Category: Trade

MIL-OSI USA: An Incremental Step Along the Journey: The Division of Trading Markets’ Frequently Asked Questions Relating to Crypto Asset Activities and Distributed Ledger Technologies

Source: Securities and Exchange Commission

Today, the staff of the Division of Trading and Markets issued a set of frequently asked questions (“FAQs”) relating to the application of certain broker-dealer financial responsibility rules and transfer agent rules to crypto asset activities and distributed ledger technology. Many of the responses to these FAQs should not be controversial, as they simply reiterate what our rules already say or do not say. Nonetheless, given the uncertainty in the market regarding the application of our rules to crypto generally, I am pleased that the staff has issued these helpful FAQs.

As one example, these FAQs address staff’s views about whether and how broker-dealer custody and capital rules apply to crypto assets, including in the context of in-kind creations and redemptions for spot crypto asset exchange-traded products (ETPs). The FAQs note that the possession and control requirements of Rule 15c3-3 are not implicated if a broker-dealer holds non-security crypto assets for customers. These requirements apply only to securities. The FAQs also address the net capital treatment of proprietary positions in bitcoin and ether, which are the only two crypto assets currently underlying crypto asset ETPs trading on national securities exchanges. The statement’s limitation to the capital treatment of bitcoin and ether does not mean that broker-dealers may hold only those crypto assets or that only those crypto assets may be readily marketable for purposes of the net capital rules.

The FAQs highlight that non-security crypto assets held by a broker-dealer are not protected by SIPA. SIPA is fundamentally tailored to securities, not commodities or other assets. These FAQs, by underscoring the absence of SIPA protection, remind investors about the risks they may face when holding non-security crypto assets through a broker-dealer.

The FAQs also include questions relating to transfer agents. Notably, the FAQs address a registered transfer agent’s use of distributed ledger technology as its official Master Securityholder File or a component thereof. This FAQ may be relevant for firms (and their transfer agents) considering issuing tokenized securities.

These FAQs are incremental, not comprehensive. The staff and the Commission still have much more work to do. For example, many market participants have urged us to replace the special purpose broker-dealer statement with a more fit-for-purpose statement addressing how broker-dealers may custody crypto assets that are securities, including tokenized versions of traditional securities. In the meantime, the SPBD continues to be a non-exclusive safe harbor upon which broker-dealers can rely. In addition, market participants have asked for guidance on the net capital treatment of other crypto assets. I also am eager to hear whether the industry believes additional clarity or other actions by the SEC with respect to transfer agent rules would be helpful to facilitate onchain tokenization efforts.

I appreciate the diligent work of the Division of Trading and Markets in preparing these FAQs. Market participants that have additional questions on these and other issues raised by the FAQs should feel free to reach out to the Division of Trading and Markets.[1] The Crypto Task Force also welcomes inquiries and feedback on these FAQs through crypto@sec.gov.

MIL OSI USA News –

May 16, 2025

MIL-OSI: SUNation Energy Announces 2025 First Quarter Results and Introduces Financial Guidance for 2025

Source: GlobeNewswire (MIL-OSI)

Substantial Progress in Reducing Debt, Lowering Costs, Enhancing Cash Flow
Strong Commercial Project Backlog

RONKONKOMA, N.Y., May 15, 2025 (GLOBE NEWSWIRE) — SUNation Energy, Inc. (Nasdaq: SUNE) (the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, today announced financial results for the first quarter ended March 31, 2025 (“Q1 2025”). The information in this Press Release is not complete and should be carefully read in conjunction with our most recent Form 10-Q quarterly report for the financial quarter ended March 31, 2025, including the subsequent events and risk factor updated therein, as well as our other SEC reports.

“Our results for Q1 2025 reflect the initial successes associated with our corporate transformation activities, most notably in the areas of cost containment, operating efficiencies, improved cash position, and debt reduction,” said Scott Maskin, Chief Executive Officer.

“We see gathering strength in our end markets and are pleased with the performance of our two primary business segments – SUNation, which serves Long Island and the surrounding region, and Hawaii Energy Connection (“HEC”). SUNation’s Commercial backlog as of March 31, 2025 rose more than 30% compared to the same period last year, thanks to a variety of projects currently in various stages of development with our institutional partners. While our New York Residential business experienced typical seasonal headwinds in Q1 2025 due largely to especially poor weather in February, we are addressing pent up demand from Residential consumers. This has resulted in a stronger than usual Springtime push, with both contract and install activity rivaling the growth we saw during the post Inflation Reduction Act boom-period prior to the rise in interest and financing rates. We expect improved results in Q2 2025 compared to Q1 2025 as consumers look to lock in pricing prior to any potential increases related to tariffs and in advance of any changes to federal solar tax incentives that may occur as this issue gets debated in Congress. Based on 20 years of experience dealing with dynamic federal incentives, and now tariffs, I do believe that we are well-positioned to capitalize on this growing sense of urgency among consumers to begin to realize the benefits of solar.

He continued, “We are also exploring opportunities to expand our Service and Maintenance business in the New York metro region to support thousands of homeowners whose systems have been orphaned by solar providers that are no longer in business. This presents a meaningful opportunity to broaden our customer base, support the continuing use of solar, and potentially benefit from historically high margin service revenues. Our Residential business in Hawaii, a more mature market, is expected to rebound from a sluggish 2024 due to solar and battery incentives that took effect in May 2025 thanks to recent action by the State of Hawaii’s Public Utilities Commission.”

James Brennan, SUNation’s Chief Financial Officer, said, “The restructuring and debt reduction initiatives we have implemented over the last several quarters have simplified and strengthened our capital structure, significantly reduced monthly cash burn, enhanced cash flows, and stabilized our financial profile. Q1 2025 selling, general and administrative (“SG&A”) expenses declined by 9% from the first quarter of 2024 and interest expense decreased by 25%. We improved our cash position and lowered our debt by more than 50% from December 31, 2024.”

Mr. Maskin concluded, “Although our business and industry are still recovering from a difficult period, we remain optimistic about 2025 and the long-term promise of solar energy. We have created a solid financial and operating platform, have maintained a sterling reputation among customers, and our team members are among the best in our industry. We are pursuing a variety of organic and acquisition-based initiatives that can expand our market reach, add scale to our business, and evolve our model into a one-stop shop for solar and storage related needs. For these reasons and more, we have the confidence to provide annual guidance for 2025.”

Q1 2025 Financial Results Overview
Comparisons are to the first quarter ended March 31, 2024 (“Q1 2024”) unless otherwise noted

Consolidated revenue declined by 4% to $12.6 million from $13.2 million. At SUNation, Commercial revenue rose 28%, which offset a 3% decline in Residential revenue due largely to seasonality, as well as lower Service revenue. At HEC, revenue declined by 11% to $3.1 million, which the Company believes is due largely to a lack of solar and battery incentives available in Q1 2025; these incentives once again became available May 15, 2025.
Gross profit was $4.4 million, or 35.1%, compared to gross profit of $4.8 million, or 36.4%, due primarily to lower total revenues.
SG&A expenses declined by 9% to $6.0 million from $6.6 million, the result of cost optimization and efficiency measures implemented in 2024.
Total operating expenses decreased by 5.6% to $6.6 million from $7.0 million.
Interest expense declined 25% to $0.6 million from $0.8 million, reflecting management’s commitment to the repayment and retirement of outstanding debt.
Net loss was $(3.5) million compared to net income of $1.2 million. Net income in Q1 2024 included $3.4 million of other income while net loss in Q1 2025 included other expenses of $(1.3) million.
Adjusted EBITDA was stable at $(1.5) million.

Financial Condition March 31, 2025

Cash and cash equivalents rose to $1.4 million from $0.8 million at December 31, 2024, and restricted cash was stable at $0.3 million when compared to December 31, 2024.
Total debt, which includes earnout consideration of $2.1 million, declined 51% to $9.2 million from total debt of $19.1 million at December 31, 2024.
Accounts payable decreased by $1.5 million from December 31, 2024
Current liabilities decreased by $6.9 million from December 31, 2024
Long-term liabilities decreased by $0.7 million from December 31, 2024
Stockholders’ equity increased by $6.3 million from December 31, 2024

Recent Financial Developments

Secured a total of $20 million in aggregate gross proceeds via a securities purchase agreement with certain institutional investors.
Eliminated $12.6 million of secured debt and other long-term contractual obligations that removed an average annual cash drain of approximately $3.4 million through 2027, which includes lowering annual interest expense for 2025 by an estimated $1.4 million.
Reduced 2025 SG&A spending by an estimated $2.0 million.
Paid in full a $2.5 million earn out payment associated with the November 2022 acquisition of SUNation Solar Systems, Inc. and five of its affiliated entities.
Restructured $5.5 million of long-term debt.
Entered into a new $1.0 million line of credit agreement with MBB Energy, LLC, which was unused as of May 15, 2025.
Signed separate Letters of Intent with Energy Systems Group, an award-winning energy services company, for the deployment of over 2.35 MWs of solar power at two school districts on Long Island.

2025 FINANCIAL GUIDANCE

Based on results for the first quarter of 2025, progress associated with our corporate transformation activities, and current business conditions and estimated outlook, the Company is providing the following financial guidance for the year ending December 31, 2025:

Total sales of $65 million to $70 million, a projected increase of between 14% and 23% from total sales of $56.9 million in 2024.
Adjusted EBITDA of $0.5 million to $0.7 million, an increase from an Adjusted EBITDA loss in 2024.

Guidance for full year 2025 is based on the Company’s current views, beliefs, estimates and assumptions. It does not include any potential impact related to, among numerous other potential events that are largely out of our control, such as current or future tariffs, global disruptions, broader industry dynamics and trade policy changes, which the Company is unable to predict at this time. All financial expectations are forward-looking, and actual results may differ materially from such expectations, as further discussed below under the heading ” Forward-Looking Statements.”

We are not able to provide a reconciliation of Adjusted EBITDA guidance for full year 2025 to net profit (loss), the most directly comparable GAAP financial measure, because certain items that are excluded from Adjusted EBITDA but included in net profit (loss) cannot be predicted on a forward-looking basis without unreasonable effort or are not within our control.

Q1 2025 CONFERENCE CALL

Management will host a conference call on Friday, May 16, 2025 at 9:00 am ET. Interested parties may participate in the call by dialing:

Domestic: (800) 715-9871
International: (646) 307-1963
Passcode: 1430444

The conference call will also be accessible via the Investor Relations section of the Company’s web site at https://ir.sunation.com/news-events or via this link: https://edge.media-server.com/mmc/p/6k6euqgi

About SUNation Energy, Inc.

SUNation Energy, Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

Forward Looking Statements

Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.



SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

ASSETS
	March 31			December 31
	2025			2024
CURRENT ASSETS:
Cash and cash equivalents	$	1,447,329		$	839,268
Restricted cash and cash equivalents		292,901			312,080
Trade accounts receivable, less allowance for
credit losses of $215,738 and $240,817, respectively		3,927,676			4,881,094
Inventories, net		2,512,552			2,707,643
Related party receivables		23,739			23,471
Prepaid expenses		1,383,296			1,587,464
Costs and estimated earnings in excess of billings		692,821			560,648
Other current assets		264,875			198,717
TOTAL CURRENT ASSETS		10,545,189			11,110,385
PROPERTY, PLANT AND EQUIPMENT, net		1,164,610			1,238,898
OTHER ASSETS:
Goodwill		17,443,869			17,443,869
Operating lease right of use asset		3,600,546			3,686,747
Intangible assets, net		11,661,458			12,220,833
Other assets, net		12,000			12,000
TOTAL OTHER ASSETS		32,717,873			33,363,449
TOTAL ASSETS	$	44,427,672		$	45,712,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	6,514,331		$	8,032,769
Accrued compensation and benefits		817,585			796,815
Operating lease liability		329,793			321,860
Accrued warranty		183,375			350,013
Other accrued liabilities		1,375,025			1,055,995
Accrued loss contingencies		342,216			1,300,000
Income taxes payable		19,686			5,071
Refundable customer deposits		1,426,398			1,870,173
Billings in excess of costs and estimated earnings		298,173			444,310
Contingent value rights		292,901			312,080
Earnout consideration		2,110,896			2,500,000
Contingent forward contract		5,406,033			—
Current portion of loans payable		351,249			3,139,113
Current portion of loans payable – related party		806,154			6,951,563
Embedded derivative liability		—			82,281
TOTAL CURRENT LIABILITIES		20,273,815			27,162,043
LONG-TERM LIABILITIES:
Loans payable and related interest		1,248,397			6,531,650
Loans payable and related interest – related party		4,712,780			—
Operating lease liability		3,385,783			3,471,623
TOTAL LONG-TERM LIABILITIES		9,346,960			10,003,273
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS’ EQUITY
Series A Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no shares issued and outstanding, respectively		—			—
Series D preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 1 and no shares issued and outstanding, respectively		1			—
Common stock, par value $0.05 per share; 125,000 shares authorized;
81,391 and 9,343 shares issued and outstanding, respectively⁽¹⁾		4,070			467
Additional paid-in capital⁽¹⁾		61,198,304			51,445,995
Accumulated deficit		(46,395,478	)		(42,899,046	)
TOTAL STOCKHOLDERS’ EQUITY		14,806,897			8,547,416
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	44,427,672		$	45,712,732

(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, “Nature of Operations,” for further details.



SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended March 31
	2025			2024
Sales	$	12,636,638		$	13,219,197
Cost of sales		8,205,313			8,413,749
Gross profit		4,431,325			4,805,448
Operating expenses:
Selling, general and administrative expenses		6,039,298			6,629,027
Amortization expense		559,375			709,375
Fair value remeasurement of SUNation earnout consideration		—			(350,000	)
Total operating expenses		6,598,673			6,988,402
Operating loss		(2,167,348	)		(2,182,954	)
Other (expense) income:
Investment and other income		48,165			45,841
Gain on sale of assets		—			6,118
Fair value remeasurement of warrant liability		—			3,728,593
Fair value remeasurement of contingent forward contract		109,492			—
Fair value remeasurement of contingent value rights		19,179			376,085
Financing fees		(576,594	)		—
Interest expense		(571,240	)		(764,870	)
Loss on debt extinguishment		(343,471	)		—
Other (expense) income, net		(1,314,469	)		3,391,767
Net (loss) income before income taxes		(3,481,817	)		1,208,813
Income tax expense		14,615			6,162
Net (loss) income		(3,496,432	)		1,202,651

Deemed dividend on extinguishment of Convertible Preferred Stock		—			(751,125	)
Deemed dividend on modification of PIPE Warrants		—			(10,571,514	)
Net loss attributable to common shareholders	$	(3,496,432	)	$	(10,119,988	)


Basic net loss per share⁽¹⁾	$	(106.71	)	$	(38,414.84	)
Diluted net loss per share⁽¹⁾	$	(106.71	)	$	(38,414.84	)

Weighted Average Basic Shares Outstanding⁽¹⁾		32,766			263
Weighted Average Dilutive Shares Outstanding⁽¹⁾		32,766			263

(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, “Nature of Operations,” for further details.

Non-GAAP Financial Measures
This press release also includes non-GAAP financial measures that differ from financial measures calculated in accordance with United States generally accepted accounting principles (“GAAP”). Adjusted EBITDA is a non-GAAP financial measure provided in this release, and is net (loss) income calculated in accordance with GAAP, adjusted for interest, income taxes, depreciation, amortization, stock compensation, gain on sale of assets, financing fees, loss on debt remeasurement, and non-cash fair value remeasurement adjustments as detailed in the reconciliations presented below in this press release.

These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these measures principally as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes these measures are useful to investors as supplemental information and because they are frequently used by analysts, investors, and other interested parties to evaluate companies in its industry. The Company also believes these non-GAAP financial measures are useful to its management and investors as a measure of comparative operating performance from period to period.

The non-GAAP financial measures presented in this release should not be considered as an alternative to, or superior to, their respective GAAP financial measures, as measures of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and they should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, these measures do not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.


SUNATION ENERGY, INC. RECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED EBITDA

	Three Months Ended March 31
		2025			2024
Net (Loss) Income	$	(3,496,432	)	$	1,202,651
Interest expense		571,240			764,870
Interest income		(3,162	)		(21,555	)
Income taxes		14,615			6,162
Depreciation		67,940			92,417
Amortization		559,375			709,375
Stock compensation		30,815			197,306
Gain on sale of assets		—			(6,118	)
FV remeasurement of contingent value rights		(19,179	)		(376,085	)
FV remeasurement of earnout consideration		—			(350,000	)
FV remeasurement of warrant liability		—			(3,728,593	)
FV remeasurement of contingent forward contract		(109,492	)		—
Financing fees		576,594			—
Loss on debt remeasurement		343,471			—
Adjusted EBITDA	$	(1,464,215	)	$	(1,509,570	)

The MIL Network –

May 16, 2025

MIL-OSI: Wrap Technologies, Inc. Reports First Quarter 2025 Results
Source: GlobeNewswire (MIL-OSI)

MIAMI, May 15, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc, (NASDAQ: WRAP) (“Wrap” or, the “Company”), a global leader in innovative public safety technologies and non-lethal tools, today announced financial and operating results for the first quarter ended March 31, 2025.

Q1 2025 Financial Results:
- Cash increased to $6.2 million, up from $3.6 million in Q1 2024
- Margins increased over 21 points from 56.6% in Q1 2024 to 77.8% in Q1 2025, with cost of revenue decreasing 73.4%, from $640 thousand to $170 thousand, respectively.
- Operating loss improved 5.2%, from $(4.1) million in Q1 2024 to $(3.9) million in Q1 2025.
- Q1 2025 revenue was $765 thousand.
- Net income was $109 thousand in Q1 2025 as compared to $117 thousand in Q1 2024.
Recent Operational Highlights:
- The revamped training and learning management system is expected to be ready for launch.
- Customer reports show increased BolaWrap deployments.
- Recent shifts in policies associated with costly effects of higher uses of force.
- Departments with dedicated Crisis Intervention Teams are reporting increased usage in the growing mental health crises and response to Medical Behavioral Emergencies.
- Company signed and executed a sales and marketing partnership which provides the Company coverage in the U.S. public safety market and federal government.
- The Company’s move to the VA Facility is complete and manufacturing operations are substantially ready.
- The Company completed the acquisition of W1 Global, LLC, a preeminent managed services and consulting firm led by an executive team of former high-ranking law enforcement and U.S. Intelligence Community professionals, with deep competencies in complex international criminal investigation, regulatory matters and compliance issues.
- Expanded Wrap’s leadership in managed services with the addition of Joseph Bonavolonta, a 27-year FBI veteran, and Rob Heuchling, with a 15-year FBI career, to scale the Company’s support offerings.
- Appointed Stephen M. Renna, former Executive at the Export-Import Bank of the United States, to lead Wrap’s international growth and financing strategy, strengthening its global expansion efforts.
About Wrap Technologies, Inc.
Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

Wrap’s BolaWrap^® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar^® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap^® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

Trademark Information
Wrap, the Wrap logo, BolaWrap^®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:
(800) 583-2652
ir@wrap.com

The MIL Network –
May 16, 2025

MIL-OSI: Fold Holdings Inc. (NASDAQ: FLD) Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Revenue: $7.1 million, 44% YoY increase
Bitcoin Treasury Holdings: 1,490 BTC, ~50% increase from Q4 2024
Launched Bitcoin Gift Card with access to network of thousands of retailers
New accounts up over 300% YoY and platform volumes up 67% YoY

PHOENIX, May 15, 2025 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”), the first publicly traded bitcoin financial services company, today announced financial results for the first quarter ended March 31, 2025.

Financial Highlights

Revenue: $7.1 million; 44% YoY increase
GAAP Net Loss: ($48.9) million
Adjusted EBITDA (Loss) (non-GAAP): ($4.2) million
GAAP Loss Per Share: ($1.92) per share
Adjusted EBITDA (Loss) Per Share (non-GAAP): ($0.17) per share
Bitcoin Treasury Holdings: 1,490 bitcoin; +$150 million value as of 5/13/2025

Key Operating Metrics

Total Transaction Volume: +$250 million; 67% YoY increase
Total Active Accounts: +600,000, added +17,000 new accounts in the quarter
Total Verified Accounts: +76,000, added +5,000 new verified accounts in the quarter

CEO Commentary

“We are pleased to report a strong first quarter, with revenues for the period increasing by 44% versus a year ago, while core KPIs such as Active Accounts and Transaction Volumes were also up”, said Fold Chairman and CEO, Will Reeves. “From Fold’s public listing in February to our recent new product announcements, we have already made meaningful progress in 2025.”

Mr. Reeves continued, “In particular, we made significant progress on new initiatives that we believe improve the growth prospects for Fold. First, in February, we announced the launch of the Fold Bitcoin Rewards Credit Card, which currently has a waitlist of 75,000 people. We are working towards launching the card later this year and believe it can be an important growth driver of Fold’s business. Second, we are prioritizing the expansion of our Custody and Trading business by adding enhanced functionality to the platform. Our initiatives include increasing access to the platform beyond Fold cardholders to all users, supporting larger bitcoin orders through acceptance of wire deposits, and expanding the geographic reach of Fold’s suite of services. We believe these developments will allow us to open our platform to a meaningfully larger market. Our most recent announcement, the Fold Bitcoin Gift Card, is designed to allow consumers to acquire bitcoin by purchasing the Fold Bitcoin Gift Card online and at participating retail locations throughout the United States. Americans spend billions of dollars annually on gift cards and we believe the Fold Bitcoin Gift Card will allow us to capitalize on this large and meaningful market.”

Reeves concluded, “Finally, our bitcoin treasury holdings increased by 50% during the first quarter and currently stands at 1,490 bitcoin, which represents more than $150 million of value based on recent bitcoin prices. At Fold, we remain committed believers in Bitcoin and see it as central to everything we do. Building on our first quarter of 2025, we will continue to seek opportunities to add to our bitcoin holdings and believe in the long-term value proposition of a robust bitcoin treasury strategy.”

Strategic & Business Updates:

Fold Credit Card (announced in February 2025)
- Over 75,000 applicants on the waitlist
- 215 million credit cards users in the US
- Expected to launch later this year
Fold Bitcoin Gift Card (announced May 15, 2025)
- Partnered with Totus for a target nationwide launch later this year
- Rollout will be in phases with initial accessibility through Fold’s website
- Full rollout expected to include deployment to thousands of online and physical locations throughout the US
Custody and Trading Expansion
- Expanding accessibility to our bitcoin exchange platform to a larger user base
- Expanding features and making the platform accessible in additional states
Bitcoin Treasury
- Expanded our bitcoin investment treasury by approximately 50% in Q1 2025
- Currently hold 1,490 Bitcoin with a value of over $150 million

2025 Full Year Outlook:

Revenue: Prior guidance of $61.6 million in 2025 remains unchanged
Marketing Expenses: $3 million, an approximately 10x increase from 2024

Earnings Call and Webcast Information:

Fold Inc. will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question and answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: May 15, 2025
Time: 5:00 p.m. ET
Participant Call Links:

Live Webcast: Link
Dial-in Registration Link: Link

A replay of the call will be archived at https://investor.foldapp.com

About Fold Inc.:

Fold (NASDAQ: FLD) is the first publicly traded Bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use Bitcoin. With 1,490 BTC in its treasury, Fold is at the forefront of integrating Bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Card, Fold Credit Card, and Fold Bitcoin Gift Card, the company is building the bridge between traditional finance and the Bitcoin-powered future.

Forward-Looking Statements:

The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the anticipated benefits of the business combination. Forward-looking statements may be identified by the use of words such as “may,” “could,” “would,” “should,” “predict,” “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include the potential benefits of the new convertible note, Fold’s treasury strategy and the potential success of Fold’s market and growth strategies. These statements are based on assumptions and on the current expectations of Fold’s management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the failure to realize the anticipated benefits of the business combination; (iii) the effect of the consummation of the business combination on Fold’s business relationships, performance, and business generally; (iv) the ability to implement business plans and other expectations after the completion of the business combination, and identify and realize additional opportunities; (v) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; and (vi) those factors discussed in Fold’s filings with the Securities and Exchange Commission. If any of these risks materialize or Fold’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, each specifically disclaims any obligation to do so, except as required by law.

Fold Holdings, Inc. Condensed Balance Sheets (Unaudited)

	March 31,			December 31,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	11,699,552		$	18,330,359
Accounts receivable, net		942,888			451,455
Inventories		403,595			262,813
Digital assets – rewards treasury		7,365,544			8,569,651
Prepaid expenses and other current assets		4,003,918			687,100
Total current assets		24,415,497			28,301,378
Digital assets – investment treasury		122,957,753			93,568,700
Capitalized software development costs, net		1,175,215			1,000,065
Deferred transaction costs		–			2,784,893
Total assets	$	148,548,465		$	125,655,036

Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable	$	1,486,978		$	1,113,552
Accrued expenses and other current liabilities		1,898,812			71,858
December 2024 convertible note, net		–			11,752,905
Customer rewards liability		7,365,544			8,569,651
Deferred revenue		358,716			387,776
Total current liabilities		11,110,050			21,895,742
Deferred revenue, long-term		470,176			487,690
December 2024 convertible note, net		12,278,826			–
March 2025 convertible note – related party		52,813,643			–
Simple Agreements for Future Equity (“SAFEs”)		–			171,080,533
Total liabilities		76,672,695			193,463,965
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2025 and 10,204,880 shares issued and outstanding at December 31, 2024		–			1,020
Common stock, $0.0001 par value; 600,000,000 shares authorized, 46,888,876 shares issued and 46,250,665 shares outstanding at March 31, 2025 and 5,836,882 shares issued and outstanding at December 31, 2024		4,625			584
Additional paid-in-capital		222,098,867			33,537,989
Accumulated deficit		(150,227,722	)		(101,348,522	)
Total stockholders’ equity (deficit)		71,875,770			(67,808,929	)
Total liabilities and stockholders’ equity	$	148,548,465		$	125,655,036

Fold Holdings, Inc. Condensed Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2025			2024
Revenues, net	$	7,087,837		$	4,931,211

Operating expenses
Banking and payment costs		6,758,924			4,626,748
Custody and trading costs		45,785			21,288
Compensation and benefits		6,457,940			757,365
Marketing expenses		399,798			42,467
Professional fees		1,788,505			36,668
Amortization expense		91,071			57,353
(Gain) loss on customer rewards liability		(1,100,857	)		3,423,045
Loss (gain) on digital assets – rewards treasury		1,010,586			(3,491,889	)
Other selling, general and administrative expenses		1,136,455			312,894
Total operating expenses		16,588,207			5,785,939
Operating loss		(9,500,370	)		(854,728	)

Other income (expense)
Loss on digital assets – investment treasury		(15,617,152	)		–
Change in fair value of SAFEs		(6,503,113	)		(95,064	)
Change in fair value of convertible note		(6,534,143	)		–
Convertible note issuance costs and fees		(9,569,109	)		–
Interest expense		(1,271,638	)		–
Other income		120,303			12,855
Other income (expense), net		(39,374,852	)		(82,209	)

Net loss before income taxes		(48,875,222	)		(936,937	)
Income tax expense		3,978			8,109
Net loss	$	(48,879,200	)	$	(945,046	)

Net loss per share attributable to common stockholders:
Basic and diluted	$	(1.92	)	$	(0.16	)
Weighted average common shares outstanding:
Basic and diluted		25,436,398			5,836,882

Fold Holdings, Inc. Condensed Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2025			2024
Cash flows from operating activities
Net loss	$	(48,879,200	)	$	(945,046	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization expense		91,071			57,353
Loss (gain) on digital assets – rewards treasury		1,010,586			(3,491,889	)
Loss on digital assets – investment treasury		15,617,152			–
(Gain) loss on customer rewards liability		(1,100,857	)		3,423,045
Change in fair value of convertible note		6,534,143			–
Convertible note issuance costs and fees		9,569,109			–
Amortization of debt discount		525,921			–
Change in fair value of SAFEs		6,503,113			95,064
Share-based compensation expense		5,170,275			–
Increase (decrease) in cash resulting from changes in:
Accounts receivable, net		(491,433	)		(38,400	)
Inventories		(140,782	)		(11,860	)
Prepaid expenses and other current assets		(962,423	)		9,756
Accounts payable		373,426			168,239
Accrued expenses and other current liabilities		660,721			10,908
Customer reward liability		611,552			487,032
Deferred revenue		(46,574	)		(118,433	)
Net cash used in operating activities		(4,954,200	)		(354,231	)

Cash flows from investing activities
Purchases of digital assets		(1,562,973	)		(441,467	)
Proceeds from sales of digital assets		–			–
Payments for capitalized software development costs		(266,221	)		(171,134	)
Net cash used in investing activities		(1,829,194	)		(612,601	)

Cash flows from financing activities
Proceeds from recapitalization		804,600			–
Payments of deferred IPO costs		(652,013	)		–
Proceeds received from SAFE financings		–			500,000
Net cash provided by financing activities		152,587			500,000

Net decrease in cash and cash equivalents		(6,630,807	)		(466,832	)
Cash and cash equivalents, beginning of period		18,330,359			1,491,544
Cash and cash equivalents, end of period	$	11,699,552		$	1,024,712

Non-cash investing and financing activities
Distributions of digital assets to fulfill customer reward redemptions		714,802			1,317,262
Distributions of digital assets to satisfy other current liabilities		1,012			8,940
Recapitalization		173,019,904			–
Proceeds from convertible debt received in digital assets – related party		43,965,525			–
Distributions of digital assets for prepaid interest – related party		2,313,975			–

Non-GAAP Financial Measures

Adjusted EBITDA

In addition to net loss and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) to monitor the financial health of our business. Adjusted EBITDA is defined as net loss, excluding (i) interest expense, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) share-based compensation, (v) remeasurement gains and losses such as fair value remeasurements on our digital assets, convertible notes, and SAFE notes, and (vi) impairments, restructuring charges, and business acquisition- or disposition-related expenses that we believe are not indicative of our core operating results. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and/or render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of core operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net loss:

	Three Months Ended March 31,
	2025			2024
Net loss	$	(48,879,200	)	$	(945,046	)
Add:
Interest expense		1,271,638			–
Income tax expense		3,978			8,109
Amortization expense		91,071			57,353
Share-based compensation expense		5,170,275			–
(Gain) loss on customer rewards liability		(1,100,857	)		3,423,045
Loss (gain) on digital assets – rewards treasury		1,010,586			(3,491,889	)
Loss on digital assets – investment treasury		15,617,152			–
Change in fair value of SAFEs		6,503,113			95,064
Change in fair value of convertible note		6,534,143			–
Convertible note issuance costs and fees		9,569,109			–
Adjusted EBITDA (non-GAAP)	$	(4,208,992	)	$	(853,364	)

	Three Months Ended March 31,
	2025			2024
Adjusted EBITDA (Loss)	$	(4,208,992	)	$	(853,364	)
Weighted-average shares used to compute basic and diluted net loss per share		25,436,398			5,836,882

Adjusted EBITDA (Loss) per share attributable to common stockholders:
Basic and diluted	$	(0.17	)	$	(0.15	)

For investor and media inquiries, please contact:

Investor Relations:
Orange Group
Samir Jain, CFA
FoldIR@orangegroupadvisors.com

Media:
Elev8 New Media
Jessica Starman, MBA
Media@foldapp.com

The MIL Network –

May 16, 2025

MIL-OSI: Fluent Announces First Quarter 2025 Financial Results; Strategic Pivot Accelerates with Growth of Commerce Media Solutions

Source: GlobeNewswire (MIL-OSI)

Revenue of $55.2 million for Q1 2025
Q1 2025 Commerce Media Solutions revenue grew 99% to $12.7 million representing 23% of consolidated revenue from $6.4 million or 10% of consolidated revenue in Q1 2024 with gross profit margin (exclusive of depreciation and amortization) of 22% in Q1 2025 compared to 21% for the consolidated business
Commerce Media Solutions annual revenue run rate now exceeds $65 million, reflecting an 8% quarter-over-quarter increase and strong momentum in executing the Company’s strategic pivot to this higher growth market
Subsequent to the first quarter, the Company announced a strategic partnership with Rebuy Engine to launch Rebuy Ads powered by Fluent, providing post-purchase advertising for Shopify merchants

NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions provider, today reported unaudited financial results for the first quarter ended March 31, 2025.

Don Patrick, Fluent’s Chief Executive Officer, commented, “Our first quarter results showed the fifth consecutive quarter of strong year-over-year growth in our Commerce Media Solutions business. As we continue to execute on our strategic pivot to focus on what we see as a core, long-term growth opportunity in the commerce media marketplace, this segment has been the foundational driver of our evolving model, achieving nearly triple-digit year-over-year growth since its launch in early 2023. Underscoring our growth are the impressive partnerships with top-tier media partners and advertisers across a diverse range of market verticals. After the close of the first quarter we announced a breakthrough partnership with Rebuy Engine, a leading ecommerce personalization platform for Shopify brands. With the combined expertise of both companies, Rebuy Ads powered by Fluent is set to redefine how Shopify merchants engage with performance-driven advertising.”

Mr. Patrick continued, “While Commerce Media Solutions is performing exceptionally well, we experienced some additional attrition in our Owned and Operated business primarily due to a reduction in media supply, particularly from social media. This trend has continued into the second quarter. To address this, we’re actively expanding our supply channels to mitigate long-term impacts. Importantly, as we continue efforts to stabilize this cash-flow positive Owned and Operated business, it remains a productive driver of our Commerce Media Solutions growth strategy. With the growth of our Commerce Media Solutions business and shifting revenue mix, we anticipate consolidated second quarter revenue to remain in line with the first quarter of 2025.”

“Overall, we’re encouraged by our progress in the quarter, and with our visibility today, we expect to continue driving meaningful growth in our Commerce Media Solutions business through 2025 as we build a more predictable and valuable business for our shareholders,” Mr. Patrick concluded.

First Quarter Financial Highlights

Revenue of $55.2 million, a decrease of 16%, compared to $66.0 million in Q1 2024
- Owned and Operated revenue decreased 30% to $31.1 million compared to $44.7 million in Q1 2024 as the Company continued its shift in focus and revenue mix to higher margin Commerce Media Solutions
- Commerce Media Solutions revenue increased 99% to $12.7 million compared to $6.4 million in Q1 2024
Net loss of $8.3 million, or $0.39 per share, compared to a net loss of $6.3 million, or $0.45 per share, for Q1 2024.
Gross profit (exclusive of depreciation and amortization) of $11.4 million, a decrease of 39% over Q1 2024 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $2.8 million, an increase of 54% over Q1 2024 and representing 22% of revenue for Q1 2025.
Media margin of $13.7 million, a decrease of 38% over Q1 2024 and representing 24.9% of revenue. The Company’s growing Commerce Media Solutions business reported media margin of $3.1 million, an increase of 56% over Q1 2024 and representing 24.6% for if revenue for Q1 2025.
Adjusted EBITDA of negative $3.1 million, a decrease of $3.7 million compared to Q1 2024 and representing 5.6% of revenue
Adjusted net loss of $6.7 million, or $0.31 per share, compared to $4.2 million, or $0.30 per share, for Q1 2024

Business Outlook & Goals

Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high-volume market verticals.
Drive revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

Conference Call

Fluent, Inc. will host a conference call on Thursday, May 15, 2025, at 4:30 PM ET to discuss its 2025 first quarter financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BI2c18ceec43da4e809374edc6b958fefe. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/qsf7a838. The replay will be available for one year, via the Fluent website https://investors.fluentco.com.

About Fluent, Inc.

Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

	•	Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
	•	Ability to operate in a competitive, rapidly changing and highly regulated industry, which makes it difficult to evaluate our business and prospects
	•	Dependence on the gaming industry;
	•	Unfavorable publicity and negative public perception about the digital marketing industry or us;
	•	A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields;
	•	Credit risk from certain clients
	•	Our relative inexperience in the post-transaction commerce media business, which is currently dominated by a major player;
	•	Our need to continue investing in technology for our Commerce Media Solutions business;
	•	Our competitive disadvantage because we are more selective in our traffic sources;
	•	A decline in the supply of media available to us through third parties or an increase in the price of such media;
	•	Ability to remain competitive with the shift to mobile applications and our use of CRM;
	•	Our increasing reliance upon inbound calls, particularly in the health plan vertical, which we may be unable to obtain cost effectively obtain in the future;
	•	Difficulty managing any future growth or scaling our infrastructure and products quickly enough to meet the needs of our business while maintaining profitability;
	•	Global economic or political instability, including the potential impact of tariffs on our business;
	•	Challenges managing the growth of our operations, including international expansion and the integration of acquired business units or personnel;
	•	Strategic alternatives that could complicate operations or divert management’s attention;
	•	Dependence on our key personnel and ability to attract or retain employees;
	•	Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;
	•	Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, email marketing, text messaging, privacy, and data protection;
	•	The outcome of litigation, inquiries, investigations, examinations, or other legal proceedings in which we are or may become involved, or in which our clients or competitors are involved;
	•	Potential sales and use taxes and other taxes on our business;
	•	Our actual or perceived failure to safeguard any personal information or user privacy;
	•	Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
	•	Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;
	•	Our need to raise capital to fund our operations;
	•	Our ability to maintain listing of our securities on The Nasdaq Capital Market;
	•	The volatility of our stock price and concentration of stock ownership;
	•	Potential dilutive effect of any future issuances of shares of our common stock;
	•	Lack of cash dividends for the foreseeable future;
	•	Status of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements; and
	•	Uncertainty in the acceptance by Shopify merchants of Rebuy Ads powered by Fluent.

These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

FLUENT, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) (unaudited)

	March 31, 2025			December 31, 2024
ASSETS:
Cash and cash equivalents	$	4,828		$	9,439
Accounts receivable, net of allowance for credit losses of $483 and $487, respectively		37,019			46,532
Prepaid expenses and other current assets		8,126			8,729
Restricted cash		1,255			1,255
Total current assets		51,228			65,955
Property and equipment, net		233			304
Operating lease right-of-use assets		1,118			1,570
Intangible assets, net		20,986			21,797
Other non-current assets		3,929			3,991
Total assets	$	77,494		$	93,617
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Accounts payable	$	8,513		$	8,776
Accrued expenses and other current liabilities		19,694			21,905
Deferred revenue		341			556
Current portion of long-term debt		21,801			31,609
Current portion of operating lease liability		1,310			1,836
Total current liabilities		51,659			64,682
Long-term debt, net		—			250
Convertible Notes, at fair value with related parties		3,800			3,720
Operating lease liability, net		—			9
Other non-current liabilities		—			1
Total liabilities		55,459			68,662
Contingencies
Shareholders’ equity:
Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods		—			—
Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 21,412,255 and 20,791,431, respectively; and Shares outstanding — 20,643,660 and 20,022,836, respectively		47			47
Treasury stock, at cost — 768,595 and 768,595 Shares, respectively		(11,407	)		(11,407	)
Additional paid-in capital		452,459			447,110
Accumulated deficit		(419,064	)		(410,795	)
Total shareholders’ equity		22,035			24,955
Total liabilities and shareholders’ equity	$	77,494		$	93,617

FLUENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share data) (unaudited)

	Three Months Ended March 31,
	2025			2024
Revenue	$	55,210		$	65,983
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)		43,775			47,348
Sales and marketing		4,070			4,812
Product development		3,398			4,840
General and administrative		8,582			10,365
Depreciation and amortization		2,461			2,571
Total costs and expenses		62,286			69,936
Loss from operations		(7,076	)		(3,953	)
Interest expense, net		(880	)		(1,415	)
Fair value adjustment of Convertible Notes with related parties		(80	)		—
Loss before income taxes		(8,036	)		(5,368	)
Income tax expense		(233	)		(908	)
Net loss	$	(8,269	)	$	(6,276	)

Basic and diluted loss per share:
Basic	$	(0.39	)	$	(0.45	)
Diluted	$	(0.39	)	$	(0.45	)

Weighted average number of shares outstanding:
Basic		21,211,439			13,902,165
Diluted		21,211,439			13,902,165

FLUENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (unaudited)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(8,269	)	$	(6,276	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		2,461			2,571
Non-cash loan amortization expense		176			711
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Allowance for credit losses		(4	)		82
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable		9,517			3,028
Prepaid expenses and other current assets		603			(266	)
Other non-current assets		106			100
Operating lease assets and liabilities, net		(83	)		(85	)
Accounts payable		(263	)		(2,125	)
Accrued expenses and other current liabilities		(2,331	)		2,344
Deferred revenue		(215	)		131
Other		(1	)		(947	)
Net cash provided by (used in) operating activities		2,112			(132	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized costs included in intangible assets		(1,570	)		(1,796	)
Net cash used in investing activities		(1,570	)		(1,796	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt, net of debt financing costs		21,841			—
Repayments of long-term debt		(31,869	)		(1,250	)
Debt financing costs		(125	)		(968	)
Proceeds from issuance of pre-funded warrants		5,000			—
Net cash used in financing activities		(5,153	)		(2,218	)
Net decrease in cash, cash equivalents, and restricted cash		(4,611	)		(4,146	)
Cash, cash equivalents, and restricted cash at beginning of period		10,694			15,804
Cash, cash equivalents, and restricted cash at end of period	$	6,083		$	11,658

Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

The following non-GAAP measures are used in this release:

Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for put/call consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

Adjusted net income is defined as net income (loss) excluding (1) share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for put/call consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands, except percentages)	2025			2024
Revenue	$	55,210		$	65,983
Less: Cost of revenue (exclusive of depreciation and amortization)		43,775			47,348
Gross profit (exclusive of depreciation and amortization)	$	11,435		$	18,635
Gross profit (exclusive of depreciation and amortization) % of revenue		21	%		28	%
Non-media cost of revenue ⁽¹⁾		2,296			3,504
Media margin	$	13,731		$	22,139
Media margin % of revenue		24.9	%		33.6	%

(1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

	Three Months Ended March 31,
(In thousands, except percentages)	2025			2024
Revenue	$	12,660		$	6,376
Less: Cost of revenue (exclusive of depreciation and amortization)		9,847			4,553
Gross profit (exclusive of depreciation and amortization)	$	2,813		$	1,823
Gross profit (exclusive of depreciation and amortization) % of revenue		22	%		29	%
Non-media cost of revenue ⁽¹⁾		298			175
Media margin	$	3,111		$	1,998
Media margin % of revenue		24.6	%		31.3	%

(1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

Below is a reconciliation of adjusted EBITDA from net loss, which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands)	2025			2024
Net loss	$	(8,269	)	$	(6,276	)
Income tax expense		233			908
Interest expense, net		880			1,415
Depreciation and amortization		2,461			2,571
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Acquisition-related costs⁽¹⁾		(119	)		782
Restructuring and other severance costs		1,315			665
Adjusted EBITDA	$	(3,084	)	$	665

(1	)	Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.

Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands, except share and per share data)	2025			2024
Net loss	$	(8,269	)	$	(6,276	)
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Acquisition-related costs⁽¹⁾		(119	)		782
Restructuring and other severance costs		1,315			665
Adjusted net loss	$	(6,658	)	$	(4,229	)
Adjusted net loss per share:
Basic	$	(0.31	)	$	(0.30	)
Diluted	$	(0.31	)	$	(0.30	)
Weighted average number of shares outstanding:
Basic		21,211,439			13,902,165
Diluted		21,211,439			13,902,165

(1	)	Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.

We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

Annual Revenue Run Rate

Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

Contact Information:
Investor Relations
Fluent, Inc.
InvestorRelations@fluentco.com

The MIL Network –

May 16, 2025

MIL-OSI: BIO-key Reports Q1’25 Revenue of $1.6M and Improved Cash Position of $3.1M; Hosts Investor Call Tomorrow, Friday May 16th at 10am ET

Source: GlobeNewswire (MIL-OSI)

HOLMDEL, N.J., May 15, 2025 (GLOBE NEWSWIRE) — BIO-key ® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and tokenless Identity-Bound Biometric (IBB) authentication, announced results for its first quarter (Q1’25). BIO-key will host an investor call tomorrow, Friday, May 16th at 10:00am ET (details below).

BIO-key CEO, Mike DePasquale commented, “Our revenue rose approximately 10% sequentially vs. Q4’24, as we continue our transition to selling high-margin BIO-key branded products in Europe, the Middle East and Africa (EMEA). Year-over-year revenue decreased 25% due to a $1.2M two-year contract with a long-term financial services customer we closed in Q1’24, as compared to $690k recorded in Q1’25 from the customer’s addition of incremental biometric capabilities. We expect revenue from this customer to increase significantly in the next two-year period commencing in 2026, due to their expanding deployment and the addition of our one-to-many fingerprint-only biometric ID system that requires no card or account number for client Identification.

“Our gross margin remained healthy in Q1 at 83%, and we reduced our selling, general and administrative expense by 23% year-over-year. Our cash position increased substantially to $3.1M reflecting proceeds from warrant exercises early in Q1’25. Since December 31, we have also reduced the principal balance on our outstanding note payable. These balance sheet improvements provide solid footing for BIO-key as we pursue new growth opportunities.”

Q1 Highlights

Mr. DePasquale continued, “Moving forward, we are seeing growing traction for our identity bound biometric solutions in defense/security and financial services applications that require the highest levels of security. In these use cases, our customers are drawn to our unique ability to authenticate the individual seeking data or network access rather than alternate factors that are far more prone to being compromised. We now support secure biometric authentication for a number of national and international defense and police organizations and are working to leverage these powerful endorsements in our business development efforts.

“We continue to build our base of government and government related customers who appreciate the flexibility, ease of use and ability to support multiple authentication factors that create a compelling return on investment profile. We see growing interest in our unique passwordless, phoneless and tokenless authentication solutions, which meet the most pressing security and usability challenges.

“We have built a solid presence in state, local and educational (SLED) markets domestically, as we now serve over 100 institutions with over 4M end users. In Q1’25 the Wyoming Department of Education deployed PortalGuard IDaaS, adding up to 20,000 SaaS end users. Additionally, many existing higher ed customers are migrating from our on-premises solution to PortalGuard IDaaS, further expanding our base of recurring revenue.

“Building on this, we executed a strategic partnership and Joint Purchase Agreement in Q1’25 with California’s Education Technology Joint Powers Authority (Ed Tech JPA), resulting in PortalGuard becoming an approved solution for the alliance’s 195 K-12 schools and districts, servicing over 2.6M students. Importantly, BIO-key solutions are uniquely positioned to comply with California’s Phone-Free Schools Act (AB-1326) policies limiting or prohibiting smartphone use in schools by July 2026. Most competing solutions rely on phone authenticators or hardware security keys, neither of which are practical solutions for schools.

“From a strategic standpoint, we are excited about the revenue and margin potential in EMEA now that we have refocused our efforts on BIO-key solutions in those markets. Our transition away from Swivel Secure licensed solutions beginning in the second half of 2024 resulted in some challenging year-over-year revenue comparisons but we fully expect to return our EMEA performance to growth and enhanced margins over the remainder of 2025.

“Based on the security, flexibility, ease of deployment and compelling ROI provided by our solutions, we feel well positioned to deliver improved top- and bottom-line results in 2025. However, given the timing of large customer orders or renewals, our financial performance is likely to fluctuate on a quarter-to-quarter basis. Given increasing interest in our biometric solutions, growing adoption of passwordless, phoneless and tokenless IAM solutions, our improved balance sheet, strong margin profile, and revenue traction in EMEA markets, we are very optimistic about our growth outlook. We also continue to seek opportunities to reduce costs and lower our breakeven level to support our path to positive cash flow and profitability.”

Financial Results

Total revenues decreased to $1,607,159 in Q1’25 from $2,181,203, mainly due to the impact of $1.2M in Q1’24 revenue from a 2-year renewal contract with a long-term financial services customer vs. $690k from this customer in Q1’25. License fee revenue decreased to $1,098,758 in Q1’25 from $1,950,434 a year ago, reflecting the variance in revenue from the long-term financial services customer, as well as the impact on revenue of transitioning from selling third-party Swivel Secure products and services to BIO-key products, in the EMEA region.

Service revenues increased to $272,598 in Q1’25 from $213,122 in Q1’24, including approximately $265,000 and $193,000, respectively, of recurring maintenance and support revenue, and $8,000 and $20,000, respectively, of non-recurring custom services revenue. The recurring revenue increase of $72,000 or 37% was due to incremental support services for a large customer service agreement. Non-recurring custom services decreased due to the removal of a large Swivel Secure customer.

Hardware sales increased to $235,803 in Q1’25 from $17,647 in Q1’24, due largely to increased purchases of fingerprint biometric scanners in support of certain customers’ expanded deployments in Q1’25.

Gross profit decreased to $1,327,661 in Q1’25 from $1,881,560 in Q1’24, reflecting gross margins of 82.6% and 86.3%, respectively. The gross profit decline is due primarily to lower revenue in Q1’25 as well as the impact of higher levels of lower margin hardware revenue.

BIO-key reduced its Q1’25 operating expenses by $422,195 to $1,968,299 from $2,390,494 in Q1’24, due to reductions of $410,449 in SG&A and $11,746 in research, development and engineering. Q1’25 SG&A expenses decreased 23% to $1,372,524 from $1,782,973 in Q1’24, reflecting reductions in administration, sales personnel costs, and professional service fees. The RD&E decrease was due primarily to lower rent costs.

Reflecting lower revenues which was partially offset by lower operating costs, BIO-key’s Q1’25 net loss increased to $736,545, or ($0.16) per share, as compared to $510,285, or ($0.32) per share, in Q1’24.

Balance Sheet

As of March 31, 2025, BIO-key’s total current assets improved to $4.6M, including $3.1M of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and approximately $358,000 of inventory. This compares to total current assets of $1.9M at December 31, 2024, including approximately $438,000 of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and $378,000 of inventory.

Conference Call Details

Date / Time:	Friday, May 16th at 10 a.m. ET
Call Dial In #:	1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay:	Webcast & Replay Link – Available for 3 months.
Audio Replay:	1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 6501265

About BIO-key International, Inc. (www.BIO-key.com)

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology and identity access management industries; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to migrate Swivel Secure customers to BIO-key and Portal Guard offerings; our ability to execute definitive agreements with Fiber Food Systems and/or its customers to utilize our access management solutions; our ability to integrate our solutions into any of Fiber Food System’s offerings; fluctuations in foreign currency exchange rates; the duration and extent of continued hostilities in Ukraine and its impact on our European customers; the impact of tariffs and other trade barriers which may make it more costly for us to import inventory from China and Hong Kong and certain product components from South Korea; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence of the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to continue to maintain effective internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key

Investor Contacts

William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com or 212-924-9800

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)

	Three Months Ended
	March 31,
	2025			2024
Revenues
Services	$	272,598		$	213,122
License fees		1,098,758			1,950,434
Hardware		235,803			17,647
Total revenues		1,607,159			2,181,203
Costs and other expenses
Cost of services		98,144			138,849
Cost of license fees		72,885			148,221
Cost of hardware		108,469			12,573
Total costs and other expenses		279,498			299,643
Gross profit		1,327,661			1,881,560

Operating Expenses
Selling, general and administrative		1,372,524			1,782,973
Research, development and engineering		595,775			607,521
Total Operating Expenses		1,968,299			2,390,494
Operating loss		(640,638	)		(508,934	)
Other income (expense)
Interest income		3			5
Loan fee amortization		(60,000	)		–
Interest expense		(35,910	)		(1,356	)
Total other income (expense), net		(95,907	)		(1,351	)

Loss before provision for income tax		(736,545	)		(510,285	)

Provision for (income tax) tax benefit		–			–

Net loss	$	(736,545	)	$	(510,285	)

Comprehensive loss:
Net loss	$	(736,545	)	$	(510,285	)
Other comprehensive income (loss) – Foreign currency translation adjustment		6,803			(62,275	)
Comprehensive loss	$	(729,742	)	$	(572,560	)

Basic and Diluted Loss per Common Share	$	(0.16	)	$	(0.32	)

Weighted Average Common Shares Outstanding:
Basic and diluted		4,702,421			1,615,323

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2025			2024
	(Unaudited)
ASSETS
Cash and cash equivalents	$	3,133,752		$	437,604
Accounts receivable, net		803,277			718,229
Due from factor		40,450			74,170
Inventory		357,842			378,307
Prepaid expenses and other		254,285			278,648
Total current assets		4,589,606			1,886,958
Equipment and leasehold improvements, net		122,986			140,198
Capitalized contract costs, net		375,705			409,426
Deposits and other assets		7,976			7,976
Operating lease right-of-use assets		67,142			73,372
Investments		5,000,000			5,000,000
Intangible assets, net		1,020,261			1,097,630
Total non-current assets		6,594,070			6,728,602
TOTAL ASSETS	$	11,183,676		$	8,615,560

LIABILITIES
Accounts payable	$	568,836		$	818,187
Accrued liabilities		1,042,411			1,278,732
Note payable		762,151			1,525,977
Government loan – BBVA Bank, current portion		138,667			132,731
Deferred revenue, current		928,291			773,267
Operating lease liabilities, current portion		25,260			24,642
Total current liabilities		3,465,616			4,553,536
Deferred revenue, long term		136,931			196,237
Government loan – BBVA Bank – net of current portion		11,666			44,762
Operating lease liabilities, net of current portion		42,410			48,994
Total non-current liabilities		191,007			289,993
TOTAL LIABILITIES		3,656,623			4,843,529

Commitments and Contingencies

STOCKHOLDERS’ EQUITY

Common stock — authorized, 170,000,000 shares; issued and outstanding; 5,814,041 and 3,715,483 of $.0001 par value at March 31, 2025 and December 31, 2024, respectively		582			372
Additional paid-in capital		137,514,825			133,030,271
Accumulated other comprehensive loss		56,093			49,290
Accumulated deficit		(130,044,447	)		(129,307,902	)
TOTAL STOCKHOLDERS’ EQUITY		7,527,053			3,772,031
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	11,183,676		$	8,615,560

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
	2025			2024

CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$	(736,545	)	$	(510,285	)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation		21,782			23,808
Amortization of intangible assets		76,245			78,005
Amortization of capitalized contract costs		46,545			38,665
Amortization of Note Payable		60,000			–
Interest payable on Note		35,173			–
Operating leases right-of-use assets		6,230			13,686
Share and warrant-based compensation for employees and consultants		52,488			47,790
Stock based directors’ fees		9,002			9,003
Bad debts		15,000			100,000
Change in assets and liabilities:
Accounts receivable		(85,048	)		399,749
Due from factor		33,720			91,070
Capitalized contract costs		(12,824	)		(158,005	)
Inventory		20,465			5,545
Prepaid expenses and other		24,363			(63,513	)
Accounts payable		(259,571	)		(116,012	)
Accrued liabilities		(236,321	)		(104,257	)
Deferred revenue		95,718			455,868
Operating lease liabilities		(1,734	)		(14,033	)
Net cash used in operating activities		(835,312	)		297,084
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(4,570	)		(1,869	)
Net cash used in investing activities		(4,570	)		(1,869	)
CASH FLOW FROM FINANCING ACTIVITIES:
Offering costs		(248,783	)		(13,470	)
Proceeds for exercise of warrants		3,813,057			1,400
Receipt of cash from Employee stock purchase plan		–			–
Repayment of government loan		(35,047	)		(41,821	)
Net cash used in financing activities		3,529,227			(53,891	)

Effect of exchange rate changes		6,803			(62,275	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,696,148			179,049
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		437,604			511,400
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	3,133,752		$	690,449

The MIL Network –

May 16, 2025

MIL-OSI: AleAnna, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 and Recent Company Highlights:

AleAnna reported basic and diluted net loss per common share of ($0.05) for the quarter ended March 31, 2025, compared with ($3.41) for the same period in 2024.
AleAnna ended the quarter with cash and cash equivalents of approximately $27.8 million

DALLAS, May 15, 2025 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or “the Company”) (NASDAQ: ANNA) today announced financial results for the first quarter of 2025. While revenue from Longanesi field production was not recognized during the quarter, in May 2025 AleAnna achieved first sales and the Company expects to report revenue from the Longanesi field as a part of second quarter results.

For the first quarter 2025, AleAnna reported net loss of $2.0 million. This amounts to a basic and diluted net loss per common share of ($0.05), compared with ($3.41) net loss per common share recorded by the Company in the first quarter 2024.

As of March 31, 2025, AleAnna had cash and cash equivalents of $27.8 million, providing the necessary liquidity to support development activities and pursue strategic opportunities.

Management Commentary

Marco Brun, Chief Executive Officer, remarked on AleAnna’s recent accomplishments: “We continue to execute on our business strategy and are encouraged by the initial performance at the Longanesi field. Although first quarter results did not include revenue from Longanesi, with the onset of sales in early May 2025 we expect to report revenue in our second quarter results. With a healthy balance sheet and growing operational momentum, we’re focused on delivering long-term value to our shareholders.”

About AleAnna

AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and with a potential of up to fourteen new natural gas exploration projects that could be initiated this decade, our goal is to play a pivotal role in Italy’s energy transition. Italy’s extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna’s commitment to sustainability. AleAnna’s RNG projects’ portfolio includes three plants under development and almost 100 potential projects that would represent up to a €1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding AleAnna’s expectations and future financial performance, the Company’s strategy, future operations, financial position, prospective plans, goals, and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “plan,” “potential,” “goal,” “focus,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances or guarantees of future performance. Instead, they are based only on AleAnna’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna’s control. As a result, these factors could cause AleAnna’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under “Risk Factors” in AleAnna’s Form 10-K filed with the SEC on March 31, 2025, as well as general economic conditions; AleAnna’s need for additional capital and ability to obtain any required capital; political, general economic, financial and legal conditions; changes in domestic and foreign markets; risks associated with the implementation of AleAnna’s business strategy and the ability to execute on AleAnna’s business strategy; timing of any business milestones; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna’s expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

Investor Relations Contact
Bill Dirks
wkdirks@aleannagroup.com

Website
https://www.aleannainc.com/

Source: AleAnna, Inc.

ALEANNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

	For the Three Months Ended March 31,
	2025			2024

Revenues	$	644,600		$	–

Operating expenses:
Cost of revenues	$	838,395		$	–
General and administrative		3,324,845			2,018,524
Depreciation		73,106			–
Accretion of asset retirement obligation		33,505			33,311
Total operating expenses		4,269,850			2,051,835

Operating loss		(3,625,250	)		(2,051,835	)

Other income:
Interest and other income		237,605			289,337
Change in fair value of derivative liability		–			173,177
Total other income		237,605			462,514

Loss before income taxes		(3,387,646	)		(1,589,321	)
Income tax benefit		48,276			–
Net loss		(3,339,370	)		(1,589,321	)
Deemed dividend to Class 1 Preferred Units redemption value		–			(112,673,176	)
Net loss attributable to noncontrolling interests		1,333,231			–
Net loss attributable to Class A Common stockholders or holders of Common Member Units	$	(2,006,139	)	$	(114,262,497	)

Other comprehensive loss
Currency translation adjustment		1,139,303			113,872
Comprehensive loss		(2,200,067	)		(1,475,449	)
Comprehensive loss attributable to noncontrolling interests		1,333,231			–
Total comprehensive loss attributable to Class A Common stockholders or holders of Common Member Units	$	(866,836	)	$	(1,475,449	)

Weighted average shares of Class A Common Stock outstanding, basic and diluted		40,564,475			33,467,205
Net loss per share of Class A Common Stock, basic and diluted	$	(0.05	)	$	(3.41	)

ALEANNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 (unaudited) AND DECMBER 31, 2024

	March 31, 2025			December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	27,810,160		$	28,330,159
Accounts receivable		402,874			1,225,297
Prepaid expenses and other assets		987,414			1,666,155
Total Current Assets		29,200,448			31,221,611

Non-current assets:
Natural gas and other properties, successful efforts method		34,794,734			33,979,014
Renewable natural gas properties, net of accumulated depreciation of $209,009 and $132,094, respectively		9,592,268			9,296,039
Value-added tax refund receivable		6,578,604			6,845,030
Operating lease right-of-use assets		1,777,356			1,744,897
Deferred tax assets		48,276			–
Total Non-current Assets		52,791,238			51,864,980
Total Assets	$	81,991,686		$	83,086,591

LIABILITIES AND STOCKOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	1,980,897		$	2,204,208
Lease liability, short-term		174,127			163,865
Total Current Liabilities		2,155,024			2,368,073

Non-current Liabilities:
Asset retirement obligation		4,409,230			4,375,919
Lease liability, long-term		1,601,573			1,579,443
Contingent consideration liability, long-term		25,980,832			24,994,315
Total Non-current Liabilities		31,991,635			30,949,677
Total Liabilities		34,146,659			33,317,750

Commitments and Contingencies (Note 6)

Stockholders’ Equity:
Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,584,455 and 40,560,433 shares issued and outstanding as of March 31, 2025 and December 31, 2024		4,058			4,056
Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of March 31, 2025 and December 31, 2024		2,599			2,599
Additional paid-in capital		226,998,675			226,722,424
Accumulated other comprehensive loss		(5,109,054	)		(5,803,378	)
Accumulated deficit		(193,054,092	)		(191,047,953	)
Noncontrolling interest		19,002,841			19,891,093
Total Stockholders’ Equity		47,845,027			49,768,841
Total Liabilities and Stockholders’ Equity	$	81,991,686		$	83,086,591

The MIL Network –

May 16, 2025

MIL-OSI USA: SCHUMER REVEALS: TUCKED AWAY IN TRUMP’S TAX BILL IS SECTION TO RIP AWAY $100+ MILLION GRANT FROM BUFFALO FOR BAILEY AVENUE TRANSFORMATION; SCHUMER SAYS ‘HELL NO!’ TO TAKING $$ FROM BUFFALO TO PAY FOR…

US Senate News:

Source: United States Senator for New York Charles E Schumer
Under-The-Radar Section Of Trump’s New Bill With Tax Breaks For Billionaires & Corporations, Being Rushed By House Republicans Right Now, Includes Section To Claw Back Funding From Grant Program That Provided Whopping $100+ Million To Buffalo’s Bailey Avenue To Overhaul One Of Cities Busiest Bus Routes, Improve Safety, Reduce Traffic, And Build New More Walkable, Bikeable Streets
Senator Says Funding, Which Comes From Inflation Reduction Act He Championed, Was Set To Be Game Changer For Buffalo, But Now Trump Wants To Rip That All Away To Pay For His Tax Cuts For Billionaires, And Schumer Is Demanding Western NY House Republicans Block This Bill From Advancing
Schumer: Trump Wants His Billionaire Tax Breaks Paid For With Money For Worthy Projects Like Buffalo’s Bailey Avenue Overhaul? Hell No! Every Western NY Republican Should Demand This Be Reversed Now
As House Republicans rush to try to pass Trump’s devastating plan to give tax breaks to billionaires and corporations while slashing programs like Medicaid & SNAP, U.S. Senator Chuck Schumer today revealed that tucked away in an under-the-radar provision in the transportation section of the bill is a proposal to claw back grants from the Neighborhood Access and Equity program, which would include the $100+ million award for Buffalo’s Bailey Avenue transformation project. Schumer said this is outrageous and is demanding Western NY House Republicans join him and stand up to Trump and block this plan from going forward.
“If Trump and House Republicans thought they could quietly rip away over $100 million in funding for Buffalo’s transportation, they are in for a rude awakening. This project creates jobs, increases traffic flow and safety and boosts the local economy; it makes zero sense to defund it. Right now, Trump and House Republicans want their tax breaks for billionaires & corporations paid for by stealing money out of Buffalo’s pockets meant to fix Bailey Avenue. I say hell no, and everyone in Western NY should be outraged at this backwards proposal,” said Senator Schumer. “Bailey Avenue is the spine of the East Side and one of Buffalo’s busiest corridors. Everyone in Buffalo knows how badly it needs to be upgraded to improve safety and fix traffic. Instead of trying to bring back Bailey Avenue, House Republicans are proposing to throw up a giant and unwelcome roadblock. The community was thrilled and I was so proud to deliver this funding for Buffalo last year, and now House Republicans are pulling the rug out from Western NY.”
Schumer added, “Trump would rather billionaires get more money in their bank account than safer streets in Buffalo. We need Western NY’s House Republicans to join us and stand up and block this plan to claw back these grants is reversed. Billionaire tax breaks should not be paid for on the backs of Buffalonians.”
“Bailey Avenue is one of Buffalo’s busiest main roads, spanning the length of the city from north to south, and it is in dire need of improvement,” said Congressman Kennedy. “During my time in the New York State Senate, I secured $3 million to fund the planning process for Bailey Bus Rapid Transit, and that helped unlock more than $100 million in federal funds. I refuse to stand by idly and watch this transformational investment be ripped away from our community to pay for tax cuts for the ultra-wealthy. This money was rightfully awarded, and we will hold the administration to account.”
“This funding matters beyond just a bus line. This project is not just about convenience, but it’s about ensuring that everyone, regardless of income or background, has fair access to the jobs, education, healthcare, and resources that transit can unlock. This project amplifies the voice of the community to bring to the forefront the development needs of the surrounding neighborhood. This project is paramount in fostering inclusive growth and community well-being on the East Side. We thank Senator Schumer for his unprecedented efforts and commitment to the East Side. Enough is enough,” said Essence Sweat, Executive Director, East Buffalo Development Corp.
Earlier this month, the House Republican-led Transportation and Infrastructure Committee passed their section of the tax plan, which included repealing billions for projects through the Neighborhood Access and Equity program created in the historic Inflation Reduction Act Schumer led to passage in the Senate. If this bill were to pass as written, it would claw back nearly the entire grant for Buffalo, imperiling the future of the project which was expecting this substantial federal investment that Buffalo competed for and was awarded.
Last year, Schumer delivered over $100 million in federal funding through this program to modernize Bailey Avenue with new safer streets for all commuters, increasing walkability and bike ability, while also improving traffic flow along the corridor by establishing a new low-no emission Bus Rapid Transit line with dedicated bus lanes.
The Bailey Avenue Bus Rapid Transit project is intended to help overhaul one of the Niagara Frontier Transportation Authority’s (NFTA) busiest bus routes, with new modern safer streets and better transportation infrastructure to help reconnect communities and businesses along the corridor. Bailey Avenue has some of the NFTA’s strongest ridership with 2,600+ riders every weekday, but it is in desperate need of upgrades to its bus stop infrastructure, road striping, pedestrian crosswalks and road safety features. According to an NFTA study, in the past 5 years on Bailey Avenue there have been over 2,500 collisions. While the community has long expressed a strong desire for increased affordable transportation along Bailey Avenue, without robust federal funding the project likely could not have happened.
The $100+ million grant that House Republicans put on the chopping block would support the design and construction of a Bus Rapid Transit line and fund the safety improvements along the entire 7.5 mile length of Bailey Avenue from Main Street to South Park. This funding will help to improve and modernize bus service on Bailey Avenue to include features such as dedicated bus lanes, transit signal priority, increased pedestrian and bike safety features, as well as an estimated thirteen stations to provide more comfortable waiting areas to transit riders and facilitate connections to east-west bus routes and other transportation modes.

MIL OSI USA News –

May 16, 2025
MIL-OSI Economics: Verizon’s Red Hot Deal Days are back with the season’s biggest sale: phones, watches, tablets and more, on us
Source: Verizon

Headline: Verizon’s Red Hot Deal Days are back with the season’s biggest sale: phones, watches, tablets and more, on us
NEW YORK – Verizon just announced its hottest deals of the season with “Red Hot Deal Days,” from May 15 through May 28. As the first and only provider in the industry offering all new and existing myPlan and myHome customers a three-year price lock guarantee, Verizon is committed to providing its customers peace of mind and big savings.

“We’re providing our best deals and value as a thank you for our customers,” said Sowmyanaran Sampath, Verizon Consumer CEO. “Price, value and savings are top of mind for people today – every dollar counts. That’s why we’re proud to offer these deals as an added benefit alongside our three year price lock. We’re not just meeting expectations; we’re setting a new standard for what customers should expect from their mobile and home internet provider.”

This year for Red Hot Deal Days, new and existing mobile customers can score a smartphone, watch, and tablet with ANY myPlan, on us, plus Ray Ban Meta glasses with select Unlimited plans. So, whether you want the iPhone 16 Pro, the Samsung Galaxy S25+ or the Google Pixel 9 Pro – there’s a deal for you, ALL ON US! AND new home internet customers can get a $400 credit on select Samsung home tech at Best Buy and more. This special event has something for everyone, featuring incredible deals on the latest tech accessories, from Father’s Day gifts to graduation gifts, to travel essentials for vacation and more. It’s the perfect lead-up to summer!

Savings on the hottest tech for Mobile and Home customers

Verizon mobile customers who upgrade or add a line on ANY myPlan can enjoy one of three mobile bundles with select phone trade-in and service plan for watch and tablet, plus Ray-Ban Meta Glasses (Up to $299, for those who add a new line on Unlimited Plus or Unlimited Ultimate plans):

Apple: Get the iPhone 16 Pro, Watch Series 10 and iPad (A16), on us.

Google: Get the Pixel 9 Pro, Pixel Watch 3 and Tab S10 FE, on us.

Samsung: Get the Galaxy S25+, Galaxy Watch Ultra and Tab S10 FE, on us.

New Verizon Home Internet customers who sign up for select plans can enjoy:

Price-lock guarantee for 3-5 years, depending on plan

$400 off select Samsung home tech at Best Buy

The YouTube Premium Perk for 6 months (then $10/mo after)

and Ray-Ban Meta Glasses (Up to $299), all on us.

For families looking for wearable tech:
StreamTV Soundbar: Get the latest StreamTV Soundbar for only $149.99 (Save $250)

StreamTV: Get the Verizon StreamTV device for only $19.99 (Save $50)

And for a limited time, save even more by getting 25% cash back as a statement credit when you use your Verizon Visa® Card on eligible electronic and accessory purchases at Verizon.

Stay up to date and explore all the latest deals from Verizon by visiting your local Verizon retail store or verizon.com/deals/.

Samsung Home Tech: Offer valid thru 5.28.25 for a $400 credit via promo code to be used toward the single item purchase of select Samsung home tech (eligible TVs, appliances, laptops, tablets, monitors, and speakers) with a minimum retail price of $800. Product selection may vary. Offer not valid on Samsung smartphones. For new home internet customers who install eligible Verizon Home Internet services and redeem w/in 30 days thereafter, or by no later than 7.27.25, whichever is first. Promo code must be redeemed online at bestbuy.com/verizonsamsungpromotion. Verizon reserves the right to charge back the value of the Samsung credit if eligible service is canceled w/in 180 days. One offer per eligible Verizon account, while supplies last. Samsung and related trademarks are owned by Samsung Electronics Co., Ltd. Verizon is not affiliated with Best Buy. Purchase, delivery, installation, and other charges are the subject to Best Buy’s terms & conditions.

Ray-Ban Meta Glasses: Mobile: Offer valid through 5.28.25 for select Ray-Ban Meta glasses, with retail value up to $299, w/ purchase of eligible smartphone on device payment w/new smartphone line on postpaid Unlimited Plus or Unlimited Ultimate plan. Must maintain eligible services for 30 days and redeem offer w/in 60 days thereafter, or by no later than 09.25.25, whichever is first. Glasses redeemed on Meta.com. Verizon reserves the right to charge back the value of the Ray-Ban Meta promotional device(s) if eligible service is canceled w/in 180 days or eligibility req’s are no longer met. Limit 1 offer per Verizon account. While supplies last. Home: Offer valid through 5.28.25 for select Ray-Ban Meta glasses, with retail value up to $299. For new home internet customers who activate/install and maintain eligible 5G Home Plus, LTE Home Plus, Fios 2 Gig or Fios 1 Gig internet services in good standing for 65 days and redeem offer w/in 60 days thereafter, or by no later than 10.30.25, whichever is first. Glasses redeemed on Meta.com. Verizon reserves the right to charge back the value of the Ray-Ban Meta promotional device(s) if eligible service is canceled w/in 180 days. Limit 1 offer per Verizon account. While supplies last.

(Apple) Phone: $999.99 (128 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Apple, Google, Motorola or Samsung; trade-in terms apply. Apple Intelligence requires iOS 18.1 or later. Apple Watch/iPad: Up to $499.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Apple Watch/iPad. Less up to $500 promo credit per device applied over 36 mos; 0% APR. All promo credits for iPhone/Apple Watch/iPad offers end if eligibility req’s per device are no longer met.

(Google) Phone: $999.99 (128 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Google, Apple, Motorola or Samsung; trade-in terms apply. Tablet/Watch: Up to $599.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Tablet/Watch. Less up to $600 promo credit per device applied over 36 mos; 0% APR. All promo credits for Phone/Watch/Tablet offers end if eligibility req’s per device are no longer met.

(Samsung) Phone: $999.99 (256 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Samsung, Apple, Google or Motorola; trade-in terms apply. Tablet/Watch: Up to $649.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Tablet/Watch. Less up to $650 promo credit per device applied over 36 mos; 0% APR. All promo credits for Phone/Watch/Tablet offers end if eligibility req’s per device are no longer met.

Price Guarantee: myPlan: Applies to the then-current base monthly rate charged by Verizon for your talk, text, and data; excludes taxes, fees, surcharges, additional plan discounts or promotions, and third-party services. Price guarantee is void if any of the lines are canceled or moved to an ineligible plan. Plan perks, taxes, fees, and surcharges are subject to change.

myHome: Price guarantee for 3-5 years, depending on internet plan, for new and existing myHome customers. Applies only to the then-current base monthly rate exclusive of any other setup and additional equipment charges, discounts or promotions, plan perk and any other third-party services.

YouTube Premium: Offer valid thru 5.28.25. Requires an eligible Verizon Home Internet (“VHI”) plan. $10/mo perk credit ends after 6 mos or if perk is canceled or line is moved to an ineligible plan during the 6-mo promo period. After 6 mos, perk bills as $10/mo unless perk is canceled or unregistered. Must be 18 years of age or older to enroll. After enrolling in the YouTube Premium perk, you will need to complete account setup to use the service. Enrolling in the YouTube Premium perk may affect existing subscriptions to YouTube Premium. Managing subscriptions may be required to avoid multiple subscriptions and corresponding charges. One offer per eligible VHI account. Subject to YouTube Terms of Service & YouTube Premium and Music Premium Terms of Use.

Gizmo Watch: $149.99 purchase on service plan req’d. Less $75 promo credit applied over 36 mos.; promo credit ends if eligibility req’s are no longer met; 0% APR.

Verizon Visa Card: Purchases subject to credit approval. Offer available 5/15/25 at 3 AM ET – 5/29/25 at 3 AM ET. Excludes phones, smartwatches, tablets, laptops and gift cards. Offer is based on purchase price, excluding taxes and shipping and other fees. Offer is not combinable with the Accessories Financing Offer. Maximum purchase total of $1,000 on eligible accessories & electronics purchases at Verizon. $250 maximum statement credit during offer period. Statement credit will be applied to your Verizon Visa Card account within 1-2 billing cycles from offer end date. Verizon Visa Card account needs to be in good standing at time statement credit is applied to qualify. Statement credit cannot be used to satisfy the required monthly payment on your credit card account and may not be redeemed for cash or cash equivalent. The Verizon Visa Signature® Card is issued by Synchrony Bank, pursuant to a license from VISA USA Inc.
MIL OSI Economics –
May 16, 2025
MIL-OSI Global: Birthright citizenship case at Supreme Court reveals deeper questions about judicial authority to halt unlawful policies

Source: The Conversation – USA – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University

The U.S. Supreme Court is considering whether a single federal judge should have the power to temporarily halt presidential policies across the entire country. Rudy Sulgan, The Image Bank/Getty Images

When one judge blocks a president’s policies nationwide, alarm bells ring. Should a single judge wield this much power? Can they halt policies across the entire country after just a quick first look at whether they might be illegal? The Supreme Court now faces these critical questions.

In a lively session on May 15, 2025, filled with justices’ questions that at times interrupted the attorneys appearing before them, the Supreme Court heard arguments in a case stemming from President Donald Trump’s executive order aimed at ending birthright citizenship, the provision in the Constitution’s 14th Amendment that says all children born in the United States are granted citizenship.

While the underlying lawsuit involves birthright citizenship, the immediate question before the court was about a legal tool called a “nationwide preliminary injunction.” This allows a single federal judge to temporarily halt presidential policies across the entire country – even before fully considering whether those policies are constitutional.

Three judges had stopped the president’s attempt to deny birthright citizenship to babies born to mothers who lack legal permanent residency in the United States. It was the Trump administration’s appeal of those injunctions that was argued before the justices on May 15, with the administration asserting that “universal injunctions compromise the Executive Branch’s ability to carry out its functions,” and that it’s unconstitutional for federal judges to issue them.

The justices also grappled with a key question: How much should judges consider whether a policy is likely constitutional when deciding whether to issue these temporary blocks? The National Immigration Law Center, which supports the use of nationwide injunctions, wrote in its filing with the court that granting the administration’s request to bar such injunctions would “tie the hands of the judicial branch in the face of unlawful executive action.”

What exactly are these injunctions, and why do they matter to everyday Americans?

Immediate, irreparable harm

When presidents try to make big changes through executive orders, they often hit a roadblock: A single federal judge, whether located in Seattle or Miami or anywhere in between, can stop these policies across the entire country.

These court orders have increasingly become a political battleground, increasingly sought by both Republicans and Democrats to fight presidential policies they oppose.

And while the Trump administration asked the Supreme Court to limit judges’ power to issue nationwide preliminary injunctions, Congress has also held hearings on curtailing judges’ ability to issue the injunctions.

When the government creates a policy that might violate the Constitution or federal law, affected people can sue in federal court to stop it. While these lawsuits work their way through the courts – a process that often takes years – judges can issue what are called “preliminary injunctions” to temporarily pause the policy if they determine it might cause immediate, irreparable harm.

A “nationwide” injunction – sometimes called a “universal” injunction – goes further by stopping the policy for everyone across the country, not just for the people who filed the lawsuit.

Importantly, these injunctions are designed to be temporary. They merely preserve the status quo until courts can fully examine the case’s merits. But in practice, litigation proceeds so slowly that executive actions blocked by the courts often expire when successor administrations abandon the policies.

Legislation introduced by GOP Sen. Chuck Grassley would ban judges from issuing most nationwide injunctions.
Sen. Chuck Grassley office

More executive orders, more injunctions

Nationwide injunctions aren’t new, but several things have made them more contentious recently.

First, since a closely divided and polarized Congress rarely passes major legislation anymore, presidents rely more on executive orders to get substantive things done. This creates more opportunities to challenge presidential actions in court.

Second, lawyers who want to challenge these orders have gotten better at “judge shopping” – filing cases in districts where they’re likely to get judges who agree with their client’s views.

Third, with growing political division, both parties aim to use these injunctions more aggressively whenever the other party controls the White House.

Affecting real people

These legal fights have tangible consequences for millions of Americans.

Take DACA, the common name for the program formally called Deferred Action for Childhood Arrivals, which protects about 500,000 young immigrants from deportation. For more than 10 years, these young immigrants, known as “Dreamers,” have faced constant uncertainty.

That’s because, when President Barack Obama created DACA in 2012 and sought to expand it via executive order in 2015, a Texas judge blocked the expansion with a nationwide injunction. When Trump tried to end DACA, judges in California, New York and Washington, D.C. blocked that move. The program, and the legal challenges to it, continued under President Joe Biden. Now, the second Trump administration faces continued legal challenges over the constitutionality of the DACA program.

More recently, judges have used nationwide injunctions to block several Donald Trump policies.

While much of the current debate focuses on presidential policies, nationwide injunctions have also blocked congressional legislation.

The Corporate Transparency Act, passed in 2021 and originally scheduled to go into effect in 2024, combats financial crimes by requiring businesses to disclose their true owners to the government. A Texas judge blocked this law in 2024 after gun stores challenged it.

In early 2025, the Supreme Court allowed the law to take effect, but the Trump administration announced it simply wouldn’t enforce it – showing how these legal battles can become political power struggles.

A polarized Congress rarely passes major legislation anymore, so presidents – including Donald Trump – have relied on executive orders to get things done.
Christopher Furlong/Getty Images

Too much power or necessary protection?

Some critics say nationwide injunctions give too much power to a single judge. If lawyers can pick which judges hear their cases, this raises serious questions about fairness.

Supporters argue that these injunctions protect important rights. For example, without nationwide injunctions in the citizenship cases, babies born to mothers without legal permanent residency would be American citizens in some states but not others – an impossible situation.

Congress is considering legislation to limit judges’ ability to grant nationwide injunctions.

The Trump administration has also tried to make it expensive and difficult to challenge its policies in court. In March 2025, Trump ordered government lawyers to demand large cash deposits – called “security bonds” – from anyone seeking an injunction. Though these bonds are already part of existing court rules, judges usually set them at just a few hundred dollars or waive them entirely when people raise constitutional concerns.

Under the new policy, critics worry that “plaintiffs who sue the government could be forced to put up enormous sums of money in order to proceed with their cases.”

Another way to address the concerns about a single judge blocking government action would be to require a three-judge panel to hear cases involving nationwide injunctions, requiring at least two of them to agree. This is similar to how courts handled major civil rights cases in the 1950s and 1960s.

My research on this topic suggests that three judges working together would be less likely to make partisan decisions, while still being able to protect constitutional rights when necessary. Today’s technology also makes it easier for judges in different locations to work together than it was decades ago.

As the Supreme Court weighs in on this debate, the outcome will affect how presidents can implement policies and how much power individual judges have to stop them. Though it might seem like a technical legal issue, it will shape how government works for years to come – as well as the lives of those who live in the U.S.

This is an updated version of a story originally published on April 3, 2025.

Cassandra Burke Robertson does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Birthright citizenship case at Supreme Court reveals deeper questions about judicial authority to halt unlawful policies – https://theconversation.com/birthright-citizenship-case-at-supreme-court-reveals-deeper-questions-about-judicial-authority-to-halt-unlawful-policies-256726

MIL OSI – Global Reports –

May 16, 2025
MIL-OSI USA: Warren, Schmitt Renew Bipartisan Fight for More Competition in Pentagon’s AI and Cloud Contracting
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren

May 15, 2025

Bicameral bill aligns with new White House guidelines on AI contracting for government agencies

Text of Bill (PDF) | Text of One-Pager (PDF)

Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Eric Schmitt (R-Mo.) reintroduced the bipartisan, bicameral Protecting AI and Cloud Competition in Defense Act to ensure that the Department of Defense (DoD)’s contracting for artificial intelligence (AI) and cloud computing tools prioritizes resiliency and competition. The bill reins in Big Tech monopolies and prevents them from cutting out competitors in the AI and cloud computing markets.

Representatives Sara Jacobs (D-Calif.), Pat Fallon (R-Texas), and Chris Deluzio (D-Pa.) introduced the bill in the House of Representatives.

The reintroduction comes as the White House has released new guidelines on AI procurement that encourage federal agencies to avoid vendor lock-in and to ensure that government data is protected and not used to train commercial AI models.

The AI and cloud computing industries are highly concentrated, and a few Silicon Valley companies control the markets the DoD relies on for cloud infrastructure, foundation models, and data infrastructure. DoD has already awarded $9 billion in contracts to Google, Oracle, Microsoft, and Amazon to build its cloud computing network, and requested an additional $1.8 billion for AI programs for Fiscal Year 2025. The Protecting AI and Cloud Competition in Defense Act would ensure that DoD’s new contracts protect competition in the AI and cloud computing markets, instead of giving an unfair advantage to a few big players. The bill also encourages DoD to consider cloud computing services from multiple providers so the agency isn’t locked in by a single tech company.

Specifically, the bill would:
- Require DoD — when contracting with AI and cloud computing companies that make $50 million or more with DoD annually — to hold a competitive award process, ensure that the government maintains exclusive rights to access and use of all government data, mitigate barriers to entry faced by small businesses and nontraditional contractors, and consider multi-cloud technology unless doing so is infeasible or presents a danger to national security.
- Require DoD’s Chief Digital and Artificial Intelligence Office (CDAO) to ensure that government data provided for the purpose of development and operation of AI products to DoD will not be disclosed or used without DoD authorization, and such government data, if stored on vendor systems, has appropriate protections.
- Require DoD to publish a report every four years on competition, innovation, barriers to entry, and market power concentration in the AI sector, with recommendations for legislative and administrative action.
Senators Warren and Schmitt first introduced the Protecting AI and Cloud Competition in Defense Act in December 2024.

“It’s a mistake to let Silicon Valley monopolize our AI and cloud computing tools because it doesn’t just stifle innovation, it increases costs and threatens our national security,” said Senator Warren. “Our bill will make sure the military can access cutting-edge tools and will keep our markets strong and our information secure.”

“The Department of Defense’s procurement system must encourage competition instead of allowing a select group of companies to dominate the awards process. We must move away from policies that create risk concentration, and stifle innovation to instead adopt policies that create opportunities for emerging A.I. defense companies. I am proud to be leading this bill that promotes this smart policy, as well as encourage innovation so the U.S. can continue to lead A.I.,” said Senator Eric Schmitt.

“Competition always pushes the limits of creativity, innovation, and excellence – whether in AI or any other field. That’s why the Department of Defense needs to prioritize competition in its AI and cloud computing contracts to ensure we deploy the best technologies to protect and strengthen our national security. I’m proud to help lead this bicameral legislation that will make our country safer, stronger, and more competitive on the global stage,” said Congresswoman Sara Jacobs.

“The Department of Defense needs to shape up its federal tech procurement process to protect data and public money from the failures of concentrated power and a lack of competition,” said Congressman Chris Deluzio. “Policies like the Protecting AI and Cloud Competition in Defense Act will promote real competition in the defense technology sector to help keep our military strong, fortified, and ready for anything.”

“By relying on free market principles, the Department of Defense can help ensure competition and innovation when it comes to the bidding process for government AI and cloud contracts,” said Congressman Pat Fallon. “It’s our duty to ensure the DOD is picking the winners now and, in the future, to keep ahead of our competitors. Due to the varied cyber threats facing our nation today, we must also ensure that AI and cloud related data is secure when it is held exclusively by the federal government. For these reasons, the Protecting AI and Cloud Competition in Defense Act is the next step forward Congress must take in the interest of US national security.”

The Protecting AI and Cloud Competition in Defense Act is endorsed by Economic Securities Project Action and the Open Markets Institute.

Senator Warren has been a leader in the fight to rein in Big Tech and boost competition in the tech and defense sectors:
- In May 2025, Secretary of the Army, Daniel P. Driscoll announced that the Army will ensure right-to-repair provisions are included in future Army contracts, after pressure from Senator Warren.
- In April 2025, Senator Elizabeth Warren secured a commitment from Mr. Michael Cadenazzi, nominee to be the next Assistant Secretary of Defense for Industrial Base Policy, to support AI competition and innovation in defense contracting.
- In April 2025, Senators Elizabeth Warren and Ron Wyden (D-Ore.) wrote to cloud service providers Google and Microsoft with concerns that their respective partnerships with AI developers Anthropic and OpenAI may violate antitrust laws, leading to fewer choices and higher prices for businesses and consumers using AI tools.
- In January 2025, at a hearing of the Senate Armed Services Committee, a Palantir Executive agreed with Senator Elizabeth Warren that legal loopholes should not enable companies to price-gouge the military.
- In September 2024, Senator Warren wrote to Assistant Attorney General of the Antitrust Division at the United States Department of Justice (DOJ) Jonathan Kanter in support of the DOJ’s ongoing probe into Nvidia’s potentially anticompetitive behavior.
- In February 2024, Senator Warren delivered the keynote address at RemedyFest, where she called out Big Tech for their anti-competitive tactics that have led to market consolidation and record profits.
- In January 2024, at a hearing of the Committee on Banking, Housing and Urban Affairs, Senator Warren questioned Emily Kilcrease, Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security, on the national security risks posed by digital trade rules that allow tech companies to collect, sell, and store Americans’ data wherever is cheapest, including China.
- In December 2023, Senators Warren, Amy Klobuchar (D-Minn.), and Bernie Sanders (I-Vt.), along with U.S. Representatives Mary Gay Scanlon (D-Pa.), Hank Johnson (D-Ga.), Pramila Jayapal (D-Wash.), Jan Schakowsky (D-Ill.), Lori Trahan (D-Mass.), and Rosa DeLauro (D-Conn.), sent a letter to President Biden, urging him to continue to reject any trade or policy proposals from Big Tech that would deem the European Union’s Digital Markets Act (DMA) to be discriminatory or an illegal trade barrier, in order to protect the administration’s shared pro-competition priorities with its European allies.
- In November 2023, Senator Warren and U.S. Representative Jan Schakowsky (D-Ill.), led 10 lawmakers in a letter to President Joe Biden, commending his administration’s actions countering Big Tech’s influence in trade negotiations, and asking him to replace “digital trade” provisions lobbied for by Big Tech in Indo-Pacific Economic Framework (IPEF) negotiations with new language to ensure regulatory agencies and Congress are able to counter Big Tech abuses and develop a new model for digital rules in trade agreements that promotes competition and protects workers, consumers, and small businesses.
- In July 2023, Senators Warren and Graham introduced the Bipartisan Digital Consumer Protection Commission Act which would rein in Big Tech by establishing a new commission to regulate online platforms. The commission would have concurrent jurisdiction with FTC and DOJ, and would be responsible for enforcing the new statutory provisions in the bill and implementing rules to promote competition, protect privacy, protect consumers, and strengthen our national security.
- In May 2023, Senator Warren released a 22-page investigative report: Big Tech’s Big Con: Rigging Digital Trade Rules to Block Antitrust Regulation. The investigation, based on a review of previously undisclosed emails, reveals that Big Tech is using its revolving door hires to gain backdoor access to key United States Trade Representative and Commerce Department officials, undermining the Biden Administration’s promises to end rigged trade deals and protect workers, consumers, and the environment.
- In October 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo underscoring the dangers of Big Tech’s digital trade agenda, following up on a letter the lawmakers sent to Secretary Raimondo in July 2022 requesting additional information about the revolving door between Commerce and Big Tech and its potential impact on global digital trade rules.
- In July 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo raising questions about the revolving door between the Department of Commerce and Big Tech companies, and its potential impact on global digital trade rules.
MIL OSI USA News –
May 16, 2025
MIL-OSI Europe: Written question – EU ETS for maritime transport – P-001895/2025
Source: European Parliament
Priority question for written answer P-001895/2025
to the Commission
Rule 144
Asger Christensen (Renew)

1.The current regulatory regime for the EU Emissions Trading System (ETS) for maritime transport only covers ships above 5000 gross tonnage. Does the Commission agree that exempting all ships below 5000 gross tonnage significantly distorts competition in the internal market, and is it prepared to rectify what is unfair competition by including all ships between 400 and 5000 gross tonnage within the EU ETS for maritime transport from 1 January 2027?

2.The current regulatory regime for the EU ETS for maritime transport only covers ships above 5000 gross tonnage. Does the Commission take the view that exempting ships below 5000 gross tonnage incentivises owners of smaller ships to replace their fleets with modern, highly energy-efficient vessels with low greenhouse gas (GHG) emission ratings? If not, is the Commission prepared to rectify what is unfair competition by including all ships between 400 and 5000 gross tonnage within the EU ETS for maritime transport from 1 January 2027?

3.Does the Commission agree that the Innovation Fund, which allocates funding from the EU ETS, could usefully be extended to subsidise the retrofitting of low energy efficiency vessels that have high GHG emission ratings?

Submitted: 13.5.2025
Last updated: 15 May 2025
MIL OSI Europe News –
May 16, 2025
MIL-OSI Europe: Press release – MEPs back new tariffs on Russian and Belarusian agricultural goods

Source: European Parliament

The International Trade Committee has approved a 50% increase in tariffs on certain Russian and Belarusian agricultural goods to further reduce EU dependency.

MEPs in the International Trade Committee have backed a Commission proposal to increase EU tariffs by 50% on those agricultural products from Russia and Belarus that are still excluded from other customs duties. The aim is to reduce EU dependency on the two countries still further. Products to be hit by the new tariffs include sugars, vinegar, flour and animal feed.

The approved text also provides period. The latter duties would rise to €430 per tonne by 2028. Income from Russian and Belarusian fertilisers is seen as contributing directly to the war against Ukraine.

The proposed measures will significantly reduce imports into the EU of the goods concerned originating in or exported directly or indirectly from Russia and Belarus. This should result in further diversification of EU fertiliser production, a sector that is currently suffering from the low prices of imported goods.

The legislation also tasks the Commission with monitoring and acting to mitigate price increases that could damage the internal market and the EU agriculture sector.

The draft regulation was adopted by 29 votes in favour, 6 against and 2 abstentions.

Quote

The standing rapporteur for Russia Inese Vaidere (EPP, LV) said: “This regulation to gradually increase customs duties for products from Russia and Belarus will help to prevent Russia from using the EU market to finance its war machine. It is not acceptable that three years after Russia launched its full-scale war, the EU is still buying critical products in large volumes; in fact, these imports have significantly increased.

The proposal will also boost EU fertiliser production, which has taken a hit from cheap Russian imports, while giving farmers time to adjust.”

Next steps

The proposal will now be put to a vote in Parliament’s next plenary session, which will take place in Brussels, on Thursday 22 May.

Background

Imports into the EU of urea and nitrogen-based fertilisers from Russia, already high in 2023, increased significantly in 2024. According to the Commission, imports of the fertilisers covered by this regulation reflect a situation of economic dependence on Russia. If left unchecked, the situation could harm EU food security and, especially in the case of fertilisers, make the EU vulnerable to possible coercive measures by Russia.

To tackle these issues, on 28 January 2025, the Commission presented its proposal to impose tariffs on fertilisers and certain agricultural products originating in Russia and Belarus.

MIL OSI Europe News –

May 16, 2025

MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism – A10-0085/2025

Source: European Parliament

Committee on the Environment, Climate and Food Safety
Rapporteur: Antonio Decaro
(Simplified procedure – Rule 52(2) of the Rules of Procedure)

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

(COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

– having regard to the Commission proposal to Parliament and the Council (COM(2025)0087),

– having regard to Article 294(2) and Article 192(1) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10-0035/2025),

– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to the budgetary assessment by the Committee on Budgets,

– having regard to the opinion of the European Economic and Social Committee of 29 April 2025 [1],

– after consulting the Committee of the Regions,

– having regard to Rules 60 and 58 of its Rules of Procedure,

– having regard to the opinions of he Committee on International Trade and the Committee on Industry, Research and Energy,

– having regard to the report of the Committee on the Environment, Climate and Food Safety (A10-0085/2025),

1. Adopts its position at first reading hereinafter set out;

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment 1

Proposal for a regulation

Recital 25 a (new)


Text proposed by the Commission	Amendment
	(25a) The CBAM applies to importation of electricity, but it should not apply to electricity generated entirely in the exclusive economic zone of an EEA Member State and imported directly into the customs territory of the Union ;

Amendment 2

Proposal for a regulation

Article 1 – paragraph 1 – point 1 – point b a (new)

Regulation (EU) 2023/956

Article 2 – paragraph 3 b (new)


Text proposed by the Commission	Amendment
	(ba) the following paragraph 3b is inserted:
	3b. By way of derogation from paragraphs 1 and 2, this Regulation shall not apply to electricity generated entirely in the exclusive economic zone of an EEA Member State and imported directly into the customs territory of the Union.

Amendment 3

Proposal for a regulation

Annex I – paragraph 1 – point 1 a (new)

Regulation (EU) 2023/956

Annex IV – point 3 – paragraph 1 – subparagraph 5


Present text	Amendment
	(1a) In point 3, in the notes explaining the formula for SEEg in the first paragraph, the note for EEImpMat is replaced by the following:
EEInpMat	EEInpMat
are the embedded emissions of the input materials (precursors) consumed in the production process. Only input materials (precursors) listed as relevant to the system boundaries of the production process as specified in the implementing act adopted pursuant to Article 7(7) are to be considered. The relevant EEInpMat are calculated as follows:	are the embedded emissions of the input materials (precursors) consumed in the production process. Only input materials (precursors) listed in Annex I and originating in third countries and territories that are not exempted pursuant to Annex III, Section 1 are to be considered. The relevant EEInpMat are calculated as follows:

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

28.4.2025BUDGETARY ASSESSMENT OF THE COMMITTEE ON BUDGETS

for the Committee on the Environment, Climate and Food Safety

on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

(COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

Rapporteur for budgetary assessment: Sandra Gómez López

The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

A. whereas the proposal by the Commission to simplify the Carbon Border Adjustment Mechanism(CBAM) aims at achieving significant savings in terms of administrative costs for EU importers of CBAM goods;

B. whereas the proceeds of the CBAM are to become an EU own resource according to the amended Commission proposal of 23 June 2023 for a Council decision amending Decision (EU, Euratom) 2020/2053 on the system of own resources of the European Union (COM(2023)0331); whereas Parliament approved this proposal in its legislative resolution of 9 November 2023 [2];

C. whereas the Council has failed to implement the steps set out in the legally binding roadmap towards the introduction of new own resources laid down in the Interinstitutional Agreement (IIA), the objectives of this roadmap being to introduce sufficient new own resources to at least cover the repayment of NextGenerationEU (NGEU) debt;

D. whereas the estimated revenue from the CBAM would diminish in proportion to the CO2 emissions captured in the scope of the simplified regulation; whereas this impact would remain modest, presumably within one per cent of the overall estimated revenue;

E. whereas the Commission proposal entails additional operational expenditure in Heading 3 to be financed by means of redeployment from a budget line in Heading 4 and administrative expenditure for human resources in Heading 7 to be financed by redeployment within Heading 7;

F. whereas the penalties for CBAM declarants in breach of the regulation are, in principle, to be aligned with excess emission penalties under the Emissions Trading System (ETS); whereas the national competent authorities remain in charge of establishing and enforcing such measures based on implementing acts;

1. Takes note of the proposal to simplify the CBAM regulation in the context of an overall initiative to improve the EU’s competitiveness;

2. Recalls that Parliament has repeatedly endorsed a new own resource based on the CBAM and is keenly aware that this own resource is one of the few candidates that also enjoy tangible support from the Member States in the Council; regrets, therefore, that the embedded emissions covered under the reduced scope of the CBAM would lead to proportionately lower own resources revenue from the CBAM; acknowledges, however, that the amounts (in the order of EUR 20 million per year) and share (1 %) concerned are modest compared to the overall figures that the CBAM is expected to produce in terms of revenue;

3. Confirms that the amending regulation remains compatible with Parliament’s consultative opinion of 9 November 2023, which approves the Commission’s proposal for an amended Council decision on the system of own resources, including a new own resource based on the CBAM;

4. Considers that there are no provisions in the amending regulation that would fall under Rule 58(4), i.e. covering exclusively budgetary aspects which the committee responsible for the subject matter would not be allowed to amend; considers, furthermore, that no legislative amendments in this regard are necessary at this stage;

5. Recalls that the amendments or compromises in the course of the negotiations must not lead to any provisions contradicting Parliament’s established position on the use of CBAM revenue as an own resource; considers it necessary, therefore, to take part in the further negotiations, including the trilogues, in order to monitor the consistency with Parliament’s position on own resources and other pertinent budget-related provisions, and to ensure that the final agreement is compatible with the current MFF;

6. Observes certain flaws and errors in the Legislative Financial and Digital Statement (LFS) that should be rectified in the course of the further process, in a revised version of the Statement; questions, in this respect, the annual amounts listed in the table under Section 3.3 and, in particular, whether there will already be any revenue collected in 2026; also considers that the budget line (which is from the expenditure title) mentioned in this section is incorrect; recalls that in order to be consistent with present practice and the proposed own resources legislation, amounts indicated in this section should be shown ‘net’ of the 25 % collection costs to be retained by Member States and converted into current prices;

7. Acknowledges that the level of revenue foregone, in the order of EUR 21 million as of 2030, is non-material compared to the cost savings for companies, especially SMEs, and acceptable in view of the overall revenue expected from the CBAM;

8. Takes note of the necessary additional operational and administrative appropriations as indicated in the LFS; reiterates its long-standing position that new tasks and responsibilities should, in principle, be financed by fresh resources; deplores the limited margins available in the MFF and acknowledges that they could justify a certain level of reallocation; warns that the additional operational amounts will use a sizeable share of the remaining margin under Heading 3; also recognises that the redeployment from the instrument for financial support for customs control equipment (CCEI) implies the creation of some additional margin in Heading 4; determines that the amounts mentioned under points 3.2.1, 3.2.3 and 3.2.6 in the LFS are compatible with the MFF ceilings in Headings 3, 4 and 7, but will require adjustments in the financial programming; questions, nonetheless, whether such redeployment operations are in line with the ring-fencing logic of the MFF headings;

9. Questions why a reduction of the scope, by an alleged 90 %, of companies to be registered as authorised CBAM declarants does not lead to a lower level of administrative needs under Heading 7;

10. Acknowledges that any substantive changes in the governance of the implementation and enforcement of the CBAM, such as those related to the penalties for non-compliance, would be beyond the scope of this simplification initiative; considers, however, in light of the planned revision of the CBAM regulation, that the proceeds of the penalties could eventually be considered as general revenue for the EU budget;

11. Notes that the simplification initiative is also presented as a key enabler for a potential future extension of the scope of the CBAM; expects that such an extension would have significant budgetary implications, including for revenue flows;

12. Recalls that the Union’s budget is under strain and stresses the need for additional sustainable and resilient revenue; points to the legally binding roadmap towards the introduction of new own resources laid down in the IIA, in which Parliament, the Council and the Commission undertook to introduce sufficient new own resources to at least cover the repayment of NGEU debt; recalls its support for the amended Commission proposal on the system of own resources; is deeply concerned by the complete absence of progress on the system of own resources in the Council; calls on the Council to adopt this proposal as a matter of urgency and urges the Commission to spare no effort in supporting the adoption process; calls, furthermore, on the Commission to continue efforts to identify additional genuine new own resources beyond those specified in the IIA.

As part of its budgetary assessment, the Committee on Budgets also submits the following amendments to the proposal:

Amendment 1

Proposal for a regulation

Recital [10] a (new)


Text proposed by the Commission	Amendment
	([10]a). This Regulation has implications for the Union budget. Accordingly, the European Parliament’s Committee on Budgets adopted a budgetary assessment, which forms an integral part of Parliament’s mandate for negotiations.

ANNEX: ENTITIES OR PERSONS
FROM WHOM THE RAPPORTEUR FOR BUDGETARY ASSESSMENT HAS RECEIVED INPUT

The rapporteur for budgetary assessment declares under her exclusive responsibility that she did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

PROCEDURE – COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

Title	Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism
References	COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)
Committee(s) responsible	ENVI
Date announced in plenary	BUDG 31.3.2025
Rapporteur for budgetary assessment Date appointed	Sandra Gómez López 26.3.2025
Discussed in committee	31.3.2025
Date adopted	23.4.2025
Result of final vote	+: –: 0:	23 9 1
Members present for the final vote	Georgios Aftias, Rasmus Andresen, Isabel Benjumea Benjumea, Olivier Chastel, Thomas Geisel, Jean-Marc Germain, Sandra Gómez López, Monika Hohlmeier, Alexander Jungbluth, Fabienne Keller, Giuseppe Lupo, Siegfried Mureşan, Matjaž Nemec, Danuše Nerudová, João Oliveira, Ruggero Razza, Karlo Ressler, Bogdan Rzońca, Julien Sanchez, Hélder Sousa Silva, Nicolae Ştefănuță, Carla Tavares, Nils Ušakovs, Lucia Yar, Auke Zijlstra
Substitutes present for the final vote	Stine Bosse, Rasmus Nordqvist, Jacek Protas
Members under Rule 216(7) present for the final vote	Marie-Luce Brasier-Clain, Tobias Cremer, Marieke Ehlers, Julien Leonardelli, Philippe Olivier

FINAL VOTE BY ROLL CALL
IN COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

23	+
NI	Thomas Geisel
PPE	Georgios Aftias, Isabel Benjumea Benjumea, Monika Hohlmeier, Siegfried Mureşan, Danuše Nerudová, Jacek Protas, Karlo Ressler, Hélder Sousa Silva
Renew	Stine Bosse, Olivier Chastel, Fabienne Keller, Lucia Yar
S&D	Tobias Cremer, Jean-Marc Germain, Sandra Gómez López, Giuseppe Lupo, Matjaž Nemec, Carla Tavares, Nils Ušakovs
Verts/ALE	Rasmus Andresen, Rasmus Nordqvist, Nicolae Ştefănuță

9	–
ECR	Bogdan Rzońca
ESN	Alexander Jungbluth
PfE	Marie-Luce Brasier-Clain, Marieke Ehlers, Julien Leonardelli, Philippe Olivier, Julien Sanchez, Auke Zijlstra
The Left	João Oliveira

1	0
ECR	Ruggero Razza

Key to symbols:

+ : in favour

– : against

0 : abstention

OPINION OF THE COMMITTEE ON INTERNATIONAL TRADE (24.4.2025)

for the Committee on the Environment, Climate and Food Safety

on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism

(COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

Rapporteur for opinion: Karin Karlsbro

The Committee on International Trade calls on the Committee on the Environment, Climate and Food Safety, as the committee responsible, to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

ANNEX: ENTITIES OR PERSONS
FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

The rapporteur for opinion declares under her exclusive responsibility that she did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

PROCEDURE – COMMITTEE ASKED FOR OPINION

Title	Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism
References	COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)
Committee(s) responsible	ENVI
Opinion by Date announced in plenary	INTA 31.3.2025
Rapporteur for the opinion Date appointed	Karin Karlsbro 19.3.2025
Simplified procedure – date of decision	7.4.2025
Discussed in committee	7.4.2025
Date adopted	23.4.2025
Result of final vote	+: –: 0:	36 2 0
Members present for the final vote	Manon Aubry, Christophe Bay, Udo Bullmann, Andi Cristea, Raphaël Glucksmann, Markéta Gregorová, Svenja Hahn, Taner Kabilov, Karin Karlsbro, Rihards Kols, Sebastian Kruis, Bernd Lange, Ilia Lazarov, Miriam Lexmann, Thierry Mariani, Gabriel Mato, Javier Moreno Sánchez, Daniele Polato, Kathleen Van Brempt, Marie-Pierre Vedrenne, Catarina Vieira, Jörgen Warborn, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez
Substitutes present for the final vote	Petras Auštrevičius, Nicolas Bay, Saskia Bricmont, Markus Buchheit, João Cotrim De Figueiredo, Fabio De Masi, Jean-Marc Germain, Hana Jalloul Muro, Sandra Kalniete, David McAllister, Jessika Van Leeuwen
Members under Rule 216(7) present for the final vote	Alexander Bernhuber, Daniel Buda, Fabrice Leggeri

FINAL VOTE BY ROLL CALL
BY THE COMMITTEE ASKED FOR OPINION

36	+
ECR	Nicolas Bay, Rihards Kols, Daniele Polato
NI	Fabio De Masi, Taner Kabilov
PPE	Alexander Bernhuber, Daniel Buda, Sandra Kalniete, Ilia Lazarov, Miriam Lexmann, David McAllister, Gabriel Mato, Jessika Van Leeuwen, Jörgen Warborn, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez
PfE	Christophe Bay, Sebastian Kruis, Fabrice Leggeri, Thierry Mariani
Renew	Petras Auštrevičius, João Cotrim De Figueiredo, Svenja Hahn, Karin Karlsbro, Marie-Pierre Vedrenne
S&D	Udo Bullmann, Andi Cristea, Jean-Marc Germain, Raphaël Glucksmann, Hana Jalloul Muro, Bernd Lange, Javier Moreno Sánchez, Kathleen Van Brempt
Verts/ALE	Saskia Bricmont, Markéta Gregorová, Catarina Vieira

2	–
ESN	Markus Buchheit
The Left	Manon Aubry

Key to symbols:

+ : in favour

– : against

0 : abstention

OPINION OF THE COMMITTEE ON INDUSTRY, RESEARCH AND ENERGY (23.4.2025)

for the Committee on the Environment, Climate and Food Safety

on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism.

(COM(2025)0087 – C10‑0035/2025 – 2025/0039(COD))

Rapporteur for opinion: Filip Turek

(Simplified procedure – Rule 52(2) and (3) of the Rules of Procedure)

SHORT JUSTIFICATION

The European Commission’ proposals aims at simplifying the Carbon Border Adjustment Mechanism (CBAM) obligations for small importers—primarily SMEs and individuals—by introducing a new de minimis exemption for imports below 50 tonnes mass. These importers bring in minor volumes of CBAM goods, resulting in negligible levels of embedded emissions entering the EU from third countries. Despite this exemption, approximately 99% of total embedded emissions would remain covered under CBAM, while around 90% of importers would be relieved from its obligations. For those importers who continue to fall within the CBAM scope, the proposal also includes a series of simplifications aimed at easing compliance. These measures involve streamlining the authorisation process for declarants, simplifying emission calculation procedures and improving the management of CBAM-related financial liabilities.

The initiative takes a more pragmatic approach for improving the overall functioning of CBAM, particularly by easing the obligations placed on smaller economic actors. Thus, the proposed exemption marks a necessary and welcome simplification. This, along with the accompanying set of procedural facilitations, represents a step forward in ensuring that the CBAM can be administratively manageable.

Within the Omnibus framework, it is appropriate to concentrate on the elements explicitly opened by the Commission, while awaiting the upcoming comprehensive review, which will provide a more suitable occasion to consider structural and far-reaching revisions, including concerns on the effectiveness of CBAM.

In its current design, CBAM disproportionately affects certain energy-intensive sectors and risks being an ineffective tool to ensure a level playing field for EU industries and to prevent carbon leakage. In fact, it could undermine the EU competitiveness by increasing the production costs and the administrative burdens for EU companies.

The structural revision is therefore urgent to address the risks of resource reshuffling and circumvention. Equally pressing is the postponement (or the deletion) of the phase out from the ETS free allowances, as well as the need to implement effective solutions for EU exporters. Moreover, the possible extension of CBAM to downstream products should be preceded by a thorough and comprehensive impact assessment.

While the ITRE Committee will refrain from tabling amendments to the proposal, the threshold could have merited more in-depth consideration. The de minimis exemption may in fact be too low to reflect meaningfully the reality of many SMEs and micro-enterprises. Data indicates that several businesses, including those officially categorized as “micro,” regularly exceed the threshold of 50 tonnes. Hence, a balanced solution could be raising it to at least 110 tons. This adjustment would strike a more realistic and equitable balance, enhancing the administrative feasibility of the CBAM, while continuing to capture the vast majority of emissions within the scope of the Mechanism (according to Commission estimates, still over 98%). The exemption of more importers from CBAM obligations would also generate additional cost savings, without significantly undermining the ratio of the proposal.

In conclusion, waiting for the upcoming comprehensive review, which will provide a timely opportunity to address the outstanding issues, the Rapporteur notes the willingness of the ITRE Committee to not table amendments and supports the Commission’s initiative.

*******

The Committee on Industry, Research and Energy calls on the Committee on the Environment, Climate and Food Safety, as the committee responsible, to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

ANNEX: ENTITIES OR PERSONS
FROM WHOM THE RAPPORTEUR FOR THE OPINION HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that he received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

Entity and/or person

Confederation of Industry of the Czech Republic

ČEZ Group

Emerson International

Italian Confederation of Craft Trades and Small- and Medium-Sized Enterprises

European Express Association

Round Table on Climate Change and Sustainable Transition

Office of the Government of the Czech Republic

The list above is drawn up under the exclusive responsibility of the rapporteur.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that he has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

PROCEDURE – COMMITTEE ASKED FOR OPINION

Title	Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism
References	COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)
Committee(s) responsible	ENVI
Opinion by Date announced in plenary	ITRE 31.3.2025
Rapporteur for the opinion Date appointed	Filip Turek 25.3.2025
Simplified procedure – date of decision	18.3.2025
Date adopted	24.4.2025
Result of final vote	+: –: 0:	73 5 6
Members present for the final vote	Wouter Beke, Tom Berendsen, Michael Bloss, Barbara Bonte, Paolo Borchia, Markus Buchheit, Borys Budka, João Cotrim De Figueiredo, Raúl de la Hoz Quintano, Elena Donazzan, Matthias Ecke, Sofie Eriksson, Jan Farský, Niels Fuglsang, Bruno Gonçalves, Nicolás González Casares, Giorgio Gori, Niels Flemming Hansen, Eero Heinäluoma, Ivars Ijabs, Fernand Kartheiser, Seán Kelly, Rudi Kennes, Ondřej Krutílek, Eszter Lakos, Isabella Lövin, Yannis Maniatis, Sara Matthieu, Marina Mesure, Angelika Niebler, Ville Niinistö, Thomas Pellerin-Carlin, Tsvetelina Penkova, Pascale Piera, Jüri Ratas, Aura Salla, Elena Sancho Murillo, Jussi Saramo, Paulius Saudargas, Diego Solier, Marcin Sypniewski, Beata Szydło, Dario Tamburrano, Bruno Tobback, Matej Tonin, Yvan Verougstraete, Mariateresa Vivaldini, Andrea Wechsler, Elena Yoncheva, Auke Zijlstra, Nicola Zingaretti
Substitutes present for the final vote	Christophe Bay, Adam Bielan, Marc Botenga, Andi Cristea, Kamila Gasiuk-Pihowicz, Chiara Gemma, Andreas Glück, Michalis Hadjipantela, Martin Hojsík, Radan Kanev, Katri Kulmuni, Sergey Lagodinsky, András László, Marion Maréchal, Virginijus Sinkevičius, Marie-Agnes Strack-Zimmermann, Pierre-Romain Thionnet, Francesco Torselli, Marie Toussaint
Members under Rule 216(7) present for the final vote	Magdalena Adamowicz, Marie-Luce Brasier-Clain, Krzysztof Brejza, Jaroslav Bžoch, José Cepeda, Vivien Costanzo, Ton Diepeveen, Siegbert Frank Droese, Anne-Sophie Frigout, Svenja Hahn, Andrzej Halicki, Ilia Lazarov, Jan-Christoph Oetjen, Vlad Vasile-Voiculescu, Axel Voss

FINAL VOTE BY ROLL CALL
BY THE COMMITTEE ASKED FOR OPINION

73	+
ECR	Adam Bielan, Elena Donazzan, Chiara Gemma, Fernand Kartheiser, Ondřej Krutílek, Marion Maréchal, Diego Solier, Beata Szydło, Francesco Torselli, Mariateresa Vivaldini
NI	Elena Yoncheva
PPE	Magdalena Adamowicz, Wouter Beke, Tom Berendsen, Krzysztof Brejza, Raúl de la Hoz Quintano, Jan Farský, Kamila Gasiuk-Pihowicz, Michalis Hadjipantela, Andrzej Halicki, Niels Flemming Hansen, Radan Kanev, Seán Kelly, Eszter Lakos, Ilia Lazarov, Angelika Niebler, Jüri Ratas, Aura Salla, Paulius Saudargas, Matej Tonin, Axel Voss, Andrea Wechsler
PfE	Christophe Bay, Paolo Borchia, Marie-Luce Brasier-Clain, Jaroslav Bžoch, Anne-Sophie Frigout, András László, Pascale Piera, Pierre-Romain Thionnet
Renew	João Cotrim De Figueiredo, Andreas Glück, Svenja Hahn, Martin Hojsík, Ivars Ijabs, Katri Kulmuni, Jan-Christoph Oetjen, Marie-Agnes Strack-Zimmermann, Vlad Vasile-Voiculescu, Yvan Verougstraete
S&D	José Cepeda, Vivien Costanzo, Andi Cristea, Matthias Ecke, Sofie Eriksson, Niels Fuglsang, Bruno Gonçalves, Nicolás González Casares, Giorgio Gori, Eero Heinäluoma, Yannis Maniatis, Thomas Pellerin-Carlin, Tsvetelina Penkova, Elena Sancho Murillo, Bruno Tobback, Nicola Zingaretti
Verts/ALE	Michael Bloss, Sergey Lagodinsky, Isabella Lövin, Sara Matthieu, Ville Niinistö, Virginijus Sinkevičius, Marie Toussaint

5	–
The Left	Marc Botenga, Rudi Kennes, Marina Mesure, Jussi Saramo, Dario Tamburrano

6	0
ESN	Markus Buchheit, Siegbert Frank Droese, Marcin Sypniewski
PfE	Barbara Bonte, Ton Diepeveen, Auke Zijlstra

Key to symbols:

+ : in favour

– : against

0 : abstention

PROCEDURE – COMMITTEE RESPONSIBLE

Title	Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism
References	COM(2025)0087 – C10-0035/2025 – 2025/0039(COD)
Date submitted to Parliament	27.2.2025
Committee(s) responsible	ENVI
Committees asked for opinions Date announced in plenary	BUDG 23.4.2025	INTA 31.3.2025	ITRE 31.3.2025
Rapporteurs Date appointed	Antonio Decaro 10.3.2025
Simplified procedure – date of decision	10.3.2025
Discussed in committee	18.3.2025
Budgetary assessment Date of budgetary assessment	BUDG 23.4.2025
Date adopted	13.5.2025
Result of final vote	+: –: 0:	85 1 1
Members present for the final vote	Bartosz Arłukowicz, Sakis Arnaoutoglou, Anja Arndt, Thomas Bajada, Barbara Bonte, Stine Bosse, Lynn Boylan, Jorge Buxadé Villalba, Pascal Canfin, Laurent Castillo, Christophe Clergeau, Annalisa Corrado, Ivan David, Antonio Decaro, Ondřej Dostál, Viktória Ferenc, Pietro Fiocchi, Emma Fourreau, Anne-Sophie Frigout, Heléne Fritzon, Gerben-Jan Gerbrandy, Hanna Gronkiewicz-Waltz, Esther Herranz García, Martin Hojsík, Pär Holmgren, Romana Jerković, Marc Jongen, Ondřej Knotek, Stefan Köhler, Ewa Kopacz, András Tivadar Kulja, Peter Liese, Javi López, César Luena, Elżbieta Katarzyna Łukacijewska, Ignazio Roberto Marino, Tilly Metz, Dolors Montserrat, Dan-Ştefan Motreanu, Jana Nagyová, Rasmus Nordqvist, Jacek Ozdoba, Jutta Paulus, Michele Picaro, Jessica Polfjärd, Carola Rackete, Massimiliano Salini, Lena Schilling, Christine Schneider, Günther Sidl, Jonas Sjöstedt, Sander Smit, Claudiu-Richard Târziu, Ingeborg Ter Laak, Beatrice Timgren, Dimitris Tsiodras, Alexandr Vondra, Emma Wiesner, Michal Wiezik, Tiemo Wölken, Anna Zalewska
Substitutes present for the final vote	Biljana Borzan, Marie-Luce Brasier-Clain, Stefano Cavedagna, Susanna Ceccardi, Sebastian Everding, Michalis Hadjipantela, Paolo Inselvini, Adam Jarubas, Nora Junco García, Karin Karlsbro, Billy Kelleher, Norbert Lins, Letizia Moratti, Maria Ohisalo, Virgil-Daniel Popescu, Manuela Ripa, André Rodrigues, Elena Sancho Murillo, Christine Singer, Liesbet Sommen, Sebastiaan Stöteler, Anna Stürgkh, Bruno Tobback, Raffaele Topo
Members under Rule 216(7) present for the final vote	Javier Moreno Sánchez, Séverine Werbrouck
Date tabled	14.5.2025

FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

85	+
ECR	Stefano Cavedagna, Pietro Fiocchi, Paolo Inselvini, Nora Junco García, Jacek Ozdoba, Michele Picaro, Claudiu-Richard Târziu, Beatrice Timgren, Alexandr Vondra, Anna Zalewska
ESN	Anja Arndt, Ivan David, Marc Jongen
NI	Ondřej Dostál
PPE	Bartosz Arłukowicz, Laurent Castillo, Hanna Gronkiewicz-Waltz, Michalis Hadjipantela, Esther Herranz García, Adam Jarubas, Stefan Köhler, Ewa Kopacz, András Tivadar Kulja, Peter Liese, Norbert Lins, Elżbieta Katarzyna Łukacijewska, Dolors Montserrat, Letizia Moratti, Dan-Ştefan Motreanu, Jessica Polfjärd, Virgil-Daniel Popescu, Manuela Ripa, Massimiliano Salini, Christine Schneider, Sander Smit, Liesbet Sommen, Ingeborg Ter Laak, Dimitris Tsiodras
PfE	Barbara Bonte, Marie-Luce Brasier-Clain, Jorge Buxadé Villalba, Viktória Ferenc, Anne-Sophie Frigout, Ondřej Knotek, Jana Nagyová, Sebastiaan Stöteler, Séverine Werbrouck
Renew	Stine Bosse, Pascal Canfin, Gerben-Jan Gerbrandy, Martin Hojsík, Karin Karlsbro, Billy Kelleher, Christine Singer, Anna Stürgkh, Emma Wiesner, Michal Wiezik
S&D	Sakis Arnaoutoglou, Thomas Bajada, Biljana Borzan, Christophe Clergeau, Annalisa Corrado, Antonio Decaro, Heléne Fritzon, Romana Jerković, Javi López, César Luena, Javier Moreno Sánchez, André Rodrigues, Elena Sancho Murillo, Günther Sidl, Bruno Tobback, Raffaele Topo, Tiemo Wölken
The Left	Lynn Boylan, Sebastian Everding, Carola Rackete, Jonas Sjöstedt
Verts/ALE	Pär Holmgren, Ignazio Roberto Marino, Tilly Metz, Rasmus Nordqvist, Maria Ohisalo, Jutta Paulus, Lena Schilling

1	–
The Left	Emma Fourreau

1	0
PfE	Susanna Ceccardi

Key to symbols:

+ : in favour

– : against

0 : abstention

MIL OSI Europe News –

May 16, 2025

MIL-OSI USA: Withdrawal of Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities

Source: Securities and Exchange Commission

Division of Trading and Markets, U.S. Securities and Exchange Commission[1]

Office of General Counsel, Financial Industry Regulatory Authority, Inc.

On July 8, 2019, the staffs of the Division of Trading and Markets (“Division”) and the Office of General Counsel of the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued a joint statement regarding broker-dealer custody of digital asset securities.[2] The staffs of the Division and the FINRA are withdrawing, effective immediately, the Joint Staff Statement.

To contact Commission staff for assistance, please visit the Commission’s Crypto Task Force webpage or contact Michael Macchiaroli, Associate Director, at (202) 551-5525, or Raymond Lombardo, Assistant Director, at (202) 551-5755. To contact FINRA staff for assistance, please visit FINRA’s Crypto Assets webpage or contact Tom Kimbrell, Associate General Counsel, at (202) 728-6926.

[1] This statement represents the views of the staff of the Division of Trading and Markets. It is not a rule, regulation, or statement of the U.S. Securities and Exchange Commission (“Commission” or “SEC”), and the Commission has neither approved nor disapproved its content. This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.

MIL OSI USA News –

May 16, 2025
MIL-OSI Global: Putin dodges peace talks in Istanbul as Russia pushes for territorial concessions from Ukraine

Source: The Conversation – UK – By Sam Phelps, Commissioning Editor, International Affairs

This article was first published in The Conversation UK’s World Affairs Briefing email newsletter. Sign up to receive weekly analysis of the latest developments in international relations, direct to your inbox.

Demands by British, French, German and Polish leaders in Kyiv last weekend that Russia agree to a 30-day ceasefire in Ukraine or face possible “massive” sanctions went down in Moscow about as well as you’d expect. In an address from the Kremlin, Russian president Vladimir Putin lambasted European powers for talking to Russia “in a boorish manner and with the help of ultimatums”.

He did, however, offer a counter-proposal: an invitation for Ukraine to take part in direct talks in the Turkish city of Istanbul. Putin called the talks “the first step towards a long-term, lasting peace”. Ukraine’s president, Volodymyr Zelensky, accepted the invitation and announced he would attend the talks in person. He challenged Putin to do the same.

But on the eve of the talks it was announced that, no, Putin wouldn’t attend and a junior delegation would be sent in his place. Zelensky, who is in Turkey anyway for talks with the Turkish president, Recep Tayyip Erdoğan, has called the Russian envoy “phony” and accused Moscow of sending “stand-in props”.

Putin’s no-show, alongside Russia’s refusal to agree to a ceasefire as a precursor to negotiations, probably says all you need to know about whether Moscow truly intends to bring the war to an end. But, regardless, the talks are the first to take place directly between the two warring parties since the early weeks of Russia’s full-scale invasion.

Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

The Russian delegation in Istanbul is being led by Vladimir Medinsky, a Putin aide who led the previous round of direct peace talks with Ukraine. This is evidence, as Stefan Wolff and Tetyana Malyarenko also point out, that Russia wants the talks to be based on the same framework as in 2022 – namely, forcing Ukraine to accept significant restrictions on its military and sovereignty.

Wolff and Malyarenko, who are two regular contributors to our coverage of the war in Ukraine, explain that Russia’s territorial demands have become more contentious since the start of the war. Russia’s current position is that it sees international recognition of Crimea, Sevastopol, the Donetsk and Luhansk People’s Republics, and the Kherson and Zaporizhzhia regions as part of Russia as “imperative”.

This is a non-starter for Ukraine. But Wolff and Malyarenko suggest there could be some flexibility on accepting that some parts of Ukrainian territory are under temporary Russian control in exchange for peace.

The problem, they write, is that much of the territory Russia currently occupies, including Crimea and land on the shores of the Azov Sea, is of key strategic value for Russia. Donetsk and Luhansk, meanwhile, have substantial economic value because of the resources located there.

In any case, there is no guarantee that territorial concessions from Kyiv now would put a permanent end to the war, write Wolff and Malyarenko. This is because it “does not address the fundamental issue of how to deal with a vengeful and revisionist autocracy on Europe’s doorstep”.

Read more:
Territorial concessions will be central to any Ukraine peace deal, and to Russia’s long-term plan

Lasting peace between India and Pakistan, two countries that regularly clash over control of the disputed Kashmir region, is proving equally tricky to find. Several rounds of military strikes, prompted by a terrorist attack in Indian-administered Kashmir in April that killed at least 31 people, have recently brought the nuclear powers closer to war than they have been in decades.

The Trump administration initially expressed reluctance to get involved, saying it was “none of our business”. But as hostilities rapidly escalated, raising the prospect of nuclear war, US officials stepped in and talked down the two countries. A ceasefire was agreed that, for almost a week now, seems to have held.

Alex Waterman and Sudhir Selvaraj, experts on peace studies at the University of Bradford, say the ceasefire represents an “incredibly precarious peace”.

That ceasefires have been agreed – and respected – by the two parties before is cause for optimism, they write. But cross-border tensions have increased in recent years. Waterman and Selvaraj argue this has been part of a strategy used by Pakistan’s powerful army to deflect attention away from political and economic crises at home.

Tensions remain high and may, at some point, spill over again. Some of the decisions taken by India after the recent terror attack, for instance, such as the suspension of a treaty governing water sharing of rivers in the Indus basin, could compel further support for militant groups in Kashmir. Despite a US offer to mediate talks between the two countries, deeper resolution looks a way off.

Read more:
India and Pakistan have agreed a precarious peace – but will it last?

Donald Trump, meanwhile, is wrapping up his four-day tour of the Middle East. His visit has seen him sit down with the Saudi crown prince and the Qatari emir (as well as Syria’s leader, Ahmed al-Sharaa) to discuss bolstering economic and security ties.

In that sense, the trip has been a resounding success. Trump signed a US$142 billion (£107 billion) arms deal with Saudi Arabia and agreements with Qatar that, according to the White House, will “generate an economic exchange worth at least US$1.2 trillion”.

Adam Hanieh, a professor of political economy at the University of Exeter, explains that arrangements like these are part of a long history in which the Gulf monarchies have supported the architecture of US global power.

In this piece, Hanieh explores how the vast amounts of income generated by the Gulf’s nationalised petroleum industries in the 20th century was invested into US financial markets. Gulf states, he writes, were essential contributors to the growth of the US as a global financial power.

The US promised military protection in return, resulting in a web of American military bases across the region. As Trump’s lavish welcome in the Middle East shows, the relationship between the US and Gulf monarchies looks robust.

But much has changed in the past two decades, says Hanieh, referring to China’s rise as a global manufacturing hub. The Gulf is a critical energy lifeline for Beijing, while China’s demand for oil, gas and petrochemicals will be a vital part of the Gulf’s economic future.

Read more:
Not every US president gets a free private jet, but the Gulf states have boosted US economic dominance for decades

Trump is no stranger to competition with China, as his first five months in office have shown. Tit-for-tat tariffs that the US and China imposed on each other quickly snowballed into heavy duties, as high as 145% on Chinese goods looking to enter the US.

However, after weeks of signalling that tariff levels could reduce, US and Chinese officials announced this week that US tariffs on Chinese goods would drop to 30% for a period of 90 days, while Chinese tariffs on US products would drop back to 10%. Trade negotiations between the two countries will continue.

We asked Chee Meng Tan, an assistant professor of business economics at the University of Nottingham, what the deal means for China. He says the tariff reduction has provided China with much-needed relief as it attempts to repair its ailing economy.

But China will ultimately hope to bring US tariffs down to around 10%, in line with the rest of the world. And, as Tan explains, there is more China can do to persuade the Trump administration to cut tariffs further. Ensuring the flow of critical minerals to the US and assuring its support for US agriculture, an important political support base for Trump, will be key.

China needs to engage with the US and lower US tariffs as much as possible. But it will want to look at other options, writes Tan, rather than relying on an unpredictable Trump. The next 90 days are a big deal for Beijing.

Read more:
China-US trade war: the next 90 days are a big deal for Beijing as it seeks long-term solutions

Jonathan Este is on holiday.

World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

– ref. Putin dodges peace talks in Istanbul as Russia pushes for territorial concessions from Ukraine – https://theconversation.com/putin-dodges-peace-talks-in-istanbul-as-russia-pushes-for-territorial-concessions-from-ukraine-256504

MIL OSI – Global Reports –

May 16, 2025
MIL-OSI Europe: Answer to a written question – Impact of tariffs and quota systems on downstream steel manufacturing in the EU – E-001037/2025(ASW)
Source: European Parliament
The steel industry is the sector most protected by trade defence instruments with over 70 trade defence measures including a safeguard.

Before imposing measures, the Commission conducts an EU interest test where it examines if the overall EU interest justifies the imposition of measures. It examines the interests of importers, users and consumers in that context. Users are encouraged to cooperate in investigations so their concerns can be taken into account when deciding to impose measures.

Once measures are imposed, if there is evidence that they are being evaded, the Commission imposes anti-circumvention measures to stamp out such practices — now almost a quarter of all measures address circumvention.

Furthermore, in the European Steel and Metals Action Plan[1] the Commission announced it would assess the introduction of the rule of ‘melted and poured’ which would allow action against the country where the metal was originally melted, regardless of the place of subsequent transformation. In addition, by the third quarter of 2025 at the latest, the Commission will propose a long-term measure providing a highly effective level of protection to the EU’s steel sector. It will take into account changes in EU demand as well as security and resilience considerations, while preserving a certain level of openness in the EU market.

Industry harmed by unfair competition from imports should contact the Complaints Office[2] of the Directorate-General for Trade and Economic Security for information on the options available.

[1] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:52025DC0125.

[2] trade-defence-complaints@ec.europa.eu.
Last updated: 15 May 2025
MIL OSI Europe News –
May 16, 2025
MIL-OSI USA: Merkley, Wyden, Bonamici Demand Reinstatement of Critical Disaster Mitigation Program for Oregon

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)
May 15, 2025
Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden—along with U.S. Representative Suzanne Bonamici (OR-01)—joined over 80 of their Senate and House colleagues in a bipartisan effort to demand that Department of Homeland Security (DHS) Secretary Kristi Noem reinstate the Building Resilient Infrastructure and Communities (BRIC) program within the Federal Emergency Management Agency (FEMA). This essential program supports local efforts to protect and harden communities in Oregon and nationwide from natural disasters.
“BRIC funds are spurring communities across the country to strengthen their resilience to extreme weather, and forgoing these critical investments will only make it harder and more expensive for communities to recover from the next storm,” Merkley, Wyden, Bonamici, and the lawmakers wrote.
The BRIC program provides grants for hazard mitigation planning and projects that reduce risks posed by natural hazards to communities, Tribal Nations, and territories requesting assistance. The lawmakers’ bipartisan letter emphasizes the urgent need to continue investing in pre-disaster mitigation and community resilience and calls on the Administration to work with Congress to improve the program’s accessibility and efficiency.
“The BRIC program was established by Congress in the 2018 Disaster Recovery Reform Act and signed into law by President Trump with bipartisan support. In the years since, this program has catalyzed community investments in resilient infrastructure, saving federal funds by investing in community preparedness before a disaster strikes,” they continued. “According to research, one dollar invested in disaster mitigation can save up to $18 in response and recovery expenditures.”
Previously, Merkley led his Democratic colleagues in the Oregon delegation to denounce the cancellation of awards under the BRIC program. These grants are critical to ensure that Oregon’s communities—especially in frontier, rural, and coastal regions of the state—can withstand the increasing threat of natural disasters.
“We urge the Administration to take swift action to reinstate the BRIC program, and to work with Congress to identify and implement reforms to strengthen our nation’s resilience for decades to come,” the lawmakers concluded.
This latest letter was led by U.S. Senators Patty Murray (D-Wash.), Chris Van Hollen (D-Md.), Thom Tillis (R-N.C.), and Lisa Murkowski (R-Alaska), as well as U.S. Representatives Chuck Edwards (R-N.C.-11), Sylvia Garcia (D-Texas-29), and Brian Fitzpatrick (R-Pa.-01).
In addition to Merkley, Wyden, and Bonamici, the letter was also signed by Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Bill Cassidy (R-La.), Ruben Gallego (D-Ariz.), Mark Kelly (D-Ariz.), Ed Markey (D-Mass.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), and Peter Welch (D-Vt.), and Representatives Alma Adams (D-N.C.-12), Pete Aguilar (D-Calif.-33), Donald Beyer (D-Va.-08), Rob Bresnahan (R-Pa.-08), Nikki Budzinski (D-Ill.-13), Greg Casar (D-Texas-35), Sheila Cherfilus-McCormick (D-Fla.-20), Judy Chu (D-Calif.-33), Angie Craig (D-Minn.-02), Sharice Davids (D-Kan.-03), Donald Davis (D-N.C.-01), Sarah Elfreth (D-Md.-03), Lois Frankel (D-Fla.-22), Maxwell Frost (D-Fla.-10), Chuy García (D-Ill.-04), Pramila Jayapal (D-Wash.-07), Hank Johnson (D-Ga.-04), Bill Keating (D-Mass.-09), Ro Khanna (D-Calif.-17), Jen Kiggans (R-Va.-02), Kimberlyn King-Hinds (R-Northern Marina Islands), Stephen Lynch (D-Mass.-08), Doris Matsui (D-Calif.-07), Sarah McBride (D-Del.-01), Jennifer McClellan (D-Va.-04), Kristen McDonald Rivet (D-Mich.-08), Morgan McGarvey (D-Ky.-03), Dave Min (D-Calif-47), Blake Moore (R-Utah-01), James Moylan (R-Va.-09), Kevin Mullin (D-Calif.-15), Richard Neal (D-Mass.-01), Dan Newhouse (R-Wash-04), Chris Pappas (D-N.H.-01), Marie Gluesenkamp Perez (D-Wash.-03), Scott Peters (D-Calif.-50), Chellie Pingree (D-Maine-01), Ayanna Pressley (D-Mass.-07), Mike Quigley (D-Ill.05), Aumua Amata Coleman Radewagen (R-American Samoa), John Rutherford (R-Fla.-05), Linda Sánchez (R-Calif.-38), Mary Gay Scanlon (D-Pa.-05), Kim Schrier (D-Wash.-08), Terri Sewell (D-Ala.-07), Thomas Suozzi (D-N.Y.-03), Jill Tokuda (D-Hawaii-02), Norma Torres (D-Calif-35), David Valadao (R-Calif-22), Nydia Velázquez (D-N.Y.-07), Eugene Simon Vindman (D-Va.-07), Frederica Wilson (D-Fla.-24), and Robert Wittman (R-Va.-01).
The full letter is available by clicking here and follows below:
Dear Secretary Noem and Acting Administrator Richardson,
We are writing to urge the Administration to reinstate the Building Resilient Infrastructure and Communities Grant (BRIC) program within the Federal Emergency Management Agency (FEMA). BRIC funds are spurring communities across the country to strengthen their resilience to extreme weather, and forgoing these critical investments will only make it harder and more expensive for communities to recover from the next storm. We acknowledge that the BRIC program, like all grant funding programs, has room for improvement, and we urge you to couple the reinstatement of the program with an opportunity for Congress and FEMA to improve the application review and funding distribution process to more effectively reduce the costs disasters pose to our communities, economies, and livelihoods.
The BRIC program was established by Congress in the 2018 Disaster Recovery Reform Act and signed into law by President Trump with bipartisan support. In the years since, this program has catalyzed community investments in resilient infrastructure, saving federal funds by investing in community preparedness before a disaster strikes.
According to research, one dollar invested in disaster mitigation can save up to $18 in response and recovery expenditures. BRIC funds are making communities safer in the next storm through projects like upgrading and protecting wastewater and drinking water plants after the facilities suffered repeated flooding, or bridge upgrades and road drainage improvements to improve driver safety. Because of its benefits, the demand for BRIC grants continues to increase, and our states and communities benefit from the reliability of the funding cycles.
The BRIC program also plays an essential role in helping Tribal Nations and rural communities strengthen their defenses against natural disasters and safeguard critical infrastructure. Through BRIC, Tribes and rural communities can access dedicated funding to strengthen community resilience by investing in hazard mitigation projects—such as flood protection, fire prevention, and infrastructure hardening—that are otherwise difficult to finance in rural or remote settings. Importantly, FEMA supports Tribal sovereignty by allowing Tribes to apply directly for funding, reserving a dedicated Tribal set-aside, and providing direct technical assistance—ensuring Tribes can lead their own planning and mitigation efforts. These investments not only strengthen community resilience but also honor the federal trust responsibility to support the safety, self-determination, and well-being of Tribal Nations.
At the same time, we acknowledge that the BRIC program should be evaluated for opportunities to increase efficiency and reduce the complexities for recipients to access the critical resources. The benefits of the program should not be concentrated in or limited to jurisdictions with dedicated offices and the staff necessary to navigate the grant application requirements. Additionally, the program should be updated with a strategic approach that empowers states and local governments to address degraded and vulnerable infrastructure based on their localized priorities and understanding of risk.
We urge the Administration to take swift action to reinstate the BRIC program, and to work with Congress to identify and implement reforms to strengthen our nation’s resilience for decades to come.

MIL OSI USA News –

May 16, 2025
MIL-OSI: Psychic Reading Online [2025] Best Psychics Online for Accurate Readings by Chat or Phone!
Source: GlobeNewswire (MIL-OSI)

Las Vegas, NV, May 15, 2025 (GLOBE NEWSWIRE) —

People use online psychic reading services to gain clarity, direction, and peace of mind. Whether you’re facing relationship challenges, career decisions, or spiritual questions, the best online psychics are available 24/7 to guide you.

Find clarity and direction through psychic reading online provided by the most trusted psychics with years of experience and top ratings.

⇒ Looking for clarity? Start Your Reading With a Top-Rated Psychic Reader!

With the rise of psychic reading online, users can now access psychics online through psychic chat or psychic phone readings, all from the comfort of home. In this comprehensive report, the psychic experts will explore how to find real psychics, what to expect from your reading, and how to choose the best psychic reader for your needs.

The Psychic Experts has unveiled its latest list of the best online psychic reading services in 2025, offering accurate readings, trusted advisors, free trial readings, and more. The Psychic Experts is a platform that features reviews, expert ratings, and curated insights to help its users worldwide connect with the best psychics online.

⇒ Feeling Stuck? Get an Accurate Psychic Reading From Trusted Experts!

Finding the best psychic reading online experience involves knowing what you need, researching options, and trusting your intuition. Whether you prefer psychic chat or psychic phone readings, there are countless real psychics ready to help you gain insight and empowerment.

Explore trusted platforms, look for top-rated psychic readers, and embrace the journey with an open heart. The world of psychic readings offers more than predictions, it offers healing, clarity, and meaningful guidance.

⇒ Looking for answers? Get Powerful Readings on Love, Money & Life Purpose!

Benefits of Online Psychic Readings in 2025

Digital platforms are evolving every day, which is why the best online psychic readings in 2025 are much more convenient and personalized. This thing wasn’t possible in previous years.

These benefits that come with online psychic sessions have now become the preferred method for many people who want to seek spiritual clarity and emotional healing.

1. Convenience & Privacy

Online psychics are different from in-person psychics because they allow individuals to receive guidance from the comfort of their homes.

So, whether you are opting for live chat, phone, or video calls, the flexibility is perfect to both new and experienced clients. These online psychic reading sessions are discreet, private, and completely under the control of the users of the psychic experts.

Get psychic reading online from trusted, verified experts by chat or phone and gain peace of mind today.

⇒ Talk to a Real Psychic Reader and Find the Truth Today!

2. Wider Range of Specialties

The best online psychics at Psychic Experts specialize in multiple forms of reading. These readings make use of tarot, astrology, mediumship, clairvoyance, energy healing, and so much more beyond normal human comprehension, but capable of delivering and revealing answers.

This range of so many online psychic services allows users to choose the best type of psychic reading, which they can do so by feeling what they are most connected to, rather than settling for what’s easily available.

3. User-Centric Experience

Online platform, the psychic experts have been heavily reviewed and praised for offering tailored psychic reading matches based on client preferences.

There is everything for the spiritual seeker, from intuitive interfaces to filtered search options (topic, reading method, price range, etc.). This is why these services can enhance user satisfaction.

Get trusted psychic readings online from the best psychics and receive accurate answers about love, career, and your future today.

⇒ Connect With a Gifted Psychic Reader and Get Real Answers!

Why Online Psychic Readings Are More Popular Than Ever

The search for inner guidance grows among people who feel like their life is often clouded and confusing. Psychic readings, especially the online services, have evolved as a useful tool for people from all walks of life so that they can easily gain insight and clarity in their life and otherworldly affairs. What was once considered a niche among only a special group of people is now a global industry, which is easily accessible from your smartphone.

⇒ Chat Live With Accurate and Trusted Psychic Readers!

So, whether you seek psychic readings and spiritual guidance to make business decisions or navigate a love life, online psychics are now readily available to offer real-time advice and personalized spiritual direction. These online psychics are perfect for a generation that wants answers immediately and at the tap of a mobile phone screen.

Explore psychic reading online with the best psychics online available 24/7 for chat or phone sessions tailored to your life questions.

⇒ Get clarity on your next move with a trusted psychic reading!

What Sets Online Psychic Readings At The-Psychic-Experts.com Apart in 2025?

Today’s best online psychic readings are very much unlike the old ones that used crystal balls and fortune cookies.

Now, these modern psychic readers are grounded in authenticity, ethics, and skill. The most reliable psychic platforms, such as the psychic experts, have systems in place that make sure that their advisors are vetted, experienced, and intuitive.

This is why key features of the psychic experts, a top-tier online psychic platform, are:
- User reviews & ratings
- Multiple psychic reading styles
- Confidential sessions
- 24/7 access to psychics online
- Affordable packages & satisfaction guarantees
⇒ Discover Powerful Insights With the Best Online Psychics!

Why Choose Psychic Reading Online?

The convenience and accessibility of psychic reading online have made it increasingly popular. Here are a few key benefits:
- 24/7 availability: You can connect with psychics online anytime.
- Anonymity: No face-to-face interaction means greater comfort for many users.
- Wide selection: Find the best online psychics by browsing reviews and ratings.
- Flexible formats: Choose between psychic chat or psychic phone readings, depending on your comfort level.
Connect instantly for a psychic reading online with the best psychics online offering honest, accurate, and compassionate guidance.

⇒ Get clear, compassionate guidance from real psychic readers!

How do The Psychic Experts Find the Best Psychics Online?

To ensure you’re connecting with real psychics who deliver accurate psychic readings, keep these tips in mind:

1. Read Reviews: Sites often feature feedback from past users. Look for consistent praise.

2. Check Credentials: Some psychics online list their experience, specializations, or even certifications.

3. Free Minutes: Many platforms offer free trial minutes to test compatibility.

4. Specialties: Match your needs (e.g., love, career, spiritual) with a psychic reader’s expertise.

5. Clarity in Communication: The best psychic readings are clear, direct, and free of vague statements.

Access real-time psychic reading online with the best psychics online specializing in love, relationships, and personal growth.

⇒ Get Peace of Mind With a Psychic Reading From Experts!

Types of Online Psychic Readings to Explore

There are many types of online psychic readings that you can explore using the-psychic-experts.com:

Tarot Card Readings

Tarot card readings are some of the most popular forms of psychic readings available online. By just using a deck of cards, psychic readers can interpret your past, present, and future, as well as guide you through life’s matters related to happiness, success, love, death, etc.

Whether you’re curious about love, facing uncertainty in your career, or struggling with personal growth, online psychics who are skilled in tarot can help you. The best psychics online that offer tarot card readings personalize each reading to your situation, thus offering clarity and direction.

If you’re looking for the best online psychic readings in 2025, the psychic experts have tarot card readers, giving you a fantastic place to start. Many of these best psychic reading platforms also include top-rated psychics online who specialize in their field, that is, insightful tarot card sessions.

⇒ Ask about love, career, or your purpose—Start Chatting with the Best Psychics!

Astrology Readings

Astrology readings are also available online at the psychic experts. From the best psychics online come these psychic readings that explore your birth chart to reveal personality traits, life challenges, and any major events timings.

These psychic readings also use planetary placements to offer a peek into your destiny and decisions.

Many online psychics are expert astrologers who offer one-on-one sessions or online chats and call sessions tailored to your unique chart. So, if you’re looking for the best online psychic readings on the-psychic-experts.com as a beginner, astrology is your go-to. Top psychic readers on this platform will use your zodiac profile to give accurate forecasts, thus making it an experience for anyone seeking the best psychic reading experience online.

Clairvoyant Readings

Clairvoyant readings are a perfect psychic reading area for users on the-psychic-experts.com if you want intuitive insights based on visions or symbolic images received by the readers.

Many of the best psychics online offer genuine and 100% authentic clairvoyant sessions that explore your energy field and uncover truths about your path, your relationships, or your career.

Online psychics who possess clairvoyant abilities can also deliver messages straight into your soul.

Experience a psychic reading online from the best psychics online and get real answers about love, money, and your future today.

⇒ Connect With the Best Psychics and Get Real Answers Now!

Mediumship

Mediumship readings are another type of psychic readings that connect you with spirits of loved ones who have passed away.

These are deeply personal sessions and are best handled by experienced psychic readers. The best psychics online trained to channel energies will offer compassionate and validating messages from the other side, thus giving comfort and support to those grieving.

Psychic readings involving mediumship are such a powerful and emotionally healing session that if you’re searching for the best online psychics for spiritual connections, look for these sessions. The psychic experts have many mediumship experts who have verified experience, and create an online sacred space where messages from beyond can come through.

⇒ Trusted, top-rated psychic readers are ready to guide you!

Energy Healing & Aura Readings

Energy healing and aura readings are a psychic reading that focuses on clearing emotional blockages and rebalancing your energy.

The best psychics available at the psychic experts online use tools like chakra scans, Reiki, and aura photography to assess your energy, and these psychic readings can also help you with stress relief, clarity, and spiritual well-being.

So, if you’re ever feeling stuck or drained, online psychics who specialize in energy healing and aura readings can help you restore your balance. They will delicately combine intuitive healing with psychic insight. And this makes them some of the best online psychic readers.

⇒ Reveal the Truth Behind Your Biggest Questions Now!

How Psychic Reading Connects You to Your Inner Guide

This world is filled with logic and data, but sometimes, there is room for the unknown. Many people still find themselves turning towards something more instinctive, especially when making big decisions. Whether it’s choosing a career, ending a relationship, or picking a home, they have had that feeling that says: this is the right move, or, no, that’s not what you are supposed to do. This is the same inner voice that is called intuition, and it plays a major role in both psychic readings as well as fortune telling.

But where does this intuitive information come from?

How can psychic advisors listen to it effortlessly?

⇒ Discover your path with a powerful psychic reading online!

Let’s break it down for you.

The Sixth Sense You Already Have

Every human being has a built-in sixth sense. It is like a guidance system. It’s not visible like your five physical senses, but it works the same way, in fact in more powerful ways. Your intuition is sometimes called your “sixth sense”, and it is the bridge between your conscious mind and the deeper soul, which is also known as the higher self.

A live psychic reader will not conjure predictions out of thin air.

Instead, they will listen to their heightened intuitive abilities, for example during clairvoyance (clear seeing), clairsentience (clear feeling), or clairaudience (clear hearing). This intuition aligns with their natural senses, and thus allow them to perceive messages and patterns that may otherwise go unnoticed by normal humans.

At its core, psychic reading is tuning in to these signals. The intuition that comes both from the self as well as from the universe.

A seasoned online psychic reader will know exactly how to interpret this information, no matter if it arrives in the form of a tarot card, a vision, or a deep knowing.

⇒ Start Your Psychic Reading Online With Top-Rated Advisors!

What to Look For When Finding the Best Online Psychic Readings

The world of psychic readings faces a saturated online space. But the psychic experts make it very easy to separate hyped up psychic readers from genuine ones. If you’re seeking the best online psychic readings, here’s what you must look out for:
- Experience and credibility
- Clear communication
- Precise prediction
- Platform trustworthiness
- A free option and demo session.
Whether you’re brand new to the world of psychic readings or a seasoned user of the psychic experts, don’t be afraid to explore the different psychic readers until you find the one, or someone who resonates with you. Energy compatibility is all that matters in this regard.

Looking for clarity? Get a powerful psychic reading online now with the best psychics online—trusted by thousands.

⇒ Get Real Love and Life Advice From the Best Psychics!

Is Online Psychic Reading Legit?

Yes, it is.

Skeptical? Well, you’re not alone.

In fact, many first-time clients of the psychic experts were once skeptical. They come into a session with doubt, but after that, leave with surprised expressions because of how accurate and affirming their experience was.

Here’s what they told us about how their psychic reading felt like the real deal;
- They felt emotionally lighter
- They felt more grounded
- They received specific insights that spoke directly to them
- The reader who was offering online psychic readings didn’t pressure them to come back or to pay for the session
- They walked away with clarity
- They later found the predictions to be true
- They felt validated.
However, it is very crucial to understand that not every session will be life-changing, and that’s okay. Sometimes, psychic readings are breakthroughs in life, but they come in small and quiet moments. So, whenever you find the best psychic, please know that the truth will be felt in your body long before your mind catches up.

⇒ Ask a Psychic Reader Anything – Get Honest Answers Now!

Psychic Readings vs. Fortune Telling: What’s The Difference

While the two terms are often used interchangeably, they’re not the same.

Fortune telling is all about future predictions and plays by the rules of fate. Psychic readings, on the other hand, focus on present energies, as well as the free will of the person.

The best psychics online will never tell you what will happen; they will help you understand what could happen, and all of this is based on your current energy.

This is why psychic readings are far more accurate, interactive, and empowering as compared to fortune-telling sessions.

⇒ Receive Powerful Clarity With a Live Psychic Reading!

Reclaiming Your Inner Wisdom Through Psychic Guidance

Many people don’t realize that the whole point of a psychic reading isn’t to hear someone else’s truth. It is to hear your truth and to reconnect with yourself.

With support from the best psychics online, such as those that are available at Psychic-Experts.com, you can learn how to trust your nudges. These psychics are not here to make money from your concerns or life problems, instead, they will help you align your choices and approach life with greater freedom.

So, whether you’re experiencing a spiritual intuition or are simply curious about what the psychic experts can offer beneath your surface thoughts, book a session with one of the online psychics. They are here to guide – not make money – from your path.

⇒ Find Love, Success, and Peace With Real Psychic Guidance!

Psychic Reading in Everyday Life

Psychic reading is everywhere in your life. However, the best online psychic readers just know how to channel your energy and seek answers that you cannot do so yourselves.

While some consult the best online psychic readings for life decisions, others follow their own intuitive guidance, or book mini sessions or free sessions to receive clarity about small matters in life, such as;
- Whether or not to accept a last-minute job
- Why does your child seem unusually withdrawn
- What birthday gift would your partner genuinely love
- Why do you keep waking up at the same time every night
What starts as a simple question can sometimes lead to a chain of revelations.

⇒ Connect to a Real Psychic Now for Life-Changing Insights!

Trusting Yourself Is the First and Foremost Step In Psychic Reading

The first rule of psychic reading? Be confident about your questions and receptive to the answers.

You don’t need to be a professional to start listening to your intuitive voice.

But sometimes, doubts can cause your confidence to fade away.

That’s where a professional online psychic reader can be most helpful. They will not overshadow or cloud your instincts, but validate and strengthen them.

If you are curious about channeling your own energy and spiritual guidance, try the following;
- Ask your intuition a yes/no question.
- Quiet your mind
- Notice the first feeling, image, or word that comes up.
- Don’t second-guess it – just write it down.
- Now, check in a few days to see how accurate that nudge was.
⇒ Get Powerful Answers on Love, Money, Destiny, and More!

Psychic Readers: Myths, Or Just Good Listeners?

It is very easy to claim that online psychics are mystical figures sitting behind their laptops in dramatic robes with crystal balls in front of them. But the modern psychic readers look like you and me. A normal human with a normal job. Their reality is far more grounded than you imagined. Most of them are spiritual advisors, empathetic listeners, and they are extremely skilled interpreters of human energy.

⇒ Make Better Life Decisions With a Psychic Reading Online!

Their job is to make your decisions easier for you. They will offer clarity where confusion exists. And the best part is that the best readers for psychic reading online do this with kindness, integrity, and honesty.

At the psychic experts, there are thousands of vetted professionals who offer decades of experience in psychic reading to each session. They accommodate those who are new to online fortune telling and have all the answers for seasoned spiritual seekers. No matter which group you lie in, you’re likely to find the best psychic reading professional who will have all the answers to your questions.

⇒ Discover Life-Changing Answers From the Best Psychics!

What to Expect in Your First Online Psychic Reading Session

Many people are curious about trying their first online psychic reading session, but they are either scared, skeptical, or nervous. Here are a few things that they must keep in mind during their first online psychic reading session;
- Be open, but discerning
- Prepare questions in advance
- Pay attention to how they feel during and after the reading
- Take notes. Write them down or record them (but with the psychic’s permission).
Start with a free psychic reading online to learn the basics of the experience. And then you can explore deeper options later, and pay in full, if the reader resonates with your energy.

⇒ Start a psychic reading and discover what’s truly meant for you!

How to Find an Accurate Psychic Reader Online

Finding the most accurate online psychic reader isn’t about predictions. It is all about trust, resonance, and compassion.

At the-psychic-experts.com, look for psychic readers who are;
- Transparent about their methods
- Willing to answer your questions
- Focused on empowering you
- Positively reviewed by other clients
The goal of any good psychic reader is to bring clarity and calm to your life and eradicate any confusion or fear. So the next time you connect with an online psychic, and if the vibe feels off, step away from the situation.

⇒ Find your true direction with help from top online psychics!

Tools, Types, and What to Expect from the Best Online Psychic Readers

This digital age has made it very easy for people with questions, as answers are just a click away. Online psychic readings have become one of the most accessible spiritual tools, especially for people who want a deeper clarity in their lives.

With the newly enhanced 2025 platform at the psychic experts, users are now able to easily connect with the best and accurate online psychic readers anytime, anywhere in the world.

Free Psychic Reader Online: What’s the Catch?

People who are skeptical about psychic readers are even more skeptical when they realize that the first session is most often free of cost, with no credit card requirement.

However, it is not difficult to understand that with the psychic expert’s new design, it’s now easier than ever to try a free psychic reader online before committing to a full session.

⇒ Find clarity on love, money, and your life path today!

Many psychics are willing to offer first-time deals. They would either offer a few trial minutes or live chat previews so that users can get an understanding of what an online psychic reading session would look like.

While these free sessions and quick reads won’t be as comprehensive and sound as a full session, they’re still perfect for getting answers to any small or everyday questions that you have, such as;
- Should I text that girl I met on the metro?
- Is this a good time to switch jobs?
- What’s blocking me from being successful right now?
These free trials are the perfect way to get a brief understanding of what an online psychic reading session can offer, and they also help users find an accurate psychic reader online.

⇒ Discover what’s blocking your path—get a psychic reading now!

The Role of Intuition in Psychic Readings

Intuition has a major role in psychic readings.

Since we have already mentioned this before, psychic readings don’t pull answers out of thin air. Psychics are not magicians, nor are they impersonators. They connect to something already within and around you to give you answers to your questions.

When you speak to a live online psychic reader, they will connect their energy with your energy field, often with the help of their spirit guides or clairvoyant abilities.

But the information they will reveal will already be tied to your higher self.

This brings us to the power of intuition. Your intuition is the most powerful tool you have. A gifted online psychic will help you interpret that inner voice because it is most often muffled by fear, doubt, or overthinking.

So the next time you’re consulting with an online psychic reader, think of it as a dialogue, not a monologue. The session is a combined effort of you and the psychic reader.

⇒ Get answers in minutes—chat with real psychics!

Online Psychic Reading Isn’t About Changing Your Life – It’s About Understanding It

The true value of online psychic reading is not just about predictions. Rather, it is about understanding the power of your current path, energies, and mindset. An online psychic reading session on the psychic expert’s platform can offer incredible insights into what’s driving your relationships, fears, or blockages. This is why the 2025 platform update from the psychic experts has made it easy to connect with reliable and accurate online psychic readers that make this spiritual connection more seamless than ever before.

FAQs

Can I trust an online psychic reading?

Absolutely. If you’re on a trusted platform such as the psychic experts, know that all the readers are verified, reviewed, and ranked based on accuracy and client feedback.

How should I prepare for a reading?

People who want to take an online psychic reading session must come with an open mindset and clear questions. Avoid multitasking, because that will disturb your energy channels.

What if the reading doesn’t make sense right away?

It happens. A psychic reading might not make sense right away. This is because some messages are obscured and only meant for the future you. But jot everything down, you will be surprised by how much becomes clear in hindsight.

What is the best way to get a psychic reading online?

The best way to get a psychic reading online is through trusted platforms offering psychic chat or psychic phone readings with verified and reviewed psychic readers.

Are psychic phone readings as accurate as in-person sessions?

Yes, many real psychics deliver accurate psychic readings over the phone because intuitive energy isn’t limited by physical distance.

How can I tell if a psychic reader is real?

Look for real psychics with strong reviews, verified credentials, and clear, honest communication. Avoid vague or overly dramatic claims.

What’s better: psychic chat or psychic phone readings?

It depends on your comfort level. Psychic chat offers anonymity and convenience, while psychic phone readings provide a more personal connection.

Who are the best psychics online?

The best online psychics often come from top-rated platforms, which are displayed on the-psychic-experts.com platform

What should I ask during a psychic reading?

You can ask about love, career, family, spirituality, or future events. The psychic reader will guide the conversation based on your needs.

How long does a psychic reading usually last?

A psychic reading can last from 10 to 60 minutes, depending on the platform, your budget, and how deep you want to go.

Can a psychic chat reading be accurate?

Absolutely. Many users report very accurate psychic readings through psychic chat, especially when the reader is highly rated.

What’s the difference between tarot and psychic readings?

Psychic readings may use intuition alone or tools like tarot. Tarot focuses on symbolic cards, while psychics may tap into broader energies.

Are psychic readings confidential?

Yes, trusted platforms ensure all psychic readings via chat or phone are completely confidential and secure.

Can I get a love psychic reading online?

Yes, many psychics online specialize in love and relationships and provide tailored guidance through psychic chat or phone sessions.

How do I find the most accurate psychic readings?

Look for platforms that highlight customer feedback, offer trial minutes, and feature experienced psychic readers known for their accuracy.

Media Contact
Company: The Psychic Experts
Contact Person: Anthony C. Bedoya
Email: support@the-psychic-experts.com
Address: 1 Fremont St, Las Vegas, NV 89101, USA
URL: https://the-psychic-experts.com/
Phone: +1 414-203-2598

Content Accuracy Disclaimer
Every effort has been made to ensure the accuracy of the information presented in this article. However, due to the dynamic nature of product formulations, promotions, and availability, details may change without notice. The publisher makes no warranties or representations as to the current completeness or accuracy of any content, including product claims, pricing, or ingredient lists.
It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.
Affiliate Disclosure
This article may contain affiliate links. If you purchase a product or service through these links, the publisher may earn a commission at no additional cost to you. These commissions help support the creation of in-depth reviews and educational wellness content.
The publisher only promotes products that have been independently evaluated and deemed potentially beneficial to readers. However, this compensation may influence the content, topics, or products discussed in this article. The views and opinions expressed are those of the author and do not necessarily reflect the official policy or position of any affiliate partner or product provider.
All product reviews and descriptions reflect the author’s honest opinion based on available public data, user feedback, and scientific references at the time of writing. The inclusion of affiliate links does not influence the objectivity or integrity of the content. However, readers are encouraged to independently verify product information and consult with healthcare professionals prior to purchase or use.
No warranties, either expressed or implied, are made about the completeness, accuracy, reliability, or suitability of the content provided. The publisher and all affiliated parties expressly disclaim any and all liability arising directly or indirectly from the use of any information contained herein.
Product and Trademark Rights
All product names, logos, and brands mentioned are the property of their respective owners. Use of these names does not imply endorsement unless explicitly stated. The-Psychic-Exerts.com®.com® are the trademarks of its respective brand owner

Attachment
- The Psychic Experts
The MIL Network –
May 16, 2025
India, EU launch joint research projects on marine pollution and green hydrogen

Source: Government of India

Source: Government of India (4)

India and the European Union have jointly launched two major research initiatives under the India-EU Trade and Technology Council (TTC), aiming to develop innovative solutions in the areas of marine pollution and green hydrogen production from waste. The projects, backed by a combined investment of ₹391 crore (approximately €41 million), mark a significant step in strengthening bilateral cooperation in science and technology.

The TTC, established in 2022 by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen, serves as a platform to deepen strategic collaboration in trade and technology between India and the EU.

The first initiative focuses on tackling the pressing issue of marine plastic litter and other pollutants. Co-funded by the European Union and India’s Ministry of Earth Sciences, this project aims to develop advanced tools to monitor, assess, and reduce the harmful impact of pollutants such as microplastics, heavy metals, and organic compounds on marine ecosystems. The research is expected to contribute to global commitments like the UN Decade of Ocean Science for Sustainable Development and support national policies, including India’s National Marine Litter Policy and the EU’s Zero Pollution Action Plan.

Speaking on the occasion, Principal Scientific Adviser to the Government of India, Professor Ajay Kumar Sood, said that collaborative research plays a pivotal role in addressing shared environmental challenges. EU Ambassador to India, Hervé Delphin, underscored that joint efforts to address marine pollution and sustainable energy underscore the growing momentum in the EU-India partnership.

Secretary of the Ministry of Earth Sciences, Dr. M. Ravichandran, remarked that marine pollution is a global concern that demands collaborative solutions, adding that this initiative will help in developing effective strategies to protect marine biodiversity.

The second initiative targets the development of sustainable hydrogen production technologies by converting biogenic waste into green hydrogen. Supported by the EU and India’s Ministry of New and Renewable Energy, the project is in alignment with the EU’s Hydrogen Strategy and India’s National Green Hydrogen Mission. The focus is on creating cost-effective and environmentally sustainable methods to produce hydrogen using agricultural, municipal, and industrial waste.

Dr. Parvinder Maini, Scientific Secretary at the Office of the Principal Scientific Adviser, described the partnership as a testament to the two sides’ commitment to sustainable development. Secretary of the Ministry of New and Renewable Energy, Santosh Kumar Sarangi, noted that advancing waste-to-hydrogen technologies is key to meeting India’s clean energy goals.

Marc Lemaître, Director-General for Research and Innovation at the European Commission, highlighted the scale of investment and cooperation, calling it a clear demonstration of India and the EU’s joint commitment to a cleaner, more sustainable future.

The calls for proposals under both initiatives have been officially opened this month, inviting Indian and European researchers to collaborate and contribute to the development of transformative technologies for environmental protection and renewable energy.

May 16, 2025
MIL-OSI: XenDex Prepares to Unveil Platform as $XDX Presale Enters Final Countdown
Source: GlobeNewswire (MIL-OSI)

SYDNEY, May 15, 2025 (GLOBE NEWSWIRE) — Following the successful completion of its soft cap and an influx of thousands of early adopters, XenDex is excited to confirm that Version 1 of its all-in-one decentralized exchange (DEX) is actively in development. A first-look mockup of the platform’s user interface will be revealed in the coming days, offering the community an exclusive preview of what’s to come.

XenDex V1 is being built as a sleek, intuitive, and beginner-friendly platform that integrates the most in-demand decentralized finance features, all designed specifically for the XRP Ledger. Key functionalities include AI-powered copy trading, non-custodial lending and borrowing, staking and yield farming, cross-chain trading, and DAO governance all seamlessly accessible from a single dashboard.

Join XenDex Presale Now

And here’s the game-changer: Early access to XenDex V1 will be exclusively available to $XDX presale participants.

Why $XDX Is Gaining Massive Traction

XRP is currently experiencing renewed institutional interest following major milestones such as; SEC’s withdrawal of the Ripple lawsuit, Approval of ProShares’ XRP Futures ETF, Launch of Brazil’s first XRP Spot ETF etc.

With bullish sentiment returning to the market, analysts and speculators alike are projecting long-term targets as high as $1,000 per XRP. In this surging landscape, XenDex is emerging as the foundational DeFi layer for the XRP ecosystem, with $XDX fueling every key operation on the platform.

Final Stage of Presale — Limited Supply Remaining
- Soft Cap: Filled
- Current Price: 1.25 XRP = 10 XDX
- Minimum Purchase: 150 XRP
- Availability: Final allocation currently selling quickly
Secure Your Tokens Now: https://xendex.net/presale

$XDX Exchange Listings Confirmed

Upon conclusion of the presale, $XDX will launch on major exchanges, including:
- Binance
- Gate.io
- MEXC
- BitMart
- FirstLedger
- MagneticX
Buy XDX on XenDex

These listings are expected to boost liquidity, increase exposure, and drive global adoption.

XenDex Feature Highlights
- AI-Powered Copy Trading
- Non-Custodial Lending & Borrowing
- Cross-Chain Trading
- Staking & Yield Farming
- DAO Governance
Don’t Miss the Launch Phase

Buy $XDX On Presale

With the mockup reveal imminent, the full DEX release on the horizon, and final $XDX presale tokens disappearing fast, now is the time to join us.

Be among the first to use the platform. Join the DeFi revolution on XRP.

Official XenDex Links

Website: https://xendex.net
Presale: https://xendex.net/presale
Telegram: https://t.me/xendexcommunity
Twitter/X: https://x.com/xendex_xrp
Docs: https://xdxdocs.gitbook.io

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/528bccfe-9d9d-442d-8aa5-48ac5566bc0a

The MIL Network –
May 16, 2025
MIL-OSI: Marksmen Energy Inc. Provides Update on the Filing of its 2024 Annual Financial Statements

Source: GlobeNewswire (MIL-OSI)

CALGARY, ALBERTA, May 15, 2025 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company“) announces that, further to its news release dated May 1, 2025, the Alberta Securities Commission, as principal regulator of the Company, has issued a management cease trade order (“MCTO“) to Marksmen pursuant to its application under National Policy 12-203 Management Cease Trade Orders (“NP 12-203“) in respect of the default regarding the delay of the filing of its annual financial statements, accompanying management’s discussion and analysis and related chief executive officer (“CEO“) and chief financial officer (“CFO“) certifications for the financial year ended December 31, 2024 (collectively, the “Annual Filings“).

Marksmen continues to work closely with its auditor MNP LLP and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than June 15, 2025. The Company confirms that since its news release dated May 1, 2025, there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The MCTO prohibits the CEO and the CFO from trading in securities of Marksmen for two full business days after the Annual Filings have been filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company’s securities.

Until the Annual Filings have been filed, the Company confirms that it intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 for so long as it remains in default as a result of the late filing of the Annual Filings by issuing biweekly default status reports in the form of further news releases.

For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@marksmenenergy.com.

Forward Looking Information and Risk Factors

This news release contains statements and information that may constitute “forward-looking information” within the meaning of applicable securities legislation, including statements identified by the use of words such as “will”, “expects”, “positions”, “believe”, “potential” and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts.

Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Annual Filings.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Annual Filings are filed later than anticipated, the risk that the Company’s MCTO is revoked for any reason, in which case there is a risk that trading in the Company’s securities may halted by the TSX Venture Exchange and/or cease traded temporarily by the Canadian securities commissions until such time as the Annual Filings are filed on SEDAR+.

Additional information regarding risks and uncertainties of the Company’s business are contained under the headings “Financial Risk Management” and “Going Concern” in the Company’s Management’s Discussion & Analysis for the condensed interim consolidated financial statements for the nine months ended September 30, 2024 and the Company’s other public filings which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

The MIL Network –

May 16, 2025
MIL-OSI: XRP News: XenDex V1 Launching Soon, Early Access Exclusive for $XDX Presale Buyers
Source: GlobeNewswire (MIL-OSI)

SYDNEY, May 15, 2025 (GLOBE NEWSWIRE) — After surpassing its soft cap and attracting thousands of early adopters, XenDex is proud to announce that Version 1 of its all-in-one decentralized exchange platform is actively in development and a first-look mockup design is set to be unveiled in the coming days.

The XenDex platform will feature a seamless, beginner-friendly interface integrating all key DeFi functions missing from the XRP Ledger: AI-powered copy trading, non-custodial lending & borrowing, staking & yield farming, cross-chain trading, and DAO governance, all in one sleek dashboard.

Buy XDX Before Listing On Exchange

And here’s the best part: Only $XDX presale holders will receive early access to XenDex V1.

Why Is Everyone Buying $XDX?

The timing couldn’t be better. XRP is surging on the back of ProShares’ XRP Futures ETF approval, Brazil’s first XRP Spot ETF, and the SEC’s full withdrawal of its lawsuit against Ripple. These landmark events have reignited bullish sentiment, and speculators are predicting $1000 XRP long-term as institutional adoption intensifies.

In this growing wave, XenDex is rising as the DeFi core of the XRPL, and $XDX is the fuel.

Buy $XDX Now & Earn Rewards

Presale Final Stage – Time Is Running Out
- Soft Cap: Filled
- Current Rate: 1.25 XRP = 10 XDX
- Minimum Buy: 150 XRP
Buy Now Before It’s Gone: https://xendex.net/presale

Exchange Listings Confirmed

Following the presale, $XDX will be listed on major exchanges:
- Binance
- Gate.io
- MEXC
- BitMart
- FirstLedger
- MagneticX
Don’t Wait, Be Among the First to Use XenDex By Joining Our Presale.

Purchase $XDX At A low Price

XenDex Platform Key Features
- AI-Powered Copy Trading – Mirror professional traders to maximize gains
- Lending & Borrowing – Borrow and lend XRP and $XDX with smart contract security
- Cross-Chain Trading – Swap XRP with tokens across BNB Chain, Solana, and more
- Staking & Yield Farming – Earn while supporting platform liquidity
- DAO Governance – $XDX holders vote on upgrades, proposals, and token listings
With the mockup reveal coming soon, a full DEX launch on the horizon, and $XDX token utility growing fast, this is your last chance to join early before the price goes higher and access closes.

Join the XenDex Community To Learn More:

Website: https://xendex.net
Presale: https://xendex.net/presale
Telegram: https://t.me/xendexcommunity
Twitter/X: https://x.com/xendex_xrp
Docs: https://xdxdocs.gitbook.io

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. GlobeNewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9e201d1-1a66-421e-a22b-90bf981f0672

The MIL Network –
May 16, 2025
MIL-OSI USA: Second Annual Outside Festival to Showcase Vital Role of Outdoor Recreation Industry in Colorado
Source: US State of Colorado

New Events to Feature Colorado Small Businesses

DENVER – Today, Gov. Polis and the Colorado Outdoor Recreation Industry Office (OREC), a division of the Colorado Office of Economic Development and International Trade (OEDIT), joined Outside Interactive Inc., Denver Mayor Mike Johnston and Visit Denver to preview the second annual Outside Festival and Summit taking place in Denver May 29 – June 1, 2025. This growing flagship event promotes access to Colorado’s incredible outdoors while highlighting the contributions of the outdoor recreation industry to the state’s thriving economy, including new opportunities to showcase Colorado’s small businesses.

“Colorado’s great outdoors industry is one of our state’s critical economic drivers, as well as a path for so many Coloradans and visitors to enjoy our wild, open spaces. This festival celebrates all things outdoors in Colorado and we are excited for another great year. I hope to see my fellow Coloradans coming out to enjoy the festival,” said Governor Jared Polis.

“In 2023, the outdoor recreation industry contributed $17.2 billion to our state’s economy, compared to $13.9 billion just the year before. This growth underscores the vital role the sector plays in generating job growth and stimulating local economies. The Outside Festival is a powerful way to expand this momentum, while ensuring more people have equitable access to the outdoors,” said Eve Lieberman, Executive Director of OEDIT.

Last year, the inaugural Outside Festival drew 18,000 attendees, 40% of whom came from outside of Denver and 20% from outside the state. Thirty-one percent of ticket buyers identified as BIPOC, and the Festival generated an estimated $16 million in economic impact. The Outside Summit, which convened outdoor leaders, government officials, prominent influencers and tech innovators to discuss the future of the outdoor recreation industry, drew 500 participants, 47% of whom came from out of state.

“The inaugural Outside Festival exceeded our expectations, drawing people from across the state and beyond to celebrate Colorado’s incredible outdoors,” said OREC Director Conor Hall. “Like the outdoor recreation industry as a whole, this growing event is an important economic driver. We are thrilled to support its development while promoting Colorado’s small businesses and increasing equitable and safe access to the outdoors.”

This year, the Festival will include two new opportunities to showcase the small businesses so essential to Colorado’s outdoor recreation industry:
- Camp Colorado – A new exhibit space within the Outside Festival will feature outdoor recreation industry businesses, nonprofits and destinations from across the state, giving attendees the opportunity to explore Colorado products and services designed to get more people outdoors.
- Outside Ignite – As part of the Outside Summit, outdoor industry and active lifestyle startups will have the opportunity to hone their business pitches, gain valuable exposure and compete for a prize worth $100,000.
A Community Engagement Council established last year and chaired by OREC will continue to support outreach to youth and communities that have historically encountered barriers to participation in outdoor recreation, including partnerships with organizations like Adaptive Adventures, Great Outdoors Colorado, Next 100 and many more.

“Last year’s Outside Festival and Summit created an inspiring space for outdoor enthusiasts, seasoned adventurers, and visionary leaders to connect and celebrate Colorado’s incredible outdoors and the strength of our national industry,” said Robin Thurston, CEO of Outside Interactive. “We’re thrilled to host an even bigger event this year, continuing to build this vital community, expand outdoor access, and drive economic growth within our category.”

This Outside Festival is driven by a partnership between OREC, Outside Interactive Inc., and VISIT DENVER, sponsored by Capital One and REI Co-Op. To support the festival’s continued development, the Colorado Economic Development Commission approved $350,000 to help implement the 2025 event. Outside and the State of Colorado invite the entire outdoor community to join this celebration of the spirit of adventure, music, and togetherness at the Outside Festival this summer in Denver. For more information, including tickets, please visit www.theoutsidefestival.com.

About Outside Interactive Inc.

Outside Interactive Inc. is the premier destination for outdoor inspiration, activation, and reward. Each month, Outside reaches 80 million of the most active consumers in the world across its network of 25 media, digital, and technology platforms, creating an experience for both longtime adventurers and those just getting started. Outside’s mission is to get everyone outside. Outside’s subscription offering, Outside+, bundles best-in-class storytelling, videos, gear reviews, mapping apps, online courses, discounted event access, and more to help people experience healthy, connected, and fulfilling lives. Learn more at outsideinc.com.

About VISIT DENVER, The Convention & Visitors Bureau

Celebrating 115 years of promoting The Mile High City, VISIT DENVER is a nonprofit trade association that contracts with the City of Denver to market Denver as a convention and leisure destination, increasing economic development in the city, creating jobs and generating taxes. Denver welcomed more than 36.3 million visitors in 2022, generating $9.4 billion in spending, while supporting tens of thousands of jobs and making Tourism one of the city’s largest industries. Learn more about Denver on the VISIT DENVER website or at Tourism Pays Denver.

About the Colorado Office of Economic Development and International Trade (OEDIT)

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

###

MIL OSI USA News –
May 16, 2025
MIL-OSI Russia: Iraq: Concluding Statement of the 2025 IMF Article IV Mission

Source: IMF – News in Russian

May 15, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

An International Monetary Fund (IMF) mission, led by Mr. Jean-Guillaume Poulain, met with the Iraqi authorities in Amman and Baghdad during May 4–13 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the mission:

A highly uncertain global environment, falling oil prices, and acute financing pressures, are taking a toll on economic activity and exacerbating Iraq’s existing vulnerabilities, calling for urgent measures to preserve fiscal and external stability. These include containing the fiscal deficit by mobilizing non-oil tax revenues and reining in the public wage bill, completing the restructuring of state-owned banks, and promoting private sector growth, by reforming the labor market, improving the business environment, enhancing governance and fighting corruption. Building on recent progress, the Central Bank of Iraq (CBI) should continue modernizing the banking system and supporting private banks in expanding their corresponding banking relationships.

Recent Economic Developments, Outlook and Risks

The non-oil sector grew at a slower pace last year and inflation remained subdued. Following a very strong growth of 13.8 percent in 2023, Iraq’s non-oil GDP is expected to have considerably moderated to 2.5 percent in 2024, driven by a slowdown in public investment and in the services sector, as well as a weaker trade balance. The agriculture, manufacturing, and construction sectors remained resilient, benefiting from post-drought recovery, expanded refining capacity, and strong growth in credit to households. The decline in oil production weighed on overall growth, which contracted by 2.3 percent for the year. Inflation dropped to 2.7 percent by end-2024, amid lower food price inflation and liquidity absorption from the CBI.

The fiscal position has deteriorated, along with external balances. The 2024 fiscal deficit is estimated at 4.2 percent of GDP, compared to 1.1 percent in 2023, reflecting rising spending on wages and salaries and energy purchases. Financing constraints have led to reemergence of arrears notably in energy and capital expenditure. On the external front, the current account surplus narrowed sharply from 7.5 percent to 2 percent of GDP, due to a surge in goods imports. Nonetheless, external buffers remain strong, with reserves at US$100.3 billion at end-2024—covering over 12 months of imports.

Non-oil growth is projected to remain subdued in 2025 amid a challenging global environment and financing constraints. Non-oil GDP is projected to slow down to 1 percent this year as the impact of falling oil prices and financing constraints weigh on government spending and consumer sentiment. The current account is expected to weaken considerably in 2025 primarily due to declining oil export revenues. The deterioration in the external position is projected to weigh on foreign reserves.

Policy Priorities

Iraq’s vulnerabilities have increased in recent years due to a large fiscal expansion. Beside weighing on prospects of private sector-led growth, current public employment policies and resulting wage costs are unsustainable given Iraq’s low non-oil tax base. Accordingly, dependence on oil revenues has worsened, and the oil price required to balance the budget increased to around $84 in 2024, up from $54 in 2020.

These challenges have been exacerbated by the sharp decline in oil prices in 2025, requiring an urgent policy response. In the very short-term, the authorities should review current and capital spending plans for 2025 and limit or postpone all non-essential expenditure. At the same time, there may be scope to increase non-oil revenues by revising customs duties as well as introducing or raising excise taxes. The authorities should also explore options to diversify the creditors base for increasing financing availability. Monetary financing of the deficit should be avoided as it could fuel inflation, drain FX reserves, and weaken the CBI’s balance sheet.

More broadly, a sizable fiscal consolidation is needed to mitigate macro-fiscal risks, ensure debt sustainability, and rebuild fiscal buffers. On the revenue side, besides customs duties and excise taxes, there is scope to gradually reform personal income tax by limiting exemptions and increasing rates. Strengthening tax administration—through digitalization, improved enforcement, and better collection—is essential. A more effective tax administration should allow for eventually introducing a general sales tax. On the spending side, curbing current expenditures, particularly via comprehensive wage bill reforms, limiting mandatory hiring, and adopting attrition rule, would yield significant savings. Recent efforts to better target the public distribution system are welcome, but there is scope to further improve targeting and eventually shift to cash-based social safety nets. Finally, it is urgent to reform the public pension system through raising the retirement age and reducing both the accrual and replacement rates is needed to enhance its sustainability.

Implementing these reforms would also create fiscal space to increase capital spending. Expanding non-oil investment, especially in trade and transportation infrastructure should help economic diversification. Substantial investments are also required to modernize the electricity sector and develop natural gas resources, both of which are essential for improving energy security and reducing dependence on gas imports. Improved procurement, public financial management, and corruption control would enhance the effectiveness of any additional public investment.

Further efforts are needed to mop up excess liquidity in order to improve monetary policy transmission. While the CBI has made progress in absorbing excess liquidity, additional adjustments could enhance the effectiveness of the framework. Key measures include increasing the issuance of CB-bills, focusing on the short maturity (14-day) at the policy rate, revising size limits on individual banks’ bids, and improving liquidity forecasting tools and practices. To safeguard its balance sheet and preserve credibility, the CBI should continue to avoid financing the government deficit.

The mission commended the CBI for the successful transition to the new trade finance system. Trade finance is now fully processed by commercial banks through their correspondent banking relationships. This has also supported the recent decline in the spread between the official and parallel market exchange rates. Nonetheless, further efforts are needed to further reduce the spread, including by imposing Iraqi dinar usage for car and real estate transactions, improving customs controls to curb smuggling, and simplifying FX access.

While initial steps to reform state-owned banks are encouraging, broader efforts are needed to strengthen the financial sector. The restructuring plan for state-owned banks should be finalized without delay, encompassing treatment of non-performing loans, and recapitalization needs. In parallel, the mission welcomed progress in digitalization and the authorities’ intention to undertake a comprehensive banking sector overhaul. Reforms should include enhancing corporate governance, digital infrastructure, and cybersecurity, while promoting a stronger role for private banks. Efforts to enhance AML/CFT measures by tackling the deficiencies identified in the MENAFATF Mutual Evaluation report should continue.

Chronic power shortages, electricity losses and excessive tariff subsidization continue to weigh on the economy. Addressing inefficiencies in the electricity sector is important for fiscal sustainability and improving productivity. In 2024, distribution losses reached 55 percent, driven by theft and illegal connections, leading to significant financial losses. The authorities are deploying smart meters and have introduced other measures to enhance billing and collection. However, progress should be accelerated. Once collection substantially improves, achieving cost recovery will also require electricity tariff increases, with carefully calibrated subsidies targeted to low-income users. Recent disruptions in electricity imports from Iran further underscore the need for diversified supply and the development of gas projects.

Combating corruption and governance weaknesses is imperative to support economic development. Steps taken in the implementation and upgrade of the national anticorruption strategy and the improvements in corruption perception indices are positive developments. However, corruption remains a significant hurdle for growth. Strengthening accountability frameworks for the operation of state-owned and private enterprises in the oil, electricity and construction sectors is critical, and thorough compliance with Extractives Industries Transparency Initiative standards and the enactment of the law on Transparency and Access to Information should be prioritized. Additionally, aligning anticorruption legal frameworks with international covenants and best practice, and strengthening the independence of the judiciary are essential for effective enforcement and for the protection of economic rights.

A comprehensive structural reform agenda is essential to unlock growth potential. The mission estimates that a comprehensive set of reforms covering the labor market, business regulation, the financial sector and governance could double non-oil potential GDP growth over the medium term. On labor market, priorities include increasing labor force participation, particularly among women, by improving female education and further reducing barriers to their work and mobility, and reforming public sector hiring, which distort labor markets and reduce productivity. Efforts to better align skills with labor market needs should intensify. More generally, simplifying regulations and reducing bureaucratic impediments in e.g. business registration or tax administration should increase participation in the formal economy and help private sector development.

The mission would like to thank the Iraqi authorities and various stakeholders for their excellent hospitality and cooperation and candid discussions during the mission.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Mayada Ghazala

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/15/mcs-iraq-concluding-statement-of-the-2025-imf-article-iv-mission

MIL OSI

MIL OSI Russia News –

May 16, 2025
MIL-OSI Russia: Trade de-escalation between China and the US is positive news for global trade — Russian Foreign Ministry

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

Moscow, May 15 /Xinhua/ — Trade de-escalation between China and the United States is positive news for global trade, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday.

Recently, China and the United States held high-level trade and economic talks in Geneva, Switzerland, and issued a joint statement. The talks reached an important consensus on significantly reducing bilateral tariff levels. Both sides reached a number of agreements, which were reflected in the joint statement.

“The trade de-escalation between China and the US is positive news for global trade,” said M. Zakharova, answering questions at a briefing. “This step largely reduces the fears that have grown in recent months about a global economic recession due to the reduction in the volume of international trade in goods, including due to the sharp increase in mutual tariffs.”

According to M. Zakharova, a positive effect is already noticeable in the form of stabilization of global financial markets and restoration of supply chains of products that were hit hardest by the “tariff tornado.”

The official representative of the Russian Foreign Ministry added that the agreements reached by China and the United States on the creation of a mechanism for economic and trade consultations could in the future serve as a basis for developing balanced decisions in the trade and economic sphere that would take into account the interests of the two countries.

“Such a dialogue, built on the principles of pragmatism and, of course, mutual respect, is capable of setting constructive parameters for the further development of bilateral relations in this area,” concluded M. Zakharova. –0–

MIL OSI Russia News –

May 16, 2025
MIL-OSI: Climb Credit Supports Student Repayment Outcomes and Improves Enrollment Process with Integrated Deposit Feature

Source: GlobeNewswire (MIL-OSI)

NEW YORK, NY, May 15, 2025 (GLOBE NEWSWIRE) — Climb Credit, a leading student lending platform focused on skills education, today announced the launch of its new deposit collection feature, designed to give career-training schools greater control over enrollment and repayment outcomes—without adding operational overhead.

The feature enables schools to automatically collect and track student deposit payments through a seamless workflow integrated with the loan process. Once a student is approved for a Climb loan and accepts their offer, they receive an automated prompt to submit their school’s required deposit, with all payment tracking managed in Climb’s School Portal.

“Deposits are a key signal of student commitment, but schools have traditionally had to manage them separately from the loan process,” said Casey Powers, CEO of Climb Credit. “With this launch, we’ve streamlined deposit collection for schools and simplified the experience for students—reducing friction and accelerating enrollment.

Initial data from schools collecting deposits shows a 46–48% decrease* in the likelihood of borrower default for lower credit borrowers. This improvement is attributed not only to the upfront financial commitment, but also to a smoother path into auto-pay enrollment. When students submit deposits via bank transfer, those details can be automatically linked to Climb’s loan servicing platform—making it easier to activate auto-pay and receive a 0.25% interest rate reduction.**

The new feature is fully integrated into Climb’s lending platform, meaning schools no longer need to manually invoice students or track payments across systems. Adjusting individual deposit amounts, verifying funding status, and accessing real-time student-level data can all be done through Climb’s School Portal.

This launch adds to Climb’s growing suite of products aimed at improving access, outcomes, and operational efficiency for career training providers—particularly in healthcare, skilled trades, and technology.

*Data calculated through an assessment or repayment performance on loans from 2Q23 to Q12025 with and without a deposit requirement. Assessment included Climb advance loans without a full deferment period and borrower FICO scores below 660. Data was collected across market segments including programs in Computer Sciences, Healthcare, IT, and Trade Schools.

**The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. This discount only applies to interest-bearing products, not 0%interest financing products.

Climb encourages students to do thorough research in selecting a training program that meets their unique needs. Details provided by Climb are for information purposes only and are not meant to qualify an institution or be relied upon in determining which institution is right for you.

About Climb Credit

Climb (NMLS# 1240013) is an innovative student payment platform that makes career-focused education more accessible and affordable. Driven by a mission to empower individuals to unlock their potential – no matter their credit profile – Climb identifies programs and schools that offer skill-based training programs, then provides learners with payment options that are structured to meet the unique needs of those seeking career training. Recognizing the dynamic and diverse nature of a rapidly-changing economy, Climb partners with schools that teach everything from cybersecurity to healthcare training, heavy machine operation to data science, and culinary arts to AI & Machine Learning. While status quo education pathways are struggling to meet the real-world needs of students and prospective employers, Climb and its partner schools are committed to an inspiring practicality that helps bridge the gap between people looking for career training and companies looking to build a skilled workforce.

The MIL Network –

May 16, 2025
MIL-OSI Africa: Invest in African Energy (IAE) 2025: Africa Urged to End Billion-Dollar Gas Flaring with Scalable Infrastructure Solutions

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 15, 2025/APO Group/ —

In a continent striving for energy access and industrial development, Africa continues to lose billions of dollars in potential revenue by flaring its natural gas – a practice that remains entrenched largely due to infrastructure shortfalls and outdated economic incentives.

Speaking at a presentation on “Flare Gas Utilization: The Importance of Mid-Scale Integrated Gas Commercialization Solutions,” Nmesoma Okereke, Sales Manager and Flare Gas Recovery Specialist at Neuman & Esser, underscored the urgency of addressing this paradox through modern, scalable gas monetization strategies.

“The most important reason for gas flaring is a lack of infrastructure, but also cost inefficiencies,” said Okereke. “In the past, it was more economically feasible to flare gas than develop or commercialize the gas. That is no longer the case with the rise of innovative gas solutions.”

Three of the world’s top nine gas-flaring countries are in Africa, said Okereke, collectively responsible for an estimated 60% of the continent’s gas flaring. Nigeria alone flared roughly 193 billion cubic feet of gas in 2024, while producing 2.5 trillion cubic feet of gas. That volume of wasted gas represents a market value of $1 billion – at a time when around 40% of the country’s population lacks access to electricity.

Nigeria’s case study illustrates the dual challenge of wasted resources and unmet energy demand. According to Okereke, Nigeria needs five times its current domestic gas supply to reach its goal of 30 GW of power by 2030.

With flaring becoming less economically justifiable due to emerging technologies and modular gas utilization options, Okereke emphasized the need to shift toward mid-scale integrated solutions that can bridge the infrastructure gap and bring gas to market more quickly and efficiently.

MIL OSI Africa –

May 16, 2025
MIL-OSI Global: Why walking may be the key to a long and healthy life

Source: The Conversation – UK – By Thomas E. Yates, Professor of Physical Activity, Sedentary Behaviour and Health, Diabetes Research Centre, University of Leicester

PeopleImages.com – Yuri A/Shutterstock

Throughout history, few things have inspired as much quackery as the pills, potions and promises to slow ageing, boost vitality, or extend life. Yet, amid the hype and hollow claims, a few golden truths remain. As far back as 400 BC, Hippocrates, widely considered the father of modern medicine, famously said, “Walking is man’s best medicine.” More than two millennia later, science is finally catching up with that wisdom.

People who walk more than 8,000 steps a day reduce their risk of premature death by half, compared to those who walk fewer than 5,000 steps – the threshold for a sedentary lifestyle. But beyond 8,000 steps, the benefits tend to plateau, which challenges the long-held belief in the magic of 10,000 steps a day.

In fact, that benchmark wasn’t born of science, but of marketing. The 10,000-step goal originated from a 1960s Japanese advertising campaign for the world’s first commercial pedometer called the manpo-kei, which literally translates to “10,000 steps meter”.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Lately, researchers have been exploring a simple but important question: does every step count the same, or can walking faster — at a brisk pace of more than 100 steps a minute, or around three to four miles per hour — actually give you more health benefits?

For ageing and heart health there is mounting evidence that pace really matters. Simply converting a 14-minute daily stroll into a seven-minute brisk walk has been associated with a 14% reduction in heart disease.

An analysis of more than 450,000 adults in the UK used a genetic marker of biological age to reveal that by middle age, a lifetime of brisk walking reduces biological age by up to 16 years compared to a lifetime of slow walking.

A follow-up study suggested it is never to late to benefit from brisk walking. An inactive 60-year woman or man was modelled to gain around an additional year of life expectancy through simply introducing a ten minute brisk walk into their daily routine.

The power of brisk walking can also be seen in its ability to predict future health outcomes. It has been shown to be a stronger predictor of the risk of dying from heart disease than traditional predictors such as blood pressure and cholesterol, while also being a more powerful predictor than many other measures of lifestyle – including diet, obesity levels, and total physical activity.

In fact, perhaps the single most informative question a doctor could ask their patient is: “How fast is your walking pace in comparison to other people?”

Halo of benefits

But brisk walking may not provide additional benefits for all outcomes or in all contexts. For example, the benefit of brisk walking over light-intensity walking in lowering cancer risk is less certain.

A recent study suggested that although total walking was associated with reduction in 13 different types of cancers, there was no added value from brisk walking. Breaking prolonged sitting with light-intensity pottering around has also been shown to have profound impacts on metabolic effects.

Importantly, walking has a halo of benefits beyond physical health. It can help with brain activity, doubling creative idea production. Indeed, the systems in the brain that support memory and imagination are also the same as those activated during whole body movement.

Many of us already harness this very phenomenon, using walking to mull over problems and arrive at solutions or insights that would otherwise remain elusive. Context is also important here, with the mental health and cognitive benefits of walking thought to be enhanced when walking through nature.

So called “nature prescriptions” for clinical populations have harnessed these principles to increase walking activity and improving both mental and physical health.

Physical inactivity is a major driver of the modern epidemic of long-term conditions, such as diabetes and heart disease, that are now observed in industrialised and developing economies alike. It has been estimated that 3.9 million premature deaths could be averted annually through targeting physical inactivity.

However, instead of prevention, medical systems are largely based on management – people get ill and are then prescribed medicines to treat the illness. On average it takes $1 billion to bring a new drug to market which, despite these research and development costs, still go on to generate sizeable profits for shareholders showing the scale of the health economy.

If just a fraction of these costs were diverted into public health initiatives aimed at increasing walking and physical activity opportunities for all, the need for an ever more sophisticated medical management ecosphere may retreat.

In short, when searching for the elixir of life, you could do worse than looking down at your feet.

Prof Yates receives funding from the The National Institute for Health and Care Research (NIHR) Leicester Biomedical Research Centre

– ref. Why walking may be the key to a long and healthy life – https://theconversation.com/why-walking-may-be-the-key-to-a-long-and-healthy-life-255655

MIL OSI – Global Reports –

May 16, 2025
MIL-OSI Canada: Competition Bureau’s 2025-2026 Annual Plan outlines vision in face of economic and technological change
Source: Government of Canada News

May 15, 2025 – GATINEAU (Québec), Competition Bureau

The Competition Bureau has published its 2025-2026 Annual Plan ꟷ Strengthening competition in a changing economy. It outlines the Bureau’s plans as the country faces rapid shifts in trade, market dynamics and technology.

Important changes to the Competition Act have strengthened the Bureau’s ability to protect and promote competition. In the coming year, the Bureau will continue to build on the strong foundation laid by these legislative changes, with a focus on the digital economy and sectors that most directly impact Canadians.

In 2025-2026, the Bureau will:
- Use all available tools to prevent, identify, and address anti-competitive activity, with a focus on sectors of the economy that matter to Canadians.
- Encourage decision-makers to adopt pro-competitive policies that drive economic growth.
- Create and deepen its international and domestic relationships.
- Increase its outreach and promotion efforts to reach a wider audience of consumers and businesses.
- Ensure it has the tools and expertise needed to keep up with new business practices, enforcement strategies, and technologies.
These efforts will advance the Bureau’s Strategic Vision to become a world-leading competition agency that is at the forefront of the digital economy and champions a culture of competition for Canada.

MIL OSI Canada News –
May 16, 2025

Category: Trade

Savings on the hottest tech for Mobile and Home customers

For families looking for wearable tech:

Immediate, irreparable harm

More executive orders, more injunctions

Affecting real people

Too much power or necessary protection?

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

28.4.2025BUDGETARY ASSESSMENT OF THE COMMITTEE ON BUDGETS

OPINION OF THE COMMITTEE ON INTERNATIONAL TRADE (24.4.2025)

OPINION OF THE COMMITTEE ON INDUSTRY, RESEARCH AND ENERGY (23.4.2025)

PROCEDURE – COMMITTEE RESPONSIBLE

FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

IMF Communications Department

MEDIA RELATIONS

Halo of benefits