NewzIntel.com

Category: Taxation

  • MIL-OSI Canada: Government of Saskatchewan Prepares for Possible Canada Post Strike

    Source: Government of Canada regional news

    Released on May 14, 2025

    The Government of Saskatchewan is preparing for a possible postal strike that could begin as early as May 22, 2025. Ministries, Crowns and agencies have put contingency plans in place to limit service disruptions.

    The government encourages all clients, suppliers and businesses to switch to direct deposit, as those payments will not be impacted by any changes to postal services.

    Social Services Payments

    Building on the experience with the 2024 Canada Post service disruption, the Ministry of Social Services is preparing contingency plans for clients who receive benefit cheques by mail. Most ministry clients already receive benefit payments by direct deposit and these payments will continue as usual. We encourage clients to switch to direct deposit.

    Drug Plan and Extended Benefits 

    Residents requiring letters to submit to their private insurance providers for Special Support, Seniors’ Drug Plan, or Exception Drug Status may submit the request through the online Saskatchewan Formulary. Letters will be mailed once the Canada Post service disruption is resolved. 

    Health Cards and Vital Statistics Certificates

    Incoming and outgoing mail delays may affect applications for health cards and certificates for births, deaths or marriages. Visit eHealthsask.ca for options to minimize delays, including ordering online. 

    Crop Insurance/AgriStability Information and Payments 

    The Saskatchewan Crop Insurance Corporation (SCIC) will work with customers to determine alternate options for accessing information typically delivered through Canada Post, such as faxing, emailing or delivering to a local SCIC office for pick-up. Producers are encouraged to sign-up for direct deposit for receiving program payments. The direct payment form is available on SCIC’s website. 

    Payments to Government of Saskatchewan Suppliers

    The Ministry of Finance will make supplier cheques available for pickup in Regina for suppliers unable to register for direct deposit. Suppliers should call 306-787-7450 to make arrangements.

    Taxes, Refunds and Grant Payments

    In the event of a postal dispute, businesses are expected to ensure they file and pay taxes to the Ministry of Finance on time. Mail delays do not change tax deadlines or the assessment of penalties and interest. For more information, please review the Information Notice – IN 2025-03, Filing and Paying Provincial Taxes in the Event of a Postal Disruption.

    Tax clients are encouraged to sign up for the secure and convenient Saskatchewan eTax Services (SETS) online portal to file and pay taxes electronically and avoid any delays in meeting tax obligations. 

    Tax refunds and grant payments sent by direct deposit will not be delayed. Those who do not use direct deposit can call 1-800-667-6102 to set it up, delay the refund or grant payment, or request a courier delivery at their own cost.

    Crown Utility Accounts, Bills and More

    SGI, SaskTel, SaskPower and SaskEnergy invite customers to sign up for online billing and notifications to ensure they receive information about their utility bills, driver’s licence and vehicle registration renewals and other important communications. This helps avoid delays in receiving bills and account updates. Longer than usual wait times for customer service representatives are anticipated in the event of postal service disruptions, so customers are encouraged to visit the respective Crown websites or to call for more information regarding customer service options. Information is also available online regarding options for paying outstanding bills in the event mail-in payments are not possible.   

    Public Guardian and Trustee 

    The Public Guardian and Trustee’s office is preparing backup options for clients and client service providers who get payment cheques by mail. Many clients and service providers already use direct deposit and will not be affected. Clients and service providers are encouraged to switch to direct deposit as soon as possible. They can do so by contacting their trust officer or the Public Guardian and Trustee’s office at 1-877-787-5424 or by email at pgt@gov.sk.ca. 

    In the event of a postal strike, clients and suppliers and businesses can visit www.saskatchewan.ca/postal-strike for more detailed information.  

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: Carver Man Sentenced to More Than Two Years in Prison for Oxycodone Conspiracy

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    BOSTON – A Carver man was sentenced today in federal court in Boston for his involvement in an oxycodone conspiracy.

    Michael Atwood, 37, was sentenced by U.S. District Court Judge Denise J. Casper to 35 months in prison, to be followed by three years of supervised release. In November 2024, Atwood pleaded guilty in federal court in Boston to conspiracy to distribute and to possess with intent to distribute oxycodone pills. Campbell was indicted by a federal grand jury in August 2023 along with five co-conspirators.

    Between approximately November 2023 and June 2023, Atwood obtained oxycodone pills from co-defendant John Campbell that he redistributed to others. The amount of oxycodone pills that the defendant obtained from Campbell ranged from hundreds to more than a thousand at a time. On July 12, 2023, during a search of Atwood’s residence approximately $63,000 in cash was seized.

    In January 2025, Campbell was sentenced to four years in prison, to be followed by three years of supervised release.

    United States Attorney Leah B. Foley; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division; Colonel Geoffrey D. Noble, Superintendent of the Massachusetts State Police; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service’s Boston Division, made the announcement. Special assistance was provided by the Bureau of Alcohol, Tobacco, Firearms & Explosives; U.S. Coast Guard Investigative Service; Barnstable County Sheriff’s Office; and the Barnstable, Dennis, Bourne, Mashpee, Yarmouth, Sandwich and Falmouth Police Departments. Assistant U.S. Attorneys John T. Mulcahy, and Samuel R. Feldman of the Criminal Division and Alexandra Amrhein of the Asset Forfeiture Unit prosecuted the case.

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

    MIL Security OSI –

  • MIL-OSI: Euronext publishes Q1 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q1 2025 results

    Strong start of the year with growth of non-volume-related revenue, record FICC trading volumes and exceptional market volatility.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 14 May 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter 2025 using the new, simplified reporting framework1.

    • Q1 2025 revenue and income was up +14.1% at €458.5 million:

    Non-volume-related revenue and income represented 57% of total revenue and income and covered 158% of underlying operating expenses, excluding D&A2:

    • Securities Services revenues grew to €83.4 million (+6.8%), driven by double-digit growth in custody and settlement revenue;
    • Capital Markets and Data Solutions revenue grew to €157.4 million (+6.6%), driven by the continued commercial expansion of Euronext Corporate and Investor Solutions and Technology Services and the strong performance of Advanced Data Solutions, supported by the acquisition of GRSS and by retail participation;
    • Net treasury income was €18.6 million (+58.8%), demonstrating the benefits of the Euronext Clearing expansion and the internalisation of net treasury income following the derivatives clearing migration in Q3 2024.

    Volume-related revenue was driven by high market volatility in Q1 2025:

    • FICC3Markets reported €90.7 million of revenue (+25.1%), driven by record performance in fixed income trading and clearing, commodities trading and clearing and FX trading;
    • Equity Markets revenue grew to €108.4 million (+18.0%), reflecting high volatility.
    • Underlying operating expenses excluding D&A were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, combined with strong costs discipline, in line with the ramp-up of growth investments set out as part of Euronext’s underlying cost guidance of €670 million for the full year 2025.
    • Adjusted EBITDA was €294.1 million (+17.0%) and adjusted EBITDA margin was 64.1% (+1.6pts).
    • Adjusted net income was €183.5 million (+11.8%) and adjusted EPS was €1.80 (+13.9%).
    • Reported net income was €164.8 million (+17.9%) and reported EPS was €1.62 (+20.0%).
    • Net debt to EBITDA4was at 1.4x at the end of March 2025, within Euronext’s target range of the “Innovate for Growth 2027” strategic plan. On 22 April 2025, Euronext had successfully redeemed the €500 million bond issued in connection with the acquisition of Euronext Dublin in April 2018.

    Key figures for the first quarter of 2025:

    In €m, unless stated otherwise Q1 2025 Q1 2024 % var % var l-f-l3F5
    Revenue and income 458.5 401.9 +14.1% +12.9%
    Underlying operational expenses excluding D&A2 (164.5) (150.7) +9.1% +7.2%
    Adjusted EBITDA 294.1 251.3 +17.0% +16.4%
    Adjusted EBITDA margin 64.1% 62.5% +1.6pts +1.9pts
    Net income, share of the parent company shareholders 164.8 139.7 +17.9%  
    Adjusted net income, share of the parent company shareholders 183.5 164.2 +11.8%  
    Adjusted EPS (basic, in €) 1.80 1.58 +13.9%  
    Reported EPS (basic, in €) 1.62 1.35 +20.0%  
    Adjusted EPS (diluted, in €) 1.80 1.58 +13.9%  
    Reported EPS (diluted, in €) 1.61 1.34 +20.1%  

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

    “In the first quarter of 2025, Euronext has delivered a remarkable performance. We achieved record revenue and income of €458.5 million, driven by initial successes of the strategic initiatives, growth of non-volume-related revenue and exceptional volatility across trading and clearing activities, especially in cash equity, fixed income, FX, power and commodities. Our diversified business model has allowed us to invest in growth and reach an adjusted EBITDA of €294.1 million, marking a significant +17.0% increase compared to Q1 2024. In Q1 2025, we reached record adjusted EPS (basic) of €1.80 per share. Our reported EPS (basic) grew by an impressive +20.0% compared to Q1 2024, to €1.62 per share.

    We have launched significant initiatives of our ‘Innovate for Growth 2027’ strategic plan to reinforce Euronext as a leader in the European financial markets. The upcoming consolidation of settlement for Amsterdam, Brussels and Paris equity trades in Euronext Securities represents a significant optimisation of the European post-trade landscape. With this strategic move, we foster the integration and competitiveness of European capital markets at an unprecedented speed.

    The launch late April 2025 of a European Common Prospectus6in English will pursue this ambition. This new initiative facilitates access to European capital markets and addresses the need for a competitive, integrated Savings and Investment Union. In addition, we are proud to launch a comprehensive set of measures to support the financing needs of companies that contribute to Europe’s strategic autonomy7.

    The acquisition in May 2025 of Admincontrol8, leader in the governance SaaS space, accelerates the development of Euronext Corporate Solutions in the Nordics, and reinforces Euronext’s subscription-based revenue.

    With this strong first quarter of 2025, we demonstrate our capacity to innovate ahead of the curve, leading the way to a stronger, more innovative and more competitive European capital market.”

    Q1 2025 business highlights

    • Q1 2025 revenue and income
      Q1 2025 Q1 2024 % var % var l-f-l
    Revenue and income (in €m) 458.5 401.9 +14.1% +12.9%
    Securities Services 83.4 78.1 +6.8% +4.8%
    Capital Markets and Data Solutions 157.4 147.6 +6.6% +4.5%
    Net treasury income 18.6 11.7 +58.8% +58.8%
    FICC Markets 90.7 72.5 +25.1% +25.2%
    Equity Markets 108.4 91.9 +18.0% +18.0%
    Other income 0.1 0.2 N/A N/A
    • Non-volume-related revenue
      • Securities Services
      Q1 2025 Q1 2024 % var % var l-f-l
    Revenue (in €m) 83.4 78.1 +6.8% +4.8%
    Custody and Settlement 75.8 67.9 +11.6% +9.4%
    Other Post Trade 7.6 10.2 -25.3% -25.3%

    Revenue from Custody and Settlement this quarter was at €75.8 million, +11.6% compared to Q1 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.1 trillion, up +3.8% compared to end of Q1 2024. Over 39.3 million instructions were settled via Euronext Securities during the first quarter of 2025, up +9.3% compared to the first quarter of 2024.

    Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €7.6 million in Q1 2025. The -25.3% decrease compared to Q1 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

    • Capital Markets and Data Solutions
      Q1 2025 Q1 2024 % var % var l-f-l
    Revenue (in €m) 157.4                147.6                  +6.6% +4.5%
    Primary Markets 46.3 45.5 +1.8% +2.1%
    Advanced Data Solutions 65.1 60.2 +8.1% +3.7%
    Corporate and Investor Solutions and Technology Services 45.9 41.8 +9.8% +8.1%

    Primary Markets revenue was €46.3 million in Q1 2025, an increase of +1.8% compared to Q1 2024. The first quarter recorded slower equity listing performance explained by a volatile environment. Euronext sustained its leading position for equity listing with 8 new listings.

    Advanced Data Solutions revenue was €65.1 million in Q1 2025, up +8.1% compared to Q1 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

    Corporate and Investor Solutions and Technology Services revenue grew by +9.8% in Q1 2025 to €45.9 million. This strong performance reflects the continued commercial expansion of the governance SaaS offering, the increased use of colocation and microwave connectivity, and double-digit growth of investor solutions, supported by the acquisition of Substantive Research.

    Following the completion of the acquisition of Admincontrol on 13 May 2025, Admincontrol’s revenue will be integrated with Corporate and Investor Solutions and Technology Services revenue from Q2 2025.

    • Net treasury income

    Net treasury income was at €18.6 million (+58.8%). This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

    • Volume-related revenue
      • FICC Markets
      Q1 2025 Q1 2024 % var % var
    l-f-l
    Revenue (in €m) 90.7 72.5 +25.1% +25.2%
    Fixed income trading and clearing 51.8 39.1 +32.4% +32.4%
    Commodities9 trading and clearing 29.6 26.3 +12.8% +13.9%
    FX trading 9.2 7.1 +30.4% +26.5%

    Fixed income trading and clearing revenue reached €51.8 million in Q1 2025, up +32.4% compared to Q1 2024, driven by record fixed income trading activity supported by favourable market conditions.

    Commodities trading and clearing revenue reached €29.6 million in Q1 2025, up +12.8% compared to Q1 2024, reflecting record intraday power trading volumes and dynamic agricultural commodity trading and clearing.

    FX trading revenue was up +30.4%, at €9.2 million in Q1 2025, reflecting record trading volumes, and a positively geared volume mix.

    • Equity Markets
      Q1 2025 Q1 2024 % var % var
    l-f-l
    Revenue (in €m) 108.4 91.9 +18.0% +18.0%
    Cash equity trading and clearing 94.0 76.8 +22.5% +22.5%
    Financial derivatives trading and clearing 14.4 15.1 -4.8% -4.8%

    Cash equity trading and clearing revenue was €94.0 million in Q1 2025, up +22.5% driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.8 billion, up +31.8% compared to Q1 2024. Revenue capture on cash trading averaged 0.50 bps for the first quarter of 2025, impacted by higher volumes, stronger intraday volatility and larger average order size. Euronext market share on cash equity trading averaged 64.1% in Q1 2025.

    Financial derivatives trading and clearing revenue was €14.4 million in Q1 2025, -4.8% compared to Q1 2024. This decrease is mostly linked to the decrease of the average clearing fees, as following the clearing migration certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q1 2024.

    Q1 2025 financial performance

    In €m, unless stated otherwise Q1 2025 Q1 2024 % var % var
    l-f-l
    Revenue and income 458.5 401.9 +14.1% +12.9%
    Underlying operational expenses exc. D&A (164.5) (150.7) +9.1% +7.2%
    Adjusted EBITDA 294.1 251.3 +17.0% +16.4%
    Adjusted EBITDA margin 64.1% 62.5% +1.6pts +1.9pts
    Operating expenses exc. D&A (164.3) (159.4) +3.1% +1.2%
    EBITDA 294.2 242.6 +21.3% +20.6%
    Depreciation & Amortisation (48.3) (44.0) +9.8% +10.6%
    Total Expenses (inc. D&A) (212.6) (203.4) +4.6% +2.9%
    Adjusted operating profit 272.6 232.3 +17.4% +16.8%
    Operating Profit 245.9 198.6 +23.8%  
    Net financing income / (expense) (1.5) 4.7 N/A  
    Profit before income tax 244.4 203.3 +20.2%  
    Income tax expense (67.8) (54.7) +24.0%  
    Share of non-controlling interests (11.9) (8.9) +33.6%  
    Net income, share of the parent company shareholders 164.8 139.7 +17.9%  
    Adjusted Net income, share of the parent company shareholders10 183.5 164.2 +11.8%  
    Adjusted EPS (basic, in €) 1.80 1.58 +13.9%  
    Reported EPS (basic, in €) 1.62 1.35 +20.0%  
    Adjusted EPS (diluted, in €) 1.80 1.58 +13.9%  
    Reported EPS (diluted, in €) 1.61 1.34 +20.1%  
    • Q1 2025 adjusted EBITDA

    Underlying operating expenses excluding D&A1 were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, partially offset by cost discipline. In addition, Q1 2024 expenses were positively impacted by one-off releases.

    Driven by the double digit growth in revenue, adjusted EBITDA for the quarter reached €294.1 million, up +17.0% compared to Q1 2024. This represents an adjusted EBITDA margin of 64.1%, up 1.6pts vs. Q1 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +16.4% compared to Q1 2024.

    Q1 2025 non-underlying expenses profited from a one-off release of accruals. As a consequence, reported EBITDA was at €294.2 million, up +21.3% compared to Q1 2024.

    • Q1 2025 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €48.3 million in Q1 2025, +9.8% more than Q1 2024. PPA related to acquired businesses accounted for €20.4 million.

    Adjusted operating profit was €272.6 million, up +17.4% compared to Q1 2024.

    Euronext reported a net financing expense of €1.5 million in Q1 2025, compared to €4.7 million net financing income in Q1 2024. The variation reflects short-term FX movements and decreasing interest rates.

    Income tax for Q1 2025 was €67.8 million. This translated into an effective tax rate of 27.7% for the quarter, compared to 26.9% in Q1 2024.

    Share of non-controlling interests amounted to €11.9 million, correlated with the strong performance of MTS and Nord Pool.

    As a result, the reported net income, share of the parent company shareholders, increased by +17.9% for Q1 2025 compared to Q1 2024, to €164.8 million. This represents a reported EPS of €1.62 basic and €1.61 diluted. Adjusted net income, share of the parent company shareholders, was up +11.8% to €183.5 million. Adjusted EPS (basic) was €1.80. This increase reflects higher profit and a lower number of outstanding shares over the first quarter of 2025 compared to Q1 2024.

    The weighted number of shares used over the first quarter of 2025 was 101,695,588 for the basic calculation and 102,166,786 for the diluted calculation, compared to 103,640,164 and 104,040,256 respectively over the first quarter of 2024. The difference is due to the share repurchase programme executed by Euronext.

    In Q1 2025, Euronext reported a net cash flow from operating activities of €190.6 million, compared to €184.6 million in Q1 2024, reflecting higher profit before tax and higher income tax paid in Q1 2025. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 88.1% of EBITDA in Q1 2025.

    Q1 2025 corporate highlights since publication of the fourth quarter 2024 results on 13 February 2025

    • Euronext consolidates settlement on its markets to improve the competitiveness of European capital markets

    On 12 March 2025, Euronext has announced that from September 2026, Euronext Amsterdam, Brussels, and Paris will designate Euronext Securities as the central securities depository (CSD) for equity trade settlements. This aligns with Euronext’s “Innovate for Growth 2027” strategic plan and aims to enhance the competitiveness of European capital markets by addressing post-trade fragmentation. Currently, equity trade settlement in Europe is fragmented across over 30 CSDs. This initiative allows clients to consolidate settlement and custody activities across multiple markets into a single CSD, streamlining operations and enhancing liquidity. It also aids them adapting to regulatory changes, such as the move to T+1 settlement in October 2027. Additionally, Euronext has moved its own shares to Euronext Securities, showcasing the benefits of this consolidation for equity issuers.

    • Dividend payment schedule for 2025

    The Managing Board, upon the approval of the Supervisory Board, has decided to propose for approval at the Annual General Meeting the payment of a dividend of €2.90 per ordinary share (based on the total number of eligible shares). The dividend would be distributed evenly (pro rata the number of shares held) to holders of ordinary shares on the dividend record date set on 27 May 2025 (ex-dividend date is set on 26 May 2025 and payment date is set on 28 May 2025). This dividend represents a pay-out ratio of 50% of the reported net income, in line with Euronext’s current dividend policy.

    Corporate highlights since 1 April 2025

    • Euronext completes the acquisition of Admincontrol

    On 13 May 2025, Euronext announced the completion of the acquisition of 100% of the shares of Admincontrol for an enterprise value of NOK 4,650 million. This transaction complies with Euronext’s capital allocation policy, with a ROCE expected to exceed the WACC within three to five years post-closing11. Admincontrol will be part of Euronext Corporate Solutions, strengthening the development of the franchise in the Nordics and the UK. This acquisition supports Euronext’s strategy to expand its software-as-a-service (SaaS) offering and increases Euronext’s share of subscription-based revenue. Admincontrol has experienced double-digit growth over the past five years, with NOK 452 million in revenue and NOK 200 million in EBITDA in 202412. From the second quarter of 2025, Admincontrol’s revenue will be integrated into Euronext’s revenue line Corporate and Investor Solutions and Technology Services.

    • Launch of European Common Prospectus to accelerate capital market integration and boost IPO activity across the EU

    On 25 April 2025, Euronext has launched the European Common Prospectus, a standardised template for equity issuances, with the aim to integrate European capital markets more deeply. This initiative seeks to reduce regulatory fragmentation, enhance transparency, and promote cross-border investment. The prospectus, developed since November 2024, aligns with existing EU regulations and simplifies the listing process by reducing the required sections from 21 to 11. It uses English as the preferred language, facilitating cross-border access to capital. This new format benefits issuers by streamlining the listing process, and investors by providing consistency and comparability across EU jurisdictions. The full implementation of the Listing Act is expected by June 2026; but this prospectus addresses the immediate need to boost IPO activity in Europe in the meantime.

    • Euronext strengthens its support for European strategic autonomy

    On 6 May 2025, Euronext announced the implementation of a full set of initiatives to support investments in European strategic autonomy. This includes the creation of a new series of thematic indices covering companies that contribute to Europe’s strategic autonomy, tailored solutions to enhance equity financing of European aerospace and defence companies and facilitated issuance of European defence bonds13.

    • Euronext volumes for April 2025

    In April 2025, the average daily transaction value on the Euronext cash order book stood at €16.0 billion, up +44.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 712,389 lots, up +6.4% compared to April 2024, and the open interest was 25,388,147 contracts at the end of April 2025, up +6.4% compared to April 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $38.2 billion, up +33.1% compared to the same period last year. Average daily day-ahead power traded was 2.7TWh, down -3.5% compared to the same period last year, and average daily intraday power traded was 0.5TWh, up +37.4% compared to April 2024. MTS Cash average daily volumes were up +55.4% to €55.8 billion in April 2025, MTS Repo term adjusted average daily volume stood at €723.1 billion, up +50.1% compared to the same period last year. Euronext Clearing cleared 32,206,770 shares in April 2025, +58.2% compared to April 2024. €2,752 billion of wholesale bonds were cleared in April 2025 (double counted), up +19.7% compared to the same period in 2024. 1,098,474 bond retail contracts were cleared in April 2025 (double counted), down -18.0% compared to April 2024. The number of derivatives contracts cleared was 14,247,781, up +934.7% compared to April 2024 (single counted). Euronext Securities reported 12,506,259 settlement instructions in April 2025, up +14.0% compared to the same period last year. The total Assets Under Custody reached over €7.0 trillion in April 2025, up +3.0% compared to the same period last year.

    Results Webcast

    A webcast will be held on Thursday, 15 May 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

    Live webcast:

    For the live webcast go to: Webcast

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.
    Contacts

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

    Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

    Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Andrea Monzani         +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    Corporate Solutions        Andrea Monzani         +39 02 72 42 62 13                          

    About Euronext  

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

    As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this Appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Consolidated income statement

      Q1 2025 Q1 2024
    in €m, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 458.5 – 458.5 401.9 – 401.9
    Securities Services 83.4 – 83.4 78.1 – 78.1
    Custody and Settlement 75.8 – 75.8 67.9 – 67.9
    Other Post Trade 7.6 – 7.6 10.2 – 10.2
    Capital Markets and Data Solutions 157.4 – 157.4 147.6 – 147.6
    Primary Markets 46.3 – 46.3 45.5 – 45.5
    Advanced data solutions 65.1 – 65.1 60.2 – 60.2
    Corporate and Investor Solutions and Technology Services 45.9 – 45.9 41.8 – 41.8
    Net treasury income 18.6 – 18.6 11.7 – 11.7
    FICC Markets 90.7 – 90.7 72.5 – 72.5
    Fixed income trading and clearing 51.8 – 51.8 39.1 – 39.1
    Commodities income trading and clearing 29.6 – 29.6 26.3 – 26.3
    FX trading 9.2 – 9.2 7.1 – 7.1
    Equity Markets 108.4 – 108.4 91.9 – 91.9
    Cash equity trading and clearing 94.0 – 94.0 76.8 – 76.8
    Financial derivatives trading and clearing 14.4 – 14.4 15.1 – 15.1
    Other income 0.1 – 0.1 0.2 – 0.2
    Operating expenses excluding D&A (164.5) 0.1 (164.3) (150.7) (8.7) (159.4)
    Salaries and employee benefits (86.9) (0.5) (87.3) (80.7) (4.4) (85.1)
    Other operational expenses, of which (77.6) 0.6 (77.0) (70.0) (4.3) (74.3)
    System & communication (25.9) (0.1) (26.0) (24.6) (1.4) (26.0)
    Professional services (18.1) 1.0 (17.1) (11.9) (1.9) (13.8)
    Clearing expense (0.2) – (0.2) (9.1) – (9.1)
    Accommodation (4.6) (0.2) (4.8) (3.8) (0.3) (4.1)
    Other operational expenses (28.8) – (28.8) (20.6) (0.7) (21.3)
    EBITDA 294.1 0.1 294.2 251.3 (8.7) 242.6
    EBITDA margin 64.1%   64.2% 62.5%   60.4%
    Depreciation & amortisation (21.5) (26.8) (48.3) (19.0) (25.0) (44.0)
    Total expenses (185.9) (26.7) (212.6) (169.7) (33.7) (203.4)
    Operating profit 272.6 (26.7) 245.9 232.3 (33.7) 198.6
    Net financing income / (expense) (1.5) – (1.5) 4.7 (0.0) 4.7
    Profit before income tax 271.1 (26.7) 244.4 237.0 (33.7) 203.3
    Income tax expense (74.9) 7.1 (67.8) (63.4) 8.7 (54.7)
    Non-controlling interests (12.7) 0.9 (11.9) (9.3) 0.4 (8.9)
    Net income, share of the parent company shareholders 183.5 (18.8) 164.8 164.2 (24.5) 139.7
    EPS (basic, in €) 1.80   1.62 1.58   1.35
    EPS (diluted, in €) 1.80   1.61 1.58   1.34

    Adjusted EPS definition

      Q1 2025 Q1 2024
    Net income reported 164.8 139.7
    EPS reported 1.62 1.35
    Adjustments for non-underlying items included in:    
    Operating expenses exc. D&A                                       0.1 (8.7)
    Depreciation and amortisation                                   (26.8) (25.0)
    Minority interest 0.9 0.4
    Tax related to adjustments 7.1 8.7
    Adjusted net income 183.5 164.2
    Adjusted EPS 1.80 1.58

    Consolidated comprehensive income statement

      Q1 2025 Q1 2024
    Profit for the period 176.6 148.6
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations 16.9 (26.3)
    – Income tax impact on exchange differences on translation of foreign operations (1.1) 2.6
    – Gains and losses on cash flow hedges 2.2 –
    – Change in value of debt investments at fair value through other comprehensive income – 0.2
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		 – (0.1)
         
    Items that will not be reclassified to profit or loss:    
    – Remeasurements of post-employment benefit obligations (2.5) (0.3)
    Other comprehensive income for the period, net of tax 15.5 (23.8)
    Total comprehensive income for the period 192.1 124.8
         
    Comprehensive income attributable to:    
    – Owners of the parent 179.9 116.6
    – Non-controlling interests 12.2 8.2

    Consolidated statement of financial position

    in €m 31 March 2025 31 December 2024
    Non-current assets    
    Property, plant and equipment 107.4 106.2
    Right-of-use assets 88.2 57.5
    Goodwill and other intangible assets                                6,096.5                           6,096.2
    Deferred income tax assets 29.1 30.4
    Investments in associates and joint ventures                                          0.8                                    0.8
    Financial assets at fair value through OCI                                     357.0                               357.0
    Other non-current assets 3.4 3.5
    Total non-current assets 6,682.4 6,651.6
         
    Current assets    
    Trade and other receivables 574.2 412.9
    Income tax receivable 17.5 11.4
    Derivative financial instruments 2.2 –
    CCP clearing business assets 341,647.6 270,288.7
    Other current financial assets 59.5 63.8
    Cash & cash equivalents 1,642.3 1,673.5
    Total current assets 343,943.3                272,450.3
         
    Total assets 350,625.7 279,101.8
         
    Equity    
    Shareholders’ equity 4,224.6 4,245.2
    Non-controlling interests 161.7 156.8
    Total Equity 4,386.3 4,402.0
         
    Non-current liabilities    
    Borrowings 2,537.5 2,537.0
    Lease liabilities 71.7 46.2
    Other non-current financial liabilities 3.5 3.5
    Deferred income tax liabilities 495.1 496.8
    Post-employment benefits 23.0 21.0
    Contract liabilities 54.2 56.4
    Other provisions 7.0 7.2
    Total Non-current liabilities 3,192.1 3,168.2
         
    Current liabilities    
    Borrowings 524.0 516.5
    Lease liabilities 21.9 15.8
    Derivative financial instruments –                                         0.1
    CCP clearing business liabilities 341,695.3 270,357.9
    Income tax payable 99.3 91.1
    Trade and other payables 526.5 464.3
    Contract liabilities 176.2 80.1
    Other provisions 4.1 5.9
    Total Current liabilities 343,047.3 271,531.7
         
    Total equity and liabilities 350,625.7 279,101.8

    *The comparative figures for CCP clearing business assets and liabilities were both adjusted upwards by €69,713.3 million in the Universal Registration Document 2024 as published on 28 March 2025 due to an adjustment in the recognition of clearing business assets and clearing business liabilities, when compared to the positions in the press release dated 13 February 2025.

    Consolidated statement of cash flows

    in €m Q1 2025 Q1 2024
    Profit before tax 244.4 203.3
    Adjustments for:    
    – Depreciation and amortisation 48.3 44.0
               – Share based payments 3.9 3.9
    – Changes in working capital (37.4) (36.6)
    Cash flow from operating activities 259.2 214.7
    Income tax paid (68.6) (30.0)
    Net cash flows from operating activities 190.6 184.6
         
    Cash flow from investing activities    
    Purchase of current financial assets                                     (0.7) (21.7)
    Redemption of current financial assets                                      5.7 18.6
    Purchase of property, plant and equipment                                    (6.8) 0.1
    Purchase of intangible assets (23.0) (16.4)
    Interest received 10.3 10.4
    Proceeds from sale of property, plant, equipment and intangible assets                                         – 0.1
    Net cash flow from investing activities (14.6) (8.9)
         
    Cash flow from financing activities    
    Interest paid (0.8) (0.2)
    Payment of lease liabilities (5.5) (5.5)
    Transactions in own shares (204.5) (2.1)
    Dividends paid to non-controlling interests – (0.3)
    Net cash flow from financing activities (210.8) (8.2)
         
    Total cash flow over the period (34.8) 167.6
    Cash and cash equivalents – Beginning of period 1,673.5 1,448.8
    Non-cash exchange gains/(losses) on cash and cash equivalents 3.6 (6.8)
    Cash and cash equivalents – End of period 1,642.3 1,609.6

    Volumes for the first quarter of 2025

    • Securities Services
    Euronext Securities activity Q1 2025 Q1 2024 % var
    Number of settlement instructions over the period 39,317,842 35,963,785 +9.3%
    Assets under Custody (in €bn), end of period 7,132 6,871 +3.8%
    • Capital Markets
      Q1 2025 Q1 2024 % var
    Number of trading days 63 63 –
    Listings      
    Number of Issuers on Equities      
    Euronext 1,786 1,860 -4.0%
    SMEs 1,397 1,463 -5.0%
    Number of Listed Securities      
    Funds 2,163 2,392 -10.0%
    ETFs 4,158 3,861 +8.0%
    Bonds 55,645 56,862 -2.0%
    Capital raised on primary and secondary market      
    Total Euronext, (€ million)      
    Number of new equity listings 8 10  
    Money Raised – New equity listings (including over-allotment) 237 156 +52.0%
    Money Raised – Follow-ons on equities 2,850 8,012 -64.0%
    Money Raised – Bonds 316,716 380,183 -17.0%
    Total Money Raised 319,803 388,352 -18.0%
    of which SMEs      
    Number of new equity listings 8 9  
    Money Raised – New equity listings (including over-allotment) 237 156 +52.0%
    Money Raised – Follow-ons on equities 1,278 4,957 -74.0%
    Money Raised – Bonds 396 478 -17.0%
    Total Money Raised 1,911 5,591 -66.0%
    • FICC Markets

    Fixed income trading

      Q1 2025 Q1 2024 % var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 56,791 34,658 +64.0%
    TAADV MTS Repo 508,929 491,789 +3.0%
    Other fixed income      
    ADV Fixed income 1,932 1,744 +11.0%

    Fixed income clearing

    Number of transactions and lots cleared Q1 2025 Q1 2024 % var
    Bonds – Wholesale (nominal value in €bn – double counted) 8,160 7,392 +10.0%
    Bonds – Retail (number of contracts – double counted) 4,175,846 3,800,084 +10.0%

    Commodities markets

      Q1 2025 Q1 2024 % var
    Number of trading days              90 91 -1.1%
    Power volume (in TWh)      
    ADV Day-ahead Power Market          3.28 3.32 -1.2%
    ADV Intraday Power Market          0.43 0.29 +47.3%
      Q1 2025 Q1 2024 % var
    Number of trading days 63 63 –
    Derivatives Volume (in lots)      
    Commodity 7,886,335 7,193,909 +9.6%
    Futures 7,570,868 6,756,390 12.1%
    Options 315,467 437,519 -27.9%
    Derivatives ADV (in lots)      
    Commodity 125,180 114,189 9.6%
    Futures 120,173 107,244 12.1%
    Options 5,007 6,945 -27.9%
      31 March 2025 31 March 2024 % var
    Open interest (in lots)      
           
    Commodity 1,043,370 923,004 +13.0%
    Futures 841,449 584,361 +44.0%
    Options 201,921 338,643 -40.4%

    FX Markets

      Q1 2025 Q1 2024 % var
    Number of trading days 63 63 –
    FX volume ($m, single counted)      
    Total Euronext FX 1,856,742 1,583,472 +17.3%
    ADV Euronext FX 29,472 24,742 +19.1%
    • Equity Markets

    Cash trading

      Q1 2025 Q1 2024 % var
    Number of trading days 63 63 –
    Number of transactions (buy and sell)      
    Total Cash Market 188,721,610 152,340,714 +24.0%
    ADV Cash Market 2,995,581 2,418,107 +24.0%
    Transaction value (€ million, single counted)      
    Total Cash Market 867,015 657,688 +31.8%
    ADV Cash Market 13,762 10,439 +31.8%

    Cash clearing

    Number of transactions and lots cleared Q1 2025 Q1 2024 % var
    Shares (number of contracts – single counted) 76,849,676 58,446,470 +31.0%
    Derivatives (number of contracts – single counted) 42,112,910 5,823,089 +623.0%

    Financial derivatives markets

      Q1 2025 Q1 2024 % var
    Number of trading days 63 63 –
    Derivatives Volume (in lots)      
    Equity 34,226,575 32,815,066 +4.3%
    Index 11,889,419 12,477,980 -4.7%
    Futures 6,946,746 7,240,666 -4.1%
    Options 4,942,673 5,237,314 -5.6%
    Individual Equity 22,337,156 20,337,086 +9.8%
    Futures 489,757 574,911 -14.8%
    Options 21,847,399 19,762,175 +10.6%
           
    Derivatives ADV (in lots)      
    Equity 543,279 520,874 +4.3%
    Index 188,721 198,063 -4.7%
    Futures 110,266 114,931 -4.1%
    Options 78,455 83,132 -5.6%
    Individual Equity 354,558 322,811 +9.8%
    Futures 7,774 9,126 -14.8%
    Options 346,784 313,685 +10.6%
           
    Open interest (in lots) 31 March 2025 31 March 2024 % var
    Equity 23,589,360 21,831,754 +8.1%
    Index 1,052,853 878,571 +19.8%
    Futures 477,425 638,777 -25.3%
    Options 575,428 239,794 +140.0%
    Individual Equity 22,536,507 20,953,183 +7.6%
    Futures 165,404 564,408 -70.7%
    Options 22,371,103 20,388,775 +9.7%

    1www.euronext.com/en/media/13322/download
    2 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    3   Fixed income, commodities and currencies
    4 Last twelve months reported and adjusted EBITDA
    5 Like-for-like basis at constant currency
    6www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-european-common-prospectus-accelerate-capital
    7www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic
    8www.euronext.com/en/about/media/euronext-press-releases/euronext-completes-acquisition-admincontrol
    9 Including revenue from power trading and clearing
    10 For the total adjustments performed please refer to the Appendix of this press release
    11 The cashflow related to the transaction will be communicated as part of Q2 2025 results
    12 Unaudited figures
    13www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic

    Attachment

    The MIL Network –

  • MIL-OSI: Gabelli Healthcare & WellnessRx Trust (NYSE: GRX) Increases Quarterly Distribution 13% to $0.17 From $0.15 Annual Distribution to $0.68 From $0.60 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Healthcare & WellnessRx Trust (the “Fund”) approved an increase in the annualized distribution to $0.68 per share, which will be paid $0.17 per share quarterly, commencing with the quarterly distribution payable on June 23, 2025 to common shareholders of record on June 13, 2025.

    The Fund intends to pay a quarterly distribution determined by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

    Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 4% from net investment income, 80% from net capital gains and 16% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Bethany Uhlein
    (914) 921-5546

    About The Gabelli Healthcare & WellnessRxTrust
    The Gabelli Healthcare & WellnessRx Trust is a diversified, closed-end management investment company with $218 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE: GRX
    CUSIP – 36246K103

    THE GABELLI HEALTHCARE & WELLNESSRx TRUST
        Investor Relations Contact:
        Bethany Uhlein
        914.921.5546
        buhlein@gabelli.com

    The MIL Network –

  • MIL-OSI: Channel Factory Strengthens North American Leadership to Accelerate Growth and Expansion

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — Channel Factory, the global brand suitability and contextual advertising company, today announced several strategic leadership appointments to bolster its North American operations and drive the company’s next phase of growth, appointing Kevin Gentzel as President, Americas. Gentzel brings over two decades of experience leading revenue and transformation strategies at some of the world’s most recognized media and technology companies.

    This follows Channel Factory’s recent investment from Truelink Capital, which was specifically designed to help Channel Factory advance its future growth, and this announcement further reinforces that plan.

    In previous roles, Gentzel served as Global Chief Commercial and Growth Officer at Newsweek, was the first Chief Revenue Officer at Gannett and held the position of Head of Advertising Sales for North America at Yahoo. He has also held the position of Chief Revenue Officer at The Washington Post. During his time at The Washington Post as CRO, Gentzel helped lead the company through the Jeff Bezos acquisition. Gentzel was also the first CRO at Forbes Media, and under his leadership, the company developed the Forbes CMO Summit and Practice and launched “AdVoice” (now BrandVoice), an industry-leading version of branded content.

    Gentzel is a sought after voice at top industry conferences and has spoken at events to include Business Insider’s IGNITION, Financial Times’ Digital Media Summit in London, Forbes CMO Summit, and Digiday’s Publishing Summit.

    “As Channel Factory continues to scale and evolve, bringing on exceptional leaders is critical to realizing our vision. Kevin’s ability to drive innovation and business growth at the highest levels of media and technology makes him an invaluable addition to our executive team,” said Tony Chen Founder and CEO of Channel Factory.

    “This leadership investment underscores Channel Factory’s commitment to evolving its executive team to meet the growing needs of the digital media industry and support its ambitious expansion plans,” continued Chen.

    About Channel Factory
    Channel Factory is a global technology and data company that optimizes business performance and enhances brand reputation through ethical and effective contextual targeting. Utilizing proprietary AI and brand suitability technologically , Channel Factory ensures ads are placed on brand-safe, contextually relevant content across YouTube, CTV platforms, and social media, including Meta and TikTok. Through its conscious media planning, Channel Factory is committed to promoting sustainability, diversity, and positive content, helping brands achieve their goals while fostering a healthier digital ecosystem.

    Channel Factory has a presence in 31 countries across the Americas, Europe, the Middle East, Asia, and ANZ, providing advertisers with IAB standard category lists and customized content options in 49+ languages. For more information about Channel Factory, please visit http://www.channelfactory.com.

    Media Contact:
    Andrew Krepow
    andrew@broadsheetcomms.com

    The MIL Network –

  • MIL-OSI USA: Governor Stein Announces Additional 330 New Jobs Coming to Wayne County Production Facility

    Source: US State of North Carolina

    Headline: Governor Stein Announces Additional 330 New Jobs Coming to Wayne County Production Facility

    Governor Stein Announces Additional 330 New Jobs Coming to Wayne County Production Facility
    lsaito

    Raleigh, NC

    Today Governor Josh Stein joined business leaders and local officials to announce a major expansion for Prolec-GE Waukesha, Inc., one of the nation’s largest manufacturers of power transformers. The company will add 330 new jobs as it invests $140 million to build a second manufacturing facility in Goldsboro.

    “Prolec GE’s expansion in North Carolina further solidifies the state as a manufacturing powerhouse across all sectors,” said Governor Josh Stein. “Our strong economy and world-class workforce continue to give businesses the confidence to keep investing in North Carolina. We’re excited about Prolec GE’s commitment to Wayne County.”

    Prolec GE Waukesha is a subsidiary of GE Prolec Transformers, Inc., a U.S. joint venture between Xignux and GE Vernova, and is headquartered in Waukesha, Wisconsin. Prolec GE Waukesha engineers, manufactures, installs, and services high-quality power transformers for investor-owned utilities, co-ops, municipalities, renewable project developers, data centers and other industrial sites. The company will build a new state-of-the-art manufacturing plant at its existing site to support the growing demand for power grid capacity in the United States. With new, sophisticated equipment, this expansion will double the Goldsboro facility’s current production volume of medium power transformers.

    “It is essential for government, industry, and community leaders to collaborate early and frequently to drive growth in the manufacturing sector,” said Juan Ignacio Garza Herrera, Xignux CEO and Prolec GE Chairman. “This $140M investment reflects our long-term commitment to creating sustainable value for North America’s energy market and our pride in energizing life and society to contribute to a better world. Our collaboration with the state of North Carolina, Wayne County, and our joint venture partner, GE Vernova, will be instrumental in helping us turn this commitment into something tangible that will benefit our customers and all those that rely on the country’s power grid.” 

    “It’s not a coincidence that another energy company is deepening its roots in North Carolina,” said Commerce Secretary Lee Lilley. “Prolec GE’s expansion is a vote of confidence in our workforce training efforts, infrastructure improvements, and recruitment tools that are attracting growing companies to every corner of the state.”

    While salaries for the new positions will vary, the average annual salary is expected to be $71,912, which exceeds the Wayne County average of $46,211. These new jobs could create a potential annual payroll impact of more than $23.7 million to the local economy.

    Prolec GE’s operation in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1.05 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $4,696,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

    The project’s projected return on investment of public dollars is 106 percent, meaning for every dollar of potential cost to the state, the state receives $2.06 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

    “On behalf of Wayne County, we welcome Prolec GE’s expansion. The new jobs and the investment into our county will bring economic growth and stability to Eastern NC,” said Senator Buck Newton. “The people of Wayne County will continue to support this company as it grows to its full potential insuring the equipment necessary to provide reliable energy is made in America. I am looking forward to witness the benefits this project will bring.”

    “Announcements like these happen through collaboration,” said Representative John R. Bell, IV. “With the partnership and diligence of our state and local officials, as well as the economic developers, we’re able to inject another surge of energy into our regional economy through Prolec GE’s expansion.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, the North Carolina Community College System, Wayne Community College, North Carolina Global TransPark Economic Development Region, Wayne County, Wayne County Development Alliance, North Carolina’s Southeast, and Duke Energy. 

    May 14, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Republicans Advance Bill That Hikes Taxes For Working People And Cuts Taxes For Billionaires

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    Rep. Don Beyer (D-VA), who serves on the House Committee on Ways and Means and as the Senior Democrat on Congress’ Joint Economic Committee, voted against legislation offered by Republicans on the Ways and Means Committee that would cut taxes for the wealthy while doing little for regular people, and even raising taxes for many working Americans.

    Beyer said:

    “Democrats relentlessly fought for over 17 hours to protect Americans’ health care, lower costs, and support working people, while Republicans just as relentlessly fought to protect the wealthy.

    “At every turn, Republicans voted down amendments designed to prevent the majority of benefits of their tax bill from flowing to rich people. They defeated amendments to close the carried interest loophole, and to resume pre-Trump tax rates for the highest income bracket. They voted to protect an expansion of the estate tax, a tax cut that only benefits a small number of estates worth over $25 million, at a cost of hundreds of billions of dollars. Republicans even rejected an amendment that would simply have blocked their tax cuts from benefitting billionaires.

    “At the same time, Republicans rejected Democratic amendments to protect Americans’ health care. As new, nonpartisan estimates show nearly 14 millions at risk of losing coverage from this legislation, Republicans voted against amendments to prevent these life-threatening cuts. They also rejected our amendments to stop Trump’s trade war and stop attacks on American energy, effectively voting to sustain higher prices, destroy the American clean energy industry, and raise everyone’s electric bill in the process.

    “The biggest surprise of the markup came when JCT distribution tables, delayed by Republicans’ massive last-minute changes to the bill, revealed that tens of millions of working Americans will actually see a tax increase the year Trump leaves office under Republicans’ bill. This is largely because they made provisions like addressing taxes on tips and overtime pay temporary, as opposed to the cuts for the richest 1%, which they made permanent. The unavoidable truth is that Republicans’ core priority with this legislation was to benefit the wealthy at the expense of everyone else, and that is exactly what their bill does.”

    Beyer spoke in opposition to the bill at the outset of the markup, and offered amendments to bar people who earn over $100 million per year from benefitting from Republican tax cuts, and to close the carried interest loophole, both of which were defeated with all Republicans voting against. At the end of the 17-hour markup, Republicans advanced the bill on a party-line vote.

    Distribution tables produced after the beginning of the marathon markup session by the nonpartisan Joint Committee on Taxation (JCT), Congress’ designated scorekeeper on taxation and spending, showed that the most benefits of Republicans’ tax bill would flow to the wealthiest people in the country, while the lowest quintile of the population would see a tax increase beginning in 2029.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Estes Applauds Ways and Means Tax Legislation Vote

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

    Rep. Estes Applauds Ways and Means Tax Legislation Vote

    WASHINGTON – After about 18 hours of debate in the Ways and Means Committee, Rep. Ron Estes (R-Kansas) voted to advance the tax provisions as part of the full budget reconciliation bill. The tax legislation included several priorities from Rep. Estes.
     
    “The 2017 Tax Cuts and Jobs Act was a boon for families, small businesses, and our national economy, and allowing key provisions to expire would be devastating for Kansans,” said Rep. Estes. “I was pleased that our bill makes the lower tax rates for all Americans permanent, as well as extending and expanding the critical Child Tax Credit and increased standard deduction that benefits Kansas families and workers. Knowing that Americans are innovators and the need to encourage growth in the United States, the Ways and Means Committee included several of my priorities, including immediate expensing for research and development, tax parity for music creators and biofuel producers, and provisions that promote global competitiveness.”
     
    The tax legislation will be combined with the work from the other committees of jurisdiction, where it will then be marked up by the House Budget Committee, where Rep. Estes also serves.

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Tenney Celebrates the Passage of the One Big Beautiful Bill from the Ways and Means Markup

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Washington, DC – Congresswoman Claudia Tenney (NY-24) today released the following statement on the passage of “The One, Big, Beautiful Bill” from the House Ways and Means Committee Markup.

    “Today, the House Ways and Means Committee voted to advance our portion of the One, Big, Beautiful Bill to deliver on President Trump’s America First agenda. This landmark legislation makes several aspects of the 2017 Trump Tax Cuts permanent, including reduced tax rates for individuals and families, the doubled standard deduction, and the doubled child tax credit. Not only did we extend this tax relief for families and prevent a 25% tax hike on taxpayers in NY-24, but we also made permanent the 199A Small Business Deduction that was set to expire at the end of 2025, protecting 40,720 small businesses in NY-24 from being hit with a 43.4% tax rate. While this legislation did not include all of my initiatives, including the New Markets Tax Credit, Technology for Energy Security, BASIC Act, Susan Muffley Act, the High-Quality Charter Schools Act and various other legislative priorities, I understand that individual priorities do not take precedence over ensuring that American families, workers, and businesses do not face the largest tax hike in the history of our country. House Republicans are moving ahead with President Trump’s One, Big, Beautiful Bill, working to solidify the promises we made to the American people by strengthening our economy and providing direct tax relief to families, farmers, and small businesses in rural America,” said Congresswoman Tenney.

    Highlights of this portion of the One, Big, Beautiful Bill include language to:

    • Make the 2017 Trump Tax Cuts permanent, preventing a 25% tax hike on taxpayers in NY-24.
    • Renew and make permanent the 199A small business deduction critical for the success of Main Street.
    • Save the average American family $1,700, the equivalent of 9 weeks of groceries.
    • Establish Savings Accounts for newborns.
    • Increase the university endowment tax.
    • Repeal the 1099-K gig worker reporting threshold, which would require Venmo, PayPal, and gig transactions over $600 to be reported to the IRS.
    • Enhance the Opportunity Zone program to create over $100 billion in new investments in 10 years.
    • Deliver on President Trump’s no tax on tips priority.
    • Create 6 million jobs for American workers.
    • Extend and expand the doubled Death Tax Exemption for 2 million family-owned farms.
    • Modernize and enhance the Low Income Housing Tax Credit, a critical tool to help address our nation’s ongoing housing shortage.
    • Terminate the tax-exempt status of terrorist-supporting organizations.

    ###

    MIL OSI USA News –

  • MIL-OSI: Flex Launches Petition to Expand HSA/FSA Eligibility Across Women’s Health

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 14, 2025 (GLOBE NEWSWIRE) — In recognition of Women’s Health Month, Flex, the leading HSA/FSA payment solution for health and wellness brands, has launched a petition urging the IRS and U.S. Department of the Treasury to expand HSA/FSA eligibility across a broader range of essential women’s health products and services.

    While the CARES Act of 2020 marked a meaningful milestone by making menstrual care products eligible for tax-free reimbursement, many other vital women’s health needs remain excluded. For example, products to reduce or alleviate symptoms of menopause related to sexual function and pelvic floor often require Letters of Medical Necessity (LMN). The same is true for doula services and lactation consultants.

    “There is too much friction to use your HSA/FSA funds on essential women’s health products services,” said Sam O’Keefe, Co-Founder and CEO of Flex. “It’s time we align healthcare benefits with modern women’s health needs.”

    Paving the way for Women’s Health

    Flex’s petition calls for eligibility expansion to include medically recommended—but currently uncovered—items such as lactation support products, pelvic floor trainers, fertility support services, and postnatal supplements. These products and services play a crucial role in prevention, recovery, and overall well-being, yet millions of women are forced to pay out-of-pocket due to outdated policies.

    The petition is supported by over 20 leading women’s health brands—including Embr, LOLA, Daye, Bodily, Pumpin Pal, Lumen, Ingrid & Isabel and others—who are advocating for better access to the tools and treatments that empower women throughout every stage of life.

    Flex encourages consumers, healthcare professionals, and mission-aligned businesses to sign the petition and support broader access to tax-free healthcare dollars for women across the country.

    Sign the petition at: https://www.withflex.com/advocacy

    About Flex

    Flex enables health and wellness brands to accept HSA/FSA payments seamlessly. By unlocking access to over $150 billion in annual tax-free health spending, Flex helps merchants drive new revenue, increase cart sizes, and improve customer retention. Through its marketplace, eligibility tools, and telehealth services for Letters of Medical Necessity, Flex is reimagining how consumers use their health benefits—and advocating for broader, more inclusive coverage. Get started: www.withflex.com.

    The MIL Network –

  • MIL-OSI: Gabelli Equity Trust 10% Distribution Policy Reaffirmed and Declared Second Quarter Distribution of $0.15 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.15 per share cash distribution payable on June 23, 2025 to common stock shareholders of record on June 13, 2025.

    The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

    Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 2% from net investment income, 21% from net capital gains and 77% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Molly Marion
    (914) 921-5681

    About The Gabelli Equity Trust
    The Gabelli Equity Trust Inc. is a diversified, closed-end management investment company with $2.0 billion in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GAB
    CUSIP – 362397101

    THE GABELLI EQUITY TRUST INC
        Investor Relations Contact:
        Molly Marion
        (914) 921-5681
        mmarion@gabelli.com

    The MIL Network –

  • MIL-OSI Security: Charleston Man Sentenced for Federal Tax Crime

    Source: Federal Bureau of Investigation (FBI) State Crime News

    CHARLESTON, W.Va. – Luther A. Hanson, 72, of Charleston, was sentenced today to three years of federal probation, including eight months on home detention, and fined $5,000 for willful failure to pay over taxes. The Court previously determined that Hanson owed $146,771.37 to the United States Department of the Treasury as a result of his criminal scheme. Hanson paid the entire $146,771.37 prior to today’s sentencing.

    According to court documents and statements made in court, from at least 2015 to September 2020, Hanson willfully and intentionally did not withhold or pay over approximately $149,905.38 in employment taxes to the Internal Revenue Service (IRS) for two employees of his accounting services businesses. Hanson owns, manages, controls and operates The Estate Planning Group Inc. and L.A. Hanson Accounting Services, and the two employees provided accounting and account services for both.

    Hanson admitted that some time prior to June 30, 2015, he and the two employees agreed that he would begin treating them as independent contractors. Hanson further admitted that he knew this arrangement would relieve him of paying the employer portion of the employment taxes to the IRA and of withholding the employee withholdings of the two employees.

    As a result of this arrangement, Hanson paid gross wages by check to the two employees even though neither changed their job duties or responsibilities. Hanson admitted that he knew that neither was an independent contractor while he paid each by check throughout their continued employment. Hanson further admitted that he did not pay the trust fund taxes to the IRS that were owed and did not pay over the employer’s share of employment taxes for the two employees each quarter during the duration of this arrangement.

    One of the employees paid a portion of the taxes owed, resulting in the adjusted figure of restitution owed by Hanson.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Internal Revenue Service-Criminal Investigations (IRS-CI) and the Federal Bureau of Investigation (FBI).

    Senior United States District Judge John T. Copenhaver, Jr. imposed the sentence. Assistant United States Attorney Erik S. Goes prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-119.

    ###

     

    MIL Security OSI –

  • MIL-OSI United Kingdom: Change needed at sheltered plus schemes say councillors

    Source: City of Canterbury

    Home  »  Latest News   »   Change needed at sheltered plus schemes say councillors

    Change is desperately needed at Canterbury City Council’s Sheltered Plus housing schemes to save it and its tenants money and boost the quality of people’s homes. 

    That the is the conclusion of councillors from all political parties who took part in the Older Persons’ Accommodation Working Group after carefully examining the evidence. 

    Its report will be discussed by the Overview Committee at its meeting on 22 May. 

    The working group’s report says: “Sheltered Plus was put in place in 2018 with a large financial subsidy from the Housing Revenue Account (HRA) and a guarantee that it would remain unaltered for two years. 

    “The council has honoured that commitment and more. Six years have passed and the environment in which the council’s housing operates has changed dramatically and the status quo is not financially sustainable.” 

    The HRA is the dedicated account the council uses to pay for council housing and which tenants pay their rent into. 

    The report goes on: “The buildings are ageing and require significant capital investment for repairs, maintenance and modernisation. 

    “Many are dated with limited space [for tenants], no Wi-Fi or electric vehicle charging points.  

    “Society has changed dramatically since the schemes were designed and they no longer meet the needs or aspirations of many of today’s over-60s, which is reflected in limited demand.   

    “However, housing need in general is increasing and the council must make the best use of its scarce supply of affordable homes for the benefit of local households of all ages that desperately need a home. 

    “This review has conducted extensive research and the findings are clear.   

    “The full cost of the Sheltered Plus service is unaffordable to many because key elements of the service, such as night reassurance cover and the laundry service do not qualify for Housing Benefit, as they are personal care and not related to the provision of accommodation.   

    “The unfunded costs have been met by the HRA, which is not what it is intended for and, with the other financial pressures on the HRA, the situation is unsustainable. 

    “If the council is to survive as a social landlord, this hole in the finances must be addressed and services must adapt to changes in society to ensure they remain relevant for current and future generations.” 

    The working group recommendations include: 

    • standardising the service in sheltered housing and Sheltered Plus to provide a consistent service across the whole sheltered housing portfolio including removing the laundry service and stopping the provision of night reassurance cover 
    • reducing the number of Independent Living Managers 
    • improving the support provided by the Lifeline service 
    • expanding provision, including telecare and telehealth 
    • installing modern CCTV equipment, monitored by the council’s Central Control room 

    In its report, the working group recognises the current Sheltered Plus arrangements give tenants and their families peace of mind and make them feel secure. 

    It wants to listen closely to their views and concerns so we can take these fully into account before a decision is taken. 

    The same applies to those council staff members that would be affected. 

    The working group is recommending a comprehensive 12-week consultation.  

    This will include personal one-to-one meetings with tenants and their families as well as gathering the views of the Resident Engagement Panel and Independent Living Forum which represent tenants and meetings with key stakeholders. 

    The working group says each tenant would need a personalised support plan if the transition were to go ahead so residents are able to be carefully helped into the new arrangements. 

    The current Sheltered Plus service is unique and not found anywhere else in Kent.  

    It is provided at 127 properties across four schemes: 

    • Lang Court in Whitstable  
    • Cranmer House in Canterbury  
    • Collard House in Canterbury  
    • Whitgift Court in Canterbury  

    The service was designed through consultation with tenants and their families after Kent County Council withdrew its Supporting People Grant in March 2018. 

    They voted to keep and pay for services beyond standard sheltered housing including: 

    • an on-site, non-residential Independent Living Manager during weekday office hours 
    • a supported laundry service during weekdays because the kitchens of individual flats are too small to install a domestic washing machine, and tenants sometimes find the controls of the commercial-style machines in the communal laundry too heavy to operate 
    • on-call night reassurance service, seven nights a week, in case of emergency 
    • signposting to taking up activities, training, work or engaging with the community   
    • advice about accessing health care and social care.   

    At Whitgift Court and Lang Court there is a dedicated member of staff, whereas Collard House and Cranmer House share a member of staff and pay commensurately less.  

    The night reassurance service does not provide a hands-on response in an emergency but contacts the relevant service or family member.  

    The full cost of the Sheltered Plus service is too expensive for most tenants and a commitment was given by the council to subsidise the service for two years before it was reviewed, with the deficit underwritten by the HRA. 

    Both sheltered housing and Sheltered Plus are supported by the council’s Lifeline service which enables tenants to raise an alarm in an emergency. 

    The Overview Committee will meet at the Guildhall, St Peter’s Place, at 7pm on Thursday 22 May. 

    You can view the agenda and the working group’s full report here. 

    Published: 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: LEADER JEFFRIES: “THIS REALLY IS A MATTER OF LIFE AND DEATH AND IT’S ALL BEING DONE TO TRY TO ENACT MASSIVE TAX CUTS FOR MAGA BILLIONAIRE DONORS”

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, Democratic Leader Hakeem Jeffries appeared on MSNBC’s Morning Joe where he emphasized that Democrats will continue pushing back against the reckless Republican scheme to rip healthcare and nutritional assistance away from the American people. 

    MIKA BRZEZINSKI: This morning, the House Energy and Commerce Committee continues its marathon session on proposed Medicaid cuts that will be included in the Republican Party’s sweeping domestic policy bill. Let’s bring in House Minority Leader, Democratic Congressman Hakeem Jeffries of New York. It’s good to have you on sir. Tell us about those cuts. How will Americans be feeling them?

    LEADER JEFFRIES: Well, good morning. House Democrats are working hard through the night, both on the Energy and Commerce Committee and the Ways and Means Committee, to push back against this GOP Tax Scam, where they are trying to enact the largest Medicaid cut in American history north of $700 billion. And independent observers have confirmed that if the Republicans are successful in passing this GOP Tax Scam, then approximately 14 million people will actually lose their health coverage. Hospitals will close. Nursing homes will shut down. This really is a matter of life and death, and it’s all being done to try to enact massive tax cuts for MAGA billionaire donors like Elon Musk. It’s shameful.

    WILLIE GEIST: Leader Jeffries, I’m also looking deep into this bill at proposed cuts to SNAP. That’s food assistance for people across the country—red states, blue states, white, Black, Latino, you name it. $300 billion cuts proposed. What would be the impact of that?

    LEADER JEFFRIES: Republicans are literally ripping food out of the mouths of children and seniors and veterans. About 20% of households that have veterans living in them right now rely upon SNAP. And in addition to trying to jam this massive cut to healthcare down the throats of the American people, this would be the largest cut to nutritional assistance in the history of the United States of America. And so Republicans are really pushing an extreme agenda at this point in time, directed by Donald Trump. And unfortunately, what we’ve seen is that Republicans in the Congress continue to simply be a rubber stamp as opposed to standing up for the best interests of their constituents.

    KATTY KAY: Leader Jeffries, there’s so much going on around the country and so much news coming out of this administration that perhaps this bill is not getting the attention you may feel it deserves. I know there were protesters and some people arrested up on Capitol Hill this week. How can you make Democrats and Republicans who could lose in red states and rural areas as well from this bill—how can you make them more aware and get their voices heard so that changes could be made to the bill?

    LEADER JEFFRIES: Well, these cuts are deeply unpopular across the country, and we’re seeing that in district after district after district. One of the reasons why Republican House leaders have told their members to stop holding town hall meetings is because the American people in blue states, in swing states, in red states have been showing up protesting these proposed cuts to their healthcare, these proposed cuts in nutritional assistance, the efforts to hurt veterans. And so, we just have to keep the pressure on. We’re in a more-is-more environment. We’re doing town hall meetings in our districts and town hall meetings in Republican districts, rallies and speeches and demonstrations and sit-ins. We’ll continue to elevate for the American people the stakes of this battle. And all we need is to find four Republicans who are willing to do the right thing and we could stop this extreme budget from being enacted.

    JOE SCARBOROUGH: Let me circle back to an issue that we were talking about a month ago. And I’m just curious what Congress is doing, what Congress can do, what Democrats can do about USAID. We have a situation where you have the richest billionaire in the world slashing funding that’s going to ultimately take food out of the mouths of the poorest children on the planet. Now, USAID obviously was a congressionally-mandated agency. You all authorized the spending. You appropriated the spending. And I’m just curious, when does Congress circle back? Because I know there are a lot of Republicans on the Hill that don’t want PEPFAR cut, this Bush program that was inspired by his faith, his evangelical faith, saved over 25 million lives in Africa. We can talk about Catholic charities, Baptist charities. A lot of cuts, both secular and religious charities, helping the poorest across the world. What can Congress do to make sure that funding starts back up?

    LEADER JEFFRIES: Well, Joe, as you know, the Constitution gives Congress generally, and the House specifically, the power of the purse. And as the appropriations process begins at the conclusion of this Republican budget reconciliation effort, we’re going to have to strongly push our Republican colleagues to join us to make sure that congressionally-mandated funding, including as it relates to USAID, which helps the best interests of the United States of America. It’s the right thing to do. It’s a moral outrage that these funds have been cut, but it’s also a strategic outrage because what the Trump administration and Elon Musk are doing are undermining the soft power of the United States of America. And if we don’t step in to battle these humanitarian situations that are happening across the world, China will step in and that’s bad for the national security of the United States of America.

    MIKA BRZEZINSKI: House Minority Leader, Democratic Congressman Hakeem Jeffries of New York, thank you very much for coming on the show this morning. We appreciate it.

    LEADER JEFFRIES: Thank you.

    Full interview can be watched here.

    ###

    MIL OSI USA News –

  • MIL-OSI: Euronet’s Money Transfer Segment Adds Visa Direct to Expand Its Industry-Leading Dandelion Real-Time Payments Network

    Source: GlobeNewswire (MIL-OSI)

    BUENA PARK, Calif., May 14, 2025 (GLOBE NEWSWIRE) — Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and its Money Transfer segment (Ria Money Transfer, Xe and Dandelion) announced today a collaboration with Visa, a world leader in digital payments, to make Visa Direct available to its customers. Through this partnership, Dandelion extends its network as an industry leader, expanding its digital payout capabilities, which includes more than 3.2 billion mobile wallet accounts, 4 billion bank accounts, and 624,000 locations across nearly 200 countries and territories, to include 4 billion Visa debit cards.

    According to the World Bank, 52.8% of people aged 15 and above have a debit card. As such, debit card usage has become increasingly prevalent, with expansion being led by financial inclusion initiatives and the adoption of contactless payments.

    The Nilson Report estimates that debit and prepaid card transactions to purchase goods and services will reach USD$1.1 trillion worldwide by 2029. With this service expansion, Euronet’s Money Transfer segment continues to embrace evolving consumer trends by providing customers with an unmatched digital payout offering.

    With the partnership, Euronet’s Money Transfer customers can send funds within minutes to 4 billion Visa debit cards by simply providing the recipient’s name and debit card number. In addition, payment and account data information is dually safeguarded by Visa’s payment security infrastructure and Euronet’s robust compliance framework, offering both convenience and peace of mind for senders and receivers.

    “The shared mission of Euronet’s Money Transfer segment is to enable customers to manage their money movement however they prefer through straight-forward and convenient cross-border payment solutions,” said Juan Bianchi, Euronet’s EVP & CEO Money Transfer segment. “Thanks to this new relationship with Visa, we are now able to expand and enhance our digital offering while upholding the high security standards and impeccable delivery promise our cross-border, real-time payments network is known for.”

    “Visa supports our clients with innovative solutions for simple and secure money transfers. By integrating Visa Direct, Euronet’s Money Transfer segment is poised to further digitize its remittance offering with fast, secure and transparent push-to-card payments,” said Vera Platonova, Chief Revenue Officer and Global Head of Sales and Solutioning Teams, Visa Direct. “This partnership underscores our mutual commitment to delivering exceptional cross-border remittance services for end users around the globe.”

    This is the first step in Euronet and Visa’s collaboration, as both companies remain committed to fostering growth and driving innovation worldwide.

    About Euronet

    Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, point-of-sale (POS) services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. 

    A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,512 installed ATMs, approximately 1,214,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 735,000 POS terminals at approximately 358,000 retailer locations in 64 countries; and a global money transfer network of approximately 624,000 locations serving 199 countries and territories with digital connections to 4 billion bank accounts, 3.2 billion digital wallet accounts and 4 billion Visa debit cards through Visa Direct. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 offices worldwide. For more information, please visit the Company’s website at www.euronetworldwide.com.

    The MIL Network –

  • MIL-OSI: Enterprise Digital Asset Summit Returns, Highlighting Stablecoins & AI-Driven Finance at SF Tech Week

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 14, 2025 (GLOBE NEWSWIRE) — Bitwave, the leading enterprise digital asset finance platform, is thrilled to announce the Enterprise Digital Asset Summit (EDAS), returning for its highly anticipated fourth annual edition on October 8, at the iconic St. Francis Yacht Club in San Francisco.

    “For 2025, we’re embracing two transformative themes: the rise of stablecoin payments and the emergence of agentic AI in back-office operations. EDAS is where you come to learn how these innovations are reshaping enterprise finance,” said Pat White, CEO and Co-Founder of Bitwave.

    “These technologies aren’t theoretical anymore. Stablecoins are here, they’re working, and they’re driving real savings. And AI? It’s not just analyzing spend, it’s executing on-chain today.”

    This year, EDAS takes an exciting step forward by becoming an official part of SF Tech Week, the world’s largest decentralized technology conference presented by a16z, bringing together hundreds of top-tier founders, funds, and companies from around the globe. As digital assets continue to redefine the future of enterprise finance, EDAS remains the industry’s go-to gathering for fresh insights, dynamic thought leadership, and elevated networking opportunities.

    “The age of crypto is here. We are seeing an evolution across industries as more companies evaluate the use of digital assets from investing to operations, transactions and more,” said Rob Massey, Deloitte Tax LLP Partner, Global Tax Leader – Blockchain & Digital Assets.

    “With stablecoin volume and adoption on the rise, the market presents significant opportunities for prospective issuers. EDAS is a fantastic forum to discuss the possibilities and risks – there is much to consider.”

    What to Expect at EDAS 2025

    EDAS is a curated, one-day experience designed for CFOs, financial operators, auditors, accountants, and other enterprise leaders driving the future of finance. With a focus on real-world adoption and a compliance-first strategy, EDAS 2025 is your front-row seat to the next wave of financial innovation.

    Key features of EDAS 2025 include:

    • Dynamic sessions focused on enterprise stablecoin usage, AI-powered financial automation, on-chain payment adoption, and more.
    • A spotlight on agentic finance, exploring how these technologies are redefining accounting, treasury, and compliance.
    • World-class speakers from global institutions, crypto pioneers, and regulatory experts.
    • NASBA-certified continuing education opportunities for accounting and finance professionals.
    • Exclusive venue access at the historic St. Francis Yacht Club, offering unparalleled views of the Golden Gate Bridge and San Francisco Bay.
    • Integration with SF Tech Week — extending networking opportunities with founders, investors, and technologists across multiple disciplines.

    Past speakers and attendees have represented top-tier organizations including Deloitte, RSM, EY, KPMG, Circle, NetSuite, Google, Hedera, and more.

    “At EDAS, we’re not just exploring what’s next, we’re shaping it,” added Amy Kalnoki, Co-Founder and COO of Bitwave.

    “Whether you’re a Fortune 500 finance lead or a crypto-native innovator, this event delivers the practical insights and connections to lead in this new era of enterprise finance.”

    Now in its fourth year, EDAS continues to serve as the premier forum for enterprise finance leaders to unlock the promise of compliant, efficient, and forward-thinking digital asset adoption.

    How to Attend

    Limited early-bird passes are now available at edas.live. Attendees are encouraged to register early to secure access to this high-impact event.

    About Bitwave
    Bitwave is the #1 digital asset subledger and on-chain finance platform for businesses.

    Built for enterprises and institutions, Bitwave simplifies digital asset tax, accounting, and payment workflows for global finance teams – all with a comprehensive, audit-ready platform.

    Trusted by Fortune 100 leaders, Bitwave delivers the reliability, security, and control demanded by today’s leading finance teams. We enable the digital asset economy with scalable financial operations.

    For more, visit bitwave.io.

    Media Contact:
    Kaleb Leija
    VP of Marketing, Bitwave
    marketing@bitwave.io

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d555f10-1dd1-4d44-8f87-54270109b958

    The MIL Network –

  • MIL-OSI: Dan Starr and Mindy Creighton Truex Appointed to Lakeland Financial Corporation and Lake City Bank Boards of Directors

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., May 14, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN) and Lake City Bank announced today that Dan Starr and Mindy Creighton Truex have been appointed to their respective Boards of Directors.

    “Our boards represent the foundational building blocks of stable corporate governance, leadership and engagement in our Indiana communities and provide balanced and thoughtful feedback to our leadership team. The addition of Dan and Mindy brings two proven business and community leaders to the table,” said David M. Findlay, Chairman and CEO. “Our boards are an extension of the bank in our Indiana markets and are active partners in the focus to drive long-term shareholder value. Both Dan and Mindy share a strong commitment to building long-term relationships within their industries and communities, which fits perfectly with Lake City Bank’s community banking philosophy.”

    Starr is CEO of Do it Best Corp., a Fort Wayne-based member-owned hardware, lumber and building materials buying cooperative in the home improvement industry with thousands of member-owned locations across the United States and in more than 60 countries. He has been with Do it Best Corp. for two decades and held several leadership roles prior to becoming President and CEO in 2016. Before joining Do it Best Corp., Starr was a partner with Barnes & Thornburg LLP and served as the firm’s Business, Tax & Real Estate departmental administrator in Fort Wayne.

    “Lake City Bank plays a vital role in many communities across our state and joining the board is an exciting opportunity,” said Starr. “I look forward to contributing to the continued growth and momentum of the bank.”

    Starr has a juris doctor degree magna cum laude from the Indiana University School of Law. He has served in numerous board leadership roles within the greater Fort Wayne community, including the Northeast Indiana Innovation Center, St. Francis Family Business Center and Fort Wayne Ballet. He currently serves as chairman of the Parkview Health Board of Directors, as well as on the Manchester University Board of Trustees Outreach Committee and the Do it Best Foundation.

    Mindy Creighton Truex is President of Creighton Brothers Farms LLC, a Warsaw-based family-owned farm founded in 1925. With extensive experience in the agricultural sector, she has been instrumental in developing innovative initiatives with Creighton Brothers Farms, including educational and farm-to-table experiences. She has served in leadership roles with national and local agricultural advocacy organizations, including the American Egg Board, United Egg Producers, Indiana State Poultry Association and Purdue University Animal Science Department Dean’s Advisory Committee.

    “As a sixth generation Kosciusko County farmer, I’m honored to join the Lake City Bank and Lakeland Financial Corporation boards,” said Creighton Truex. “Lake City Bank has been a part of the fabric of our community since 1872 and I’m excited to help the bank continue to grow.”

    Creighton Truex has a bachelor’s degree in agribusiness management from Purdue University. She has served on the boards of many nonprofit organizations that impact her local community, including the Kosciusko County Visitor’s Bureau, Kosciusko County Community Foundation, Kosciusko County Leadership Academy, Purdue University’s Kosciusko County Agricultural Extension, Kosciusko County Farm Bureau, and United Way of Kosciusko County.

    Lakeland Financial Corporation (Nasdaq Global Select/LKFN) is a $6.9 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank, its single bank subsidiary, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in‐market long‐term customer relationships while delivering technology‐forward solutions for retail and commercial clients. For more information visit www.lakecitybank.com.

    Contact
    Luke Weick
    Marketing Manager
    574 267-9198, x47279 office
    260 431-7061 mobile
    luke.weick@lakecitybank.com

    The MIL Network –

  • MIL-OSI: Gregg Wheeler joins TXI as Chief Revenue Officer

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 14, 2025 (GLOBE NEWSWIRE) — TXI, a Chicago-based digital consultancy that helps companies turn complex data into usable digital tools, has appointed Gregg Wheeler as its new Chief Revenue Officer (CRO). Wheeler joins the team as TXI deepens its focus on digital transformation in industrial sectors and the rising demand for data- and AI-driven solutions.

    Wheeler brings more than 25 years of experience leading revenue strategy and business development at consulting and technology firms. He previously held leadership roles at Distillery, Solstice, and Kin + Carta, where he built growth teams, secured multimillion-dollar engagements, and led client partnerships across financial services, manufacturing, logistics, fintech, and agtech.

    As CRO, Wheeler is shaping how TXI brings its work to market. He’s refining sales processes, formalizing business development operations, and helping the company scale in a way that aligns with its approach: collaboratively, cross-functionally, and with long-term client success in mind.

    “Gregg brings the kind of steady, systems-minded leadership that helps teams grow with clarity and intention,” said Mark Rickmeier, CEO of TXI. “He leads our go-to-market strategy, refines sales operations and aligns our growth approach with evolving client needs—helping us scale in a way that stays true to how we work and what we value. That’s especially important as we continue to expand our work in emerging technologies and high-impact data initiatives.”

    Wheeler has worked alongside TXI’s executive team for years and understands how the company solves problems. His collaborative style fits naturally with TXI’s close-knit, high-trust approach to working internally and with clients.

    “What drew me to TXI was the rare combination of purpose, skill, and integrity,” said Wheeler. “It’s a team that tackles complex challenges with care and rigor and values how the work gets done just as much as the outcomes. I’ve respected TXI for years and am excited to help grow the business in a way that stays true to that mindset.”

    Wheeler’s appointment is part of TXI’s broader effort to bring more structure to its growth and modernize industry through data, AI, and emerging tech—while staying true to its founding values.

    About TXI
    TXI is an award-winning digital product agency headquartered in Chicago. For over 20 years, our team of strategists, designers, engineers, and delivery experts have created experience-led data products from concept to execution. Within the manufacturing, logistics, healthcare and education sectors, TXI partners with clients from startups to Fortune 100s to fuel growth by giving users the digital products they want to use. We blend product, design and engineering across web, mobile, IoT, and data into an integrated approach that is critical to our partners’ success. To learn more about TXI, visit txidigital.com.

    Media Contact:
    Rachel Morrison
    Rachel@Propllr.com

    The MIL Network –

  • MIL-OSI: Silynxcom Announces Record Annual Revenue of Approximately $9.1 million in 2024

    Source: GlobeNewswire (MIL-OSI)

    Netanya, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Silynxcom Ltd. (NYSE American: SYNX) (“Silynxcom” or the “Company”), a manufacturer and developer of ruggedized tactical communication headset devices, has released its consolidated financial results for the full year period ended December 31, 2024. 

    Key Financial Highlights for 2024:

    • Revenues for the year ended December 31, 2024 increased to a record of $9.1 million, up approximately 18% from the previous year. This growth reflects the Company’s ongoing expansion and product adoption.
       
    • Cash and cash equivalents as of December 31, 2024 totaled $3.2 million.
       
    • Gross profit for the year ended December 31, 2024 amounted to approximately $3.8 million, up 17% compared to $3.2 million from the same period in the previous year.

    Recent Corporate Highlights:

    • On April 2, 2025, the Company announced the closing of underwritten public offering of, for gross proceeds of approximately $2.9 million, before deducting underwriting discounts and offering expenses.
       
    • Entry into drone detection technology- the Company introduced an armored personnel carrier headset that enhances battlefield awareness by detecting drone noise while maintaining hearing protection.
       
    • Received $10 Million in orders from the Israel Defense Forces Since October 7, 2023.
       
    • Asia Pacific Growth- expanded sales operations in the Asia Pacific region.
       
    • Enhanced its position as a market innovator with new orders from militaries, special units and police departments worldwide.
       
    • Advanced its revolutionary in-ear communication solution with real-time vital signs monitoring.
       
    • Successfully completed field trials for its innovative product, aimed at boosting situational awareness and safety for armored personnel carrier crews and other heavy military vehicles, with a military force in Asia.

    The Company has filed its Annual Report on Form 20-F for the year ended December 31, 2024 (the “Annual Report”) with the U.S. Securities and Exchange Commission (“SEC”), which can be accessed on its website at https://www.silynxcom.com/. Shareholders may request, free of charge, a hard copy of the Annual Report, which includes Silynxcom’s complete audited consolidated financial statements for the year ended December 31, 2024, by contacting ir@silynxcom.com.

    About Silynxcom Ltd.

    Silynxcom Ltd. develops, manufactures, markets, and sells ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat-proven. The Company’s in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations, weapons training courses, and on the factory floor. The In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or by police officers in leading military and law enforcements units. The Company’s In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. The sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving their customers 360° situational awareness. The Company works closely with its customers and seek to improve the functionality and quality of the Company’s products based on actual feedback from soldiers and police officers “in the field.” The Company sells its In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units. The Company also deals with specialized networks of local distributors in each locale in which it operates and has developed key strategic partnerships with radio equipment manufacturers.

    For additional information about the company please visit: https://silynxcom.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 13, 2025, and other documents filed with or furnished to the SEC which are available on the SEC’s website, www.sec.gov. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Capital Markets & IR Contact

    Michal Efraty
    ir@silynxcom.com

    The MIL Network –

  • MIL-OSI: FDCTech Reports Over 58% Year-over-Year Revenue Growth in Q1 2025 Driven by Strong Performance Across All Business Segments

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Highlights Show Continued Growth and Operating Profitability. 

    Irvine, CA, May 14, 2025 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company,” PINK: FDCT), a fintech-driven firm specializing in acquiring and scaling small to mid-size legacy financial services companies, today announced its unaudited financial results for the three months ended March 31, 2025.

    Q1 2025 Financial Highlights

    • Total Revenue: $10.11 million for Q1 2025, up from $6.38 million in Q1 2024 — an increase of 58.59%, driven primarily by the full-period contribution from the Company’s Investment and Brokerage segment (Alchemy Markets Ltd. and Alchemy Prime Ltd.) and strong performance in the Technology segment.
    • Gross Profit: $5.18 million in Q1 2025, compared to $2.34 million in Q1 2024 — a growth of 121.32%.
    • Net Income: $301,002 in Q1 2025, compared to $833,445 in Q1 2024. The prior-year quarter included significant non-operating income.
    • Cash Position: $26.99 million as of March 31, 2025, up from $24.78 million at year-end 2024.
    • Working Capital: $10.08 million as of March 31, 2025, up from $9.10 million at year-end 2024.
    • Net Assets: $15.64 million as of March 31, 2025, up from $14.43 million at year-end 2024.

    Performance by Segment

    Investment and Brokerage

    • Revenue rose to $7.76 million in Q1 2025 from $4.61 million in Q1 2024 — an increase of 69%, following full consolidation of AML and APL operations and increased trading volume across European clients.

    Wealth Management

    • Revenue was $1.53 million in Q1 2025, consistent with $1.51 million in Q1 2024, reflecting stable advisor-led revenues at AD Advisory Services.

    Technology & Software Development

    • Revenue grew 218% to $0.81 million in Q1 2025 from $0.26 million in Q1 2024, driven by new licensing agreements and custom development projects for its proprietary Condor Trading platform.

    Strategic and Operational Highlights

    • Condor Investing & Trading App: The Company continues development and expects commercialization.
    • International Expansion: Opened and staffed new offices in Cyprus, Malta, and the UK. AML continues to onboard EU retail clients and expand product offerings under its MFSA license.
    • Client Growth: AML now services clients from Germany, France, and other EU countries, including the onboarding of over 2,631 clients from Next Markets and 35 clients from a Cypriot-based broker.
    • Product Offering Expansion: AML obtained MFSA authorization under Article 6 of the Investment Services Act to offer equities and money market securities, expanding its income-generating capabilities.

    FDCTech’s management remains committed to building a diversified and scalable financial services company. With a strong balance sheet, improved operational margins, and growth in core segments, the Company is well-positioned for continued expansion in FY 2025.

    Please visit our SEC filings or the Company’s website for more information on the full results and management’s plan.

    FDCTech, Inc.

    FDCTech, Inc. (“FDC”) is a regulatory-grade financial technology infrastructure developer designed to serve the future financial markets. Our clients include regulated and OTC brokerages and prop and algo trading firms of all sizes in forex, stocks, commodities, indices, ETFs, precious metals, and other asset classes. Our growth strategy involves acquiring and integrating small to mid-size legacy financial services companies, leveraging our proprietary trading technology and liquidity solutions to deliver exceptional value to our clients.

    Press Release Disclaimer

    This press release’s statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

    Contact Media Relations
    FDCTech, Inc.
    info@fdctech.com
    www.fdctech.com
    +1 877-445-6047
    200 Spectrum Center Drive, Suite 300,
    Irvine, CA, 92618

    The MIL Network –

  • MIL-OSI USA: Malliotakis Tax Provisions Included In “One, Big Beautiful Bill”

    Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

    Legislation to lower taxes for working Americans, senior citizens and middle class families passed by House Ways & Means Committee today

    (WASHINGTON, DC) – Today, Congresswoman Nicole Malliotakis announced that multiple pieces of legislation she authored, co-sponsored or championed are included in the House Ways and Means legislation that will be part of Republicans’ “One, Big, Beautiful Bill.” The bill passed out of the Ways and Means Committee by a vote of 26-19 following an 18-hour marathon meeting that concluded at 8:00 AM this morning.

     

    “Today is a great day for Staten Islanders and Brooklynites who are desperate for tax relief so they can keep more of their hard-earned money. I’m proud to have championed and successfully secured provisions into the tax package that will lower the taxes senior citizens pay on their Social Security income, increase the Standard Deduction and Child Tax Credit, and triple the State and Local Tax (SALT) deduction. These provisions will save individuals and families thousands of dollars annually, and with today’s passage out of Committee, we are a step closer to delivering relief.”

     

    Malliotakis also worked to ensure the Alternative Minimum Tax which, prior to 2017, hurt families with middle incomes, did not return, and that the reduced income tax brackets established in 2017 will be made permanent. Additionally, the legislation provides tax incentives for the expansion of domestic factories and manufacturing operations to repatriate our supply chain, create American jobs and protect our national security.

     

    Highlights of the “One, Big, Beautiful Bill” include:

     

    Bonus Deduction For Seniors: Would increase the additional bonus deduction for seniors age 65 and over from $1,950 to $5,950 for single filers, and from $3,100 to $11,100 for married couples for individuals with an adjusted gross income (AGI) less than $75,000 and couples with an AGI less than $150,000. This deduction phases down as adjusted gross incomes increases to $175,000 for individuals and $350,000 for married couples.

     

    Increases the SALT Deduction: The SALT deduction will be tripled to $30,000 covering 98% of NY-11.

     

    Prevents the Return of the Alternative Minimum Tax: Successfully stops the return of the Alternative Minimum Tax that crushed middle-income families.

     

    Increases the Standard Deduction: Increases the standard deduction to further lower taxable income for hardworking taxpayers and families to $16,300 for individuals and $32,600 for married couples.

     

    Expands the Child Tax Credit: Builds on the 2017 expansion by increasing the credit by an additional $500 to $2,500.

     

    No Tax on Auto Loan Interest: Makes auto loan interest on American-made car loans fully deductible for American families

     

    Other existing legislation sponsored or cosponsored by Malliotakis included in the bill are:

     

    • H.R. 1801 The Employer Participation in Repayment Act – extends tax-free employer reimbursement for students and college graduates is included in the package. Originally enacted under the March 2020 CARES Act, this provision allows employers to provide up to $5,250 annually tax-free to cover student loan payments, tuition, books, and course-related supplies. It is currently set to expire at the end of 2025, and would be made permanent.

    • H.R. 833 The Educational Choice for Children Act – expands education freedom and opportunity for students, the legislation creates a tax credit for individuals and businesses that make charitable donations to nonprofit organizations offering scholarships. These scholarships help cover K–12 education expenses for qualified students attending public or private schools, including special needs programs.

     

    For a full list of provisions that will benefit our economy, small businesses, individuals, and families visit: The House Committee on Ways and Means Website.

    MIL OSI USA News –

  • MIL-OSI Global: Detroit’s next mayor can do these 3 things to support neighborhoods beyond downtown

    Source: The Conversation – USA – By Deyanira Nevárez Martínez, Assistant Professor of Urban and Regional Planning, Michigan State University

    Detroit stands at a pivotal moment.

    Mayor Mike Duggan is preparing to leave office after 11 years at the end of 2025. The city’s next leader will inherit not only a revitalizing downtown but also neighborhoods like Belmont, Petosky-Otsego and Van Steuban that are grappling with housing instability and decades of neglect and disinvestment.

    My research on housing insecurity, homelessness and urban governance, along with broader scholarship on equitable development, suggests that Detroit’s future depends on more than marquee developments like the Michigan Central Station Development. It depends on strengthening neighborhoods from the ground up.

    Here are three strategies that could help Detroit’s next mayor build a just and resilient city by focusing on transitional neighborhoods:

    Stabilize housing and prevent displacement

    Stable housing is the foundation of thriving communities.

    Yet, housing instability in Detroit is both widespread and deeply entrenched. Before the pandemic, roughly 13% of Detroiters, or about 88,000 people, had been evicted or forced to move within the previous year. Families with children faced the highest risk.

    Many Detroiters had little choice but to remain in deteriorating housing, crowd into shared living arrangements or relocate elsewhere because of an estimated shortfall of 24,000 habitable housing units.

    While building more housing is essential, preventing displacement requires more than new construction. It also demands policies that preserve affordability and protect tenants. Researchers have found that household stabilization policies, such as legal representation in eviction court, rent control and property tax relief, have the most immediate impact.

    In Detroit, addressing the wave of expiring Low-Income Housing Tax Credit, or LIHTC, units remains an urgent priority. When units reach the end of their compliance period in this federal program, typically 15 years, owners are no longer required to maintain affordable rents and can raise prices. This “conversion to market rate” often results in the loss of affordable housing for low-income residents.

    In response to a projected loss of 10,000 units by 2023, Detroit launched the Preservation Partnership that secured affordability commitments for about 4,000 units. However, it remains difficult to determine exactly how many of the at-risk units were ultimately lost, and when, due to reporting lags, inconsistencies and overlapping affordability programs.

    Despite the city’s efforts, a 2023 analysis found that a substantial affordability gap persists, with many households unable to comfortably afford market-rate housing without spending more than 30% of their income, which is the standard set by the Department of Housing and Urban Development for affordability.

    The Michigan State Housing Development Authority continues to support affordable housing through tax credit allocations. However, a growing number of LIHTC properties in areas experiencing redevelopment are reaching the end of their affordability periods, putting them at risk of converting to market rate. National estimates suggest that nearly 350,000 units could lose affordability by 2030 and over 1 million by 2040 without sustained local and regional preservation efforts.

    Stabilizing Detroit’s housing market means ensuring that those who stayed during the hardest times are not pushed out as reinvestment takes hold. To achieve this, the next mayor could expand rental assistance and support tenant organizing efforts. This is particularly needed in transitional neighborhoods where renters come together to fight unfair evictions, improve housing conditions and push for more stable rents.

    Reclaim and reimagine vacant land for community benefit

    Many view Detroit’s vast tracks of vacant land, estimated in the hundreds of thousands of parcels, as blight. But they could also be seen as a public asset and a generational opportunity if brought together with the right public strategies.

    Land trusts can turn empty lots into valuable neighborhood spaces. A land trust is a nonprofit that holds land for the community and keeps housing affordable over the long term, a key to preventing displacement.

    Research also shows that greening strategies can improve community health, cohesion and equity. Cities like Philadelphia and Cleveland have launched urban greening initiatives that transform vacant lots into community gardens, small parks and tree-filled spaces. Research shows that these projects can help stabilize property values and strengthen neighborhoods by reducing blight, encouraging investment and creating safer, more attractive environments.

    Detroit has a land bank, a public agency that manages vacant and foreclosed properties. The city has also invested in some green infrastructure. But experts say that these efforts require stronger city leadership, teamwork across departments and real input from residents. These are areas where Detroit still has room to grow.

    By collaborating with residents to cocreate a land use vision, the next mayor could prioritize community ownership and ecological restoration instead of speculative redevelopment.

    Invest in social infrastructure

    Neighborhood strength is about more than buildings — it’s about people.

    As the Brookings Institution notes, economic opportunity is key to long-term safety, and investing in youth is a proven violence reduction strategy.

    Detroit’s neighborhoods have long faced a lack of investment in schools, recreation centers and social services. This leaves families vulnerable and fuels cycles of poverty and criminalization. Under these conditions, young people, especially Black and brown youth, are more likely to be policed, punished and pushed into the criminal justice system.

    A 2021 study found that the Detroit Public Schools Community District reported 2% of its students experienced homelessness, despite 16% of households with children reporting recent eviction or forced moves. This gap reveals major service and awareness gaps. And when families fall through those gaps, it’s often children who suffer the most.

    Addressing these gaps requires investing in mental health services, youth development programs and violence prevention, rather than relying solely on policing or incarceration. These approaches recognize that true public safety comes from access to stable jobs, quality education and supportive services that meet people’s health, housing and social needs. Some of the most effective strategies include restorative justice in schools and outreach to older adults and residents experiencing homelessness.

    These are not luxuries. They are essential infrastructure for neighborhood vitality.

    The work ahead

    Detroit is often held up as a cautionary tale of urban decline, or more recently, as a comeback story driven by downtown revitalization. But in my opinion, its true test lies in what comes next: whether the city can translate momentum into equity for the communities that have long been left behind.

    The next mayor has the chance to shift the narrative by centering housing justice, reclaiming land for public good and investing in the people who make Detroit a city worth fighting for.

    Read more of our stories about Detroit.

    Deyanira Nevárez Martínez is a trustee of the Lansing School District Board of Education and is currently a candidate for the Lansing City Council Ward 2.

    – ref. Detroit’s next mayor can do these 3 things to support neighborhoods beyond downtown – https://theconversation.com/detroits-next-mayor-can-do-these-3-things-to-support-neighborhoods-beyond-downtown-254755

    MIL OSI – Global Reports –

  • MIL-OSI Security: Former Owner of District Marijuana Dispensary Pleads Guilty to Over $1.2 Million in Federal Tax Evasion

    Source: Office of United States Attorneys

    WASHINGTON – Jennifer Brunenkant, 68, the founder and former owner of Herbal Alternatives II, LLC, a marijuana dispensary licensed in the District of Columbia, pleaded guilty today in connection with her years-long failure to pay federal income and employment taxes associated with her business.

    The plea was announced by U.S. Attorney Edward R. Martin Jr. and Executive Special Agent in Charge Kareem Carter of the Internal Revenue Service Criminal Investigation’s Washington D.C. Office.

    Brunenkant, of Washington, D.C., pleaded guilty before U.S. District Court Judge Loren L. AliKhan to attempting to evade or defeat tax. Judge AliKhan will determine any sentence for Brunenkant after considering the U.S. Sentencing Guidelines and other statutory factors.  Brunenkant is scheduled to be sentenced on Nov. 20, 2025.

    In pleading guilty, Brunenkant admitted that, from tax years 2017 to 2021, she failed to pay federal income and employment taxes that were due to the IRS in connection with substantial income she received from, and employees she had with, Herbal Alternatives II. Brunenkant further attempted to evade paying those taxes by falsely attesting on her annual Unincorporated Business Franchise Tax Forms, filed in the District of Columbia, that she had filed her federal income tax returns – when in fact she had not. Brunenkant continued trying to avoid detection when she repeatedly told law enforcement during a July 2023 interview that she had filed her returns.

    At Brunenkant’s sentencing hearing the government will seek restitution of more than $1.2 million, money due for Brunenkant’s unpaid federal income and employment taxes.

    This case was investigated by IRS Criminal Investigation. The matter is being prosecuted by Assistant U.S. Attorney Brian P. Kelly.

    25cr056

    MIL Security OSI –

  • MIL-OSI: Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.

    Highlights

    Financial results

    • Lower EBITDA(A)1, operating income and net earnings in Q1-2025
      • Production down 4% (1% on a Combined1 basis)2 from Q1-2024 and 10% (11%) below anticipated production1. Good weather conditions in Canada partially offset less favourable conditions in France.
      • EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.
      • Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.
      • Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.
    • Lower cash flow related to operating activities for the quarter but consistently strong balance sheet
      • Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.
      • Discretionary cash flows1 of $74 million for Q1-2025, down $4 million from Q1-2024.
      • $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing1 as at March 31, 2025.
      • Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.

    Update on development and construction activities

    • Start of production at the 106 MW Limekiln wind farm in Scotland
    • Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges
      • Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025.
      • Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning scheduled for in late 2026/early 2027.
    • 129 MW added to early-stage project pipeline

    “Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company’s growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    “During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,” Mr. Decostre added.

    ______________________________________________
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

    1st quarter highlights

    Three-month periods ended March 31

        Consolidated   Combined  
    (in millions of Canadian dollars, unless otherwise specified) (unaudited)   2025   2024   Change   2025   2024   Change  
                $   %           $   %  
    Power production (GWh)(1)   1,691   1,767   (76 ) (4 ) 2,334   2,355   (21 ) (1 )
    Revenues from energy sales and                                  
    feed-in premium   226   259   (33 ) (13 ) 267   291   (24 ) (8 )
    Operating income   65   106   (41 ) (39 ) 99   134   (35 ) (26 )
    EBITDA(A)   176   195   (19 ) (10 ) 199   218   (19 ) (9 )
    Net earnings   41   73   (32 ) (44 ) 41   73   (32 ) (44 )
    Net earnings attributable to                                  
    shareholders of Boralex   30   55   (25 ) (46 ) 30   55   (25 ) (46 )
    Per share – basic and diluted   $0.29   $0.53   ($0.24 ) (46 ) $0.29   $0.53   ($0.24 ) (46 )
    Net cash flows related to operating                                  
    activities   172   230   (58 ) (25 ) —   —   —   —  
    Cash flows from operations(2)   135   157   (22 ) (14 ) —   —   —   —  
    Discretionary cash flows   74   78   (4 ) (5 ) —   —   —   —  
    (1) Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed- in premium.
    (2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

    In the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2025, amounted to $226 million ($267 million), 13% (8%) lower than in the first quarter of 2024. The decrease was mainly attributable to the lower production and price impact in France, where Boralex had benefited from higher prices in the previous year. EBITDA(A) amounted to
    $176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024.

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements of fiscal 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, which is available in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs.

    Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 8 GW of wind, solar and energy storage projects.

    Dividend declaration

    The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. Boralex designates this dividend as an “eligible dividend” pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures

    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial measure Use Composition Most directly comparable IFRS measure
    Financial data – Combined (all disclosed financial data) To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    		 Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    		 Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less:

    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).

    		 Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Corporation’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Available cash and cash equivalents(1) To assess the cash and cash equivalents available, as at the balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing(1) To assess the total cash resources available, as at the balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents


    (1)     For more details on the reconciliation between the non-GAAP financial measure and the most directly comparable financial measure, see the Capital and liquidity – Available cash resources and authorized financing section in this report.

    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility – France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.


    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

          2025     2024
    (in millions of Canadian dollars) (unaudited) Consolidated Reconciliation(1) Combined Consolidated  Reconciliation(1) Combined
    Three-month periods ended March 31:            
    Power production (GWh)(2) 1,691 643 2,334 1,767 588 2,355
    Revenues from energy sales and feed-in            
    premium 226 41 267 259 32 291
    Operating income 65 34 99 106 28 134
    EBITDA(A) 176 23 199 195 23 218
    Net earnings 41 — 41 73 — 73
      As at March 31, 2025 As at December 31, 2024
    Total assets 7,582 924 8,506 7,604 872 8,476
    Debt – Principal balance 4,095 554 4,649 4,032 556 4,588
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $1 million under EBITDA(A) for the three-month period ended March 31, 2025 ($1 million as at March 31, 2024).
    (2) Includes compensation following electricity production limitations.


    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and restructuring costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

              2025           2024   Change
    2025 vs 2024
    (in millions of Canadian dollars) (unaudited) Consolidated   Reconciliation(1)   Combined   Consolidated   Reconciliation(1)   Combined   Consolidated   Combined
    Three-month periods ended March 31:                              
    EBITDA(A) 176   23   199   195   23   218   (19 ) (19)
    Amortization (74 ) (16 ) (90 ) (73 ) (15 ) (88 ) (1 ) (2)
    Impairment (6 ) —   (6 ) —   —   —   (6 ) (6)
    Other gains (losses) (4 ) —   (4 ) 4   —   4   (8 ) (8)
    Share in earnings of joint ventures                              
    and associates (28 ) 28   —   (19 ) 19   —   (9 ) —
    Change in fair value of a derivative                              
    included in the share in earnings of                              
    a joint venture 1   (1 ) —   (1 ) 1   —   2   —
    Operating income 65   34   99   106   28   134   (41 ) (35)
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.


    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended   Twelve-month periods ended  
      March 31   March 31   December 31  
    (in millions of Canadian dollars) (unaudited) 2025   2024   2025   2024  
    Net cash flows related to operating activities 172   230   157   215  
    Change in non-cash items relating to operating activities (37 ) (73 ) 236   200  
    Cash flows from operations 135   157   393   415  
    Repayments on non-current debt (projects)(1) (64 ) (65 ) (238 ) (240 )
    Adjustment for non-operating items(2) 5   —   11   7  
      76   92   166   182  
    Principal payments related to lease liabilities(3) (7 ) (6 ) (20 ) (19 )
    Distributions paid to non-controlling shareholders(4) (4 ) (18 ) (38 ) (52 )
    Additions to property, plant and equipment        
    (maintenance of operations) (2 ) (2 ) (10 ) (10 )
    Development costs (from statement of earnings) 11   12   56   57  
    Discretionary cash flows 74   78   154   158  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio.
    (2) For the twelve-month periods ended March 31, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.


    Available cash resources and authorized financing

    The Corporation computes the cash flow from operations and discretionary cash flows, as well as available cash resources and authorized financing, as follows:

    (in millions of Canadian dollars) (unaudited) As at March 31,
    2025    		   As at December 31,
    2024    		  
    Available cash and cash equivalents(1)        
    Cash and cash equivalents 388   592  
    Cash and cash equivalents held by entities subject to project debt agreements and restrictions (318 ) (526 )
    Bank overdraft (13 ) (5 )
    Available cash and cash equivalents 57   61  
    Credit facilities of the parent company    
    Authorized credit facility(2) 550   550  
    Amounts drawn under the authorized credit facility(3) (178 ) (157 )
    Unused tranche of the parent company’s credit facility 372   393  
    Unused tranche of the subsidiary’s credit facilities 75   69  
    Credit facilities available for growth(4) 447   462  
    Available cash resources and authorized financing 504   523  
    (1) Available cash and cash equivalents is a non-GAAP measure and doesn’t have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report.
    (2) Excluding the accordion clause of $200 million ($150 million as at December 31, 2024).
    (3) As at March 31, 2025, this amount included $13 million in letters of credit ($33 million as at December 31, 2024).
    (4) Credit facilities available for growth is a supplementary financial measure. For more details, see the Non-IFRS and other financial measures section in this report.


    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network –

  • MIL-OSI: Global-e Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the first quarter of 2025.

    “We had another quarter of strong results, demonstrating our ability to grow fast even within macroeconomic turbulent times with Q1 results coming in at or above the midpoints across our guidance. While the market remains volatile with a higher level of uncertainty given the on-going global duty tariff dynamics, our pipeline is very active and we see increased interest in our services.”

    We are also excited about the long term extension of our strategic partnership agreement with Shopify, which will allow us to take this partnership to the next level,” said Amir Schlachet, Founder and CEO of Global-e.”

    Q1 2025 Financial Results

    • GMV1 in the first quarter of 2025 was $1,243 million, an increase of 34% year over year
    • Revenue in the first quarter of 2025 was $189.9 million, an increase of 30% year over year, of which service fees revenue was $84.0 million and fulfillment services revenue was $105.9 million
    • Non-GAAP gross profit2 in the first quarter of 2025 was $86.3 million, an increase of 31% year over year. GAAP gross profit in the first quarter of 2025 was $84.1 million
    • Non-GAAP gross margin2 in the first quarter of 2025 was 45.4%, compared to 45.3% in the first quarter of 2024. GAAP gross margin in the first quarter of 2025 was 44.3%
    • Adjusted EBITDA3 in the first quarter of 2025 was $31.6 million compared to $21.3 million in the first quarter of 2024
    • Net loss in the first quarter of 2025 was $17.9 million compared to $32.1 million in the first quarter of 2024

    Recent Business Highlights

    • Announced a new 3-year strategic partnership agreement with Shopify, renewing the companies’ long-standing relationship for both 1P (i.e. Shopify Managed Markets) and 3P solutions
    • Launched our 3B2C offering allowing merchants to partially mitigate unnecessary price hikes in key destination markets, while avoiding the costs and effort involved in creating a full multi-local setup for specific markets
    • Revamped our Merchant Portal, adding two important Self-Service BI tools for merchants – a real time sales dashboard and a funnel analysis dashboard, and providing easier access to frequently used areas
    • Continued growing with brands across geographies and verticals, including:
      • Europe: Launched Subdued out of Italy and VIBAe footwear, Global-e’s first large merchant based in Finland
      • Sports clubs: Launched with Atletico Madrid in Spain
      • APAC: Multiple merchant launches including Threetimes and Samo Ondoh in Korea, T2Tea and Scarlet & Sam in Australia, Bandai-Namco, United Arrows Tabaya and Sacai in Japan, and many more
      • Expanded with a number of merchants including the launch of Adidas Hong Kong

    Q2 2025 and Full Year Outlook

    Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows:

    Q2 2025 and Full Year Outlook

    Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows:

      Q2 2025   FY 2025   Previous FY 2025
    (in millions)
    GMV (1) $1,387 – $1,427   $6,190 – $6,490   $6,190 – $6,490
    Revenue $204 – $211   $917 – $967   $917 – $967
    Adjusted EBITDA (3) $35 – $39   $179 – $199   $179 – $199

    1 Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

    2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

    3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

    Conference Call Information:

    Global-e will host a conference call at 8:00 a.m. ET on Wednesday, May 14, 2025.
    The call will be available, live, to interested parties by dialing:

    United States/Canada Toll Free: 1-800-717-1738
    International Toll: 1-646-307-1865
       

    A live webcast will also be available in the Investor Relations section of Global-E’s website at: https://investors.global-e.com/news-events/events-presentations

    Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

    The press release with the financial results will be accessible on the Company’s Investor Relations website prior to the conference call.

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

    • Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
    • Adjusted EBITDA, which Global-e defines as net profit (loss) adjusted for income tax (benefit) expenses, financial expenses (income) net, stock based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration, and acquisition related expenses.
    • Free Cash Flow, which Global-e defines as net cash provided by operating activities less the purchase of property and equipment.

    Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

    The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

    Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; our ability to retain existing merchants and to attract new merchants; our ability to anticipate merchant needs or develop or integrate new functionality or enhance our existing platforms to meet those needs; the impact of imposed tariffs or other trade regulations on our business and financial results; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to adapt our platform and services for the Shopify platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets and the introduction of new platforms and offerings; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a D2C model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events or conditions in individual markets such as financial and credit market fluctuations, war, climate change, and macroeconomic events; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

    About Global-E Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,400 brands and retailers across the North America, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Alan Katz
    Vice President, Investor Relations
    IR@global-e.com

    Press Contact:
    Sarah Schloss
    Headline Media
    Globale@headline.media 
    +1 786-233-7684

    Global-E Online Ltd.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
     
        Period Ended
         December 31,     March 31, 
         2024     2025 
          (Audited)        (Unaudited)  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 254,620     $ 207,716  
    Short-term deposits     183,475       183,229  
    Accounts receivable, net     41,171       34,700  
    Prepaid expenses and other current assets     84,613       116,967  
    Marketable securities     36,345       53,888  
    Funds receivable, including cash in banks     122,984       87,484  
    Total current assets     723,208       683,984  
    Property and equipment, net     10,440       10,453  
    Operating lease right-of-use assets     24,429       23,365  
    Deferred contract acquisition and fulfillment costs, noncurrent     3,787       3,836  
    Long-term investments and other long-term assets     8,313       8,213  
    Commercial agreement asset     66,527        29,510  
    Goodwill     367,566        367,566  
    Intangible assets, net     59,212        54,810  
    Total long-term assets     540,274       497,753  
    Total assets   $ 1,263,482     $ 1,181,737  
    Liabilities and Shareholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 79,559     $ 67,184  
    Accrued expenses and other current liabilities     141,551       117,852  
    Funds payable to Customers     122,984       87,484  
    Short term operating lease liabilities     4,347       4,366  
    Total current liabilities     348,441       276,886  
    Long-term liabilities:                
    Long term operating lease liabilities     20,510       19,508  
    Other long-term liabilities     1,098       1,088  
    Total liabilities   $ 370,049     $ 297,482  
                     
    Shareholders’ equity:                
    Share capital and additional paid-in capital     1,425,317       1,434,341  
    Accumulated comprehensive income (loss)     515       169  
    Accumulated deficit     (532,399 )     (550,255 )
    Total shareholders’ equity     893,433       884,255  
    Total liabilities and shareholders’ equity   $ 1,263,482     $ 1,181,737  
                     
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share and per share data)
     
        Three Months Ended  
        March 31,  
        2024     2025  
        (Unaudited)  
    Revenue   $ 145,873     $ 189,882  
    Cost of revenue     82,587       105,798  
    Gross profit     63,286       84,084  
                     
    Operating expenses:                
    Research and development     23,538       28,138  
    Sales and marketing     56,955       63,938  
    General and administrative     12,054       11,193  
    Total operating expenses     92,547       103,269  
    Operating profit (loss)     (29,261 )     (19,185 )
    Financial expenses (income), net     3,510       (1,870 )
    Loss before income taxes     (32,771 )     (17,315 )
    Income taxes     (720 )     541  
    Net earnings (loss) attributable to ordinary shareholders   $ (32,051 )   $ (17,856 )
    Basic and diluted net loss per share attributable to ordinary shareholders   $ (0.19 )     (0.11 )
    Basic and diluted weighted average ordinary shares     166,187,424       169,346,771  
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024   2025
        (Unaudited)  
    Operating activities                
    Net loss   $ (32,051 )   $ (17,856 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Depreciation and amortization     512       536  
    Share-based compensation expense     8,711       8,793  
    Commercial agreement asset amortization     36,296       37,017  
    Intangible assets amortization     5,002       4,402  
    Changes in accrued interest and exchange rate on short-term deposits     369       (842 )
    Unrealized loss (gain) on foreign currency     2,726       (1,477 )
    Accounts receivable     8,418       6,471  
    Prepaid expenses and other assets     2,685       (28,405 )
    Funds receivable     (7,688 )     (9,182 )
    Long-term receivables     708       101  
    Funds payable to customers     (30,857 )     (35,500 )
    Operating lease ROU assets     817       1,064  
    Deferred contract acquisition and fulfillment costs     (268 )     (101 )
    Accounts payable     (17,049 )     (12,375 )
    Accrued expenses and other liabilities     (30,228 )     (23,710 )
    Deferred tax liabilities     (1,424 )     –  
    Operating lease liabilities     (944 )     (983 )
    Net cash (used in) provided by operating activities     (54,265 )     (72,047 )
    Investing activities                
    Investment in marketable securities     (1,042 )     (17,768 )
    Proceeds from marketable securities     1,012       999  
    Investment in short-term investments and deposits     (56,949 )     (70,972 )
    Proceeds from short-term investments     58,000       67,059  
    Investment in long-term deposits     (31 )     –  
    Purchases of property and equipment     (882 )     (548 )
    Net cash (used in) provided by investing activities     108       (21,230 )
    Financing activities                
    Proceeds from exercise of share options     120       210  
    Net cash provided by financing activities     120       210  
    Exchange rate differences on balances of cash, cash equivalents and restricted cash     (2,726 )     1,477  
    Net increase (decrease) in cash, cash equivalents, and restricted cash     (56,763 )     (91,590 )
    Cash and cash equivalents and restricted cash—beginning of period     268,597       331,682  
    Cash and cash equivalents and restricted cash—end of period   $ 211,834     $ 240,092  
    Global-E Online Ltd.
    SELECTED OTHER DATA
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024
    		   2025  
        (Unaudited)  
    Key performance metrics      
    Gross Merchandise Value     929,510               1,242,514            
    Adjusted EBITDA (a)     21,260               31,563            
                                       
    Revenue by Category                                  
    Service fees     68,258       47 %     83,983       44 %  
    Fulfillment services     77,615       53 %     105,899       56 %  
    Total revenue   $ 145,873       100 %   $ 189,882       100 %  
                                       
    Revenue by merchant outbound region                                  
    United States     72,112       49 %     100,554       53 %  
    United Kingdom     41,276       28 %     41,747       22 %  
    European Union     26,343       18 %     33,530       18 %  
    Israel     316       0 %     401       0 %  
    Other     5,826       4 %     13,650       7 %  
    Total revenue   $ 145,873       100 %   $ 189,882       100 %  

    (a) See reconciliation to adjusted EBITDA table

    Global-E Online Ltd.
    RECONCILIATION TO Non-GAAP GROSS PROFIT
    (In thousands)
     
        Three Months Ended  
        March 31,  
          2024       2025  
        (Unaudited)  
    Gross profit     63,286       84,084  
                     
    Amortization of acquired intangibles included in cost of revenue     2,796       2,198  
    Non-GAAP gross profit     66,082       86,282  
    Global-E Online Ltd.
    RECONCILIATION TO ADJUSTED EBITDA
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024
    		   2025
        (Unaudited)  
    Net profit (loss)     (32,051 )     (17,856 )
    Income tax (benefit) expenses     (720 )     541  
    Financial expenses (income), net     3,510       (1,870 )
    Stock-based compensation:                
    Cost of revenue     180       267  
    Research and development     3,468       3,625  
    Selling and marketing     1,282       1,438  
    General and administrative     3,781       3,463  
    Total stock-based compensation     8,711       8,793  
                     
    Depreciation and amortization     512       536  
                     
    Commercial agreement asset amortization     36,296       37,017  
                     
    Amortization of acquired intangibles     5,002       4,402  
    Adjusted EBITDA     21,260       31,563  
    Global-E Online Ltd.
    RECONCILIATION TO Free Cash Flow
    (In thousands)
     
        Three Months Ended  
        March 31,  
          2024       2025  
        (Unaudited)  
    Net cash (used in) provided by operating activities     (54,265 )     (72,047 )
    Purchase of property and equipment     (882 )     (548 )
    Free Cash Flow     (55,147 )     (72,595 )

    The MIL Network –

  • MIL-OSI: LeddarTech Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, May 14, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), today provided a corporate update and announced financial results for the second quarter ended March 31, 2025.

    “We are executing our strategic plan to commercialize LeddarVision™ while we work to address our previously disclosed liquidity challenges. We are also excited to introduce an additional revenue stream, LeddarSim™—a next-generation simulation platform designed to close the gap between virtual testing and real-world deployment of ADAS and AD solutions. LeddarSim will play a critical role in training AI models to accelerate the deployment of ADAS and autonomous driving technologies,” said Frantz Saintellemy, President and CEO of LeddarTech. “In parallel, we are advancing production planning for our first OEM design win, and we are poised to leverage this success to secure additional contracts as the value of our platform becomes increasingly evident to automotive manufacturers.”

    Recent Business and Technology Highlights

    • Launched LeddarSim, a next-generation simulation platform designed to close the gap between virtual testing and real-world deployment.
    • Progressed OEM Design Win Toward Production: LeddarTech is actively providing engineering services to integrate its software platform into the 2028 model year vehicles of one of the world’s leading commercial vehicle OEMs. This design win is expected to generate non-recurring services revenue in fiscal year 2025.

    Customer Traction and Development

    LeddarTech has a robust pipeline of more than 30 active opportunities with original equipment manufacturers (OEMs), as well as Tier 1 and Tier 2 automotive suppliers, aimed at meeting growing consumer demand for enhanced safety features and addressing upcoming regulatory deadlines.

    Fiscal Second Quarter 2025 Financial Highlights1

    Revenue: Revenue for the fiscal second quarter of 2025, ending March 31, 2025, was $238,914, compared to $122,101 in the fiscal quarter ending March 31, 2024.

    Net loss: Net loss for the fiscal second quarter of 2025, ending March 31, 2025, was ($16.0) million, or ($0.42) per share, compared to a net loss of ($17.2) million, or ($0.60) per share, in the fiscal quarter ending March 31, 2024. The decreased net loss was primarily due to lower stock-based compensation and financing expenses, offset by higher R&D expense as we are no longer capitalizing R&D expense.

    EBITDA and adjusted EBITDA2: EBITDA loss for the second quarter of 2025, ending March 31, 2025, was ($8.4) million, compared to a ($14.0) million loss in the fiscal quarter ending March 31, 2024. The lower loss was primarily due to lower stock-based compensation and financing-related expenses, partially offset by higher R&D expense as we are no longer capitalizing a substantial portion of our R&D expenses as we were in the prior period. Adjusted EBITDA loss for the second quarter of 2025, ending March 31, 2025, was ($12.0) million, compared to adjusted EBITDA loss of ($8.7) million in the fiscal quarter ending March 31, 2024. The higher loss was primarily attributable to higher R&D expense as we are no longer capitalizing a substantial portion of our R&D expense.

    Balance Sheet and Liquidity3

    As of March 31, 2025, LeddarTech had a cash balance of approximately $9.2 million, which cash balance had declined to approximately $4.1 million as of May 8, 2025. Pursuant to the amended and restated financing offer dated as of April 5, 2023 with Fédération des caisses Desjardins du Québec (“Desjardins” and the financing offer, as amended, the “Desjardins Credit Facility”), the Company is required to maintain a minimum cash balance of $1.8 million at all times after April 1, 2025. If we are not able to raise additional capital in the next several days, we will be in default under this minimum cash covenant. Moreover, we are obligated to complete an equity financing pursuant to which we must raise an additional US$9.7 million in equity investments prior to May 23, 2025 in order to satisfy the requirement that we raise at least US$35.0 million in equity investments prior to that date. We are also required to produce a plan at the satisfaction of our lenders regarding a refinancing, recapitalization or any suitable transaction no later than May 16, 2025. Toward that end, we have engaged a financial advisor to do a comprehensive review of the options that are available to the Company. We are currently exploring all alternatives to secure the financing necessary to comply with the covenants in our debt arrangements and to continue to pursue our strategic goals. Failure to complete the equity financing by May 23, 2025 or to produce a plan for our lenders by May 16, 2025 constitute liquidity events that could trigger a requirement for us to repay all amounts under our Desjardins Credit Facility, under our bridge financing offer dated as of August 16, 2024 with the initial bridge lenders and certain members of management and the board of directors (collectively, the “Bridge Lenders”, and the financing offer, the “Bridge Facility”), and other indebtedness. At this time, we are not expecting to be able to complete the equity financing or to produce a plan that would be acceptable to all our lenders. Desjardins has expressed an unwillingness to provide additional financing to the Company, but has expressed a willingness to work toward a solution, and LeddarTech is currently engaged with Desjardins and the Bridge Lenders with respect to a potential solution that could result in additional financing for the Company as well as relief from the above-described minimum cash, equity financing and process plan covenants. While LeddarTech is seeking additional financing, we continue to consider all possible cost reduction measures. There is no assurance that such measures could be done successfully, or at all. In such circumstances, LeddarTech’s ability to continue as a going concern would be materially and adversely affected and investors in LeddarTech’s Common Shares could lose all or a substantial part of their investment. For more details, see our Management’s Discussion and Analysis filed with the U.S. Securities and Exchange Commission on the date hereof.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 190 patent applications (112 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    LeddarTech might, in the scope of collaborations, partnerships and projects, from time to time, collect with test vehicles personal information, i.e., information that directly or indirectly identifies members of the public. Collected personal information may be processed, used, stored and communicated by LeddarTech within the scope of developing and training our software and products. For further information about the processing activities, which include the collection, use, storage and communication of personal information, as well as the associated personal information protection rights and how to exercise them, please consult LeddarTech’s Privacy Policy.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.
    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    Continuing operations Q2-2025   Q2-2024  
    Revenues $238,914   $122,101  
    Loss from operations (13,348,106 ) (12,570,811 )
    Finance costs, net 2,710,512   4,741,236  
    Loss before income taxes (15,948,479 ) (17,221,982 )
    Net loss and comprehensive loss (15,961,864 ) (17,238,993 )
    Net loss and comprehensive loss attributable to Shareholders of the Company (15,961,864 ) (17,238,993 )
    Loss per share    
    Net loss per share (basic and diluted) (in dollars) (0.42 ) (0.60 )
    Weighted average common shares outstanding (basic and diluted) 37,573,262   28,770,930  
    EBITDA (loss) (8,394,400 ) (14,011,179 )
    Adjusted EBITDA (loss) (11,979,035 ) (8,729,399 )

      
    The following table sets forth a reconciliation of adjusted EBITDA and EBITDA to net loss reported in accordance with IFRS for the three months ended March 31, 2025 and 2024.

      Q2-2025   Q2-2024  
    Net loss from continued operations ($15,961,864 ) ($17,238,993 )
    Income taxes 13,385   17,011  
    Depreciation of property and equipment 146,882   91,626  
    Depreciation of right-of-use assets 186,356   35,316  
    Amortization of intangible assets (92,832 ) 180,248  
    Interest expenses 7,313,673   2,903,613  
    EBITDA loss from continuing operations (8,394,400 ) (14,011,179 )
         
    Foreign exchange gain (5,663 ) (13,188 )
    Loss (gain) on revaluation of financial instruments
    carried at fair value    		 (4,612,632 ) 1,884,686  
    Gain on lease modification –   (39,305 )
    Stock-based compensation 1,033,660   2,803,357  
    Transaction costs –   646,230  
    Adjusted EBITDA loss from continuing operations (11,979,035 ) (8,729,399 )

     
    Non-IFRS Financial Measures

    A non-IFRS financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in Company’s consolidated primary financial statements.

    In Q2-2024, the Company started to use two new non-IFRS financial measures because we believe these non-IFRS financial measures are reflective of our ongoing operating results and provide readers with an understanding of management’s perspective on and analysis of our performance.

    Below are descriptions of the non-IFRS financial measures that we use to explain our results and reconciliations to the most directly comparable IFRS financial measures.

    EBITDA (loss) is calculated as net earnings (loss) before interest expenses (income), deferred income taxes, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets.

    EBITDA (loss) should not be considered an alternative to net loss in measuring performance or used as a measure of cash flow.

    Adjusted EBITDA (loss) is calculated as EBITDA (loss), adjusted for foreign exchange gain (loss), loss (gain) on revaluation of financial instruments carried at fair value, gain or loss on lease modification, share‐based compensation, listing expense, transaction costs, restructuring costs and impairment loss on intangible assets.

    ____________________________
    1  All amounts in Canadian dollars except where otherwise noted.
    2  EBITDA and adjusted EBITDA are non-IFRS measures and are presented by the Company as they are used to assess operating performance. These non-IFRS measures do not have standardized meanings under IFRS and are not likely comparable to similarly designated measures reported by other corporations. The reader is cautioned that these measures are being reported in order to complement, and not replace, the analysis of financial results in accordance with IFRS. See “Non-IFRS Financial Measures” below.
    3  All amounts in Canadian dollars except where otherwise noted.

    The MIL Network –

  • MIL-OSI: Bitfarms Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Revenue of $67 million, up 33% Y/Y –
    – Gross mining margin of 43%, down from 63% from Q1 2024 –
    – Total energy pipeline of ~1.4 GW, ~80% based in the U.S. –
    – Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline – 

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.  

    CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.

    “We continued this momentum into Q2, having already secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors, to fund HPC data center development at our Panther Creek campus. Panther Creek has the scale, location, power availability, and fiber connectivity that is attracting notable HPC counterparties. This campus also has the quickest energization timeline of our three PA sites, and extensive work is underway on the Site Map Plans, development timelines, budgets and other key initiatives needed in order to begin construction.”

    CFO Jeff Lucas stated, “We are excited to have joined forces with Macquarie to finance our HPC business cost-effectively and with much less dilution than equity funding, creating long-term value for shareholders. In addition to funding the initial phase of our buildout of Panther Creek, their expertise and vast experience in HPC infrastructure financing will be integral as we look to further scale our project and expand to other sites within our portfolio.  With strong and steady mining economics, no plans for additional large miner purchases, minimal impact expected from potential tariffs, and near-term capital expenditures funded or with financing in place, we are confident that our strong financial position will enable us to efficiently and cost-effectively grow our HPC business in the U.S.” 

    Mining Operations

    • Current hashrate of 19.5 EHuM, up 200% from 6.5 EHuM as of March 31, 2024
    • Current efficiency of 19 w/TH, an improvement of 44% from 34 w/TH as of March 31, 2024

    Recent Strategic Developments 

    • Completed acquisition of Stronghold Digital Mining, Inc.
    • Completed sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies Ltd.
    • Secured private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ HPC data center potential
    • Strengthened management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure
    • Completed feasibility assessments for all U.S. sites with two strategic partners, ASG and World Wide Technology, advancing HPC/AI business
    • Initiated Bitcoin One program following the success of  Synthetic HODLTM program in 2024

    Q1 2025 Financial Highlights

    • Total revenue of $67 million, up 33% Y/Y
    • Gross mining margin of 43%, down from 63% in Q1 2024
    • General and administrative expenses of $20 million, inclusive of $2 million in non-recurring expenses related to closing transactions with Stronghold and Hive, compared to $13 million in Q1 2024
    • Operating loss of $32 million compared to an operating loss of $24 million in Q1 2024
    • Net loss of $36 million, or $0.07 per basic and diluted share compared to a net loss of $6 million or $0.02 per basic and diluted share in Q1 2024
    • Adjusted EBITDA* of $16 million, or 23% of revenue, down from $23 million or 46% of revenue in Q1 2024
    • The Company earned 693 BTC at an average direct cost of production per BTC* of $47,800
    • Total cash cost of production per BTC* was $72,300 in Q1 2025

    Liquidity**
    As of May 13, 2025, the Company had total liquidity of approximately $150 million. 

    Q1 2025 and Recent Financing Activities

    • Sold 428 BTC at an average price of $87,100 for total proceeds of $37 million in Q1 2025. Earned 268 BTC and sold 350 BTC during April 2025, generating total proceeds of $30 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives and to supplement our Bitcoin One market operations program.
    • As of May 13, 2025, the Company held 1,166 BTC.
    • Raised $24 million in net proceeds during January 2025 under the Company’s 2024 at-the-market equity offering program (“ATM”). During the period from January 24, 2025 through May 13, 2025, the Company issued zero shares through the ATM.

    Quarterly Operating Performance

      Q1 2025   Q4 2024   Q1 2024
    Total BTC earned                        693                             654                          943
    BTC received through hosting revenue                            6                               —                            —
    BTC sold                        428                             502                          941
      As of March 31,   As of December 31,   As of March 31,
      2025   2024   2024
    Operating EH/s                       19.5                            12.8                           6.5
    Average Watts/Average TH efficiency***                          20                               22                            35
    Operating capacity (MW)                        461                             394                          240
               

    Quarterly Average Revenue**** and Cost of Production per BTC*

      Q1 2025
    		   Q4 2024
    		   Q3 2024
    		   Q2 2024
    		   Q1 2024
    Avg. Rev****/BTC $ 92,500   $ 82,400   $ 60,900   $ 65,800   $ 52,400
    Direct Cost*/BTC $ 47,800   $ 40,800   $ 36,600   $ 30,600   $ 18,400
    Total Cash Cost*/BTC $ 72,300   $ 60,800   $ 53,700   $ 47,600   $ 27,900

    * Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.

    ** Liquidity represents cash and balance of unrestricted digital assets.

    *** Average watts represent the energy consumption of miners.

    **** Average revenue per BTC is for mining operations only and excludes Volta revenue and Hosting revenue.

    Conference Call 

    Management will host a conference call today at 8:00 am EST. All Q1 2025 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.  

    The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    Non-IFRS Measures*
    As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

    The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
     https://www.instagram.com/bitfarms/
     https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • BTC BTC/day = Bitcoin or Bitcoin per day
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Q/Q = Quarter over Quarter
    • Y/Y = Year over Year
    • Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements 
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy,  opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the ability to enhance the business of the Company through adding additional human resources and consulting groups to HPC/AI strategies, the benefits of a second principal office in the U.S., the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms  operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on  www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications and Marketing
    cbaker@bitfarms.com  

    Bitfarms Ltd. Consolidated Financial & Operational Results
     
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317     16,531     33 %
    Cost of revenues (67,390 )   (60,999 )   (6,391 )   10 %
    Gross loss (542 )   (10,682 )   10,140   (95)%
    Gross margin (1) (1)% (21)%   —     —  
             
    Operating expenses        
    General and administrative expenses (20,173 )   (13,196 )   (6,977 )   53 %
    Gain on disposition of property, plant and equipment and deposits 5,586     170     5,416   nm
    Impairment of non-financial assets (17,230 )   —     (17,230 ) (100)%
    Operating loss (32,359 )   (23,708 )   (8,651 )   36 %
    Operating margin (1) (48)% (47)%   —     —  
             
    Net financial income 2,110     11,443     (9,333 ) (82)%
    Net loss before income taxes (30,249 )   (12,265 )   (17,984 )   147 %
             
    Income tax recovery (expense) (5,626 )   6,285     (11,911 ) (190)%
    Net loss (35,875 )   (5,980 )   (29,895 )   500 %
             
    Basic and diluted net loss per share  (in U.S. dollars) (0.07 )   (0.02 )   —     —  
    Change in revaluation surplus – digital assets, net of tax (13,421 )   17,433     (30,854 )   (177 %)
    Total comprehensive income (loss), net of tax (49,296 )   11,453     (60,749 )   (530 %)
             
    Gross Mining profit (2) 28,043     31,340     (3,297 ) (11)%
    Gross Mining margin (2) 43 %   63 %   —     —  
    Adjusted EBITDA (2) 15,086     23,324     (8,238 ) (33)%
    Adjusted EBITDA margin (2) 23 %   46 %   —     —  

    nm: not meaningful

    1 Gross margin and Operating margin are supplemental financial ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
    2 Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
       
    Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA 
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317          16,531     33 %
             
    Net loss before income taxes (30,249 )   (12,265 )      (17,984 )   147 %
    Interest income (305 )   (302 )                (3 )   1 %
    Depreciation and amortization 29,693     38,977          (9,284 ) (24)%
    EBITDA (861 )   26,410        (27,271 ) (103)%
    EBITDA margin (1)%   52 %                —               —     
    Share-based payment 4,437     3,094            1,343     43 %
    Impairment of non-financial assets 17,230     —          17,230     100 %
    Gain on revaluation of warrants (5,618 )   (9,040 )          3,422   (38)%
    Gain on disposition of marketable securities (391 )   (338 )              (53 )   16 %
    Gain on settlement of Refundable Hosting Deposits (945 )   —              (945 ) (100)%
    Professional services not associated with ongoing operations 1,671     —            1,671     100 %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) —     2,387          (2,387 )   100 %
    Net financial (income) expense and other (437 )   811          (1,248 ) (154)%
    Adjusted EBITDA 15,086     23,324          (8,238 ) (33)%
    Adjusted EBITDA margin 23 %   46 %   —     —      
       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
       
    Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Gross loss      (542 )   (10,682 )      10,140   (95)%
    Non-Mining revenues¹ (1,985 )        (894 )       (1,091 )   122 %
    Depreciation and amortization   29,693       38,977         (9,284 ) (24)%
    Electrical components and salaries         877             708              169     24 %
    Sales tax recovery – prior years – energy and infrastructure²            —         2,028         (2,028 )   100 %
    Other            —         1,203         (1,203 )   100 %
    Gross Mining profit   28,043       31,340         (3,297 ) (11)%
    Gross Mining margin 43 %   63 %              —               —     

    nm: not meaningful

    (1 ) Non-Mining revenues reconciliation:
         
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues       66,848           50,317           16,531     33 %
    Less Mining related revenues for the purpose of calculating gross Mining margin:        
    Mining revenues³     (64,863 )       (49,423 )       (15,440 )   31 %
    Non-Mining revenues         1,985               894             1,091     122 %

    nm: not meaningful

    (2 ) Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    (3 ) Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.
         
    Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Infrastructure expenses      (3,677 )        (1,974 )        (1,703 )   86 %
    Sales tax recovery – prior years – energy and infrastructure (1)              —          (2,028 )          2,028     100 %
    Other              —                  —                  —     — %
    Direct Cost      33,143          17,312          15,831     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Direct Cost per BTC (in U.S. dollars)      47,800          18,400          29,400     160 %
                           
    Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    General and administrative expenses      20,173          13,196            6,977     53 %
           87,563          74,195          13,368     18 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Non-cash service expense (2)          (785 )                —              (785 ) (100)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Share-based payment      (4,437 )        (3,094 )        (1,343 )   43 %
    Professional services not associated with ongoing operations      (1,671 )                —          (1,671 ) (100)%
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)              —          (2,387 )          2,387     100 %
    Other              —          (2,744 )          2,744     100 %
    Total Cash Cost      50,100          26,285          23,815     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Total Cash Cost per BTC (in U.S. dollars)      72,300          27,900          44,400     157 %
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    2 Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

    The MIL Network –

  • MIL-OSI: Tower Semiconductor Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    9% year-over-year revenue growth

    Affirms sequential quarterly revenue growth target throughout 2025

    MIGDAL HAEMEK, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the first quarter ended March 31, 2025.

    First Quarter of 2025 Results Overview
    Revenues for the first quarter of 2025 were $358 million as compared to $327 million for the first quarter of 2024, representing 9% year-over-year revenue growth.

    Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, as compared to gross profit and operating profit of $73 million and $34 million in the first quarter of 2024, respectively. Gross and operating profits remain similar since the positive impact of the $31 million revenue increase was offset by the fixed costs of the new 300mm Agrate facility, as previously disclosed.

    Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share. First quarter of 2024 net profit was $45 million, reflecting $0.40 basic and diluted earnings per share, having been positively impacted by a non-recurring income tax benefit.

    Cash flow generated from operating activities in the first quarter of 2025 was $94 million. Investments in property and equipment, net, were $111 million and debt payments totaled $27 million.

    Corporate Credit Rating 
    On May 7, 2025, Standard & Poor’s Maalot (an S&P Global Ratings fully owned company) completed its annual rating review for the Company and reaffirmed its corporate credit rating as “ilAA, with a stable outlook”.

    Business Outlook
    Tower Semiconductor guides revenues for the second quarter of 2025 to be $372 million, with an upward or downward range of 5%, reflecting 6% year-over-year revenue increase; and reiterates its previously communicated company target for continued quarter-over-quarter revenue growth within 2025.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Wednesday, May 14, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter of 2025 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $94 million, $101 million and $110 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively (less cash used for investments in property and equipment, net (in the amounts of $111 million, $93 million and $98 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor 
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, such as announced for SiPho and SiGe, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease due to which he requested a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well as uncertainties associated with the ability to extend such lease or acquire the real estate and obtain the required local, state and/or other approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    (Financial tables follow)

       
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      March 31,   December 31,  
      2025   2024  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 274,818   $ 271,894  
    Short-term deposits 906,446   946,351  
    Trade accounts receivable 219,496   211,932  
    Inventories 276,072   268,295  
    Other current assets 51,429   61,817  
    Total current assets 1,728,261   1,760,289  
    PROPERTY AND EQUIPMENT, NET 1,346,213   1,286,622  
    OTHER LONG-TERM ASSETS, NET 34,131   33,574  
    TOTAL ASSETS $ 3,108,605   $ 3,080,485  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 27,490   $ 48,376  
    Trade accounts payable 118,318   130,624  
    Deferred revenues and customers’ advances 17,233   21,655  
    Other current liabilities 86,421   84,409  
    Total current liabilities 249,462   285,064  
    LONG-TERM DEBT 134,835   132,437  
    OTHER LONG-TERM LIABILITIES 22,293   22,804  
    TOTAL LIABILITIES 406,590   440,305  
    TOTAL SHAREHOLDERS’ EQUITY 2,702,015   2,640,180  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,108,605   $ 3,080,485  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (dollars and share count in thousands, except per share data)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    REVENUES $ 358,170     $ 387,191     $ 327,238  
    COST OF REVENUES 284,999     300,338     254,632  
    GROSS PROFIT 73,171     86,853     72,606  
    OPERATING COSTS AND EXPENSES:                
    Research and development 20,172     20,622     19,951  
    Marketing, general and administrative 20,101     19,812     18,670  
      40,273     40,434     38,621  
                     
    OPERATING PROFIT 32,898     46,419     33,985  
    FINANCING AND OTHER INCOME, NET 10,598     8,315     3,984  
    PROFIT BEFORE INCOME TAX 43,496     54,734     37,969  
    INCOME TAX BENEFIT (EXPENSE), NET   (3,779 )     (2,149 )   5,078  
    NET PROFIT 39,717     52,585     43,047  
    Net loss attributable to non-controlling interest 425     2,553     1,587  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    BASIC EARNINGS PER SHARE $ 0.36     $ 0.49     $ 0.40  
    Weighted average number of shares 111,575     111,493     110,840  
    DILUTED EARNINGS PER SHARE $ 0.35     $ 0.49     $ 0.40  
    Weighted average number of shares 113,152     112,967     111,627  
     
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    Stock based compensation and amortization of acquired intangible assets 10,335     11,258     7,209  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 50,477     $ 66,396     $ 51,843  
    ADJUSTED EARNINGS PER SHARE:                
    Basic $ 0.45     $ 0.60     $ 0.47  
    Diluted $ 0.45     $ 0.59     $ 0.46  
                     
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
    (dollars in thousands)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 271,894     $ 270,979     $ 260,664  
    Net cash provided by operating activities 93,922     100,816     110,038  
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Debt received (repaid), net   (26,874 )   2,795       (8,409 )
    Effect of Japanese Yen exchange rate change over cash balance 2,817       (4,972 )     (2,665 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net 44,470       (4,328 )     (1,113 )
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
                     
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three months ended
        March 31,     December 31,     March 31,
        2025     2024     2024
    CASH FLOWS – OPERATING ACTIVITIES                      
    Net profit for the period $ 39,717     $ 52,585     $ 43,047  
    Adjustments to reconcile net profit for the period                      
    to net cash provided by operating activities:                      
    Income and expense items not involving cash flows:                      
    Depreciation and amortization *   74,228       75,820       59,544  
    Other expense, net   558       12,439       5,993  
    Changes in assets and liabilities:                      
    Trade accounts receivable   (6,354 )     (19,034 )     (6,489 )
    Other current assets   5,622       (36,464 )     (13,454 )
    Inventories   (4,128 )     (3,356 )     (23,703 )
    Trade accounts payable   (11,114 )     18,320       32,559  
    Deferred revenues and customers’ advances   (4,432 )     (8,712 )     (1,931 )
    Other current liabilities   3,718       7,057       16,868  
    Other long-term liabilities   (3,893 )     2,161       (2,396 )
    Net cash provided by operating activities   93,922       100,816       110,038  
    CASH FLOWS – INVESTING ACTIVITIES                      
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net   44,470       (4,328 )     (1,113 )
    Net cash used in investing activities   (66,941 )     (97,724 )     (99,131 )
    CASH FLOWS – FINANCING ACTIVITIES                      
    Debt received (repaid), net   (26,874 )     2,795       (8,409 )
    Net cash provided by (used in) financing activities   (26,874 )     2,795       (8,409 )
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   2,817       (4,972 )     (2,665 )
                           
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   2,924       915       (167 )
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD   271,894       270,979       260,664  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
     
    * Includes stock based compensation and amortization of acquired intangible assets in the amounts of $10,335, $11,258 and $7,209
    for the 3 months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    The MIL Network –

  • MIL-OSI: Calian Reports Results for the Second Quarter

    Source: GlobeNewswire (MIL-OSI)

    (All amounts in release are in Canadian dollars)

    OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a mission critical solutions company, with a focus on defence, space, healthcare and strategic growth markets, today released its results for the second quarter ended March 31, 2025.

    “Our consolidated second quarter results reflect momentum in some areas, whilst challenging headwinds in others,” said Kevin Ford, Calian CEO. “Our defence solutions in both North America and Europe grew by 13%, highlighting the increasing need for global security and operational readiness. Our ITCS business saw a more challenging environment due to slower customer demand, and one-time investments we have made to re-position our offerings for long-term growth.”

    Q2-25 Highlights:

    • Revenue at $194 million
    • Gross margin at 33.4%
    • Adjusted EBITDA1 of $17 million
    • Operating free cash flow1 of $10 million
    • Very strong signings of $248 million
    • Growth in our defence end market solutions of 13%
    • Since the launch of the NCIB, the Company repurchased 416,812 shares, or 4% of the float, in consideration of $19.7 million
    • Increasing NCIB – plan to repurchase up to 6% of float in FY25
    • Guidance withdrawn due to ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment
    • Completed the acquisition of Advanced Medical Solutions (“AMS”) after quarter end

    “Given ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment,  we have made the decision to withdraw our guidance. Despite this, we remain confident in the future growth of Calian given strong momentum in signings, our backlog of close to $1.4 billion, including AMS, optimism around defence spending and a robust M&A pipeline – underscored by our most recent acquisition of AMS.”

                       
    Financial Highlights Three months ended Six months ended
    (i(in millions of $, except per share & margins) March 31, March 31,
      2025     20242   %   2025     20242   %
    Revenue 193.7     201.3   (4)%   378.7     380.4   — %
    Adjusted EBITDA1 17.4     27.2   (36)%   35.2     48.5   (27)%
    Adjusted EBITDA %1 9.0 %   13.5 % (450)bps   9.3 %   12.7 % (340)bps 
    Adjusted Net Profit1 11.1     19.0   (42)%   21.5     33.0   (35)%
    Adjusted EPS Diluted1 0.93     1.58   (41)%   1.81     2.73   (34)%
    Operating Free Cash Flow1 9.8     21.0   (53)%   22.9     38.2   (40)%
                       
                       

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
    2 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

    Access the full report on the Calian Financials web page.

    Register for the conference call on Wednesday, May 14, 2025, 8:30 a.m. Eastern Time.

    Second Quarter Results

    Revenues decreased 4%, from $201 million to $194 million. Acquisitive growth was 4% and was generated by the acquisitions of the nuclear assets from MDA Ltd and Mabway completed last year. Organic growth was down 8% primarily due to reductions in the ITCS segment, partially offset by 51% organic growth in nuclear services, GNSS antenna products and defence solutions.

    Gross margin stood at 33.4% slightly down compared to the same period last year and it represents the 12th quarter above the 30% mark. Adjusted EBITDA1 stood at $17 million, down 36% from $27 million last year, due to revenue slow downs in the current year, combined with a slight decrease in margin percentage, and investments made in selling and marketing efforts to build pipeline for future years. In the United States macro-economic uncertainty resulted in more cautious customer behavior and the Canadian election one month prior to our quarter end did impact the timing of revenues. As a result, adjusted EBITDA1 margin decreased to 9.0%, from 13.5% last year.  

    Net profit decreased to $0.3 million, or $0.02 per diluted share, from $4.9 million, or $0.41 per diluted share last year. This decrease in profitability is primarily due to investments in our selling capacity, amortization and deemed compensation expenses related to acquisitions. Adjusted net profit1 was $11.1 million, or $0.93 per diluted share, down from $19.0 million, or $1.58  per diluted share last year.

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.

    Liquidity and Capital Resources

    “In the second quarter we generated $10 million in operating free cash flow1, representing a 56% conversion rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to make capital expenditure investments for $2 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $4 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.7x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.

    Normal Course Issuer Bid

    In the three-month period ended March 31, 2025, the Company repurchased 93,900 shares for cancellation in consideration of $4.4 million. For the six-month period ended March 31, 2025, the Company repurchased 195,250 shares for cancellation in consideration of $9.3 million. For the remainder of the fiscal year, the Company plans on accelerating its share buybacks by combining daily repurchases with block trades. Its intention is to repurchase up to 6% of the Company’s public float as defined at the time of the NCIB announcement on August 16, 2024.

    Appointed New Regional VP of Defence for Europe, U.K. and NATO

    On January 23, 2025, Calian announced the appointment of Major-General (Ret.) Roch Pelletier to the role of Regional Vice President (RVP) Global Defence & Security. This newly created role addresses the growth of Calian’s defence business, driven by increased global military spending, geopolitical instability and the rising demand for advanced technologies. This appointment will advance Calian’s strategic business development, strengthen relationships with stakeholders, and provide operational support to drive growth and efficiencies within the region.

    Appointed New Board Member

    On April 24, 2025, Calian announced the appointment of Eric Demirian to its Board of Directors. Demirian is currently chair of Descartes and a director of IMAX Corporation. He has held board and audit committee roles at a number of public and private companies including Enghouse. With the recent additions of Josh Blair and Lisa Greatrix in February, the appointment of Demirian brings the total number of board members to 10, of which nine are independent and half are women.

    Completed the Acquisition of Advanced Medical Solutions

    On May 14, 2025, Calian acquired Advanced Medical Solutions (AMS), a leading provider of remote and emergency healthcare services in Northern Canada. Headquartered in Yellowknife, Northwest Territories (NWT), AMS is a Canadian-owned company that specializes in the delivery of 24/7/365 operational and medical support across Canada’s northern regions, including the NWT, Yukon, Nunavut and parts of Canada’s northern provinces.  Founded in 1995, the company employs over 300 frontline medical personnel who deliver well-rounded, full-spectrum healthcare services through six distinct divisions.

    Quarterly Dividend

    On May 13, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable June 10, 2025, to shareholders of record as of May 27, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners. 

    Media inquiries:
    media@calian.com
    613-599-8600

    Investor Relations inquiries:
    ir@calian.com

    —————————————————————————–
    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

     
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    As at March 31, 2025 and September 30, 2024
    (Canadian dollars in thousands, except per share data)
                   
      March 31,   September 30,
      2025   2024
    ASSETS              
    CURRENT ASSETS              
    Cash and cash equivalents $ 64,150     $ 51,788  
    Accounts receivable   213,476       157,376  
    Work in process   19,537       20,437  
    Inventory   26,805       23,199  
    Prepaid expenses   23,328       23,978  
    Derivative assets   71       32  
    Total current assets   347,367       276,810  
    NON-CURRENT ASSETS              
    Property, plant and equipment   40,835       40,962  
    Right of use assets   41,556       36,383  
    Prepaid expenses   7,018       7,820  
    Deferred tax asset   3,464       3,425  
    Investments   3,875       3,875  
    Acquired intangible assets   116,457       128,253  
    Goodwill   214,640       210,392  
    Total non-current assets   427,845       431,110  
    TOTAL ASSETS $ 775,212     $ 707,920  
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    CURRENT LIABILITIES              
    Accounts payable and accrued liabilities $ 171,962     $ 124,884  
    Provisions   1,873       3,075  
    Unearned contract revenue   41,447       41,723  
    Lease obligations   6,103       5,645  
    Contingent earn-out   30,978       39,136  
    Derivative liabilities   151       92  
    Total current liabilities   252,514       214,555  
    NON-CURRENT LIABILITIES              
    Debt facility   120,750       89,750  
    Lease obligations   38,714       33,798  
    Unearned contract revenue   17,164       14,503  
    Contingent earn-out   2,692       2,697  
    Deferred tax liabilities   21,557       25,862  
    Total non-current liabilities   200,877       166,610  
    TOTAL LIABILITIES   453,391       381,165  
                   
    SHAREHOLDERS’ EQUITY              
    Issued capital   226,347       225,747  
    Contributed surplus   5,193       6,019  
    Retained earnings   78,501       91,268  
    Accumulated other comprehensive income (loss)   11,780       3,721  
    TOTAL SHAREHOLDERS’ EQUITY   321,821       326,755  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 775,212     $ 707,920  
    Number of common shares issued and outstanding   11,690,276       11,802,364  
                   
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
    For the three months and six months ended March 31, 2025 and 2024
    (Canadian dollars in thousands, except per share data)
                   
      Three months ended   Six months ended
      March 31,   March 31,
      2025   2024   2025   2024
    Revenue $ 193,667     $ 201,268     $ 378,714     $ 380,447  
    Cost of revenues   129,025       131,231       255,271       252,192  
    Gross profit   64,642       70,037       123,443       128,255  
                   
    Selling, general and administrative   44,477       40,192       82,582       74,337  
    Research and development   2,771       2,695       5,667       5,414  
    Share based compensation   949       1,128       2,040       2,318  
    Profit before under noted items   16,445       26,022       33,154       46,186  
                   
    Restructuring expense   372       1,495       1,064       1,495  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Profit before interest income and income tax expense   2,226       9,085       4,383       18,263  
                   
    Interest expense   2,111       1,734       3,894       3,281  
    Income tax expense (recovery)   (180)       2,426       1,170       4,532  
    NET PROFIT (LOSS) $ 295     $ 4,925     $ (681)     $ 10,450  
                   
    Net profit (loss) per share:              
    Basic $ 0.03     $ 0.42     $ (0.06)     $ 0.88  
    Diluted $ 0.02     $ 0.41     $ (0.06)     $ 0.87  
                                   
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months and six months ended March 31, 2025 and 2024
    (Canadian dollars in thousands)
                           
      Three months ended   Six months ended
      March 31,   March 31,
      2025   2024   2025   2024
    CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES                      
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Items not affecting cash:                      
    Interest expense   1,612       1,426       2,907       2,524  
    Changes in fair value related to contingent earn-out   558       4,088       1,116       4,814  
    Lease obligations interest expense   499       308       987       757  
    Income tax expense (recovery)   (180 )     2,426       1,170       4,532  
    Employee share purchase plan expense   115       134       289       296  
    Share based compensation expense   834       1,010       1,751       2,023  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Deemed compensation   1,470       911       3,033       1,515  
        16,677       25,341       33,586       46,030  
    Change in non-cash working capital                      
    Accounts receivable   (55,935 )     (49,996 )     (56,102 )     (61,185 )
    Work in process   668       1,341       900       443  
    Prepaid expenses and other   3,884       (3,483 )     1,146       (3,557 )
    Inventory   2,637       3,570       (3,605 )     980  
    Accounts payable and accrued liabilities   48,068       59,181       47,210       74,697  
    Unearned contract revenue   1,092       4,534       2,386       4,740  
        17,091       40,488       25,521       62,148  
    Interest paid   (2,111 )     (1,734 )     (3,894 )     (3,281 )
    Income tax paid   (5,120 )     (2,966 )     (7,385 )     (5,541 )
        9,860       35,788       14,242       53,326  
    CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES                      
    Issuance of common shares net of costs   664       945       1,545       1,639  
    Dividends   (3,292 )     (3,319 )     (6,584 )     (6,633 )
    Net draw on debt facility   5,000       (24,750 )     31,000       31,250  
    Payment of lease obligations   (1,664 )     (1,429 )     (3,106 )     (2,600 )
    Repurchase of common shares   (4,384 )     —       (9,310 )     (1,357 )
        (3,676 )     (28,553 )     13,545       22,299  
    CASH FLOWS USED IN INVESTING ACTIVITIES                      
    Business acquisitions   (678 )     (10,840 )     (11,893 )     (58,297 )
    Property, plant and equipment   (2,396 )     (2,796 )     (3,532 )     (5,196 )
        (3,074 )     (13,636 )     (15,425 )     (63,493 )
                           
    NET CASH INFLOW (OUTFLOW) $ 3,110     $ (6,401 )   $ 12,362     $ 12,132  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   61,040       52,267       51,788       33,734  
    CASH AND CASH EQUIVALENTS, END OF PERIOD $ 64,150     $ 45,866     $ 64,150     $ 45,866  
                                   
                                   

    Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

    These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

    Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

    Adjusted EBITDA

        Three months ended     Six months ended
        March 31,     March 31,
      2025   20241
    		   2025   20241
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Share based compensation   949       1,128       2,040       2,318  
    Restructuring expense   372       1,495       1,064       1,495  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Interest expense   2,111       1,734       3,894       3,281  
    Income tax   (180 )     2,426       1,170       4,532  
    Adjusted EBITDA $ 17,394     $ 27,150     $ 35,194     $ 48,504  
    Adjusted EBITDA per share – Basic   1.48       2.29       3.00       4.10  
    Adjusted EBITDA per share – Diluted $ 1.46     $ 2.26     $ 2.95     $ 4.02  
                                   

    Adjusted Net Profit and Adjusted EPS

        Three months ended     Six months ended
        March 31,     March 31,
      2025
    		   20241
    		   2025   20241
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Share based compensation   949       1,128       2,040       2,318  
    Restructuring expense   372       1,495       1,064       1,495  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Amortization of intangibles   7,066       6,149       14,400       11,384  
    Adjusted net profit   11,055       19,026       21,516       32,956  
    Weighted average number of common shares basic   11,726,127       11,846,338       11,749,796       11,829,456  
    Adjusted EPS Basic   0.94       1.61       1.83       2.79  
    Adjusted EPS Diluted $ 0.93     $ 1.58     $ 1.81     $ 2.73  
                                   

    Operating Free Cash Flow

        Three months ended     Six months ended
        March 31,     March 31,
      2025   20241   2025   20241
    Cash flows generated from operating activities (free cash flow) $ 9,860     $ 35,788     $ 14,242     $ 53,326  
    Adjustments:                      
       M&A costs included in operating activities   345       330       544       980  
       Change in non-cash working capital   (414)       (15,147)       8,065       (16,118)  
    Operating free cash flow $ 9,791     $ 20,971     $ 22,851     $ 38,188  
    Operating free cash flow per share – basic   0.83       1.77       1.94       3.23  
    Operating free cash flow per share – diluted   0.82       1.74       1.92       3.17  
    Operating free cash flow conversion   56 %     77 %     65 %     79 %
                                   

    Net Debt to Adjusted EBITDA

      March 31,   September 30,
      2025
    		   20241
    Cash $ 64,150     $ 45,866  
    Debt facility   120,750       69,000  
    Net debt (net cash)   56,600       23,134  
    Trailing twelve month adjusted EBITDA   78,846       86,355  
    Net debt to adjusted EBITDA   0.7       0.3  
                   

    Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

    1 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected quarterly financial information section of the management discussion and analysis.

    The MIL Network –

  • MIL-OSI: Orezone Gold Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the first quarter of 2025.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    First Quarter 2025 Highlights

    • Gold production of 28,688 oz
    • AISC per oz sold of $1,415
    • Revenue of $82.7M from the sale of 28,943 gold oz at an average realized price of $2,851 per oz
    • Adjusted EBITDA of $44.2M, Adjusted Earnings attributable to Orezone shareholders of $18.7M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.04
    • Liquidity of $130.9M at March 31, 2025 with cash of $102.0M and undrawn senior debt of $28.9M.
    • Stage 1 of the hard rock expansion reached 45% completion and remains on track for first gold in Q4-2025
    • Advancing work towards a secondary listing on the Australian Securities Exchange (“ASX”) by mid-2025

    Patrick Downey, President and CEO, commented “The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices. Production and costs were in line with expectations with annual guidance being maintained. Cash reached a record $102 million at March 31, 2025, providing the Company with significant financial flexibility in pursuing its strategy of expanding gold production at our Bomboré Mine.

    Construction of stage 1 of the hard rock expansion made excellent progress in Q1-2025 with project completion hitting 45%. We remain firmly on track for first gold by Q4-2025 which will scale forecasted gold production to over 170,000 oz per year.

    We are also well advanced in our ASX listing application and expect that to be completed later in mid-2025. The recent equity financing was well supported by several key Australian mining funds and by our cornerstone investor, Nioko Resources Corporation, through their pro-rata participation. These financings added over $32 million to the Company’s treasury and have provided us the opportunity to study the merits of fast-tracking stage 2 of the hard rock expansion to increase annual production to over 220,000 oz and to upsize our 2025 discovery-focus drill program. The Company expects to announce a Board-approved final investment decision on stage 2 in the coming months.”

    Highlights for the First Quarter and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q1-2025 Q1-2024
    Operating Performance      
    Gold production oz 28,688 30,139
    Gold sales oz 28,943 31,229
    Average realized gold price $/oz 2,851 2,066
    Cash costs per gold ounce sold1 $/oz 1,226 1,127
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,415 1,324
    Financial Performance      
    Revenue $000’s 82,715 64,685
    Earnings from mine operations $000’s 38,563 26,882
    Net earnings attributable to shareholders of Orezone $000’s 15,979 11,697
    Net earnings per common share attributable to shareholders of Orezone      
    Basic $ 0.03 0.03
    Diluted $ 0.03 0.03
    EBITDA1 $000’s 41,182 30,329
    Adjusted EBITDA1 $000’s 44,194 25,928
    Adjusted earnings attributable to shareholders of Orezone1 $000’s 18,690 7,736
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.04 0.02
    Cash and Cash Flow Data      
    Operating cash flow before changes in working capital $000’s 39,986 26,485
    Operating cash flow $000’s 27,704 13,637
    Free cash flow1 $000’s 3,682 2,013
    Cash, end of period $000’s 102,016 15,597

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    FIRST QUARTER HIGHLIGHTS

    • Safety Performance: Safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine was achieved in March 2025 demonstrating the Company’s strong commitment to worker safety. In Q1-2025, 1.4M hours were worked without a lost-time injury and at a low total recordable injury frequency rate of 0.74 per million man hours. Sadly, an incident resulting in the death of one contractor employee occurred on May 8, 2025 at the hard rock expansion construction site. The Company is conducting a thorough investigation on the causes of the accident in order to further improve safety practices and procedures.
    • Improved Liquidity: Available liquidity rose to $130.9M at March 31, 2025 with $102.0M in cash and XOF 17.5 billion ($28.9M) available for drawdown on the Phase II term loan with Coris Bank International (“Coris Bank”). The Company remains well-funded to execute on its 2025 and future growth plans.   
    • Positive EBITDA, Net Earnings, and Earnings Per Share: Reported EBITDA of $41.2M, net earnings attributable to Orezone shareholders of $16.0M, and net earnings per share attributable to Orezone shareholders of $0.03 per share on a basic and diluted basis as earnings benefitted from the record rise in gold prices and unhedged gold sales in the current quarter. These earnings figures were 36%, 37%, and 5% higher, respectively, when compared against Q1-2024.
    • Free Cash Flow Generation: Generated free cash flow of $3.7M with cash flow from operating activities totalling $40.0M after deducting income taxes of $4.1M but before changes in non-cash working capital. Non-cash working capital increased by $12.3M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $24.0M reflecting a ramp-up in spending on the stage 1 of the Phase II hard rock expansion currently under construction. Strong operating cash flow funded the Company’s large capital programs and resulted in positive free cash flow for the current quarter.  
    • Stage 1 of Phase II Hard Rock Expansion – Tracking on Schedule and Budget: Project completion reached 45% at the end of Q1-2025 with total project costs at $34.3M after $19.0M was incurred in Q1-2025. The expansion continues to track towards first gold in Q4-2025 at a project budget of $90M – $95M. Once in commercial production, stage 1 of the expansion is expected to boost annual gold production of the Bomboré Mine to between 170,000 to 185,000 oz per year.
    • Debt Reduction of Phase I Financing: Principal repayments totalling XOF 3.0 billion ($4.8M) were made on the Company’s senior debt in Q1-2025. As of March 31, 2025, the principal on senior debt stood at XOF 39.5 billion ($65.2M), of which XOF 22.0 billion ($36.3M) related to Phase I.

    CORPORATE

    • Bought Deal Equity Offering: On March 13, 2025, the Company closed on a bought deal offering pursuant to which the Company issued 42,683,000 common shares at a price of C$0.82 per share for gross proceeds of C$35.0M. On March 19, 2025, the underwriter exercised its over-allotment option resulting in the Company issuing an additional 6,402,450 common shares at a price of C$0.82 per share for gross proceeds of C$5.3M. Gross proceeds from the offering totalled C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. The Company intends to use the net proceeds from the offering towards the acceleration of stage 2 of the Phase II hard rock expansion, additional exploration, working capital, and general corporate purposes.
    • Proposed Australian Securities Exchange (“ASX”) Listing: The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes an ASX listing will improve its market trading liquidity, offer an opportunity to grow the Company’s shareholder base and research coverage, and provide a pathway for future index inclusion. Work with legal advisors and technical consultants on the ASX listing application continued to progress in Q1-2025.

    SUBSEQUENT EVENTS

    • Private placement with Nioko Resources Corporation (“Nioko”): On April 2, 2025, the Company closed a non-brokered private placement with Nioko for 10,719,659 common shares at a price of C$0.82 per share for gross proceeds of C$8.8M ($6.1M) in order to maintain its pro-rata share ownership in the Company.

    2025 GUIDANCE FOR BOMBORÉ MINE

    Bomboré Mine (100% basis) Unit FY2025 Guidance Q1-2025 Actuals
    Gold production Au oz 115,000 – 130,000 28,688
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500 $1,415
    Sustaining Capital12 $M $9 – $10 $3.2
    Growth capital (excluding Phase II Expansion) 12 $M $44 – $51 $7.7
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80 $19.0
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance Q1-2025 Actuals
    I Phase II Hardrock Expansion – Stage 1 $M $75 – $80 $19.0
    II Permanent Back-up Diesel Power Plant $M $22 – $24 $4.8
    III TSF Footprint Expansion – Cell 2 $M $11 – $13 $1.3
    IV Resettlement Action Plan (“RAP”) $M $11 – $14 $1.6
      Growth Capital Total $M $119 – $131 $26.7
             
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided –

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.

    OPERATING HIGHLIGHTS

    Bomboré Mine, Burkina Faso (100% basis)   Q1-2025   Q1-2024
    Safety      
    Lost-time injuries frequency rate Per 1M hours 0.00   0.00
    Personnel-hours worked 000’s hours 1,357   1,410
    Mining Physicals      
    Ore tonnes mined tonnes 2,114,543   2,402,533
    Waste tonnes mined tonnes 4,018,182   3,123,099
    Total tonnes mined tonnes 6,132,725   5,525,631
    Strip ratio waste:ore 1.90   1.30
    Processing Physicals      
    Ore tonnes milled tonnes 1,511,303   1,355,619
    Head grade milled Au g/t 0.67   0.78
    Recovery rate % 87.9   89.0
    Gold produced Au oz 28,688   30,139
    Unit Cash Cost      
    Mining cost per tonne $/tonne 2.81   3.48
    Mining cost per ore tonne processed $/tonne 8.06   8.02
    Processing cost $/tonne 7.80   9.24
    Site general and admin (“G&A”) cost $/tonne 3.78   3.79
    Cash cost per ore tonne processed $/tonne 19.64   21.05
    Cash Costs and AISC Details      
    Mining cost (net of stockpile movements) $000’s 12,176   10,867
    Processing cost $000’s 11,782   12,520
    Site G&A cost $000’s 5,718   5,134
    Refining and transport cost $000’s 166   117
    Government royalty cost $000’s 6,602   5,132
    Gold inventory movements $000’s (951 ) 1,416
    Cash costs1on a sales basis $000’s 35,493   35,186
    Sustaining capital $000’s 3,199   4,018
    Sustaining leases $000’s 73   73
    Corporate G&A $000’s 2,182   2,069
    All-In Sustaining Costs1on a sales basis $000’s 40,947   41,346
    Gold sold Au oz 28,943   31,229
    Cash costs per gold ounce sold1 $/oz 1,226   1,127
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,415   1,324

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    BOMBORÉ PRODUCTION RESULTS

    Q1-2025 vs Q1-2024

    Gold production in Q1-2025 was 28,688 oz, a decrease of 5% from the 30,139 oz produced in Q1-2024. The lower gold production is attributable to a 14% decrease in head grades and 1% decrease in recovery rates partially offset by a 11% increase in plant throughput.

    Plant throughput of 1.51M tonnes in Q1-2025 continues to exceed nameplate design by 16% and was 11% higher than Q1-2024 as plant operating hours in Q1-2024 were reduced from the commissioning of grid power to site, a ball mill reline, and grid power interruptions. Hourly plant throughput was successfully improved starting in July 2024 by increasing the mill power draw and reducing residence time in the CIL circuit with only a minor loss in recovery. This higher hourly throughput has been maintained into 2025.

    The better head grades in Q1-2024 were from the sequencing of higher-grade pits in earlier periods of the mine plan and the preferential stockpiling of lower-grade ore mined.

    BOMBORÉ OPERATING COSTS

    Q1-2025 vs Q1-2024

    AISC per gold oz sold in Q1-2025 was $1,415, a 7% increase from $1,324 per oz sold in Q1-2024. The higher AISC is primarily the result of: (a) lower head grades and (b) greater per oz royalty costs from a 38% increase in the realized gold price ($2,851/oz vs $2,066/oz). This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 and from a 11% increase in plant throughput resulting in economies for fixed costs. Grid utilization in Q1-2025 stood at 76%, a drop from 92% recorded in the second half of 2024, as site experienced higher occurrences of power dips from the national grid in Q1-2025, necessitating the use of back-up diesel gensets for longer periods. To avoid uncontrolled plant stoppages, Bomboré transferred power back to the grid only when stable.

    Cash cost per ore tonne processed in Q1-2025 was $19.64 per tonne, a decrease of 7% from $21.05 per tonne in Q1-2024, mainly as a result of a reduction in processing costs ($7.80/tonne vs $9.24/tonne) from the use of lower-cost grid power throughout Q1-2025 compared with only partial use in Q1-2024 as the connection to the national grid was not energized until February 2024.

    Mining cost per tonne has decreased in Q1-2025 when compared to Q1-2024 ($2.81/tonne vs $3.48/tonne) due to the greater proportion of material coming from the Siga pits which commenced mining in July 2024 resulting in less transition material and lower volume of drill-and-blast prior to excavation as softer oxide ore are mined in the upper benches of these new pits, and a shorter haul profile in comparison to ore mined from the A pits in Q1-2024. Mining unit costs in Q1-2025 also benefitted from less grade control drilling at a lower meterage cost as drilling in Q1-2024 was conducted using rented drills prior to the deployment of two new owner drills in the second half of 2024. However, the 19% decrease in unit mining cost was offset by a 46% jump in the strip ratio (1.90 vs 1.30).

    BOMBORÉ GROWTH CAPITAL PROJECTS

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of the Phase II hard rock expansion was officially approved by the Company’s Board in July 2024. Lycopodium Minerals Canada Ltd. was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant which has consistently operated above nameplate design since start-up.

    Progress and milestones achieved in Q1-2025 include:

    • Project completion reached 45%, slightly ahead of schedule.
    • Engineering and drafting progress stood at 85%, ahead of the 73% planned.
    • Procurement is essentially complete with all equipment and materials ordered except for top-ups of remaining bulks such as cabling which will be placed once final quantities are determined. Order deliveries are advancing with CIL tank platework and major SAG mill components already received at site.
    • Concrete volume poured of 2,326 m3 (44% of estimated total) including SAG mill footings and start of jaw crusher wing walls.
    • Mobilization of structural/mechanical/piping (“SMP”) contractor to site including set-up of construction camp.
    • Installation of bottom plates on the 5 CIL tanks with first set of strakes on the first 4 tanks in progress.
    • Operational readiness activities have commenced with safety and recruitment plans under preparation.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been signed with awards to the same contractors that successfully delivered on the Phase I oxide construction.

    As of March 31, 2025, the Company has incurred $34.3M in costs to-date against the project budget, of which $19.0M was incurred in Q1-2025.

    Permanent Back-Up Diesel Power Plant

    The installation of the standby power plant remains on track for final commissioning in October 2025. Layouts and drawings are finalized and purchase orders on all key equipment have been placed. At site, civil works are underway including initial concrete pours for the structural footings of the engine hall.

    The 18 Caterpillar diesel gensets have been packed for shipment and is currently awaiting export clearance prior to organizing transport to site.

    As of March 31, 2025, the Company has incurred $4.8M against the project budget.

    RAP Phases II and III

    BV2 resettlement site construction commenced in Q4-2024 and is divided into two distinct communities: BV2 Peuhl and BV2 Mossi. BV2 Peuhl construction and relocation was completed in Q1-2025 allowing for construction activities at BV2 Mossi to commence in the same quarter. Compensation payments to affected residents for loss of land, crops, trees, and private structures commenced in March 2025 with majority of payments expected to be completed in Q2-2025.

    As of March 31, 2025, the Company has incurred $1.6M in RAP costs for 2025.

    TSF Footprint Expansion – Cell 2

    Bush clearing and topsoil relocation of the Cell 2 basin was completed while placement and compaction of mining waste material on the eastern embankments of Cell 2 commenced in Q1-2025.

    As of March 31, 2025, the Company has incurred $1.3M in costs for 2025.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three months ended March 31, 2025 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its first quarter 2025 results on May 14, 2025:

    Webcast
    Date:    Wednesday, May 14, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone Q1-2025 Conference Call and Webcast

    Conference Call
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 3969133

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focussed on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.  

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –