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Category: Taxation

  • MIL-OSI USA: Washington Post: Scalise Leads Outside the Glare of the House Speakership

    Source: United States House of Representatives – Congressman Steve Scalise (1st District of Louisiana)

    WASHINGTON, D.C.—Last week, Washington Post’s Paul Kane profiled House Majority Leader Steve Scalise’s (R-La.) critical leadership in the passage of the One Big Beautiful Bill Act, and examined his role as the most tenured member of Congressional leadership. To see highlights of the piece, see below. To read the full article, click here.

    Washington Post: Scalise Leads Outside the Glare of the House Speakership
    The House majority leader, having come back from a shooting and a cancer bout, has shifted into the role of GOP elder statesman after having once sought the chamber’s top job.May 24, 2025By Paul Kane
    When House Majority Leader Steve Scalise looks around the leadership table these days, he realizes no one else played even a small role in the last big GOP tax-cut bill in 2017.“Everybody else is new. It’s amazing when you think about how much turnover there’s been,” the Louisiana Republican said.Scalise serves as the leader tasked with educating the relative newcomers about mistakes of the past while trying to push their sweeping conservative agenda across the legislative finish line.Scalise, 59, has found something close to political solace, effectively, as the COO for the House implementing day-to-day tasks, with House Speaker Mike Johnson (R-Louisiana) in the CEO role managing relationships with the Senate, President Donald Trump and key party holdouts on big votes.That paid off early Thursday when, despite the smallest majority in almost 100 years, House Republicans narrowly passed the massive tax-and-border-security package with not a single vote to spare.When the gavel fell, Scalise gave a high-five to House Majority Whip Tom Emmer (R-Minnesota) before embracing him. Behind them, the three chiefs of staff for Johnson, Scalise and Emmer all jumped into one another’s arms in a group bear hug.“It shows you how much better things are,” Scalise said in an interview Thursday.Less than two years ago, all three were engaged in a leadership game of musical chairs, following the far-right flank’s decision to eject Kevin McCarthy (R-California) from the top job.…Making matters worse, Scalise had just been diagnosed with multiple myeloma blood cancer, which included some intensive and debilitating treatments while also fueling rumors pushed by his internal foes. That followed the 2017 shooting at a congressional baseball practice in which Scalise was within minutes of dying.“There were people trying to spread a rumor that I had six months to go, and obviously that wasn’t true. And a lot of those other things were disgustingly false, deliberate lies. But look, this is a rough-and-tumble business. I have no qualms about that,” Scalise said in a 45-minute interview Tuesday in his third-floor Capitol suite, looking out onto the National Mall, one of two interviews we had for this column.…Rather than sulking away from politics, Scalise hunkered down and fashioned a strong relationship with his fellow Louisianan, whom he’s known for decades.He’s now the elder statesman of an incredibly green leadership team. During the 2017 effort to pass President Donald Trump’s first-term tax cut plan, Johnson was just months into his congressional service and Emmer was starting his second term. Rep. Lisa C. McClain (R-Michigan), now the No. 4 GOP leader, was working in the financial services industry.Having won his first election in 2007, Scalise knows what life was like before Trump consumed Republican politics. He’s one of fewer than 25 GOP members, out of 220, who served during George W. Bush’s presidency.Scalise was first elected to a top leadership post in 2014, as whip, which put him in charge during Trump’s first term of marshaling support for the effort to repeal the Affordable Care Act and pass the Tax Cuts and Jobs Act of 2017.He spent a lot of time early this year reminding everyone how difficult those lifts were. The Senate failed on its ACA repeal vote in July 2017 and then kept fiddling on the issue into the fall, and the House didn’t fully engage on the tax plan until the fall, passing the budget resolution in late October despite the opposition of 20 Republicans from wealthy states that opposed its handling of local-tax deductions.The final vote on the nearly $2 trillion tax cut did not come until five days before Christmas 2017.“We had a rocky start in 2017, and it really threw us off a few months. We literally burned the first few months of that supermajority not having a sync between Congress and President Trump,” Scalise recalled Tuesday.Back then, House Republicans had more than 240 members, a luxury compared with today’s tally of 220, with Johnson able to spare just three votes from his side of the aisle to pass legislation with no Democratic support.So Scalise fought hard against Republicans, particularly in the Senate, when they wanted to divide up Trump’s agenda into two bills that would use the parliamentary fast track known as reconciliation, allowing some budget measures to pass without clearing the Senate’s filibuster hurdle.House Republicans have been so bitterly divided that at times they struggle to execute the most basic tasks, so it made no sense to bet on them passing two major bills with no margin for error.Scalise believes that pushing the tax agenda faster will deliver benefits faster to voters — something Republicans failed at eight years ago because Trump’s approval ratings on the economy did not soar until well after the 2018 midterm elections.“We never really got the economic benefits because it takes months for those economic benefits to kick in. By the time you get to the midterms, you really didn’t have the full bounce from the positive things that did happen,” he said.This time around, financial markets have had a different reaction, panicked by how the massive legislation will add trillions to the swelling federal debt.But Republicans have convinced themselves it will give an economic boost regardless. So Scalise visited Trump a year ago and began planning with committee chairmen about how to push through an agenda as quickly as possible if the GOP swept control of Congress.“Let’s be ready for the moment,” he told Trump.Close friends feel that Scalise is finally really comfortable and delivering results, after an almost biblical run of surviving the shooting, fighting McCarthy and others in internal feuds, and battling blood cancer.“We can’t minimize the speaker’s role, we can’t minimize the whip’s role. But Steve Scalise is running on all cylinders in a big way,” said Rep. Mario Diaz-Balart (R-Florida), a 22-year veteran and unofficial lieutenant on Team Scalise.…Scalise said that he is in remission and that he goes through a battery of tests monthly. Sometimes he still crosses a partisan line that doesn’t fit his otherwise backslapping nature, as happened during a fiery, almost 20-minute speech just after 5 a.m. Thursday.Scalise accused Democrats of saying “President Biden’s health is just fine,” a couple of days after the former president’s prostate cancer diagnosis.It was a more partisan jab, coming from someone who’s also battling cancer, than Scalise’s natural posture.When Pelosi delivered her farewell speech from leadership, in November 2022, Scalise was the only member of the GOP leadership to attend. He said that he loves the institution and was there out of respect, particularly after she had been so nice to him after the 2017 shooting.Scalise blames “small numbers on both sides” who use a burn-it-all-down approach to toxify the image of Congress.“It doesn’t take many people to do it. And that helps beat the institution down,” he said.Scalise has been beat down more than most lawmakers, and he has the scars — real and emotional — to show for it.But he keeps forging ahead.Next month, at the annual Congressional Baseball Game, Scalise will again take the field at Nationals Park, where lawmakers gathered in a massive, bipartisan prayer the day after the 2017 shooting.He expects to occupy the one spot in the baseball lineup that he has yet to secure inside the Capitol.Scalise bats leadoff for the Republican team.

    MIL OSI USA News –

  • MIL-OSI USA: Louisiana Leaders Applaud House Passage of the One Big Beautiful Bill Act

    Source: United States House of Representatives – Congressman Steve Scalise (1st District of Louisiana)

    JEFFERSON, La.—Today, House Majority Leader Steve Scalise (R-La.) celebrated the House passage of H.R. 1, the One Big Beautiful Bill Act, and Louisiana leaders issued the following statements praising the legislation:“President Trump’s One Big Beautiful Bill unleashes Louisiana energy and increases the cap on GOMESA from $500 to $650 million/ year. It lowers taxes for Louisiana families and allows us to properly secure the border. It’s exactly why Louisiana voted for President Trump, and Speaker Johnson and Majority Leader Scalise did a great job getting it to the finish line—delivering win after win for Louisiana,” said Governor Jeff Landry.”Over 91% of NFIB members support making the expiring small business Tax Cuts and Jobs Act provisions permanent. This legislation will prevent a tax hike on over 33 million small business owners and reduce the effective tax rates of most small business owners,” said NFIB Senior Vice President for Advocacy Adam Temple. “Louisiana’s energy industry is vital to the economic growth of our state, and I’m pleased to see American energy become a national priority once again with the One, Big Beautiful Bill that not only raises the revenue sharing amount our state receives for coastal restoration but also mandates 30 new Gulf of America lease sales to ensure there are future GOMESA dollars to go to the states. I’m grateful to Leader Scalise and Speaker Johnson for ushering this legislation through the House today and urge our Senators to swiftly pass it as well,” said Greater Lafourche Port Commission Executive Director Chett Chiasson.“If the 2017 tax cuts are not renewed, Louisiana families and small businesses are looking at a tax hike to the tune of thousands of dollars. I’m pleased Leader Scalise and Speaker Johnson are fighting for Louisiana and working hard to secure these tax rates, get more individuals working, and strengthen our local economy,”said St. Charles Parish President Matt Jewell.“House passage of the reconciliation bill is a key step toward advancing American energy dominance and preserving the Gulf of America’s role as a strategic offshore energy hub,” said National Ocean Industries Association President Erik Milito.

    MIL OSI USA News –

  • MIL-OSI USA: Scalise Celebrates Passage of One Big Beautiful Bill Act

    Source: United States House of Representatives – Congressman Steve Scalise (1st District of Louisiana)

    WASHINGTON, D.C. — Today, House Majority Leader Steve Scalise (R-La.) issued the following statement after the House passed H.R. 1, the One Big Beautiful Bill Act: “Last November, the American people gave us a mandate to end the years of bloated Biden government that led to the worst inflation in decades, a wide-open southern border, and a dangerous assault on American energy. With this One Big, Beautiful Bill, House Republicans are answering that mandate and implementing President Trump’s America First agenda, delivering on our promises and providing relief to American families who’ve been struggling for too long. “President Trump’s One Big, Beautiful Bill prevents the largest tax hike on American families and businesses in history, reestablishes American energy dominance through unleashing domestic production, secures the southern border and delivers much needed resources to carry out the President’s immigration agenda, restores Peace through Strength, spurs economic growth and new investments, and secures historic spending reductions while protecting essential programs.  “A vote against this historic legislation is a vote for huge tax increases, inflation, open borders, energy dependence, fewer jobs, and less money in your pocket. If this legislation does not become law, the average taxpayer will see a 22 percent tax hike, the Child Tax Credit will be cut in half for 40 million families, guaranteed deduction will be slashed in half for 91 percent of taxpayers, and 26 million small businesses will experience a massive tax increase. With passage of this bill, the average American family will save $1,700 – the equivalent of nine weeks of groceries – increasing real annual take-home pay for a median-income household with two children by $4,000-$5,000. “House Republicans started preparing for budget reconciliation with President Trump over a year ago, and I’m incredibly grateful to the President, our Committee Chairs, House leadership team, and all of our dedicated Republican members for the months of late nights and hard work that got us to this moment. This Big, Beautiful Bill is a huge win for all Americans, and I urge the Senate to pass it as quickly as possible so we can get it to President Trump’s desk and start delivering the relief Americans have been waiting for.” 

    MIL OSI USA News –

  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 30, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “The macro environment remained dynamic in the first quarter, our total revenues reached US$122.6 million, representing an increase of 55.3% year-over-year. Benefiting from our brand strength and continued investment in R&D, both our GAAP and non-GAAP net income saw impressive growth. Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, up 8.4% quarter over quarter and 146.7% year over year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech reached US$36.0 million, an increase of 18.3% sequentially and 145.0% from the same period last year.

    In the first quarter, we added 60,900 new customers with deposits, already achieving 40% of our yearly guidance of 150,000 new customers with deposits for 2025, and bringing our total number of customers with deposits at the end of the first quarter to 1,152,900, a 23.5% increase compared to the same quarter last year. Asset inflow remained strong, we saw net asset inflow of US$3.4 billion in the first quarter, of which the majority comes from retail users, combining with a US$776 million mark to market gain, led total account balance rose by 9.9% quarter over quarter and 39.5% year over year to US$45.9 billion, setting another historic high. We also achieved notable growth in Hong Kong, the average net asset inflows of new funded clients in Hong Kong during the first quarter were above US$30,000.

    In the first quarter, we continued to roll out new features aimed at enhancing the user experience across our platform. In Hong Kong, we introduced additional functionality on top of its existing virtual asset trading service. Retail investors can now deposit and withdraw cryptocurrency, such as Bitcoin and Ethereum, while professional investors are also able to deposit and withdraw USDT. Additionally, Tiger Brokers Hong Kong recently launched Delivery Versus Payment (DVP) functionality, which strengthens our ability to serve institutional and high-net-worth clients. We also introduced equity repo services to further enhance our securities lending and treasury management capabilities. In addition, we remain committed to improving our Tiger AI offering based on user feedback. It now supports portfolio and watchlist analysis, allowing users to more effectively identify investment opportunities, receive risk alerts on their holdings, and access actionable strategy suggestions.

    In our Corporate business, we underwrote 4 Hong Kong IPOs in the first quarter, including “Chifeng Gold” and “Nanshan Aluminum”, and acted as distributor for “Mixue Group”, the largest Hong Kong IPO in the first quarter. In our ESOP business, we added 20 new clients in the first quarter, bringing the total number of ESOP clients served to 633 as of March 31, 2025.”

    Financial Highlights for First Quarter 2025

    • Total revenues were US$122.6 million, an increase of 55.3% year-over-year and a decrease of 1.2% quarter-over-quarter.
    • Total net revenues were US$107.6 million, an increase of 67.7% year-over-year and an increase of 0.2% quarter-over-quarter.
    • Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million compared to a net income of US$12.3 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$36.0 million, compared to a non-GAAP net income of US$14.7 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights for First Quarter 2025

    • Total account balance increased 39.5% year-over-year to US$45.9 billion.
    • Total margin financing and securities lending balance increased 89.4% year-over-year to US$5.2 billion.
    • Total number of customers with deposit increased 23.5% year-over-year to 1,152,900.

    Selected Operating Data for First Quarter 2025

        As of and for the three months ended
        March 31,     December 31,     March 31,
        2024     2024     2025
    In 000’s                
    Number of customer accounts     2,247.4       2,449.3       2,526.7
    Number of customers with deposits     933.4       1,092.0       1,152.9
    Number of options and futures contracts traded     10,850.3       18,926.3       20,400.7
    In USD millions                
    Trading volume     85,410.6       198,016.9       217,453.6
    Trading volume of stocks     28,606.3       55,502.6       59,453.4
    Total account balance     32,872.1       41,725.2       45,861.9
                           

    First Quarter 2025 Financial Results

    REVENUES

    Total revenues were US$122.6 million, an increase of 55.3% from US$78.9 million in the same quarter of last year.

    Commissions were US$58.3 million, an increase of 109.8% from US$27.8 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.6 million, a decrease of 9.6% from US$2.8 million in the same quarter of last year, primarily due to a decrease of the account balance of our fully disclosed account customers.

    Interest income was US$53.8 million, an increase of 22.7% from US$43.8 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$7.9 million, an increase of 76.8% from US$4.5 million in the same quarter of last year, primarily due to an increase in currency exchange income and wealth management income.

    Interest expense was US$15.0 million, an increase of 1.7% from US$14.8 million in the same quarter of last year, primarily due to the increase in funding for margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$67.1 million, an increase of 32.1% from US$50.8 million in the same quarter of last year.

    Execution and clearing expenses were US$5.3 million, an increase of 139.3% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$33.8 million, an increase of 21.7% from US$27.8 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight increase of 0.2% from US$2.1 million in the same quarter of last year.

    Communication and market data expenses were US$9.8 million, an increase of 14.4% from US$8.6 million in the same quarter of last year due to increased IT-related service fees.

    Marketing and branding expenses were US$10.9 million, an increase of 147.5% from US$4.4 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$5.1 million, a decrease of 9.4% from US$5.7 million in the same quarter of last year due to a decrease in professional service fees.

    NET INCOME attributable to ordinary shareholders of UP Fintech

    Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, as compared to a net income of US$12.3 million in the same quarter of last year. Net income per ADS – diluted was US$0.166, as compared to a net income per ADS – diluted of US$0.077 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$36.0 million, as compared to a US$14.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.198 as compared to a non-GAAP net income per ADS – diluted of US$0.092 in the same quarter of last year.

    For the first quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 184,472,928. As of March 31, 2025, the Company had a total of 2,649,914,037 Class A and B ordinary shares outstanding, or the equivalent of 176,660,936 ADSs.

    CERTAIN OTHER FINANCIAL ITEMS

    As of March 31, 2025, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$406.4 million, compared to US$396 million as of December 31, 2024.

    As of March 31, 2025, the allowance for doubtful accounts on receivables from customers was US$14.8 million compared to US$15.3 million as of December 31, 2024.

    In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires certain crypto assets to be measured at fair value separately on the balance sheet with changes reported in the statement of operations each reporting period.

    The Company adopted this guidance from January 1, 2025, and the Company recorded such crypto asset balance in Crypto assets held as of March 31, 2025, with a cumulative-effect adjustment of US$2.3 million to the opening balance of Retained earnings.

    Updates to Management and Directors

    Mr. Ming Liao departed from the position of Independent Director at the Company due to personal reasons, effective May 28, 2025. Mr. Liao’s departure was not the result from any disagreement with the Company.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on May 30, 2025, U.S. Eastern Time (8:00 PM on May 30, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before receiving the dial-in number. Preregistration may take a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:
    https://register-conf.media-server.com/register/BId8a2d4cd09e14653b3533b8d3745dfa0

    It will automatically lead to the registration page of “UP Fintech Holding Limited First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided a confirmation email with a participant dial-in number and personal PIN to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net income attributable to ordinary shareholders of UP Fintech and non-GAAP net income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net income attributable to ordinary shareholders of UP Fintech as net income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net income per ADS – diluted is non-GAAP net income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; the cooperation relationships with our business partners and shareholders such as Interactive Brokers LLC and Xiaomi Corporation and its affiliates; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 23, 2025. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))
     
        As of
    December 31,    		     As of
    March 31,    		  
        2024     2025  
        US$     US$  
    Assets:            
    Cash and cash equivalents     393,576,874       403,891,218  
    Cash-segregated for regulatory purpose     2,464,683,625       2,849,477,420  
    Term deposits     1,075,260       1,101,083  
    Receivables from customers (net of allowance of US$15,284,002 and US$14,790,668 as of December 31, 2024 and March 31, 2025)     1,052,972,649       1,221,616,295  
    Receivables from brokers, dealers, and clearing organizations     2,305,740,507       2,556,498,087  
    Financial instruments held, at fair value     75,547,082       177,479,943  
    Prepaid expenses and other current assets     17,629,819       19,529,054  
    Amounts due from related parties     16,720,671       13,821,867  
    Total current assets     6,327,946,487       7,243,414,967  
    Non-current assets:            
    Long-term deposits     1,369,994       1,378,037  
    Right-of-use assets     10,880,673       12,736,333  
    Property, equipment and intangible assets, net     15,358,528       15,750,823  
    Crypto assets held     —       3,410,986  
    Goodwill     2,492,668       2,492,668  
    Long-term investments     7,658,809       7,473,531  
    Equity method investment     10,203,622       10,305,433  
    Other non-current assets     6,828,553       8,623,671  
    Deferred tax assets     8,573,135       9,931,234  
    Total non-current assets     63,365,982       72,102,716  
    Total assets     6,391,312,469       7,315,517,683  
    Current liabilities:            
    Payables to customers     3,574,651,125       4,333,279,026  
    Payables to brokers, dealers and clearing organizations:     1,914,769,701       1,975,967,952  
    Accrued expenses and other current liabilities     67,263,254       75,891,783  
    Lease liabilities-current     4,153,928       4,845,376  
    Amounts due to related parties     874,331       53,588,763  
    Total current liabilities     5,561,712,339       6,443,572,900  
    Convertible bonds     159,505,397       160,158,584  
    Lease liabilities- non-current     5,902,323       6,992,755  
    Deferred tax liabilities     2,068,661       2,161,995  
    Total liabilities     5,729,188,720       6,612,886,234  
    Mezzanine equity            
    Redeemable non-controlling interest     7,177,668       5,518,571  
    Total Mezzanine equity     7,177,668       5,518,571  
    Shareholders’ equity:            
    Class A ordinary shares     25,427       25,523  
    Class B ordinary shares     976       976  
    Additional paid-in capital     619,030,730       624,497,561  
    Statutory reserve     12,425,463       12,425,463  
    Retained earnings     37,843,547       70,712,884  
    Treasury stock     (2,172,819 )     (2,172,819 )
    Accumulated other comprehensive loss     (11,919,310 )     (8,090,989 )
    Total UP Fintech shareholders’ equity     655,234,014       697,398,599  
    Non-controlling interests     (287,933 )     (285,721 )
    Total equity     654,946,081       697,112,878  
    Total liabilities, mezzanine equity and equity     6,391,312,469       7,315,517,683  
    UP FINTECH HOLDING LIMITED  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)  
       
        For the three months ended  
        March 31,     December 31,     March 31,  
        2024     2024     2025  
        US$     US$     US$  
    Revenues:                  
    Commissions     27,786,218       55,964,174       58,307,151  
    Interest related income                  
    Financing service fees     2,832,065       2,770,419       2,560,432  
    Interest income     43,841,220       55,762,091       53,805,393  
    Other revenues     4,488,989       9,605,165       7,936,987  
    Total revenues     78,948,492       124,101,849       122,609,963  
    Interest expense     (14,789,835 )     (16,731,341 )     (15,041,810 )
    Total Net revenues     64,158,657       107,370,508       107,568,153  
    Operating costs and expenses:                  
    Execution and clearing     (2,230,863 )     (6,095,132 )     (5,338,917 )
    Employee compensation and benefits     (27,787,218 )     (37,163,110 )     (33,805,808 )
    Occupancy, depreciation and amortization     (2,144,337 )     (2,137,586 )     (2,149,308 )
    Communication and market data     (8,561,482 )     (11,787,814 )     (9,794,869 )
    Marketing and branding     (4,390,987 )     (9,507,918 )     (10,867,048 )
    General and administrative     (5,667,137 )     (6,432,737 )     (5,136,346 )
    Total operating costs and expenses     (50,782,024 )     (73,124,297 )     (67,092,296 )
    Other income (expense):                  
    Others, net     3,615,219       3,469,021       (1,340,064 )
    Income before income tax     16,991,852       37,715,232       39,135,793  
    Income tax expenses     (4,528,297 )     (9,488,084 )     (8,549,158 )
    Net income     12,463,555       28,227,148       30,586,635  
    Less: net (loss) income attributable to non-controlling interests     (17,914 )     12,563       11,527  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Net income attributable to ordinary shareholders of UP Fintech     12,330,147       28,050,257       30,419,125  
    Other comprehensive income (loss), net of tax:                  
    Unrealized gain on available-for-sale investments     —       343,892       —  
    Changes in cumulative foreign currency translation adjustment     (4,791,040 )     (17,440,809 )     3,826,640  
    Total Comprehensive income     7,672,515       11,130,231       34,413,275  
    Less: comprehensive (loss) income attributable to non-controlling interests     (13,454 )     24,226       9,845  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech     7,534,647       10,941,677       34,247,447  
    Net income per ordinary share:                  
    Basic     0.005       0.011       0.012  
    Diluted     0.005       0.011       0.011  
    Net income per ADS (1 ADS represents 15 Class A ordinary shares):                  
    Basic     0.079       0.164       0.173  
    Diluted     0.077       0.158       0.166  
    Weighted average number of ordinary shares used in calculating net income per ordinary share:                  
    Basic     2,342,468,897       2,557,911,677       2,634,972,699  
    Diluted     2,452,022,959       2,687,607,158       2,767,093,920  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)
     
        For the three months ended March 31,2024     For the three months ended December 31,2024     For the three months ended March 31,2025  
              non-GAAP                 non-GAAP                 non-GAAP        
        GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP  
        US$     US$     US$     US$     US$     US$     US$     US$     US$  
        Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited  
                2,380,637   (1 )               2,421,342   (1 )               5,621,791   (1 )    

    Net income attributable to ordinary shareholders of UP Fintech

    		     12,330,147       2,380,637       14,710,784       28,050,257       2,421,342       30,471,599       30,419,125       5,621,791       36,040,916  
                                                           
    Net income per ADS – diluted     0.077             0.092       0.158             0.172       0.166             0.198  
    Weighted average number of ADSs used in calculating diluted net income per ADS     163,468,197             163,468,197       179,173,811             179,173,811       184,472,928             184,472,928  

    (1) Share-based compensation.

    The MIL Network –

  • MIL-OSI Australia: Super funds paying personal financial advice fees

    Source: New places to play in Gungahlin

    We’ve released our Practical Compliance Guide (PCG) that addresses the amendments made to the Income Tax Assessment Act 1997 (ITAA 1997) under Schedule 1 of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024.

    The PCG sets out a methodology that super funds can use to determine the extent to which payments of financial advice fees satisfy paragraph (d) of table item 5 of subsection 295-490(1) of the ITAA 1997. This section of the guidance doesn’t apply to SMSFs.

    The PCG also outlines our compliance approach that applies to all super funds, including SMSFs, in relation to a super fund’s obligation to withhold from payments for personal financial advice fees in the income years prior to 1 July 2019.

    To read the PCG, visit PCG 2025/1.

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    MIL OSI News –

  • MIL-OSI: High Arctic Overseas Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter ended March 31, 2025, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

    The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

    Mike Maguire, Chief Executive Officer commented on the Corporation’s first quarter 2025 financial and operating results:

    “Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments.

    Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

    I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

    2025 FIRST QUARTER HIGHLIGHTS

    • Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked;
    • Manpower and rental services maintained similar activity levels to Q4 2024;
    • Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and
    • Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million.

    Business strategy

    Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones:

    • Leveraging our core PNG planning and logistics capability to diversify ‎our service offerings;
    • Deploying idle assets into profitable operations;
    • Strengthening local content & participation in the PNG finance and investment communities;
    • An established and efficient corporate structure; and
    • Seeking opportunities to expand and root the business in the Australasian region.

    2025 Strategic Objectives

    • Relentless focus on safety excellence and quality service delivery;
    • Reduce general and administrative expenditures;
    • Grow the manpower business in Papua New Guinea;
    • Maximize potential participation in future major Papua New Guinea projects; and
    • Pursue expansionary transactions that increase shareholder value.

    Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

    For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods.

    In the above results discussion, the three months ended March 31, 2025 may be referred to as the “quarter” or “Q1 2025” and the comparative three months ended March 31, 2024 may be referred to as “Q1 2024”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.

    FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

        Three months ended March 31,
    (thousands of USD except per share amounts)       2025     2024  
    Operating results:        
    Revenue       2,510     11,134  
    Net income (loss)       (1,225)     2,501  
    Per share (basic and diluted) (1)(2)     ($0.10)   $0.20  
    Operating margin (3)       714     4,315  
    Operating margin as a % of revenue (3)       28.4%     38.8%  
    EBITDA (3)       (286)     3,588  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.29  
    Adjusted EBITDA (3)       (202)     3,530  
    Adjusted EBITDA as a % of revenue (3)       (8.0%)     31.7%  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.28  
    Operating income (loss) (3)       (998)     2,720  
    Per share (basic and diluted) (1)(2)     ($0.08)   $0.22  
    Cash flow:        
    Cash flow from operating activities       (825)     5,348  
    Per share (basic and diluted) (1)(2)     ($0.07)   $0.43  
    Funds flow from operations (3)       (256)     3,314  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.27  
    Capital expenditures       74     550  
         
    (thousands of USD except per share amounts and common
    shares outstanding)    		     March 31, 2025 December 31, 2024
    Financial position:        
    Working capital (3)       20,212     20,602  
    Cash and cash equivalents       13,902     14,930  
    Total assets       34,133     35,287  
    Shareholder’s equity       29,766     30,953  
    Per share (4)     $2.39   $2.49  
    Common shares outstanding       12,448,166     12,448,166  
    (1)  For periods when the Corporation incurred a net loss the shares outstanding under the Corporation’s equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.
    (2)  For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See “2024 Corporate Reorganization” section of this Press Release and the Corporation’s Financial Statements for additional details.
    (3)  Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for additional details on the calculations of these measures.
    (4)  Shareholders’ equity per share calculated based on the number of common shares outstanding as at the relevant date.
     

    Operating Results

        Three months ended March 31,
    (thousands of USD, unless otherwise noted)     2025   2024  
    Revenue     2,510   11,134  
    Operating expenses     (1,796)   (6,819)  
    Operating margin (1)     714   4,315  
    Operating margin percentage (1)     28.4%   38.8%  
    (1)   See “Non-IFRS Measures”
     

    Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG’s oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG’s oil and gas industry.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

    Liquidity and Capital Resources

        Three months ended March 31,
    (thousands of USD)     2025   2024  
    Cash provided by (used in) operations:        
    Operating activities     (825)   5,348  
    Investing activities     (74)   (550)  
    Financing activities     (117)   (124)  
    Effect of foreign exchange rate changes     (12)   –  
    Increase (decrease) in cash     (1,028)   4,674  
    (thousands of USD, unless otherwise noted)     As at
    March 31, 2025    		   As at
    Dec 31, 2024    		  
    Current assets     24,230   24,706  
    Working capital(1)     20,212   20,602  
    Working capital ratio(1)     6.0:1   6.0:1  
    Cash and cash equivalents     13,902   14,930  
     (1)  See “Non-IFRS Measures”
     

    Liquidity and Capital Resources
    Cashflows from Operating Activities

    For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the Arrangement.

    Cashflows from Investing Activities

    For the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 – $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay agreements.

    Cash flows from Financing Activities

    For the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 – $124). Cash outflows associated with finance activities were directed towards lease obligation payments.

    Outlook

    Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation’s core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG’s oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices.

    The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

    Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

    Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

    The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

    There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defense projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

    NON-IFRS MEASURES

    This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q1 2025 MD&A, which is available online at www.sedarplus.ca.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

    For further information, please contact:

    Mike Maguire
    Chief Executive Officer
    1.587.320.1301

    High Arctic Overseas Holdings Corp.
    Suite 2350, 330–5th Avenue SW
    Calgary, Alberta, Canada T2P 0L4
    www.higharctic.com
    Email: info@higharctic.com

    Forward-Looking Statements
    This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

    With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks.

    The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation’s annual 2024 MD&A, which is available on SEDAR+.

    The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

    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.

    The MIL Network –

  • MIL-OSI USA: Pallone Speaks Out on the House Floor Against the GOP Tax Scam

    Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

    Republican Leaders Brought the Bill to the House Floor in the Middle of the Night

    Washington, D.C. – Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-NJ) delivered the following remarks on the House floor around 4 a.m. in opposition to President Trump’s One Big Ugly Bill as Republican leaders rushed to pass their tax scam under cover of night:

    For months, President Trump and Congressional Republicans have been promising that they would not cut Medicaid or Medicare. The reality is that Republicans are cutting both Medicaid and Medicare in this bill. They’re essentially repealing parts of the Affordable Care Act. This bill will destroy the health care system in this country, and it keeps getting worse with each GOP amendment. 

    The GOP Tax Scam takes health care away from at least 13.7 million Americans so they can give giant tax breaks to billionaires and big corporate interests. It’s a shameful reverse Robin Hood scheme – they are stealing from you to give to the rich.  

    Republicans are stripping health care away from people by putting all sorts of burdensome and time-consuming roadblocks in the way of people just trying to get by. The vast majority of people on Medicaid already working. This is not about work – it’s about burying people in so much paperwork that they fall behind and lose their health coverage.  

    And if someone loses their coverage through Medicaid, this GOP Tax Scam also bans them from getting coverage through the ACA Marketplace. It’s just one of the cruel ways this bill basically repeals the ACA and makes it more difficult for people to get affordable health insurance. 

    Now, the Republican bill also makes it more difficult for states to finance their share of Medicaid costs by preventing them from implementing new provider taxes. This will be catastrophic for states as their health care needs change over time and will force them to either increase taxes on their residents or cut health care services.  

    For those of you who will say it doesn’t impact Medicare, the GOP Tax Scam will also cut Medicare—I repeat Medicare—by about $500 billion due to sequestration. These Medicare cuts will lead to reduced access to care for seniors, longer wait times for appointments, and increased costs.  

    Mr. Speaker, the GOP Tax Scam destroys the American health care system by cutting over a trillion dollars and this bill should be defeated. 

    I yield back. 

    MIL OSI USA News –

  • MIL-OSI USA: Reed, Warren, Wyden Urge Investigation to Determine if DOGE Employees’ Committed Criminal Violations of Federal Ethics Laws

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC — U.S. Senators Elizabeth Warren (D-MA), Jack Reed (D-RI), and Ron Wyden (D-OR) sent a letter to the Department of Justice (DOJ), Office of Government Ethics (OGE), and Inspector Generals at the Department of the Treasury, Internal Revenue Service (IRS), and Consumer Financial Protection Bureau (CFPB) urging their offices to investigate whether Department of Government Efficiency (DOGE) employees broke the law by working to dismantle government agencies while holding hundreds of thousands of dollars in private companies. The lawmakers are Ranking Members of the Senate Banking, Housing, and Urban Affairs Committee; Senate Armed Services Committee; and Senate Finance Committee, respectively. 

    “These DOGE employees’ conflicts of interest and role in the mass firings at CFPB, Treasury, and IRS undermine the integrity of their decision-making and the actions taken by the agencies where they work,” the three senators wrote.

    Recent reporting by Politico revealed that Tom Krause, the leader of the Treasury’s DOGE team, has financial holdings worth hundreds of thousands of dollars in companies like JPMorgan Chase, Bank of America, PNC, U.S. Bank, Wells Fargo, Deutsche Bank, Morgan Stanley, and Santander—all companies that have business before Treasury or provide services to the Department. Krause has also been responsible for leading Treasury’s efforts to modernize the Treasury’s IT and financial infrastructure while owning shares of big tech companies like Google, Oracle, and Amazon. 

    Krause and two other Treasury employees, Todd Newnam and Linda Whitridge, also own shares of Intuit, the parent company of TurboTax, which for years has attempted to sabotage the IRS Direct File program. Direct File allows taxpayers to file their taxes for free and directly with the IRS instead of using private sector programs like TurboTax. In recent months, DOGE fired the program’s development team and the Trump administration has reportedly decided to end the program. 

    “It would be deeply disturbing if DOGE employees with a financial stake in Intuit were involved with overseeing and dismantling the Direct File initiative, which would directly benefit Intuit and these employees’ financial holdings,” the lawmakers wrote. 

    ProPublica also recently reported that Gavin Kliger, a DOGE aid at the Consumer Financial Protection Bureau (CFPB), was warned by ethics officials that he held stock in companies that “employees are forbidden from owning.” These holdings include as much as $715,000 of investments in barred companies such as Apple Inc., Tesla Inc., Alphabet Inc., and two cryptocurrencies, all companies subject to investigation by the CFPB. Three days later, despite ethics officials’ warnings, Kliger participated in layoffs at the agency, including firing the ethics lawyers that warned him of his conflicts. 

    At least one expert has described Mr. Kliger’s actions as “look[ing] like a pretty clear-cut violation’” of the federal criminal conflict-of-interest statute, which could carry a fine of up to $250,000 and up to five years in prison. 

    “Together, these three examples underscore what appears to be a pervasive problem with Elon Musk and DOGE employees trampling ethics rules and laws to benefit their own pockets at the expense of the American public,” wrote the senators. 

    The senators called on the DOJ, OGE, and Inspectors Generals of the Treasury, Office for Tax Administration, and the Federal Reserve to investigate the legality of these employees’ conflicts and whether they have violated federal ethics laws. 

    “Neither Mr. Musk nor those working on his behalf in DOGE are above the law, and if they have failed to follow it, the Department of Justice (DOJ) and other relevant government officials should act to hold them accountable,” the senators concluded.

    Full text of the letter follows:

    Dear Attorney General Bondi, Acting Director Greer, Ms. Sciurba, Ms. Hill, and Mr. Gibson:

    We write regarding new reports that DOGE employees at the Treasury, Internal Revenue Service (IRS), and the Consumer Financial Protection Bureau (CFPB) have been engaged in the dismantling of these agencies while holding hundreds of thousands of dollars of stock in private companies benefitting from these individuals’ efforts to eliminate key programs, staff, and policies. This poses a clear conflict of interest and potential criminal violation of federal ethics law, which bars any Federal government employee from “participat[ing] personally and substantially…[in any] particular matter in which [they] … ha[ve] a financial interest.” A willful violation of the law would subject these individuals to a fine of up to $250,000 and up to five years in prison. We request that your offices investigate this matter.

    Neither Mr. Musk nor those working on his behalf with DOGE are above the law, and if they have failed to follow it, the Department of Justice (DOJ) and other relevant government officials should hold them accountable.

    First, earlier this month, reporting revealed that Tom Krause, the leader of Treasury’s DOGE team and top official overseeing Treasury’s Bureau of the Fiscal Service, has financial holdings worth hundreds of thousands of dollars in companies that have business before Treasury or provide services to the Department. Some of Mr. Krause’s holdings—including hundreds of thousands of dollars’ worth of shares of JPMorgan Chase, Bank of America, PNC, U.S. Bank, Wells Fargo, Deutsche Bank, Morgan Stanley, and Santander—are in financial institutions that provide financial services to and purchase U.S. debt securities directly from Treasury. In addition, Mr. Krause has also been responsible for leading Treasury’s efforts to “modernize its IT and financial infrastructure,” despite owning shares of big tech firms like Google, Oracle, and Amazon. Experts have described this as “a massive, glaring red flag of a conflict of interest.”

    Second, the same report also indicated that Mr. Krause and two other Treasury DOGE team members—Todd Newnam and Linda Whitridge—own shares of Intuit, the parent company of TurboTax, which has been engaged in a years’ long attempt to sabotage the IRS’ free tax filing program, “Direct File.” This easy-to-use program allows taxpayers to file their taxes for free and directly with the IRS, rather than use private sector tax preparation software like TurboTax. Troublingly, the program has been targeted for elimination by DOGE: months after Musk posted that DOGE had “deleted” a team that contributed to Direct File’s development, reports surfaced that the Trump Administration had decided to end the program. It would be deeply disturbing if DOGE employees with a financial stake in Intuit were involved with overseeing and dismantling the Direct File initiative, which would directly benefit Intuit and these employees’ financial holdings.

    Third, last month, ProPublica reported that Gavin Kliger, a DOGE aide at the CFPB, was warned by ethics attorneys “that he held stock in companies that employees are forbidden from owning — and was advised not to participate in any actions that could benefit him personally.” These holdings include as much as $715,000 of investments in barred companies such as Apple Inc., Tesla Inc., Alphabet Inc., and two cryptocurrencies. These companies are on the CFPB’s “Prohibited Holding” list since they are “subject to examination by the Bureau.”

    Three days later, Mr. Kliger “participated in mass layoffs at the agency anyway, including the firings of the ethics lawyers that warned him” of his conflicts. The conflicts are obvious: “a defanged and downsized consumer watchdog is unlikely to aggressively regulate those and other companies, freeing them of compliance costs and the risk associated with examinations and enforcement actions. That in turn could boost their stock prices and benefit … Kliger.” At least one expert has described Mr. Kliger’s actions as “look[ing] like a pretty clear-cut violation’” of the federal criminal conflict-of-interest statute

    Together, these three examples underscore what appears to be a pervasive problem with Elon Musk and DOGE employees trampling ethics rules and laws to benefit their own pockets at the expense of the American public. These DOGE employees’ conflicts of interest and role in the mass firings at CFPB, Treasury, and IRS undermine the integrity of their decision-making and the actions taken by the agencies where they work.

    To be clear, there continues to be uncertainty about the specific circumstances surrounding these individuals’ conflicts, including whether they may have divested from some or all of their conflicted holdings, whether their actions may have constituted involvement in “particular matters” that will have a “direct and predictable effect” on their financial interests, or whether they may have received waivers from relevant Designated Agency Ethics Officials or White House officials. But the American people deserve answers regarding whether their own interests may have been undermined by Trump Administration officials that acted in violation of federal ethics laws.

    Given these open questions, we ask that your offices investigate this matter. The Treasury Inspector General (Treasury IG), Treasury Inspector General for Tax Administration (TIGTA), and Inspector General of the Federal Reserve (Fed IG) should conduct a broad review of whether these and other DOGE representatives may have engaged in illegal or inappropriate efforts at the Treasury, IRS, and CFPB. The Department of Justice (DOJ) should investigate whether these and other DOGE representatives may have violated federal ethics law by abusing their official roles for the benefit of private companies in which they have a vested financial interest. We also ask that the Office of Government Ethics examine this matter and recommend any potential violations for appropriate enforcement action.

    Thank you for your attention to this important matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Security: Nevada Man Who Stole Over $7M in Treasury Checks, Sentenced to Six Years in Prison

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – Kyle Eugene Duncan-Carle, 41, of Las Vegas, Nevada, was sentenced to 72 months’ imprisonment and five years’ supervised release after he admitted to bank fraud in 2023.

    In addition to his term of imprisonment, Duncan-Carle, was ordered to pay $3,490,634.75 in restitution.

    According to court documents and statements made at Duncan-Carle’s change of plea and sentencing hearings, from January 2023 through September 2023 in the District of Utah. Duncan-Carle stole U.S. Treasury checks made out to individuals and companies, assumed the identity of the individuals whose names were on the checks, opened credit union accounts under the assumed identities, and then deposited the checks and withdrew the funds. Duncan-Carle admitted the scheme resulted in at least eight stolen treasury checks that totaled $7,975,621.22. As a result, Duncan-Carle cost the United States government, financial institutions, and a financial institution’s insurance provider $3,490,634.75.

    Acting U.S. Attorney Felice John Viti of the District of Utah made the announcement.  

    The case was investigated jointly by the Internal Revenue Service, Criminal Investigations (IRS-CI); the Internal Revenue Service Treasury Inspector General for Tax Administration (TIGTA); and the FBI Salt Lake City Field Office.  

    Assistant United States Attorneys Stephen P. Dent and Luisa Gough of the U.S. Attorney’s Office for the District of Utah prosecuted the case. 
     

    Release No. 25-71

    MIL Security OSI –

  • MIL-OSI New Zealand: Post-study outcomes data – technical information

    Source: Tertiary Education Commission

    Post-study outcomes from tertiary education measure where graduates go (their destinations) and how much they earn after completing study.
    The data can be broken down into:

    the level of study on the New Zealand Qualifications and Credentials Framework (NZQCF)
    the field of study
    student characteristics (age, gender, region where they lived, etc) and
    the tertiary provider they studied with.

    The data tells you the number of graduates who:

    are in employment
    are in different types of further study
    are on a jobseeker benefit
    are overseas
    have changed their employment or jobseeker status over a period between two years prior to their graduation and the outcome year, or
    are in another (unknown) destination (if they don’t fit any of the above criteria).

    The data also tells you employed graduates’ median and quartile earnings in years 1, 3, 5, 7 and 9 after they graduated and, for comparison, median and quartile earnings for employed students two years before their graduation.
    Things to remember when using this data
    Cohorts
    We show outcomes for graduates 1, 3, 5, 7 and 9 years after graduation. To create a large enough set of data to analyse across qualification level, subject area, age, gender, ethnicity, etc, we group graduates into four-year cohorts.
    We use the calendar year to measure further tertiary study and the tax year for all other information (employment, income, days overseas and days on benefit).  

    Graduate cohorts which correspond to the results for each year after study

    Year in which we look at what the graduate earned or did

    Cohorts’ year of graduation

    Year after study

    Calendar year

    Tax year

    2019–2022

    1[1]

    2020–2023

    2021–2024

    2017–2020

    3

    2020–2023

    2021–2024

    2015–2018

    5

    2020–2023

    2021–2024

    2013–2016

    7

    2020–2023

    2021–2024

    2011–2014

    9

    2020–2023

    2021–2024

    The same graduate may appear in two different cohorts. A student who graduated in 2020 may have their outcomes measured in the 2021 calendar/2022 tax year for the Year 1 cohort and measured in the 2023 calendar year/2024 tax year for the Year 3 cohort.
    Who is included in the data?
    The outcomes in these spreadsheets are for domestic graduates who completed qualifications at tertiary education providers reporting qualification completions to the Tertiary Education Commission (TEC). This data excludes graduates who were receiving a disability benefit or in a Corrections facility for any period within the outcome year.
    National-level data includes all qualification completions reported to TEC. Provider-level data includes Student Achievement Component-funded providers and Industry Training Organisations. Some smaller providers may not have outcome data if their graduate numbers do not reach the statistical threshold.
    Outcomes are influenced by a range of factors
    Graduates’ outcomes are influenced by a range of factors outside of providers’ control. These include different regional labour markets, individuals’ choices, and graduates’ other qualifications, skills and experience.
    Outcomes are grouped by qualification subject area, not specific qualification
    We’ve used this higher level of grouping because there are often too few graduates at individual qualification level to produce any meaningful data. We have grouped together some qualifications that are likely to give graduates different outcomes. For example, graduates with a Bachelor in Oral Health (needed to become a dental hygienist) and a Bachelor of Dental Surgery (needed to become a dentist) are grouped together under dentistry.
    Older graduates are included in this data
    This data presents earnings and destinations not only for young graduates but for all age groups (under 25 years old, 25–39 years old, and 40 years and over). Older graduates who complete similar qualifications will likely have different outcomes from younger graduates, as other factors such as prior learning and work experience influence outcomes for older graduates. Accordingly, for older graduates traditionally used outcome indicators of earnings, employment, unemployment, and further study might not be enough to define which groups of graduates have relatively better outcomes from their tertiary study.
    To improve outcome information for older graduates, this data includes measures such as:

    change in employment or jobseeker status over a period between two years prior to student’s graduation and the outcome year, and
    employed students’ earnings two years prior to their graduation compared to employed graduates’ earnings in the outcome year.

    Outcomes are included for only a graduate’s highest and latest qualification
    In previous data sets employment outcomes were attributed to all qualifications completed by a graduate.
    In this data we attribute outcomes only to a learner’s highest and latest (by the outcome year) qualification, so a graduate has labour market outcomes attributed only once. The highest and latest qualification completed by a person is derived from all data reported to the TEC or NZQA by tertiary providers and Industry Training Organisations (ITOs). If a learner completed two equal-level qualifications in the same year at an ITO and a provider, we have attributed the outcomes to the ITO qualification, not the provider qualification.
    Other sources of information
    Jobs
    This post-study outcomes data does not give information on earnings and employment prospects for particular occupations. Graduates will often find jobs outside their area of study.
    For more information on expected earnings and job prospects in different professions see Careers.govt.nz’s jobs database.
    Job profiles – Careers.govt.nz
    Qualification information
    This post-study outcomes data does not provide information on specific qualifications at tertiary providers. For information on qualifications and their completion rates, entry requirements, costs and career opportunities visit Careers.govt.nz’s qualifications database.
    Study and training – Careers.govt.nz
    Technical information
    Domestic graduates
    Only domestic graduates are included in post-study outcomes data.
    A domestic graduate lives in New Zealand and has either New Zealand or Australian citizenship, or permanent New Zealand residency.
    Graduate numbers are rounded
    To protect confidentiality all graduate counts are randomly rounded to base 3.[2] Graduate counts below five, including zero counts, are not included.
    Graduate destinations
    Graduates might be counted under multiple destinations.
    When a graduate meets the criteria for more than one destination, they are counted in each of these destinations.

    Destination

    Definition

    Employed

    The graduate had income above 50% of the minimum wage from employment sources, measured over the 12-month period.

    Full-time higher study

    The graduate was enrolled in a formal study of >=0.8 EFTS at an NZQCF level higher than the completed qualification level in the outcome year.

    Full-time non-higher study

    The graduate was enrolled in a formal study of >=0.8 EFTS at an NZQCF level the same as or lower than the completed qualification level in the outcome year.

    Part-time higher study

    The graduate was enrolled in a formal study of 183 days in the outcome year.

    Overseas

    The graduate was overseas for >183 days in the outcome year.

    Moved into employment

    The graduate was not qualified as employed 2 years prior to qualification completion and was employed in the outcome year.

    Moved off benefit

    The graduate met the definition of a jobseeker (as outlined above) 2 years prior to qualification completion and did not meet the definition of a jobseeker in the outcome year.

    Other

    The graduate didn’t meet any of the above criteria, or there was no record in that year for them in the IDI data.

    Measuring earnings
    Gross earnings from employed graduates

    Earnings include taxable earnings from wages and salary, paid parental leave, ACC compensation and self-employment.
    Earnings are measured across graduates who are employed.
    Earnings in tax years 2021–2023 are adjusted with the Labour Cost Index to the March 2024 dollars.
    Earnings are rounded to the nearest $1,000.

    Hours of work
    Earnings will be understated for any qualifications and fields of study where there are significant numbers of young graduates in part-time work or who only work part of the year. This is because no adjustments are made for graduates’ hours of work.
    Fields of study and qualifications
    Defining area of study
    The field of study is determined from the courses graduates take in their study. The New Zealand Standard Classification of Education (NZSCED) is used to classify the fields of study.
    For more information about NZSCED codes, see New Zealand Standard Classification of Education – Education Counts.
    Results are presented at the broad, narrow and detailed NZSCED levels.
    Number of graduates
    Where the total number of graduates was 20 or below, we excluded the results from this data. Take care interpreting earnings and destination results when there is a small number of graduates as the results may fluctuate.
    Merged providers
    Some providers have merged over the period covered by this data. Where this has occurred, we have combined the former providers’ graduate outcomes to give outcomes for the merged provider.
    Earnings data suppression

    Value

    Meaning

    S

    Earnings data in a cell is suppressed due to a low number of employed graduates (under 10 graduates for median earnings and under 20 graduates for lower and upper quartile earnings).

    Disclaimer
    These results are based on information obtained by TEC from Statistics New Zealand’s Integrated Data Infrastructure (IDI). We try to the best of our ability to ensure that these results are true and accurate. However, TEC does not accept any liability for their accuracy or content.           
    These results are not official statistics; they have been created for research purposes from the IDI, which is carefully managed by Stats NZ. For more information about the IDI please see Integrated Data – Stats NZ.
    Access to the data used in this study was provided by Stats NZ under conditions designed to give effect to the security and confidentiality provisions of the Statistics Act 2022. The results presented in this study are the work of the author, not Stats NZ or individual data suppliers.
    The results are based in part on tax data supplied by Inland Revenue to Stats NZ under the Tax Administration Act 1994 for statistical purposes. Any discussion of data limitations or weaknesses is in the context of using the IDI for statistical purposes, and is not related to the data’s ability to support Inland Revenue’s core operational requirements.

    [1] For the example given in the table, the Year 1 cohort takes those who graduated in 2019 and measures their outcomes in the 2020 calendar/2021 tax year; adds those who graduated in 2020 measuring their outcomes in the 2021 calendar/2022 tax year; adds those who graduated in 2021 measuring their outcomes in 2022 calendar/2023 tax year and adds those who graduated in 2022 measuring their outcomes in 2023 calendar/2024 tax year.
    [2] Base 3 refers to a standard arithmetical term, when any number is rounded to the nearest multiple of 3 (eg. 3, 6, 9, etc). The rounding to a higher or lower number is randomly selected to hide the real number of people for confidentiality purposes.

    MIL OSI New Zealand News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Togo

    Source: IMF – News in Russian

    May 29, 2025

    Press releases include statements of IMF staff teams that convey preliminary findings after meetings with the authorities of a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary conclusions of the meetings, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF Staff and the Togolese authorities have reached staff-level agreement on economic policies and reforms to conclude the second review of the Extended Credit Facility (ECF)-supported program. Once the review is completed by the IMF Executive Board, Togo will have access to SDR 44.0 million (about US$58.4 million) in financing.
    • The IMF-supported program is broadly on track, with robust growth and moderating inflation. All quantitative targets and all structural benchmarks at end-December 2024 met, except for the quantitative performance criterion on the fiscal balance.
    • The authorities have reaffirmed their commitment to implementing sound policies, including by raising fiscal revenue, containing debt accumulation, and making growth more inclusive, as well as enacting structural reforms to enhance public financial management, strengthen the financial sector, and enhance governance.

    Washington, DC: An International Monetary Fund (IMF) staff team, led by Hans Weisfeld held meetings with the Togolese authorities in Lomé and Washington in recent months to discuss progress under the authorities’ economic program supported by an IMF Extended Credit Facility (ECF) arrangement.

    At the conclusion of the discussions, Mr. Weisfeld issued the following statement:

    “The mission has had constructive and productive discussions with the Togolese authorities and commended them on the sustained progress in advancing reforms. A staff-level agreement was reached on all policies, including key parameters of the 2025 fiscal framework and reform measures going forward, in line with the program‘s objectives.

    “Economic growth reached an estimated 5.3 percent in 2024 and is projected at 5.2 percent in 2025 and around 5.5 percent per year thereafter, barring major adverse shocks. Inflation has continued to slow, reaching 2.6 percent in April 2025 (annual average). 

    “The IMF-supported government economic policy program is broadly on track. The authorities met all quantitative performance criteria for end-2024 except the criterion on the fiscal balance. Tax revenue in 2024 increased as planned, while non-tax revenue even exceeded expectations. At the same time, financing support provided to local communities affected by floods and the purchase of a large stock of fertilizers that are being made available to farmers at subsidized prices meant that government debt rose more quickly than planned, slowing progress toward stronger debt sustainability. To help the public understand budget execution and the drivers of debt, the authorities have published an explanation of fiscal developments in 2024. This is a very welcome step.

    “At the same time, the authorities made good progress on structural reforms. They met both outstanding structural benchmarks set for end-2024 by (i) strengthening the budgetary risk analysis report accompanying the draft annual budgets; and (ii) injecting substantial funds into the remaining public bank to bring its regulatory capital in line with the requirements set by the regional banking regulator. The authorities also aim to continue to enhance governance. They (i) are working on strengthening the public procurement legal framework to require the publication of the names of beneficial owners of companies awarded procurement contracts; and (ii) have invited an IMF Governance Diagnostic Assessment and committed to publishing its findings.

    “It will be very important to make good progress on the planned growth-friendly and socially responsible fiscal consolidation to reinforce debt sustainability while continuing reforms to enhance public financial management, strengthen the financial sector, and enhance governance.

    “The IMF approved the ECF arrangement in March 2024 to help the authorities address the legacies of shocks seen since 2020, notably the COVID pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen the impacts of these shocks on the Togolese economy and population, but this came at the price of large fiscal deficits and a rapidly rising debt burden. The IMF-supported government program aims to (i) make growth more inclusive while strengthening debt sustainability, and (ii) conduct structural reforms to support growth and limit fiscal and financial sector risks. The IMF provides financing of SDR 293.60 million (about US$ 390 million) on favorable terms to Togo through the ECF arrangement. The IMF Executive Board completed the First Review of the program in December 2024.   

    The staff team looks forward to continuing the fruitful dialogue with the Togolese authorities and stakeholders in the period ahead, including in the context of the mission for the Third Review in the second half of 2025.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/05/29/pr-25166-togo-imf-reaches-agreement-on-the-2nd-rev-of-ecf-with-togo

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Economics: Canada needs a bold electricity plan—now.

    Source: – Press Release/Statement:

    Headline: Canada needs a bold electricity plan—now.

    Electricity Alliance Canada proposes a new federal playbook to secure this country’s economic future.

    Op-ed by Electricity Alliance Canada: Vittoria Bellissimo (President and CEO, Canadian Renewable Energy Association), Francis Bradley (President and CEO, Canadian Electricity Association), Michelle Branigan (CEO, Electricity Human Resources Canada), George Christidis (President and CEO, Canadian Nuclear Association), Elisa Obermann (Executive Director of Marine Renewables Canada) and Lorena Patterson (President and CEO, WaterPower Canada) 

    As Canada welcomes a new federal government, the electricity sector stands at a pivotal juncture. With climate change accelerating, global energy dynamics shifting, the need for electricity increasing, and potential US tariffs waiting in the wings, we cannot afford to lose our national advantage.

    Canadians expect affordable, reliable, and secure power—and we, Canada’s electricity industry, intend to deliver it.

    Canada’s economy was built on affordable, reliable and abundant power. Today, this country is predominantly powered by clean-energy sources, with hydroelectricity accounting for more than 60 per cent of electricity generation. Renewable energy, such as wind and solar, is growing steadily, alongside energy storage solutions. Nuclear power plays a significant role, especially in Ontario and New Brunswick, with opportunities for expansion in other provinces. 

    But our current supply won’t be enough. Canada produces around 630 TWh of electricity per year, yet every province and territory is forecasting a much greater need. As we electrify our industries, bring manufacturing back home, and digitize our economy, the pressure on electricity systems will grow. To meet this demand, we must make substantial investments in electricity generation, transmission and distribution, which will bolster employment opportunities across this country.

    That’s why we are calling on the new federal government to work with the electricity sector on five urgent priorities.

    First and foremost, the electricity industry needs greater clarity so we can move forward at speed. Slow and uncertain approval processes can stymie investment in major projects, leading to delays, cancellations or higher costs. We need an efficient approval process for major electricity projects, and we need to finalize the Clean Economy Investment Tax Credits (ITCs). Further, given the stated intention to proceed with industrial carbon pricing, we recommend a flexible approach to drive environmental gains while promoting innovation and competitiveness without causing regional or sectoral disadvantages.

    Secondly, Canada cannot move forward on clean energy without Indigenous communities. From coast to coast to coast, Indigenous-led or co-owned projects have been at the forefront of clean-energy initiatives. The federal government should ensure Indigenous voices are central to decision-making processes, and expand funding tools like the Canada Infrastructure Bank (CIB) and Indigenous Loan Guarantee program to enable Indigenous partners to participate fully and on their own terms, promoting Reconciliation.

    Thirdly, Canada has talked for years about energy corridors and grid connections across provinces. Now is the time to turn this talk into action. Canada’s provinces and territories offer diverse energy jurisdictions can benefit from supporting each other. We need collaboration between the federal government, provinces, crown corporations and utilities to support interprovincial energy trade and infrastructure projects, along with interpovincial labour mobility in regulated occupations.

    Supply chains are also critical to our success. To build the grid of the future and support Canada’s growth, we need secure and proven supply chains. Globalized supply chains—on which our electricity projects depend—have faced significant challenges over the past year, including international tariffs, increased regulatory requirements and ongoing trade tensions with the US. The federal government needs to help manage risk and secure the electricity sector’s supply chains.

    Finally, we need a strong system to train and produce skilled workers. Canada’s growing electricity sector relies on a workforce of well-trained tradespeople and engineers to fill new, high-quality job opportunities. This workforce will build and operate a stable, reliable and resilient system that supports Canada’s economic and environmental goals and provides a good quality of life for Canadians. We appreciate the federal government’s past support, now calling on them to continue to invest in long-term training programs to develop an expanded, world-class workforce.

    Affordable, reliable, clean electricity is a strategic Canadian advantage, and the electricity sector is the backbone of our economy. We’ve increased supply while lowering emissions, and we will continue to do so. As we welcome the new federal government, we’re ready to get to work building a strong and resilient electricity system that will meet Canada’s rising demand and secure our economic future. And for this work to succeed, Canada needs a bold electricity plan, now.
    The post Canada needs a bold electricity plan—now. appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI: LanzaTech Advances Transformation with Leadership Changes and Cost Optimization Actions

    Source: GlobeNewswire (MIL-OSI)

    Chief Accounting Officer Sushmita Koyanagi promoted to Chief Financial Officer

    Deputy General Counsel Amanda Fuisz to assume Interim General Counsel role

    Cost savings and financial efficiencies drive continued advancement of commercial projects focused on producing alternative fuel from waste carbon

    CHICAGO, May 29, 2025 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), a carbon management solutions company, today announced certain transitions in its executive leadership team in connection with its recent financing and ongoing strategic measures focused on streamlining its operations and reducing costs, including consolidating certain positions by drawing upon the Company’s capable, experienced internal resources. The announced leadership changes include:

    • Sushmita Koyanagi appointed Chief Financial Officer, effective June 2, 2025
    • Amanda Fuisz to assume role of interim General Counsel, effective June 13, 2025
    • Gary Rieschel, long-time serving Board member, to retire from the board of directors following the upcoming Annual Meeting of Stockholders

    LanzaTech announced the appointment of Sushmita Koyanagi as Chief Financial Officer, effective June 2, 2025, completing its previously announced search for a permanent CFO. Ms. Koyanagi succeeds Justin Pugh, who has been serving as LanzaTech’s interim CFO since January 2025 and who will maintain an advisory role with the Company to assist in his transition and to provide other related support until June 30, 2025. Ms. Koyanagi has extensive public and private company experience in accounting, financial reporting, process improvement and managing larger teams, and most recently joined the Company as Chief Accounting Officer (“CAO”) in December of 2024.

    Separately, LanzaTech announced that Amanda Fuisz will assume the role of interim General Counsel, effective June 13, 2025. Ms. Fuisz will succeed Joseph Blasko, who will step down to pursue a new professional opportunity. Ms. Fuisz, who currently serves as LanzaTech’s Deputy General Counsel, will lead LanzaTech’s legal and compliance department while serving as interim General Counsel.

    “We are thrilled to have Sush take on this expanded role,” said Dr. Jennifer Holmgren, Chair and Chief Executive Officer. “Sush is a seasoned finance executive with an impressive background that makes her ideally suited to lead the next phase of our financial evolution as we advance our path to profitability. On behalf of our executive team and board of directors, I would like to thank Justin for stepping in to lead as interim CFO ensuring a seamless transition. Additionally, I am grateful to Amanda for stepping into this role as interim General Counsel. Her background and strong legal acumen make her an ideal fit for this position. I wish Joe all the best in his future endeavors,” added Holmgren.

    Additionally, LanzaTech announced that Gary Rieschel, a long-serving member of LanzaTech’s board of directors, will retire at the conclusion of his current term and will not seek re-election at the Company’s Annual Meeting of Stockholders on July 21, 2025.

    “On behalf of the members of our board and management, I express our deep appreciation for Gary’s contributions,” stated Holmgren. “Since 2009, Gary has been an unwavering champion of LanzaTech’s mission to build a circular carbon economy. It has been a true privilege to work closely with Gary for over the past fifteen years.”

    The announced leadership changes and role consolidations are anticipated to result in annual cost reductions of approximately $1 million. These cost reduction measures will enhance LanzaTech’s ability to better allocate resources toward its most promising commercial opportunities and projects, with efforts predominantly focused on leveraging the Company’s core gas fermentation technology platform to effectively be an enabler of the significant and growing momentum of sustainable aviation fuel production.

    About LanzaTech

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

    Forward-looking Statements 

    This press release includes forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial, of the Company. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. The forward-looking statements are based on projections prepared by, and are the responsibility of, the Company’s management. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including the Company’s ability to continue to operate as a going concern. The Company may be adversely affected by other economic, business, or competitive factors, and other risks and uncertainties, including those described under the header “Risk Factors” in its Form 10-K for the year ended December 31, 2024, its Form 10-Q for the quarter ended March 31, 2025 and in future SEC filings. New risk factors that may affect actual results or outcomes emerge from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 

    Investor Relations Contact
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    The MIL Network –

  • MIL-OSI USA: ICE arrests 100+ illegal aliens during targeted enforcement operation in Tallahassee

    Source: US Immigration and Customs Enforcement

    TALLAHASSEE — U.S. Immigration and Customs Enforcement arrested more than 100 illegal aliens during a targeted enforcement operation at construction sites in the in Tallahassee during a joint agency operation May 29.

    The multiagency operation, directed by ICE Homeland Security Investigations Tallahassee, with significant assistance from ICE Enforcement and Removal Operations, Florida Highway Patrol, FBI, Drug Enforcement Administration, Alcohol, Tobacco, and Firearms, U.S. Marshals Service, Florida Department of Law Enforcement and the Internal Revenue Service – Criminal Investigations, led to the arrest of illegal aliens from Nicaragua, El Salvador, Guatemala, Mexico, Venezuelans, Colombia, and Honduras to name a few.

    One was taken into state custody for resisting arrest and is being charged with four counts of assault on law enforcement officers. Another attempted to pull a weapon on officers.

    “These types of enforcement actions aim to eliminate illegal employment, holding employers accountable and protecting employment opportunities for America’s lawful workforce,” said ICE HSI Tallahassee Assistant Special Agent in Charge Nicholas Ingegno. “HSI Tallahassee, working alongside our state, local, and federal partners, will continue protecting public safety by enforcing the immigration laws of our nation.”

    ICE officials have continually emphasized the agency’s continued focus to identifying public safety and national security threats. Individuals unlawfully present in the United States who are encountered during enforcement operations may be taken into custody and processed for removal in accordance with federal law.

    Members of the public with information about suspected immigration violations or related criminal activity are encouraged to contact the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or submit information online via the ICE Tip Form.

    For more information about ICE HSI Tallahassee and its efforts to enhance public safety in Florida, follow us on X at @HSITampa.

    MIL OSI USA News –

  • MIL-OSI Security: Illinois man charged with COVID fraud

    Source: Office of United States Attorneys

    ROCHESTER, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Joseph Giannini, 54, of Chicago, IL, pleaded guilty before U.S. District Judge Charles J. Siragusa to conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison and a $250,000 fine.

    Assistant U.S. Attorney Kyle P. Rossi, who is handling the case, stated that in April and May 2020, Giannini submitted false applications to the Paycheck Protection Program (PPP), and Economic Injury Disaster (EIDL) loan programs, which were intended to provide funding to businesses that were negatively impacted by the COVID-19 pandemic. Giannini applied for seven fraudulent loans for various businesses, making false representations about profits and employee payrolls for those businesses. In total, Giannini applied for $606,635.00 in loans, for which he was actually paid $280,135.00. One of the fraudulent applications was submitted on behalf of the Rochester business Spin Marketing Inc., which is owned by co-defendant Ann Spinosa. Spinosa is currently charged by federal indictment.

    The plea is the result of an investigation by the Internal Revenue Service Criminal Investigations Division, under the direction of Special Agent in Charge Harry Chavis.         

    Sentencing is scheduled for September 29, 2025, at 9:30 a.m. before Judge Siragusa.

    MIL Security OSI –

  • MIL-OSI USA: PRESS RELEASE: Rep. Barragán Slams House Republicans for Advancing Trump’s Tax Scam Bill to Put Billionaires Over Working Families

    Source: United States House of Representatives – Representative Nanette Diaz Barragán (CA-44)

    FOR IMMEDIATE RELEASE
    May 22, 2025

    Contact: Jin.Choi@mail.house.gov

    Rep. Barragán Slams House Republicans for Advancing Trump’s Tax Scam Bill to Put Billionaires Over Working Families

    Washington, D.C. — Today, House Republicans forced through Donald Trump’s Tax Scam budget bill — a sweeping proposal that slashes support for working families in order to fund tax cuts for the ultra-wealthy. Not a single Democrat voted for the bill.

    Knowing that Americans would disapprove of the Tax Scam bill, House Republicans opened debate on the bill in the dead of night, when they thought Americans would be unaware of their betrayal. House Democrats, however, stayed up throughout the long nights to offer amendment after amendment to lessen the harms of the bill — these amendments were all rejected by Republicans. 

    The bill would slash nearly one trillion dollars from Medicaid and the Affordable Care Act, and trigger more than $500 billion in cuts to Medicare — ripping health care away from millions of Americans. It would also drastically cut food assistance, leaving children, seniors, veterans, and low-income families at greater risk of going hungry. And by prioritizing tax breaks for the wealthy, the bill would drive down household income for the lowest-income families. 

    “Americans only needed four Republicans to do the right thing and vote no on the House floor,” said Rep. Nanette Barragán (CA-44). “It is a sad day for our country when House Republicans choose to rubber-stamp Donald Trump’s Tax Scam — handing tax breaks to their billionaire donors while turning their backs on parents, kids, grandparents, veterans, and people with disabilities. People’s lives are at stake, and Republicans have shown exactly where their priorities lie.”

    The bill now heads to the Senate for consideration.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Speaker Johnson: One Big Beautiful Bill Achieves the Largest Amount of Savings in the History of Planet Earth

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

    WASHINGTON — This afternoon, Speaker Johnson joined Fox News’s America Reports to discuss Senate consideration of the One Big Beautiful Bill, dispel the CBO’s inaccurate estimates, and outline the House’s efforts to codify savings found by the Department of Government Efficiency.  

    Watch the full interview here

    On Senate Consideration of the One Big Beautiful Bill:

    I’ve encouraged them to do as little reworking as possible because we have a very delicate balance we’ve maintained in the House, and in the Senate, we both have small majorities. I don’t disagree with my good friend Ron Johnson. He’s right. We have a big national debt problem. But I think what’s being discounted here is the fact that we are achieving the largest amount of savings in the history of government on planet Earth. I mean, we’re going to save over $1.5 trillion in spending. That’s a big, big thing. We didn’t get in this economic situation overnight, and it’s going to take us a while to get out of it, but this would be the biggest, largest, most dramatic turn that we’ve ever had in Congress. And it’s a big achievement.

    On the CBO’s history of inaccurate estimates:

    They’ve always been off. By way of example, they were off on their projections of the Tax Cuts and Jobs Act in the first Trump administration by $1 trillion. The problem is they do not use what we call dynamic scoring. What that means in layman’s terms is they don’t give us any credit for the extraordinary economic growth that will be spurred along by this bill.

    This is a pro-growth package. Lower tax rates, less regulation. We’ll do exactly what we did in the first Trump administration, but this time on steroids. And so we’re going to have an extraordinary growth in the economy. You’re going to have more jobs created, higher wages, more labor participation, and all those things need to be factored in because that’s reality. And by the way, the CBO is giving no credence whatsoever, no calculation at all to the new revenues that are being produced by the Trump tariff policies and all these other things that are happening. We believe we’re going to get the economy going, and this is going to be deficit reducing at the end of the day. It matters how you do the math, and that’s what’s important for everybody to remember.

    On House efforts to codify DOGE savings:

    I think you’ll find a big appetite across the conference, every Republican in Congress wants to cut fraud, waste, and abuse. We want government to be leaner and more efficient and effective. And the beauty of what DOGE has been able to do, the reason it’s so revolutionary, is because Elon cracked the code. He had access, all the stars aligned. We had a President who was bold enough to do it, and we had somebody with Elon’s talent and capability to come in and have his magic algorithms running through the data to find all these irregularities. And these are things that have been hidden from Congress. We’ve been trying to do our oversight responsibility, but the bureaucracy was hiding these things. And so, this changes the way government works. And Elon’s exactly right, the DOGE effort will go on long beyond his tenure as a temporary assistant in all this. Because it’s changing the way people look at this. And the oversight’s a really important component. And that’s going to be a permanent part of government now, and it’s an exciting thing.

    ###

    MIL OSI USA News –

  • MIL-OSI: Microchip Technology Raises Financial Guidance for Sales and EPS for First Quarter of Fiscal Year 2026

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., May 29, 2025 (GLOBE NEWSWIRE) — Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today updated the range of its prior guidance for net Sales and GAAP and non-GAAP earnings per share for its fiscal first quarter of 2026 ending June 30, 2025. Microchip now expects consolidated net sales for the June quarter to be between $1.045 billion and $1.070 billion. Microchip previously provided guidance on May 8, 2025 of consolidated net sales to be between $1.025 billion and $1.070 billion. GAAP loss per share is now expected to be between $(0.11) and $(0.07), and non-GAAP earnings per share is now expected to be between $0.22 and $0.26. The original guidance for the GAAP loss per share was $(0.15) and $(0.07), and the original guidance for non-GAAP earnings per share was between $0.18 and $0.26.

    Steve Sanghi, Microchip’s CEO and President, commented, “With almost two months of the quarter behind us, our business is performing better than we expected at the time of our May 8, 2025 earnings conference call. Our bookings activity for the month of May is tracking to be higher than any month in the last two years. We are gaining confidence in the recovery of our business as we execute on our strategic initiatives, reduce inventory levels and make progress towards our long-term business model.”

    There will be no conference call associated with this press release. Microchip is attending the Stifel 2025 Cross Border 1×1 Conference and the B of A Securities Global Technology Conference on Wednesday June 3, 2025. A live webcast and replays from the B of A Conference will be available at www.microchip.com

    Cautionary Statement:

    The statements in this release relating to expecting consolidated net sales for the June quarter to be between $1.045 billion and $1.070 billion, GAAP loss per share to be between $(0.11) and $(0.07), non GAAP earnings per share to be between $0.22 and $0.26, that our business is performing better than we expected, that our bookings activity for the month of May is tracking to be higher than any month in the last two years, that we are gaining confidence in the recovery of our business as we execute on our strategic initiatives, reduce inventory levels and make progress towards our long-term business model are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in the scope and level of tariffs, interest rates or high inflation, actions taken or which may be taken by the Trump administration or the U.S. Congress (including budget and tax legislation), monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017); fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

    For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 8, 2025 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 109,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    INVESTOR RELATIONS CONTACT:
    Sajid Daudi — Head of Investor Relations….. (480) 792-7385

    The MIL Network –

  • MIL-OSI USA News: Law Enforcement Backs the One, Big, Beautiful Bill

    Source: US Whitehouse

    Support continues to grow for President Donald J. Trump’s One, Big, Beautiful Bill — a generational opportunity to secure historic tax cuts, deficit reduction, border security, and more.

    READ: The National Fraternal Order of Police endorses the One, Big, Beautiful Bill

    In recent days:

    • The National Fraternal Order of Police — the nation’s largest organization of law enforcement — announced their support, highlighting the bill’s strong pro-labor provisions: “The ‘One Big Beautiful Bill Act’ is more than legislation—it is a promise kept to the public safety officers across the country and a bold step toward an economy that respects, rewards, and uplifts the people who keep it safe … We appreciate that President Trump is always fighting for our nation’s law enforcement officers.”
    • Secretary of Transportation Sean Duffy urged the Senate to quickly pass the bill and fund the long overdue modernization of America’s air traffic control systems: “We have an antiquated and old air traffic control system, anywhere from 25 to 35, 40 years old in some places. It is in desperate need of a brand-new build. We need Congress to act.”
    • National Federation of Independent Business SVP Jeff Brabant praised the legislation’s commitment to economic prosperity: “This is one of the more pro-small business pieces of legislation, in my opinion, in recent history. Hopefully this thing becomes law.” 

    Scores of other organizations have declared their support for the One, Big, Beautiful Bill:

    Association of Equipment Manufacturers SVP of Government and Industry Relations Kip Eideberg: “Equipment manufacturers applaud the House of Representatives for passing the One Big Beautiful Bill Act, which will supercharge job creation and investment in domestic manufacturing. The bill’s critical tax proposals – including protecting the corporate tax rate, reinstating immediate R&D expensing, and increasing the pass-through deduction – will strengthen the U.S. equipment manufacturing industry and bolster our global competitiveness. We urge the Senate to keep these pro-manufacturing provisions and act swiftly to pass this historic legislation.”

    National Restaurant Association President and CEO Michelle Korsmo: “This legislation is a major victory for restaurant owners, employees, and the communities they serve. It incorporates key tax provisions vital for industry growth, such as the 199A qualified business income deduction, full expensing of capital investments, and the reinstatement of depreciation and amortization in calculating business interest expenses. These measures are crucial for helping businesses have the working capital they need to cover payroll, manage rising supply costs, and stay competitive. The inclusion of the No Tax on Tips and No Tax on Overtime provisions recognizes the value of our dedicated workforce. More than two million tipped servers and bartenders stand to benefit, while the overtime measure rewards the commitment of over 13 million hourly team members across the sector. Tax policy can determine the survival of small businesses, especially restaurants, where pre-tax margins are often just 3–5%. The inclusion of so many supportive policies was made possible by the unified efforts of our National and State Association members, including the restaurant owners, industry advocates, and employees who shared compelling stories with House members about the positive effect these changes will have on businesses and local economies. We’re grateful for the strong policy provisions and look forward to collaborating with the Senate as the process moves forward.”

    International Foodservice Distributors Association SVP of Government and Public Affairs Mala Parker: “IFDA applauds House passage of the One Big Beautiful Bill Act, which includes tax policy essential for the foodservice distribution industry, almost 90 percent of which are family-owned businesses. Increasing and making permanent the 199A pass-through deduction and estate tax exemption will provide certainty and encourage growth for the industry that makes meals away from home possible. We urge the Senate to maintain these provisions as the bill works its way through the legislative process.”

    Independent Insurance Agents and Brokers of America SVP Nathan Riedel: “The House took a very big and positive step to bring economic certainty to thousands of small business owners and the consumers they represent. We urge the Senate to do its work to move this legislation forward.”

    American Farm Bureau Federation President Zippy Duvall: “Farm Bureau applauds the House passage of H.R.1, which modernizes farm bill programs and extends and improves critical tax provisions that benefit America’s small farmers and ranchers. Updated reference prices will provide more certainty for farmers struggling through tough economic times. Making business tax deductions permanent and continuing current estate tax exemptions will ensure thousands of families will be able to pass their farms to the next generation. We urge the Senate to work together and swiftly pass legislation to deliver much-needed relief to America’s farm and ranch families.”

    U.S. Chamber of Commerce Executive Vice President Neil Bradley: “The House sent a clear message today—American workers and businesses want and need permanent tax relief. A competitive, pro-growth tax code doesn’t just grow the overall U.S. economy, it raises wages for workers and improves the lives of Americans. The legislation passed out of the House this morning contains critical measures that support main street businesses, enhance America’s global competitiveness, and bolster sustained economic growth. The Chamber commends Speaker Johnson for his leadership and commitment to ensuring the permanence of President Trump’s pro-growth tax reforms, and applauds the lawmakers involved in driving this effort forward. We encourage the Senate to continue to move the legislative process forward to deliver lasting benefits for American workers and businesses.”

    Airlines for America: “A4A commends the House for passing the One Big Beautiful Bill Act which includes a critical investment of $12.5 billion for modernizing the Federal Aviation Administration’s air traffic facilities, systems and infrastructure. ATC staffing shortages and antiquated equipment, such as copper wires, floppy disks and paper strips, have been a serious concern for years—we are past time to make meaningful change and ensure that the United States has a world-class aviation system. This funding is a vital down payment on updating the system that guides 27,000 flights, 2.7 million passengers and 61,000 tons of cargo every day. The legislation also makes smart, strategic investments in Customs and Border Protection personnel and training for the aviation workforce of tomorrow while supporting American energy dominance in aviation fuel production. We encourage the Senate to move swiftly to pass this bill and send it to the President.”

    National Cattlemen’s Beef Association President Buck Wehrbein: “Cattle farmers and ranchers need Congress to invest in cattle health, strengthen our resources against foreign animal disease, support producers recovering from disasters or depredation, and pass tax relief that protects family farms and ranches for future generations. Thankfully, this reconciliation bill includes all these key priorities. NCBA was proud to help pass this bill in the House and we will continue pushing for these key policies until the bill is signed into law.”

    Uber CEO Dara Khosrowshahi: “Big news from DC—the House just passed President Trump’s tax bill, bringing No Tax On Tips one step closer to the finish line. While it still needs to clear the Senate, this is a big win for hardworking @Uber drivers and couriers across the country 👏”

    Job Creators Network CEO Alfredo Ortiz: “Congratulations to President Trump and Speaker Johnson for passing their reconciliation bill in the House. This bill offers historic tax cuts for small businesses and ordinary Americans. By making the Tax Cuts and Jobs Act permanent and expanding key provisions, such as the small business tax deduction, which Job Creators Network was the loudest voice for, this bill offers significant tax relief for decades to come. It will allow small businesses, the backbone of the American economy, to expand, hire, raise wages, and reinvest in their communities, ushering in a new economic Golden Age. On behalf of all small businesses, JCN thanks President Trump and Speaker Johnson for their leadership in passing this bill, which the media said couldn’t be done on this aggressive timeline. Now it’s time for the Senate to follow suit and pass similar legislation, which includes the House’s key small business tax cuts, as soon as possible.”

    National Association of Manufacturers President and CEO Jay Timmons: “Today’s House passage of this historic legislation marks a major victory for manufacturers across America. This pro-growth legislation preserves crucial tax policies that will enable manufacturers to create jobs, invest in their communities, grow here at home and compete globally. In short, this is a manufacturers’ bill … This is a pivotal moment. It’s time to double down on policies that encourage manufacturers to invest and create jobs in America and keep our industry strong and our nation competitive on the world stage—because when manufacturing wins, America wins.”

    Business Roundtable President and COO Kristen Silverberg: “Under Speaker Johnson’s leadership, the House has achieved a major milestone toward extending and strengthening President Trump’s historic tax reform. Business Roundtable commends the House on taking a giant step forward to protect and boost the economic benefits that tax reform delivered for American businesses, workers and families. By maintaining a competitive corporate tax rate and enhancing essential domestic and international tax provisions, the House budget reconciliation bill will help fuel U.S. investment, innovation and economic growth. As the Senate prepares to act, we stand ready to continue working with Congress and the Administration to pass the most competitive, pro-growth tax package possible.”

    American Petroleum Institute President and CEO Mike Sommers: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act to help restore American energy dominance. By preserving competitive tax policies, beginning to reverse the ‘methane fee,’ opening lease sales and advancing important progress on permitting, this historic legislation is a win for our nation’s energy future. We look forward to working with the Senate to strengthen pro-investment provisions and keep America at the forefront of energy innovation.”

    National Association of Wholesaler-Distributors CEO Eric Hoplin: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act and extend our sincere thanks to Speaker Mike Johnson, Chairman Jason Smith, the Ways and Means Committee, and House leadership for championing this pro-business, pro-worker legislation. This is a win for the people who roll up their sleeves every day to power our economy, entrepreneurs who build businesses from the ground up, and the workers who keep them running. We urge the Senate to act swiftly and send this bill to the President’s desk so America’s job creators and workers can keep driving our economy forward. The bill makes the 199A deduction permanent and expands it to 23%, helping millions of small businesses, including most wholesaler-distributors. It raises the death tax exemption, protecting family-owned businesses, and restores vital incentives that encourage investment, innovation, and long-term economic growth.”

    Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “H.R. 1 delivers a big, beautiful boost to U.S. entrepreneurship and small businesses. SBE Council applauds U.S. House passage of this critically important legislation. In addition to permanent tax relief and incentives that will help entrepreneurs and small business owners grow their firms, level up their businesses, and support their employees, various measures in the legislation correctly right-fit various federal programs and functions that have gone awry and consequently have undermined fiscal accountability and the private sector. Time is of the essence in getting the One Big Beautiful Bill to President Trump’s desk, and we urge the U.S. Senate to move post haste on the work that must be done to deliver the big benefits of the package to small business owners, all taxpayers, and the U.S. economy.”

    National Business Aviation Association President and CEO Ed Bolen: “We commend the House for recognizing the importance of improving ATC infrastructure and strengthening the controller workforce to enhance safety and efficiency in the National Airspace System. Business aviation’s ability to serve citizens, companies and communities is only possible because the U.S. leads the world in aviation … As the House reconciliation bill moves to the Senate for consideration, we look forward to working with lawmakers on both sides of the aisle to advance these forward-looking provisions that bolster an essential industry, support countless workers and promote American competitiveness.”

    America’s Credit Unions President and CEO Jim Nussle: “Thank you to the U.S. House of Representatives for securing credit unions’ not-for-profit tax status as part of H.R. 1 and recognizing the industry’s importance to strong Main Streets across the country. More than 142 million Americans trust and rely on credit unions to achieve their American Dream, and this bill allows them to continue on their path of financial freedom. We will continue to advocate for policies that create more opportunities for credit unions to bolster our nation’s economic prosperity. We call on the U.S. Senate to continue to protect the credit union tax status as they consider this legislation.”

    National Taxpayers Union Executive Vice President Brandon Arnold: “The bill passed by the House contains growth-focused tax relief and some important first steps toward long-needed spending restraint. The Senate now has a strong package that it can build upon and further improve.”

    National Association of REALTORS Executive Vice President Shannon McGahn: “We appreciate House leaders for taking this important step with this tax reform bill, which supports hardworking families and strengthens the real estate economy. With lower tax rates, SALT relief, and new incentives for small businesses and community development, this proposal brings real benefits to everyday Americans.”

    National Electrical Contractors Association CEO David Long: “These provisions recognize the real-world needs of the electrical construction industry. Whether it’s power generation, grid modernization, cutting-edge data center projects, or clean energy installations, electrical contractors are at the forefront of America’s infrastructure evolution. This legislation gives our contractors the certainty they need to plan, invest, and grow.”

    American Hotel & Lodging Association President and CEO Rosanna Maietta: “This is a win for Main Street businesses. We commend lawmakers for including critical tax provisions in the budget reconciliation bill that will prevent a tax increase on American workers and the small businesses that are the backbone of America’s hotel and lodging industry. This is a critical step to stave off the expiration of important tax provisions that will provide our members, the majority of whom are small business owners, the level of certainty they need to effectively operate their businesses. We urge the U.S. Senate to swiftly pass this legislation and send it to President Trump’s desk.”

    National Pork Producers Council President Duane Stateler: “America’s pork producers are one step closer to more certainty with the House’s reconciliation bill passage, which includes necessary legislation to keep farms afloat during uncertain times.”

    Associated Equipment Distributors President and CEO Brian P. McGuire: “AED commends House Speaker Mike Johnson and his leadership team for securing House passage of the budget reconciliation bill. This legislation delivers pro-growth tax policies, streamlines energy project approvals and strengthens surface transportation infrastructure investments. We look forward to working with the Senate to ensure final passage of this comprehensive package.”

    American Federation for Children CEO Tommy Schultz: “We are grateful for the efforts of Speaker Johnson and Congressional leaders in both chambers who have stood up so far to ensure that President Trump’s goal of school choice for every family in every state becomes a reality. American parents deserve nothing less, and we will continue working to get school choice across the finish line as the Senate can deliver on a historic national school choice tax credit. Bringing school choice to every state will be a legacy item for the lawmakers who stand boldly behind parents. We will continue to stand with them to achieve this goal.”

    National Federation of Independent Business SVP for Advocacy Adam Temple: “The One Big Beautiful Bill Act includes the most important thing Congress can do to help small businesses and their workers – increasing and making the Small Business Deduction permanent. The bill also provides a tax cut for small business owners through lower individual rates, encourages new capital investments, and helps small business owners provide greater health care benefits to their employees. Members of Congress have a historic opportunity to provide over 33 million small business owners with permanent tax relief and NFIB strongly encourages them to do so.”

    Growth Energy CEO Emily Skor: “We’re grateful to our champions on Capitol Hill who have worked hard to preserve and extend rural priorities, like the 45Z clean fuel production tax credit. This budget reconciliation package would give farmers and ethanol producers the freedom and flexibility to deliver for the American people. It ultimately delivers on the President’s agenda—it’s good for rural communities, good for innovation, good for investment, and good for American energy dominance.”

    Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “On behalf of our network of grassroots activists and small business owners nationwide, AFP congratulates Speaker Johnson, Majority Leader Scalise, Whip Emmer, and all the committee chairs for shepherding this legislation through the U.S. House of Representatives. Thanks to the efforts of policy champions across the House GOP conference, we are one step closer to giving Americans the pro-growth tax policy they voted for in November. Beyond cementing the foundation for a post-Biden economic recovery, we are poised to embrace an all-of-the-above approach to U.S. energy production, and finally secure our southern border.”

    National Foreign Trade Council Vice President for International Tax Policy Anne Gordon: “We would like to once again thank Chairman Smith and the Ways & Means Committee and staff for their tireless work on this bill and Speaker Johnson and the leadership team for their efforts to bring critical U.S. tax legislation one step closer to becoming a reality. We congratulate the House on passing the One, Big, Beautiful Bill and urge the Senate to take up work on it as quickly as possible.”

    American Land Title Association CEO Diane Tomb: “We commend the House for passing legislation that recognizes the needs of American small businesses, including the thousands of title and settlement companies ALTA represents. The expanded deduction under Section 199A is a welcome step that supports the long-term health of our small business members and the communities they serve. ALTA is especially pleased to see the preservation of Section 1031 like-kind exchanges, which play a vital role in fueling real estate investment, promoting property improvements and driving local economic growth. Provisions supporting homeownership, including those related to mortgage interest and capital gains exclusions, help provide certainty for buyers, sellers and lenders alike—strengthening the entire housing ecosystem. We urge the Senate to build on this momentum and protect the real estate and housing incentives that help Americans build wealth, promote generational stability and drive our economy forward.”

    NRA Institute for Legislative Action Executive Director John Commerford: “This morning, the U.S. House of Representatives passed President Trump’s One, Big, Beautiful Bill, which includes the complete removal of suppressors from the National Firearms Act (NFA). This represents a monumental victory for Second Amendment rights, eliminating burdensome regulations on the purchase of critical hearing protection devices. The NRA thanks the House members who supported this bill and urges its swift passage in the U.S. Senate.”

    RATE Coalition Executive Director Dan Combs: “Today’s vote is an historic step toward securing a tax code that rewards investment, supports job growth, and puts American workers first. This legislation builds on the success of the Tax Cuts and Jobs Act, preserving the policies that have helped drive wages up, unemployment down, and investment back into the U.S. economy. The House has done its part to move this forward. Now it’s time to keep that momentum going and get this across the finish line.”

    Independent Women’s Center for Economic Opportunity Director Patrice Onwuka: “BOOM. Tax cuts, welfare reforms, green spending cuts, and border strengthening. Major credit is due to @SpeakerJohnson for getting @potus @realDonaldTrump #OneBigBeautifulBill through the House. He has proven to be a quiet force for conservatives. Now onto the Senate.”

    Missouri Farm Bureau President Garrett Hawkins: “Our organization remains firmly committed to bringing the next generation home to rural Missouri. The legislation as passed contains top-tier Missouri Farm Bureau priorities to do just that, including making permanent several critical tax provisions such as an increased estate tax exemption, increasing access to Section 179 expensing, and ensuring continued use of key tools such as cash accounting, business interest deductions, and expensing for farms and small businesses. Additionally, the bill contains critical updates to the current farm safety net, including a reference price increase under farm bill programs and updates to dairy margin coverage. We are pleased to see several provisions related to promoting affordable, reliable and domestically produced energy and biofuels contained in the legislation. All of these things together, we believe, will help build a stronger and more resilient rural economy for our children and grandchildren to call home.”

    Georgia Commissioner of Agriculture Tyler J. Harper: “President Trump’s Big Beautiful Bill is a much-needed win for Georgia Farmers and American Agriculture after four years of failure under President Biden. I am grateful to every Georgia member who voted in favor, and I urge Senators Ossoff and Warnock to put partisan politics aside and support this critical legislation.”

    MIL OSI USA News –

  • MIL-OSI USA: Governor Stein Statement on Revised State Revenue Forecast

    Source: US State of North Carolina

    Headline: Governor Stein Statement on Revised State Revenue Forecast

    Governor Stein Statement on Revised State Revenue Forecast
    lsaito

    Raleigh, NC

    Today Governor Josh Stein released the following statement on the Consensus Forecasting Group’s revised consensus general fund revenue forecast:

    “This nonpartisan report confirms our concerns about the fiscal cliff the state faces if we do not take action to address future revenue shortfalls. State revenues for the two fiscal years ahead are predicted to be lower than what was expected in February: $218 million for FY 2025-26 and $222 million for the fiscal year after that. Slower revenue growth means fewer state dollars to invest in keeping people safe, educating our young people, and providing other important public services.

    “This news comes in the midst of an uncertain economy and federal budget pressures that may put funding for critical resources including Medicaid and SNAP in jeopardy. It also comes as we find ourselves on the hook for even more Hurricane Helene recovery expenses. That’s why I proposed freezing tax rates where they are. While the House rejects my proposal and keeps the tax cuts in law, it did create more fiscally prudent triggers that must be satisfied before the cuts go into effect. I call upon the Senate budget writers to follow suit. We need to balance our books, not bury our heads in the sand.” 

    May 29, 2025

    MIL OSI USA News –

  • MIL-OSI: Zscaler Reports Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Highlights

    • Revenue grows 23% year-over-year to $678.0 million
    • Calculated billings grows 25% year-over-year to $784.5 million
    • Deferred revenue grows 26% year-over-year to $1,985.0 million
    • GAAP net loss of $4.1 million compared to GAAP net income of $19.1 million on a year-over-year basis
    • Non-GAAP net income of $136.8 million compared to non-GAAP net income of $113.0 million on a year-over-year basis

    SAN JOSE, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its third quarter of fiscal year 2025, ended April 30, 2025.

    “We delivered outstanding Q3 results as an increasing number of customers adopt our expanding Zero Trust Exchange platform. We enable customers to realize Zero Trust Everywhere while lowering operational cost and complexity,” said Jay Chaudhry, Chairman and CEO of Zscaler. “The proliferation of AI in all aspects of business is increasing the need for our AI security. We empower customers to securely adopt both public GenAI apps and their own private AI apps, and we are increasing our investments in this area.”

    Third Quarter Fiscal 2025 Financial Highlights

    • Revenue: $678.0 million, an increase of 23% year-over-year.
    • Income (loss) from operations: GAAP loss from operations was $25.4 million, or 4% of revenue, compared to $3.0 million, or 1% of revenue, in the third quarter of fiscal 2024. Non-GAAP income from operations was $146.7 million, or 22% of revenue, compared to $121.8 million, or 22% of revenue, in the third quarter of fiscal 2024.
    • Net income (loss): GAAP net loss was $4.1 million, compared to GAAP net income of $19.1 million in the third quarter of fiscal 2024. Non-GAAP net income was $136.8 million, compared to $113.0 million in the third quarter of fiscal 2024.
    • Net income (loss) per share, diluted: GAAP net loss per share was $0.03, compared to GAAP net income per share of $0.12 in the third quarter of fiscal 2024. Non-GAAP net income per share was $0.84, compared to $0.71 in the third quarter of fiscal 2024.
    • Cash flows: Cash provided by operations was $211.1 million, or 31% of revenue, compared to $173.4 million, or 31% of revenue, in the third quarter of fiscal 2024. Free cash flow was $119.5 million, or 18% of revenue, compared to $123.1 million, or 22% of revenue, in the third quarter of fiscal 2024.
    • Deferred revenue: $1,985.0 million as of April 30, 2025, an increase of 26% year-over-year.
    • Cash, cash equivalents and short-term investments: $3,005.6 million as of April 30, 2025, an increase of $595.9 million from July 31, 2024.

    Recent Business Highlights

    • Announced the appointment of Kevin Rubin as Chief Financial Officer. Rubin brings over two decades of experience leading finance organizations at high-growth public and private companies.
    • Announced the appointment of Raj Judge to the Board of Directors, and as EVP of Corporate Strategy & Ventures. Judge brings over 25 years of experience in the tech legal and venture capital space.
    • In May 2025, signed a definitive agreement to acquire Red Canary, a leading managed detection and response (MDR) vendor. By combining Zscaler’s high-volume and high-quality data with Red Canary’s domain expertise in MDR, Zscaler will accelerate its vision to deliver AI-powered security operations.
    • Recognized as a Leader in the 2025 Gartner® Magic Quadrant™ for Security Service Edge (SSE) for the fourth year in a row.
    • Positioned as a Leader in the IDC MarketScape: Worldwide Data Loss Prevention (DLP) 2025 Vendor Assessment, which offers a comprehensive evaluation of nine companies in the competitive DLP space based on detailed analysis of vendor capabilities and performance and market trajectories.
    • Introduced Zscaler Asset Exposure Management, a critical foundation of the company’s broader Continuous Threat Exposure Management (CTEM) offerings. Asset Exposure Management provides organizations with a comprehensive and accurate inventory of their assets and their risk.
    • Zscaler’s ThreatLabz published several research reports, including the 2025 AI Security Report, the 2025 VPN Risk Report, and the 2025 Phishing Report.
      • The 2025 AI Security Report found that enterprises’ usage of AI/ML tools increased by over 3,000% in the past year, reinforcing the need to deploy Zero Trust Everywhere to stay ahead of rapidly evolving cyberthreats.
      • The 2025 VPN Risk Report found that 92% of organizations are concerned about ransomware attacks due to VPN vulnerabilities, and 81% of organizations are planning to implement a zero trust everywhere strategy.
      • The 2025 Phishing Report found that attackers are using GenAI to launch targeted attacks against high-impact business functions like HR and finance, making a Zero Trust + AI defense strategy mission critical for organizations.
    • Announced T-Mobile modernized its infrastructure with Zscaler’s Zero Trust Exchange to provide Zero Trust security to its employees and team members whether they are in the office, at home or on the go.
    • Announced the inclusion of Zscaler solutions in the AWS Marketplace for the U.S. Intelligence Community (ICMP), a curated digital catalog from Amazon Web Services (AWS) that makes it easy to discover, purchase, and deploy software packages and applications from vendors that specialize in supporting government customers.

    Change in Non-GAAP Measures Presentation

    Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

    Financial Outlook

    For the fourth quarter of fiscal 2025, we expect:

    • Revenue of $705 million to $707 million
    • Non-GAAP income from operations of $152 million to $154 million
    • Non-GAAP net income per share of approximately $0.79 to $0.80, assuming approximately 164 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

    For the full year of fiscal 2025, we expect:

    • Revenue of approximately $2.659 billion to $2.661 billion
    • Calculated billings of $3.184 billion to $3.189 billion
    • Non-GAAP income from operations of $573 million to $575 million
    • Non-GAAP net income per share of $3.18 to $3.19, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

    These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.

    For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

    Conference Call and Webcast Information

    Zscaler will host a conference call for analysts and investors to discuss its third quarter of fiscal 2025 and outlook for its fourth quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

    Date: Thursday, May 29, 2025
    Time: 1:30 p.m. PT
    Webcast: https://ir.zscaler.com
    Dial-in: To join by phone, register at the following link: (https://register-conf.media-server.com/register/BIa63048e1e74d49ad9d61c0370b786cbb. After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.


    Upcoming Conferences

    Fourth quarter of fiscal 2025 investor conference participation schedule:

    • Bank of America 2025 Global Technology Conference in San Francisco
      Thursday, June 5, 2025
    • FBN 28th Semi-Annual Virtual Technology Conference (Virtual)
      Friday, June 6, 2025
    • 2025 BMO Virtual Software Conference (Virtual)
      Monday, June 9, 2025

    Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/

    Forward-Looking Statements

    This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the fourth quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions.

    Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2025 filed on March 10, 2025 and our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    Use of Non-GAAP Financial Information

    We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

    About Zscaler

    Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

    Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

    Investor Relations Contacts

    Ashwin Kesireddy
    VP, Investor Relations and Strategic Finance
    (415) 798-1475
    ir@zscaler.com

    Natalia Wodecki
    Media Relations Contact
    press@zscaler.com

    ZSCALER, INC.
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                   
      Three Months Ended   Nine Months Ended
      April 30,   April 30,
        2025       2024       2025       2024  
    Revenue $ 678,034     $ 553,201     $ 1,953,889     $ 1,574,903  
    Cost of revenue (1) (2)   155,978       118,331       445,938       346,924  
    Gross profit   522,056       434,870       1,507,951       1,227,979  
    Operating expenses:              
    Sales and marketing (1) (2)   314,605       262,447       928,564       806,039  
    Research and development (1) (2)   169,765       124,958       494,879       360,678  
    General and administrative (1)   63,097       50,478       180,726       155,789  
    Total operating expenses   547,467       437,883       1,604,169       1,322,506  
    Loss from operations   (25,411 )     (3,013 )     (96,218 )     (94,527 )
    Interest income   31,263       27,570       92,189       81,897  
    Interest expense (3)   (1,966 )     (2,764 )     (7,448 )     (9,528 )
    Other income (expense), net   677       (927 )     (4,911 )     (1,967 )
    Income (loss) before income taxes   4,563       20,866       (16,388 )     (24,125 )
    Provision for income taxes (4)   8,688       1,742       7,512       18,703  
    Net income (loss) $ (4,125 )   $ 19,124     $ (23,900 )   $ (42,828 )
    Net income (loss) per share              
    Basic $ (0.03 )   $ 0.13     $ (0.16 )   $ (0.29 )
    Diluted $ (0.03 )   $ 0.12     $ (0.16 )   $ (0.29 )
    Weighted-average shares used in computing net income (loss) per share              
    Basic   154,909       150,290       153,699       148,945  
    Diluted   154,909       154,081       153,699       148,945  
                                   
    (1) Includes stock-based compensation expense and related payroll taxes as follows:  
    Cost of revenue $ 18,262     $ 12,487     $ 51,674     $ 38,876  
    Sales and marketing   63,937       45,490       198,782       170,013  
    Research and development   63,753       46,346       188,514       131,509  
    General and administrative   21,857       17,142       65,769       59,332  
    Total $ 167,809     $ 121,465     $ 504,739     $ 399,730  
                                   
    (2) Includes amortization expense of acquired intangible assets as follows:  
    Cost of revenue $ 3,830     $  2,962     $ 11,320     $  8,396  
    Sales and marketing   425       279       1,275       731  
    Research and development    —       140       145        373  
    Total $ 4,255     $  3,381     $ 12,740     $  9,500  
                                   
    (3) Includes amortization of debt issuance costs $  984     $  979     $  2,947     $ 2,934  
                                   
    (4) Benefit from a release of valuation allowance (*) $ 247     $  —     $ 17,435     $ —  
                                   
    (*) Tax benefit attributable to the release of the valuation allowance on United Kingdom (U.K.) deferred tax assets.  
    ZSCALER, INC.
    Condensed Consolidated Balance Sheets
    (in thousands)
    (unaudited)
      April 30,   July 31,
        2025       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 1,990,890     $ 1,423,080  
    Short-term investments   1,014,701       986,574  
    Accounts receivable, net   615,787       736,529  
    Deferred contract acquisition costs   165,752       148,873  
    Prepaid expenses and other current assets   128,271       101,561  
    Total current assets   3,915,401       3,396,617  
    Property and equipment, net   498,896       383,121  
    Operating lease right-of-use assets   71,351       89,758  
    Deferred contract acquisition costs, noncurrent   298,133       296,525  
    Acquired intangible assets, net   51,403       63,835  
    Goodwill   417,730       417,029  
    Other noncurrent assets   86,714       58,083  
    Total assets $ 5,339,628     $ 4,704,968  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 54,609     $ 23,309  
    Accrued expenses and other current liabilities   84,666       91,708  
    Accrued compensation   155,117       160,810  
    Deferred revenue   1,677,895       1,643,919  
    Convertible senior notes   1,148,881       1,142,275  
    Operating lease liabilities   47,231       50,866  
    Total current liabilities   3,168,399       3,112,887  
    Deferred revenue, noncurrent   307,090       251,055  
    Operating lease liabilities, noncurrent   32,703       44,824  
    Other noncurrent liabilities   26,497       22,100  
    Total liabilities   3,534,689       3,430,866  
    Stockholders’ Equity      
    Common stock   156       152  
    Additional paid-in capital   2,960,521       2,426,819  
    Accumulated other comprehensive income (loss)   16,242       (4,789 )
    Accumulated deficit   (1,171,980 )     (1,148,080 )
    Total stockholders’ equity   1,804,939       1,274,102  
    Total liabilities and stockholders’ equity $ 5,339,628     $ 4,704,968  
    ZSCALER, INC.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
      Nine Months Ended
      April 30,
        2025       2024  
    Cash Flows from Operating Activities      
    Net loss $ (23,900 )   $ (42,828 )
    Adjustments to reconcile net loss to cash provided by operating activities:      
    Depreciation and amortization expense   74,101       47,033  
    Amortization expense of acquired intangible assets   12,740       9,500  
    Amortization of deferred contract acquisition costs   121,499       94,711  
    Amortization of debt issuance costs   2,947       2,934  
    Non-cash operating lease costs   47,896       34,913  
    Stock-based compensation expense   488,696       382,806  
    Accretion of investments purchased at a discount   (13,862 )     (14,584 )
    Unrealized (gains) losses on hedging transactions   (862 )     1,574  
    Deferred income taxes   (17,841 )     (5,769 )
    Other   1,059       1,717  
    Changes in operating assets and liabilities, net of effects of business acquisitions:      
    Accounts receivable   120,506       78,406  
    Deferred contract acquisition costs   (139,986 )     (122,651 )
    Prepaid expenses, other current and noncurrent assets   (12,182 )     (23,452 )
    Accounts payable   28,947       7,520  
    Accrued expenses, other current and noncurrent liabilities   (7,033 )     14,647  
    Accrued compensation   (5,693 )     12,816  
    Deferred revenue   90,011       132,354  
    Operating lease liabilities   (45,194 )     (35,358 )
    Net cash provided by operating activities   721,849       576,289  
    Cash Flows from Investing Activities      
    Purchases of property, equipment and other assets   (104,206 )     (95,204 )
    Capitalized internal-use software   (62,871 )     (32,453 )
    Payments for business acquisitions, net of cash acquired   (834 )     (361,781 )
    Purchase of strategic investments   (786 )     (2,000 )
    Purchases of short-term investments   (886,636 )     (1,003,972 )
    Proceeds from maturities of short-term investments   875,893       839,253  
    Proceeds from sale of short-term investments   —       47,165  
    Net cash used in investing activities   (179,440 )     (608,992 )
    Cash Flows from Financing Activities      
    Proceeds from issuance of common stock upon exercise of stock options   3,497       11,287  
    Proceeds from issuance of common stock under the employee stock purchase plan   22,344       18,407  
    Payment of deferred consideration related to business acquisitions   (440 )     —  
    Net cash provided by financing activities   25,401       29,694  
    Net increase (decrease) in cash and cash equivalents   567,810       (3,009 )
    Cash and cash equivalents at beginning of period   1,423,080       1,262,206  
    Cash and cash equivalents at end of period $ 1,990,890     $ 1,259,197  
    ZSCALER, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (in thousands, except percentages)
    (unaudited)
                   
      Three Months Ended   Nine Months Ended
      April 30,   April 30,
        2025       2024       2025       2024  
                   
    Revenue $ 678,034     $ 553,201     $ 1,953,889     $ 1,574,903  
                   
    Non-GAAP Gross Profit and Non-GAAP Gross Margin              
    GAAP gross profit $ 522,056     $ 434,870     $ 1,507,951     $ 1,227,979  
    Add: Stock-based compensation expense and related payroll taxes   18,262       12,487       51,674       38,876  
    Add: Amortization expense of acquired intangible assets   3,830       2,962       11,320       8,396  
    Non-GAAP gross profit $ 544,148     $ 450,319     $ 1,570,945     $ 1,275,251  
    GAAP gross margin   77 %     79 %     77 %     78 %
    Non-GAAP gross margin   80 %     81 %     80 %     81 %
                   
    Non-GAAP Income from Operations and Non-GAAP Operating Margin              
    GAAP loss from operations $ (25,411 )   $ (3,013 )   $ (96,218 )   $ (94,527 )
    Add: Stock-based compensation expense and related payroll taxes   167,809       121,465       504,739       399,730  
    Add: Amortization expense of acquired intangible assets   4,255       3,381       12,740       9,500  
    Non-GAAP income from operations $ 146,653     $ 121,833     $ 421,261     $ 314,703  
    GAAP operating margin (4 )%   (1 )%   (5 )%   (6 )%
    Non-GAAP operating margin   22 %     22 %     22 %     20 %
    ZSCALER, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (in thousands, except per share amounts)
    (unaudited)
                   
      Three Months Ended   Nine Months Ended
      April 30,   April 30,
        2025       2024       2025       2024  
    Non-GAAP Net Income per Share, Diluted              
    GAAP net income (loss) $ (4,125 )   $ 19,124     $ (23,900 )   $ (42,828 )
    Add: GAAP provision for income taxes   8,688       1,742       7,512       18,703  
    GAAP income (loss) before income taxes   4,563       20,866       (16,388 )     (24,125 )
    Add:              
    Stock-based compensation expense and related payroll taxes   167,809       121,465       504,739       399,730  
    Amortization expense of acquired intangible assets   4,255       3,381       12,740       9,500  
    Amortization of debt issuance costs   984       979       2,947       2,934  
    Non-GAAP net income before income taxes   177,611       146,691       504,038       388,039  
    Non-GAAP provision for income taxes (1)   40,844       33,739       115,927       89,249  
    Non-GAAP net income $ 136,767     $ 112,952     $ 388,111     $ 298,790  
                   
    GAAP provision for income taxes $ 8,688     $ 1,742     $ 7,512     $ 18,703  
    Add: Income tax and other tax adjustments (2)   32,156       31,997       108,415       70,546  
    Non-GAAP provision for income taxes (1) $ 40,844     $ 33,739     $ 115,927     $ 89,249  
    Non-GAAP effective tax rate (1)   23 %     23 %     23 %     23 %
                   
    Non-GAAP net income $ 136,767     $ 112,952     $ 388,111     $ 298,790  
    Add: Non-GAAP interest expense, net of tax related to the convertible senior notes   276       276       828       828  
    Numerator used in computing non-GAAP net income per share, diluted $ 137,043     $ 113,228     $ 388,939     $ 299,618  
                   
    GAAP net income (loss) per share, diluted $ (0.03 )   $ 0.12     $ (0.16 )   $ (0.29 )
    Stock-based compensation expense and related payroll taxes   1.03       0.76       3.10       2.51  
    Amortization expense of acquired intangible assets   0.03       0.02       0.08       0.06  
    Amortization of debt issuance costs   0.01       0.01       0.02       0.02  
    Income tax and other tax adjustments (2)   (0.20 )     (0.20 )     (0.67 )     (0.44 )
    Non-GAAP interest expense, net of tax related to the convertible senior notes   —       —       0.01       0.01  
    Adjustment to total fully diluted earnings per share (3)   —       —       0.01       0.01  
    Non-GAAP net income per share, diluted $ 0.84     $ 0.71     $ 2.39     $ 1.88  
                   
    Weighted-average shares used in computing GAAP net income (loss) per share, diluted   154,909       154,081       153,699       148,945  
    Add: Outstanding potentially dilutive equity incentive awards   2,812       —       3,113       4,306  
    Add: Convertible senior notes   7,626       7,626       7,626       7,626  
    Less: Antidilutive impact of capped call transactions (4)   (1,946 )     (2,050 )     (1,656 )     (1,539 )
    Weighted-average shares used in computing non-GAAP net income per share, diluted   163,401       159,657       162,782       159,338  

    ___________

    (1) Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

    (2) Consists of income tax adjustments related to our long-term non-GAAP effective tax rate of 23%. In the three and nine months ended April 30, 2025, we recognized a tax benefit of $0.2 million and $17.4 million, respectively, attributable to the release of the valuation allowance on U.K. deferred tax assets.

    (3) The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.

    (4) We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price.

    ZSCALER, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (in thousands, except percentages)
    (unaudited)
                   
      Three Months Ended   Nine Months Ended
      April 30,   April 30,
        2025       2024       2025       2024  
    Calculated Billings              
    Revenue $ 678,034     $ 553,201     $ 1,953,889     $ 1,574,903  
    Add: Total deferred revenue, end of period   1,984,985       1,577,014       1,984,985       1,577,014  
    Less: Total deferred revenue, beginning of period   (1,878,505 )     (1,502,175 )     (1,894,974 )     (1,439,676 )
    Calculated billings $ 784,514     $ 628,040     $ 2,043,900     $ 1,712,241  
                   
    Free Cash Flow              
    Net cash provided by operating activities $ 211,081     $ 173,414     $ 721,849     $ 576,289  
    Less: Purchases of property, equipment and other assets   (72,163 )     (35,651 )     (104,206 )     (95,204 )
    Less: Capitalized internal-use software   (19,455 )     (14,637 )     (62,871 )     (32,453 )
    Free cash flow $ 119,463     $ 123,126     $ 554,772     $ 448,632  
                   
    Free Cash Flow Margin              
    Net cash provided by operating activities, as a percentage of revenue   31 %     31 %     37 %     37 %
    Less: Purchases of property, equipment and other assets, as a percentage of revenue (10 )%   (6 )%   (6 )%   (6 )%
    Less: Capitalized internal-use software, as a percentage of revenue (3 )%   (3 )%   (3 )%   (3 )%
    Free cash flow margin   18 %     22 %     28 %     28 %


    ZSCALER, INC.
    Explanation of Non-GAAP Financial Measures

    In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.

    Expenses Excluded from Non-GAAP Measures

    Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance.

    Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

    Non-GAAP Financial Measures

    Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.

    Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net income (loss) excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes.

    Calculated Billings. We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.

    Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.

    The MIL Network –

  • MIL-OSI: Ambarella, Inc. Announces First Quarter Fiscal Year 2026 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced first quarter fiscal 2026 financial results for the period ended April 30, 2025.

    • Revenue for the first quarter of fiscal 2026 was $85.9 million, up 57.6% from $54.5 million in the same period in fiscal 2025.
    • Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2026 was 60.0%, compared with 60.9% for the same period in fiscal 2025.
    • GAAP net loss for the first quarter of fiscal 2026 was $24.3 million, or loss per diluted ordinary share of $0.58, compared with a GAAP net loss of $37.9 million, or loss per diluted ordinary share of $0.93, for the same period in fiscal 2025.

    Financial results on a non-GAAP basis for the first quarter of fiscal 2026 are as follows:

    • Gross margin on a non-GAAP basis for the first quarter of fiscal 2026 was 62.0%, compared with 63.4% for the same period in fiscal 2025.
    • Non-GAAP net profit for the first quarter of fiscal 2026 was $3.0 million, or earnings per diluted ordinary share of $0.07. This compares with non-GAAP net loss of $10.5 million, or loss per diluted ordinary share of $0.26, for the same period in fiscal 2025.

    Based on information available as of today, Ambarella is offering the following guidance for the second quarter of fiscal year 2026, ending July 31, 2025:

    • Revenue is expected to be between $86.0 million and $94.0 million.
    • Gross margin on a non-GAAP basis is expected to be between 60.5% and 62.0%.
    • Non-GAAP operating expenses are expected to be between $52.5 million and $55.5 million.

    Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation and acquisition-related costs adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.

    Total cash, cash equivalents and marketable debt securities on hand at the end of the first quarter of fiscal 2026 was $259.4 million, compared with $250.3 million at the end of the prior quarter and $203.3 million at the end of the same quarter a year ago.

    “As the established edge AI market leader, we achieved our fourth consecutive quarter of record AI revenue with results in the upper half of our Q1 revenue guidance range. We are increasing our fiscal 2026 revenue growth guidance to a range of 19% to 25%, or approximately $348 million at the mid-point, with the broader guidance range reflecting our consideration of the uncertain geopolitical environment,” said Fermi Wang, President & CEO. “We continue to innovate at a rapid pace, and by leveraging our low power and scalable 3rd generation AI silicon and software architecture, our development of a new SoC is efficiently extending our reach into the edge AI infrastructure market.”   

    Stock Repurchase

    During the second quarter of fiscal year 2026, Ambarella’s Board of Directors approved an extension of the current share repurchase program for an additional twelve months ending June 30, 2026. In the first quarter of fiscal year 2026, the company repurchased a total of 24,152 shares for total consideration of approximately $1.0 million. As of today, there is approximately $48.0 million available for repurchase under the company’s stock repurchase program. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the company’s discretion.

    Quarterly Conference Call

    Ambarella plans to hold a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today with Fermi Wang, President and Chief Executive Officer, and John Young, Chief Financial Officer, to discuss the first quarter of fiscal year 2026 results. A live and archived webcast of the call will be available on Ambarella’s website at http://www.ambarella.com/ for up to 30 days after the call.

    About Ambarella

    Ambarella’s products are used in a wide variety of edge AI and human vision applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) provide powerful deep neural network processing to enable intelligent perception, fusion and planning, and offer high-resolution video compression, advanced image and radar processing. For more information, please visit www.ambarella.com.

    “Safe harbor” statement under the Private Securities Litigation Reform Act of 1995

    This press release contains forward-looking statements that are not historical facts and often can be identified by terms such as “outlook,” “projected,” “intends,” “will,” “estimates,” “anticipates,” “expects,” “believes,” “could,” “should,” or similar expressions, including the guidance for the second quarter of fiscal year 2026 ending July 31, 2025, and the comments of our CEO relating to our expectation of future revenue growth, the growth potential for our edge AI inference products, our ability to continue to innovate, and our ability to expand into edge infrastructure. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance.

    The risks and uncertainties referred to above include, but are not limited to, global economic and political conditions; changes in government policies, including possible trade tariffs and restrictions; revenue being generated from new customers or design wins, neither of which is assured; the commercial success of our customers’ products; our customers’ ability to manage their inventory requirements; our growth strategy; our ability to anticipate future market demands and future needs of our customers, particularly for AI inference applications; our ability to introduce, and to generate revenue from, new and enhanced solutions; our ability to develop, and to generate revenue from, new advanced technologies, such as computer vision, AI functionality and advanced networks, including vision-language models and GenAI; our ability to retain and expand customer relationships and to achieve design wins; the expansion of our current markets and our ability to successfully enter new markets and applications, such as edge infrastructure; anticipated trends and challenges, including competition, in the markets in which we operate; risks associated with global health conditions and associated risk mitigation measures; our ability to effectively manage growth; our ability to retain key employees; and the potential for intellectual property disputes or other litigation.

    Further information on these and other factors that could affect our financial results is included in the company’s Annual Report on Form 10-K for our 2025 fiscal year, which is on file with the Securities and Exchange Commission. Additional information will also set forth in the company’s quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings the company makes with the Securities and Exchange Commission from time to time, copies of which may be obtained by visiting the Investor Relations portion of our web site at www.ambarella.com or the SEC’s web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. The results we report in our Quarterly Report on Form 10-Q for the first fiscal quarter ended April 30, 2025 could differ from the preliminary results announced in this press release.

    Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law.

    Non-GAAP Financial Measures

    The company has provided in this release non-GAAP financial information, including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.

    With respect to its financial results for the first quarter of fiscal year 2026, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the second quarter of fiscal year 2026, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

    AMBARELLA, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (unaudited)
             
        Three Months Ended April 30,
          2025       2024  
         
                     
    Revenue   $ 85,872     $ 54,473  
             
    Cost of revenue     34,336       21,313  
    Gross profit     51,536       33,160  
             
    Operating expenses:        
    Research and development     58,819       54,137  
    Selling, general and administrative     18,575       18,468  
             
    Total operating expenses     77,394       72,605  
             
    Loss from operations     (25,858 )     (39,445 )
             
    Other income, net     2,175       2,271  
             
    Loss before income taxes     (23,683 )     (37,174 )
             
    Provision for income taxes     645       758  
             
    Net loss   $ (24,328 )   $ (37,932 )
             
    Net loss per share attributable to ordinary shareholders:      
    Basic   $ (0.58 )   $ (0.93 )
    Diluted   $ (0.58 )   $ (0.93 )
    Weighted-average shares used to compute net loss per share      
    attributable to ordinary shareholders:        
    Basic     42,219,972       40,774,991  
    Diluted     42,219,972       40,774,991  
             

    The following tables present details of stock-based compensation and acquisition-related costs included in each functional line item in the condensed consolidated statements of operations above:

           
      Three Months Ended April 30,
        2025     2024
      (unaudited, in thousands)
    Stock-based compensation:      
    Cost of revenue $ 951   $ 607
    Research and development   17,585     17,621
    Selling, general and administrative   7,594     7,808
           
    Total stock-based compensation $ 26,130   $ 26,036
           
           
      Three Months Ended April 30,
        2025     2024
       
      (unaudited, in thousands)
    Acquisition-related costs:      
    Cost of revenue $ 757   $ 757
    Research and development   —     —
    Selling, general and administrative   456     520
           
    Total acquisition-related costs $ 1,213   $ 1,277
           

    The difference between GAAP and non-GAAP gross margin was 2.0% and 2.5%, or $1.7 million and $1.4 million, for the three months ended April 30, 2025 and 2024, respectively. The differences were due to the effect of stock-based compensation and amortization of acquisition-related costs.

     
    AMBARELLA, INC.
    RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS (LOSSES) PER SHARE
    (in thousands, except share and per share data)
           
      Three Months Ended April 30,
        2025       2024  
       
      (unaudited)
    GAAP net loss $ (24,328 )   $ (37,932 )
           
    Non-GAAP adjustments:      
    Stock-based compensation expense   26,130       26,036  
    Acquisition-related costs   1,213       1,277  
    Income tax effect   14       152  
    Non-GAAP net income (loss) $ 3,029     $ (10,467 )
           
    GAAP – diluted weighted average shares   42,219,972       40,774,991  
    Non-GAAP – diluted weighted average shares   42,451,235       40,774,991  
           
    GAAP – diluted net loss per share $ (0.58 )   $ (0.93 )
    Non-GAAP adjustments:      
    Stock-based compensation expense   0.62       0.64  
    Acquisition-related costs   0.03       0.03  
    Income tax effect   —       —  
    Effect of Non-GAAP – diluted weighted average shares   —       —  
    Non-GAAP – diluted net income (loss) per share $ 0.07     $ (0.26 )
           
    AMBARELLA, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands)
           
      April 30,   January 31,
        2025       2025  
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 141,285     $ 144,622  
    Marketable debt securities   118,102       105,643  
    Accounts receivable, net   30,235       29,767  
    Inventories   39,289       34,428  
    Restricted cash   441       7  
    Prepaid expenses and other current assets   6,197       6,084  
    Total current assets   335,549       320,551  
           
    Property and equipment, net   10,248       9,084  
    Intangible assets, net   44,895       47,279  
    Operating lease right-of-use assets, net   4,377       5,188  
    Goodwill   303,625       303,625  
    Other non-current assets   3,224       3,241  
           
    Total assets $ 701,918     $ 688,968  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable   35,290       21,775  
    Accrued and other current liabilities   73,479       80,781  
    Operating lease liabilities, current   2,335       2,829  
    Income taxes payable   1,633       1,383  
    Deferred revenue, current   12,114       14,226  
    Total current liabilities   124,851       120,994  
           
    Operating lease liabilities, non-current   2,056       2,436  
    Other long-term liabilities   2,295       4,126  
           
    Total liabilities   129,202       127,556  
           
    Shareholders’ equity:      
    Preference shares   —       —  
    Ordinary shares   19       19  
    Additional paid-in capital   848,756       813,683  
    Accumulated other comprehensive income (loss)   326       (233 )
    Accumulated deficit   (276,385 )     (252,057 )
    Total shareholders’ equity   572,716       561,412  
           
    Total liabilities and shareholders’ equity $ 701,918     $ 688,968  
           

    Contact:

    Louis Gerhardy
    408.636.2310
    lgerhardy@ambarella.com

    The MIL Network –

  • MIL-OSI: Kevin Rubin Joins Zscaler as Chief Financial Officer to Drive Continued Growth

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today announced the appointment of Kevin Rubin as Chief Financial Officer. In his role, Rubin will oversee Zscaler’s global finance organization and play a critical role in scaling the company’s operations to support its next phase of growth and innovation.

    Rubin brings a wealth of financial expertise and strategic leadership experience in the technology industry, with a strong track record of driving operational excellence, managing business transformations, and delivering shareholder value. He will succeed Remo Canessa, who announced his intention to retire last year. Canessa will remain with Zscaler until the end of the fiscal year 2025 in an advisory capacity to support the transition.

    “I am thrilled to welcome Kevin to the Zscaler leadership team during this transformative era of growth,” said Jay Chaudhry, Chairman and CEO of Zscaler. “As organizations around the globe embrace AI security and Zero Trust Everywhere for their digital transformation journeys, Kevin’s exceptional financial expertise, industry depth, and leadership at scale will be pivotal in driving Zscaler towards $5 billion and beyond in Annual Recurring Revenue. His proven CFO experience will be instrumental as we empower businesses to reimagine secure cloud adoption, harness AI-driven innovation, and shape the future of cybersecurity. I look forward to collaborating closely with Kevin to achieve our goals and further strengthen Zscaler’s leadership in the market.”

    Rubin brings over two decades of experience leading finance organizations at high-growth public and private companies. Prior to Zscaler he was CFO at BetterUp, where he guided the company’s financial strategy and operational scale. Before that, Rubin served as CFO at Alteryx, where he was responsible for global financial operations, investor relations, corporate development and ventures, real estate, and workplace services. Rubin led the company’s successful IPO, and under his leadership, the company’s Annual Recurring Revenue grew to $1 billion. Previously, Rubin served as CFO at MSC Software, Pictage, DDN Storage and MRV Communications, honing a diverse skill set in financial strategy, operations, compliance, and investor relations.

    “Zscaler is driving a major paradigm shift in cybersecurity with its unique Zero Trust platform which enables organizations to digitally transform their operations and securely adopt AI for productivity and efficiency gains,” said Kevin Rubin. “I am excited to join such a dynamic and innovative company and look forward to collaborating with the team to advance Zscaler’s mission.”

    Forward-Looking Statements

    This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include the potential impact of the executive appointment to Zscaler’s future recurring revenue and ability to grow and scale. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. A significant number of factors could cause actual results to differ materially from statements made in this press release.

    Additional risks and uncertainties are set forth in our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on March 10, 2025, which is available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. Any forward-looking statements in this release are based on the limited information currently available to Zscaler as of the date hereof, which is subject to change, and Zscaler will not necessarily update the information, even if new information becomes available in the future.

    About Zscaler

    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

    Zscaler™, Zscaler Zero Trust Exchange™, Zscaler Internet Access™, and Zscaler Private Access™, ZIA™, and ZPA™ and Zscaler B2B™ are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

    Media Relations Contact:
    Nick Gonzalez
    press@zscaler.com

    Investor Relations Contact:
    Ashwin Kesireddy
    ir@zscaler.com

    The MIL Network –

  • MIL-OSI Security: Pastor at Word of God Church Pleads Guilty to Fraudulently Obtaining More than $400,000 in COVID-19 Loans

    Source: Office of United States Attorneys

    RALEIGH, N.C. – Mitchell Summerfield, age 45, of Raleigh, pleaded guilty Tuesday to conspiracy to commit bank fraud and wire fraud in connection with a scheme to fraudulently obtain COVID-19 loan funds.  At sentencing, Summerfield faces a maximum sentence of 30 years’ imprisonment, a $1,000,000 fine, and five years of supervised release. Summerfield will also be required to pay restitution in an amount to be determined. 

    According to court documents and other information presented in court, Summerfield was the pastor of the Word of God Fellowship Church in Raleigh, and also owned various other entities, including Winning Ways, KHS Investments, and Vision and Destiny.  Between July 2020 and July 2021, Summerfield conspired with others to submit false and fraudulent applications for Paycheck Protection Program (PPP) loans and Economic Injury Disaster loans (EIDL) for these entities.

    Congress created the PPP program in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in order to mitigate the economic impacts of the COVID-19 pandemic for small businesses. PPP loans were fully guaranteed by the United States and forgivable so long as the proceeds were used for payroll and other qualified expenses.  The CARES Act also expanded the EIDL program to assist small businesses experiencing financial distress due to the pandemic. The PPP and EIDL programs were administered by the U.S. Small Business Administration (SBA).   

    Summerfield submitted multiple EIDL and/or PPP applications on behalf of Winning Ways, KHS Investments, and Vision and Destiny.  Summerfield made various false statements in the applications to induce the SBA and lending institutions to approve and disburse the requested loan amounts.  Summerfield also provided fabricated IRS tax forms, including false income tax returns. As a result of the fraudulent applications, Summerfield received more than $400,000 in PPP and EIDL funds.  Summerfield used the loan fraud proceeds for unauthorized and unlawful purposes, including paying for personal expenses.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina, made the announcement after U.S. District Judge Terrence W. Boyle accepted the plea.  The Internal Revenue Service, Criminal Investigation, investigated the case.  Special Assistant U.S. Attorney Lisa K. Labresh prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5:25-CR-22.

    ###

    MIL Security OSI –

  • Rajnath Singh approves Miniratna status to three Defence Public Sector Undertakings

    Source: Government of India

    Source: Government of India (4)

    Defence Minister Rajnath Singh has approved the grant of “Miniratna” status Category-I for Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVNL) & India Optel Limited (IOL), the Ministry of Defence said in a statement on Thursday.

    The move comes amid the Centre’s larger effort to push indigenous defence manufacturing and enhance the autonomy and competitiveness of state-run defence firms. All three companies were carved out of the erstwhile Ordnance Factory Board (OFB) in October 2021 as part of a structural overhaul of the sector.

    Singh commended the firms for significantly increasing turnover and indigenisation levels. He termed their evolution from government departments into revenue-generating enterprises as a sign of “mature and self-reliant defence manufacturing”.

    Steady Revenue Growth and Export Gains

    Munitions India Limited, which manufactures a range of ammunition including small, medium and high-calibre rounds, grenades, mortars and rockets, has seen its provisional revenue rise to ₹8,282 crore in FY 2024–25, up from ₹2,571.6 crore in 2021–22 (second half). Export figures have also surged from ₹22.55 crore to ₹3,081 crore in the same period.

    Similarly, Armoured Vehicles Nigam Limited, which produces main battle tanks, infantry combat vehicles, and defence logistics platforms, has recorded a provisional revenue of ₹4,986 crore in FY 2024–25, from ₹2,569.26 crore in 2021–22 (H2). Notably, the company has indigenised engines across all three key combat vehicle platforms — T-72, T-90, and BMP-II.

    India Optel Limited, which focuses on opto-electronic and vision systems for land and naval platforms, has also more than doubled its revenue, from ₹562.12 crore in FY 2021–22 (H2) to a provisional ₹1,541.38 crore in FY 2024–25.

    Strategic Autonomy and Expansion

    The Miniratna status allows these DPSUs greater operational autonomy, including powers to make capital investments up to ₹500 crore or equal to their net worth, without prior government approval. It also enables them to enter joint ventures and forge technology partnerships more independently.

    While MIL and AVNL are classified as Schedule ‘A’ companies, IOL is a Schedule ‘B’ firm. All three are under the administrative control of the Department of Defence Production (DDP).

    The Defence Ministry said the decision is aimed at accelerating growth in domestic production, boosting exports, and fostering innovation through increased functional autonomy.

  • MIL-OSI USA: Warren, Senators Press RealPage on Multi-Million Lobbying Campaign and House Republicans’ Provision Blocking States from Protecting Renters

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 29, 2025

    RealPage has been scrutinized for use of AI algorithms that drive up costs for renters 

    Provision would block state and local efforts to protect renters from artificial price hikes powered by AI pricing tools

    Text of Letter (PDF)

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Senators Amy Klobuchar (D-Minn.), Bernie Sanders (I-Vt.), Cory Booker (D-N.J.), and Tina Smith (D-Minn.) sent a letter to Dana Jones, CEO and President of RealPage, expressing concerns regarding RealPage potentially benefiting from a provision on artificial intelligence (AI) included in the House Republicans’ budget reconciliation package. The provision would prohibit the enforcement of any state or local laws on AI for the next ten years.

    RealPage’s YieldStar and AI Revenue Management (AIRM) tools use black box algorithmic pricing schemes to unfairly hike rents at a time when Americans face a national housing affordability crisis. Several states and cities have passed or are considering laws limiting the use of AI-enabled pricing software.

    “[M]ore Americans than ever before are now paying over 30 and 50 percent of their income on housing,” wrote the senators. “In light of this, we seek information on RealPage’s lobbying efforts, and on how the Republicans’ reconciliation provision would help the bottom line of RealPage and other large corporations by allowing them to take advantage of consumers.” 

    Last week, the Republican-controlled House passed a reconciliation bill that cuts Medicaid and rips away health care coverage for millions of Americans, all to pay for trillions of dollars in giveaways for billionaires. In what has been described as a “massive artificial intelligence giveaway,” the bill also includes a provision that would block state- and local-level efforts to curb the harms of products like YieldStar and AIRM, the cornerstones of RealPage’s business model. 

    The Department of Justice (DOJ) has already sued RealPage for “its unlawful scheme to decrease competition among landlords in apartment pricing,” which the DOJ asserts constitutes unlawful price-fixing. Since the DOJ lawsuit was filed in August 2024, RealPage has amped up its lobbying efforts on AI-related issues, nearly doubling its lobbying spending from $4.8 million in 2020 to nearly $9 million in 2024. The senators point out that following these investments, House Republicans worked to “nullify existing and future state efforts to address the harms from AI.” 

    “The net result will be that Americans will lose important protections against the misuse of AI tools,” warned the senators. “This will directly benefit RealPage and similar companies, at the expense of renters who will be forced to pay higher costs for rent and other daily needs.”

    The senators have previously written letters in November 2022, March 2023, September 2024, and February 2025 raising the alarm about RealPage’s YieldStar and AIRM products. Due to RealPage’s potential involvement in this harmful measure, the senators requested a response to their questions by June 10, 2025. 

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER WARNS: UNDER CLEAN ENERGY TAX HIKE IN GOP PLAN THAT PASSED HOUSE LAST WEEK, NEW YORK COULD LOSE A STAGGERING 20,000+ JOBS & SEE HIGHER MONTHLY ENERGY BILLS; SENATOR SOUNDS ALARM AND DEMANDS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Last Week, The House GOP Rushed To Pass Trump’s Tax Giveaway To Billionaires, That Guts Food Assistance And Medicaid, AND Also Kills The Fed Clean Energy Investments NY Companies Are Using To Lower Energy Costs, Create Good-Paying Union Jobs & Bring Manufacturing Back From China

    Since The Inflation Reduction Act Passed Three Years Ago, NY Companies Have Announced Over $5 BILLION In Clean Manufacturing Investments Creating Thousands Of Good-Paying Jobs From Long Island To Buffalo; Senator Warns What Will Happen If GOP Doesn’t Back Off Plan To Kill Clean Energy And Manufacturing

    Schumer: Trump’s ‘Big Beautiful Bill’ Is An Ugly Mess That Means Bigger Electric Bills & Big Job Losses For New York

    Just a week after House Republicans passed Trump’s devastating bill to kill clean energy incentives so they could give tax breaks to billionaires, U.S. Senator Chuck Schumer revealed how tax hikes on clean energy tucked in the bill would be a gut punch to New York’s economy.

    Schumer said new data studies from NERA Economic Consulting shows that repealing the clean energy tax credits could cause New York to lose up to 20,300 jobs as clean energy projects are cancelled or scaled back due to lack of incentive, with a whopping nearly $3.5 billion hit to the state’s GDP and New Yorkers paying up to $650 in higher energy costs each year by 2032 if these devastating cuts become law.

    “Higher energy bills and many thousands fewer jobs, that’s what New York gets under Trump’s reckless tax bill, which is a giveaway to billionaires and corporations. Already, thousands of New Yorkers were making improvements to their homes to lower their electric bills and make their homes warmer in the harsh winters, now they lose all that support. Thousands of new jobs building clean energy projects in every corner of the state and bringing manufacturing back from China will all be vaporized by the GOP’s ugly budget bill. It is a gut punch to New York and a gift to China, which wants to dominate clean energy manufacturing,” said Senator Schumer. “Losing these clean energy projects means losing cheaper electricity for families and businesses. We need more energy production from many sources including wind and solar and water; we need America to be energy independent and to manufacture clean energy technology here, not overseas, and eliminating these tax credits radically and irresponsibly rolls back all the progress we have made in recent years. It turns America’s clean energy boom into a bust.”

    Schumer explained that the bill which passed the Republican House last week would kill clean energy incentives created in the Inflation Reduction Act, these tax credits are already benefiting hundreds of New York businesses with ongoing projects and families who are using them to help improve their homes and lower their electric bills. These cuts are broad and deep to New York’s clean energy sector, Schumer specifically highlighted how the bill would:

    • Eliminates the Energy Efficient Home Improvement Tax Credit, which provides families in New York up to $3,200 to help weatherize their homes for better protection in the harsh winters and make improvements to make their homes more energy efficient to lower their electric bills with qualifying items like doors, windows, better insulation and heat pumps.
    • Eliminates the Residential Clean Energy Credit, which gives New York families a 30% discount on home energy improvements, like solar panels, heat pumps, or energy storage, that help lower energy bills and keep the lights on during power outages.
    • Eliminates the Clean Electricity Investment & Production Credits that support more cheap, clean electricity. With natural gas turbines on a five-year delay, the IRA’s clean electricity tax credits have ensured a robust buildout of wind and solar power while helping keep electricity prices from increasing and spurring demand for American-made energy products.
    • Sabotages the Advanced Manufacturing Investment Tax Credit that has generated a more than five-fold increase in investment in manufacturing in the solar and EV supply chains, creating thousands of jobs and shifting these industries out of China to the U.S.
    • Eliminates the IRA’s Electric Vehicle Tax Credits that make it cheaper to buy new and used electric and plug-in hybrid cars, and has led to a massive onshoring of EV and battery supply chain manufacturing, undercutting China and bolstering American companies.
    • Eliminates the New Energy-Efficient Home Credit that makes it cheaper to build new, highly efficient and affordable homes, expanding the housing supply while reducing energy costs.
    • Eliminates the Clean Hydrogen Production Tax Credit that supports American-made clean hydrogen, led by New York companies like Plug Power and Air Products, to be used for clean manufacturing and agriculture.

    Schumer said that clean energy investments from the Inflation Reduction Act have created the biggest clean energy boom in American history, but now with many of these core provisions being clawed back or eliminated it risks all the progress that has been made in New York and across the country. The senator said if NY energy projects are forced to stop or scale back, energy costs would increase for families and businesses across the country. With electricity demand surging in New York and across the country, clean energy sources like wind and many other sources of clean power are often the most efficient sources of new electricity, much cheaper than traditional alternatives like natural gas and oil. NERA Economic Consulting estimates costs for New York families could increase by $650 a year, as the Republican plan to gut the clean electricity production and investment tax credits makes it more expensive to provide more electricity, while simultaneously killing the Residential Clean Energy and Energy Efficient Home Improvement tax credits makes it more costly for families to make their homes more efficient and reduce their energy bills.

    Schumer added, “Democrats are united in opposing this cruel and counterproductive bill, and these ill-conceived elimination of energy tax credits so they can put more money in the pockets of billionaires. We need the GOP to block these cuts, otherwise it will be American families and our manufacturing future paying the price.”

    The Clean Economy Tracker estimates the Inflation Reduction Act’s incentives have spurred over $5 billion worth of investments in clean manufacturing in New York, creating over 7,200 jobs. Schumer said if this House Republican plan goes through, many of the clean energy projects spurred by the IRA could be forced to scale back or even stop and the workers building the future of American energy would be laid off, and projects that otherwise would have come online will never come to fruition. That would impact both major NY employers and manufacturers in the clean energy, manufacturing, electric vehicle, battery, research sector and our small businesses. One example is Geothermal Works in the Hudson Valley, a small Westchester based family business with that helps homes get updated with heat pumps and geothermal systems to lower their electric costs, who said that if the current clean energy cuts go through in the GOP bill it would shutter their business and force them into early retirement.

    Below are just some examples of projects spurred by the Inflation Reduction Act in New York State that show why eliminating these provisions could be so harmful:

    • Off Long Island, Equinor invested $5 billion in building a massive offshore wind farm project, Empire Wind, that will provide power for hundreds of thousands of homes in New York State, and is supported by tax credits for offshore wind projects created by the Inflation Reduction Act .
    • In the Capital Region, Plug Power invested $125 million in a new green hydrogen fuel cell factory in 2023, creating new good paying jobs to boost production of clean hydrogen fuel cells with support from the Fuel Cell Production Tax Credit. Additionally, the company is poised to harness the Clean Hydrogen Production Tax Credit which was created by the Inflation Reduction Act, to spur further growth both in the Capital Region and at Plug’s Henrietta, NY Gigafactory in the Finger Lakes that manufactures Electrolyzers. GE Vernova invested $50 million in a new manufacturing line for its onshore wind business in 2023, hiring 200 new workers with support from a production tax credit for U.S. wind turbine manufacturing created by the Inflation Reduction Act.
    • In Western New York, Viridi Parente a fast growing company on Buffalo’s East Side has added hundreds of good-paying jobs growing the domestic battery manufacturing industry with support from clean energy tax credits created by the Inflation Reduction Act, such as the Advanced Manufacturing Production tax credit. Solar Liberty Energy Systems and PanelClaw are installing thousands of solar panels at homes and businesses. Solar Liberty Energy Systems is helping customers navigate available federal clean energy tax credits created by the Inflation Reduction Act to reduce the burden of installation costs while PanelClaw is producing racking systems with help from the American Domestic Manufacturing Bonus tax credit created by the Inflation Reduction Act.

    Since Trump was elected, approximately $14 billion worth of manufacturing projects have been outright cancelled, representing more than 13,000 jobs lost. If the GOP plan to raise taxes on energy goes through, those cancellations could balloon to threaten more than $800 billion in private investment in domestic clean energy made in the past three years across the country, according to the Clean Investment Monitor. NERA Economic Consulting estimates that New York could lose an estimated 20,300 jobs if these tax breaks are killed. Schumer said the House Republican bill would repeal the very parts of the Inflation Reduction Act that have helped companies grow in New York and spurred millions of investments, many of which are in Republican districts.

    Repealing the clean energy tax incentives would also be a disaster for America and Schumer said that would cede energy manufacturing leadership to China, which already produces a significant amount of the world’s clean technologies like solar panels, wind turbines, and batteries. If companies can no longer support clean energy manufacturing in the United States, they will bring these projects to America’s competitors, and jobs that would’ve otherwise been created in America will be created in countries like China. This will destabilize American supply chains and make American families and businesses reliant on China for cheap energy.

    “No matter which way you slice it, the House Republican bill is bad news for New Yorkers. Shutting down projects, killing jobs, and increasing electricity bills would be devastating for our state, which is why we need Republicans to stand up to this bill to save investments in homegrown American energy,” concluded Schumer.

    MIL OSI USA News –

  • MIL-OSI USA: Members of Washington Delegation Demand Answers regarding ICE Raid in Kent

    Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

    WASHINGTON, D.C. – U.S. Representatives Pramila Jayapal (WA-07), Adam Smith (WA-09), Suzan DelBene (WA-01), Rick Larsen (WA-02), Emily Randall (WA-06), and Marilyn Strickland (WA-10) wrote to Department of Homeland Security Secretary Kristi Noem, ICE Acting Director Todd Lyons, and IRS Acting Commissioner Michael Faulkender to express deep concern over the recent immigration enforcement raid in Kent, Washington and to demand immediate answers regarding the nature of the raid and individuals detained.

    The letter is copied in full below.

    Dear Secretary Noem, Acting Director Lyons, and Acting Commissioner Faulkender,

    We write to express our deep concern over the recent immigration enforcement raid in Kent, Washington and demand immediate answers regarding the nature of the raid and individuals detained.

    On May 20, officials from four federal agencies, including Immigration and Customs Enforcement (ICE) and the Internal Revenue Service (IRS) Criminal Investigation Division, arrested 17 people at Eagle Beverage and Accessories Products in Kent. Notably, this appears to be one of the first immigration raids involving IRS personnel.

    The Trump administration has repeatedly sought to portray its immigration enforcement efforts as focused on deporting violent criminals. Yet federal authorities have not noted any sort of violent criminal connection serving as a motivating factor behind the raid. Raids like this which arbitrarily target hardworking community members only serve to tear families apart, stoke fear, and undermine trust in local law enforcement. These actions inevitably have ripple effects throughout our country, causing people to avoid going to work or school out of fear and crippling our local economies.

    We request that you immediately provide answers to the following questions:

    1. How many individuals were arrested as part of the May 20 raid in Kent? Please provide details on their gender, age, nationality, immigration status, and reason for their arrest.
    2. Were there any collateral arrests?
    3. Had any of the arrested individuals previously received a form of prosecutorial discretion?
    4. Did any of the arrested individuals have a pending asylum claim?
    5. Are the arrested individuals now in custody at Northwest ICE Processing Center (NWIPC)? If not, where are they currently being held?
    6. Have the arrested individuals been given the opportunity to contact attorneys and family members?
    7. Have the arrested individuals been scheduled for a court date?
    8. Did ICE collaborate with state or local law enforcement agencies?
    9. What role did IRS personnel play in the raid?
    10. What training did IRS personnel receive to participate in the raid?
    11. Did the IRS share the taxpayer data of any of the individuals arrested with DHS prior to the arrests?
    12. How is the IRS’s participation in immigration raids impacting the agency’s ability to carry out its mission of investigating criminal violations of the Internal Revenue Code?

    We thank you for your attention to this matter and look forward to receiving your response.

    Sincerely,

    Issues: Immigration

    MIL OSI USA News –

  • MIL-OSI USA: ICE Los Angeles, multiagency taskforce case results in 14 arrests on complaints alleging more than $25 million in COVID-19 relief, small business loans fraudulently obtained

    Source: US Immigration and Customs Enforcement

    LOS ANGELES — Fourteen defendants — including San Fernando Valley and Glendale residents — were arrested May 28, on two federal criminal complaints alleging they fraudulently obtained more than $25 million in taxpayer-funded COVID-19 relief funds and federally-guaranteed small business loans.

    This case is being investigated by U.S. Immigration and Customs Enforcement, the Department of Homeland Security’s Office of Inspector General and El Camino Real Financial Crimes Task Force, a multiagency task force that includes federal and state investigators who are focused on financial crimes in Southern California.

    “This transnational criminal network sought to defraud the government of millions of dollars and almost succeeded,” said ICE Homeland Security Investigations Los Angeles acting Special Agent in Charge John Pasciucco. “Through the diligent work of the El Camino Real Financial Crimes Task Force and our federal partners, ICE HSI is continuing to identify these criminal groups looking to profit from the pandemic and will use all available resources to hold them accountable, to include removing them from the country when applicable.”

    The 18 total defendants named in the complaints — four defendants are believed to be in Armenia — are charged with conspiracy to defraud the government with respect to claims; false, fictitious, or fraudulent claims; wire fraud and attempted wire fraud; bank fraud and attempted bank fraud; money laundering conspiracy; laundering of monetary instruments; engaging in monetary transactions in property derived from specified unlawful activity; and/or structuring financial transactions to evade reporting requirements.

    The defendants arrested May 28 include:

    • Vahe Margaryan, aka “William McGrayan,” 42, of Tujunga, who allegedly orchestrated a scheme to defraud numerous banks and the Small Business Administration’s Preferred Lender Program, a program designed to help small businesses that otherwise might not obtain financing. McGrayan allegedly directed owners of sham corporations to open bank accounts, make false statements, and concoct documents, including phony resumes and financial statements, to support loan applications to buy other sham corporations. McGrayan allegedly paid for phony tax returns that falsely reported millions in revenue and tens of thousands in tax due and owing. McGrayan, whose alleged criminal activity lasted from 2018 until January 2025, then directed the laundering of millions in fraud proceeds through various bank accounts.
    • Sarkis Gareginovich Sarkisyan, 37, aka “Samuel Shaw,” of Glendale, who allegedly, among other offenses, submitted a false application and bogus documents to obtain a loan under the Paycheck Protection Program which provided low-interest, forgivable loans to help small businesses retain their workforce and cover expenses. Sarkisyan allegedly applied in April 2021 on behalf of a fake business that received more than $700,000 in PPP funds.
    • Mery Babayan, 32, aka “Mery Diamondz,” of Van Nuys, together with co-defendants Margaryan and Hovannes Hovannisyan, 48, aka “John Harvard,” of Panorama City, in May 2021 allegedly defrauded a bank by representing the nonexistent sale of a sham business to another sham company to obtain an approximately $3 million federally guaranteed loan through the SBA’s Preferred Lending Program.
    • Felix Parker, 77, of North Hollywood, who in January 2023 allegedly made false statements and submitted fraudulent documents, including fake tax returns that falsely reported that his shell company, Canmar Promo, earned millions of dollars annually and owed tens of thousands in federal income taxes. Parker allegedly obtained more than $2 million in government-guaranteed funds earmarked to help small businesses.
    • Axsel Markaryan, 47, aka “Axel Mark,” of Pacoima, who in June 2023 allegedly fraudulently obtained more than $5 million in SBA loans via the submission of false statements and the submission of fake documents, including bogus tax returns. After the loans were obtained, Markaryan and his co-schemers in November 2023 laundered the money, including sending at least $100,000 to a co-schemer in Armenia.

    Law enforcement seized approximately $20,000 in cash, two money-counting machines, paper cash bands or currency straps in denominations of $2,000 and $10,000, multiple cell phones, multiple laptops, two loaded semi-automatic 9mm handguns, and boxes of 9mm ammunition.

    “Today’s enforcement action is intended to send a message to all criminals who take advantage of government programs designed to help those who need them most,” said United States Attorney Bill Essayli. “If you took COVID-19 or SBA money you weren’t entitled to, your door could be the next one we visit. Together with our law enforcement partners, my office will aggressively prosecute individuals who cheat the system meant to protect and support law-abiding citizens.”

    “Scheming to fraudulently obtain federal funds that were meant to provide assistance to the nation’s small businesses is unacceptable,” said the U.S. Small Business Administration Office of Inspector General Western Region acting Special Agent in Charge Jonathan Huang. “OIG will continue to ardently investigate fraudulently obtained SBA program funds, including COVID-19 pandemic-related loans, to protect taxpayers from fraud, waste, and abuse. I want to thank the U.S. Attorney’s Office and our law enforcement partners for their dedication and pursuit of justice.”

    “Today, 14 individuals were arrested in connection with a fraudulent loan scheme in which they allegedly obtained in excess of $25 million through the SBA Paycheck Protection Program, Economic Injury Disaster Loan programs, and other federal funding programs,” said IRS Criminal Investigation Special Agent in Charge Tyler Hatcher, Los Angeles Field Office. “These programs were established to assist individuals and businesses in need of financial assistance and instead were pilfered by the named defendants. IRS-CI is dedicated to identifying and dismantling criminal organizations that prey on assistance programs set up for the benefit of our law-abiding citizens.”

    A criminal complaint contains allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    If convicted, each defendant would face a statutory maximum sentence of decades in federal prison.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form.

    Assistant United States Attorneys Mark Aveis and Gregg E. Marmaro of the Major Frauds Section and Maxwell Coll of the Cyber and Intellectual Property Crimes Section are prosecuting these cases.

    Individuals across the world can report suspicious criminal activity to the ICE Tip Line 24 hours a day, seven days a week at 866-DHS-2-ICE. Highly trained specialists take reports from both the public and law enforcement agencies on more than 400 laws enforced by ICE.

    MIL OSI USA News –

  • MIL-OSI USA: ICE Los Angeles, multiagency taskforce case results in freight forwarding company exec arrest on federal indictment alleging massive scheme to avoid customs duties payments

    Source: US Immigration and Customs Enforcement

    LOS ANGELES – The chief financial officer at a downtown Los Angeles-based shipping company was arrested May 27 on a 22-count federal grand jury indictment charging him and the company’s CEO with using fraudulent documents, shell companies, bribes to public officials, and kickbacks to Mexican drug cartels to smuggle billions of dollars’ worth of goods from the United States into Mexico, repeatedly lying to U.S. customs officials and defrauding Mexico out of hundreds of millions of dollars’ worth of duties owed. U.S. Immigration and Customs Enforcement, U.S. Customs and Border Protection, IRS Criminal Investigation and the DEA are investigating this matter.

    Ralph Olarte, 55, of Glendale, the CFO of Sport LA Inc., was arrested May 27 at Los Angeles International Airport. He made his initial appearance and was arraigned May 28 in United States District Court in downtown Los Angeles.

    Also charged in the indictment is Humberto Lopez Belmonte, 53, of Mexico City, who was arrested and arraigned on May 27 in Los Angeles federal court. Lopez pleaded not guilty to the charges against him and a July 21 trial date was scheduled. A federal magistrate judge ordered Lopez released on $100,000 bond.

    Olarte and Lopez are charged with one count of conspiracy to smuggle goods from the United States. Both defendants and their company, Sport LA Inc., also are charged with one count of smuggling goods from the United States, three counts of knowingly submitting false and misleading export information, five counts of wire fraud for false information submitted to CBP, one count of conspiracy to commit wire fraud against Mexico, one count of conspiracy to commit money laundering, and seven counts of international promotional and concealment money laundering.

    Sport LA is charged with three counts of making false statements to a government agency. The other defendant companies — H&R Logistics Inc. and Olarte Transport Service Inc. — are charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.

    According to the indictment returned on April 30 and unsealed May 27, Olarte and Lopez, from at least 2013 to the present, operated a lucrative international shipping enterprise. Through shipping companies they controlled, Olarte and Lopez smuggled billions of dollars’ worth of goods from and through the United States into Mexico. Many times, they concealed the nature of the shipped goods, some of which contained contraband.

    The companies allegedly submitted millions of false and misleading statements to U.S. customs officials, used shell companies in Mexico to shield their true customers, and created and presented false documents – including sham certificates for paid Mexican import taxes. They also bribed Mexican customs officials, paid kickbacks to drug cartels — including the Jalisco New Generation Cartel — to operate the scheme and smuggled bulk cash into the U.S. to avoid reporting requirements.

    Olarte and Lopez then laundered the proceeds of their scheme back from the true Mexican customers, through the shell companies, and ultimately into the companies’ U.S. bank accounts. As a result of the conspiracy, Olarte and Lopez personally received millions of dollars in illicit proceeds.

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

    If convicted, Olarte and Lopez would face a statutory maximum sentence of 20 years in federal prison for each count of wire fraud- and money laundering-related count, up to five years in federal prison for each smuggling- and false statements-related count, and up to two years in federal prison for each count of knowingly submitting false and misleading export information.

    This investigation is led by HSI’s El Camino Real Financial Crimes Task Force, a multiagency task force that includes federal and state investigators who are focused on financial crimes in Southern California.

    The Transnational Organized Crime Section is prosecuting this case.

    MIL OSI USA News –