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Category: Taxation

  • MIL-OSI: Nasdaq Appoints Brandis DeSimone as New Head of East Coast Listings

    Source: GlobeNewswire (MIL-OSI)

    The appointment strengthens Nasdaq’s commitment to supporting companies throughout their corporate lifecycle

    Nasdaq is the exchange of choice for new listings and exchange transfers in the US, raising $22.97 Billion in IPO proceeds across 180 listings in 2024 and celebrating over 500 transfers to Nasdaq since 2005

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced the appointment of Brandis DeSimone as Senior Vice President, Head of East Coast Listings. Under the recently established regional operational structure, this appointment further strengthens Nasdaq’s commitment to supporting companies throughout their corporate lifecycle and deepening client relationships.

    DeSimone brings almost two decades of experience in the financial services industry, including over 13 years at Nasdaq. Throughout her long tenure with the organization, she has consistently demonstrated a strong commitment to the Nasdaq community and an ability to lead with deep client knowledge and trusted expertise. DeSimone has held multiple senior positions focusing on business development and client success. Most recently, she served as Vice President, Head of Americas Data Sales, where she fortified Nasdaq’s position as a leading data provider, working with various institutions across the financial sector, including traditional financial institutions and startups. With a comprehensive understanding of market trends, changing investor needs, and technological impacts on capital markets, DeSimone aims to help Nasdaq enhance its role as a strategic partner to corporate clients.

    “As companies navigate the dynamic landscape of capital markets, Nasdaq’s full suite of capabilities across trading, insights, technology and visibility are critical to fuel our client’s success,” said Brandis DeSimone, SVP, Head of East Coast Listings. “I am thrilled to evolve my journey with Nasdaq and grow the Listings franchise as we strengthen our commitment to helping clients unlock opportunity.”

    DeSimone will step into her new role on April 1, 2025. She is based out of Nasdaq’s New York headquarters and will report into Jeff Thomas, Executive Vice President, Chief Revenue Officer and Global Head of Listings for Capital Access Platforms.

    “The evolution of Nasdaq has always been centered around our clients’ needs, and we designed our regional management structure to drive greater connectivity with our clients and accelerate growth,” said Jeff Thomas, Executive Vice President, Chief Revenue Officer and Global Head of Listings for Capital Access Platforms. “Brandis DeSimone’s well-rounded and nuanced understanding of the capital markets from her work across all client segments along with her extensive understanding of Nasdaq’s capabilities and solutions will be instrumental in helping our clients in the East Coast deliver the highest level of service for our clients and fuel their success.”

    Nasdaq is home to the world’s most innovative companies. In addition to being the leading U.S. exchange, Nasdaq supports companies comprehensively through its suite of market leading solutions for investor relations, governance, index inclusion and visibility offerings. To date, over 500 companies have transferred their listings to Nasdaq, highlighting the unique proposition Nasdaq provides.

    About Nasdaq
    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Nasdaq Media Contact


    Cautionary Note Regarding Forward-Looking Statements:
    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such “will,” “plans,” “expects,” “may,” “believe” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements about the Company’s growth strategy and market expectations, products and services, ability to enhance or innovate new ways for companies to join the public markets, future listing activity, and other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties, or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    -NDAQG-

    The MIL Network –

  • MIL-OSI: Westhaven Announces Updated Preliminary Economic Assessment for the Shovelnose Gold Project, British Columbia

    Source: GlobeNewswire (MIL-OSI)

    After-Tax NPV Doubled to $454 Million

    After-Tax IRR of 43.2%

    Payback of Initial Capital Costs of 2.1 Years

    All amounts are in Canadian Dollars unless otherwise noted

    VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) is pleased to report the completion of an Updated Preliminary Economic Assessment (“PEA”) at its 100% owned 41,634-hectare Shovelnose Gold Property (the “Property”) located within the prospective Spences Bridge Gold Belt (“SBGB”), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia. The PEA outlines a robust, low-cost, rapid pay-back, high margin, 11.1 year underground gold mining opportunity and is based on updated mineral resources that include contributions from the South, Franz and FMN zones.

    At a gold price of US$2,400/oz and an exchange rate of C$1.00 to US$0.72, the Shovelnose base case estimate (the “Base Case”) generates an after-tax net present value (NPV) at a 6% discount rate of $454 million and an internal rate of return (IRR) of 43.2%. The proposed mine will operate over an initial 11.1 year mine-life with average annual life-of-mine gold production of 56,000 ounces. Initial capital expenditure to fund construction and commissioning is estimated at $184 million, with a life-of-mine capital cost of $379 million and a payback period of 2.1 years. The all-in sustaining costs (as defined per World Gold Council guidelines, less corporate G&A) are estimated to be US$836 per ounce of gold produced.

    Summary Table – Economic Sensitivity to Long Term Gold Price

    Long Term Metal Price Variability Corresponding Gold Price After Tax NPV (at 6%) After Tax IRR
    (percentage change) US$/ounce CDN $ millions (%)
    – 20% 1,920 284.3 30.4
    – 10% 2,160 369.1 36.9
    base case 2,400 453.7 43.2
    + 10% 2,640 538.3 49.5
    + 20% 2,880 622.8 55.7

    Gareth Thomas, President & CEO, comments: “Westhaven’s flagship Shovelnose Gold Property is ideally situated, in close proximity to roads, power and infrastructure in a tier 1 mining jurisdiction. Production contribution from both Franz and FMN provide valuable ounces that bring gold production forward in the schedule resulting in payback of initial capital costs in just 2.1 years. Our intention is to continue to advance this cornerstone project in parallel with our ongoing exploration efforts to further expand the gold-silver mineral inventory on this highly prospective land package. The next steps towards rapidly advancing development include further de-risking initiatives such as continued environmental baseline studies, permitting requirements, along with other cost and technical requirements.”

    The Company cautions that the results of the PEA are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have economic consideration applied to them to be classified as Mineral Reserves. There is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

    Preliminary Economic Assessment Highlights:

    *Base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN$/US$ exchange rate of $0.72.
    *All costs are in Canadian dollars unless otherwise specified.

    • Robust financial metrics.
      • Pre-tax Internal Rate of Return (“IRR”) of 56.3%; After-tax IRR of 43.2%.
      • Low All-In Sustaining Cost (“AISC”) of $1,161/ounce (“oz”) (US$836/oz) gold equivalent (“AuEq”).
      • Low Cash Cost of $872 oz/AuEq (US$ 628/oz AuEq).
      • Pre-tax Net Present Value (“NPV”6%) of $730 million (M) and After-tax NPV of $454M.
      • Payback period from start of production year at 1.7 years pre-tax and 2.1 years after-tax.
      • After-tax (NPV 6%) increases to $634M and After-tax IRR increases to 56.6% using spot prices of US$2,900 gold and US$30 silver.
    • Low capital-intensive development and operating costs.
      • Total Preproduction Capital of $184M.
      • Total Life of Mine (“LOM”) Capital Costs of $379M.
      • Average operating cost of $142/ tonne processed.
      • 92% of total stope mining is cost effective longitudinal and traverse longhole stoping, with only 8% of total mining requiring cut and fill stoping.
    • 11.1-year mine life and ability to expand processing to accommodate satellite discoveries.
      • 718,600 total Indicated ounces gold equivalent (“AuEq”) underground Mineral Resource Estimate.

           292,000 total Inferred ounces AuEq underground Mineral Resource Estimate.

    • Production rate of 1,000 tonnes per day (“tpd”).
    • Total payable metals of 637,000 oz gold (“Au”) and 3,562,000 oz silver (“Ag”).
    • Average annual production of 56,000 oz Au peaking in year 7 at 68,000 oz Au.

                            Total mineralized rock production of 4,159,000 tonnes at 5.26 g/t Au and 32 g/t Ag.

    • Metallurgical recoveries of 91.5% Au and 92.9% Ag.
    • Community/stakeholder benefits.
      • Total projected income taxes paid of $284M.
      • Total projected British Columbia mineral taxes paid of $163M.
      • More than 130 well-paying local full time jobs created during life of mine.
      • Additional employment during construction phase.
      • Indirect spin-off benefits during both construction and mine operations.

    Mineral Resources, Updated PEA Preparation and Results

    The previous public Mineral Resource Estimate (“MRE”) for the South Zone was carried out by P&E Mining Consultants Inc. (“P&E”) with an effective date July 18, 2023. The current underground MRE is reported herein. All drilling and assay data were provided by Westhaven, in the form of Excel data files. The GEOVIA GEMS™ V6.8.4 database compiled by P&E for the February 28, 2025 MRE consisted of 355 surface drill holes, totalling 121,971 metres. A total of 145 drill holes (50,714 metres) were intersected by the Mineral Resource wireframes used in this PEA.

    P&E validated the Mineral Resource database in GEMS™ by checking for inconsistencies in analytical units, duplicate entries, interval, length or distance values less than or equal to zero, blank or zero-value assay results, out-of-sequence intervals, intervals or distances greater than the reported drill hole length, inappropriate collar locations, survey and missing interval and coordinate fields. Some minor errors were identified and corrected in the database. The QPs are of the opinion that the supplied database is suitable for Mineral Resource estimation.

    Block models were constructed using GEOVIA GEMS™ V6.8.4 modelling software and consist of separate model attributes for estimated Au, Ag and AuEq grade, rock type (mineralization domains), volume percent, bulk density, and classification. The Mineral Resource was classified as Indicated and Inferred based on the geological interpretation, variogram performance and drill hole spacing. The QPs also consider mineralization at the South, Franz and FMN Zones to be potentially amenable to underground mining methods. The revised MRE used for this Updated PEA is reported with an effective date of February 28, 2025 and is tabulated in Table 1.

    Table 1
    Shovelnose Underground Mineral Resource Estimate @ 1.3 g/t AuEq Cut-off (1-7)
    Classification Zone  Tonnes
    (k)    		 Au
    (g/t)    		 Contained Au
    (k oz)    		 Ag
    (g/t)    		 Contained Ag
    (k oz)    		 AuEq
    (g/t)    		 Contained AuEq
    (k oz)
    Indicated South 3,107 6.18 616.8 33.1 3,302.8 6.56 655.2
    Franz 89 7.44 21.2 30.9 88.0 7.80 22.2
    FMN 241 5.07 39.2 22.5 173.7 5.33 41.2
    Total 3,437 6.13 677.2 32.3 3,564.5 6.50 718.6
    Inferred South 1,386 3.79 168.6 16.5 736.8 3.98 177.2
    Franz 63 3.48 7.1 51.9 105.4 4.09 8.3
    FMN 843 3.49 94.6 37.5 1,017.3 3.93 106.5
    Total 2,292 3.67 270.3 25.2 1,859.5 3.96 292.0
    1.   Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
    2.   The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
    3.   The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
    4.   The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
    5.   PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized.
    6.   The AuEq cut-off of 1.3 g/t was derived from costs of C$82/t mining, C$42/t processing and $18/t G&A. A USD:CDN exchange rate of 0.72 along with US$2,400/oz Au and US$28/oz Ag with respective process recoveries of 91.5% and 92.9%.
    7.   The Au/Ag ratio used was 86:1.
         

    A financial model was developed to estimate the Life of Mine (“LOM”) plan and considered only underground mining of Mineral Resources at the South, Franz and FMN Zones. Other known gold-silver mineralization at the Shovelnose Gold Property, currently being evaluated by Westhaven, are not included.

    The LOM plan covers a 13.1-year period (2 years pre-production and 11.1 years of production). Currency is in Q1 2025 Canadian dollars unless otherwise stated. Inflation has not been considered in the financial analysis.

    The Updated PEA outlines a production mine life of 11.1 years with average annual production of 56,000 ounces gold and 312,000 ounces silver at average respective cash costs and all-in sustaining costs (“AISC”) per ounce gold equivalent of $1,161(US$836). The PEA considers the payable recovery of 637,000 oz gold and 3,562,000 oz silver from an underground operation, at average respective mine production grades of 5.26 g/t and 32 g/t.

    Revenue

    The commercially saleable product generated by the Project is a gold/silver doré. Westhaven would be paid once the doré has been delivered to a smelter and refinery, off-site.

    The NSR payables were based on the following parameters:
    Dore Payable (Includes refining and smelting)
    Au 99%
    Ag 90%

    The CDN$/US$ exchange rate used in the PEA is 0.72.

    Subtotal Revenue        
    Au (US$) $1,529M
    Ag (US$) $100M
    Net revenue                
    CDN$ $2,201M

    The revenue generation by the Shovelnose Project, on a yearly basis, is presented in Table 2.

    Table 2
    Summary of Base Case Total Revenue Generation
    Item / Year Yr -1 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Total
    Tonnes (k) 133.7 330.4 367.5 365.3 365.3 365.3 365.3 365.3 365.3 365.3 365.3 365.3 40.0 4,158.8
    Grade (g/t) – Au 3.98 5.43 4.94 5.52 5.16 5.55 5.59 6.35 5.24 5.05 5.42 4.26 3.93 5.26
    – Ag 27 26 73 32 25 29 36 32 23 25 29 23 25 32
    Au koz  Payable 15.5 52.2 52.8 58.7 54.8 59.0 59.4 67.6 55.8 53.8 57.6 45.3 4.6 637.2
    Ag koz Payable 98.1 232.9 722.4 310.0 242.0 282.3 352.4 316.4 222.8 244.8 287.4 223.6 26.6 3,561.8
    Subtotal Rev.-Au (US$)M 37.2 125.4 126.8 140.8 131.6 141.7 142.6 162.2 133.9 129.0 138.3 108.8 11.0 1,529.3
    -Ag (US$)M 2.7 6.5 20.2 8.7 6.8 7.9 9.9 8.9 6.2 6.9 8.0 6.3 0.7 99.7
    Subtotal Rev. (Cdn$) M 55.4 183.2 204.3 207.6 192.2 207.8 211.8 237.6 194.6 188.8 203.2 159.8 16.3 2,262.5
    Net Royalty (Cdn$) M 5.9 4.6 5.1 5.2 4.8 5.2 5.3 5.9 4.9 4.7 5.1 4.0 0.4 61.1
    Net Revenue (Cdn$) M 49.5 178.6 199.1 202.4 187.4 202.6 206.5 231.7 189.7 184.0 198.2 155.8 15.9 2,201.4


    Note Yr = Year

    The QPs have estimated the net revenues assuming Westhaven has taken advantage of available royalty buy-outs. There is a 2% Net Smelter Return (“NSR”) royalty on the Shovelnose Gold Property held by Franco-Nevada Corp. which Westhaven has the option to buy down to a 1.5% NSR for US$3M. There is a 2% NSR held by Osisko Gold Royalties Ltd. which Westhaven has the option to buy down to a 1% NSR for $500,000.

    Costs

    Operating costs:    
    Total average cost   $142/t processed
    Cash Cost / AuEq oz (Cdn$/oz AuEq)   $872/oz AuEq (US$628/oz)
    All-in sustaining cost (“AISC”)(Cdn$/oz AuEq)   $1,161/oz AuEq (US$836/oz)
         
    Capital costs:    
    LOM   $379M
    Sustaining CAPEX   $195M
         

    LOM capital costs include the cost of all mine development; process plant, mine equipment; surface infrastructure; underground infrastructure; a closure cost; a salvage credit; and a 20% contingency.

    Stoping methods utilized are transverse longhole, longitudinal longhole and cut & fill. The average vein widths to be mined are 16.2m, 6.6m and 3.0m respectively.

    Mining unit costs by method are $143.81/t for transverse, $144.94 for longitudinal long hole, and $142.82/t for cut & fill stoping.

    The proportion of mining method during the life of mine is 65% longitudinal longhole, 27% for transverse longhole mining and 8% cut and fill.

    Table 3
    Base Case Cash Flow Summary
    ITEM DESCRIPTION / YEAR UNITS YR
    – 2    		 YR
    – 1    		 YR
    1    		 YR
    2    		 YR
    3    		 YR
    4    		 YR
    5    		 YR
    6    		 YR
    7    		 YR
    8    		 YR
    9    		 YR
    10    		 YR
    11    		 YR
    12    		 TTL
    Production kt   134 330 368 365 365 365 365 365 365 365 365 365 40 4,159
    Au (g/t)   3.9 5.4 4.9 5.5 5.2 5.6 5.6 6.4 5.2 5.1 5.4 4.3 3.9 5.3
    Ag (g/t)   27 26 73 32 25 29 36 32 23 25 29 23 25 32
     
    Revenue M$   50 179 199 202 187 203 206 232 190 184 198 156 16 2,201
     
    Opex Expensed Stope Development (Contractor) M$   11 6 11 13 9 2 6 2 9 3 9 5 1 88
    Longitudinal LH Stoping M$   1 3 3 2 3 3 2 2 2 3 3 4 0.4 30
    Transverse LH Stoping M$       1 2 1 1 2 2 2 1       12
    Cut and Fill Stoping M$   1 2 0.2 1 0.1 1     1   1 1 0.1 7
    Mine G&A M$   3 5 5 5 5 5 5 5 5 5 5 5 1 62
    Paste Backfill M$   1 1 2 3 3 3 3 3 3 3 3 3 1 34
    Process Plant M$   6 14 15 15 15 15 15 15 15 15 15 15 2 173
    Transport and Place Tailings M$   1 12 2 1 1 1 1 1 1 1 1 1 0.1 12
    U/G Ore Haulage M$   1 4 6 8 8 8 8 9 8 7 8 8 1 84
    Surface Ore Haulage M$   1 1 1                     3
    Backhaul Paste Backfilll to FMN M$   0.1 0.4 0.2                     1
    Stopckpile Rehandling M$   1 1 1 1 1 1 1 1 1 1 1 1 0.1 14
    G&A M$     6 6 6 6 6 6 6 6 6 6 6 1 71
    Total Opex with Contingency M$   25 45 55 58 53 47 50 47 4 47 53 50 6 589
     
    Capex Mine Development (Contractor) Waste M$   19 21 38 16 9   6 1 6 1 8 3   126
    Process Plant M$ 50 25   4   4   4   4   3     94
    Owner’s Cost M$ 3 5                         8
    Mining Equipment M$   11 7 7   2 2 12 1 5 2 3 4   54
    U/G Infrastructure M$   1 2 1 1   1 1 1 1 1 1 1   13
    Surface Infrastructure M$   48 5 2     2 5   2   5 2   72
    EPCM M$ 9 10                         19
    Closure & Salvage M$   5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 -16 -6
    Total Capex with Contingency M$ 62 122 35 52 18 15 4 28 4 18 4 21 10 -16 379
     
    Taxes Income Tax M$     11 25 24 23 30 31 38 27 28 30 21 -4 284
    Mineral Tax M$   0 3 3 12 16 20 17 24 16 18 17 13 3 163
    Total Taxes M$   0 14 28 37 39 50 48 62 43 46 47 34 0 447
     
    After-Tax Cash Flow M$ -62 -97 85 63 90 80 102 80 118 75 87 77 62 26 785
    After-Tax Cumulative Cash Flow M$ -62 -160 -75 -11 78 158 260 340 458 533 620 697 759 785  
     
    After-tax IRR %   43.2
    After-tax NPV @ 6% M$   454


    Cash Flow Sensitivity Analysis

    The following after-tax cash flow analysis was completed:

    Net Present Value (“NPV”) (at 5%, 6%, 7%, 8%, 9% and 10% discount rates).
    Internal Rate of Return (“IRR”).
    Payback period.

    The summary of the results of the cash flow sensitivity analysis is presented in Table 4

    Table 4
    Base Case Cash Flow Sensitivity Analysis
    Description Discount Rate Units Value
    Undiscounted After-Tax CF 0% (M$) 785
    Internal Rate of Return % 43.2
    After-Tax NPV at 5% (M$) 496
    Base Case 6% (M$) 454
    7% (M$) 415
    8% (M$) 380
    9% (M$) 348
    10% (M$) 319
    After-Tax Total Project Payback (including pre-production) Years 4.1

    The Project was evaluated on an after-tax cash flow basis which generates a net undiscounted cash flow estimated at $785M. This results in an after-tax IRR of 43.2% and an after-tax NPV of $454 M when using a 6% discount rate. In the base case scenario, the Project has a payback period of 4.1 years from the start of the Project. The average life-of-mine cash cost is $872/oz AuEq (US$628/oz AuEq), at an average operating cost of $142/t processed. The average life-of-mine all-in sustaining cost (“AISC”) is estimated at $1,161/oz AuEq (US$836/oz AuEq).

    Sensitivity Analysis

    Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities to: gold metal price; silver metal price; gold process plant head grade; gold metallurgical recovery; operating costs; and capital costs.

    Each of the sensitivity items were varied up and down by 10% and 20% to assess the effect they would have on the NPV at a 6% discount rate. The value of each parameter, at 80%, 90%, 100% base case, 110% and 120%, is presented in Table 5.

    Table 5
    NPV Sensitivity Parameter Values
    Parameter 80% 90% 100% 110% 120%
    Au Metal Price US$/oz 1,920 2,160 2,400 2,640 2,880
    Ag Metal Price US$/oz 22.40 25.20 28.00 30.80 33.60
    Au Head Grade g/t 4.21 4.73 5.26 5.79 6.31
    Au Met Recovery % N/A 82.4% 91.5% N/A N/A
    Capex $M 304 342 379 417 455
    Opex $M 471 530 589 648 707

    The resultant after-tax NPV @ 6% values of each of the sensitivity parameters at 80% to 120% are presented in Table 6.

    Table 6
    After-Tax NPV Sensitivity to Base Case at 6% Discount Rate (M$)
    Parameter 80% 90% 100% 110% 120%
    Au Metal Price 284 369 454 538 623
    Ag Metal Price 442 448 454 459 465
    Au Head Grade 284 369 454 538 623
    Au Met Recovery N/A 369 454 N/A N/A
    Capex 515 484 454 423 392
    Opex 502 478 454 429 405


    Cautionary Statement

    The Updated PEA is considered by P&E Mining Consultants Inc. (“P&E”) to meet the requirements as defined in Canadian National Instrument (“NI”) 43-101 Standards of Disclosure for Mineral Projects. This PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no guarantee that Westhaven Gold Corp. will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise for the Project to be placed into production. The PEA was prepared in accordance with the requirements of NI 43-101 and has an effective date of February 28, 2025. A technical report relating to the PEA, prepared in accordance with NI 43-101, will be filed on SEDAR and posted on the company’s website within 45 days of this news release.

    On behalf of the Board of Directors
    WESTHAVEN GOLD CORP.

    “Gareth Thomas”

    Gareth Thomas, President, CEO & Director

    Qualified Person Statement

    The Preliminary Economic Assessment for the Shovelnose Gold Property – South Zone was prepared by James L. Pearson, P.Eng., D. Grant Feasby, P.Eng., Yungang Wu, P.Geo., Antoine Yassa, P.Geo., Brian Ray, P.Geo. and Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., Brampton, Ontario, all Independent Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The PEA results are based on important assumptions made by the Qualified Persons who prepared the PEA. These assumptions, and the justifications for them, will be described in the PEA Technical Report that the Company will file on SEDAR and post on the Company’s website within 45 days of this news release. Mr. Puritch has reviewed and approved the technical contents of this news release.

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

    About Westhaven Gold Corp.

    Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~61,512 hectares (~615 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavengold.com

    Forward-Looking Statements

    The TSX Venture Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. 

    Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the results of the Preliminary Economic Assessment, the Mineral Resource Estimate future planned activities, future mineral production and future growth potential for the Company and its projects.  Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur.  Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms. Although management of Westhaven Gold Corp. have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.  Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information. Such factors include, without limitation: the Company’s dependence on one group of mineral projects; precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified under the caption “Risk Factors” in the Company’s management discussion and analysis. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.  The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

    Westhaven’s Properties across the Spences Bridge Gold Belt

    2025 PEA Proposed Development Zones

    Shovelnose Proposed Mine Site Development & Infrastructure Layout

    Maps accompanying this announcement are available at: 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ed38b683-123a-44cf-86f5-1c63049a9351

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b5ea66ea-6e4d-49c3-b1ae-78624a357568

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2652ea09-9d55-45a5-b6e2-346b3e1ddea5

    The MIL Network –

  • MIL-OSI: Synchronoss Unveils Capsyl Cloud at MWC Barcelona – A Turn-Key Personal Cloud Solution for Global Operators

    Source: GlobeNewswire (MIL-OSI)

    Empowering Mobile Operators and Service Providers to
    Rapidly Launch and Monetize Consumer Cloud Services

    BRIDGEWATER, N.J., March 03, 2025 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (“Synchronoss”) (NASDAQ: SNCR), a global leader in personal cloud solutions, today introduced Capsyl Cloud™, a new turn-key personal cloud platform designed for mobile operators and broadband service providers worldwide. Capsyl Cloud expands Synchronoss’s cloud portfolio, enabling service providers to launch secure, scalable, and revenue-generating personal cloud services with minimal deployment time.

    Synchronoss will showcase live demonstrations of Capsyl Cloud at MWC Barcelona in Executive Suite [3A19EX], providing a first-hand look at how operators can rapidly deploy and monetize branded cloud services.

    Capsyl Cloud is a secure, cross-platform personal cloud solution that allows users to store, manage, and protect their digital content across all devices—including photos, videos, documents, audio, contacts, and messages. With seamless integration across smartphones, tablets, laptops, and desktops, Capsyl Cloud provides a consistent, hassle-free user experience.

    Capsyl Cloud goes beyond storage—it leverages AI-powered tools to enhance how users organize, relive, and optimize their digital memories. Advanced AI capabilities include:

    • Memories – AI-curated memories that automatically surface meaningful photos and videos.
    • Intelligent Search & Organization – AI powered categorization and metadata tagging for effortless content discovery.
    • Content Cleanup & Space Saver – Detects duplicates, blurry images, and redundant files to free up storage.
    • Genius AI Tools – Enhances images, upscales resolution, restores color, and applies dynamic visual effects.

    By integrating these AI-driven capabilities, Capsyl Cloud offers a smarter, more compelling personal cloud experience—helping users engage with their memories in new ways.

    Capsyl Cloud has been refined through extensive beta testing since 2022, leveraging the proven technology, scalability, and infrastructure of Synchronoss Personal Cloud—the trusted white-label cloud solution used by service providers, supporting over 11 million users worldwide.

    A turn-key platform, Capsyl Cloud requires minimal capital expenditure, allowing service providers to easily deploy a proven, feature-rich, and highly scalable personal cloud solution. It significantly accelerates time to market to introduce a personal cloud solution as a complement to other voice, data, and value-added services. Capsyl Cloud also offers the flexibility to deploy and monetize personal cloud services through tiered storage plans, bundles, freemium and premium offerings.

    “Mobile operators worldwide are looking for new ways to differentiate, drive revenue, and enhance customer loyalty,” said Jeff Miller, President and CEO of Synchronoss. “Capsyl Cloud provides a powerful, turn-key solution that allows service providers to rapidly launch premium personal cloud services—without the burden of heavy infrastructure investment. As digital content consumption accelerates, we’re excited to help operators capture this growing demand and deliver a seamless, secure cloud experience for users to protect and relive their most treasured moments.”

    Telkomsel, Indonesia’s largest mobile network operator, is the first to deploy Capsyl Cloud, making this solution available to millions of Telkomsel’s prepaid and post-paid subscribers. Lesley Simpson, VP Digital Lifestyle at Telkomsel, stated, “Telkomsel is always striving to provide a range of cloud solutions that make our customers’ daily lives easier. With Capsyl Cloud Storage by Synchronoss, customers can store and manage their photos, videos, and other important content more securely and conveniently. We hope this service will be a practical solution for those who want to ensure their precious memories are well-preserved and can be easily shared at any time.”

    Following Telkomsel’s successful deployment, Synchronoss anticipates strong demand for Capsyl Cloud in Southeast Asia, particularly in Indonesia, the Philippines, Thailand, and Vietnam. Operators in these regions are actively seeking revenue-generating cloud services to increase ARPU, reduce churn, and strengthen customer engagement.

    Capsyl Cloud adheres to the highest industry standards for data security, privacy, and compliance, ensuring that user content remains protected and accessible across devices.

    Learn More:

    Capsyl Cloud on Synchronoss: www.synchronoss.com/capsyl
    Official Capsyl Website: www.capsyl.com

    Follow Capsyl Cloud on Social Media:

    Instagram: Capsyl_Cloud
    LinkedIn: Capsyl Showcase
    TikTok: @CapsylCloud
    Capsyl Indonesia: Capsyl Indonesia Portal

    About Synchronoss

    Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement using artificial intelligence (AI), machine learning and other advanced features, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

    Media Relations Contact:
    Domenick Cilea
    Springboard
    dcilea@springboardpr.com

    Investor Relations Contact:
    Brian Denyeau / Ryan Gardella
    ICR INC.
    brian.denyeau@icrinc.com
    ryan.gardella@icrinc.com

    The MIL Network –

  • MIL-OSI: Airship AI Reports Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    2024 Net Revenue of $23.1 Million, an 87% Increase over FY 2023 Net Revenue of $12.3 Million

    No Debt on Balance Sheet Following Conversion of $2.8 million in Senior Secured Convertible Notes

    New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond

    REDMOND, Wash., March 03, 2025 (GLOBE NEWSWIRE) —  Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the quarter and year ended December 31, 2024.

    FY 2024 Financial Highlights

    • Net revenues were $23.1 million.
    • Gross profit was $10.5 million.
    • Gross margin was 45.7%.
    • Operating loss was $3.5 million, which reflected increased stock-based compensation and transactions costs related to the merger and overall sales levels.

    FY 2024 Financial Highlights

    • Dramatic Revenue Growth: In 2024, Airship AI delivered 87% year-over-year (“YoY”) revenue growth, growing from $12.3 million to $23.1 million. Revenue growth was driven mainly by increased sales to federal government customers, with multiple large awards for cloud-based Acropolis offerings and edge-based Outpost AI appliances.
    • Steady Gross Profit Margin: Full year gross profit as of December 31, 2024 was $10.5 million, flat YoY, primarily due to the continued high percentages of third-party hardware sales as part of turn-key solutions bundled by Airship AI with Outpost AI included. The Company is already seeing the value of these seeding opportunities in awarded business as well as pipeline opportunity growth.
    • Significant Operational Improvements: Full year operating loss as of December 31, 2024 was $3.5 million as compared to a $6.6 million loss in 2024. Numerous one-time charges were incurred in 2024, resulting from transaction costs associated with the transition to a public company, conversion of a senior secured promissory note, and partial payments to the founders for previous advances.
    • Strengthened Balance Sheet: Cash and cash equivalents as of December 31, 2024, was $11.4 million, along with $1.2 million in accounts receivable. With the conversion of issued senior secured convertible promissory notes of $2.8 million, Airship AI enters 2025 with no debt on the balance sheet.

    Q4 2024 & Subsequent Operational Highlights

    • Backlog as of December 31, 2024 was $5.5 million, including orders received late in the second half of 2024 that are expected to be delivered and invoiced across Q1 and Q2 of 2025. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.
    • Total validated pipeline at the year-end of 2024 was approximately $135 million, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. The pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months.
    • Due to the sensitive nature of many customers and deployment use cases, the Company is often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most awards are executed on closed or restricted contract vehicles, which further limits the sharing of information that might otherwise be available.
    • Multiple large contracts awarded throughout and/or subsequent to the quarter include but are not limited to:
      • $4.0 million firm-fixed price contract for an agency within the U.S. Department of Homeland Security (“DHS”), for advanced integrated solutions supporting real-time intelligence collection operations along the United States’ borders, leveraging the Company’s edge IoT appliance, Outpost AI.
      • $1.2 million firm-fixed price support and maintenance contract for our existing deployment of Acropolis Enterprise Video and Data Management Platform supporting a Fortune 100 Transportation and E-Commerce company’ global operations.
      • Follow-on seven-figure one (1) year system maintenance and sustainment contract for an existing Fortune 100 customer leveraging the Company’s Acropolis Enterprise Video and Data Management platform supporting operational and physical security requirements.
    • We began deploying new infrastructure supporting mission critical requirements along the U.S. southern border; follow-on work to our successful completion of a congressionally driven pilot opportunity earlier in the year. This follow-on work is in support of our single-largest opportunity, valued at more than $50 million over the next four (4) years. Estimated total contract value is conservatively based on data points from published market research, including size and scope, and pricing approved via awarded procurement efforts.
    • Completed $8.0 million at-the-market public offering with net proceeds to the Company of $7.0 million after deducting placement agent fees and offering expenses.
    • Hired new members of the team, at the C-Suite level and below, and promoted key members of the team to increasingly higher levels of strategic responsibility within the Company. Airship AI expects additional hires in 2025 in the sales and product development teams.
    • Launched a new routes-to-market strategy targeting business partners and resellers that are looking for differentiated alternatives in new verticals (for Airship AI) as well as partners that can help us scale more rapidly within existing verticals.
    • Put in place a marketing and branding campaign for 2025. This bifurcated plan is hyper focused on creating brand awareness in several new targeted verticals through a combination of partner and industry events, enabling partners to monetize that awareness through expanded routes to market.
    • We participated in JIFX, or Joint Interagency Field Exercise, an invite only event led by the Naval Post-Graduate School. The JIFX team leads experimentation in alternative methods to enable rapid technological development by cultivating a community of interest and hosting broadly scoped quarterly collaborative field events which enable the Department of Defense (“DoD”), the U.S. government, and allied stakeholders to identify, influence, and accelerate early-stage technology development that address national and collective security challenges.
    • We participated in TIDE, or Technology Innovation Discovery Event, an invite only DoD sponsored event that aims to help innovative small businesses and non-traditional DoD performers showcase new hardware and software technologies that can significantly improve existing software or meet new challenges in support of the National Defense Strategy.
    • We were a primary sponsor of and participant in UTAC, the premier unmanned aerial and robotic systems tactical event for Police, Public Safety, Government, and Defense agencies. UTAC is a fully immersive training event where public safety, government, enterprise, and defense operators gather to learn best practices, establish procedures, and gain experience with the latest innovations in unmanned aerial, ground, and maritime systems along augmenting technical solutions.

    Capital Markets Update:

    • Participated at the 13th Annual ROTH Technology Conference and the Benchmark 13th Annual Discovery One-on-One Conference.
    • Benchmark Company initiated coverage of Airship AI on November 13, 2024, with a Buy rating and price target of $6.

    2025 Outlook

    • 2025 net revenues of approximately $30 million, reflecting 30% revenue growth YoY, supported by a strong and validated pipeline of ~$135 million, improving gross profit margins, and a strong recurring revenue model.
    • Positive cash flow from business operations for the full year.
    • Expand AI offerings at the edge running on our Outpost AI platform and announce new offerings running at the datacenter level or in the cloud that increase customer operational efficiency using existing sources of data.
    • Continued innovation across our core Acropolis software platform supporting new workflows for on-premises and cloud-based deployments in highly secure operational environments.
    • Announce new offerings around our Digital Evidence Management System (DEMS) called Evidence Discovery Server (EDS) supporting stand-alone operations as well as integrations with other leading DEMS platforms.
    • Continue the digital transformation of our back-office operations to improve supply chain management and production-based process efficiencies to help drive continued margin expansion.
    • Launch new AI based offerings supporting partner engagement, training, and support as part of our larger strategy to provide differentiated offerings to those existing and to be recruited business partners and resellers.
    • Targeted focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.

    Management Commentary

    “The past year has been an exciting journey as we completed our first full year as a public company amid significant shifts in domestic and global economic, social, and political landscapes,” said Paul Allen, President of Airship AI. “With this dynamic backdrop, we set ambitious goals for 2024, focusing on substantial revenue growth and strengthening our balance sheet to position the business for positive cash flow operations. The great news is that we made meaningful progress on both the top and bottom lines. We delivered 87% year-over-year revenue growth of $23.1 million at a gross margin of 46%. We ended the year with $11.4 million in cash and cash equivalents and $1.2 million in accounts receivable.

    “Our recently completed capital raise has significantly enhanced our ability to execute many of the anticipated large transactions in our pipeline, particularly those involving substantial up-front costs of goods sold. The capital raise has also enabled us to expand our sales, business development, and partner marketing capabilities by bringing in specialized industry expertise and experience in managing these large-scale defense programs. We have already made progress toward this objective with the addition of several high-caliber team members, and we are in the process of bringing on even more talent to further strengthen our capabilities.

    “As we entered 2025, we have a new administration in place that has stressed from day one that the focus is going to be on securing the border and strengthening public safety and security across the homeland. While the safety of the homeland has and should always be a bi-partisan issue, the approach to how it is done varies. The new administration has made clear many of its policies and approaches to this problem already, with technology itself and technology-based solutions playing a key role in most if not all of them. Specifically, the January 20th Secure Our Borders Executive Order states that the United States will establish a physical wall and other barriers monitored and supported by adequate personnel and technology.

    “To that point, we remain under the cloud of Continuing Resolution, which affects the whole of government to fund its ability to execute daily, at least beyond that which it was approved to do so the prior year. While the budget to fund this and other related activities is being addressed, we remain engaged with our customers already focused on these challenges, engagement which includes already funded efforts or those which are already budgeted.

    “While we are heavily focused on the agencies directly tasked to solve these challenges, we also have a larger existing business with other agencies and commercial customers that we remain focused on as well. These customers are involved daily in similarly protecting the homeland, ranging from countering the illegal trafficking of narcotics with a focus on fentanyl, protecting critical infrastructure such as courthouses, office buildings, and sensitive sites, and enforcing the laws of the land on the streets of mainstream America.

    “With the work we have already done, and the relationships we have established, we believe we are well positioned in 2025 and for the next several years to be an integral part of providing a solution for a well-defined and challenging problem that impacts every one of our shareholders.

    “Lastly, we look forward to seeing some of you at our upcoming Analyst Technology Showcase on Friday, March 14, 2025, in Dripping Springs, Texas,” concluded Mr. Allen.

    About Airship AI Holdings, Inc.

    Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

    For more information, visit https://airship.ai.

    Forward-Looking Statements

    The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

    Investor Contact:

    Chris Tyson/Larry Holub
    MZ North America
    949-491-8235
    AISP@mzgroup.us

    AIRSHIP AI HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
    As of December 31, 2024 and 2023
        December
    31, 2024    		     December
    31, 2023    		  
    ASSETS            
                 
    CURRENT ASSETS:            
    Cash and cash equivalents   $ 11,414,830     $ 3,124,413  
    Accounts receivable, net of allowance for credit losses of $0     1,226,757       1,648,904  
    Prepaid expenses and other     17,883       18,368  
    Income tax receivable     –       7,230  
    Total current assets     12,659,470       4,798,915  
                     
    PROPERTY AND EQUIPMENT, NET     –       1,861  
                     
    OTHER ASSETS                
    Other assets     165,960       182,333  
    Operating lease right of use asset     882,024       1,104,804  
                     
    TOTAL ASSETS   $ 13,707,454     $ 6,087,913  
                     
    LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                     
    CURRENT LIABILITIES:                
    Accounts payable – trade   $ 759,480     $ 2,908,472  
    Advances from founders     1,300,000       1,750,000  
    Accrued expenses     51,649       200,531  
    Senior Secured Convertible Promissory Notes     –       2,825,366  
    Current portion of operating lease liability     305,178       174,876  
    Deferred revenue- current portion     3,238,483       4,008,654  
    Total current liabilities     5,654,790       11,867,899  
                     
    NON-CURRENT LIABILITIES:                
    Operating lease liability, net of current portion     638,525       943,702  
    Warrant liability     34,180,618       667,985  
    Earnout liability     23,304,808       5,133,428  
    Deferred revenue- non-current     2,951,850       4,962,126  
    Total liabilities     66,730,591       23,575,140  
                     
    COMMITMENTS AND CONTINGENCIES (Note 9)                
                     
    STOCKHOLDERS’ DEFICIT:                
    Preferred stock – no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023     –       –  
    Common stock – $0.0001 par value, 200,000,000 shares authorized, 30,588,413 and 22,812,048 shares issued and outstanding as of December 31, 2024 and 2023     3,056       2,281  
    Additional paid in capital     21,918,867       –  
    Accumulated deficit     (74,941,590 )     (17,476,700 )
    Accumulated other comprehensive loss     (3,470 )     (12,808 )
    Total stockholders’ deficit     (53,023,137 )     (17,487,227 )
                     
    TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT   $ 13,707,454     $ 6,087,913  
    AIRSHIP AI HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
    For the years ended December 31, 2024 and 2023
        Year Ended     Yar Ended  
        December
    31, 2024    		     December
    31, 2023    		  
    NET REVENUES:            
    Product   $ 18,716,196     $ 7,439,045  
    Post contract support     4,334,017       4,692,487  
    Other services     –       168,052  
     Revenues     23,050,213       12,299,584  
    COST OF NET REVENUES:                
    Cost of Sales     10,843,766       4,767,159  
    Post contract support     1,679,692       1,681,267  
    Other services     –       86,841  
     Cost of revenue     12,523,458       6,535,267  
    GROSS PROFIT     10,526,755       5,764,317  
    RESEARCH AND DEVELOPMENT EXPENSES     2,804,894       2,729,492  
    SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     11,226,974       9,675,190  
    TOTAL OPERATING EXPENSES     14,031,868       12,404,682  
    OPERATING LOSS     (3,505,113 )     (6,640,365 )
    OTHER (EXPENSE) INCOME:                
    (Loss) gain from change in fair value of earnout liability     (18,171,380 )     21,976,349  
    (Loss) gain from change in fair value of warrant liability     (33,512,633 )     1,341,120  
    Loss from change in fair value of convertible debt     (141,636 )     (240,784 )
    Loss on note conversion     (1,144,676 )     –  
    Interest expense, net     (1,003,096 )     (55,685 )
    Other income (expense)     13,644       (9,501 )
    Total other (expense) income, net     (53,959,777 )     23,011,499  
                     
    (LOSS) INCOME BEFORE PROVISON FOR INCOME TAXES     (57,464,890 )     16,371,134  
                     
    Provision for income taxes     –       –  
                     
    NET (LOSS) INCOME     (57,464,890 )     16,371,134  
                     
    OTHER COMPREHENSIVE INCOME (LOSS)                
    Foreign currency translation income (loss), net     9,338       (2,702 )
                     
    TOTAL COMPREHENSIVE (LOSS) INCOME   $ (57,455,552 )   $ 16,368,432  
                     
    NET (LOSS) INCOME PER SHARE:                
    Basic   $ (2.34 )   $ 1.20  
    Diluted   $ (2.34 )   $ 0.80  
                     
    Weighted average shares of common stock outstanding                
    Basic     24,585,955       13,671,376  
    Diluted     24,585,955       20,390,663  
    AIRSHIP AI HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the years ended December 31, 2024 and 2023
        Year Ended     Year Ended  
        December
    31, 2024    		     December
    31, 2023    		  
                 
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net loss   $ (57,464,890 )   $ 16,371,134  
    Adjustments to reconcile net loss to net cash used in operating activities                
    Depreciation and amortization     1,861       14,879  
    Stock-based compensation     1,078,344       715,727  
    Stock-based compensation- warrants     284,478       2,136,115  
    Amortization of operating lease right of  use asset     222,780       596,556  
    Accelerated amortization of ROU asset – lease termination     –       265,130  
    Gain from lease termination     –       (344,093 )
    Issuance of common stock for services     198,500       –  
    Noncash interest expense     1,008,419       –  
    Loss (gain) from change in fair value of warrant liability     33,512,633       (1,341,120 )
    Loss (gain) from change in fair value of earnout liability     18,171,380       (21,976,349 )
    Loss from change in fair value of convertible note     141,636       240,784  
    Loss on note conversion     1,144,676       –  
    Non cash interest, net     –       65,487  
    Changes in operating assets and liabilities:                
    Accounts receivable     422,147       (943,152 )
    Prepaid expenses and other     485       (2,329 )
    Other assets     16,373       (182,333 )
    Operating lease liability     (174,875 )     (531,621 )
    Payroll and income tax receivable     7,230       960,383  
    Accounts payable – trade and accrued expenses     (2,294,698 )     666,136  
    Deferred revenue     (2,780,447 )     (2,667 )
    NET CASH USED IN OPERATING ACTIVITIES     (6,503,968 )     (3,291,333 )
                     
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Issuance of common stock and warrants for offering, net     7,290,000       –  
    Proceeds from convertible promissory note     –       2,584,582  
    Proceeds from warrant exercise, net     7,704,540       –  
    Advances from founders, net     (450,000 )     1,150,000  
    Proceeds from reverse recapitalization     –       2,809,792  
    Proceeds from stock option exercises     240,507       –  
    Repayment of small business loan and line of credit     –       (424,540 )
                     
    NET CASH PROVIDED BY FINANCING ACTIVITIES     14,785,047       6,119,834  
                     
    NET INCREASE IN CASH AND CASH EQUIVALENTS     8,281,079       2,828,501  
                     
    Effect from exchange rate on cash     9,338       (2,702 )
                     
    CASH AND CASH EQUIVALENTS, beginning of period     3,124,413       298,614  
                     
    CASH AND CASH EQUIVALENTS, end of period   $ 11,414,830     $ 3,124,413  
                     
    Supplemental disclosures of cash flow information:                
    Interest paid   $ 11,913     $ 21,438  
    Taxes paid   $ 2,410     $ 17,247  
                     
    Noncash investing and financing                
    Elimination of advances to founders in connection with contribution of Zeppelin by shareholders   $ –     $ 1,100,000  
    Elimination of payables to founders in connection with contribution of Zeppelin by shareholders   $ –     $ 1,100,000  
    Issuance of common stock for debt interest payment   $ 1,008,442     $ –  
    Issuance of common stock for debt conversion   $ 4,114,831     $ –  
    Recognition of warrant liability   $ –     $ 15,418  
    Recognition of right-of-use asset   $ –     $ 1,162,152  
    Recognition of operating lease liability   $ –     $ 1,162,152  
    Noncash activity related to Merger-                
    Recognition of warrant liability   $ –     $ 2,009,105  
    Recognition of earnout liability   $ –     $ 27,109,777  
    Recognition of accounts payable   $ –     $ 1,500,000  

    The MIL Network –

  • MIL-OSI: Encore Capital Group to Meet with Investors and Present at the Raymond James 46th Annual Institutional Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 03, 2025 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (Nasdaq:ECPG), an international specialty finance company, announced today that Encore management will be meeting with investors at the Raymond James 46th Annual Institutional Investors Conference on Tuesday, March 4, 2025. In addition, Ashish Masih, Encore’s President and Chief Executive Officer, will be making a presentation at the conference at 11:00am Eastern time on the same day. A link to the live webcast and a copy of the presentation will be available in the Investor Events & Presentations section of the company’s website at encorecapital.com/investor-events-presentations.

    About Encore Capital Group, Inc.

    Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers. 

    Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at encorecapital.com.

    Contact:

    Bruce Thomas
    Encore Capital Group, Inc.
    Vice President, Global Investor Relations
    bruce.thomas@encorecapital.com

    SOURCE: Encore Capital Group, Inc.

    The MIL Network –

  • MIL-OSI: ClearScale and Matilda Cloud Partner to Accelerate VMware Migration on AWS

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 03, 2025 (GLOBE NEWSWIRE) — ClearScale, an AWS Premier Consulting Partner, is pleased to announce a new strategic partnership with Matilda Cloud to deliver comprehensive VMware migration assessments and streamlined migration solutions leveraging AWS — delivered through AI-powered tools designed to simplify and automate the migration of VMware-based workloads to AWS. Matilda Cloud is recognized as the preferred tool for VMware assessments by AWS and is an AWS-certified migration partner making it an invaluable resource for customers migrating from on-premises systems to the cloud.  

    ClearScale is an industry leading professional services company and an all-in AWS Premier Tier Services Partner helping business leaders create clear business value at speed and scale. We combine our expertise in workload migrations, cloud-native systems integration, strategic consulting, modernization, application development, data, and AI to empower leaders in solving their most critical business challenges and positioning their organizations for growth.

    “ClearScale’s expertise in accelerating customer’s time to value in moving from Broadcom/VMware with Matilda Cloud’s advanced migration tools, creates an accelerated and frictionless path for customers moving to AWS,” said ClearScale CEO Jimmy Chui. “This partnership allows us to rapidly forge a migration path for our clients to help them achieve their business objectives while achieving cost savings, improved security and greater flexibility.”

    “Partnering with ClearScale allows us to deliver a seamless VMware-to-AWS migration experience for customers,” stated Viren Balar, Chief Revenue and Growth Officer at Matilda Cloud. “By combining ClearScale’s deep cloud expertise with Matilda Cloud’s AI-powered insights, we are streamlining migrations and ensuring businesses can modernize with confidence, efficiency, and speed.”

    Key Features and Benefits:

    • VMware Discovery: Use AWS approved Matilda Cloud tools to perform comprehensive VMware discovery, assessing applications, environments, dependencies, and migration priorities.
    • Customized Migration Wave Planning: Tailored migration strategies focus on cost, security, architecture, and timing.
    • Business Case Development: A robust business case for each project helps secure necessary funding, supporting smooth migrations aligned with customer goals.
    • Automated Migration Execution: With Matilda Cloud’s automation capabilities, ClearScale can deliver faster, more efficient migrations.
    • End-to-End Managed Services: Post-migration support and managed services ensure sustained efficiency and performance.

    Matilda Cloud’s integration into the AWS Marketplace provides added convenience and transparency for clients. Pricing for this service is customized to meet specific needs, and inquiries can be directed to ClearScale for a Private Offer.

    About ClearScale

    ClearScale, an all-in AWS Premier Tier Services Partner, delivers award-winning experience and expertise across AWS industries and competencies, empowering leaders to solve their most critical business challenges and position their organizations for growth. Our core service areas include AWS Migration & Modernization, Cloud-Native Application Development, Infrastructure & DevOps Modernization, Data Modernization & Analytics, Application Modernization, Artificial Intelligence & MLOps, and Generative AI.

    About Matilda Cloud

    Matilda Cloud creates agile and secure cloud solutions engineered to transform the cloud journey for organizations globally. With a suite of tools designed for cloud discovery, assessment, migration, and optimization, Matilda Cloud leverages AI and automation to minimize human effort and maximize efficiency, driving enterprises towards intelligent and secure cloud optimization tailored to their specific business needs.

    Contact:
    Kevin Wolf
    kevin@tgprllc.com

    The MIL Network –

  • MIL-OSI: Hut 8 Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025

    12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024

    Earnings Release Highlights

    • Full year 2024 revenue of $162.4 million, net income of $331.4 million, and Adjusted EBITDA of $555.7 million.
    • Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of $31.63, a 30% decrease from the fourth quarter of 2023.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
    • 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
    • Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million as of December 31, 2024.

    MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.

    “In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”

    “We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”

    “Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”

    2024 Highlights

    Power

    • Generated $56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services.
    • Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
    • Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.

    Digital Infrastructure

    • Generated $17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services.
    • Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately $240,000 per MW.
    • Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
    • Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.

    Compute

    • Generated $80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
    • Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
    • Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.

    Operations

    • Appointed Asher Genoot as CEO on February 7, 2024.
    • Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024.
    • Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.

    Capital Strategy and Balance Sheet

    • Closed a $150 million strategic investment from Coatue to partner in building AI infrastructure.
    • Converted our $37.9 million Anchorage Digital loan balance to shares of our common stock at a 51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement.
    • Launched a $500 million ATM program and a $250 million stock repurchase program.
    • Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.

    Key Performance Indicators

      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 37,958   $ 17,171   $ 27,959   $ 13,198
    Cost to mine a Bitcoin(2) $ 37,958   $ 20,051   $ 28,161   $ 16,570
    Weighted average revenue per Bitcoin mined(3) $ 82,412   $ 37,313   $ 60,834   $ 29,913
    Bitcoin mined(4)   236     852     1,466     2,789
    Energy cost per MWh $ 31.63   $ 45.47   $ 32.52   $ 40.80
    Hosting cost per MWh $ N/A   $ 65.84   $ 68.72   $ 62.57
    Energy capacity under management (mining)(5)   665 MW     839 MW     665 MW     839 MW
    Total energy capacity under management(6)   1,020 MW     842 MW     1,020 MW     842 MW
    Number of Bitcoin in strategic reserve(7)   10,171     9,195     10,171     9,195
    (1) Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (4) Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN.
       

    Select Fourth Quarter 2024 Financial Results

    U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.

    Revenue for the three months ended December 31, 2024 was $31.7 million compared to $38.9 million in the prior year period, and consisted of $9.9 million in Power revenue, $2.5 million in Digital Infrastructure revenue, $19.2 million in Compute revenue, and $0.1 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the three months ended December 31, 2024 was $152.0 million compared to $10.6 million for the prior year period. This included gain on digital assets of $308.2 million and $32.8 million for the three months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the three months ended December 31, 2024 was $310.6 million compared to $48.6 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Select Full Year 2024 Financial Results

    As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.

    Revenue for the twelve months ended December 31, 2024 was $162.4 million compared to $96.0 million in the prior year, and consisted of $56.6 million in Power revenue, $17.5 million in Digital Infrastructure revenue, $80.7 million in Compute revenue, and $7.6 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the twelve months ended December 31, 2024 was $331.4 million compared to $21.9 million for the prior year period. This included gain on digital assets of $509.3 million and $32.6 million for the twelve months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the twelve months ended December 31, 2024 was $555.7 million compared to $85.7 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Conference Call

    The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

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

    Analyst Coverage

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

    Upcoming Conferences & Events

    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
    • March 25–27, 2025: Mining Disrupt, Fort Lauderdale
    • April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
    • May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
    • May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York

    About Hut 8

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

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

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

    Adjusted EBITDA

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

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

     
    Hut 8 Corp. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Unaudited, in USD thousands, except share and per share data)
     
      Three Months Ended   Twelve Months Ended
          December 31,       December 31,
      December 31,   2023   December 31,   2023
    (in USD thousands) 2024      (Unaudited)      2024      (Unaudited)
    Revenue:                      
    Power $ 9,949     $ 7,818     $ 56,602     $ 22,794  
    Digital Infrastructure   2,520       4,455       17,482       8,291  
    Compute   19,159       26,519       80,701       64,851  
    Other   66       110       7,600       110  
    Total revenue   31,694       38,902       162,385       96,046  
                           
    Cost of revenue (exclusive of depreciation and amortization shown below):                  
    Cost of revenue – Power   7,465       1,944       21,538       7,263  
    Cost of revenue – Digital Infrastructure   2,929       3,048       15,556       4,321  
    Cost of revenue – Compute   9,781       15,764       44,977       42,592  
    Cost of revenue – Other   138       20       4,584       18  
    Total cost of revenue   20,313       20,776       86,655       54,194  
                           
    Operating (income) expenses:                      
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    General and administrative expenses   18,844       33,380       72,917       49,133  
    Gains on digital assets   (308,157 )     (32,811 )     (509,337 )     (32,626 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Realized gain on sale of digital assets   —       —       —       (2,376 )
    Impairment of digital assets   —       —       —       1,431  
    Impairment – other   4,472       —       4,472       —  
    Legal settlement   —       —       —       (1,531 )
    Total operating (income) expenses   (270,533 )     7,146       (384,809 )     32,456  
    Operating income (loss)   281,914       10,980       460,539       9,396  
                           
    Other (expense) income:                      
    Foreign exchange (loss) gain   (4,042 )     1,002       (5,000 )     1,002  
    Interest expense   (9,563 )     (5,980 )     (29,794 )     (24,933 )
    Gain on debt extinguishment   —       —       5,966       23,683  
    (Loss) gain on derivatives   (13,143 )     —       6,780       —  
    Gain on bargain purchase   3,060       —       3,060       —  
    Equity in earnings of unconsolidated joint venture   1,902       4,098       10,359       12,815  
    Total other (expense) income   (21,768 )     (880 )     (8,629 )     12,567  
                           
    Income from continuing operations before taxes   260,146       10,100       451,910       21,963  
                           
    Income tax (provision) benefit   (110,482 )     482       (113,457 )     (190 )
                           
    Net income from continuing operations $ 149,664     $ 10,582     $ 338,453     $ 21,773  
                           
    Income (Loss) from discontinued operations   2,320             (7,044 )     77  
                           
    Net income   151,984       10,582       331,409       21,850  
    Less: Net loss attributable to non-controlling interests   241       —       473       —  
    Net income attributable to Hut 8 Corp. $ 152,225     $ 10,582     $ 331,882     $ 21,850  
                           
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Other comprehensive loss:                      
    Foreign currency translation adjustments   (46,011 )     10,761       (56,390 )     10,761  
    Total comprehensive income   105,973       21,343       275,019       32,611  
    Less: Comprehensive loss attributable to non-controlling interest 387       —       549       —  
    Comprehensive income attributable to Hut 8 Corp. $ 106,360     $ 21,343     $ 275,568     $ 32,611  


    Adjusted EBITDA Reconciliation

      Three Months Ended   Twelve Months Ended
      December 31,   December 31,      December 31,   December 31,
    (in USD thousands) 2024      2023   2024      2023
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Interest expense   9,563       5,980       29,794       24,933  
    Income tax provision (benefit)   110,482       (482 )     113,457       190  
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    Gain on debt extinguishment   —       —       (5,966 )     (23,683 )
    Loss (gain) on derivatives   13,143       —       (6,780 )     —  
    Gain on bargain purchase   (3,060 )     —       (3,060 )     —  
    Share of unconsolidated joint venture depreciation and amortization (1)   3,120       2,887       21,792       21,016  
    Foreign exchange loss (gain)   4,024       (1,002 )     5,000       (1,002 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Non-recurring transactions (2)   327       12,044       (9,882 )     10,513  
    Impairment – other   4,472       —       4,472       —  
    (Income) loss from discontinued operations   (2,320 )     77       7,044       (77 )
    Net loss attributable to non-controlling interests   241       —       473       —  
    Stock-based compensation expense   4,342       11,912       20,783       13,563  
    Adjusted EBITDA $ 310,626     $ 48,575     $ 555,675     $ 85,728  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2 million of restructuring costs and $0.1M of Far North related costs. Non-recurring transactions for the three months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million.
       

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI United Kingdom: Passengers to enjoy greener air travel as UK backs sustainable fuel production

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Passengers to enjoy greener air travel as UK backs sustainable fuel production

    Have your say on how the sustainable aviation fuel (SAF) revenue certainty mechanism could be funded.

    • air travel to become greener as government introduces industry-led price guarantee to boost sustainable aviation fuel supply while keeping ticket fares down
    • investment in low carbon fuels could support up to 15,000 new jobs and £5 billion for the UK economy by 2050 – delivering economic growth as part of the government’s Plan for Change
    • plans will turbocharge investment in UK SAF, bolster expansion plans and cut carbon emissions while minimising the impact on industry and passengers

    Passengers will enjoy greener plane journeys thanks to new support for the sustainable aviation fuel (SAF) industry helping to tackle emissions, establish Britain as a clean energy superpower and allow the UK to go further and faster with expansion plans.   

    The government has today (3 March 2025) published a consultation setting out how it intends to support the green fuels sector and provide certainty for SAF producers, in the latest step in the government’s plan to support the aviation sector to kickstart economic growth.

    The SAF industry is crucial for the future of aviation, offering a sustainable alternative to traditional jet fuels. By reducing greenhouse gas emissions by up to 70% compared to fossil fuels, SAF will play a vital role in delivering our clean energy mission as part of our Plan for Change and allow the UK to back airport expansion in line with climate commitments.

    Backing investment in the low carbon sector also has huge potential for driving economic growth, as it’s expected to support up to 15,000 new jobs and deliver £5 billion to the UK economy by 2050.

    As this is still a new and emerging industry, today’s proposals will tackle the current uncertainty in the sector by introducing an industry funded price guarantee – known as the revenue certainty mechanism (RCM) – to ensure a steady income flow for producers, even if the price of SAF fluctuates, helping to keep down costs for airlines and holidaymakers.   

    The proposals will help to reduce risk, give investors the confidence they need to invest in UK SAF plants and help the sector secure the supply it needs to bolster the SAF industry in the UK. The mechanism is also designed to limit costs and protect holidaymakers and working people against significant cost increases, with any rises expected to be in line with the usual variation of ticket prices.

    The revenue certainty comes alongside the introduction of the SAF Mandate in January 2025, which requires a growing percentage of aviation fuel to come from sustainable sources to support the industry by securing demand and driving production in the UK. The mandate was one of the first in the world to be put into law, once again putting the UK at the forefront of decarbonising air travel.

    The revenue certainty mechanism combined with the mandate will contribute to our net zero goals, enabling the aviation sector to continue to grow, including through airport expansion. This is also expected to drive significant investment into the SAF sector, creating green jobs, fostering innovation and driving growth as part of our Plan for Change.

    Aviation Minister, Mike Kane, said:    

    We are committed to building the technology and fuel supply that will see greener flying become a reality in a way that protects consumers.    

    As part of our Plan for Change, these proposals will power up SAF production in the UK, support thousands of green jobs and bolster expansion plans.

    Tim Alderslade, Chief Executive of Airlines UK, said:

    UK airlines support the RCM as a means of driving production in SAF and ensuring the industry can comply with the mandate.

    We look forward to working with government on its design with a particular focus on encouraging a competitive market and supporting FOAK plants. The goal must be the production of as much SAF at the cheapest possible price for consumers, to help the industry get to net zero, support growth in UK aviation whilst minimising the impact on passengers.

    Karen Dee, Chief Executive of AirportsUK, said: 

    SAF will play a key role in decarbonising aviation and a revenue certainty mechanism will not only ensure the UK can access enough supply but also that we can benefit from thousands of jobs and billions in investment.

    Airports will work with government as part of the aviation sector to develop the right solution that will give the market the confidence it needs to bring investment forward, enabling a new UK industry producing homegrown SAF to emerge.

    This, in turn, will allow the UK’s global air connectivity to expand sustainably within our net zero targets and play an increasing role in growing our economy, something the government is prioritising to drive up the prosperity of the whole country.

    Gaynor Hartnell, Chief Executive of the Renewable Transport Fuel Association, said: 

    The RCM is essential if SAF is to be manufactured here in the UK rather than imported. Home produced SAF leads to more jobs and improved fuel security, plus it’s a better way of dealing with household and commercial waste than burning it for electricity generation.

    The consultation will run from 3 March to 31 March, with the Sustainable Aviation Fuel (Revenue Support Mechanism) Bill being laid in Parliament in the spring. This support will build on the £63 million recently announced by the Chancellor in her growth speech to boost production of alternative fuels in the UK.

    Last month, the Chancellor also invited Heathrow Airport to bring forward expansion plans for consideration by the summer. The government will then review the Airports National Policy Statement (ANPS) to ensure that any scheme is delivered in line with our legal, environmental and climate obligations.

    In September last year, the department announced a refreshed and rejuvenated Jet Zero taskforce, which is serving as the driving force to transform how people fly – aligning with the government’s missions to make the UK a clean energy superpower and kickstart the economy.

    In a further boost for sustainable aviation, the UK led the charge for new carbon limits on aircrafts at the International Civil Aviation Organization (ICAO), which will see all new aircraft types become 10% more efficient from 2031. This will help cut emissions and fuel costs, benefitting passengers as well as the planet. Regulations on aircraft noise will also be strengthened from 2029 to make planes quieter when taking off and landing.

    The RCM will help deliver certainty in the green fuels market, supporting stable production of the SAF needed for aviation decarbonisation. The scheme is similar to that used in the UK’s world-leading renewables sector and could now boost domestic sustainable fuel production, driving investment in the UK SAF industry and boosting the economy through more green jobs. 

    This is a temporary measure, while SAF market prices are uncertain, to help scale early technologies while supporting a competitive market for SAF production. The government will monitor its impacts and can manage liabilities by capping the support to a pre-agreed volume of SAF, as well as agreeing the strike price within contracts.

    Aviation, Europe and technology media enquiries

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    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: NASA Uses New Technology to Understand California Wildfires

    Source: NASA

    The January wildfires in California devastated local habitats and communities. In an effort to better understand wildfire behavior, NASA scientists and engineers tried to learn from the events by testing new technology.
    The new instrument, the Compact Fire Infrared Radiance Spectral Tracker (c-FIRST), was tested when NASA’s B200 King Air aircraft flew over the wildfires in the Pacific Palisades and Altadena, California. Based at NASA’s Armstrong Flight Research Center in Edwards, California, the aircraft used the c-FIRST instrument to observe the impacts of the fires in near real-time. Due to its small size and ability to efficiently simulate a satellite-based mission, the B200 King Air is uniquely suited for testing c-FIRST.
    Managed and operated by NASA’s Jet Propulsion Laboratory in Southern California, c-FIRST gathers thermal infrared images in high-resolution and other data about the terrain to study the impacts of wildfires on ecology. In a single observation, c-FIRST can capture the full temperature range across a wide area of wildland fires – as well as the cool, unburned background – potentially increasing both the quantity and quality of science data produced.
    “Currently, no instrument is able to cover the entire range of attributes for fires present in the Earth system,” said Sarath Gunapala, principal investigator for c-FIRST at NASA JPL. “This leads to gaps in our understanding of how many fires occur, and of crucial characteristics like size and temperature.”
    For decades, the quality of infrared images has struggled to convey the nuances of high-temperature surfaces above 1,000 degrees Fahrenheit (550 degrees Celsius). Blurry resolution and light saturation of infrared images has inhibited scientists’ understanding of an extremely hot terrain, and thereby also inhibited wildfire research. Historically, images of extremely hot targets often lacked the detail scientists need to understand the range of a fire’s impacts on an ecosystem.

    To address this, NASA’s Earth Science Technology Office supported JPL’s development of the c-FIRST instrument, combining state-of-the-art imaging technology with a compact and efficient design. When c-FIRST was airborne, scientists could detect smoldering fires more accurately and quickly, while also gathering important information on active fires in near real-time.
    “These smoldering fires can flame up if the wind picks up again,” said Gunapala. “Therefore, the c-FIRST data set could provide very important information for firefighting agencies to fight fires more effectively.”
    For instance, c-FIRST data can help scientists estimate the likelihood of a fire spreading in a certain landscape, allowing officials to more effectively monitor smoldering fires and track how fires evolve. Furthermore, c-FIRST can collect detailed data that can enable scientists to understand how an ecosystem may recover from fire events.
    “The requirements of the c-FIRST instrument meet the flight profile of the King Air,” said KC Sujan, operations engineer for the B200 King Air. “The c-FIRST team wanted a quick integration, the flight speed in the range 130 and 140 knots on a level flight, communication and navigation systems, and the instruments power requirement that are perfectly fit for King Air’s capability.”
    By first testing the instrument onboard the B200 King Air, the c-FIRST team can evaluate its readiness for future satellite missions investigating wildfires. On a changing planet where wildfires are increasingly common, instruments like c-FIRST could provide data that can aid firefighting agencies to fight fires more effectively, and to understand the ecosystemic impacts of extreme weather events.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Taxi fleet service to begin gradually

    Source: Hong Kong Information Services

    The Government announced today that the five taxi fleet operators it selected will soon commence service with a fleet of over 3,500 taxis, accounting for nearly 20% of the total number of taxis in Hong Kong.

     

    While addressing the Taxi Fleet Launching Ceremony this morning, Secretary for Transport & Logistics Mable Chan said that the launch of the service marks an important milestone of the trade’s development in the city.

     

    The selected operators comprise three urban fleets and two mixed fleets, ranging from 300 to 1,000 taxis each. They will deploy about 1,500 new vehicles at the time of the service commencement and the first fleet is expected to start service by the end of this month.

     

    Passengers will be served with electric taxis, wheelchair-accessible taxis or premium taxis to promote green transport and cater for the diverse travel needs of the customers.

     

    All fleets must provide online hailing services, customer service hotlines and different electronic communication channels for passengers to select appropriate vehicle types, and rate driver services.

     

    Additionally, all fleet taxis will provide multiple electronic payment means, while safety devices and driver monitoring systems will be equipped for passengers’ convenience and driving safety.

     

    For passengers’ easy identification, all fleet taxis are required to display a fleet taxi certificate and fleet taxi plate.

     

    Ms Chan noted that the Government introduced a series of measures to enhance taxi services in the past two years, and the introduction of the new taxi fleet regime was one of the key initiatives.

     

    Under the Transport Department’s regulatory regime, operators form fleets with professional management and good use of technologies to provide quality service for passengers, bringing a new look to the taxi trade, she added.

     

    The department issued conditional grants of the Taxi Fleet License to the five selected operators in July 2024, and they are required to complete the gearing-up work and commence service within one year.

     

    The department will monitor the fleet’s operations and actively promote the remaining fleets to commence operations as soon as possible.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Taxi fleets to commence service gradually and mark important milestone in taxi trade’s development

    Source: Hong Kong Government special administrative region

    Taxi fleets to commence service gradually and mark important milestone in taxi trade’s development
    Taxi fleets to commence service gradually and mark important milestone in taxi trade’s development
    ******************************************************************************************

         The Government today (March 3) announced that the five selected taxi fleet operators will soon commence service gradually, marking an important step to enhance taxi service quality and reform the taxi trade.     The Secretary for Transport and Logistics, Ms Mable Chan, accompanied by the Under Secretary for Transport and Logistics, Mr Liu Chun-san, and the Commissioner for Transport, Ms Angela Lee, attended the Taxi Fleet Launching Ceremony at the Transport Department (TD) Vehicle Examination Complex this morning. Other officiating guests were Legislative Council (LegCo) Member (Transport) Mr Frankie Yick; LegCo Member Dr Chan Han-pan; the Chairman of the LegCo Panel on Transport, Mr Chan Siu-hung; and the Deputy Chairman of the LegCo Panel on Transport, Mr Yiu Pak-leung.     Addressing the Launching Ceremony, Ms Chan said that the Taxi Fleet Launching Ceremony marked an important milestone of the taxi trade’s development in Hong Kong. The Government introduced a series of measures to enhance taxi services in the past two years, and the introduction of a new taxi fleet regime was one of the key initiatives. Under the TD’s regulatory regime, operators form fleets with professional management and good use of technologies to provide quality service for passengers, bringing a new look to the taxi trade.     She said that, following years of development and challenges, the taxi trade in Hong Kong can only make continuous improvement in the taxi service level to meet the expectations of the public and tourists by keeping up with the times with proactive and innovative reforms. She said she looks forward to the taxi fleets playing a leading role, injecting new impetus into the taxi trade and providing more quality services.     At the Launching Ceremony, representatives of the five selected operators (in alphabetical order of company name), namely Big Boss Taxi Company Limited, CMG Fleet Management Limited, Sino Development (International) Company Limited, SynCab Service Limited and Tai Wo Management Limited, introduced the features and highlights of their fleets respectively, including the vehicle models to be deployed, their body designs and logos, compartment facilities and safety devices.     The selected operators comprise three urban fleets and two mixed fleets, with a size ranging from 300 to 1 000 taxis each, providing a total of over 3 500 taxis, which account for nearly 20 per cent of the total number of taxis in Hong Kong. The selected operators will deploy about 1 500 new vehicles as fleet taxis at the time of service commencement. They will provide electric taxis, wheelchair-accessible taxis and premium taxis for passengers to promote green transport and cater for the diverse travel needs of individuals.     To ensure service quality, all fleets must provide online hailing services, customer service hotlines and different electronic communication channels for passengers to select appropriate vehicle types based on their needs, and rate driver services. In addition, all fleet taxis will provide multiple electronic payment means, while safety devices and driver monitoring systems will be equipped for passengers’ convenience and driving safety. For passengers’ easy identification, all fleet taxis are required to display a fleet taxi certificate and a fleet taxi plate.     The TD issued conditional grants of the Taxi Fleet Licence to five selected operators in end-July 2024, and they are required to complete the gearing-up work and commence service within one year. The first fleet is expected to start service by end-March 2025 the earliest. The TD will monitor the fleet’s operations and continue to actively promote the remaining fleets to commence operations as soon as possible.

     
    Ends/Monday, March 3, 2025Issued at HKT 15:11

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of Panchayati Raj to Launch “Sashakt Panchayat-Netri Abhiyan” in a National Workshop on 4th March 2025

    Source: Government of India

    Ministry of Panchayati Raj to Launch “Sashakt Panchayat-Netri Abhiyan” in a National Workshop on 4th March 2025

    Union Minister Shri Rajiv Ranjan Singh and Smt. Annpurna Devi to grace the occasion

    1,200+ Panchayat Women Representatives to participate; Primer on Law on Gender Based Violence to be Launched

    Posted On: 02 MAR 2025 1:24PM by PIB Delhi

    The Ministry of Panchayati Raj is organizing a National Workshop of Women Elected Representatives of Panchayati Raj Institutions wherein “Sashakt Panchayat-Netri Abhiyan” (सशक्त पंचायत–नेत्री अभियान) will be launched on 4th March 2025 at Vigyan Bhawan, New Delhi. The occasion will be graced by Union Minister of Panchayati Raj Shri Rajiv Ranjan Singh alias Lalan Singh, Union Minister of Women and Child Development Smt. Annpurna Devi, Union Minister of State for Panchayati Raj Prof. S. P. Singh Baghel and Union Minister of State for Youth Affairs and Sports Smt. Raksha Nikhil Khadse. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Shri Sushil Kumar Lohani, Additional Secretary, Ministry of Panchayati Raj, along with representatives from various Ministries/ Departments, SIRD&PRs, and international organizations like UNFPA, TRIF will also participate in the event.

    The Sashakt Panchayat-Netri Abhiyan (सशक्त पंचायत–नेत्री अभियान) is a strategic initiative aimed at strengthening the capacity-building interventions for Women Elected Representatives of Panchayati Raj Institutions across the nation. It focuses on sharpening their leadership acumen, enhancing their decision-making capabilities, and reinforcing their role in grassroots governance. Recognizing the crucial role of Women Elected Representatives in rural local governance, the Ministry of Panchayati Raj has devised a strategic roadmap to enhance their leadership and ensure their active participation in decision-making. Ahead of the International Women’s Day, for the first time, elected women representatives from all three tiers of Panchayati Raj Institutions (PRIs) will convene at a national platform to engage in meaningful and action-oriented dialogue. Over 1,200 Panchayat women leaders from diverse backgrounds will participate in this historic initiative. A key highlight of the event will be the felicitation of outstanding women leaders from Panchayats across various States and Union Territories who have demonstrated exemplary work in rural local self-governance. The workshop will also witness launch of specific training modules for Capacity Building of Women Elected Representatives  along with a  Primer on Law Addressing Gender Based Violence and Harmful Practices for Panchayat Elected Representatives.

    The National Workshop will feature carefully curated panel discussions on crucial themes addressing women’s participation in local governance like “Women’s Participation and Leadership in PRIs: Changing the Dynamics in Local Self-Governance”, examining how increased female representation is reshaping rural governance structures and “Women-Led Local Governance: Sectoral Interventions by WERs”, covering vital areas including health and nutrition, education, safety and security of women and girl children, economic opportunities, and digital transformation. Senior officials chairing these discussions include Smt. Debashree Mukherjee, Secretary, Department of Water Resources, River Development & Ganga Rejuvenation, and Smt. Alka Upadhyaya, Secretary, Department of Animal Husbandry and Dairying, bringing high-level expertise to these critical discussions. Cultural performances celebrating women’s achievements and resilience, organized by UNFPA, will add a vibrant dimension to the National Workshop, showcasing the rich cultural heritage that honours women’s contributions to society.

    This National Workshop aligns with Prime Minister Narendra Modi’s vision, highlighted in the 119th episode of ‘Mann Ki Baat’, emphasizing upon the role of ‘Nari Shakti’ (women’s power) in nation-building. The initiative reflects the Government’s dedication in creating Gram Panchayats that are safer, inclusive, gender-sensitive, and socially just, ensuring an environment conducive for the prosperity of women and girls in the country.

    ***

    Aditi Agrawal

    (Release ID: 2107502) Visitor Counter : 49

    MIL OSI Asia Pacific News –

  • MIL-OSI: Exabits Partners with GAIB to Simplify AI Access with New Cloud Infrastructure Through Tokenized Compute Resources

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 03, 2025 (GLOBE NEWSWIRE) — Exabits, the compute baselayer transforming GPU (graphic processing unit) clusters for enterprises and a supplier to decentralized cloud compute companies, and GAIB, the first economic layer for AI and compute financialization, creating a new type of yield bearing assets backed by real AI demands, today announced a strategic partnership to revolutionize how GPU infrastructure is acquired, scaled, and monetized. By combining Exabits’ high-performance AI compute technology with GAIB’s tokenized GPU investment platform, this partnership will unlock new capital flows, expand GPU accessibility, and provide investors with a direct stake in the growing AI compute economy.

    The collaboration addresses a critical challenge in AI and cloud computing—the high cost and limited access to high-performance GPUs. With demand for AI compute skyrocketing, Exabits and GAIB are introducing a scalable investment model that allows institutions, enterprises, and investors to participate in the growth of AI compute infrastructure through tokenized GPU assets.

    Transforming GPU Compute into a High-Value Investment Asset

    GPUs are the core infrastructure powering AI, machine learning, and high-performance computing, yet access remains concentrated among a few large cloud providers. The Exabits-GAIB partnership introduces a new financial model that enables:

    • Ownership of Tokenized GPUs and Their Yields: Investors gain fractional ownership and earn returns tied to real-world GPU utilization.
    • Cloud Compute Expansion: Exabits will scale its AI-ready GPU infrastructure, supplying more compute power to enterprises, DeSci, gaming, and AI-driven industries.
    • New Liquidity Channels: GAIB’s tokenization model and DeFi-based financial instruments enable Exabits to scale more efficiently without relying solely on traditional capital-raising methods.

    “The AI industry is experiencing an unprecedented demand for compute power, but access remains costly and centralized,” said Dr Hoansoo Lee, Co-Founder of Exabits. “By tokenizing GPU assets with GAIB, we’re introducing a new investment model that allows institutional and retail investors to participate in AI’s explosive growth while expanding our infrastructure to meet market needs.”

    “GAIB is building the AiFi economy, which signifies a paradigm shift in how we perceive and utilize computational resources, particularly in the context of artificial intelligence and machine learning., and this partnership with Exabits provides additional support for our vision,” said Kony, CEO of GAIB. “We’re making GPU investments more accessible, liquid, and scalable—bridging the gap between capital markets and the AI revolution.”

    How the Partnership Works

    GPU and Their Yield Tokenization: Transforming Compute Assets into Tradable Financial Products

    Exabits will acquire GPUs through GAIB’s tokenization platform, enabling investors to own a stake in real-world AI compute infrastructure.

    • Exabits’ Role: Identify GPUs for tokenization, ensure transparent asset registration, and deploy them into enterprise-ready cloud compute networks.
    • GAIB’s Role: Develop tokenization protocols, create GPU-based investment products, and manage regulatory compliance.

    Unlocking New Investment Opportunities in AI Compute

    The partnership will provide global investors direct access to GPU-powered cloud infrastructure through structured financial products.

    • Exabits: Establishes hardware procurement needs, enables fractional GPU ownership, and integrates with GAIB’s capital injection models.
    • GAIB: Provides a transparent investment ledger, implements a yield-bearing mechanism that allows investors to earn passive income simply by holding the asset and ensures regulatory compliance.

    Liquidity & Scaling: Expanding AI Infrastructure Without Traditional Funding Barriers

    By leveraging GAIB’s financial instruments, Exabits can scale its GPU infrastructure faster, reducing dependence on traditional VC or debt financing.

    • Exabits: Provides real-time GPU utilization and ROI insights, ensuring investors benefit from tokenized GPU revenues.
    • GAIB: Facilitates buying, selling, and staking of GPU-backed tokens, creating a liquid investment market for AI compute assets.

    Enterprise-Grade Cloud Infrastructure for AI Innovation

    Exabits’ cloud platform will power GAIB’s compute offerings, allowing enterprises to access AI-ready infrastructure at scale.

    Why This Matters: The Future of AI Compute is an Investable Asset

    This partnership is a breakthrough for AI, institutional investors, and the compute economy:
    ✔ For Investors: A new way to earn yield from real, high-demand AI compute assets.
    ✔ For Enterprises: Scalable, high-performance AI infrastructure without pure reliance on traditional cloud providers.
    ✔ For the AI Industry: A more efficient, market-driven model for GPU access and scaling.

    Join the AI Compute Revolution

    The Exabits-GAIB partnership sets a new precedent for how AI infrastructure is funded, scaled, and monetized. As demand for AI compute accelerates, this collaboration will ensure that GPU access is no longer a bottleneck but an investment opportunity for enterprises, investors, and the broader AI ecosystem.

    For more information on how to participate, visit: www.exabits.xyz or https://www.gaib.ai/

    About Exabits

    Exabits is the baselayer for AI compute, providing high-performance cloud infrastructure to enterprises, researchers, and developers. Through proprietary technology and GPU tokenization, Exabits is redefining the future of AI, DeSci, and machine learning compute.

    About GAIB

    GAIB is the first economic layer for AI compute, creating a new type of yield bearing assets backed by real AI demands. It tokenizes enterprise-grade GPUs and their yields, creating a decentralized liquid market for GPU financing, addressing the growing demand for high-performance computing while giving investors direct exposure to GPU assets. The platform enables a variety of DeFi use cases to be on top, including GPU backed stablecoins, lending and borrowing, options and futures, and various structured products.

    Contact:

    Exabits
    contact@exabits.ai

    GAIB
    contact@gaib.ai

    Press Contact: Ari
    ari@reblonde.com

    Disclaimer: This press release is provided by Exabits. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9df3469-8ff4-46dc-a833-a2ed57a84953

    The MIL Network –

  • MIL-OSI: Exosens delivers very strong full-year 2024 results, overperforming on its IPO guidance; Sustained growth dynamic anticipated for 2025-2026

    Source: GlobeNewswire (MIL-OSI)

    EXOSENS DELIVERS VERY STRONG FULL-YEAR 2024 RESULTS, OVERPERFORMING ON ITS IPO GUIDANCE

    SUSTAINED GROWTH DYNAMIC ANTICIPATED FOR 2025-2026

    FY 2024 HIGHLIGHTS

    • Strong revenue growth of +35.0%, above IPO guidance, to €394.1m in 2024, reflecting dynamic like-for-like growth (+24.9%) and successful integration of bolt-on acquisitions
    • Significant increase in profitability, with adjusted EBITDA of €118.5m in 2024 (+37.8%), representing a best-in-class margin of 30.1% (vs. 29.5% in 2023), above IPO guidance and above top range of estimated landing given in January 2025
    • Net profit of €30.7m in 2024, recording a strong growth of +66.7% over 2023
    • Robust balance sheet with a net leverage of 1.2x at year-end 2024, enabling the execution of our growth strategy
    • Proposed payment of a €0.10 cash dividend per share for the 2024 fiscal year, for the first time since Exosens’ IPO

    OUTLOOK FOR 2025 AND THE 2024-2026 PERIOD: SUSTAINED GROWTH DYNAMIC DRIVEN BY DEFENSE TAILWINDS

    • Continued strong performance expected in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties
    • Global market demand is higher than initially expected, with NATO and Tier-1 allies continuing to ramp up their procurement of night vision systems further improving the perspectives, which implies a high-teens 2024-2026 adjusted EBITDA CAGR
    • In order to meet this demand Exosens decided to invest €20m to expand its production capacity not only in Europe but also in the US with, for the first time, a new production plant in the US, which will give us additional market opportunities

    Mérignac (France), 3 March 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today publishes its results for the fiscal year ended 31 December 2024. At its 28 February 2025 meeting, Exosens’ Board of Directors approved the consolidated financial statements for 2024.

    “We are pleased to announce our first results as a publicly-listed company, with 2024 performance exceeding our IPO guidance. In a dynamic defense market, driven by rising geopolitical tensions and increasing defense budgets across NATO countries and Tier-1 allies, Exosens fully benefited from these structural trends and is well-positioned to continue doing so. 2024 was a pivotal year, we flawlessly executed our strategy, reinforcing our leadership in mission-critical technologies, surpassing expectations, and further enhancing our best-in-class margins, that set us apart from our peers.

    Amplification remains a key driver of our growth with higher-than-expected market demand, necessitating capacity expansion. As a result, we have decided to scale up capacity in Europe and enter the US market, anticipating sustained mid-term demand and emerging opportunities.

    We are also accelerating the growth of D&I segment, which achieved +7% like-for-like growth in 2024, driven by an improved product mix, market share gains, and successful acquisitions. These markets are benefiting from AI-driven advancements in industrial control, nuclear energy, and healthcare research.

    With a focus on sustainable growth, we remain committed to customer satisfaction, innovation, operational excellence, and disciplined acquisitions. Backed by a strong balance sheet and a dynamic market environment, we are well-positioned to accelerate expansion and create value for both customers and shareholders, including our first dividend payment.”, commented Jérôme Cerisier, CEO of Exosens.

    Key financial indicators

    In € millions FY 2023 FY 2024 Change (%) LFL1(%)
    Revenue 291.8 394.1 +35.0% +24.9%
             
    Adjusted gross margin 131.1 189.6 +44.7% –
    As a % of revenue 44.9% 48.1% +320bps –
             
    Adjusted EBITDA 86.0 118.5 +37.8% –
    As a % of revenue 29.5% 30.1% +60bps –
             
    Adjusted EBIT 66.1 95.3 +44.1% –
    As a % of revenue 22.7% 24.2% +150bps –
             
    Operating income 48.3 73.0 +51.2% –
    As a % of revenue 16.5% 18.5% +200bps –
             
    Net profit 18.4 30.7 +66.7% –
    Net profit ex. PPA amortization 27.8 41.5 +49.2% –
             
    Free cash flow 20.5 55.4 +170.0% –
    Cash conversion (%) 69.3% 74.1% +480bps –
             
    Net debt 302.3 144.1 (47.7)% –
    Leverage ratio (x) 3.3x 1.2x (2.1)x –
    1Like-for-like.

    Strong revenue performance in FY 2024 in a dynamic market environment, outperforming our IPO guidance

    In € millions FY 2023 FY 2024 Change (%) Like-for-like (%)
    Amplification 209.9 280.2 +33.5% +33.5%
    Detection & Imaging 82.5 117.5 +42.5% +6.8%
    Eliminations & Other (0.6) (3.7) n/a n/a
    Total revenue 291.8 394.1 +35.0% +24.9%

    Exosens posted a strong performance in FY 2024, outperforming its IPO guidance and continuing its strong growth trajectory, with consolidated revenue totaling €394.1 million, which represented a significant growth of +35.0% (or +€102.3 million) compared to FY 2023, of which+24.9% year-on-year on a like-for-like basis, mainly driven by a strong demand in Defense end-markets.

    Amplification revenue reached €280.2 million in FY 2024, reflecting a significant growth of +33.5% compared to FY 2023, driven by stronger sales volumes and increased share of higher-performance image intensifier tubes for Defense’s night vision applications.

    The global night vision market is benefiting from growing demand, driven by increasing defense budgets and the need for armies worldwide to enhance their night fighting capabilities, including the ongoing shift from monocular to binocular goggles. The return of high-density combat has underscored the critical importance of night operation abilities as a key tactical advantage. NATO and Tier-1 allies continued to ramp up their procurement of night vision systems in 2024, though they are still far from reaching the targeted equipment rate.

    Reflecting this increasing market demand, Exosens, worldwide leader, has benefited from its position as the strategic supplier of NATO and Tier-1 allies for night vision image intensifier tubes with a number of major business wins in markets such as Germany, the UK, Poland, Belgium, Finland, France or Australia, among others.

    On the M&A front, the Group announced agreement to acquire NVLS, a specialist in man-portable night vision and thermal devices, in October 2024, which will accelerate Exosens’ mid-term capability to develop next gen googles with innovative solutions combining night vision and thermal devices. Closing is expected to occur in the coming months, pending customary clearances and approvals.

    Detection & Imaging revenue totaled €117.5 million in FY 2024, representing an increase of +42.5% compared to FY 2023, mainly driven by a positive product mix and accelerated growth from 2023 bolt-on acquisitions (Telops, El-Mul, and Photonis Germany1).

    Like-for-like growth reached +6.8% in FY 2024, accelerating from the +6.0% recorded in 9M 2024. This strong performance was driven by market share gains following new product launches, as well as growing demand in our key high-growth end markets (Life Sciences, Nuclear and Defense). These factors more than offset the softness in Industrial Control markets (China, machine vision).

    Throughout the year, Exosens continued to execute on its disciplined bolt-on strategy with two synergistic acquisitions: Centronic (radiation detection solutions), in July, reinforcing our position as the key European leader in nuclear instrumentation, and LR Tech (FTIR spectrometry) in September, complementing Telops’ products to strengthen our position in high-end spectroscopy instruments. Additionally, in November, Exosens announced the acquisition of Noxant, a specialist in high-performance cooled infrared cameras, set to close in Q1 2025.

    Significant improvement in adjusted gross margin in FY 2024

      FY 2023 FY 2024 Change
      In €m % of sales In €m % of sales In %
    Amplification 93.3 44.4% 132.4 47.3% +42.0%
    Detection & Imaging 37.7 45.7% 57.1 48.6% +51.6%
    Eliminations & Other 0.1 n/a 0.1 n/a n/a
    Adjusted gross margin 131.1 44.9% 189.6 48.1% +44.7%

    Exosens posted a strong increase in adjusted gross margin at Group level and across both segments in FY 2024, mainly due to higher sales volumes, improved yields and a favorable product mix. The Group’s adjusted gross margin stood at €189.6 million in FY 2024, reflecting a growth of +44.7% compared to FY 2023. Adjusted gross margin rate reached 48.1% in FY 2024, marking a significant improvement of 320 basis points year-on-year.

    Adjusted gross margin of the Amplification segment totaled €132.4 million in FY 2024 (+42.0% vs. FY 2023), representing a margin of 47.3% (vs. 44.4% in FY 2023). This strong increase in margin rate mainly reflected higher sales volumes, improved yields and a favorable product mix.

    Adjusted gross margin of the Detection & Imaging segment amounted to €57.1 million in FY 2024 (+51.6% vs. FY 2023), representing a margin of 48.6% (vs. 45.7% in FY 2023). This improved margin rate was mainly driven by a positive product mix, improved yields and supply-chain cost synergies.

    Continued strong operational execution driving further profitability increase in FY 2024

    Exosens reported a further increase of its profitability at Group level in FY 2024, reinforcing best-in-class margin, driven by strong business momentum and continued operational excellence.

    Adjusted EBITDA amounted to €118.5 million in FY 2024, representing a sharp growth of +37.8% (or +€32.5 million) compared to €86.0 million in FY 2023. As a result, adjusted EBITDA margin improved by 60 basis points to reach 30.1% in FY 2024 (vs. 29.5% in FY 2023).

    Adjusted EBIT totaled €95.3 million in FY 2024, posting a strong growth of +44.1% (or +€29.2 million) compared to €66.1 million in FY 2023. As a result, adjusted EBIT margin increased by 150 basis points to reach 24.2% in FY 2024 (vs. 22.7% in FY 2023).

    The Group’s recorded an operating income of €73.0 million in FY 2024, representing a significant increase of +51.2% (or €24.7 million) compared to €48.3 million in FY 2023. As a percentage of sales, operating margin improved by 200 basis points to reach 18.5% (vs. 16.5% in FY 2023).

    Significant growth in net income, up +67% in FY 2024

    Exosens recorded a significant increase in net profit, reaching €30.7 million in FY 2024, up by +66.7% (or €12.3 million) compared to FY 2023. Adjusted for PPA amortization, net profit was €41.5 million in FY 2024, representing a growth of +49.2% (or €13.6 million) compared to FY 2023.

    Strong increase in free cash flow, up +€35 million in FY 2024

    Exosens recorded a significant increase in free cash flow to €55.4 million in FY 2024 (vs. €20.5 million in FY 2023). This strong increase was achieved despite one-off expenses related to IPO consulting fees. In addition, the Group achieved a higher cash conversion rate of 74.1% in FY 2024 compared to 69.3% in FY 2023, with increased investment towards the end of the year to support future growth.

    Sustained R&D efforts in FY 2024 to support long-term growth and market leadership

    R&D expenses grew by +35.0% to €30.4 million (7.7% of sales) in FY 2024 compared to €22.5 million (7.7% of sales) in FY 2023. Continued efforts in R&D like the development of 5G image intensifier tubes for Defense’s night vision applications, or next gen detectors for Life Sciences and Nuclear will sustain the group’s future growth and maintain its leading positions.

    Completion of the first phase of capacity expansion

    Capital expenditure reached €27.9 million in FY 2024 compared to €23.7 million in FY 2023, marking a reduction in capex to sales ratio to 7.1% (vs. 8.1% in FY 2023) following the completion of capacity expansion resulting from investments started in 2022-2023.

    Strengthened capital structure, fully supporting our growth strategy

    Following Exosens’ successful IPO in June 2024, which included a capital increase of €180 million and a full debt refinancing (securing two new credit facilities of a total amount of €350 million), the Group has significantly deleveraged, with its net debt more than halving to €144.1 million as at 31 December 2024 compared to €302.3 million as at 31 December 2023. Accordingly, the leverage ratio decreased significantly to 1.2x as at 31 December 2024, as compared to a ratio of 3.3x as at 31 December 2023, providing the Group with ample capacity to pursue its investments in growth.

    Dividend

    The Company’s Board of Directors decided, during its meeting on 28 February 2025, to propose the payment of a €0.10 cash dividend per share for the 2024 fiscal year. This amount will be subject to the approval of the Annual General Shareholders’ Meeting, which will take place on 23 May 2025.

    Outlook for 2025 and the 2024-2026 period: Sustained growth dynamic driven by defense tailwinds

    Exosens expects a continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to 2024.

    The Group expects a high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion2ratio in the range of 70%-75% over the period, taking into account capacity investment in Europe and in the US.

    Furthermore, the Group intends to pursue its growth strategy, at a pace consistent with historical trend, while maintaining a leverage ratio3of around 2x.

    Webcast

    Jérôme Cerisier, CEO and Quynh-Boi Demey, CFO will hold a conference call and webcast to discuss Exosens’ full-year 2024 results on Monday, 3 March 2025 at 9:00am CET. This presentation will be followed by a Q&A session and can be accessed via the following link:
    https://channel.royalcast.com/landingpage/exosens-en/20250303_1/

    The press release and the presentation will be available in the Investor Relations section on Exosens’ website at https://www.exosens.com/investors.

    Audit procedures in respect of the consolidated financial statements are complete and the corresponding audit report of the auditors is in the process of being delivered.

    Financial Calendar

    • 28/04/2025: Q1 2025 revenue & adj. gross margin (publication before market opening);
    • 29/04/2025: Publication of 2024 Universal Registration Document;
    • 23/05/2025: Annual general meeting;
    • 31/07/2025: H1 2025 results (publication before market opening);
    • 27/10/2025: Q3 2025 revenue & adj. gross margin (publication before market opening).

    About Exosens

    Exosens is a high‐tech company, with more than 85 years of experience in the innovation, development, manufacturing and sale of high‐end electro‐optical technologies in the field of amplification, detection and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors and light intensifier tubes. This allows Exosens to respond to complex issues in extremely demanding environments by offering tailor‐made solutions to its customers. Thanks to its sustained investments, Exosens is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 12 sites, in Europe and North America and with over 1,700 employees. Exosens is listed on compartment A of the regulated market of Euronext Paris ﴾Ticker: EXENS – ISIN: FR001400Q9V2﴿. Exosens is a member of Euronext Tech Leaders segment and is also included in several indices, including CAC All-Tradable, CAC Mid & Small, FTSE Total Cap and MSCI France Small Cap. For more information: www.exosens.com.

    Investor Relations

    Laurent Sfaxi, l.sfaxi@exosens.com

    Media Relations

    Brunswick Group, exosens@brunswickgroup.com
    Laetitia Quignon, + 33 6 83 17 89 13
    Nicolas Buffenoir, + 33 6 31 89 36 78

    APPENDICES

    Reconciliation of adjusted EBITDA and adjusted EBIT

    In € millions FY 2023 FY 2024
    Operating profit 48.3 73.0
    Depreciation, amortization and impairment – net 29.2 34.1
    Other income and expenses 4.6 3.9
    EBITDA 82.0 111.0
    Share-based payments 1.6 2.9
    One-off costs 2.4 4.5
    Adjusted EBITDA 86.0 118.5
    Depreciation, amortization and impairment ex. PPA amortization (19.9) (23.3)
    Adjusted EBIT 66.1 95.3

    Reconciliation of free cash flow and cash conversion

    In € millions FY 2023 FY 2024
    Adjusted EBITDA 86.0 118.5
    Capitalized research and development costs (8.6) (11.0)
    Adjusted EBITDA after capitalized R&D costs 77.4 107.5
    Change in working capital4 (21.4) (10.7)
    Tax paid (6.9) (6.7)
    Maintenance capital expenditure4 (6.4) (12.5)
    Others (4.9) (7.0)
    Free cash flow before growth 37.8 70.7
    Growth capital expenditure4 (17.3) (15.3)
    Free cash flow after growth 20.5 55.4
         
    Adjusted EBITDA after capitalized R&D costs and capital expenditure (A) 53.7 79.6
    Adjusted EBITDA after capitalized R&D costs (B) 77.4 107.5
    Cash conversion (%) (A) / (B) 69.3% 74.1%

    Consolidated statement of income

    In € millions FY 2023 FY 2024
    Revenue 291.8 394.1
    Cost of sales (76.0) (103.0)
    Other purchases and external expenses (54.1) (65.5)
    Taxes and duties other than income tax (1.6) (1.6)
    Employee benefits expenses (81.3) (110.8)
    Other operating income / (expenses) 4.4 2.0
    Depreciation, amortization and additions to provisions (30.4) (38.2)
    o/w PPA amortization (9.5) (10.8)
    Current operating profit / (loss) 52.8 76.9
    Current operating profit / (loss) ex. PPA amortization 62.3 87.8
    Other income / (expenses) (4.5) (3.9)
    Operating profit / (loss) 48.3 73.0
    Operating profit / (loss) ex. PPA amortization 57.7 83.8
    Net financial result (28.0) (31.2)
    Profit / (loss) before tax 20.2 41.8
    Profit / (loss) before tax ex. PPA amortization 29.7 52.6
    Income tax (1.8) (11.1)
    Net profit / (loss) 18.4 30.7
    Net profit / (loss) ex. PPA amortization 27.8 41.5

    Consolidated statement of cash flows

    In € millions FY 2023 FY 2024
    Net profit / (loss) 18.4 30.7
    Net financial results 28.0 31.2
    Income tax 1.8 11.1
    Charges net of reversals to depreciation and amortization 30.9 36.9
    Other income / (expenses) (0.2) 2.5
    Income tax received / (paid) (6.9) (6.7)
    Change in net working capital (21.7) (9.5)
    Net cash flow from / (used in) operating activities 50.5 96.2
    Net investments in assets (31.4) (41.3)
    Net acquisition of equity investments (69.3) (31.4)
    Investment grant received and other flows 1.1 (0.0)
    Net cash flow from / (used in) investment activities (99.6) (72.7)
    Capital increases / (decreases) 0.0 180.0
    Acquisitions and disposals of treasury shares 0.0 (0.3)
    Change in financial liabilities and IFRS 16 leases 57.6 (65.1)
    Interest payments (including IFRS 16 leases) (24.4) (24.2)
    Other 2.3 (14.1)
    Net cash flow from / (used in) financing activities 35.5 76.3
    Effect of changes in exchange rates 0.2 0.4
    Increase / (decrease) in cash and cash equivalents (13.5) 100.2
    Cash and cash equivalents at the beginning of the period 29.0 15.5
    Cash and cash equivalents at the end of the period 15.5 115.6

    Consolidated balance sheet – Assets

    In € millions 31-Dec-2023 31-Dec-2024
    Goodwill 174.3 189.5
    Intangible assets 202.4 204.9
    Tangible assets 72.1 93.6
    Right-of-use of leases 10.8 10.6
    Investment in associates 3.4 3.4
    Financial assets and other long-term investments 0.7 0.9
    Deferred tax assets 0.0 (0.0)
    Non-current assets 463.7 502.8
    Inventory 78.5 93.0
    Accounts receivable 69.2 71.0
    Derivative financial instruments 0.2 0.0
    Financial assets and other short-term investments 29.4 33.0
    Cash and cash equivalents5 15.5 117.2
    Current assets 192.7 314.2
         
    Total assets 656.4 817.0

    Consolidated balance sheet – Equity and liabilities

    In € millions 31-Dec-2023 31-Dec-2024
    Share capital 1.9 21.6
    Additional paid-in capital 188.1 342.5
    Reserves 14.1 48.5
    Total equity 204.1 412.6
    Long-term financial debt 300.8 247.8
    Long-term lease liabilities 7.7 8.2
    Pension liabilities 7.6 7.5
    Provisions and other long-term liabilities 8.6 13.4
    Deferred tax liabilities 17.6 20.6
    Non-current liabilities 342.3 297.4
    Short-term financial debt 7.0 2.5
    Short-term lease liabilities 2.4 2.7
    Derivative financial instruments – 0.1
    Accounts payable 32.3 26.0
    Provisions and other short-term liabilities 68.4 75.6
    Current liabilities 110.1 107.0
         
    Total equity and liabilities 656.4 817.0

    Definitions

    Like-for-like growth is the revenue growth achieved by the Group excluding currency impact and scope effect, which corresponds to revenue recorded during period “n” by all the companies included in the Group’s scope of consolidation at the end of period “n-1” (excluding any contribution from the companies acquired after the end of period “n-1”), compared with revenue achieved during period “n-1” by the same companies. Like-for-like growth for the fiscal year ended 31 December 2024 therefore excludes the contribution of Telops, El-Mul and Photonis Germany (formerly ProxiVision), acquired by the Group in October 2023, July 2023 and June 2023, respectively, as well as Centronic and LR Tech, acquired by the Group in July 2024 and September 2024, respectively.

    Adjusted gross margin is equal to the difference between the selling price and the cost price of products and services (including notably employee benefits).

    Adjusted EBITDA is defined as operating profit, less (i) additions net of reversals to depreciation, amortization and impairment of non-current assets; (ii) non-recurring income and expenses as presented in the Group’s consolidated income statement within “Other income” and “Other expenses”, and (iii) the impact of items that do not reflect ordinary operating performance (in particular business reorganization and adaption costs, costs relating to acquisition and external growth transactions, as well as the IFRS 2 share-based payment expense).

    Adjusted EBIT is defined as operating profit, less (i) non-recurring income and expenses as presented in the Group’s consolidated income statement within “Other income” and “Other expenses”, and (ii) the impact of items that do not reflect ordinary operating performance (in particular business reorganization and adaption costs, costs relating to acquisition and external growth transactions, as well as the IFRS 2 share-based payment expense). Depreciation, amortization and reversal of impairment losses on non-current assets, included in adjusted EBIT, exclude the amortization of the part of non-current assets corresponding to purchase price allocation.

    Cash conversion is calculated as follows: (adjusted EBITDA – capitalized research and development costs – capital expenditure) / adjusted EBITDA – capitalized research and development costs).

    Leverage ratio is calculated as net debt / adjusted EBITDA as defined in the Group’s New Senior Credit Facilities Agreement entered into as part of the refinancing executed in the frame of the IPO.

    Forward-looking statements

    Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release. These risks and uncertainties include those set out and detailed in Chapter 3 “Risk Factors” of the registration document approved on 22 May 2024 by the French financial markets’ authority (“Autorité des marchés financiers”) under number I. 24-010. Forward-looking statements speak only as of the date of this press release and the Group expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. This press release is provided for information purposes only. It does not constitute and should not be deemed to constitute an offer to the public of securities.

    1 Formerly ProxiVision.
    2 Cash conversion is defined as (adjusted EBITDA – capitalized R&D – capex) / (adjusted EBITDA – capitalized R&D).
    3 Leverage ratio is defined as net financial debt / adjusted EBITDA.
    4 Capital expenditures not paid at year-end 2024 were reclassified in working capital.
    5 As at 31 December 2024, cash and cash equivalents balance sheet position amounts to €117.2 million. Adjusted for bank overdrafts for €0.3 million and interests to be received for €1.2 million, cash and cash equivalents amount to €115.6 million as reported in the cash flow statement.

    Attachment

    The MIL Network –

  • MIL-OSI: Exosens makes first US investment in night vision production capacity to address growing demand and benefit from new opportunities

    Source: GlobeNewswire (MIL-OSI)

    EXOSENS MAKES FIRST US INVESTMENT IN NIGHT VISION PRODUCTION CAPACITY TO ADDRESS GROWING DEMAND AND BENEFIT FROM NEW OPPORTUNITIES

    PRESS RELEASE
    MÉRIGNAC, FRANCE – MARCH, 3rd 2025

    • In response to increasing demand, Exosens will invest €20M over the next two years to expand production capacity in both Europe and the U.S.
    • This investment will establish Exosens’ first U.S. manufacturing site for producing “Made in America” image intensifier tubes
    • It strengthens Exosens’ position to capture a larger share of the world’s largest market, which represents 45% of the global market and is set for strong growth in both commercial and defense sectors

    The global night vision market is benefiting from growing demand, driven by increasing defense budgets and the need for armies worldwide to enhance their night fighting capabilities. The return of high-density combat has underscored the critical importance of night operation abilities as a key tactical advantage. NATO and Tier-1 allies continued to ramp up their procurement of night vision systems in 2024, though they are still far from reaching the targeted equipment rate.

    With decades of expertise, Photonis, brand of Exosens, offers image intensifier tubes, the engine of night vision devices, which improve soldiers’ tactical situational awareness, agility and mobility, as well as their targeting and driving capabilities, in the darkest of nights.

    In order to meet increasing night vision demand, Exosens invests €20m to expand its production capacity not only in Europe but also in the US with, for the first time, a new production plant in the US underscoring additional market opportunities with locally produced “Made in America” image intensifier tubes.

    This new installation will take place in Sturbridge (Massachusetts) where the group has already its Photonics Scientific Inc subsidiary. Exosens will take advantage of the support and synergies available within the group to optimize the time setup for the manufacturing of the image intensifier tubes, which is expected to begin in early 2027.

    “We are pleased to announce a new investment in our capacity on the US ground, which represents a major step in our strategy. Expansion into the US market presents a significant opportunity to strengthen our position as a global leader in image intensifier tubes. This new capacity will also enable us to meet customers’ demand for large-volume, high-performance products manufactured in the US”, said Exosens CEO, Jérôme Cerisier

    Exosens publishes its full-year 2024 results on 3 March 2025, before market opening.

    About Exosens

    Exosens is a high‐tech company, with more than 85 years of experience in the innovation, development, manufacturing and sale of high‐end electro‐optical technologies in the field of amplification, detection and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors and light intensifier tubes. This allows Exosens to respond to complex issues in extremely demanding environments by offering tailor‐made solutions to its customers. Thanks to its sustained investments, Exosens is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 12 sites, in Europe and North America and with over 1,700 employees. Exosens is listed on compartment A of the regulated market of Euronext Paris ﴾Ticker: EXENS – ISIN: FR001400Q9V2﴿. Exosens is a member of Euronext Tech Leaders segment and is also included in several indices, including CAC All-Tradable, CAC Mid & Small, FTSE Total Cap and MSCI France Small Cap. For more information: exosens.com.

    Media Relations

    Brunswick Group – exosens@brunswickgroup.com
    Laetitia Quignon, + 33 6 83 17 89 13
    Nicolas Buffenoir, + 33 6 31 89 36 78

    Forward-looking statements

    Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release. These risks include those described in chapter 3 of Exosens’ registration document approved by the French Autorité des marchés financiers under number I.24-0010 on 22 May 2024.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Draft TD on early stage investor tax offset scheme

    Source: Australian Department of Revenue

    We’ve published a draft tax determination (TD) on the early stage investor tax offset scheme we alerted you to in December 2024.

    Our view in the draft determination is that the anti-avoidance provisions in the tax law can apply to this scheme, potentially cancelling any tax benefit obtained by participants.

    This will apply to those who are involved in the scheme before, during or after the final determination is published. Participants in this scheme may have to pay back the offset claimed. Potentially penalties and interest may also be applied.

    The draft determination is currently open for consultation and feedback will help ensure our guidance is clear for small businesses.

    Feedback is due by 28 March. For more information on how and where to send your feedback, see the draft determination.

    Advice on tax schemes

    We’re continuing to warn the community about the risks of getting involved in tax schemes, particularly those spreading online – like this one. Online schemes are on the rise, enticing honest people who don’t fully understand what the consequences are.

    If you are offered this scheme, you should reject it and report it to the ATO. If you have already invested, contact us for help. If you proactively approach the ATO, you may be eligible for a reduction in any penalties.

    For more information visit Tax schemes.

    MIL OSI News –

  • MIL-OSI Australia: Lodging your NFP self-review return through a tax agent

    Source: Australian Department of Revenue

    Non-charitable not-for-profits (NFPs) with an active Australian business number (ABN) that self-assess as income tax exempt are due to lodge their 2023–24 self-review return by 31 March 2025.

    One of the ways to lodge an NFP self-review return is through your NFP’s registered tax agent.

    If you’re engaging a new tax agent or changing your tax agent to lodge your NFP self-review return, you must nominate them as your NFP’s tax agent.

    This is an added layer of protection to ensure you have control over who accesses your organisation’s information and performs tasks on your behalf. While this step must be completed by you, your tax agent can assist you through the process if you need help.

    How to nominate your agent

    Here is a breakdown of what is required to nominate your tax agent:

    1. Set up your digital ID, such as myID
    2. Link your digital ID to your NFPs ABN
    3. Log into Online services for businessExternal Link
    4. Nominate your authorised agent in Online services for business
    5. Let your agent know you have nominated them.

    Before you can complete steps 1 and 2, you must make sure you are the principal authorityExternal Link for your NFP. This is also known as the associate for your NFP.

    For more detail about these steps visit How to nominate your registered agent, which includes a downloadable PDF guide with screenshots. You can also see Agent nomination for more information.

    MIL OSI News –

  • MIL-OSI Australia: North Coast cattle treated for tick fever

    Source: New South Wales Department of Primary Industries

    3 Mar 2025

    NSW Department of Primary Industries and Regional Development (DPIRD) and Local Land Services (LLS) have reminded producers to be alert following the confirmation of tick fever on two North Coast cattle properties.

    North Coast LLS district veterinarian, Phillip Carter, said the cattle were treated for tick fever,  Babesiosis, once confirmed by DPIRD Elizabeth Macarthur Agricultural Institute laboratory tests.

    “If treatment is delayed tick fever can kill susceptible animals and producers should contact a vet immediately if cattle show signs of tick fever,” Dr Carter said.

    “These two positive cases of tick fever are the first new confirmed cases in NSW this year and we saw signs of cattle tick infestation during our inspection of the animals.

    “We advise producers to monitor herds for cattle tick and cattle tick fever as other animals may be infected and are yet to show signs.

    “Unexplained death can be the first sign of tick fever. Other signs producers should look out for in their cattle include lethargy, depression, salivation, red urine, elevated temperature, jaundice and anaemia.

    “Tick fever is spread by cattle tick, which thrive in warm, humid conditions and we urge producers to practice good farm biosecurity to prevent more tick fever cases in these seasonal conditions.

    “Producers should regularly check cattle for ticks, especially when cattle are yarded in preparation for autumn sales.”

    NSW DPIRD Cattle Tick Operations leader, Larry Falls, said producers should immediately report signs of cattle tick on their animals by calling the NSW Biosecurity Helpline, 1800 680 244.

    “Early intervention is key to minimising the spread and impact of cattle tick and tick fever,” Mr Falls said.

    “The NSW record of movement for cattle tick lists the mandatory biosecurity requirements which must be followed when bringing cattle from cattle tick infested areas into NSW and moving from cattle tick restricted properties in NSW.
    “Following these biosecurity requirements helps prevent the introduction and spread of cattle tick and minimises costs and losses to your enterprise and livestock industries.”

    Tick fever and cattle tick are notifiable under NSW biosecurity legislation, supporting the efforts of industry, producers and government who work together to keep NSW tick-free.

    Cattle tick and tick fever pose significant economic impact on cattle production in northern Australia due to potential large losses of animals, production losses, restrictions on trade and treatment costs.

    If you find sick or dead cattle or suspect tick fever, immediately contact your LLS DV or call the Emergency Animal Disease Hotline, 1800 675 888.

    Information about cattle tick and tick fever is available from the NSW DPIRD website.

    Media contact: pi.media@dpird.nsw.gov.au

    MIL OSI News –

  • MIL-OSI Australia: Highlights SMSF quarterly statistical report December 2024

    Source: Australian Department of Revenue

    Our Self-managed super fund quarterly statistical report – December 2024 is now available. It provides our latest statistics on the self-managed super fund (SMSF) sector. Highlights include:

    • There are 638,411 SMSFs.
    • There are 1,184,287 members of SMSFs.
    • The total estimated assets of SMSFs are $1.02 trillion.
    • The top asset types held by SMSFs (by value) are:    
      • listed shares (26% of total estimated SMSF assets)
      • cash and term deposits (17%)
    • 53% of SMSF members are male and 47% are female
    • 85% of SMSF members are 45 years or older.

    Read the full report for further statistics about:

    • SMSF fund and member demographics
    • estimates on SMSF asset holdings
    • annual ‘flows’ in and out of SMSFs.

    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.

    MIL OSI News –

  • MIL-OSI Australia: Transfer balance cap

    Source: Australian Department of Revenue

    About the transfer balance cap

    The transfer balance cap applies from 1 July 2017. It is a limit on the total amount of superannuation that can be transferred into the retirement phase.

    You can make transfers into the retirement phase as long as you remain below the transfer balance cap.

    Special rules apply for defined benefit income streams.

    General transfer balance cap

    Table 25: General transfer balance cap

    Year

    General transfer balance cap ($m)

    2025-26

    2

    2024–25

    1.9

    2023–24

    1.9

    2022–23

    1.7

    2021–22

    1.7

    2020–21

    1.6

    2019–20

    1.6

    2018–19

    1.6

    2017–18

    1.6

    Defined benefit income cap

    Table 26: Defined benefit income cap

    Year

    Defined benefit income cap

    2025-26

    $125,000

    2024–25

    $118,750

    2023–24

    $118,750

    2022–23

    $106,250

    2021–22

    $106,250

    2020–21

    $100,000

    2019–20

    $100,000

    2018–19

    $100,000

    2017–18

    $100,000

    MIL OSI News –

  • MIL-OSI Australia: Critical minerals and hydrogen production incentives now law

    Source: Australian Department of Revenue

    As part of the 2024–25 Budget, the Government announced its Future Made in Australia package to support Australia’s transition to a net zero economy. This package included 2 new, temporary tax incentives:

    These measures are now law.

    Critical Minerals Production Tax Incentive

    The CMPTI provides eligible companies with a refundable tax offset of 10 per cent of the eligible costs of processing certain critical minerals in Australia. The offset will be available for a maximum of 10 years between 1 July 2027 and 30 June 2040.

    The CMPTI is jointly administered by the ATO and the Department of Industry, Science and Resources.

    Hydrogen Production Tax Incentive

    The HPTI is a refundable tax offset of $2 per kilogram of eligible hydrogen produced by eligible companies. The HPTI applies to eligible hydrogen produced in income years between 1 July 2027 and 30 June 2040, for a maximum of 10 years.

    The HPTI is jointly administered by the ATO and the Clean Energy Regulator.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI Australia: Payday Super consultation continues

    Source: Australian Department of Revenue

    The ATO is continuing to engage with industry and stakeholders on the Government’s Payday Super reform, proposed to commence from 1 July 2026.

    Consultation updates are available on the Payday Super Working Group section of our website.

    Key proposed changes for Super Funds include:

    • Revisions to the choice of fund rules allowing employers to show an employee’s existing stapled fund to them as part of the onboarding process if they choose. The scope of this change will not make any changes to the existing ATO stapling service.
    • Contributions will need to arrive in employees’ super funds within 7 calendar days of payments with an ordinary time earnings (OTE) component.
    • Time to return an unallocated contribution to an employer will reduce to 3 days, down from 20.
    • The SuperStream data and payment standards will be revised to allow payments made via the New Payments Platform and improve error messaging to ensure employers and intermediaries can quickly address errors.
    • Enhancements to the Fund Validation Service which will support faster payments and better data through the system.
    • Increased visibility of super guarantee contributions for the ATO to match employer Single Touch Payroll (STP) data and superannuation fund reporting.

    The Payday Super measure is not yet law. For more detail, check the Treasury factsheetExternal Link or visit ato.gov.au/paydaysuper.

    Looking for the latest news for Super funds? You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.

    MIL OSI News –

  • MIL-OSI Australia: Automated Milking Systems delivers comparable performance to conventional systems in Australian dairy farms

    Source: New South Wales Department of Primary Industries

    3 Mar 2025

    The NSW Department of Primary Industries and Regional Development (DPIRD) has released a comprehensive report from the Milking Edge Project, offering valuable insights for Australian dairy farmers considering Automatic Milking Systems (AMS) technology.

    The research revealed that while on average, AMS-equipped farms in Australia achieve comparable economic and physical results to conventional milking systems, AMS is beneficial for freeing up labour for other key tasks such as pasture management, boosting overall farm productivity.

    NSW DPIRD Development Officer Juan Gargiulo said that by analysing the economic and operational performance of AMS in the Australian dairy industry, the report provides clear guidance for farmers exploring this innovative approach to milking, while supporting them to more effectively adopt and operate AMS.

    Key findings from the report include:

    • Australian AMS farms typically milk between 150 and 240 cows and operate between three and four robotic units.
    • Average daily milk production per cow typically ranged from 19.3 to 26.3 kilograms.
    • Cows are milked on average 2.17 times per day, with each robot harvesting approximately 1,200 kg of milk daily.

    The study also identified key drivers of profitability, including robot efficiency (milk harvested per robot), labour efficiency, and pasture utilisation per hectare. These factors are crucial in determining the success and financial viability of AMS technology on Australian farms.

    “The findings from this report provide valuable benchmarks for AMS profitability and efficiency in the Australian dairy industry, helping farmers and stakeholders make informed decisions about technology investments and operational strategies,” Mr Gargiulo said.

    “While AMS performance varied across different operations, the research highlights key opportunities for improving productivity and profitability, such as the ability of AMS farmers to reallocate labour from milking to other tasks like farm business management, herd health, and pasture management, enhancing overall farm efficiency and sustainability.”

    Since its global introduction in 1992, AMS is reported to have transformed dairy farming, with over 50,000 systems now in use worldwide.

    In Australia, AMS is currently implemented on around 1.5% of dairy farms, with growing interest as farmers assess its benefits.

    Importantly, researchers debunked a common perception in the Australian dairy industry that adopting AMS technology often leads to more frequent milking and increased milk production.

    “While this is largely true in European and North American dairy systems, where cows are housed in barns with closer access to AMS units, the report found that in Australia’s pasture-based systems, milking frequency and production levels were similar to those in conventional systems,” Mr Gargiulo said.

    “This is partly due to the greater distance between paddocks and milking stations, requiring cattle to walk further compared to barn-housed cattle.”

    Another key finding was that for a majority of pasture-based AMS farms in Australia, the key to improving profitability was not increasing milking frequency, but rather maximising the number of cows milked per robot.

    This report was designed to provide valuable insights into the performance of AMS systems for dairy farmers, industry advisors, consultants, and researchers involved in AMS adoption or performance analysis.

    The NSW Government encourages the dairy sector to review the report before investing in AMS technology to determine whether it is the right fit for their operation.

    The Milking Edge Project was a five-year initiative led by NSW DPIRD in collaboration with Dairy Australia and DeLaval, with the AMS report available on the DPIRD website.

    Media contact: pi.media@dpird.nsw.gov.au

    MIL OSI News –

  • MIL-OSI United Kingdom: Historic £1.6bn deal provides thousands of air defence missiles for Ukraine and boosts UK jobs and growth

    Source: United Kingdom – Executive Government & Departments

    Press release

    Historic £1.6bn deal provides thousands of air defence missiles for Ukraine and boosts UK jobs and growth

    Deal will create 200 jobs in Northern Ireland and provide 5000 air defence missiles missiles to Ukraine.

    200 new jobs will be created and hundreds more supported at one of the UK’s leading defence manufacturers, after a £1.6bn deal was announced by the Prime Minister today to supply thousands of advanced air defence missiles to Ukraine.

    The latest measures in the UK’s support for Ukraine to achieve peace through strength, the deal will also provide a major boost to the UK economy and support 700 existing jobs at Thales in Belfast, which will manufacture more than 5,000 lightweight-multirole missiles (LMM) for Ukraine’s defence. The deal will see production of LMMs at Thales’s factory treble and will also benefit companies in the Thales Supply Chain across the UK – putting more money in working people’s pockets.

    It is the largest contract ever received by Thales in Belfast and the second largest MOD has placed with Thales, building on a previous contract with Thales, signed in September 2024 for 650 missiles. The first batch of missiles were delivered before Christmas, and this new contract will continue deliveries.

    The deal comes after the Prime Minister announced the Government’s commitment to increase spending on defence to 2.5% of GDP by April 2027 and confirmed an ambition to spend 3% of GDP on defence in the next parliament, in order to keep Britain safe and secure for generations to come. This investment will be an opportunity to translate defence spending into British growth, British jobs, British skills, and British innovation.

    The deal helps deliver on the Government’s pledge in its Plan for Change to improve the lives of people in every corner of the UK by growing the economy. By spending more on defence we will deliver the national security that underpins economic growth, and unlock new jobs, skills and opportunities across the country. 

    Prime Minister Keir Starmer said:

    My support for Ukraine is unwavering. I am determined to find a way forward that brings an end to Russia’s illegal war and guarantees Ukraine a lasting peace based on sovereignty and security.

    I am also clear that national security is economic security. As well as levelling up Ukraine’s air defence, this loan will make working people here in the UK better off, boosting our economy and supporting jobs in Northern Ireland and beyond.

    By doubling down on our support, working closely with key partners, and ensuring Ukraine has a strong voice at the table, I believe we can achieve a strong, lasting deal that delivers a permanent peace in Ukraine.

    Defence Secretary John Healey MP said:

    Three years since Putin launched his full-scale invasion, we are now at a critical moment for the future of Ukraine and the security of us all in Europe. 

    We all want a secure and lasting peace. As today’s meeting has showed, the UK will continue to lead international efforts to support Ukraine in securing a ceasefire and durable peace. And we will not jeopardise the peace by forgetting about the war. This new support will help protect Ukraine against drone and missile attacks but it will also help deter further Russian aggression following any end to the fighting.

    This new deal delivers on the UK’s ironclad commitment to step up military support for Ukraine, whilst boosting jobs and growth at home.

    ​Today’s deal marks a historic step for industrial relations between the UK and Ukraine, building on the 100 Year Partnership signed recently by the Prime Minister and President Zelenskyy in Kyiv. The contract will enable Ukraine to draw on £3.5bn of export finance to acquire military equipment from UK companies, boosting both the UK’s and Ukraine’s defence industrial bases and support investment in further military capabilities.

    Ukraine has already put the highly capable LMM missile to use as part of its air defences where it has proven to be incredibly effective in protecting civilians and critical infrastructure from Russia’s bombardment. A £162m contract announced in September last year saw 650 LMM missiles supplied to Ukraine as an initial order to ramp up production – deliveries started in December 2024.

    Thales Northern Ireland will deliver the contract – worth an initial £1.16bn with the potential for around a further £500m of work to be added – in collaboration with a Ukrainian industry partner, which will manufacture launchers and command and control vehicles for the missiles in Ukraine.

    The contract has been placed by the MOD’s procurement arm Defence Equipment & Support on behalf of the Ukrainian Government, to be funded by a loan underwritten by United Kingdom Export Finance (UKEF) after a deal signed last year to allow Ukraine to draw on £3.5bn worth of support from UKEF to spend with UK industry.

    As set out in the Plan for Change, national security is the first duty of the Government – and a strong economy is built on the bedrock of strong security. Increased defence spending will support highly skilled jobs and apprenticeships across the whole of the UK. Last year, defence spending supported over 430,000 jobs across the UK, the equivalent to one in every 60, and 68% of defence spending goes outside of London and the Southeast, benefitting every nation and region of the country.

    Andy Start, DE&S CEO and UK National Armaments Director said:

    The UK’s Defence Industry has supported Ukraine from the start of the war and this important contract underlines industry’s ability to scale up production at pace to deliver the world-class defence equipment Ukraine requires.

     This contract is a critical next step in the work of Task Force HIRST in developing lasting partnerships between the UK and Ukraine’s defence industries. The substantial increase in LMM production capacity will benefit both Ukraine’s fight tonight, as well as the longer-term security of the UK.

    The deal marks the next milestone in the work of the MOD’s Taskforce HIRST and the first of a series of “mega projects” to be delivered for Ukraine, with the HIRST team working to build long-term relationships with Ukrainian industry to restore and modernise their defence industrial base, support its future defence and economic growth.

    Earlier this month, the Defence Secretary announced a new £150m military support package to support Ukrainian troops fighting Russia on the frontline, part of the UK’s unprecedented £3 billion annual pledge to Ukraine.

    The UK has committed to spending £3bn next financial year to support Ukraine, with an additional £1.5bn from interest on seized assets through the Extraordinary Revenue Accelerator – taking the total to £4.5Bn. This will ensure Ukraine can achieve peace through strength and underscoring the new 100 Year Partnership between the UK and Ukraine.

    Updates to this page

    Published 2 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Standing united in support of Ukraine

    Source: Government of Canada – Prime Minister

    For over three years, Ukraine has fought with extraordinary courage and resilience against Russia’s illegal, full-scale invasion. This ongoing aggression is not only a violation of Ukraine’s sovereignty, but also a direct attack on the rules-based international order, freedom, and democracy everywhere. Canada remains steadfast in its support for Ukraine and its people as they continue to defend their independence.

    The Prime Minister, Justin Trudeau, today participated in the Securing our Future Summit in London, United Kingdom. Hosted by the Prime Minister of the United Kingdom, Sir Keir Starmer, the Summit brought together Euro-Atlantic and NATO leaders to promote unity, reinforce collective security, and reaffirm our unwavering commitment to Ukraine in the face of Russia’s continued aggression.

    During the Securing our Future Summit, the Prime Minister announced new sanctions against 10 individuals and 21 entities, including paramilitary organizations and their leaders, to help counter Russia’s reliance on third-party organizations and countries to advance its political and military objectives in Ukraine. To date, Canada has imposed sanctions on over 3,000 individuals and entities complicit in Russia’s aggression – and we remain committed to working with our partners to increase economic pressure on Russia.

    Throughout the Summit, the Prime Minister engaged with his counterparts on the future of international support for Ukraine, emphasizing the urgent need for continued and co-ordinated action in the face of growing global instability and uncertainty. Together, the leaders agreed that there can be no sustainable peace in Europe without security for Ukraine, that any peaceful end to the conflict must include Ukraine at the negotiating table, and that any peace deal should include robust security guarantees.

    At a plenary session, Prime Minister Trudeau underlined that strengthening security and stability in Ukraine and the Euro-Atlantic region will remain a top priority for Canada, including as part of our G7 Presidency this year. He underscored our leadership in supporting Ukraine since the beginning of Russia’s full-scale invasion in 2022, which includes almost $20 billion in multifaceted assistance ranging from military aid – such as armoured vehicles and drone technology – to humanitarian and financial assistance to help Ukraine rebuild and recover.

    The Prime Minister highlighted the ongoing work of members of the Canadian Armed Forces in the United Kingdom and Poland under Operation UNIFIER. Since 2015, they have provided military training to over 44,000 Ukrainian troops. Canada continues to engage closely with Ukraine, Allies, and partners on how best to enhance support through Operation UNIFIER to help Ukraine defend itself.

    Prime Minister Trudeau also emphasized the importance of standing together to hold Russia accountable for its violations of international law, including war crimes, crimes against humanity, and the illegal deportation of Ukrainian children.

    Canada’s commitment to Ukraine is unwavering. We will continue to stand with Ukraine and work closely with our Allies to provide the necessary military, economic, and humanitarian support to push back against Russian aggression. We are stronger when we work together. And together, we can ensure Ukraine is able to defend itself, rebuild, and secure a just and lasting peace.

    Quote

    “Ukraine’s fight for sovereignty is a fight for freedom and democracy everywhere. The important discussions we had today reinforced our shared resolve: as Allies, we will remain steadfast in our support for Ukraine. Canada will be there for Ukraine until there is a just and lasting peace. Slava Ukraini!”

    Quick Facts

    • In London, the Prime Minister held a bilateral meeting with the Prime Minister of the United Kingdom, Sir Keir Starmer. Before returning to Canada tomorrow, he will also have an audience with His Majesty King Charles III.
    • The new sanctions announced today include nine leaders of post-Wagner paramilitary organizations, one member of the affiliated senior Russian military leadership, nine paramilitary organizations operating in Ukraine and in the Kremlin’s Africa-network, and 12 affiliated organizations that are responsible for resource extraction within this network.
    • Since the beginning of 2022, Canada has committed almost $20 billion in multifaceted support to Ukraine. This includes:
      • Over $12.4 billion in direct financial assistance, the highest in the G7 on a per capita basis.
      • $4.5 billion in military assistance, such as M777 howitzers, Leopard 2 main battle tanks, armoured combat support vehicles, hundreds of thousands of rounds of ammunition, high-resolution drone cameras, thermal clothing, body armour, fuel, and more.
      • $585 million in development assistance, including support to Ukraine’s energy system.
      • $372.2 million in humanitarian assistance, including support for emergency health interventions, protection services, and essentials such as shelter, water, sanitation, and food. Programming also addresses child protection, mental health support, and prevention and response to sexual and gender-based violence.
      • Nearly $225 million in security and stabilization assistance.
    • As announced by the Prime Minister in Kyiv last month, Canada has started delivering on its commitment of a $5 billion contribution toward the G7 Extraordinary Revenue Acceleration (ERA) Loans mechanism. Launched at last year’s G7 Summit in Apulia, Italy, the ERA Loans aim to bring forward future revenues from frozen Russian sovereign assets to provide Ukraine with approximately US$50 billion in additional funding as it continues to defend its freedom, sovereignty, and territorial integrity.
    • In February 2024, Prime Minister Trudeau and President Zelenskyy signed the historic Agreement on Security Cooperation between Canada and Ukraine, establishing a new strategic security partnership between our two countries. This included $3.02 billion in critical financial and military support to Ukraine for 2024.
    • Launched by Canada and Ukraine in 2024, the International Coalition for the Return of Ukrainian Children co-ordinates joint efforts and co-operation between Ukraine and partner states to address the issue of the unlawful deportation and forced transfer of Ukrainian children by Russia. To date, 41 states and the Council of Europe have joined the Coalition, helping successfully facilitate the safe return of over 1,000 children.
    • As part of the 2024 Fall Economic Statement, the federal government announced last year its intention to double down on our efforts to support Ukraine, including through proposed legislative changes that will ensure profits from frozen Russian assets are used to rebuild Ukraine.
    • Since the start of Russia’s full-scale invasion of Ukraine, Canada has welcomed more than 220,000 Ukrainians. We are helping Ukrainian families find a safe, temporary home and have put support services in place for their arrival. This includes temporary financial assistance and access to federally funded settlement services, such as language training and employment-related services.
    • Canada and Ukraine have long been steadfast partners and close friends. In 1991, Canada became the first Western country to recognize Ukraine’s independence. Today, 1.3 million people of Ukrainian descent call Canada home – the largest Ukrainian diaspora in the Western world. In 2022, total bilateral trade between our two countries was valued at over $421 million.
    • This was Prime Minister Justin Trudeau’s 11th official visit to the United Kingdom.
    • Canada and the United Kingdom share a strong relationship rooted in deep historical ties and common values. We work closely together to advance shared priorities, including sustainable growth, rules-based international trade, gender equality, the fight against climate change, democracy and media freedom, and support for Ukraine.
    • In 2023, the United Kingdom was Canada’s third-largest destination for goods and services exports, with trade valued at $47 billion.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: UK reinforces support for Ukraine with £2.26 billion loan to bolster Ukrainian defence capabilities

    Source: United Kingdom – Government Statements

    Press release

    UK reinforces support for Ukraine with £2.26 billion loan to bolster Ukrainian defence capabilities

    Chancellor Rachel Reeves and Ukraine’s Finance Minister Sergii Marchenko will today (Saturday 1 March) sign the UK-Ukraine Bilateral agreement.

    • The £2.26 billion loan will bolster Ukrainian military capability, and will be paid back using profits generated on sanctioned Russian sovereign assets.
    • Chancellor Rachel Reeves and Ukrainian Finance Minister Sergii Marchenko will sign the formal loan agreement today (Saturday 1 March), with the first tranche of funding expected to reach Ukraine later next week.
    • The loan demonstrates the UK’s commitment to Ukrainian defence. A strong Ukraine is vital to UK national security – the first duty of any government and central to the Plan for Change.

    Chancellor Rachel Reeves and Ukraine’s Finance Minister Sergii Marchenko will today (Saturday 1 March) sign the UK-Ukraine Bilateral agreement.

    This agreement will deliver £2.26 billion in funding to Ukraine, which will be paid back using the extraordinary profits generated on sanctioned Russian sovereign assets held in the EU.

    This is the UK’s contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans to Ukraine scheme, through which G7 countries will collectively provide $50 billion to support Ukraine.

    Chancellor of the Exchequer Rachel Reeves said:

    A safe and secure Ukraine is a safe and secure United Kingdom. This funding will bolster Ukraine’s armed forces and will put Ukraine in the strongest possible position at a critical juncture in the war.

    It comes as we have increased our defence spending to 2.5% of GDP, which will deliver the stability required to keep us safe and underpin economic growth.

    The loan will be fully earmarked for military procurement to bolster Ukraine’s defences, with the first tranche of funding expected to be disbursed to Ukraine next week.

    Russia’s obligation under international law to pay for the damage it has caused to Ukraine is clear and this G7 agreement, backed by the profits generated on sanctioned Russian sovereign assets, is an important step to ensuring this happens.

    The funding will be delivered in three equal annual payments of £752m.

    The announcement of the loan agreement is on top of the £3 billion a year commitment by the UK to provide military aid for Ukraine. The Prime Minister has been clear that a strong Ukraine is vital to UK national security.

    This loan follows the announcement by the Prime Minister committing the Government to increase UK defence spending to 2.5% of GDP by 2027, with an ambition to spend 3% of GDP on defence in the next parliament as economic and fiscal conditions allow.

    This represents the biggest sustained increase in defence spending since the Cold War, safeguarding our collective security and funding the capabilities, technology and industrial capacity needed to keep the UK and our allies safe for generations to come.

    As set out in the Plan for Change, national security is the first duty of the government, and investment in defence will protect UK citizens from threats at home while also creating a secure and stable environment for economic growth.

    Updates to this page

    Published 1 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Padilla Cosponsors Bipartisan Legislation to Boost Wildfire Mitigation and Research

    US Senate News:

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

    Padilla Cosponsors Bipartisan Legislation to Boost Wildfire Mitigation and Research

    As wildfires have devastated California and the West, bipartisan bill would create career pathways to tackle growing wildfire threats

    WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.) joined his colleagues in introducing the bipartisan Regional Leadership in Wildland Fire Research Act, legislation that would establish regional research centers at institutions of higher education across the country to boost wildfire mitigation and research. These regional centers would be tasked with developing next-generation fire and vegetation models and technologies to support wildland fire management and address the specific needs of the region in which they are situated. Additionally, this bill would establish a National Center Coordination Board to manage the work of regional centers and establish Regional Advisory Boards from wildfire management agencies, state and tribal governments, and other stakeholders to provide input and assistance.

    According to the U.S. Fire Administration, current wildfire models are failing to adequately predict fire behavior under extreme conditions and in more complex environments, like last month’s Southern California fires, which occurred under severe winds. These models also struggle to reproduce recent catastrophic wildfires, making them more likely to fail at predicting future wildfires or determining when and where it is safe to conduct prescribed burns. That’s why next-generation fire and vegetation models are essential to supporting effective wildland fire management and preparing firefighters against evolving risks.

    Senator Padilla joined Senators Ben Ray Luján (D-N.M.), Dan Sullivan (R-Alaska), and Tim Sheehy (R-Mont.) in introducing the legislation.

    “Californians are all too familiar with the devastating toll catastrophic wildfires can take on their communities, burning down homes and businesses, and uprooting families’ livelihoods,” said Senator Padilla. “As the climate crisis makes wildfires more dangerous and harder to predict, expanding our wildland fire research would help us better prepare for wildfires and safely conduct prescribed burns ahead of peak fire season. California universities are already the nation’s leading hub for wildfire research and technology, and this bipartisan effort is a critical step forward in expanding next-generation fire mitigation efforts.”

    “Far too many communities in New Mexico and in states across the country know that wildfire season can cost you everything. We must do everything possible to understand the root causes of these wildfires and how local communities can improve wildfire mitigation efforts and save lives and livelihoods,” said Senator Luján. “I’m proud to partner with Senator Sullivan to reintroduce this bipartisan legislation to establish regional research centers tasked with developing next-generation fire and vegetation models and technologies to boost wildfire mitigation. Each of these regional centers will help boost wildland fire management across the country while creating more opportunities for a good-paying job through career training for wildfire research. I look forward to working with my colleagues to get this bill signed into law.”

    “Wildfires burn millions of acres in Alaska every year—sometimes as much or more than the combined acreage burned in the rest of the country,” said Senator Sullivan. “To better protect lives, homes and critical infrastructure, we need to invest in research that will produce more accurate models and empower our wildland firefighters to better predict and extinguish fires before they become full-scale natural disasters. I’m glad to reintroduce legislation with Senator Luján to establish wildland fire research centers at our universities with specialized expertise in this space—like UAF in Interior Alaska—and develop more effective firefighting strategies that respond to the unique circumstances of each of our states.”

    “If we’ve learned anything from recent wildfire tragedies across the country, it’s that the threat of catastrophic wildfires isn’t seasonal, nor is it isolated to one region; it’s a year-round, nationwide threat. I’m proud to join this bipartisan effort with my colleagues to invest in better anticipating wildland fires, streamlining our response, and ensuring we are fighting these fires faster and more effectively to keep communities safe,” said Senator Sheehy.

    Each regional research center would:

    • Conduct research to improve our understanding of wildland fire, including causes and associated risks for fires, rehabilitation of affected ecosystems, mitigation strategies that improve firefighter safety, and more;
    • Develop, maintain, and operate next-generation fire and vegetation models and technologies to support wildland fire management; and
    • Develop a career pathway training program to help carry out wildland fire research.

    The bill is supported by the Federation of American Scientists, Megafire Action, National Association of State Foresters, National Federation of Federal Employees, the Nature Conservancy, the University of New Mexico, and the University of Alaska Fairbanks.

    “We spend billions on improving our understanding of disasters like hurricanes and tornadoes — that hasn’t happened yet with megafire. The Regional Leadership in Wildland Fire Research Act recognizes and invests in our research community to produce region specific scientific research and solutions to catastrophic wildfires, allowing innovators and wildland firefighters to use this information to directly leverage technology to predict, detect, and prevent megafire,” said Matt Weiner, CEO of Megafire Action.

    Senator Padilla has long been a leader in strengthening the federal and state response to wildfires. Earlier this 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. Last month, Padilla introduced another suite of bipartisan bills to strengthen wildfire recovery and resilience. Additionally, Padilla’s legislation to strengthen FEMA’s wildfire preparedness and response efforts, the FIRE Act, became law in 2022.

    A one-pager on the bill is available here.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI: TWFG Announces Unaudited Preliminary Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, Feb. 28, 2025 (GLOBE NEWSWIRE) — TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced preliminary unaudited financial highlights for the fourth quarter and full year ended December 31, 2024. The following results are preliminary, unaudited estimates and are subject to change. The Company is currently finalizing its fourth quarter and year end 2024 results, and as a result, these preliminary estimates are based solely on information available to management as of the date of this press release. The Company’s actual results may differ from these estimates due to the completion of its closing procedures, final adjustments and developments that may arise or information that may become available between now and the time the Company’s financial results are finalized.

    Preliminary highlighted results:

    • Expects total fourth quarter revenue to be between $49 million and $51 million, an increase of 23.8% and 28.9% compared to the fourth quarter of 2023
    • Anticipates total full-year 2024 revenue to be between $201 million and $203 million, an increase of 16.5% and 18.2% compared to full-year 2023
    • Expects total fourth quarter written premium to be $361 million, an increase of 20% compared to the fourth quarter of 2023 
    • Anticipates total full-year written premium of approximately $1.5 billion, an increase of 18% compared to full-year 2023
    • Anticipates fourth quarter Organic Revenue Growth Rate to be between of 20.2% and 20.8% and full-year 2024 Organic Revenue Growth Rate of between 14% and 15% 

    * Organic Revenue Growth Rate is a non-GAAP measure. A reconciliation of Organic Revenue Growth Rate to total revenue growth rate, the most directly comparable financial measure, is outlined in the reconciliation table accompanying this release.

    Conference Call and Full Earnings Release Date

    TWFG expects to release its full fourth quarter and full-year 2024 results mid-March followed by a conference call and webcast to discuss these results. Details for the call will be provided in the forthcoming earnings release.

    About TWFG

    TWFG (NASDAQ: TWFG) is a leading independent distribution platform for personal and commercial insurance in the United States, representing hundreds of insurance carriers. The Company provides innovative insurance solutions through its network of agents, carriers, and technology-driven distribution models. For more information, visit www.twfg.com.

    Non-GAAP Financial Measures and Key Performance Indicator

    Non-GAAP Financial Measures

    Organic Revenue Growth included in this release is not a measure of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered a substitute for any GAAP measures, including revenue which we consider to be the most directly comparable GAAP measure. Non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider non-GAAP financial measures in isolation or as substitutes for revenues, net income, or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

    Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period.

    A reconciliation of our expected Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands):

      Three Months Ended 
    December 31, 2024    		   Twelve Months Ended 
    December 31, 2024
      Low End   High End   Low End   High End
    Total revenues $ 49,000     $ 51,000     $ 200,500     $ 203,400  
    Acquisition adjustments(1)   (100 )     (150 )     (3,650 )     (3,700 )
    Contingent income   (2,700 )     (3,850 )     (6,400 )     (7,550 )
    Fee income   (2,500 )     (3,000 )     (10,400 )     (10,900 )
    Other income   (200 )     (300 )     (1,300 )     (1,400 )
    Organic Revenue $ 43,500     $ 43,700     $ 178,750     $ 179,850  
    Organic Revenue Growth(2) $ 7,323     $ 7,523     $ 22,025     $ 23,125  
    Total Revenue Growth Rate(3)   23.8 %     28.9 %     16.5 %     18.2 %
    Organic Revenue Growth Rate(2)   20.2 %     20.8 %     14.1 %     14.8 %
                   
                   
    (1)  Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
    (2)  Organic Revenue for the three months ended December 31, 2023, and for the twelve months ended December 31, 2023, used to calculate Organic Revenue Growth for the three months ended December 31, 2024, and for the twelve months ended December 31, 2024, was $36.2 million and $156.7 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the year ended December 31, 2024. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
    (3)  Represents the period-to-period change in total revenues divided by the total revenues in the prior period.
     

    Key Performance Indicator

    Total Written Premium. Total Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These statements reflect management’s expectations based on currently available information and involve significant risks, uncertainties, and assumptions that may cause actual results to differ materially. Factors that may cause such differences include, but are not limited to, the finalization of the Company’s year-end financial results, economic conditions, and other risks detailed in the Company’s SEC filings. TWFG undertakes no obligation to update any forward-looking statements, except as required by law.

    Investor Contact:
    Gene Padgett, CAO
    TWFG, Inc.
    gene.padgett@twfg.com

    Media Contact:
    Alex Bunch
    TWFG, Inc.
    alex@twfg.com

    The MIL Network –

  • MIL-OSI Security: San Diego Man Who Ran $35 Million Securities Fraud and COVID-Relief Fraud Scheme Sentenced to Almost 20 Years

    Source: Office of United States Attorneys

    SAN DIEGO – Denny Thakorbhai Bhakta, who was convicted by a federal jury in October 2024 of securities fraud, bank fraud and money laundering in connection with a $35 million swindle that left his own elderly uncle bankrupt, was sentenced in federal court today to 235 months in custody. Bhakta was convicted of all 25 charges after a two-week trial.

    The evidence at trial showed Bhakta solicited investors in his companies Fusion Hotel Management LLC and Fusion Hospitality Corporation (collectively “Fusion”). Between at least 2016 and up to 2021, Bhakta falsely told investors that Fusion routinely acquired discounted blocks of hotel rooms from Hilton, which Fusion then sold to United Airlines at a higher price for a significant profit.

    To support these lies, Bhakta provided fabricated bank statements, fake contracts, and profit and loss statements purporting to show millions in revenue and profit. Instead of buying blocks of hotel rooms with investors’ funds, however, Bhakta used the money he obtained from investors for gambling, to make Ponzi-style payments to other investors, and to pay for Bhakta’s personal expenses, including luxury vehicles.

    According to court documents, Bhakta targeted friends, family members and close acquittances during the multi-year fraud scheme. Among the victims was Bhakta’s uncle, who was swindled out of $4.5 million, and who testified during the trial that he came to the U.S. as an immigrant with a suitcase and $8 in his pocket, and because of the defendant, he “lost everything he had worked for in 57 years in America. Everything.”

    Bhakta’s other victims included a childhood friend who lost hundreds of thousands of dollars; his former boss and his wife; a friend of his family who lost $1.6 million; a high school classmate and her father who together lost more than $800,000; and an 88-year-old investor who lost $50,000.

    During the trial, prosecutors introduced evidence that Bhakta was flown to Las Vegas on the Wynn Las Vegas private jet. And in just one 7.5-hour gambling binge in 2018, Bhakta lost $1 million at the casino. Through a trove of casino records, prosecutors demonstrated how Bhakta repeatedly took investors’ money straight to casinos and gambled (and lost) millions of investor money.

    “I haven’t seen a case quite like this,” said U.S. District Judge Janis L. Sammartino, who found Bhakta’s conduct “could not have been more deliberate [and] could not have been more calculated.”  In pronouncing the 235-month prison sentence, Judge Sammartino noted Bhakta’s only apparent motive was “greed and gambling,” his victims included his own friends and relatives, and he showed “nothing resembling remorse” for his criminal conduct that spanned years.

    “This defendant didn’t just betray investors—he callously swindled his own family and closest friends, leaving his elderly uncle bankrupt,” said Acting U.S. Attorney Andrew Haden. “Instead of safeguarding their hard-earned money, he funneled millions straight to casinos, gambling away their futures along with his own. His lies, deceit, and reckless greed have finally caught up to him. Today’s sentence makes clear that those who gamble with other people’s trust and livelihoods will face the consequences.”

    “Denny Bhakta orchestrated an elaborate investment fraud scheme that caused extensive financial harm to unsuspecting victims, including close family and friends, all for his own personal gain,” said FBI Special Agent in Charge Stacey Moy.  “Today’s sentence holds him accountable for his greed and deceitful conduct, bringing justice to the victims he exploited.”

    According to the government’s sentencing materials, in 2020, Bhakta doubled down on the fraud. Through the Paycheck Protection Program (“PPP”), Bhakta applied for 18 separate PPP loans totaling $4.4 million. To fraudulently obtain the PPP loans, Bhakta created fake W-2 and other IRS documents and used the names and personally identifying information of his victim-investors to claim them as employees of Fusion and other entities under Bhakta’s control.  Bhakta used the more than $4.4 million he received in PPP loans to keep the Ponzi scheme going and to continue gambling and losing money at casinos.

    This case is being prosecuted by Assistant U.S. Attorneys Kevin Mokhtari and Eric Olah.

    DEFENDANTS                                             Case Number 21cr3352-JLS                            

    Denny Thakorbhai Bhakta                             Age: 42                                   San Diego, CA

    SUMMARY OF CHARGES

    Securities Fraud—Title 15, U.S.C. §§ 78j(b), 78ff; Title 17, C.F.R. § 240.10b-5

    Maximum penalty:  Twenty years in prison and $5,000,000 fine

    Bank Fraud—Title 18, U.S.C., Section 1344(2)

    Maximum penalty:  Thirty years in prison and $1 million fine

    Money Laundering– Title 18, U.S.C., Section 1957

    Maximum penalty: Ten years in prison and fine twice the amount of the criminally derived property involved in the transaction

    INVESTIGATING AGENCY

    Federal Bureau of Investigation

    MIL Security OSI –

  • MIL-OSI USA: El Departamento de Servicios Humanos de Oregon da fondos a organizaciones comunitarias, como universidades, para ayudar a las personas a declarar sus impuestos gratis

    Source: US State of Oregon

    racias a un programa del Departamento de Servicios Humanos de Oregon (Oregon Department of Human Services, ODHS), dos universidades de Oregon están ayudando de forma gratuita a muchas personas a presentar su declaración de impuestos. El Programa de Subvenciones para Infraestructura Tributaria del ODHS (ODHS Tax Infrastructure Grant Program) hace posible esta ayuda gratuita para personas y familias con ingresos inferiores a $84,000 al año.

    En 2024, el programa fue responsable de la presentación de 14,246 declaraciones de impuestos actuales y de años anteriores, más del triple de las declaraciones presentadas hace dos años, antes de que comenzara el programa de subvenciones. Oregon State University (OSU) y Western Oregon University son dos de los muchos beneficiarios de las subvenciones que ofrecen ayuda gratuita para la presentación de declaraciones de impuestos, con más de 100 estudiantes contratados que ayudan a las personas a presentar sus impuestos, de forma gratuita.

    Emily Plant, que está trabajando en su licenciatura en Ciencias en OSU, es una de esas estudiantes contratadas. Este es su segundo año en esta tarea.

    Contó que todo tipo de personas se acercan para recibir el servicio gratuito. Aproximadamente un tercio son estudiantes de OSU, y también hay miembros de la comunidad, algunos empleados de OSU, e incluso algunos que conducen una hora o más para obtener ayuda con los impuestos.

    “Es un trabajo realmente importante, realmente significativo. Ayuda a las personas que tienen bajos ingresos, con discapacidades, personas mayores de 65 años y personas para quienes el inglés es un segundo idioma. Simplemente no saben que pueden recibir un reembolso. Vienen y reciben varios miles de dólares de reembolso. Para algunos, esto es un cambio de vida”, agregó.

    Otra estudiante contratada es Kelleen Green, una estudiante de maestría en educación en Western Oregon University. Ella reconoce que muchas personas se sienten ansiosas y asustadas de tener que presentar sus impuestos.

    “Cuando recibimos a los contribuyentes, es asombroso. Los vemos tan ansiosos y abrumados. Piensan que sucederá lo peor. Estamos aquí para ayudarlos. Vemos que reciben reembolsos casi todo el tiempo. Esto los hace sentir empoderados”, dijo.

    Camila Martínez, otra estudiante contratada de Western Oregon University, dijo que: “Ninguna situación es demasiado difícil de manejar. Utilizamos todos nuestros recursos para ayudarlos”. Además, es gratuito.

    “El sábado pasado, presenté una declaración de impuestos para alguien que fue a un contador de impuestos privado el año pasado. Le cobraron $350 por la declaración de impuestos; el mismo monto que recibió este año del estado. En total, recibió un reembolso considerable este año, ¡más de $1,000! Dijo que estaba muy agradecido por nuestros servicios y lo accesible que es nuestro programa”, agregó Martínez, una estudiante de último año que se especializa en contabilidad.

    Lo que le gustaría decirles a las personas es que, “es gratuito y está disponible para cualquiera que sea elegible. Puede ser intimidante hacer una declaración de impuestos, pero estamos aquí para ayudar, responder preguntas y guiarlo en la dirección correcta”.

    Estos programas gratuitos utilizan el Programa de Ayuda Voluntaria para la Declaración de Impuestos (Volunteer Income Tax Assistance Program) o VITA del IRS. Los voluntarios de VITA que preparan las declaraciones deben realizar y aprobar una capacitación sobre la ley impositiva que cumpla o supere los estándares del IRS.

    El Programa de Infraestructura Tributaria financia organizaciones culturalmente relevantes o específicas, gobiernos tribales y organizaciones comunitarias rurales para ayudar a educar y proporcionar ayuda gratuita en la presentación de impuestos a personas que tienen bajos ingresos. La ayuda se encuentra disponible en varios idiomas. El dinero de la subvención también se utiliza para aumentar la cantidad de preparadores de impuestos certificados en Oregon.

    Obtenga más información en el sitio web del ODHS sobre el Programa de Subvenciones para Infraestructura Tributaria.

    Dónde obtener ayuda gratuita para presentar impuestos

    • 211Info: Llame al 2-1-1 o envíe un correo electrónico a help@211info.org para obtener ayuda gratuita para presentar su declaración de impuestos.
    • Immigrant and Refugee Community Organization (IRCO); TAX@irco.org; 971-427-3993; Portland, Ontario

    MIL OSI USA News –