and 2023, respectively)		79,594			57,319
Total current liabilities		264,379			205,774
Non-current liabilities
Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $nil and $553 as of December 31, 2024 and 2023, respectively)		395,235			343,511
Deferred tax liabilities		941			3,795
Finance lease obligations, non-current		382			111
Non-current income tax payable		4,321			3,302
Total non-current liabilities		400,879			350,719
Total liabilities	$	665,258		$	556,493
Commitments and contingencies



	2024			2023
Shareholders’ equity
Treasury shares, at cost (609,390 and 294,029 shares held as of December 31, 2024 and 2023, respectively)	$	(11,816	)	$	(1,594	)
Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 32,878,735 and 31,738,632 shares issued as of December 31, 2024 and 2023, respectively, 32,269,345 and 31,455,148 shares outstanding as of December 31, 2024 and 2023, respectively)		1,643			1,584
Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 9,326,732 shares issued and outstanding as of December 31, 2024 and 2023)		403			466
Additional paid-in capital		120,262			111,736
Accumulated other comprehensive income (loss)		(4,136	)		526
Retained earnings		298,861			177,698
Total shareholders’ equity		405,217			290,416
Total liabilities and shareholders’ equity	$	1,070,475		$	846,909


GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands except for share data and per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Revenues
Service revenues	$	97,107		$	69,336		$	350,273		$	199,184
Product revenues		198,675			175,401			810,769			504,647
Total revenues		295,782			244,737			1,161,042			703,831
Cost of revenues
Services		78,188			57,291			284,951			161,215
Product sales		152,604			117,609			590,855			353,983
Total cost of revenues		230,792			174,900			875,806			515,198
Gross profit		64,990			69,837			285,236			188,633
Operating expenses
Selling and marketing expenses		18,041			14,004			70,686			41,386
General and administrative expenses		16,979			13,130			73,944			30,008
Research and development expenses		2,356			2,344			9,791			3,925
Gains (losses) on disposal of property and equipment		(20	)		3,236			193			3,236
Total operating expenses		37,356			32,714			154,614			78,555
Operating income		27,634			37,123			130,622			110,078
Interest expense		(29	)		(108	)		(256	)		(1,240	)
Interest income		2,849			1,293			9,405			3,304
Foreign currency exchange gains (losses), net		(754	)		4,239			(1,233	)		2,086
Government grants		8			438			37			911
Others, net		678			(137	)		2,039			(144	)
Income before income taxes		30,386			42,848			140,614			114,995
Income tax expense		573			(7,273	)		(14,806	)		(20,887	)
Net income	$	30,959		$	35,575		$	125,808		$	94,108
Net income attributable to ordinary shareholders		30,959			35,575			125,808			94,108
Foreign currency translation adjustment, net of nil income taxes		(715	)		232			(1,266	)		(278	)
Net unrealized gains (losses) on available-for-sale investments		(12	)		—			7			—
Intra-entity foreign currency transactions gain (loss)		(2,565	)		—			(2,565	)		—
Release of foreign currency translation reserve related to liquidation of subsidiaries		(838	)		—			(838	)		—
Total other comprehensive income (loss)		(4,130	)		232			(4,662	)		(278	)
Comprehensive Income	$	26,829		$	35,807		$	121,146		$	93,830
Net income per ordinary share
—Basic	$	0.76		$	0.87		$	3.06		$	2.31
—Diluted	$	0.76		$	0.87		$	3.05		$	2.30
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share
—Basic		40,869,106			40,770,882			41,079,672			40,788,448
—Diluted		40,944,311			40,901,772			41,201,026			40,922,590


GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Year Ended December 31,
	2024			2023
Cash flows from operating activities:
Net income	$	125,808		$	94,108
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,524			2,873
Share-based compensation		16,825			2,503
Operating lease		29,282			2,485
Changes in accounts receivables, net		(234	)		(5,058	)
Changes in inventories		(46,875	)		(16,514	)
Changes in prepayments and other assets		(1,665	)		(9,249	)
Changes in accounts payable, accrued expenses and other current liabilities		38,188			46,258
Changes in contract liabilities		(992	)		1,473
Changes in income tax payable		(1,023	)		10,977
Changes in deferred income taxes		(11,462	)		398
Other operating activities		1,702			3,198
Net cash provided by operating activities		158,078			133,452
Cash flows from investing activities:
Cash paid for purchase of property and equipment		(15,536	)		(4,380	)
Cash received from disposal of property and equipment		2,103			462
Acquisitions, net of cash acquired		—			(86,629	)
Purchases of investments		(73,831	)		—
Sale and maturities of investments		31,845			—
Net cash used in investing activities		(55,419	)		(90,547	)
Cash flows from financing activities:
Repayment of finance lease obligations		(1,726	)		(2,212	)
Repayment of bank loans		—			(197	)
Repurchases of ordinary shares		(23,243	)		(1,594	)
Net cash used in financing activities		(24,969	)		(4,003	)
Effect of foreign currency exchange rate changes on cash and restricted cash		(1,414	)		190
Net increase in cash and restricted cash		76,276			39,092
Cash and restricted cash at the beginning of the year		184,168			145,076
Cash and restricted cash at the end of the year	$	260,444		$	184,168
Supplemental disclosure of cash flow information
Cash paid for interest expense		256			1,240
Cash paid for income taxes		26,301			9,512
Non-cash investing and financing activities:
Purchase of property and equipment under finance leases		767			—
Reversal of subscription receivable from ordinary shares		—			312
Fair value of assets acquired by acquisition		—			273,086
Cash paid for business combinations and asset purchases		—			87,568
Liabilities assumed by acquisition		—			(185,518	)


GigaCloud Technology Inc UNAUDITED RECONCILIATION OF ADJUSTED EBITDA (In thousands, except for per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
	(In thousands)
Net income	$	30,959		$	35,575		$	125,808		$	94,108
Add: Income tax expense		(573	)		7,273			14,806			20,887
Add: Interest expense		29			108			256			1,240
Less: Interest income		(2,849	)		(1,293	)		(9,405	)		(3,304	)
Add: Depreciation and amortization		2,271			1,723			8,524			2,873
Add: Share-based compensation expense		1,245			429			16,825			2,503
Add: Non-recurring items⁽¹⁾		(180	)		—			128			—
Adjusted EBITDA	$	30,902		$	43,815		$	156,942		$	118,307

_____________________
(1) One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.


UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net income per ordinary share – diluted	$	0.76		$	0.87		$	3.05		$	2.30
Adjustments, per ordinary share:
Add: Income tax expense		(0.01	)		0.18			0.36			0.51
Add: Interest expense		—			—			0.01			0.03
Less: Interest income		(0.07	)		(0.03	)		(0.23	)		(0.08	)
Add: Depreciation and amortization		0.05			0.04			0.21			0.07
Add: Share-based compensation expenses		0.02			0.01			0.41			0.06
Add: Non-recurring items⁽¹⁾		—			—			—			—
Adjusted EPS – diluted	$	0.75		$	1.07		$	3.81		$	2.89

Weighted average number of ordinary shares outstanding – diluted		40,944,311			40,901,772			41,201,026			40,922,590

_____________________
(1) One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

_____________________

¹ Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release.

² Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

³ GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

⁴ 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

⁵ Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

⁶ Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

⁷ Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.

MIL-OSI: Exodus Reports Fourth Quarter and Full Year 2024 Results, Provides Preliminary First Quarter 2025 Highlights

Source: GlobeNewswire (MIL-OSI)

OMAHA, Neb., March 03, 2025 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus”), a leading self-custodial cryptocurrency platform, today announced its preliminary results for the fourth quarter and full year ended December 31, 2024. The Company reported preliminary full year revenue of $116.3 million for fiscal 2024, an increase of 107% compared to fiscal 2023.

Preliminary Fourth Quarter and Full Year 2024 Financial Highlights (Unaudited)

In USD millions, except percentages

Q4 2024

Q4 2023

% Change

2024

2023

% Change

Revenue

$

44.8

$

18.5

143%

$

116.3

$

56.2

107%

Gain on digital assets, net

56.9

1.1

4,866%

96.1

1.4

6,616%

“In the fourth quarter, in addition to record revenue we achieved milestones that significantly advanced our product innovation and strengthened our market position,” said JP Richardson, CEO and co-founder of Exodus.

“The expansion of our partnership ecosystem and the continued momentum of XO Swap reinforce our commitment to making digital asset ownership seamless and secure. We believe XO Swap’s increasing industry adoption highlights demand for self-custody solutions that offer transparency and efficiency. Meanwhile, Passkeys Wallet removes onboarding friction with an intuitive, self-custody experience that is designed to eliminate the need for traditional passwords and recovery phrases. Simplified access to digital assets should empower more users to participate in the evolving Web3 ecosystem.”

Fourth Quarter and Full Year Operational and Other Financial Highlights (Unaudited)

Exchange provider processed volume – $2.33 billion in Q4 2024, up 172% from Q4 2023. Bitcoin, Tether (ETH Network), and Tether (TRX Network) were the top assets traded in Q4 2024, at 37%, 25%, and 24% of volume, respectively.
Exodus monthly active users¹– 2.3 million as of end of Q4 2024, up 64% from 1.4 million as of end of Q4 2023.
Digital assets and cash – $264.7 million, including $190.1 million in bitcoin and ether and $68.4 million in cash and cash equivalents, USD Coin (USDC), and Treasury bills as of December 31, 2024.
Full-time equivalent team members – approximately 210 at 2024 year-end, an increase of approximately 20 from the prior year.
Customer response time – average response time of less than 60 minutes in Q4.

“In Q4, we delivered improved profitability, demonstrating the operating leverage of our business model and the increasing adoption of our ecosystem,” said James Gernetzke, CFO of Exodus. “We are further encouraged by the early success of XO Swap, which contributed 12% of revenue in Q4. We believe our ability to drive higher transaction volumes through both product innovation and strategic initiatives positions Exodus for continued momentum in 2025.”

Preliminary First Quarter 2025 Highlights (Unaudited):

We are providing preliminary first quarter 2025 highlights. These selected preliminary metrics have not been reviewed by Deloitte & Touche LLP, our independent registered public accounting firm, do not reflect our 2025 first quarter end results, are subject to completion of our fiscal quarter and our financial reporting processes, are based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the quarter ending March 31, 2025.

Digital assets held as of February 28, 2025 consisted of over 2,000 bitcoin and over 2,660 ether (in units).
Exchange provider processed volume was $1.45 billion for the two-month period from January 1, 2025 through February 28, 2025. This amount exceeds the $1.35B volume recorded in the full prior year quarter, Q1 2024, a record-setting quarter at the time.

Q4 2024 Webcast

Exodus will host a webcast of its fourth quarter and full year ended December 31, 2024 results beginning at 4:30PM (Eastern Time) on March 3, 2025. To access the webcast, please use this link. It will also be available on the Company’s Investor Relations website exodus.com/investors. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website, and a replay of the video webcast will be available following the live event for at least 90 days thereafter.

Upcoming Conferences

Exodus plans to attend the following conferences:

Investor Contact
investors@exodus.com

Disclosure Information

Exodus may use its website and the following social media outlets as distribution channels of material nonpublic information about the Company. Financial and other important information regarding the Company is routinely accessible through and posted on the following: websites exodus.com/investors and exodus.com/blog, and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

Information Regarding Preliminary Metrics

Because the 2025 first quarter is ongoing, our results for the 2025 first quarter are not complete. Actual results following the completion of the fiscal quarter end may differ materially from the express selected preliminary metrics herein and any implied preliminary results because of the completion of the fiscal quarter end, our financial reporting processes and closing procedures, final adjustments and other developments after the date of this press release. In addition, these selected preliminary metrics should not be viewed as a substitute for our financial statements for the quarter ended March 31, 2025 that will be prepared in accordance with GAAP. Accordingly, you should not place undue reliance upon these preliminary metrics.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “should,” “intend,” “believe,” “expect,” “likely,” “believes,” “views”, “estimates”, or other comparable terminology. Forward-looking statements in this document include, but are not limited to, our preliminary financial information, including digital asset holdings, exchange provider processed volumes and our fiscal quarter end results, management statements regarding management’s confidence in our products, services, business trajectory and plans, expectations regarding demand for our products; and our ability to deliver higher transaction volumes. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Amendment No. 6 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2024, as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

________________________
^¹ Monthly active users as of December 31, 2024.

MIL-OSI Economics: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

Source: International Monetary Fund

March 3, 2025

Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.^[2]

Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

Executive Board Assessment

In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

Selected Economic and Financial Indicators, 2020–30

Nominal GDP (2023): US$399.7 billion			Population (2023): 33.4 million
GDP per capita (2023, current prices): US$11,967			Poverty rate (2019, national poverty line): 0.2 percent
Unemployment rate (2023, period average): 3.4 percent			Adult literacy rate (2019): 95.0 percent

Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).


					Proj.
	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
					1/

Real GDP (percent change)	-5.5	3.3	8.9	3.6	5.0	4.7	4.4	4.0	4.0	4.0	4.0
Total domestic demand	-4.8	3.8	9.5	4.7	6.1	4.7	4.0	3.6	3.6	3.6	3.4
Private consumption	-3.9	1.8	11.3	4.7	5.3	4.5	3.9	3.4	3.9	3.8	3.7
Public consumption	4.1	5.8	5.1	3.3	4.3	3.5	2.7	2.4	2.3	2.3	2.3
Private investment	-11.9	2.8	7.2	4.6	12.0	6.0	5.1	4.0	4.0	4.0	4.0
Public gross fixed capital formation	-21.2	-11.0	5.3	8.6	11.2	4.0	2.8	2.3	2.1	2.0	2.1
Net exports (contribution to growth, percentage points)	-1.0	-0.3	-0.1	-0.9	-0.8	0.2	0.5	0.6	0.5	0.6	0.7

Output gap (in percent)	-4.0	-1.1	2.5	1.3	1.1	0.7	0.4	0.0	0.0	0.0	0.0

Saving and investment (in percent of GDP)
Gross domestic investment	19.7	22.1	23.6	22.5	22.5	22.5	22.6	22.6	22.5	22.5	22.5
Gross national saving	23.8	26.0	26.8	24.0	24.5	24.7	25.0	25.3	25.4	25.5	25.5

Fiscal sector (in percent of GDP) 2/
Federal government overall balance	-6.2	-6.4	-5.5	-5.0	-4.3	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8
Revenue	15.9	15.1	16.4	17.3	16.5	16.2	15.4	15.1	14.8	14.6	14.4
Expenditure and net lending	22.0	21.5	22.0	22.3	20.8	20.0	19.2	18.9	18.6	18.4	18.2
Federal government non-oil primary balance	-7.5	-6.7	-7.8	-6.6	-4.9	-4.1	-3.7	-3.4	-3.0	-2.8	-2.6
Consolidated public sector overall balance 3/	-7.3	-8.3	-6.0	-5.9	-8.4	-6.7	-6.8	-6.9	-6.8	-6.9	-6.9
General government debt 3/	67.7	69.2	65.5	69.7	69.6	68.9	68.7	69.1	69.3	69.6	69.8
Of which: federal government debt	62.0	63.3	60.2	64.3	64.4	63.7	63.5	63.8	64.1	64.3	64.5


Inflation and unemployment (in percent)
CPI inflation, annual average	-1.2	2.5	3.4	2.5	1.8	2.6	2.3	2.0	2.0	2.0	2.0
CPI inflation, end of period	-1.4	3.2	3.8	1.5	1.7	3.8	2.0	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), annual average	1.1	0.7	3.0	3.0	1.8	2.4	2.2	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), end of period	0.7	1.1	4.1	1.9	1.6	3.8	2.0	2.0	2.0	2.0	2.0
Unemployment rate	4.5	4.6	3.9	3.4	3.2	3.2	3.2	3.2	3.2	3.2	3.2


Macrofinancial variables (end of period)
Broad money (percentage change) 4/	4.9	5.6	4.0	5.8	7.1	7.6	6.7	5.9	5.9	5.9	5.9
Credit to private sector (percentage change) 4/	4.0	3.8	3.0	5.2	6.2	6.1	6.0	5.9	5.9	5.9	5.9
Credit-to-GDP ratio (in percent) 5/ 6/	144.8	137.7	122.4	126.7	125.7	123.9	123.1	123.1	123.1	123.1	123.1
Overnight policy rate (in percent)	1.75	1.75	2.75	3.00	…	…	…	…	…	…	…
Three-month interbank rate (in percent)	1.9	2.0	3.6	3.7	…	…	…	…	…	…	…
Nonfinancial corporate sector debt (in percent of GDP) 7/	109.7	109.0	97.5	101.2	…	…	…	…	…	…	…
Nonfinancial corporate sector debt issuance (in percent of GDP)	2.3	2.6	2.4	2.5	…	…	…	…	…	…	…
Household debt (in percent of GDP) 7/	93.1	88.9	80.9	84.2	…	…	…	…	…	…	…
Household financial assets (in percent of GDP) 7/	204.5	191.9	167.3	174.3	…	…	…	…	…	…	…
House prices (percentage change)	1.2	1.9	3.9	3.8	…	…	…	…	…	…	…


Exchange rates (period average)
Malaysian ringgit/U.S. dollar	4.19	4.14	4.40	4.56	…	…	…	…	…	…	…
Real effective exchange rate (percentage change)	-3.5	-1.3	-1.4	-2.5	…	…	…	…	…	…	…


Balance of payments (in billions of U.S. dollars) 5/
Current account balance	14.1	14.5	13.0	6.2	8.7	10.2	12.0	14.3	16.1	17.6	19.4
(In percent of GDP)	4.2	3.9	3.2	1.5	2.0	2.2	2.4	2.7	2.9	3.0	3.1
Goods balance	32.7	42.9	42.6	29.9	26.3	29.3	31.8	33.9	36.5	39.2	43.7
Services balance	-11.2	-15.8	-13.2	-9.5	-4.4	-4.1	-3.1	-1.7	-1.3	-1.0	-1.5
Income balance	-7.4	-12.5	-16.3	-14.2	-13.2	-14.9	-16.7	-17.9	-19.2	-20.6	-22.8
Capital and financial account balance	-18.5	3.8	1.8	-3.4	-6.0	0.2	-3.0	-5.0	-6.2	-7.1	-8.2
Of which: Direct investment	0.7	7.5	2.9	0.0	-1.3	2.0	2.1	2.2	2.4	2.5	2.6
Errors and omissions	-0.1	-7.3	-2.7	-7.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Overall balance	-4.6	11.0	12.1	-4.5	2.7	10.4	9.0	9.3	9.9	10.6	11.2

Gross official reserves (US$ billions) 5/	107.6	116.9	114.7	113.5	116.2	126.6	135.6	144.9	154.8	165.4	176.6
(In months of following year’s imports of goods and nonfactor services)	5.5	4.9	5.4	4.6	4.4	4.6	4.7	4.8	4.9	4.9	5.0
(In percent of short-term debt by original maturity)	117.6	120.8	104.9	100.3	99.4	98.3	97.2	97.0	97.3	97.9	98.9
(In percent of short-term debt by remaining maturity)	91.9	93.5	84.6	80.7	78.7	79.4	79.0	79.2	79.7	80.5	81.5
Total external debt (in billions of U.S. dollars) 5/	238.8	258.7	259.6	270.6	284.6	305.1	324.4	342.8	361.1	379.2	397.2
(In percent of GDP)	70.8	69.3	63.8	67.8	65.1	65.3	65.1	64.9	64.4	63.8	63.0
Of which: short-term (in percent of total, original maturity)	38.3	37.4	42.1	41.8	41.1	42.2	43.0	43.6	44.1	44.6	44.9
short-term (in percent of total, remaining maturity)	49.1	48.3	52.2	51.9	51.9	52.3	52.9	53.4	53.8	54.2	54.5
Debt service ratio 5/
(In percent of exports of goods and services) 8/	13.6	10.5	9.7	11.8	12.1	12.1	10.1	9.8	9.7	9.6	9.5
(In percent of exports of goods and nonfactor services)	14.4	11.4	10.3	12.7	12.9	12.9	10.7	10.4	10.3	10.2	10.0


Memorandum items:
Nominal GDP (in billions of ringgit)	1,418	1,549	1,794	1,823	1,952	2,099	2,241	2,373	2,512	2,660	2,817


Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.

1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted. 2/ Cash basis. 3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies. 4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap. 5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency. 6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter. 7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100). 8/ Includes receipts under the primary income account.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

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

MIL OSI Economics –

MIL-OSI Security: Shelton Man Admits Fraudulently Obtaining COVID-19 Relief Funds

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, today announced that on February 28, 2025, VINCENZO MINUTOLO, 38, of Shelton, waived his right to be indicted and pleaded guilty before U.S. District Judge Kari A. Dooley in Bridgeport to offenses related to his fraudulent receipt of COVID-19 relief funds.

According to court documents and statements made in court, on March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses through the Paycheck Protection Program (PPP). In April 2020, Congress authorized more than $300 billion in additional PPP funding. The PPP allowed qualifying small businesses and other organizations to receive unsecured loans at an interest rate of 1%. PPP loan proceeds were to be used by businesses on payroll costs, interest on mortgages, rent and utilities. The PPP allowed the interest and principal to be forgiven if businesses spent the proceeds on these expenses within a certain period of time of receipt and used at least a certain percentage of the amount to be forgiven for payroll.

The PPP was overseen by the Small Business Administration, which has authority over all PPP loans. Individual PPP loans, however, were issued by private approved lenders, which received and processed PPP applications and supporting documentation, and then made loans using the lenders’ own funds, which were guaranteed by the SBA.

Minutolo claimed an ownership interest or representative relationship with City Sounds Productions LLC (“City Sounds”). Between March and September 2021, Minutolo defrauded the PPP loan program of more than $145,000 by providing false information on loan applications for City Sounds, including overstating the yearly gross income for City Sounds; misrepresenting that similar PPP loans had not been or would not be sought when he had, in fact, sought and obtained, and intended to seek and obtain, such loans; and providing fraudulent IRS tax filings and tax payment vouchers for City Sounds that had, in fact, never been filed with the IRS. Similarly, on the forgiveness applications he submitted, Minutolo materially misrepresented having complied with all the requirements of the PPP rules.

In addition, the CARES Act created a new temporary federal unemployment insurance program for pandemic unemployment assistance (“Pandemic Unemployment Assistance”). Pandemic Unemployment Assistance provided unemployment insurance (“UI”) benefits for employed individuals who are not eligible for other types of UI due to their employment status. The CARES Act also created a new temporary federal program called Federal Pandemic Unemployment Compensation (“FPUC”) that provided additional weekly benefits to those eligible for Pandemic Unemployment Assistance or regular UI. The Connecticut Department of Labor (CT-DOL) administers UI benefits for residents of Connecticut.

Between March 2020 and April 2021, Minutolo defrauded the CT-DOL of at least $86,000, and as much as approximately $273,000, by providing the CT-DOL with fraudulent Pandemic Unemployment Assistance applications seeking unemployment insurance payments in others’ names, including individuals who had died, and individuals who did not know that their name and sometimes other personal information was being used. One fraudulent application was for Minutolo’s grandfather, who died in 2014, and included a telephone number associated with Minutolo. Minutolo continued to make online weekly certifications to the CT-DOL attesting that the information contained in his grandfather’s application, and other applications, were true in order to receive continued unemployment insurance benefits.

Minutolo pleaded guilty to two counts of wire fraud, an offense that carries a maximum term of imprisonment of 20 years on each count. Judge Dooley scheduled sentencing for May 23. Minutolo is released on a $50,000 bond pending sentencing.

This matter is being investigated by Homeland Security Investigations (HIS) and the U.S. Department of Labor Office of the Inspector General. The case is being prosecuted by Assistant U.S. Attorney Christopher W. Schmeisser.

Individuals with information about allegations of fraud involving COVID-19 are encouraged to 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.

MIL-OSI USA: Cassidy, Barrasso, Colleagues Introduce Bill to Repeal Biden Tax on American Energy, Manufacturing

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), John Barrasso (R-WY), and colleagues introduced legislation to repeal the largest tax hike from the Democrats’ 2022 reckless tax and spending bill that makes it harder to invest, produce, and manufacture in the United States.
“The American dream is becoming out of reach for many Americans. We should be investing in American energy, manufacturing, and jobs,” said Dr. Cassidy. “This bill is pro-American worker and pro-Louisiana.”
“Reckless and complicated taxes like the book minimum tax undermine our nation’s supply chain, threaten our energy security, and send jobs and investments overseas,” said Senator Barrasso. “Companies that want to invest in our country, create more American jobs, and unleash American energy don’t need more punishing taxes. They especially don’t need unelected bureaucrats gaining more control of U.S. tax policy. We need to repeal this reckless and failed tax once and for all.”
The book minimum tax is an arcane tax on U.S. job creators investing in America. The tax removes longstanding provisions to help promote economic growth and investments while creating loopholes for special interest groups. The Book Minimum Tax Repeal Act will end this harmful provision and stop unelected bureaucrats from manipulating tax policy to benefit their favorite industries.
The legislation is supported by the National Association of Manufacturers, American Petroleum Institute, American Institute of Certified Public Accountants, National Mining Association, Independent Petroleum Association of America, Energy Infrastructure Council, U.S. Chamber of Commerce, Interstate Natural Gas Association of America, and the Western Energy Alliance.
Cassidy and Barrasso were joined by U.S. Senators Mike Crapo (R-ID), James Lankford (R-OK), Jim Risch (R-ID), Cynthia Lummis (R-WY), Steve Daines (R-MT), Marsha Blackburn (R-TN), and Pete Ricketts (R-NE) in cosponsoring the legislation.

MIL-OSI USA: NASA’s Webb Exposes Complex Atmosphere of Starless Super-Jupiter

Source: NASA

An international team of researchers has discovered that previously observed variations in brightness of a free-floating planetary-mass object known as SIMP 0136 must be the result of a complex combination of atmospheric factors, and cannot be explained by clouds alone.
Using NASA’s James Webb Space Telescope to monitor a broad spectrum of infrared light emitted over two full rotation periods by SIMP 0136, the team was able to detect variations in cloud layers, temperature, and carbon chemistry that were previously hidden from view.
The results provide crucial insight into the three-dimensional complexity of gas giant atmospheres within and beyond our solar system. Detailed characterization of objects like these is essential preparation for direct imaging of exoplanets, planets outside our solar system, with NASA’s Nancy Grace Roman Space Telescope, which is scheduled to begin operations in 2027.

SIMP 0136 is a rapidly rotating, free-floating object roughly 13 times the mass of Jupiter, located in the Milky Way just 20 light-years from Earth. Although it is not classified as a gas giant exoplanet — it doesn’t orbit a star and may instead be a brown dwarf — SIMP 0136 is an ideal target for exo-meteorology: It is the brightest object of its kind in the northern sky. Because it is isolated, it can be observed with no fear of light contamination or variability caused by a host star. And its short rotation period of just 2.4 hours makes it possible to survey very efficiently.
Prior to the Webb observations, SIMP 0136 had been studied extensively using ground-based observatories and NASA’s Hubble and Spitzer space telescopes.
“We already knew that it varies in brightness, and we were confident that there are patchy cloud layers that rotate in and out of view and evolve over time,” explained Allison McCarthy, doctoral student at Boston University and lead author on a study published today in The Astrophysical Journal Letters. “We also thought there could be temperature variations, chemical reactions, and possibly some effects of auroral activity affecting the brightness, but we weren’t sure.”
To figure it out, the team needed Webb’s ability to measure very precise changes in brightness over a broad range of wavelengths.

Using NIRSpec (Near-Infrared Spectrograph), Webb captured thousands of individual 0.6- to 5.3-micron spectra — one every 1.8 seconds over more than three hours as the object completed one full rotation. This was immediately followed by an observation with MIRI (Mid-Infrared Instrument), which collected hundreds of spectroscopic measurements of 5- to 14-micron light — one every 19.2 seconds, over another rotation.
The result was hundreds of detailed light curves, each showing the change in brightness of a very precise wavelength (color) as different sides of the object rotated into view.
“To see the full spectrum of this object change over the course of minutes was incredible,” said principal investigator Johanna Vos, from Trinity College Dublin. “Until now, we only had a little slice of the near-infrared spectrum from Hubble, and a few brightness measurements from Spitzer.”
The team noticed almost immediately that there were several distinct light-curve shapes. At any given time, some wavelengths were growing brighter, while others were becoming dimmer or not changing much at all. A number of different factors must be affecting the brightness variations.
“Imagine watching Earth from far away. If you were to look at each color separately, you would see different patterns that tell you something about its surface and atmosphere, even if you couldn’t make out the individual features,” explained co-author Philip Muirhead, also from Boston University. “Blue would increase as oceans rotate into view. Changes in brown and green would tell you something about soil and vegetation.”

To figure out what could be causing the variability on SIMP 0136, the team used atmospheric models to show where in the atmosphere each wavelength of light was originating.
“Different wavelengths provide information about different depths in the atmosphere,” explained McCarthy. “We started to realize that the wavelengths that had the most similar light-curve shapes also probed the same depths, which reinforced this idea that they must be caused by the same mechanism.”
One group of wavelengths, for example, originates deep in the atmosphere where there could be patchy clouds made of iron particles. A second group comes from higher clouds thought to be made of tiny grains of silicate minerals. The variations in both of these light curves are related to patchiness of the cloud layers.
A third group of wavelengths originates at very high altitude, far above the clouds, and seems to track temperature. Bright “hot spots” could be related to auroras that were previously detected at radio wavelengths, or to upwelling of hot gas from deeper in the atmosphere.
Some of the light curves cannot be explained by either clouds or temperature, but instead show variations related to atmospheric carbon chemistry. There could be pockets of carbon monoxide and carbon dioxide rotating in and out of view, or chemical reactions causing the atmosphere to change over time.
“We haven’t really figured out the chemistry part of the puzzle yet,” said Vos. “But these results are really exciting because they are showing us that the abundances of molecules like methane and carbon dioxide could change from place to place and over time. If we are looking at an exoplanet and can get only one measurement, we need to consider that it might not be representative of the entire planet.”
This research was conducted as part of Webb’s General Observer Program 3548.
The James Webb Space Telescope is the world’s premier space science observatory. Webb is solving mysteries in our solar system, looking beyond to distant worlds around other stars, and probing the mysterious structures and origins of our universe and our place in it. Webb is an international program led by NASA with its partners, ESA (European Space Agency) and CSA (Canadian Space Agency).
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View/Download the research results from The Astrophysical Journal Letters.

Laura Betz – laura.e.betz@nasa.govNASA’s Goddard Space Flight Center, Greenbelt, Md.
Margaret W. Carruthers – mcarruthers@stsci.eduSpace Telescope Science Institute, Baltimore, Md.
Hannah Braun – hbraun@stsci.eduSpace Telescope Science Institute, Baltimore, Md.

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MIL-OSI Security: Orlando Woman Ordered To Pay Over $3 Million For Her Involvement In Wire And Tax Fraud Scheme

Source: Office of United States Attorneys

Jacksonville, Florida – U.S. District Judge Wendy W. Berger has sentenced Marielys Feliciano Rodriguez (47, Orlando) to one year of house arrest and ordered her to pay $3,338,558 in restitution to the Internal Revenue Service for wire fraud and tax fraud. She was also ordered to serve a five-year term of supervised release. The court also entered a money judgment against Rodriguez in the amount of $347,760, representing the proceeds of the wire fraud.

According to court documents, Rodriguez established a shell company that purported to be involved in the construction industry. She obtained a workers’ compensation insurance policy in the name of the shell company to cover a minimal payroll for a few purported employees, then “rented” the workers’ compensation insurance to work crews who had obtained subcontracts with construction contractors on projects in various Florida counties as well as contractors in other states. Rodriguez sent the contractors a certificate as “proof” that the work crews had workers’ compensation insurance, as required by Florida law. By sending the certificate Rodriguez falsely represented that the work crews worked for the shell company. Over the course of the scheme, Rodriguez “rented” the certificates to dozens of work crews, defrauding the worker’s compensation carrier, typically allowing numerous undocumented illegal workers to be employed unlawfully.

As part of the scheme, the contractors issued payroll checks for the workers’ wages to the shell companies and Rodriguez cashed these checks, then distributed the cash to the work crews, after deducting their fee, which was typically about 6% of the payroll. During the scheme, Rodriguez cashed payroll checks totaling approximately $13 million. Neither the shell company nor the contractors reported to government authorities the wages that were paid to the workers, nor did they pay either the employees’ or the employer’s portion of payroll taxes – including Social Security, Medicare, and federal income tax. The amount of payroll taxes due on wages collected by Rodriguez totaled over $3 million.

The scheme also facilitated the avoidance of the higher cost of obtaining adequate workers’ compensation insurance for the numerous workers on the work crews to whom Rodriguez “rented” the workers’ compensation insurance. The policy that Rodriguez purchased and then “rented” out was for an estimated payroll of $121,800 and the insurance company issued a policy for a premium of approximately $8,006. Had a workers’ compensation insurance policy been purchased for the actual payroll totaling approximately $5 million dollars, the policy premium would have totaled about $461,679.

“Fraudulent schemes that provide under-the-table cash payments ultimately exploit undocumented aliens for large profits and undermines the integrity of the industry, endangering both the workers and the system that’s meant to protect them,” said Homeland Security Investigations Jacksonville Assistant Special Agent in Charge Tim Hemker. “HSI, alongside our law enforcement partners, will investigate those who engage in illegal practices and hold them accountable for their actions.”

“Today’s sentence sends a clear message that off the books payroll schemes which enable illegal immigrants the ability to work without paying taxes will not be tolerated. These schemes are violations of a number of serious federal criminal statutes including wire fraud and tax evasion. The impact of this scheme, and others like it, harm law-abiding businesses and legal workers who are unable to compete against the tax-free labor of illegal immigrants,” said Special Agent in Charge Ron Loecker, of the IRS Criminal Investigation (IRS-CI), Tampa Field Office. “We are proud to work alongside our partners at Homeland Security Investigations (HSI) on this case, and we will continue this partnership to ensure all employers are on an even playing field.”

This case was investigated by Homeland Security Investigations, the Internal Revenue Service – Criminal Investigation, and the Florida Department of Financial Services. It was prosecuted by Assistant United States Attorney John Cannizzaro.

MIL-OSI Security: Columbus men sentenced to decades in prison for their roles in drug & human trafficking rings, overdose & violent deaths

Source: Office of United States Attorneys

COLUMBUS, Ohio – Two Columbus men were sentenced in U.S. District Court today to 25years and 23 years in prison for drug crimes, sex trafficking crimes and their roles in the deaths of a local man and woman. The defendants are two of nearly two dozen individuals charged in a case involving large-scale drug and human trafficking rings, the overdose death of at least one individual and the violent death of a second victim.

Dustin A. Speakman, 35, of Columbus, was sentenced to 276 months in prison. He pleaded guilty in March 2024 to conspiracy to distribute and possess with intent to distribute controlled substances within 1,000 of an elementary school. As part of his plea, Speakman admitted to his role in the violent death of one victim that occurred during the time he was operating a drug distribution house.

Tyler Bourdo, 31, of Columbus, was sentenced to 300 months in prison. He also pleaded guilty in March 2024 to conspiracy to distribute and possess with intent to distribute controlled substances within 1,000 of an elementary school, as well as distributing fentanyl and cocaine that resulted in death and conspiracy to commit sex trafficking.

Speakman and Bourdo are two of 23 defendants charged in a narcotics and human trafficking case that involves at least two deaths. Two of the defendants were found guilty following a jury trial last month. All 23 defendants have been convicted or pleaded guilty.

According to court documents, from 2008 until June 2022, lead defendants Patrick Saultz and Cordell Washington ran a large-scale drug trafficking organization in Columbus that included sex trafficking, labor trafficking and money laundering.

Court documents detail that the drug trafficking organization brought large quantities of fentanyl, heroin, cocaine, crack cocaine, methamphetamine, oxycodone, alprazolam and marijuana into Columbus. These drugs were sold or used to coerce individuals into sexual activity for some members of the drug ring and their profit.

Speakman joined the drug trafficking organization after being released from jail in 2022, where he was housed with Saultz. Speakman was a mid-level drug distributor for the group out of residences on South Ogden and South Warren.

As part of his guilty plea, Speakman admitted to severely beating one of his drug runners in May 2022 and then providing him with free drugs to make up for the attack. Witnesses said the male was beaten by Speakman and then given cocaine and fentanyl as compensation. Shortly after, the victim began to seize and foam at the mouth and did not respond to Narcan. The victim was driven to an alley near Grant Hospital where he was found unconscious by Columbus Fire Department personnel with severe trauma to the face and head. His cause of death was ultimately determined to be blunt force trauma caused by Speakman.

Bourdo supplied and oversaw the drug distribution at one of the stash houses on North Warren. He was providing the property’s owners approximately $100 in illegal narcotics per day for use of the residence.

According to Bourdo’s plea agreement, on Oct. 14, 2021, an individual was found deceased in an alley between Bourdo’s primary residence and a drug distribution house. The woman was found with a needle in her hand and another needle in her pocket and had been dead for approximately 18 hours.

Further investigation revealed that, on Oct. 10, 2021, the woman had overdosed on crack cocaine and fentanyl at one of the organization’s drug houses that Bourdo supplied on North Warren. Witnesses on site immediately placed the woman in a bathtub and soaked her in cold water. The witnesses provided multiple rounds of Narcan, CPR and chest compressions, eventually resuscitating her. The woman left and, over the next 48 hours, met up with Bourdo on more than one occasion to get and use more drugs.

Video surveillance of the alley shows Bourdo walking to the deceased woman’s body just moments before police personnel arrived to attempt (unsuccessfully) to obtain her phone to prevent further investigation into her death.

As part of his plea, Bourdo admitted to coercing adult drug-addicted females into performing commercial sex acts by using violence as well as providing and then withholding or threatening to withhold narcotics and lodging.

Acting U.S. Attorney Kelly A. Norris commended the investigation coordinated by Ohio Attorney General Dave Yost’s Ohio Organized Crime Investigations Commission Central Ohio Human Trafficking Task Force, which includes Columbus Division of Police Chief Elaine Bryant; Jared Murphey , Acting Special Agent in Charge, U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) Detroit; and Andrew Lawton, Acting Special Agent in Charge, U.S. Drug Enforcement Administration (DEA). Other agencies that have assisted the task force with the investigation include the Franklin County Sheriff’s Office, HIDTA Task Force, IRS-Criminal Investigation, FBI, Ohio Bureau of Criminal Investigations (BCI), Ohio National Guard Counter Drug Task Force, Pickerington Police Department, New Albany Police Department, and the Fairfield County Sheriff’s Office SWAT Team.

Assistant United States Attorneys Timothy Prichard and Emily Czerniejewski are representing the United States in this case.

This investigation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. More information about OCDETF can be found at https://www.justice.gov/OCDETF.

# # #

MIL-OSI Security: Mercer County Accounting Professor Convicted Of Tax Evasion And Filing False Tax Returns Sentenced To 24 Months In Prison

Source: Office of United States Attorneys

TRENTON, N.J. – A Mercer County, New Jersey man was sentenced today to 24 months in prison for evading federal income taxes and filing false tax returns, Acting U.S. Attorney Vikas Khanna announced.

Gordian A. Ndubizu, of Princeton Junction, New Jersey, was convicted on Aug. 15, 2024, of all eight counts of an indictment charging him with four counts of tax evasion and four counts of filing false tax returns in tax years 2014 through 2017, following a four-day trial before U.S. District Judge Zahid N. Quraishi, who imposed the sentence today in Trenton federal court.

According to documents filed in this case and evidence introduced at trial:

During tax years 2014 through 2017, Ndubizu was a professor of accounting at a university in Pennsylvania as well as the co-owner of Healthcare Pharmacy in Trenton, New Jersey. Healthcare Pharmacy was organized as an S corporation, the income of which flowed through to Ndubizu and his wife and was to be reported on their personal income tax returns. Ndubizu prepared fraudulent books and records for Healthcare Pharmacy inflating the pharmacy’s costs of goods sold to reduce and underreport the pharmacy’s actual profits flowing through to Ndubizu and his wife. In the fraudulent books and records, among other things, Ndubizu identified certain wire transfers as payments to purchase goods sold by the pharmacy when those wire transfers were in fact made to personal bank accounts under Ndubizu’s control and to bank accounts in Nigeria associated with an automotive company under Ndubizu’s control. Each of Ndubizu’s tax returns for tax years 2014 through 2017 falsely underreported his income and falsely reported that he had no financial interest in or signature authority over any foreign bank accounts. Ndubizu failed to report approximately $3.28 million in income from the pharmacy, resulting in the evasion of approximately $1.25 million in tax due and owing.

Acting U.S. Attorney Khanna credited special agents of IRS-Criminal Investigation Division, under the direction of Special Agent in Charge Tammy Tomlins in Newark, with the investigation leading to the sentencing. He also thanked special agents of the Drug Enforcement Administration, and officers of the Trenton Police Department and Mercer County Prosecutor’s Office for their work on this case.

The government is represented by Assistant U.S. Attorneys Alexander E. Ramey and Ashley Super Pitts of the U.S. Attorney’s Office Criminal Division in Trenton.

MIL-OSI USA: Hit By Trump’s Tariffs, Welch’s Guest to President’s Joint Address to Congress Will Be Head of Vermont Maple Sugar Makers Association

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
Allison Hope During Welch’s Tariff Town Hall: “Our industry has grown in production almost 500% over the last 20 years, and these tariffs would go a long way towards potentially slowing that production.”
Vermont sugar makers produce the most maple syrup in the nation.
WASHINGTON, D.C.—Today, U.S. Senator Peter Welch (D-Vt.) announced Allison Hope, Executive Director of the Vermont Maple Sugar Makers Association, will join Senator Welch for President Trump’s Joint Address to Congress on Tuesday evening.
Vermont’s maple industry—as well as farms and businesses across Vermont—are bracing for the economic fallout of the Trump’s 25% tariff on Canada, which will go into effect tomorrow. Sugar makers expect the cost of Canadian-made sugaring equipment to dramatically increase. Bulk maple sales to major retailers like Costco, Target, and Whole Foods rely on both U.S. and Canadian producers and most of the equipment needed to produce syrup is manufactured in Canada.
“These tariffs are really going to hurt our economy in Vermont, and the impacts will be far-reaching. President Trump is singlehandedly raising costs for Vermonters—from the food on our table, to our energy bills, to the materials and equipment our home construction companies and manufacturers need. It’s important that the Trump Administration and my colleagues across the aisle hear directly from those who are impacted and that they drop this misguided plan,” said Senator Welch.
During Senator Welch’s virtual town hall on tariffs in February, Allison Hope of the Vermont Maple Sugar Makers Association shared: “Our industry has grown in production almost 500% over the last 20 years, and these tariffs would go a long way towards potentially slowing that production.”
Today, Senator Welch will join Governor Phil Scott, the Solinsky Family, who are fourth-generation sugar makers from the northeast kingdom, Vermont Agriculture Secretary Anson Tebbetts, the Vermont Maple Sugar Makers Association, and community members at the Governor’s annual ‘First Tapping’ event, which celebrates Vermont’s maple industry and the Green Mountain State’s sugar makers. Vermont sugar makers produce the most maple syrup in the nation, with 3.1 million gallons produced in 2024, an increase of nearly 20% from 2023.
Last week, Senator Welch expressed opposition to the Trump Tariffs in voting against the nomination of Jamieson Greer for United States Trade Representative. He also joined Senator Jeanne Shaheen’s (D-N.H.) Protecting Americans from Tax Hikes on Imported Goods Act, which would shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The bill would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.
In January, Welch introduced the Making Agricultural Products Locally Essential (MAPLE) Act and the Supporting All Producers (SAP) Act, two bipartisan, bicameral bills to support Vermont’s maple industry.

MIL-OSI USA: Rosen Announces She Will Bring Nevada Teenager Enrolled in Medicaid for Lifesaving Health Care As Guest to Trump’s Joint Address to Congress

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

This Comes After Congressional Republicans Passed A Cruel Budget With Extreme Cuts To Medicaid As A Way To Pay For Tax Cuts For The Ultra-Wealthy
WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) announced that she will be joined by a Las Vegas teenager and his mom who rely on Medicaid for health care coverage to attend President Trump’s Joint Address to Congress. Dominic Rampa, who will be accompanied by his mother Rebecca Ennis, has relied on Medicaid since he was a child to help cover treatments for a number of health conditions associated with nine genetic disorders – including two immunodeficiencies, a genetic blood clotting disorder, juvenile rheumatoid arthritis, and more. Without Medicaid coverage, Dominic would lose the health care coverage he needs to live, which at a minimum comes out to around $200,000 per year.
Medicaid is a lifeline for Nevadans to access health care. Nearly 42 million children nationwide rely on Medicaid/CHIP for their health coverage. In Nevada, more than 350,000 children are enrolled in this critical program.
“Since he was a young child, Dominic has relied on Medicaid to get the health care he needs to stay alive. This critical program is a lifeline for Dominic and his family, and I’m grateful to be joined by him and his mom at the Joint Address to Congress,” said Senator Rosen. “Congressional Republicans’ efforts to make cuts to Medicaid to pay for more tax giveaways for the ultra-wealthy would be a disaster for Nevadans like Rebecca and Dominic. As long as I’m representing Nevada in the U.S. Senate, I will continue to speak out against cutting funding for programs that Nevandas rely on.”
“Having a child with multiple rare diseases is very difficult,” said Rebecca Ennis. “The cost is more than most people could afford, so losing Medicaid would cause my son to lose the treatments that keep him alive.”
Senator Rosen has been a vocal critic of Republicans’ budget plans that would give tax breaks to the ultra-wealthy by cutting programs Nevadans rely on. Earlier this month, Senator Rosen opposed Republicans’ extreme budget resolution that will gut programs like Medicaid and SNAP to pay for more tax cuts for only the richest Americans. She also took to the Senate floor to call out Congressional Republicans for this extreme budget plan. Senator Rosen joined her Senate colleagues in urging President Donald Trump to reject Congressional Republicans’ legislative plans to increase the cost of living for Americans.

MIL-OSI Security: Two Brothers from Youngstown, Ohio, Each Sentenced to at Least a Decade in Prison for Participation in Interstate Cocaine Trafficking Operation

Source: Office of United States Attorneys

PITTSBURGH, Pa. – Two Youngstown, Ohio, residents were sentenced in federal court in Pittsburgh on February 26, 2025, for their convictions of conspiracy to distribute and possess with intent to distribute cocaine and related firearms and drug trafficking charges, Acting United States Attorney Troy Rivetti announced today. The defendants were among 17 individuals from Lawrence County, Pennsylvania; Puerto Rico; and Youngstown, Ohio, indicted in March 2024 for violating federal narcotics, firearms, and racketeering laws by conspiring to distribute cocaine throughout Western Pennsylvania and Youngstown (read the Indictment news release here).

Senior United States District Judge Arthur J. Schwab imposed the sentences on brothers Ruben Noel Sanchez, 29, and Rubel Sanchez, 22. Ruben was sentenced to a total of 13 years of imprisonment, to be followed by four years of supervised release, on his conviction of conspiring to distribute and possess with intent to distribute 500 grams or more of cocaine, possessing with intent to distribute fentanyl, heroin, cocaine, and methamphetamine, and possessing firearms in furtherance of drug trafficking, with the latter two charges having been filed by Information in the Northern District of Ohio. Rubel was sentenced to 10 years of prison, to be followed by four years of supervised release, for conspiring to distribute and possess with intent to distribute 500 grams or more of cocaine.

According to information presented to the Court, the Sanchez brothers were part of an organized drug trafficking group that shipped kilogram quantities of cocaine from Puerto Rico, often mailing drug parcels through the U.S. Postal Service to co-conspirators responsible for selling the cocaine in Western Pennsylvania; Youngstown, Ohio; and elsewhere. This included the Sanchez brothers receiving kilograms of cocaine directly through the mail as well as receiving and paying for cocaine that was shipped to Philadelphia and then transported across Pennsylvania to Youngstown, Ohio. Upon receipt of the cocaine, the brothers and their co-conspirators distributed the drugs to customers and multiple other co-conspirators, who then distributed the cocaine in Youngstown, Ohio, and throughout Lawrence County, Pennsylvania.

In March 2024, investigators executed a federal search warrant at a Youngstown residence utilized by the brothers in connection with their drug distribution operations, where investigators seized three Glock pistols—including one equipped with a machinegun conversion device known as a Glock switch and another loaded with ammunition; three unattached Glock switches; assorted ammunition; baggies of powder and pills that included separate mixtures and substances containing 1) fentanyl, cocaine, and xylazine, 2) fentanyl and xylazine, 3) cocaine, 4) fentanyl, 5) methamphetamine, and 6) heroin, fentanyl, cocaine, and xylazine; a kilo press plate used in connection with the packaging and distribution of large quantities of powdered controlled substances; and the brothers’ cell phones. Evidence, including from these cell phones and other surveillance, established that the brothers knowingly possessed the drugs with the intent to distribute them and possessed the firearms in furtherance of their drug trafficking. The brothers each were responsible for distributing and/or possessing with intent to distribute at least five kilograms of cocaine, at least 40 grams of fentanyl, and quantities of heroin and methamphetamine.

Assistant United States Attorney Carl J. Spindler prosecuted this case on behalf of the government, with valuable assistance from the U.S. Attorney’s Office for the Northern District of Ohio.

Acting United States Attorney Rivetti commended the Drug Enforcement Administration, Lawrence County High Intensity Drug Trafficking Area (HIDTA) Drug Task Force, and United States Postal Inspection Service, as well as the New Castle Police Department, Ellwood City Police Department, Federal Bureau of Investigation, Internal Revenue Service – Criminal Investigation, Pennsylvania Office of Attorney General, Pennsylvania State Police, Pittsburgh Bureau of Police, and United States Department of Agriculture for the investigation leading to the successful prosecution of Sanchez brothers.

Lawrence County is one of six Western Pennsylvania counties officially designated as a High Intensity Drug Trafficking Area by the White House’s Office of National Drug Control Policy. The county received its HIDTA designation in July 2022, allowing it to receive dedicated federal resources to coordinate federal, state, and local governments in fighting drug trafficking and abuse.

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

MIL-OSI: Samuel and Co Trading Leads the Way in Affordable Financial Education Amidst Rising University Costs

Source: GlobeNewswire (MIL-OSI)

LONDON, March 03, 2025 (GLOBE NEWSWIRE) — As the financial burden of higher education is continuing to escalate, Samuel and Co Trading stands out as an accessible and high-quality hub of financial education. Founded in 2012, Samuel and Co have been empowering students with the skills and confidence to navigate the financial markets.

Recent analyses have highlighted the growing financial strain on university students in the UK. Tuition fees have risen to £9,535 per annum as of September 2025, marking the first increase in eight years. This surge, coupled with maintenance loans that often fall short of covering living expenses, has amplified the financial challenges of being a student. The average annual cost of studying in the UK now exceeds £22,000, encompassing tuition and living expenses.

In contrast, Samuel and Co Trading offers Ofqual-regulated Diplomas in Financial Trading that provide a cost-effective alternative to a traditional degree. Students can achieve a Level 5 Diploma, equivalent level to a Foundation Degree, in as little as 12 weeks or pursue a Level 7 Diploma, equivalent level to a Master’s Degree, but at a fraction of the cost. Considering that some graduate salaries have sunk as low as the minimum wage, these accelerated programmes not only save time but also significantly reduce financial outlay, making industry-recognised credentials more attainable.

The company’s commitment to excellence has been recognised in the 2025 Global Banking and Finance Awards®, when Samuel and Co Trading was awarded with two impressive accolades: “Best Online Financial Education & Training UK 2025” and “Best Forex Education UK 2025”. Alongside this, the company has also been awarded the “Best Online Trading Course Provider UK 2025” by Finance Derivative Magazine and won the “Best Trading Guidance and Support Provider Europe 2025”,“Leading Trading Education Management Company Europe 2025” and the “Most Trusted Personal Trading Strategies Provider Europe 2025” by World Business Outlook. And lastly Brands Review Magazine also presented them with the “Innovation in Trading Strategies UK 2025” and the “Trading Education and Mentorship Award UK 2025”. These awards show the dedication to delivering high-quality financial education and training.

Founder and CEO, Samuel Leach, reflects on the company’s journey:

“When I started Samuel and Co Trading in 2012, I wanted to democratise financial education. The aim was to provide practical, affordable, and high-quality training to people who are passionate about trading. Our recent accolades and the success of our students show that we’re on the right path.”

Due to the unpredictable nature of the finance industry and the rising costs of higher education, Samuel and Co Trading, mission remains to offer competitive, comprehensive, and accessible education. By bridging the gap between affordability and quality, the company is shaping the future of financial training.

About Samuel and Co Trading

Samuel and Co Trading was founded in 2012 by Samuel Leach with the mission of assisting individuals to succeed in financial trading. The company provides accredited and industry-recognised financial education, including Ofqual-regulated diplomas designed to fast-track students into trading careers. With courses led by seasoned professionals, Samuel and Co Trading ensures that students gain practical, real-world experience. Recognised as a leader in the sector, the company has trained thousands of individuals.

MIL-OSI USA: Governor Lamont Proposes Eliminating Fees for Obtaining and Renewing Occupational Licenses

Source: US State of Connecticut

(HARTFORD, CT) – Governor Ned Lamont today announced that he is urging the Connecticut General Assembly to approve legislation he is proposing that eliminates the fees workers in certain professions are required to pay when initially applying for occupational licenses, as well as the fees associated with renewing them.

By eliminating these costs, the governor is hoping to remove a barrier and encourage jobseekers to pursue careers within in-demand fields in which employers have indicated a need to hire skilled workers. The fee elimination plan was included as part of the governor’s fiscal year 2026/2027 biennial budget proposal that he presented to the legislature last month.

“Workers in certain skilled professions are required to obtain licenses for understandable reasons, but we should be doing more to encourage jobseekers to enter these fields, and that is why I want to eliminate all of the costs associated with applying for and renewing these licenses,” Governor Lamont said. “Over the last several years, we’ve enacted more than $840 million in permanent tax cuts, most of which are specifically targeted at providing relief to middle-class taxpayers, and I am asking the legislature to continue on this path by eliminating these occupational license fees.”

Impacted professions under the governor’s proposal include nurses, dental hygienists, mental health professionals, occupational therapists, paramedics, physical therapists, physician assistants, electricians, HVAC workers, plumbers, sheet metal workers, and teachers.

Fees for these licenses range in cost from $50 to $375 per year, depending on the license. The proposal will benefit nearly 180,000 workers, saving them approximately $18.8 million in fiscal year 2026 and $25 million in fiscal year 2027.

These licenses are administered by the Connecticut Department of Consumer Protection, the Connecticut Department of Public Health, and the Connecticut State Department of Education. Under Governor Lamont’s proposal, workers in these professions will still be required to obtain and renew licenses, however there will be no costs associated with applying for them.

List of Occupational License Fees Governor Lamont Wants To Eliminate
Professional Category	Fee Range	Number of Payers
Nursing	$70-$200	99,452
Dental hygienist	$105-$150	3,715
Mental health clinician	$50-$320	19,655
Occupational therapist	$50-$200	2,814
Paramedic	$150	2,783
Physical therapist	$65-$285	6,771
Electrician	$90-$150	14,259
HVAC	$90-$150	11,311
Plumber	$90-$150	7,424
Sheet metal	$90-$150	1,549
Teaching	$100-$375	8,385
TOTAL		178,117
**Download: Detailed list of all impacted licenses within these categories

“For several years it has been my top priority to pass legislation to cut burdensome fees on Connecticut’s workers, including our great teachers, nurses, mental health professionals, electricians, plumbers, and hundreds of thousands of other licensed professionals,” State Senator Ryan Fazio (R-Greenwich) said. “I appreciate the governor’s leadership in making it a priority this year. Workers shouldn’t have to pay this tax just for the right to work in our state. Let’s come together to cut licensing fees on workers and send a signal that we want to make it easier to work, live, and succeed in Connecticut.”

Eliminating these fees builds on Governor Lamont’s track record of reducing taxes to make Connecticut more affordable for middle-class workers. Since taking office in 2019, Governor Lamont has enacted more than $840 million in permanent tax cuts. This includes $500 million in income tax cuts for middle-class filers that was enacted in 2023 and became the largest income tax cut made in Connecticut history; increases in the Earned Income Tax Credit that have essentially eliminated income taxes for low-income filers; the elimination of taxes on pensions and Social Security for most seniors; and the creation of a cap on motor vehicle property taxes.

The proposal is included in Senate Bill 1246, An Act Concerning Revenue Items To Implement the Governor’s Budget. It is currently under consideration in the Finance, Revenue and Bonding Committee.