NewzIntel.com

Category: Trade

  • MIL-Evening Report: Who would win in a fight between 100 men and 1 gorilla? An evolutionary expert weighs in

    Source: The Conversation (Au and NZ) – By Renaud Joannes-Boyau, Professor in Geochronology and Geochemistry, Southern Cross University

    Hung Hung Chih/Shutterstock

    The internet’s latest absurd obsession is: who would win in a no-rules fight between 100 average human men and one adult male gorilla?

    This hypothetical and strange question has taken over Reddit, TikTok, YouTube and Instagram. Some argue that humans once hunted mammoths so, clearly, we would win. Others point out that a silverback gorilla can lift close to 1,000kg and could throw a grown man like a rag doll.

    To be honest, it’s not really a question we need to answer – and yet, as usual on the internet, everyone has an opinion.

    But, beyond the jokes and memes, this silly debate provides an opportunity to reflect on human evolution. What are the real strengths of our species? What have we sacrificed? And what can a gorilla, our majestic, powerful and endangered distant cousin, teach us about our own nature and evolution?

    Gorillas and humans: two branches of the same evolutionary tree

    Gorillas are one of our closest living relatives. Along with chimpanzees, bonobos and orangutans, they belong to the great apes or Hominidae family. Chimpanzees share about 98.8% of their DNA with us, while gorillas come a close second, sharing around 98.4%.

    The last common ancestor between humans and gorillas lived roughly 10 million years ago, and it is also the same ancestor for chimpanzees.

    Since the evolutionary split, humans and gorillas have followed very different paths. Gorillas have adapted to dense forests and mountainous terrains, while humans have evolved to live in the open, but realistically to multiple and various environments.

    Despite the substantial difference in ecological niches, humans and gorillas share many traits, such as opposable thumbs, facial expressions, complex social behaviours and emotional intelligence.

    Mastering forest power

    In the recent Dune saga, to win, Duke Leto Atreides wanted to develop “desert power”. Well, gorillas have mastered forest power.

    And let’s be clear – in terms of raw power, the gorilla wins every time. An adult male silverback can weigh more than 160kg and lift about a tonne without going to the gym every day. Their upper-body strength is shocking. And that’s no evolutionary accident – it’s the result of intense competition between males, where dominance determines mating.

    Additionally, gorillas are extremely tough and resilient, yet gentle and calm most of the time. Gorillas, like many primates, have a strong social intelligence. They use a variety of vocalisations, gestures and even chest drumming to communicate across distances.

    They have shown the ability to use sign language, mourn their dead, and demonstrate empathy, attesting to sophisticated cognitive skills.

    Trading muscles for minds

    A fight between 100 men and one gorilla might lead to a lot of dead men, but we all know that men will come with weapons, strategies, drones, fire and other clever tricks.

    Humans are not physically strong in comparison to many other mammals. Our strength as a species is our adaptability and our ability to collaborate in very large groups.

    Our brains are, on average, three times larger proportionally than those of gorillas. This fantastic evolutionary adaptation has allowed us to develop abstract thinking and symbolic language, but most of all, to pass and build on complex knowledge across generations.

    And this is our greatest superpower, our ability to cooperate across vast groups, far beyond the average gorilla social unit, which usually ranges from a few family members up to a group of 30 individuals.

    Humans’ evolutionary history has led to trading brute force for social, cultural and technological complexity, making us Earth’s most versatile and dangerous species.

    So, who’s the winner?

    In a one-on-one brawl, the gorilla can make “human-mash” with one hand. There is no contest when discussing brute force and bare hands.

    But humans fight dirty. Judging by our evolutionary success, humans would likely lose many battles but ultimately win the fight. Mountain gorillas were not on the brink of extinction in the 1980s without our help.

    Our species has spread across all continents, all terrains, and all climates. We have reshaped ecosystems, walked on the Moon, and developed advanced technologies. But gorillas are another kind of success rooted in harmony with their environment, physical grace, and quiet strength.

    Perhaps the real takeaway message isn’t who wins in a fight, but to realise that two very different and yet very close cousins have walked two separate evolutionary roads, each in their own distinct way. And both are nature’s triumph and accomplishment.

    Renaud Joannes-Boyau receives funding from the Australian Research Council, the Leakey Foundation, National Geographic, and the European Research Council.

    – ref. Who would win in a fight between 100 men and 1 gorilla? An evolutionary expert weighs in – https://theconversation.com/who-would-win-in-a-fight-between-100-men-and-1-gorilla-an-evolutionary-expert-weighs-in-255621

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: The global costs of the US-China tariff war are mounting. And the worst may be yet to come

    Source: The Conversation – Global Perspectives – By Kai He, Professor of International Relations, Griffith University

    The United States and China remain in a standoff in their tariff war. Neither side appears willing to budge.

    After US President Donald Trump imposed massive 145% tariffs on Chinese imports in early April, China retaliated with its own tariffs of 125% on US goods.

    US Treasury Secretary Scott Bessent said this week it’s up to China to de-escalate tensions. China’s Foreign Ministry, meanwhile, said the two sides are not talking.

    The prospect of economic decoupling between the world’s two largest economies is no longer speculative. It is becoming a hard reality. While many observers debate who might “win” the trade war, the more likely outcome is that everyone loses.

    A convenient target

    Trump’s protectionist agenda has spared few. Allies and adversaries alike have been targeted by sweeping US tariffs. However, China has served as the main target, absorbing the political backlash of broader frustrations over trade deficits and economic displacement in the US.

    The economic costs to China are undeniable. The loss of reliable access to the US market, coupled with mounting uncertainty in the global trading system, has dealt a blow to China’s export-driven sectors.

    China’s comparative advantage lies in its vast manufacturing base and tightly integrated supply chains. This is especially true in high-tech and green industries such as electric vehicles, batteries and solar energy. These sectors are deeply dependent on open markets and predictable demand.

    New trade restrictions in Europe, Canada and the US on Chinese electric vehicles, in particular, have already caused demand to drop significantly.

    China’s GDP growth was higher than expected in the first quarter of the year at 5.4%, but analysts expect the effect of the tariffs to soon bite. A key measure of factory activity this week showed a contraction in manufacturing.

    China’s economic growth has also been weighed down by structural headwinds, including industrial overcapacity (when a country’s production of goods exceeds demand), an ageing population, rising youth unemployment and persistent regional disparities. The property sector — once a pillar of the country’s economic rise — has become a source of financial stress. Local government debt is mounting and a pension crisis is looming.

    Negotiations with the US might be desirable to end the tariff war. However, unilateral concessions on Beijing’s part are neither viable nor politically palatable.

    Regional coordination

    Trump’s tariff wars have done more than strain bilateral relationships; they have shaken the foundations of the global trading system.

    By sidelining the World Trade Organization and embracing a transactional approach to bilateral trade, the US has weakened multilateral norms and emboldened protectionist tendencies worldwide.

    One unintended consequence of this instability has been the resurgence of regional arrangements. In Asia, the Regional Comprehensive Economic Partnership (RCEP), backed by China and centred on the ASEAN bloc in Southeast Asia, has emerged as a credible alternative for economic cooperation.

    Meanwhile, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) continues to expand, with the United Kingdom joining late last year.

    Across Latin America, too, regional blocs are exploring new avenues for integration, hoping to buffer themselves against the shocks of resurgent protectionism.

    But regionalism is no panacea. It cannot replicate the scale or efficiency of global trade, nor can it restore the predictability on which exporters depend.

    Looming dangers

    The greater danger is the world drifting into a Kindleberger Trap — a situation in which no power steps forward to provide the leadership necessary to sustain global public goods, or a stable trading system.

    Economist Charles Kindleberger’s account of the Great Depression remains instructive: it was not the presence of conflict but the absence of leadership that brought about the global economy’s systemic collapse.

    Without renewed global coordination, the economic fragmentation triggered by Trump’s tariff wars could give way to something far more dangerous than a recession – rising geopolitical and military tensions that no region can contain.

    The political landscape is already fraught. The Chinese Communist Party, for instance, has long tethered its legitimacy to the promise of eventual unification with Taiwan. Yet the costs of using force remain prohibitively high.

    Taiwanese President Lai Ching-te’s recent designation of China as a “foreign hostile force” have sharpened tensions. Beijing’s response has been calibrated – military exercises intended more as a warning than a prelude to conflict.

    However, the intensifying trade war with the US may become the final straw that exhausts Beijing’s patience, leaving Taiwan as collateral damage in a US-China final showdown.

    A role for collective leadership

    China alone is neither able nor inclined to assume the mantle of global leadership. Its current focus is more on domestic priorities – sustaining economic growth and managing social stability – than on foreign policy.

    Yet, Beijing can still play a constructive role in shaping the international environment through its cooperation with Europe, ASEAN and the Global South.

    The objective is not to replace American hegemony, but to support a more multi-polar and collaborative system — one capable of sustaining global public goods in an era of uncertainty.

    Paradoxically, a more coordinated effort by the rest of the world may ultimately help bring the US back into the fold. Washington may rediscover the strategic value of engagement — and return not as the sole leader, but as an indispensable partner.

    In the short term, other states may seek to gain an advantage from the great power standoff. But they should remember that what begins as a clash between giants can quickly engulf bystanders.

    In this volatile landscape, the path forward does not lie in exploiting disorder. Rather, nations must cautiously advance the shared interest in restoring a stable, rules-based global order.

    Kai He receives funding from the Australian Research Council.

    – ref. The global costs of the US-China tariff war are mounting. And the worst may be yet to come – https://theconversation.com/the-global-costs-of-the-us-china-tariff-war-are-mounting-and-the-worst-may-be-yet-to-come-254583

    MIL OSI – Global Reports –

  • MIL-OSI Global: Who would win in a fight between 100 men and 1 gorilla? An evolutionary expert weighs in

    Source: The Conversation – Global Perspectives – By Renaud Joannes-Boyau, Professor in Geochronology and Geochemistry, Southern Cross University

    Hung Hung Chih/Shutterstock

    The internet’s latest absurd obsession is: who would win in a no-rules fight between 100 average human men and one adult male gorilla?

    This hypothetical and strange question has taken over Reddit, TikTok, YouTube and Instagram. Some argue that humans once hunted mammoths so, clearly, we would win. Others point out that a silverback gorilla can lift close to 1,000kg and could throw a grown man like a rag doll.

    To be honest, it’s not really a question we need to answer – and yet, as usual on the internet, everyone has an opinion.

    But, beyond the jokes and memes, this silly debate provides an opportunity to reflect on human evolution. What are the real strengths of our species? What have we sacrificed? And what can a gorilla, our majestic, powerful and endangered distant cousin, teach us about our own nature and evolution?

    Gorillas and humans: two branches of the same evolutionary tree

    Gorillas are one of our closest living relatives. Along with chimpanzees, bonobos and orangutans, they belong to the great apes or Hominidae family. Chimpanzees share about 98.8% of their DNA with us, while gorillas come a close second, sharing around 98.4%.

    The last common ancestor between humans and gorillas lived roughly 10 million years ago, and it is also the same ancestor for chimpanzees.

    Since the evolutionary split, humans and gorillas have followed very different paths. Gorillas have adapted to dense forests and mountainous terrains, while humans have evolved to live in the open, but realistically to multiple and various environments.

    Despite the substantial difference in ecological niches, humans and gorillas share many traits, such as opposable thumbs, facial expressions, complex social behaviours and emotional intelligence.

    Mastering forest power

    In the recent Dune saga, to win, Duke Leto Atreides wanted to develop “desert power”. Well, gorillas have mastered forest power.

    And let’s be clear – in terms of raw power, the gorilla wins every time. An adult male silverback can weigh more than 160kg and lift about a tonne without going to the gym every day. Their upper-body strength is shocking. And that’s no evolutionary accident – it’s the result of intense competition between males, where dominance determines mating.

    Additionally, gorillas are extremely tough and resilient, yet gentle and calm most of the time. Gorillas, like many primates, have a strong social intelligence. They use a variety of vocalisations, gestures and even chest drumming to communicate across distances.

    They have shown the ability to use sign language, mourn their dead, and demonstrate empathy, attesting to sophisticated cognitive skills.

    Trading muscles for minds

    A fight between 100 men and one gorilla might lead to a lot of dead men, but we all know that men will come with weapons, strategies, drones, fire and other clever tricks.

    Humans are not physically strong in comparison to many other mammals. Our strength as a species is our adaptability and our ability to collaborate in very large groups.

    Our brains are, on average, three times larger proportionally than those of gorillas. This fantastic evolutionary adaptation has allowed us to develop abstract thinking and symbolic language, but most of all, to pass and build on complex knowledge across generations.

    And this is our greatest superpower, our ability to cooperate across vast groups, far beyond the average gorilla social unit, which usually ranges from a few family members up to a group of 30 individuals.

    Humans’ evolutionary history has led to trading brute force for social, cultural and technological complexity, making us Earth’s most versatile and dangerous species.

    So, who’s the winner?

    In a one-on-one brawl, the gorilla can make “human-mash” with one hand. There is no contest when discussing brute force and bare hands.

    But humans fight dirty. Judging by our evolutionary success, humans would likely lose many battles but ultimately win the fight. Mountain gorillas were not on the brink of extinction in the 1980s without our help.

    Our species has spread across all continents, all terrains, and all climates. We have reshaped ecosystems, walked on the Moon, and developed advanced technologies. But gorillas are another kind of success rooted in harmony with their environment, physical grace, and quiet strength.

    Perhaps the real takeaway message isn’t who wins in a fight, but to realise that two very different and yet very close cousins have walked two separate evolutionary roads, each in their own distinct way. And both are nature’s triumph and accomplishment.

    Renaud Joannes-Boyau receives funding from the Australian Research Council, the Leakey Foundation, National Geographic, and the European Research Council.

    – ref. Who would win in a fight between 100 men and 1 gorilla? An evolutionary expert weighs in – https://theconversation.com/who-would-win-in-a-fight-between-100-men-and-1-gorilla-an-evolutionary-expert-weighs-in-255621

    MIL OSI – Global Reports –

  • MIL-OSI New Zealand: Saudi Ministerial visit sends strong signal for NZ Trade and Investment growth

    Source: New Zealand Government

    Trade, Investment and Agriculture Minister Todd McClay has wrapped up a successful programme hosting Saudi Arabia’s Minister of Environment, Water and Agriculture, His Excellency Eng Abdulrahman A. AlFadley, in Auckland this week for the 9th New Zealand–Saudi Arabia Joint Ministerial Commission.
    “This visit builds on growing momentum in our trade relationship with Saudi Arabia and the wider Gulf region following the conclusion of the New Zealand-Gulf Cooperation Council Free Trade Agreement,” Mr McClay said.
    “With Saudi Arabia being our largest export market in the Gulf and the GCC trade deal soon to be signed, we’re opening new doors for Kiwi exporters —particularly in agriculture, agri-tech, food innovation and fintech.”
    The delegation of 37 Saudi officials and business leaders engaged in a packed programme, highlighting New Zealand’s strengths across food security, innovation, and primary production.
    Businesses and organisations visited included:

    Auckland Business Chamber
    Vessev (Electric hydrofoil vessel)
    Westbury Stud Farm
    University of Auckland (Space Institute and satellite testing)
    Moana Seafood
    Fonterra  
    The FoodBowl-NZ Food Innovation Auckland

    “From dairy and seafood to clean tech and research partnerships, the opportunities for collaboration are real and growing. The GCC trade agreement will deliver duty-free access for 99% of our exports over time and ensure New Zealand businesses are well-positioned in one of the world’s most dynamic regions,” Mr McClay says.
    “The Government is focused on unlocking export growth and backing New Zealand’s exporters to succeed globally.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: All Blacks’ show of support for New Zealand’s veterans

    Source: RSA

    When the All Blacks played France in Paris last November, they honoured New Zealand’s veterans of military of service by wearing an RSA Poppy embroidered onto their jersey.

    One of those jerseys has now been gifted to the Royal New Zealand RSA to help raise funds to continue their support to our veterans.

    National President Sir Wayne Shelford said it was heart-warming to see this show of support from the national team.

    “Pulling on the Black Jersey is incredibly emotional for any player. But having that mark of respect for veterans embroidered on the sleeve takes it to another level.  

    The poppy is worn to honour the fallen, but this gift from the All Blacks will now allow us to provide more support to our living veterans.”

    The “Remembrance Test” was played on 17 November (NZ time) with the All Blacks wearing the poppy to commemorate Remembrance Day and honour those New Zealanders who have made the ultimate sacrifice in service of their country.  

    The All Blacks wore the white version of the national jersey to differentiate from France’s dark blue.

    The jersey has been signed by the 2024 All Blacks Squad and Coach Scott Robertson and is a true collector’s item, with no supporter version ever produced for sale.

    The jersey is now being auctioned on Trade Me and closes on – the RSA is incredibly grateful to the All Blacks for the opportunity to raise more funds to improve the wellbeing of New Zealand’s veterans.

    The auction closes on Wednesday 7 May at 7.45pm and can be viewed here:  https://rnzrsa.info/ABjersey25

    Background

    A true collector’s item – these jerseys were only made for the test played against France on 17 November 2024 (16 November in France). No supporters jerseys were produced or made available for sale.

    As the test played closest to Remembrance Day, the All Blacks’ jersey featured the poppy as a mark of respect for New Zealand’s veterans of military service.

    Although it features the number 14, the jersey was not worn during the match – it was the spare jersey held on the sideline in case a replacement was needed.

    The jersey was gifted to the RNZRSA to auction off to raise funds to continue our support to New Zealand’s veterans of military service and their whanau.

    The jersey has been signed by Coach Scott Robertson and all members of the All Blacks’ squad that were in France at the time of the test:

    Asafo Aumua, Beauden Barrett, Jordie Barrett, Scott Barrett, George Bell, Sam Cane, Caleb Clarke, Ethan de Groot, David Havili, Rieko Ioane, Will Jordan, Peter Lakai, Anton Lienert-Brown, Tyrel Lomax, Josh Lord, Ruben Love, Damian McKenzie, Fletcher Newell, TJ Perenara, Stephen Perofeta, Cortez Ratima, Sevu Reece, Cam Roigard, Ardie Savea, Wallace Sititi, Codie Taylor, Mark Tele’a, Pasilio Tosi, Patrick Tuipulotu, Ofa Tu’ungafasi, Tupou Vaa’i, Tamati Williams.

    MIL OSI New Zealand News –

  • MIL-Evening Report: The global costs of the US-China tariff war are mounting. And the worst may be yet to come

    Source: The Conversation (Au and NZ) – By Kai He, Professor of International Relations, Griffith University

    The United States and China remain in a standoff in their tariff war. Neither side appears willing to budge.

    After US President Donald Trump imposed massive 145% tariffs on Chinese imports in early April, China retaliated with its own tariffs of 125% on US goods.

    US Treasury Secretary Scott Bessent said this week it’s up to China to de-escalate tensions. China’s Foreign Ministry, meanwhile, said the two sides are not talking.

    The prospect of economic decoupling between the world’s two largest economies is no longer speculative. It is becoming a hard reality. While many observers debate who might “win” the trade war, the more likely outcome is that everyone loses.

    A convenient target

    Trump’s protectionist agenda has spared few. Allies and adversaries alike have been targeted by sweeping US tariffs. However, China has served as the main target, absorbing the political backlash of broader frustrations over trade deficits and economic displacement in the US.

    The economic costs to China are undeniable. The loss of reliable access to the US market, coupled with mounting uncertainty in the global trading system, has dealt a blow to China’s export-driven sectors.

    China’s comparative advantage lies in its vast manufacturing base and tightly integrated supply chains. This is especially true in high-tech and green industries such as electric vehicles, batteries and solar energy. These sectors are deeply dependent on open markets and predictable demand.

    New trade restrictions in Europe, Canada and the US on Chinese electric vehicles, in particular, have already caused demand to drop significantly.

    China’s GDP growth was higher than expected in the first quarter of the year at 5.4%, but analysts expect the effect of the tariffs to soon bite. A key measure of factory activity this week showed a contraction in manufacturing.

    China’s economic growth has also been weighed down by structural headwinds, including industrial overcapacity (when a country’s production of goods exceeds demand), an ageing population, rising youth unemployment and persistent regional disparities. The property sector — once a pillar of the country’s economic rise — has become a source of financial stress. Local government debt is mounting and a pension crisis is looming.

    Negotiations with the US might be desirable to end the tariff war. However, unilateral concessions on Beijing’s part are neither viable nor politically palatable.

    Regional coordination

    Trump’s tariff wars have done more than strain bilateral relationships; they have shaken the foundations of the global trading system.

    By sidelining the World Trade Organization and embracing a transactional approach to bilateral trade, the US has weakened multilateral norms and emboldened protectionist tendencies worldwide.

    One unintended consequence of this instability has been the resurgence of regional arrangements. In Asia, the Regional Comprehensive Economic Partnership (RCEP), backed by China and centred on the ASEAN bloc in Southeast Asia, has emerged as a credible alternative for economic cooperation.

    Meanwhile, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) continues to expand, with the United Kingdom joining late last year.

    Across Latin America, too, regional blocs are exploring new avenues for integration, hoping to buffer themselves against the shocks of resurgent protectionism.

    But regionalism is no panacea. It cannot replicate the scale or efficiency of global trade, nor can it restore the predictability on which exporters depend.

    Looming dangers

    The greater danger is the world drifting into a Kindleberger Trap — a situation in which no power steps forward to provide the leadership necessary to sustain global public goods, or a stable trading system.

    Economist Charles Kindleberger’s account of the Great Depression remains instructive: it was not the presence of conflict but the absence of leadership that brought about the global economy’s systemic collapse.

    Without renewed global coordination, the economic fragmentation triggered by Trump’s tariff wars could give way to something far more dangerous than a recession – rising geopolitical and military tensions that no region can contain.

    The political landscape is already fraught. The Chinese Communist Party, for instance, has long tethered its legitimacy to the promise of eventual unification with Taiwan. Yet the costs of using force remain prohibitively high.

    Taiwanese President Lai Ching-te’s recent designation of China as a “foreign hostile force” have sharpened tensions. Beijing’s response has been calibrated – military exercises intended more as a warning than a prelude to conflict.

    However, the intensifying trade war with the US may become the final straw that exhausts Beijing’s patience, leaving Taiwan as collateral damage in a US-China final showdown.

    A role for collective leadership

    China alone is neither able nor inclined to assume the mantle of global leadership. Its current focus is more on domestic priorities – sustaining economic growth and managing social stability – than on foreign policy.

    Yet, Beijing can still play a constructive role in shaping the international environment through its cooperation with Europe, ASEAN and the Global South.

    The objective is not to replace American hegemony, but to support a more multi-polar and collaborative system — one capable of sustaining global public goods in an era of uncertainty.

    Paradoxically, a more coordinated effort by the rest of the world may ultimately help bring the US back into the fold. Washington may rediscover the strategic value of engagement — and return not as the sole leader, but as an indispensable partner.

    In the short term, other states may seek to gain an advantage from the great power standoff. But they should remember that what begins as a clash between giants can quickly engulf bystanders.

    In this volatile landscape, the path forward does not lie in exploiting disorder. Rather, nations must cautiously advance the shared interest in restoring a stable, rules-based global order.

    Kai He receives funding from the Australian Research Council.

    – ref. The global costs of the US-China tariff war are mounting. And the worst may be yet to come – https://theconversation.com/the-global-costs-of-the-us-china-tariff-war-are-mounting-and-the-worst-may-be-yet-to-come-254583

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Tuberville Speaks to Trump’s U.S. Department of Agriculture Nominees

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined a Senate Agriculture Committee hearing, to consider the nominations of Luke Lindberg to be Under Secretary for Trade and Foreign Agricultural Affairs, and of Devon Westhill to be Assistant Secretary of Agriculture for Civil Rights. During the hearing, Senator Tuberville and Mr. Lindberg discussed the significant impact foreign trade has on American farmers and producers. Additionally, Senator Tuberville and Mr. Westhill discussed protecting American agriculture and rural communities from woke, DEI policies.
    Read excerpts below or watch the full clip on YouTube or Rumble.

    ON PRESERVING AMERICAN FARMLAND
    TUBERVILLE: “Thank you, Mr. Chairman. Gentlemen, thanks for being here. Five-alarm-fire. We’re in trouble.
    The Ag Department and us, we have a big chore in front of us. We’re losing farmers every day. We lost 150,000 farms in the last four years […] It’s not acceptable. The Biden administration sat on their hands for four years, didn’t do one trade deal, and it looked like they tried to put our farmers out of business on purpose. […] I couldn’t believe it. Sat there watching it. We have got to do something. I get calls every week.
    I get a call every week: ‘we’re going out of business.’ Worst the farmers have ever been. We can’t do business as usual. Something has got to be done. And if we don’t do that, we’re gonna lose them. It’s gonna be over and we’re gonna be buying every bit of the food that we eat out of this country. And we saw what happened during COVID. It was a disaster when we couldn’t get drugs because China’s only one making drugs. So, I’ll get off my soapbox here and thank both of you for what you’re gonna try to do.”
    ON U.S.-FOREIGN TRADE DISADVANTAGES
    TUBERVILLE: “Mr. Lindberg, cotton has weakened due to the surge of low value textile imports of synthetic fibers – all from Southeast Asia. And they come through an $800 de minimis loophole, and it’s killing us. So, President Trump’s been working to close this loophole. Can you talk a little bit about that?”
    MR. LINDBERG: “Senator, thank you. I can, and I appreciate you spending some time with me in your office to discuss these issues prior to this. Enjoyed our conversation. Absolutely, President Trump has taken seriously—based on the news reports I’ve seen— the de minimis exemption which has been a tragedy for not only our cotton farmers, but also for manufacturers and a lot of other industries across America.
    I will absolutely work alongside, and look forward to working alongside, our interagency colleagues to make sure that those de minimis exemptions and things are held accountable and are following the law of the land. Our former governor is now at the Department of Homeland Security and looking to work with her team at Customers and Border Protection as well […] Thank you.”
    TUBERVILLE: “Well, you know, it sounds like a little thing, but all those little things add up for our farmers. And, you know, we have got to get better commodity prices. If we don’t, I mean, it’s gonna be over with for United States farmers.”
    ON CIVIL RIGHTS
    TUBERVILLE: “Mr. Westhill, how do you plan to approach and manage the USDA career staffers in the civil rights departments that do not support President Trump’s agenda?”
    MR. WESTHILL: “Senator, I really appreciate the question. And I’ll say, look, I think the career staffers that I worked with in the first term were, many of them, consummate professionals. In fact, one of them is here today supporting my nomination as one of my guests. He served as the chief of staff the entire time that I served in the first term. I think the important thing to do is to you know, to put out a clear vision for what your plan is.
    I think the vast majority of the individuals who are in that office want to actually enforce civil rights. That’s why they went into that office. And at the end of the day, it is a civil rights office. Not a DEI office. And I think that the vast majority of those individuals will get behind President Trump’s agenda, which is to advance civil rights.”
    TUBERVILLE: “Team USA. I mean, the only way we can make [and] we can’t do it by pulling each other apart.”      
    ON CATTLE PRODUCTION
    TUBERVILLE: “Mr. Lindberg, the Biden administration put U.S. cattle producers at a competitive disadvantage and endangered the American public by allowing imports of beef from Paraguay. That’s ridiculous. Paraguay cattle producers do not have the same food safety standards as [the] U.S. Can you speak to USDA’s plans to ensure sufficient due diligence is done in these inspections?”
    MR. LINDBERG: “Sir, thank you for the question. For me, in my role at USDA, as the Under Secretary of Foreign Agricultural Affairs, and Trade, that will be an effort by my colleagues. But I look forward to working with my colleagues in making sure that they have timely market analysis and market intelligence on those exact issues.”
    TUBERVILLE: “Thank you.”
    ON PEANUT FARMERS
    TUBERVILLE: “Also, our peanut growers in my state, which is huge, and across the country, have been at a competitive disadvantage in the marketplace due to non-tariff trade barriers on peanuts from aflatoxin in the European Union. I asked Mr. Vaden this when he came through a few weeks ago and I’ll ask you too. Would you commit to ensuring USDA and USTR work together on Trump’s agenda to reduce trade barriers and prioritize market access for all of our farmers?”
    Mr. Lindberg: “I look forward to doing exactly that.”
    TUBERVILLE: “Thank you. Thank you, Mr. Chairman.”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Submissions: Energy Sector – Equinor to commence second tranche of the 2025 share buy-back programme

    Source: Equinor

    30 APRIL 2025 – Equinor (OSE: EQNR, NYSE: EQNR) will after the annual general meeting 14 May 2025 commence the second tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the first quarter results 30 April 2025.

    Execution of share buy-back under the tranche is subject to renewal of a board authorisation for share buy-back from the annual general meeting 14 May 2025 and agreement with the Norwegian State regarding share buy-back.

    In this second tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total second tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 21 July 2025.

    Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the second tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

    Commencement of new share buy-back tranches after the second tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to a new board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

    The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the second tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

    Further information about the share buy-back programme and the second tranche:

    The second tranche of the share buy-back programme for 2025 is subject to an authorisation being granted to the board of directors by the annual general meeting of the company 14 May 2025. According to such authorisation proposed by the board of directors, the maximum number of shares which can be purchased in the market is 84 million. The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation proposed will be valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

    It is a precondition for execution of the second tranche that Equinor and the Norwegian State have entered into an agreement regulating the State’s participation in the share buy-back programme: At the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus interest rate compensation, adjusted for any dividends paid.

    In the second tranche in 2025, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority’s Guidelines for buy-back programmes from March 2025.

    The board of directors will propose to the annual general meeting to be held in May 2026, to cancel shares purchased in the market in this second tranche in 2025 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the share buy-back programme for 2025, and a proportionate number of the State’s shares will follow a similar process at the annual general meeting of the company in 2026.

    This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    MIL OSI – Submitted News –

  • MIL-OSI Australia: 135-2025: Scheduled Service Disruption: Saturday 03 May 2025 – Multiple Systems

    Source: New South Wales Government 2

    01 May 2025

    Who does this notice affect?

    All clients submitting the below declarations:

    • Full Import Declaration (FID)
    • Long Form Self Assessed Clearance (LFSAC)
    • Short Form Self Assessed Clearance (SFSAC)
    • Cargo Report Self Assessed Clearance (CRSAC)
    • Cargo Report Personal Effects (PE)

    Approved arrangements operators, customs brokers, importers, manned depots, and freight forwarders who are required to book and manage requests…

    MIL OSI News –

  • MIL-OSI Economics: Ministers Commit to Collective Actions for Ocean Sustainability Busan, Republic of Korea | 01 May 2025 5th APEC Ocean-Related Ministerial Meeting The meeting marks the resumption of high-level ocean dialogue within APEC after a decade-long gap.

    Source: APEC – Asia Pacific Economic Cooperation

    Ministers from APEC economies gathered in Busan, Republic of Korea, today for the 5th APEC Ocean-Related Ministerial Meeting, reaffirming their collective commitment to addressing the critical challenges facing the ocean and marine resources in the Asia-Pacific region. The meeting marks the resumption of high-level ocean dialogue within APEC after a decade-long gap.

    In his opening remarks, Korea’s Minister of Oceans and Fisheries, Kang Do-Hyung, emphasized the importance of the ocean as an essential resource for all APEC economies and its critical role in the economic development of the region.

    “The ocean serves as a foundation of life that embraces us all, and it stands as a key resource for our shared future,” said Minister Kang. “Over the millennia, it has underpinned the delicate balance between economic development and environmental sustainability.”

    However, Minister Kang added that the ocean is currently facing a range of serious challenges.

    “The rising sea temperatures and sea levels, the depletion of fishery resources, and the growing issue of marine debris are threatening not only marine ecosystems but also the sustainability of fisheries, aquaculture, and marine tourism—resulting in significant economic and social costs,” Minister Kang added.

    But Minister Kang also shared encouraging facts that even in the face of these crises, the international community continues to make tireless efforts to protect the ocean and ensure a sustainable future.

    “The recently adopted BBNJ Agreement has become a historic milestone in preserving marine ecosystems in areas outside the jurisdiction of any economy,” Minister Kang stated, referring to the 2023 agreement under the United Nations Convention of the Law of the Sea. “The international community has set a clear goal of securing ratification by at least 60 economies by June this year and is working together toward that target.”

    Minister Kang also highlighted other international efforts, such as the WTO Agreement on Fisheries Subsidies, which is recognized for laying the foundation for a more sustainable fisheries sector by limiting harmful subsidies that contribute to overfishing and IUU fishing.

    “APEC, through the Ocean and Fisheries Working Group, has steadily strengthened regional efforts to address a wide range of ocean issues, including combating IUU fishing and reducing marine debris to promote sustainable development in the ocean and fisheries sectors,” Minister Kang added.

     APEC has developed strategic roadmaps to address critical ocean issues, including marine debris, illegal, unreported, and unregulated (IUU) fishing, as well as small-scale fisheries and aquaculture.

    The APEC Roadmap on Marine Debris, endorsed in 2019, emphasizes voluntary and cooperative actions among member economies to reduce marine debris, particularly plastic litter, through policy development, capacity building and sustainable waste management practices. ​

    Similarly, the APEC Roadmap on Combatting IUU Fishing outlines collaborative strategies to prevent and eliminate IUU fishing activities. This includes the development and implementation of economy-wide plans of actions, capacity building and the adoption of port state measures to strengthen enforcement and compliance across the region. ​

    In 2022, APEC also adopted the Roadmap on Small-Scale Fisheries and Aquaculture, aimed at promoting the sustainable development of small-scale fisheries and aquaculture sectors. This roadmap focuses on enhancing the livelihoods of small-scale fishers and aquaculture producers through improved market access, capacity-building, and the promotion of responsible and sustainable practices.

    These roadmaps serve as frameworks for APEC economies to align their efforts and implement effective measures to protect marine ecosystems and ensure the sustainable use of ocean resources.

     “These multifaceted efforts highlight the complexity and severity of the challenges we face. At the same time, they offer hope that even the most difficult ocean-related issues can be addressed through cooperation and innovation,” he continued.

    “In this moment where crisis and hope coexist, we have gathered here today to respond collectively to the challenges facing our oceans and to chart a course toward a sustainable future. I sincerely hope that today’s discussions will not remain as mere documents or declarations but will be translated into concrete actions and policies by all APEC member economies,” Minister Kang concluded.

    For further details, please contact:
    [email protected]

    MIL OSI Economics –

  • MIL-OSI USA: Grassley Secures Key Backing from CBP Nominee on Whistleblower Protections, Counterfeit Prevention

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, today secured support from President Trump’s Customs and Border Protection (CBP) Commissioner nominee, Rodney Scott, on two longtime Grassley priorities. 

    Grassley is calling on CBP to immediately reinstate three CBP whistleblowers – Mark Jones, Mike Taylor and Fred Wynn – who’ve sounded the alarm to Grassley’s office over CBP’s unlawful failure to collect DNA from illegal immigrants encountered at the border.

    Grassley noted to Scott, “It would assure my support for your nomination if these [whistleblowers] can be 100% redirected from the punishment they had by the previous administration.” 

    Scott responded: “Thank you for always stepping up and supporting the whistleblowers. I think it’s a critical part of our government, it pushes transparency… I do know those three [whistleblowers], and I know one allegation that’s never been levied against them is a challenge of their integrity. I will look into [this], and I will hold people accountable if they’ve violated policies.” 

    Scott additionally voiced support for Grassley’s legislative push to enhance CBP’s information-sharing capabilities to crack down on counterfeit imports, saying: “Border security is a team sport, and this is no different in the trade environment… Sharing information that is not a threat to other corporations, with the supply chain partners…is critically important.” 

    Video and a transcript of Grassley’s questions follow.

    [embedded content]

    VIDEO

    Reinstating Whistleblowers and Holding Retaliators Accountable:

    Mr. Scott, I’ve been told that you’re well aware of the retaliation against Mark Jones, Mike Taylor, and Fred Wynn. [They’re] people that helped me in some investigations I was doing.

    The retaliation’s been corroborated by the Office of Special Counsel. It’s been corroborated by my investigative staff.

    The Biden Customs and Border Protection stripped these brave whistleblowers of their badges and guns.

    As a result, they’ve lost out on promotions, pay increases and increased retirement pay.

    And why did that happen? Because they dared to disclose the Biden administration’s non-compliance with the law that is entitled the DNA Fingerprint Act, which means that everybody that crosses the border ought to have DNA collected, and only about 25% of that was actually being done. Non-compliance which put our country at risk.

    This can be fixed before your nomination even gets to the floor. It can be fixed this very day. It would assure my support for your nomination if these people can be 100% redirected from the punishment they had by the previous administration. 

    But [it’s] just as important [to me] to know that these people that have done the retaliation are held accountable.

    I suppose it’s kind of a case [of] can you find them in the bureaucracy. But, if confirmed, what concrete steps would you take to hold these retaliators accountable? 

    Counterfeit Imports:

    It’s not always easy for CBP to determine whether a shipment contains counterfeit imports, so CBP relies heavily on stakeholders like trademark owners to help identify fake products. 

    Mr. Scott, do you think CBP’s job would be easier if the law allowed the agency to share specific information with stakeholders — such as information found on packing materials and shipping containers—when it’s trying to determine if imported goods are real or fake?

    -30-

    MIL OSI USA News –

  • MIL-OSI: Prospera Energy Announces 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera”, “PEI” or the “Corporation”)

    In Q4 2024, Prospera Energy underwent a strategic transformation under new leadership, shifting its focus toward reactivating existing wells within its core Saskatchewan heavy oil assets. This realignment is designed to improve production reliability and predictability, ultimately strengthening cash flow and overall financial stability. As part of this strategic shift, interim CEO Shubham Garg was appointed Chairman of the Board, and Darren Jackson assumed the role of Chief Operating Officer. As these changes take effect, PEI expects to benefit from increased access to financing, more efficient capital deployment, and enhanced financial performance in 2025. Prospera will host a live webinar conference call on May 1, 2025, at 11:00 a.m. MST to discuss 2024 results and the Company’s ongoing strategy: Click here to register.

    PEI has submitted its year-end financial information for 2024, which will be showcased on April 29th, 2025, within the Company’s issuer profile on SEDAR+ at www.Sedarplus.ca.

    Operational highlights for 2024 are as follows:

    • Realized $18.1 million in sales revenue in 2024, compared to $13.1 million in 2023.
    • Realized average gross sales of 652 boe/d in 2024, an increase of 29% from 2023 levels of 505 boe/d.
    • Realized average sales prices of $75.95/boe in 2024, compared to $71.48/boe in 2023.
    • Realized a positive operating netback of $6,013,280 in 2024, compared to $3,356,773 in 2023.
    • Realized positive funds flow provided by operations of $2,623,166 in 2024, compared to $190,823 in 2023.
    • Completed two working interest acquisitions in core Saskatchewan assets, resulting in a 17% increase in the average working interest in the region. As of December 31, 2024, PEI’s average working interest across all properties is 97% on a production weighted basis.
    • PEI’s 2024 third party reserves report highlights include the following:
      • NPV before tax for PDP reserves increased 3% from $27.1MM to $28.0MM at a 10% discount rate.
      • NPV before tax for PDNP reserves doubled from $8.5MM to $18.9MM at a 10% discount rate.
      • NPV before tax for 1P reserves increased 24% from $89.9MM to $111.4MM at a 10% discount rate.
      • NPV before tax for 2P reserves increased 20% from $133.3MM to $159.3MM at a 10% discount rate.
      • Gross 2P reserves increased by 26% from 5,403 to 6,793 Mboe (98% liquids).
    • In 2024 PEI raised $16.5m in financing:
      • $12.2 million through the issuance of senior debt.
      • $3.4 million through the issuance of a GORR.
      • $0.9 million through the issuance of promissory notes with warrants.
    • Increased Property and Equipment balance to $47.8 million from $39.3 million on December 31, 2023.
         
    Operating netback 2024 2023
    Total petroleum and natural gas sales 18,126,190 13,183,464
    Royalties (1,483,792) (1,365,520)
    Operating costs (10,629,118) (8,461,171)
    Operating netback 6,013,280 3,356,773
    Operating netback ($/BOE) 2024 2023
    Sales 75.95 71.48
    Royalties (6.22) (7.40)
    Operating costs (44.54) (45.88)
    Operating netback 25.19 18.20
    Assets ($) 2024 2023
    Current assets    
    Cash 364,083 118,933
    Trade and other receivables 1,874,548 3,244,596
    Prepaid expenses and deposits 393,207 548,443
    Inventory 564,802 521,426
    Total current assets 3,196,640 4,433,398
    Non-current assets    
    Trade and other receivables 1,676,252 4,387,826
    Deposits 1,283,422 1,015,400
    Property and equipment 47,776,659 39,331,690
    Total assets 53,932,973 49,168,314
         

    About Prospera

    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.

    It is important to note that BOEs (barrels of oil equivalent) may be misleading, particularly if used in isolation. The BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Interim CEO, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

    The MIL Network –

  • MIL-OSI Security: Man Charged with Smuggling Protected Parakeets Inside the Boots he was Wearing

    Source: Office of United States Attorneys

    SAN DIEGO – Naim Lajud Libien was arrested and charged with smuggling 12 protected Orange Fronted Parakeets into the U.S. stuffed inside the boots he was wearing and inside a seat compartment in his car. At least two of the birds died, and a third appeared to have a broken neck.

    Lajud Libien, a citizen of Mexico, attempted to cross the border in his vehicle after presenting a Border Crossing Card at the Otay Mesa Port of Entry on April 29 at 3:10 p.m. He was diverted to secondary inspection. Once he stepped outside of his 2017 Jeep Grand Cherokee, the Customs and Border Protection officer noticed bulges around his ankles. For safety reasons, the officer conducted a pat down and discovered what appeared to be birds wrapped in nylon stockings concealed inside the boots.

    A CBP Agricultural Specialist responded to the security office and removed six birds from the defendant’s boots – three in the right, three in the left, all tied at the feet and wrapped in panty hose. The birds were later identified by a U.S. Fish and Wildlife Service inspector as Orange Fronted Parakeets (Eupsittula canicularis). The birds were placed in a bird cage with food and water until they could be cared for by Veterinary Services. Some of the birds appeared to have injuries on their feet where they were tied.

    “Smuggling at the border takes many forms, but the tragic impact on animals forced into such perilous conditions is deeply troubling,” said U.S. Attorney Adam Gordon. “We are committed to holding accountable those who endanger wildlife and public health through these reckless and inhumane smuggling practices.”

    Lajud Libien was taken into custody on April 29, 2025.  On April 30, 2025, CBP personnel could hear birds crying from his impounded vehicle. CBP officers and a U.S. Fish and Wildlife Inspector began a dismantling the car in search of the birds. Six more orange parakeets were found inside the seat cushion of the passenger seat of the vehicle. The birds were wrapped in panty hose and bound. Two of the birds were dead when they were discovered. One of the birds appears to have a broken neck. Three of the birds were still alive; however, in poor health.

    Orange Fronted Parakeets (Eupsittula canicularis) are native to Western Mexico and Costa Rica. The Orange Fronted Parakeet is protected and has been listed on Appendix II of the Convention on International Trade in Endangered Species (CITES) since 2005. Libien’s concealment of the parakeets would have resulted in their entering the United States without any quarantine period or process.

    To import many types of wildlife, the wildlife must be subject to quarantine before it can be introduced into the United States. Many animals have diseases that can be transferred to humans (zoonotic diseases) or other animals that can have disastrous health effects to human or animal populations. For example, birds can carry and spread Avian influenza (bird flu), psittacosis, and histoplasmos. Bird flu is highly contagious and can cause flu like symptoms, respiratory illness, pneumonia and death in humans and other birds including the United States poultry farms. There are many other diseases that can be transmitted from different animals and have disastrous effects, that is why it is necessary to quarantine animals entering the United States to limit and safeguard against this potential disease transmission.

    This case is being prosecuted by Assistant U.S. Attorney Emily Allen and and Elizabet Brown.

    DEFENDANT                                               Case Number 25-mj-02213                                     

    Naim Lajud Libien                                         Age: 54                       Mexico

    SUMMARY OF CHARGES

    Importation Contrary to Law – 18 U.S.C. § 545

    Maximum penalty: Twenty years in custody, $250,000 fine

    INVESTIGATING AGENCIES

    U.S. Fish and Wildlife Service – Office of Law Enforcement

    Homeland Security Investigations

    * The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    MIL Security OSI –

  • MIL-OSI USA: Head Start Alum Senator Reverend Warnock, Colleagues Blast Attacks to Head Start, Demand RFK Jr. Immediately Release Funding, Reverse Firings

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Head Start Alum Senator Reverend Warnock, Colleagues Blast Attacks to Head Start, Demand RFK Jr. Immediately Release Funding, Reverse Firings

    Senators Reverend Warnock and Patty Murray led a total of 41 lawmakers in demanding answers on Trump administration’s actions undermining Head Start, as President Trump reportedly plans to eliminate the program

    Senator Reverend Warnock is one of two Head Start alum currently serving in the Senate

    Senator Reverend Warnock is a founding member of the Head Start Caucus

    Senator Reverend Warnock previously introduced the bipartisan HEADWAY Act (Head Start Education and Development Workforce Advancement and Yield Act), which would boost the childcare workforce and increase access to Early Head Start programs

    Senator Reverend Warnock, lawmakers: “Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children”

    Washington, D.C. – U.S. Senators Reverend Raphael Warnock (D-GA) and Patty Murray (D-WA) led 41 of their Senate colleagues in an effort calling out the Trump administration’s direct attacks on Head Start. The letter, addressed to Health and Human Services (HHS) Secretary Robert F. Kennedy Jr., highlighted his legal obligation to administer the program, and demanded HHS immediately release Head Start funding and reverse the mass firing of Head Start staff and gutting of the offices that help ensure high-quality services are available for thousands of children and families across the country.

    “We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year,” wrote the lawmakers. “It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.”

    “You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center,” the lawmakers continued, contrasting that statement of support with the Trump administration’s actions. “However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.”

    Importantly, they note that without funding, which has so far not gone out the door, many more programs could be forced to close.

    “[W]e urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country,” the Senators warned, concluding the letter.

    As a Head Start alum, Senator Warnock has been a strong advocate for the program. Senator Warnock introduced his bipartisan HEADWAY Act (Head Start Education and Development Workforce Advancement and Yield Act). The legislation, which was co-led by Senator Mike Braun (R-IN), would address early child care workforce shortages by allowing Early Head Start classroom teachers to teach and earn their Child Development Associate (CDA) credential simultaneously. Additionally, in August of 2023, Senator Warnock returned to his hometown of Savannah, Georgia, to tour Early Head Start classrooms at the Economic Opportunity Authority (EOA) for Savannah-Chatham County and hear from local early learning leaders about the workforce shortages impacting this critical early education program serving low-income families and their children.

    In addition to Senator Murray, the letter was authored by Bernie Sanders (I-VT), and Tammy Baldwin (D-WI), and in addition to Senator Warnock the letter was signed by Senators Jack Reed (D-RI), Mazie K. Hirono (D-HI), Andy Kim (D-NJ), Ben Ray Lujan (D-NM), Charles E. Schumer (D-NY), Lisa Blunt Rochester (D-DE), Peter Welch (D-VT), Gary Peters (D-MI), Michael F. Bennet (D-CO), Richard Blumenthal (D-CT), Jeanne Shaheen (D-NH), Ruben Gallego (D-AZ), Elizabeth Warren (D-MA), Jacky Rosen (D-NV), Tina Smith (D-MN), John Fetterman (D-PA), Tammy Duckworth (D-IL), Christopher A. Coons (D-DE), Christopher S. Murphy (D-CT), Jeffrey A. Merkley (D-OR), Mark Kelly (D-AZ), Kirsten Gillibrand (D-NY), Sheldon Whitehouse (D-RI), Dick Durbin (D-IL), Catherine Cortez Masto (D-NV), Tim Kaine (D-MN), Alex Padilla (D-CA), Chris Van Hollen (D-MD), Elissa Slotkin (D-MI), Ron Wyden (D-OR), Cory Booker (D-NJ), Amy Klobuchar (D-MN), Edward Markey (D-MA), Angus King (I-ME), Brian Schatz (D-HI), Martin Heinrich (D-NM), Angela Alsobrooks (D-MD), and Mark R. Warner (D-VA).

    The letter can be viewed HERE and is below.

    Dear Secretary Kennedy:

    We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year. It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.

    Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. HeadStart programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.

    You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center, where you said, “I had a very inspiring tour. I saw a devoted staff and a lot of happy children. They are getting the kind of education and socialization they need, and they are also getting a couple of meals a day.”

    However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.

    Since the very start of this Administration, Head Start programs have been under attack. On January 27th, 2025, the Office of Management and Budget issued a memo (M-25-13) that suddenly froze the disbursement of grant funding for federal programs and services government-wide, including Head Start. Despite the Administration’s clarification that Head Start programs would not be the target of the funding freeze, many Head Startprograms across the country were unable to draw down their grant funds through the Payment Management System (PMS) for weeks. At one point, the National Head StartAssociation reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff. In Wisconsin, the National Centers for Learning Excellence, which serves more than 200 children and their families, shut down for a week and laid off staff due to the funding freeze.

    On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states. This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised “radical transparency” as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.

    On March 14th, 2025, the Office of Head Start (OHS) notified all Head Start programs that “the use of federal funding for any training and technical assistance or other program expenditures that promote or take part in diversity, equity, and inclusion (DEI) initiatives” will not be approved and that any questions should be directed to regional offices. Programs have not received any guidance for what would be considered “DEI” but this policy is potentially in direct conflict with statutory and regulatory program requirements, such as providing culturally and linguistically appropriate instructional services for English learners. Many programs cannot direct questions to regional staff, as half of regional offices were abruptly closed, and as unprecedented actions are being taken to delay and withhold funding, Head Start programs have been intentionally left with little to no guidance.

    Head Start programs are now arbitrarily required to provide justifications for each draw down of funds that is necessary to operate their programs, despite already receiving a federal grant award for these purposes. As of April 14th, Head Start programs have reportedly received correspondence from an email address “defendthespend@hhs.gov” requiring programs to submit a “specific description of why the funds are necessary and why they are aligned to the award” before programs can have funding disbursed. It has been reported that political appointees must sign off on every draw down of funds. This creates an illusion of improving oversight but only serves to add unnecessary red tape by requiring the manual sign off on hundreds of thousands of individual actions annually across the Department based on two to three sentence justifications. Already some grantees have reported delays in receiving funds, and have reported that furloughs or closures are imminent if funds are not released. For an administration that purports to value local autonomy and efficiency in federally funded programs, your actions have achieved the exact opposite.

    Finally, Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals. Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.

    The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country. The fiscal year 2025 appropriations act provided $12.3 billion for Head Start, the same as the fiscal year 2024 level. The Head Start Act includes an explicit formula for how appropriated funds should be allocated. There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation. However, this week’s leaked fiscal year 2026 budget documents indicated the Office of Management and Budget was directing the Department, consistent with the Administration’s proposal to eliminate Head Start in fiscal year 2026, to “ensure to the extent allowable FY2025 funds are available to close out the program.” If this explains any of the delay in awarding fiscal year 2025 funding, we want to be clear, no funds were provided in fiscal year 2025 to “close out the program,” and it would be wholly unacceptable and likely illegal if the Department tries to carry out this directive.

    Finally, the leaked budget documents provided a justification, albeit brief, for eliminating Head Start in fiscal year 2026 that makes this Administration’s priorities clear and puts the Department’s actions over the last several months in context. The Administration argues that eliminating Head Start, “is consistent with the Administration’s goals of returning education to the States and increasing parental choice.” It is shocking to see an argument that eliminating a program that provides comprehensive early childhood care and education to 800,000 children and their families would increase parental choice. It is particularly concerning to see that argument in the context of the significant delay in awarding fiscal year 2025 appropriated funds and what that indicates about the intent behind the Department’s actions. We believe it is obvious that eliminating Head Start would be detrimental to hundreds of thousands of children and families. Similarly, we believe it is obvious that delaying funding like we have seen over the last two months, forcing Head Start programs to close, and leaving families to scramble to find quality, affordable alternatives puts the education and well-being of some of the most vulnerable young children in America at risk. In our view, that is unacceptable.

    Therefore, we urge you to immediately reinstate fired staff across all Offices of HeadStart, and cease all actions to delay the awarding and disbursement of funding to HeadStart programs across this country.

    Please provide us with a written response to the questions below no later than 10 days from receipt:

    1. Will you reinstate the staff who administer Head Start programs and reopen the closed regional offices responsible for overseeing Head Start programs in 22 states?
      1. When is HHS going to share information on the reorganization plan for the consolidation of the regional offices?
      2. Please provide the contact information for each program specialist designated to the 22 states who lost their regional office.
      3. Who is responsible for ensuring there are no delays or lapses in funding, nor any disruptions to Head Start program operations now that these states do not have a regional office?
    1. How many employees at the Offices of Head Start have been terminated, including the five regional offices and the central office?
      1. Which officials at HHS were involved in the staffing reduction decisions for OHS and what planning, if any, was undertaken prior to these reductions? Please describe the events that unfolded and name each office that was involved in the decision. Further, please name the official(s) who approved the staffing reductions.
    1. Can you confirm that the Administration will distribute all Head Start funds appropriated by Congress to Head Start programs in FY 25, as required by the HeadStart Act?
    1. Please provide a list of all grantees with 5-year Head Start grant renewals that start between now and the end of the fiscal year: May 1st, June 1st, July 1st, August 1st, and September 1st.
      1. Will any funding be delayed for grantees that are due to receive their annual funding on May 1st or beyond?
    1. Why are funding awards delayed for grantees that received partial awards during the first continuing resolution for FY25?
      1. When can HHS guarantee that all funds will be awarded for partially funded Head Start programs?
    1. What is the “Tier 2” department for review that is delaying drawn down for HeadStart programs in the Payment Management System?
      1. When should programs expect to receive their funds?
      2. Please provide all communication that went to Head Start grantees on the new review process.
    1. What guidance and clarifications have been provided to Head Start grantees on DEI expenditures?
      1. How is HHS evaluating Head Start programs’ expenditures and grant awards for DEI?
      2. What justifications are being used to prohibit DEI?

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Kelly, Sen. Young, Rep. Garamendi, Rep. Kelly Introduce SHIPS for America Act to Boost American Shipbuilding, Strengthen US Economy and National Securit

    Source: United States House of Representatives – Representative Trent Kelly (R-Miss)

    WASHINGTON, D.C. – Today, Senator Mark Kelly (D-AZ), Senator Todd Young (R-IN), Representative John Garamendi (D-CA-8), and Representative Trent Kelly (R-MS-1) re-introduced the Ship-building and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act, comprehensive legislation to revitalize the United States shipbuilding and commercial maritime industries. Other cosponsors in the Senate include Senator Lisa Murkowski (R-AK) and Senator John Fetterman (D-PA).

    There are currently 80 U.S.-flagged vessels in international commerce while China has 5,500. The SHIPS for America Act aims to close this gap and boost the U.S. Merchant Marine by establishing national oversight and consistent funding for U.S. maritime policy, making U.S.-flagged vessels commercially competitive in international commerce by cutting red tape, rebuilding the U.S. shipyard industrial base, and expanding and strengthening mariner and shipyard worker recruitment, training, and retention.

    “After decades of dangerously neglecting our shipbuilding industry, we’re finally doing something about it. The SHIPS for America Act is the most ambitious effort in a generation to revitalize the U.S. shipbuilding and commercial maritime industries and counter China’s dominance over the oceans,” said Senator Kelly, a U.S. Navy veteran and the first U.S. Merchant Marine Academy graduate to serve in Congress. “Building and staffing more U.S.-flagged ships will create good-paying American jobs, make our supply chains more resilient, lower costs, and strengthen our ability to resupply our military at times of war. We’ll keep working with our colleagues in Congress, this administration, and our partners in the industry to make our country safer and competitive by passing the SHIPS for America Act.”

    “America has been a maritime nation since our founding, and seapower was a significant contributor to our rise to being the most powerful nation on earth. Unfortunately, the bottom line now is America needs more ships. Shipbuilding is a national security priority and a stopgap against foreign threats and coercion. Our bill will revitalize the U.S. maritime industry, grow our shipbuilding capacity, rebuild America’s shipyard industrial base, and support nationwide workforce development in this industry. This legislation is critical to our warfighting capabilities and keeping peace with China,” said Senator Young, a U.S. Naval Academy graduate.

    “Strengthening America’s shipbuilding capacity and revitalizing our commercial maritime industry is critical to national security and economic resilience. Under President Trump’s leadership, we’re prioritizing these vital sectors. I’m proud to work alongside Senator Mark Kelly, Senator Todd Young, and Congressman John Garamendi to help safeguard our maritime future,” said Congressman Kelly.

    “With China’s growing influence in the global maritime sector, the United States can no longer afford to overlook our maritime industries. The SHIPS for America Act will give our shipyards and merchant mariners the tools they need to rebuild America’s maritime industry and create good-paying American jobs,” said Congressman Garamendi. “I’m proud to lead this effort alongside Senator Kelly, Senator Young, and Representative Kelly to strengthen America’s national security, economic strength, and global leadership on the high seas.”

    “Because of our vast geography, the maritime industry is uniquely vital to Alaska, with many of our coastal communities relying on a strong U.S.-flagged fleet for everything from everyday logistics, to commercial fishing and homeland defense. I am proud to cosponsor the SHIPS Act, which advances common-sense solutions that will invest in the workforce and revitalize our nation’s shipbuilding, increasing Alaska’s resilience and security,” said Senator Murkowski.

    When it comes to maintaining our competitive edge against China, failure is not an option. The SHIPS for America Act will help the United States compete with China’s production of ships while creating new manufacturing jobs in shipyards across the nation,” said Senator Fetterman. “Not only will this strengthen our national security, but it’ll also grow our local economies and support working families right here in Pennsylvania. I’m proud to support this commonsense, bipartisan legislation that will help us build more ships in America and stand up to China.”

    The SHIPS for America Act would:
    • Coordinate U.S. maritime policy by establishing the position of Maritime Security Advisor within the White House, who would lead an interagency Maritime Security Board tasked with making whole-of-government strategic decisions for how to implement a National Maritime Strategy. The bill also establishes a Maritime Security Trust Fund that would reinvest duties and fees paid by the maritime industry into maritime security programs and infrastructure supporting maritime commerce.
    • Establish a national goal of expanding the U.S.-flag international fleet by 250 ships in 10 years by creating the Strategic Commercial Fleet Program, which would facilitate the development of a fleet of commercially operated, U.S.-flagged, American crewed, and domestically built merchant vessels that can operate competitively in international commerce.
    • Enhance the competitiveness of U.S.-flagged vessels in international commerce by establishing a Rulemaking Committee on Commercial Maritime Regulations and Standards to cut through the U.S. Coast Guard’s bureaucracy and red tape that limits the international competitiveness of U.S.-flagged vessels, modify duties to make cargo on U.S.-flagged vessels more competitive, requiring that government-funded cargo move aboard U.S.-flagged vessels, and requiring a portion of commercial goods imported from China to move aboard U.S.-flagged vessels starting in 2030.
    • Expand the U.S. shipyard industrial base, for both military and commercial oceangoing vessels, by establishing a 25 percent investment tax credit for shipyard investments, transforming the Title XI Federal Ship Financing Program into a revolving fund, and establishing a Shipbuilding Financial Incentives program to support innovative approaches to domestic ship building and ship repair.
    • Make historic investments in maritime workforce by supporting a Maritime Workforce Promotion and Recruitment Campaign, allowing mariners to retain their credentials through a newly established Merchant Marine Career Retention Program, investing in long-overdue infrastructure needs for the U.S. Merchant Marine Academy, and supporting State Maritime Academies and Centers for Excellence for Domestic Maritime Workforce Training and Education. The bill also makes long-overdue changes to streamline and modernize the U.S. Coast Guard’s Merchant Mariner Credentialing system.

    The legislation will be introduced in two pieces in the Senate, the SHIPS for America Act and the Building SHIPS in America Act.

    Background:
    Since first introducing the SHIPS for America Act in December, the urgency to boost American shipbuilding has emerged as a priority of bipartisan consensus this year, particularly after the U.S. Trade Representative revealed its findings regarding China’s shipbuilding dominance and President Trump signed a shipbuilding executive order.

    Sen. Kelly earned his B.S. degree in marine engineering and nautical science from the United States Merchant Marine Academy (USMMA) and later an M.S. degree in aeronautical engineering from the United States Naval Postgraduate School. He spent 25 years in the United States Navy as a pilot and is the first ever USMMA alumnus to serve in Congress. In 2023, he was elected chair of the USMMA Board of Visitors for the 118th Congress.

    The following organizations have endorsed the SHIPS for America Act:
    Keystone Shipping Company, American Shipbuilding Suppliers Association, Navy League, General Dynamics-NASSCO, American Waterway Operators, American Maritime Partnership, San Jacinto College, Oceantic Network, California State University Maritime Academy, Maine Maritime Academy, Senesco Marine, Massachusetts Maritime Academy, Great Lakes Maritime Academy, USMMA Alumni Association and Foundation, American Maritime Officers, International Organization of Masters, Mates & Pilots, Maritime Institute for Research and Industrial Development (MIRAID), International Propeller Club, Crowley, American Maritime Officers Service, The Pasha Group, Saltchuk, Tropical, Saltchuk Marine, Overseas Shipholding Group, Core Power, Govini, US Ocean, Small Shipyard Grant Coalition, The American Club, Transportation Institute, Blue Water Autonomy, American Bureau of Shipping, With Honor Action, Texas A&M Maritime Academy, National Defense Transportation Association (NDTA), American Iron and Steel Institute, Shipbuilders Council of America, Maritime Association of the Port of NY/NJ, United Steelworkers, International Association of Machinists and Aerospace Workers, Matson, American Legion, Inc., Marine Engineers’ Beneficial Association (M.E.D.A.), Ocean Shipholdings, Inc, Offshore Marine Service Association (OMSA), Hanwha Philly Shipyard, Ports America, Seafarers International Union (SIU), U.S. Marine Management, AUVSI, Maritime Accelerator for Resilience, Cleveland-Cliffs Inc., Chamber of Shipping of America, National Association of Waterfront Employers (NAWE), Association for Materials Protection and Performance (AMPP), California Forever, International Federation of Professional and Technical Engineers (IFPTE), Alliance for American Manufacturing, Nucor, Steel Manufacturers Association, Blue Sky Maritime, New American Industrial Alliance, and Ship Operations and Marine Technical Support (SOMTS).

    See what maritime leaders and stakeholders are saying about the SHIPS for America Act:
    “The USA Maritime coalition supports the SHIPS for America Act and has been honored to work with Senators Kelly and Young and Congressmen Garamendi and Kelly as the bill has taken shape over the last two years. This bill represents the most comprehensive maritime policy initiative in more than half a century. Now, more than ever, the United States needs a strong, vibrant and growing Merchant Marine, capable of carrying a substantial portion of our foreign commerce and supporting our military in time of war. This initiative will ensure our country has the U.S.-Flag ships and American mariners needed to preserve, protect and defend America and our economic security. We look forward to continuing to work with Congress on this legislation,” said Brian W. Schoeneman, Chair, USA Maritime.

    “The Shipbuilders Council of America commends Senator Kelly, Congressman Kelly, Senator Young, and Congressman Garamendi for their leadership in advancing the SHIPS for America Act. This legislation represents a significant step forward in strengthening the nation’s shipyard industrial base and establishing a comprehensive national maritime strategy. We are encouraged by its focus on bolstering American shipbuilding and ensuring a robust maritime sector capable of supporting our nation’s economic and national security. SCA is committed to continuing its engagement with these Congressional members and staff to refine and enhance the legislation, especially to better support our domestic ship repair industry, and we look forward to collaborating with policymakers to ensure the success of initiatives that secure the future of America’s shipyard industrial base and maritime workforce,” Matthew Paxton, President, Shipbuilders Council of America.

    “The Navy League applauds the introduction of the SHIPS for America Act, a landmark legislative achievement that will comprehensively meet the needs of the U.S. merchant marine and bolster our shipbuilding industrial base. In today’s global threat environment, arguably the most perilous since the end of the Cold War, the United States must not only maintain the finest Navy, Marine Corps, and Coast Guard on the seas, but also ensure a robust U.S.-flag merchant marine and a resilient shipbuilding industrial base. These elements are crucial for safeguarding our national and economic security in the event of large-scale military conflict. The SHIPS for America Act addresses these vital considerations and reaffirms that America is, and always will be, a maritime nation,” said Mike Stevens, CEO, Navy League.

    “In any conflict with China, the outcome will hinge on our ability to project power across the Pacific via military sealift. The vast majority of the USN Strategic Sealift Officers are service-obligated graduates of the U.S. Merchant Marine Academy. We are deeply grateful to the sponsors of the SHIPS for America Act for recognizing that the USMMA campus at Kings Point, NY, built in the 1940s, urgently requires modernization to meet the demands of today’s national security threats,” said Captain James F. Tobin ’77, President/CEO, USMMA Alumni Association and Foundation.

    “The Masters, Mates & Pilots strongly supports the SHIPS for America Act. This comprehensive and pragmatic maritime policy initiative will create and support jobs for American mariners, ensuring that our country has the maritime manpower needed to protect and enhance our nation’s economic and military security,” said Captain Don Josberger, International President, International Organization of Masters, Mates & Pilots.

    “The International Propeller Club is a steadfast advocate for the SHIPS for America Act. Our nation’s maritime industry is at a critical crossroads. This comprehensive maritime policy initiative will protect and enhance foreign policy, national security, and economic prosperity through increased U.S.-flag shipping capability and a revitalization of the domestic shipbuilding industry,” said Maria Conatser, International President, International Propeller Club.

    “The Consortium of State Maritime Academies strongly supports the SHIPS for America Act, and is grateful for the bipartisan and bicameral leadership of Sen. Kelly, Sen. Young, Rep. Kelly, and Rep. Garamendi. The Consortium is united in our goal of working with our elected officials to support passage of this Act. Once enacted, the SHIPS Act will result in the United States Merchant Marine once again playing a leading role on the global stage, and the growth of the American maritime industry, a strategically important industry that provides thousands of well paid positions for the nation,” said the Consortium of State Maritime Academies.

    “With Honor Action applauds Senator Mark Kelly, a Navy veteran, and Senator Todd Young, a Marine Corps veteran, for proposing real solutions to revitalize our nation’s shipbuilding base and create more job opportunities for Americans. As advocates for bipartisan, principled veteran leadership in Congress, we are pleased to see veterans who have chosen to continue to serve in Congress working together to address the critical issues facing our nation,” said Ryan Barcott, Co-Founder and CEO, With Honor.

    “NDTA supports the strategic rebuilding of the United State’s fleet of ships who fly our flag. We must have a fleet of ocean-going vessels to protect the economic security of our nation. The SHIPS for America Act is truly a significant step in the right direction. Everyone in America needs to get educated about the importance of this bill. Rebuilding our U.S. fleet, our shipbuilding capacity, and workforce is a national imperative,” said William A. Brown, Vice Admiral, USN (Retired), President and CEO, NDTA The Association for Global Logistics and Transportation.

    “U.S. economic and national security is inexorably tied to our nation’s shipbuilding capacity. Yet, for too long, China has dominated this critical sector, costing the U.S. tens of thousands of jobs across the shipbuilding supply chain and leaving us less secure as we rely on foreign-made vessels to meet our needs. Our union commends Sens. Kelly and Young and Reps. Garamendi and Kelly as they introduce the SHIPS for America Act. USW members stand ready to contribute their skills in manufacturing the plate steel, coatings, cable, glass, rubber, engines and countless other products we’ll need to revitalize American shipbuilding,” said Dave McCall, President, USW International.

    “In the United States, we have a small number of shipyards focused on building Navy and Coast Guard ships, and a far smaller amount focused on building ocean-going vessels for commercial use. At the shipbuilding supplier level, we have many components that are provided by a manufacturer who may be one of the few, if not the sole, remaining means of production. As noted in the SHIPS Act, we must work with our industrial partners in NATO and Allied nations, but also invest in our American workforce and capabilities. The elements of Buy America legislation incorporated in this Bill are important to reaching this goal,” said Roger Camp, President and CEO, American Shipbuilding Suppliers Association.

    “The reintroduction of the SHIPS for America Act marks as a vital step forward in strengthening our maritime supply chain and revitalizing the U.S. commercial shipbuilding industry. This legislation will help ensure that American goods move on American-built ships, operated by American mariners, supporting our economic security and national resilience. We appreciate the inclusion of legislation that would authorize terminal operators to establish tax free accounts for the purchase of cargo handling equipment knowing this will help our industry provide state-of-the-art services. Ports and terminal operators across the country are ready to meet the future with modern infrastructure and a highly skilled workforce – but we need a commercial fleet that can match that capability. The SHIPS for America Act helps close that gap and brings long-overdue investment to a sector critical to our competitiveness. NAWE applauds Senators Kelly and Young for their bipartisan leadership and looks forward to working alongside Congress to advance this important legislation,” said Carl Bentzel, President, National Association of Waterfront Employers (NAWE).

    “Hanwha Philly Shipyard recognizes and commends U.S. Senators Mark Kelly and Todd Young, and Congressmen Trent Kelly and John Garamendi for their maritime policy leadership in reintroducing the bipartisan SHIPS for America Act. This bill offers tangible incentives to the domestic maritime industry with the goal of expanding the U.S. flag ocean-going fleet. It supports a major recapitalization of the shipbuilding infrastructure in the U.S., provides substantial incentives for the purchase of U.S.-built commercial vessels, and supports the national security and naval shipbuilding goals of the U.S. We see tremendous value in this legislation and believe it would have a long-term positive impact on Hanwha Philly Shipyard, other shipbuilders in the U.S. and Hanwha’s investments in America’s shipping industry and maritime industrial base,” said David Kim, CEO, Hanwha Philly Shipyard.

    “For too long, the United States has allowed its maritime strength to decline. In an era of rising great-power competition, revitalizing our maritime capabilities and sending strong signals to the private sector is more essential than ever. The American Legion, on behalf of our 1.6 million dues-paying members, is proud to support this legislation,” said James A. LaCoursiere, Jr., National Commander, The American Legion.

    MIL OSI USA News –

  • MIL-OSI USA: Investing in America’s Workforce: “Apprenticeship Infrastructure Tax Credit Act of 2025” Introduced to Combat Workforce Shortages in Critical Industries

    Source: United States House of Representatives – Representative Jake Ellzey (Texas, 6)

    Washington, D.C. — In response to the nation’s escalating labor shortages, particularly in critical infrastructure sectors, Representative Jake Ellzey (TX-6) will formally introduce the Apprenticeship Infrastructure Tax Credit Act of 2025 in the coming days. This landmark legislation offers a business-centered solution to America’s growing workforce challenges by incentivizing investments in registered apprenticeship programs.

    Currently, the U.S. faces 7.2 million job openings, with critical sectors like construction, manufacturing, and energy grappling with significant workforce shortages. By investing in our Nation’s workforce, America will experience unprecedented economic growth and prosperity resulting in energy independence.

    The “Apprenticeship Infrastructure Tax Credit Act of 2025” proposes a $3,000 annual tax credit to employers for hiring and retaining registered apprentices in key occupations critical to our nation’s infrastructure, with an enhanced credit of $6,000 for members of the national guard and reserve components of the Armed Forces, recently separated veterans, transitioning service members, and their spouses.

    Businesses will be able to claim these credits for up to two years per apprentice retained, recognizing employers’ long-term investment in their workforce. A $5 billion volume cap over ten years ensures the program remains fiscally responsible while encouraging the expansion of registered apprenticeships.

    “This bill is about rebuilding the American workforce from the ground up,” said Congressman Jake Ellzey. “We’ve got job openings in critical industries and a generation of hardworking Americans ready to step in—they just need the training and opportunity. By rewarding businesses that invest in apprenticeships, especially for our veterans and transitioning service members, we’re strengthening our infrastructure, supporting our communities, and preparing the next generation to lead.”

    In conjunction with National Apprenticeship Day on April 30, 2025, the introduction of this legislation reinforces bipartisan efforts to strengthen America’s skilled workforce. It also aligns with the President’s recent Executive Order on Preparing Americans for High-Paying, Skilled Trade Jobs of the Future, which emphasizes expanding access to registered apprenticeship programs as a critical component to equip American workers to produce world-class products and implement world-leading technologies. The legislation responds to Texas Governor Abbott’s February 2, 2025, announcement “Expanding Career Training as an Emergency Item,” addressing workforce challenges facing the state.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Huffman Re-Introduces Bill to Protect Health Care Consumers from Predatory Practices

    Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

    April 30, 2025

    Washington, D.C. – Today, U.S. Representative Jared Huffman (CA-02) re-introduced legislation to protect consumers from Health Care Sharing Ministries’ deceptive practices and expand access to accurate information about health coverage options. The Health Care Sharing Transparency Act would help ensure consumers receive clear and truthful information before enrolling in a health share plan. By holding Health Care Sharing Ministries – also known as Health Share plans – accountable for inaccurate or untimely disclosures and by ensuring providers offer clear information regarding care, this bill helps address some of the dangerous health care practices plaguing consumers across the country.

    “Health Care Sharing Ministries prey on people in search of medical coverage, leading them to purchase inadequate medical coverage when they may need it most,” said Rep. Huffman. “Through deceptive marketing tactics and overt appeals to religion, certain providers lure consumers into purchasing plans that can leave patients without the care they need or lead them into deep medical debt. We need to combat these unethical tactics with serious federal action. My legislation would help protect consumers from Health Share plans’ predatory practices and ensure consumers have access to clear, accurate information about their health care options when making important decisions about coverage for themselves and their loved ones. As more and more Americans fall victim to misleading and unregulated Health Care Sharing Ministries, it’s more important than ever that we respond with proper reform.”

    Health Share Caring Ministries are a limited form of health coverage that require members – who must share a common set of religious or ethical beliefs – to submit monthly payments to cover the qualified expenses of other members. Health Share plans do not have to comply with the consumer protections of the Affordable Care Act, provide limited benefits for their members, and do not guarantee payment for medical claims. Recent data shows Health Share plans deem only half of members’ health expenses eligible for reimbursement. They also exclude coverage altogether for services such as abortions, contraception, mental health, substance use disorders, chronic conditions, certain preexisting conditions, and even maternity care. 

    With more for-profit administrators taking advantage of loopholes to market Health Share plans to broader audiences through deceptive practices, roughly 1.7 million Americans have now enrolled in one of these plans and are at serious risk of being denied necessary treatments and services.

    The Health Share Transparency Act would:

    • Empower consumers with the knowledge to distinguish between comprehensive, regulated health insurance products and Health Shares by requiring Health Shares to disclose clear information during the enrollment process. 
    • Provide new data for regulators to assess the threat Health Shares pose to public health – including rates of service denials, enrollment, service area, average out of pocket expenses for Health Share Members, and the contents of complaints received by the Federal Trade Commission (FTC). 
    • Ensure health insurance brokers selling Health Shares inform consumers if they are eligible for better, more comprehensive forms of health coverage – including the ACA, Medicaid, or Medicare – and accurately describe the scope of benefits provided by Health Shares.

    “We know that quality health insurance is essential for cancer patients. But too often, people – including cancer patients – enroll in a health sharing ministry, thinking they are covered, only to find out later that they can’t access the care they need. We applaud Rep. Huffman for introducing this important legislation which will help us learn more about health coverage that frequently leaves patients exposed to both physical and financial harm,” said Dr. Gwen Nichols, Executive Vice President & Chief Medical Officer at The Leukemia & Lymphoma Society.

    “FFRF Action Fund strongly supports the Health Share Transparency Act, and we thank Rep. Jared Huffman for reintroducing this vital legislation and making this bill a priority for the Congressional Freethought Caucus. Access to health care should never be conditioned on someone’s religious belief — yet healthcare sharing ministries routinely exploit religious exemptions to avoid accountability while misleading consumers. This bill is a crucial step toward protecting the public and upholding the separation of state and church,” said Annie Laurie Gaylor, President of FFRF Action Fund.

    “Everyone deserves health care coverage that is comprehensive and transparent about its policies, and unfortunately health care sharing ministries can’t offer either,” said Fish Stark, Executive Director of the American Humanist Association. “Too often, health care sharing ministries’ deceptive practices leave American families in unanticipated medical debt with nowhere to turn for relief–all in the name of religion. This issue demands federal attention. We are proud to throw our full support behind the Health Share Transparency Act, and we applaud Congressman Huffman for his leadership in shepherding forward this critical legislation.”

    The bill is endorsed by AiArthritis, AIDS Institute, American Cancer Society Cancer Action Network, American Lung Association, American Humanist Association, Arthritis Foundation, Asthma and Allergy Foundation of America, CancerCare, Crohn’s & Colitis Foundation, Center for Freethought Equality, Epilepsy Foundation of America, FFRF Action Fund, Hemophilia Federation of America, Immune Deficiency Foundation, Leukemia & Lymphoma Society, National Alliance on Mental Illness (NAMI), National Coalition of Cancer Survivorship, National Health Council, National Patient Advocate Foundation, National Psoriasis Foundation, Secular Coalition for America, and Susan G. Komen Breast Cancer Foundation.

    Cosponsors include Representatives Jamie Raskin, Sean Casten, Eleanor Holmes Norton, Rashida Tlaib, Mark Pocan, Seth Moulton, Steve Cohen, Jan Schakowsky, and Maxwell Frost.

    Full bill text can be found here.

    A summary of the bill is available here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: News 04/30/2025 Blackburn Launches Inquiry with Tech Companies on Efforts to Protect Kids Online Following Decline in Reports to CyberTipline

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.) sent letters to Google, Microsoft, Discord, and X regarding the puzzling and alarming decrease in reports of child sexual abuse material, online enticement, and child sex trafficking submitted to the National Center for Missing and Exploited Children’s (NCMEC) CyberTipline in 2024.

    Last year, Senator Blackburn’s REPORT Act was signed into law, requiring platforms to submit reports of online enticement and child sex trafficking to the CyberTipline. These reports are crucial to law enforcement’s investigations of online child exploitation.  

    Reported Incidents of Suspected Child Exploitation by Several Tech Companies Have Notably and Concerningly Dropped

    “The National Center for Missing and Exploited Children’s (NCMEC) CyberTipline is the preeminent online mechanism for members of the public and electronic service providers to report incidents of suspected child exploitation. The CyberTipline has received hundreds of millions of reports of online child sexual exploitation, and federal law requires online platforms to report known incidents of child sexual abuse material (child pornography), online enticement and child sex trafficking to NCMEC. Despite this important legal obligation, there has been a notable drop in reports to the CyberTipline from several platforms.”

    Blackburn’s REPORT Act Requires Online Platforms to Report Instances of Child Sex Trafficking

    “Last year, my bipartisan legislation—the Revising Existing Procedures on Reporting via Technology (REPORT) Act… was signed into law. This critical bill supports NCMEC in its core mission to protect our children online and assists law enforcement in their investigative efforts. Importantly, the law closed a gap in federal child exploitation laws by mandating that online platforms—including yours—report instances of child sex trafficking and enticement, which was not previously required under federal law. To ensure compliance with this requirement, the REPORT Act also increases the maximum fines for providers who knowingly and willfully fail to submit these reports to NCMEC.”

    Tech Companies Must Fulfill Legal Obligation to Report Heinous Crimes Against Children

    “Despite these requirements, recent testimony by NCMEC’s President and CEO to the U.S. Senate Committee on the Judiciary, Subcommittee on Crime and Counterterrorism and data provided by NCMEC indicates that there has been a sharp decline in the number of reports that Google, [Discord, Microsoft, and X have] submitted to the CyberTipline since the passage of the REPORT Act… This notable decrease in reports to NCMEC is both puzzling and deeply troubling. It is crucial that your company fulfill its legal obligations to report these heinous crimes that occur on your platform. Our children deserve nothing less.”

    Click here to read the letter to Google.

    Click here to read the letter to Microsoft.

    Click here to read the letter to Discord.

    Click here to read the letter to X.

    MIL OSI USA News –

  • MIL-OSI USA: Luján Applauds Committee Passage of Bipartisan Bill to Combat Online Scams, Protect Consumers in the Online Ticket Marketplace

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the U.S. Senate Committee on Commerce, Science, and Transportation, applauded committee passage of his bipartisan bill that would better protect consumers in the online ticket marketplace. Senator Luján’s bipartisan Mitigating Automated Internet Networks for (MAIN) Event Ticketing Act, which he introduced with U.S. Senator Marsha Blackburn (R-Tenn.), passed in a markup in the Senate Committee on Commerce, Science, and Transportation.

    “Today, we are one step closer to ensure Americans can enjoy live entertainment without the fear of being scammed,” said Senator Luján. “Far too many Americans face excessive price-gouging for tickets from online bots and resellers. That’s why I partnered with Senator Blackburn to advance our MAIN Event Ticketing Act which will strengthen protections for consumers and artists from scammers. Now, I urge the full Senate to take up our legislation and pass this bipartisan bill to better protect consumers.”

    “As a cultural institution dedicated to making the performing arts accessible to all, the Santa Fe Opera applauds this bipartisan effort to better combat and enforce unfair ticketing practices and protect consumers and artists from exploitation,” said Santa Fe Opera General Director Robert K. Meya. “The MAIN Event Ticketing Act addresses critical challenges, ensuring that access to live performances remains fair and equitable to all audiences. We are grateful for Senator Luján and Senator Blackburn’s leadership on this important issue and fully support their efforts to enhance transparency and fairness in the online ticket marketplace.”

    “We are fully behind this legislation,” said Lensic 360 Director Jamie Lenfestey. “Enforcement of the existing law is a great approach. In high sales season we can see as many as 96,000 bot hits on our sales website daily. Any efforts in enhancing consumer protection and helping promoters and presenters best engage their audiences directly much needed step in the right direction.”

    “As a small venue owner, the health of my business relies heavily on food, beverage, and merchandise sales to complement ticket revenue. When bots and scalpers purchase tickets en masse, it not only drives up prices but also prevents true fans from attending events. This results in empty seats at my venue, leading to a significant loss—up to 75% of my projected revenue from concessions and merchandise sales,” said Jayson Wylie, President and CEO of Taos Mesa Brewing and Musich Entertainment.

    Specifically, the MAIN Event Ticketing Act would:

    • Create reporting requirements whereby online ticket sellers have to report successful bot attacks to the Federal Trade Commission (FTC);
    • Create a complaint database so consumers can also share their experiences with the FTC, which in turn is required to share the information with state attorneys general;
    • Enact data security requirements for online ticket sellers and requires the sharing of information between the FTC and law enforcement; and
    • Require a report to Congress on BOTS enforcement.  

    This legislation is endorsed by the Recording Academy, Recording Industry Association of America, Live Nation Entertainment, and the National Independent Venue Association.

    MIL OSI USA News –

  • MIL-OSI USA: US Department of Labor celebrates National Apprenticeship Day 2025, highlighting limitless potential of apprenticeships for American workers

    Source: US Department of Labor

    WASHINGTON – U.S. Department of Labor Secretary Lori Chavez-DeRemer celebrated National Apprenticeship Day today by welcoming the International Association of Fire Fighters for a ceremonial signing event highlighting the importance of apprenticeships and ways the program can unlock a multitude of possibilities for the American worker.

    The National Apprenticeship Day 2025 event recognized IAFF’s new National Apprenticeship Guideline Standards and honored the union’s commitment to training their firefighters and emergency personnel through the Registered Apprenticeship model. 

    Since its inception in 2015, National Apprenticeship Week has been an annual nationwide celebration for employers, educators, state agencies, unions, and many others to showcase how Registered Apprenticeships improve and expand career pathways for American workers, while helping employers drive economic growth across all industries. In those 10 years, more than 1.9 million people participated in more than 10,000 National Apprenticeship Week events, and over 1,800 proclamations have been issued in support of Registered Apprenticeships. Typically celebrated in the fall, National Apprenticeship Week will move to the spring beginning in 2026 following stakeholder feedback. 

    The Trump Administration has committed to enhancing and expanding the National Apprenticeship system, with two recent executive orders, “Preparing Americans for High-Paying Skilled Trade Jobs of the Future” and “Advancing Artificial Intelligence Education for American Youth.” These decisive actions will unlock the limitless potential of the American worker by strengthening Registered Apprenticeships, modernizing workforce development programs, educating America’s youth to keep up with technology advancements, and investing in upskilling workers to meet current labor market demands.

    National Apprenticeship Day 2025 will include nearly 1,000 events and proclamations in all 50 states and territories across the country. These events highlight innovation and cooperation between employers, apprentices and apprentice graduates, educational institutions, community-based organizations, federal partners, industry associations, intermediaries, labor unions, state agencies, elected officials, and many others. 

    “As we celebrate National Apprenticeship Day, this administration remains committed to expanding and strengthening registered apprenticeships, guaranteeing the skilled workforce necessary for businesses to thrive,” said U.S. Secretary of Labor Lori Chavez-DeRemer. “I will personally ensure the Labor Department is helping to fulfill our bold goal of exceeding one million active apprentices and empower American workers to fill high-demand jobs that will secure economic prosperity. I was honored to host firefighters with the International Association of Fire Fighters today as we celebrated progressing toward that goal with new apprenticeship standards for first responders.”  

    Find a National Apprenticeship Day event near you and learn how to participate. 

    MIL OSI USA News –

  • MIL-OSI: Element Reports Solid First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted

    • Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience
    • Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)
    • Q1 2025 adjusted operating expense2,3 growth moderated to 5% year-over-year
    • Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points
    • On an adjusted basis3, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024
    • The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business
    • Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025
    • Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.

               
      Q1 20251 Q4 20241 Q1 20241 QoQ YoY
    In US$ millions, except percentages and per share amount       % %
    Selected results – as reported          
    Net revenue 275.7   270.9   262.5   2%   5%  
    Pre-tax income 136.5   121.4   123.0   12%   11%  
    Pre-tax income margin 49.5 % 44.8 %   46.9 %   470 bps 260 bps
    Earnings per share (EPS) [diluted]         0.25   0.23   0.23   9%   9%  
    Adjusted results1,2,3          
    Adjusted net revenue1,3 275.7   270.9   262.5   2%   5%  
    Adjusted operating income (AOI)3 150.8   143.3   143.6   5%   5%  
    Adjusted operating margin3 54.7 % 52.9 %   54.7 %   180 bps — bps
    Adjusted EPS3 [diluted]         0.28   0.27   0.26   4%   8%  
    Other highlights:          
    Adjusted free cash flow per share3(FCF/sh) – diluted 0.36   0.30   0.33   20%   9%  
    Originations 1,509   1,498   1,542   1%   (2)%  
    Vehicles under management 1.514   1.517   1.490   —%   2%  
    Adjusted ROE3 16.7 % 15.4 %   15.4 %   130 bps   130 bps  
    1. Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
    2. Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
    3. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.
       

    “Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

    Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

    Net revenue growth

    Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

    Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

    Service revenue

    Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

    Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

    Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

    Net financing revenue

    Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

    Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

    Syndication volume

    The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

    In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

    Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

    Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

    Adjusted operating expenses

    Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

    Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

    We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

    Adjusted operating income and adjusted operating margins

    Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

    Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

    Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

    Originations

    Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

    Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

    Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

    The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

    (in US$000’s for stated values) March 31, 2025 March 31, 2024
      $ % $ %
    United States and Canada 1,195,391 79.23 % 1,182,987 76.72 %
    Mexico 214,752 14.23 % 259,143 16.81 %
    Australia and New Zealand 98,726 6.54 % 99,753 6.47 %
    Total 1,508,869 100.00 % 1,541,883 100.00 %
             

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

    During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

    Common dividend and share repurchases

    On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Debt-to-capital leverage ratio

    Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

    The Company remains committed to maintaining a strong investment grade balance sheet.

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
    period ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
             
    Key annualized operating ratios        
             
    Leverage ratios        
    Financial leverage ratio P/(P+R)   74.9 %   74.1 %   73.2 %
    Average financial leverage ratio Q/(Q+V)   75.4 %   75.0 %   73.8 %
             
    Other key operating ratios        
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.09 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.92 %   7.31 %   7.34 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   42.23 %   39.34 %   32.37 %
             
    Per share information        
    Number of shares outstanding W   402,350     404,502     388,926  
    Weighted average number of shares outstanding [basic] X   403,502     404,578     389,161  
    Weighted average number of shares outstanding [diluted] Y   403,686     404,726     404,118  
    Cumulative preferred share dividends during the period Z   —     —     2,919  
    Other effects of dilution on an adjusted operating income basis AA $ —     —   $ 1,222  
    Net income per share [basic] (A-Z)/X $ 0.25   $ 0.23   $ 0.23  
    Net income per share [diluted]   $ 0.25   $ 0.23   $ 0.23  
             
    Adjusted EPS [basic] (D1)/X $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.28   $ 0.27   $ 0.26  
                         

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Reported results US$ US$ US$
    Services income, net   152,482     161,461     147,053  
    Net financing revenue   111,556     103,453     107,178  
    Syndication revenue, net   11,633     5,976     8,226  
    Net revenue   275,671     270,890     262,457  
    Operating expenses   135,007     141,234     132,499  
    Operating income   140,664     129,656     129,958  
    Operating margin   51.0 %   47.9 %   49.5 %
    Total expenses   139,200     149,463     139,478  
    Income before income taxes   136,471     121,427     122,979  
    Net income   102,250     92,057     93,817  
    EPS [basic] $ 0.25   $ 0.23   $ 0.23  
    EPS [diluted] $ 0.25   $ 0.23   $ 0.23  
    Adjusting items      
    Impact of adjusting items on operating expenses:      
    Strategic initiatives costs – Salaries, wages, and benefits   —     —     485  
    Strategic initiatives costs – General and administrative expenses   —     —     1,640  
    Share-based compensation   10,183     13,687     10,731  
    Amortization of convertible debenture discount   —     —     793  
    Total impact of adjusting items on operating expenses   10,183     13,687     13,649  
    Total pre-tax impact of adjusting items   10,183     13,687     13,649  
    Total after-tax impact of adjusting items   7,612     10,265     10,305  
    Total impact of adjusting items on EPS [basic]   0.02     0.03     0.03  
    Total impact of adjusting items on EPS [diluted]   0.02     0.03     0.03  
                       
      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Adjusted results US$ US$ US$
    Adjusted net revenue   275,671     270,890     262,457  
    Adjusted operating expenses   124,824     127,547     118,850  
    Adjusted operating income   150,847     143,343     143,607  
    Adjusted operating margin   54.7 %   52.9 %   54.7 %
    Provision for income taxes   34,221     29,370     29,162  
    Adjustments:      
    Pre-tax income   3,750     5,481     5,390  
    Foreign tax rate differential and other   118     985     632  
    Provision for taxes applicable to adjusted results   38,089     35,836     35,184  
    Adjusted net income   112,758     107,507     108,423  
    Adjusted EPS [basic] $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] $ 0.28   $ 0.27   $ 0.26  
                       

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts   For the three-month period ended
    (in US$000’s unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
        US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,699,109   7,576,386   7,478,974  
    Allowance for credit losses F 7,137   6,168   5,794  
    Net investment in finance receivable G 5,148,688   4,968,294   5,349,038  
    Equipment under operating leases H 2,428,013   2,435,430   2,685,015  
    Net earning assets I=G+H 7,576,701   7,403,724   8,034,053  
    Average net earning assets J 7,618,350   7,848,023   7,825,155  
    Goodwill and intangible assets K 1,660,009   1,672,701   1,587,465  
    Average goodwill and intangible assets L 1,663,050   1,675,336   1,588,981  
    Borrowings M 9,045,885   8,463,789   9,021,567  
    Unsecured convertible debentures N —   —   126,108  
    Less: continuing involvement liability O (136,932 ) (132,683 ) (87,199 )
    Total debt P=M+N-O 8,908,953   8,331,106   9,060,476  
    Cash and restricted funds P1 780,531   408,621   1,031,951  
    Total net debt P2 = P-P1 8,128,422   7,922,485   8,028,525  
    Average debt Q 8,363,864   8,313,527   8,239,147  
    Total shareholders’ equity R 2,720,616   2,774,315   2,944,588  
    Preferred shares S —   —   181,077  
    Common shareholders’ equity T=R-S 2,720,616   2,774,315   2,763,511  
    Average common shareholders’ equity U 2,730,985   2,768,504   2,747,716  
    Average total shareholders’ equity V 2,730,985   2,768,504   2,928,793  
                   

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Reported Expenses 139,200   149,463   139,478  
    Less:          
    Amortization of intangible assets from acquisitions 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Operating expenses 135,007   141,234   132,499  
    Less:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total adjustments 10,183   13,687   13,649  
    Adjusted operating expenses 124,824   127,547   118,850  
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Income before income taxes 136,471   121,427   122,979  
    Adjustments:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total pre-tax impact of adjusting items —   —   2,125  
    Adjusted operating income 150,847   143,343   143,607  
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$ US$
    Net income 102,250   92,057   93,817  
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Provision for income taxes 34,221   29,370   29,162  
    Provision for taxes applicable to adjusted results (38,089 ) (35,836 ) (35,184 )
    Adjusted net income 112,758   107,507   108,423  
                 

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management
    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: Ansys Announces Q1 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    / Q1 2025 Results

    • Revenue of $504.9 million
    • GAAP diluted earnings per share of $0.59 and non-GAAP diluted earnings per share of $1.64
    • GAAP operating profit margin of 11.7% and non-GAAP operating profit margin of 33.5%
    • Operating cash flows of $398.9 million and unlevered operating cash flows of $407.1 million
    • Annual contract value (ACV) of $410.1 million
    • Deferred revenue and backlog of $1,627.7 million on March 31, 2025

    PITTSBURGH, April 30, 2025 (GLOBE NEWSWIRE) — ANSYS, Inc. (NASDAQ: ANSS) today reported first quarter 2025 revenue of $504.9 million, an increase of 8% in reported currency, or 10% in constant currency, when compared to the first quarter of 2024. For the first quarter of 2025, the Company reported diluted earnings per share of $0.59 and $1.64 on a GAAP and non-GAAP basis, respectively, compared to $0.40 and $1.39 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2024. Additionally, the Company reported first quarter ACV growth of 1% in reported currency, or 2% in constant currency, when compared to the first quarter of 2024. The results for the first quarter met the Company’s expectations and it continues to expect double-digit FY 2025 ACV growth.

    As previously announced, on January 15, 2024, Ansys entered into a definitive agreement with Synopsys, Inc. (“Synopsys”) under which Synopsys will acquire Ansys. Since the Company’s last earnings release, the U.K. Competition and Markets Authority has formally cleared the transaction in Phase 1 subject to previously announced divestitures. Additionally, Ansys and Synopsys have received clearances from the Turkey Competition Authority, Japan Fair Trade Commission, Korea Fair Trade Commission and Taiwan Fair Trade Commission. We continue to work with the regulators in other relevant jurisdictions to conclude their reviews. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

    The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures can be found later in this release.

    / Summary of Financial Results

    Ansys’ first quarter 2025 and 2024 financial results are presented below. The 2025 and 2024 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

    Our results are as follows:

      GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Revenue $   504,891     $   466,605     8.2 %
    Net income $     51,865     $     34,778     49.1 %
    Diluted earnings per share $        0.59        $        0.40        47.5 %
    Gross margin   85.6 %     85.3 %    
    Operating profit margin   11.7 %     9.3 %    
    Effective tax rate   19.6 %     15.1 %    
                       
      Non-GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Net income $   144,149     $   121,996     18.2 %
    Diluted earnings per share $        1.64        $        1.39        18.0 %
    Gross margin   91.2 %     90.9 %    
    Operating profit margin   33.5 %     32.2 %    
    Effective tax rate   17.5 %     17.5 %    
                       
      Other Metrics
    (in thousands, except percentages) Q1 2025   Q1 2024   % Change
    ACV $   410,068   $   407,405   0.7 %
    Operating cash flows $   398,935   $   282,817   41.1 %
    Unlevered operating cash flows $   407,128   $   292,667   39.1 %
                     
    Supplemental Financial Information

    / Annual Contract Value

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    ACV $        410,068   $         416,640   $        407,405   0.7 %   2.3 %
                                 

    Recurring ACV includes both subscription lease ACV and all maintenance ACV (including maintenance from perpetual licenses). It excludes perpetual license ACV and service ACV.

     

    / Revenue

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    Revenue $        504,891   $         512,570   $        466,605   8.2 %   9.9 %
                                 
    REVENUE BY LICENSE TYPE
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Subscription Lease $          96,919   19.2 %   $          94,800   20.3 %   2.2 %   4.0 %
    Perpetual              63,036   12.5 %                65,521   14.0 %   (3.8)%   (2.9)%
    Maintenance1            324,392   64.2 %              289,340   62.0 %   12.1 %   13.9 %
    Service              20,544   4.1 %                16,944   3.6 %   21.2 %   22.5 %
    Total $        504,891       $        466,605       8.2 %   9.9 %
                           

    1Maintenance revenue is inclusive of both maintenance associated with perpetual licenses and the maintenance component of subscription leases.

    REVENUE BY GEOGRAPHY
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Americas $        230,377   45.6 %   $        208,697   44.7 %   10.4 %   10.5 %
                           
    Germany              35,021   6.9 %                36,198   7.8 %   (3.3)%   (0.4)%
    Other EMEA              83,839   16.6 %                82,417   17.7 %   1.7 %   3.9 %
    EMEA            118,860   23.5 %              118,615   25.4 %   0.2 %   2.6 %
                           
    Japan              43,297   8.6 %                36,532   7.8 %   18.5 %   20.9 %
    Other Asia-Pacific            112,357   22.3 %              102,761   22.0 %   9.3 %   12.9 %
    Asia-Pacific            155,654   30.8 %              139,293   29.9 %   11.7 %   15.0 %
                           
    Total $        504,891       $        466,605       8.2 %   9.9 %
                                   
    REVENUE BY CHANNEL
           
      Q1 2025   Q1 2024
    Direct revenue, as a percentage of total revenue 69.1 %   66.5 %
    Indirect revenue, as a percentage of total revenue 30.9 %   33.5 %
               

    / Deferred Revenue and Backlog

    (in thousands) March 31,
    2025    		   December 31,
         2024    		   March 31,
    2024
    Current Deferred Revenue $            490,318   $            504,527   $            433,167
    Current Backlog                511,197                  524,617                  433,106
    Total Current Deferred Revenue and Backlog            1,001,515               1,029,144                  866,273
               
    Long-Term Deferred Revenue                  30,840                    31,778                    21,434
    Long-Term Backlog                595,388                  657,345                  481,746
    Total Long-Term Deferred Revenue and Backlog                626,228                  689,123                  503,180
               
    Total Deferred Revenue and Backlog $        1,627,743   $        1,718,267   $        1,369,453
                     

    / Currency

    The first quarter of 2025 revenue, operating income and ACV, as compared to the first quarter of 2024, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income and ACV based on 2024 exchange rates are reflected in the tables below. Deferred revenue and backlog as of March 31, 2025, as compared to the balances at December 31, 2024, were also impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. Amounts in brackets indicate an adverse impact from currency fluctuations.

    (in thousands) Q1 2025
    Revenue $          (7,679 )
    GAAP operating income $          (2,848 )
    Non-GAAP operating income $          (3,044 )
    ACV $          (6,572 )
    Deferred revenue and backlog $         19,166  
           

    The most meaningful currency impacts are typically attributable to U.S. Dollar exchange rate changes against the Euro and Japanese Yen. Historical exchange rates are reflected in the charts below.

      Period-End Exchange Rates
    As of EUR/USD   USD/JPY
    March 31, 2025                    1.08                       150
    December 31, 2024                    1.04                       157
    March 31, 2024                    1.08                       151
           
      Average Exchange Rates
    Three Months Ended EUR/USD   USD/JPY
    March 31, 2025                    1.05                       152
    March 31, 2024                    1.09                       148
           

    / GAAP Financial Statements

    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (in thousands) March 31, 2025   December 31, 2024
    ASSETS:      
    Cash & short-term investments $                      1,828,559   $                      1,497,517
    Accounts receivable, net                              754,655                             1,022,850
    Goodwill                          3,799,809                             3,778,128
    Other intangibles, net                              694,235                                716,244
    Other assets                              903,755                             1,036,692
    Total assets $                      7,981,013   $                      8,051,431
    LIABILITIES & STOCKHOLDERS’ EQUITY:      
    Current deferred revenue $                          490,318   $                          504,527
    Long-term debt                              754,287                                754,208
    Other liabilities                              556,933                                706,256
    Stockholders’ equity                          6,179,475                             6,086,440
    Total liabilities & stockholders’ equity $                      7,981,013   $                      8,051,431
               
    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Income
    (Unaudited)
        Three Months Ended
    (in thousands, except per share data)   March 31,
    2025    		   March 31,
    2024
    Revenue:        
    Software licenses   $              159,955     $              160,321  
    Maintenance and service                     344,936                       306,284  
    Total revenue                     504,891                       466,605  
    Cost of sales:        
    Software licenses                         9,370                         10,044  
    Amortization                       23,429                         22,484  
    Maintenance and service                       39,770                         36,139  
    Total cost of sales                       72,569                         68,667  
    Gross profit                     432,322                       397,938  
    Operating expenses:        
    Selling, general and administrative                     230,415                       219,643  
    Research and development                     137,292                       128,811  
    Amortization                         5,722                           6,145  
    Total operating expenses                     373,429                       354,599  
    Operating income                       58,893                         43,339  
    Interest income                       16,743                         10,995  
    Interest expense                     (10,177 )                     (12,369 )
    Other expense, net                           (930 )                       (1,007 )
    Income before income tax provision                       64,529                         40,958  
    Income tax provision                       12,664                           6,180  
    Net income   $                51,865     $                34,778  
    Earnings per share – basic:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       87,653                         87,067  
    Earnings per share – diluted:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       88,127                         87,780  
                     

    / Glossary of Terms

    Annual Contract Value (ACV): ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:

    • the annualized value of maintenance and subscription lease contracts with start dates or anniversary dates during the period, plus
    • the value of perpetual license contracts with start dates during the period, plus
    • the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
    • the value of work performed during the period on fixed-deliverable services contracts.

    When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2025, the anniversary dates would be July 1, 2026 and July 1, 2027. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2028, our ACV performance metric does not assume any contract renewals.

    Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2025 – June 30, 2026 would each contribute $100,000 to ACV for fiscal year 2025 with no contribution to ACV for fiscal year 2026.

    Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2025 – June 30, 2028 would each contribute $100,000 to ACV in each of fiscal years 2025, 2026 and 2027. There would be no contribution to ACV for fiscal year 2028 as each period captures the full annual value upon the anniversary date.

    Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2025 would contribute $200,000 to ACV in fiscal year 2025.

    Backlog: Deferred revenue associated with installment billings for periods beyond the current quarterly billing cycle and committed contracts with start dates beyond the end of the current period.

    Deferred Revenue: Billings made or payments received in advance of revenue recognition.

    Subscription Lease or Time-Based License: A license of a stated product of our software that is granted to a customer for use over a specified time period, which can be months or years in length. In addition to the use of the software, the customer is provided with access to maintenance (unspecified version upgrades and technical support) without additional charge. The revenue related to these contracts is recognized ratably over the contract period for the maintenance portion and up front for the license portion.

    Perpetual / Paid-Up License: A license of a stated product and version of our software that is granted to a customer for use in perpetuity. The revenue related to this type of license is recognized up front.

    Maintenance: A contract, typically one year in duration, that is purchased by the owner of a perpetual license and that provides access to unspecified version upgrades and technical support during the duration of the contract. The revenue from these contracts is recognized ratably over the contract period.

    / Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

      Three Months Ended
      March 31, 2025
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      432,322   85.6 %   $        58,893   11.7 %   $      51,865     $        0.59  
    Stock-based compensation expense               3,977   0.8 %              70,243   14.0 %             70,243                 0.80  
    Excess payroll taxes related to stock-based awards                  354   0.1 %                6,016   1.2 %               6,016                 0.07  
    Amortization of intangible assets from acquisitions             23,429   4.6 %              29,151   5.7 %             29,151                 0.33  
    Expenses related to business combinations                  405   0.1 %                4,787   0.9 %               4,787                 0.05  
    Adjustment for income tax effect                     —   — %                      —   — %           (17,913 )             (0.20 )
    Total non-GAAP $      460,487   91.2 %   $      169,090   33.5 %   $    144,149     $        1.64  
                                           

    1 Diluted weighted average shares were 88,127.

      Three Months Ended
      March 31, 2024
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      397,938   85.3 %   $       43,339   9.3 %   $      34,778     $        0.40  
    Stock-based compensation expense               3,343   0.7 %             58,664   12.7 %             58,664                 0.66  
    Excess payroll taxes related to stock-based awards                  378   0.1 %                5,362   1.1 %               5,362                 0.06  
    Amortization of intangible assets from acquisitions             22,484   4.8 %             28,629   6.1 %             28,629                 0.33  
    Expenses related to business combinations                     —   — %             14,261   3.0 %             14,261                 0.16  
    Adjustment for income tax effect                     —   — %                      —   — %           (19,698 )             (0.22 )
    Total non-GAAP $      424,143   90.9 %   $     150,255   32.2 %   $    121,996     $        1.39  
                                           

    1 Diluted weighted average shares were 87,780.

      Three Months Ended
    (in thousands) March 31,
    2025    		   March 31,
    2024
    Net cash provided by operating activities $            398,935     $            282,817  
    Cash paid for interest                    9,931                      11,939  
    Tax benefit                   (1,738 )                     (2,089 )
    Unlevered operating cash flows $            407,128     $            292,667  
                   

    / Use of Non-GAAP Measures

    We provide non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income, non-GAAP diluted earnings per share and unlevered operating cash flows as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to these financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure, as applicable.

    We use non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and employees. In addition, many financial analysts that follow us focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. Moreover, investors have historically requested, and we have historically reported, these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.

    While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all our competitors and may not be directly comparable to similarly titled measures of our competitors due to potential differences in the exact method of calculation. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

    The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

    Amortization of intangible assets from acquisitions. We incur amortization of intangible assets, included in our GAAP presentation of amortization expense, related to various acquisitions we have made. We exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by us after the acquisition. Accordingly, we do not consider these expenses for purposes of evaluating our performance during the applicable time period after the acquisition, and we exclude such expenses when making decisions to allocate resources. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our past reports of financial results as we have historically reported these non-GAAP financial measures.

    Stock-based compensation expense. We incur expense related to stock-based compensation included in our GAAP presentation of cost of maintenance and service; research and development expense; and selling, general and administrative expense. We also incur excess payroll tax expense related to stock-based compensation, which is an additional non-GAAP adjustment. Although stock-based compensation is an expense and viewed as a form of compensation, we exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance. Specifically, we exclude stock-based compensation during our annual budgeting process and our quarterly and annual assessments of our performance. The annual budgeting process is the primary mechanism whereby we allocate resources to various initiatives and operational requirements. Additionally, the annual review by our Board of Directors during which it compares our historical business model and profitability to the planned business model and profitability for the forthcoming year excludes the impact of stock-based compensation. In evaluating the performance of our senior management and department managers, charges related to stock-based compensation are excluded from expenditure and profitability results. In fact, we record stock-based compensation expense into a stand-alone cost center for which no single operational manager is responsible or accountable. In this way, we can review, on a period-to-period basis, each manager’s performance and assess financial discipline over operational expenditures without the effect of stock-based compensation. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Expenses related to business combinations. We incur expenses for professional services rendered in connection with acquisitions and divestitures, which are included in our GAAP presentation of selling, general and administrative expense. We also incur other expenses directly related to business combinations, including compensation expenses and concurrent restructuring activities, such as employee severances and other exit costs. These costs are included in our GAAP presentation of cost of maintenance and service, selling, general and administrative and research and development expenses. We exclude these acquisition-related expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance, as we generally would not have otherwise incurred these expenses in the periods presented as a part of our operations. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Non-GAAP tax provision. We utilize a normalized non-GAAP annual effective tax rate (AETR) to calculate non-GAAP measures. This methodology provides better consistency across interim reporting periods by eliminating the effects of non-recurring items and aligning the non-GAAP tax rate with our expected geographic earnings mix. To project this rate, we analyzed our historic and projected non-GAAP earnings mix by geography along with other factors such as our current tax structure, recurring tax credits and incentives, and expected tax positions. On an annual basis we re-evaluate and update this rate for significant items that may materially affect our projections.

    Unlevered operating cash flows. We make cash payments for the interest incurred in connection with our debt financing which are included in our GAAP presentation of operating cash flows. We exclude this cash paid for interest, net of the associated tax benefit, for the purpose of calculating unlevered operating cash flows. Unlevered operating cash flow is a supplemental non-GAAP measure that we use to evaluate our core operating business. We believe this measure is useful to investors and management because it provides a measure of our cash generated through operating activities independent of the capital structure of the business.

    Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
    We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

    GAAP Reporting Measure Non-GAAP Reporting Measure
    Gross Profit Non-GAAP Gross Profit
    Gross Profit Margin Non-GAAP Gross Profit Margin
    Operating Income Non-GAAP Operating Income
    Operating Profit Margin Non-GAAP Operating Profit Margin
    Net Income Non-GAAP Net Income
    Diluted Earnings Per Share Non-GAAP Diluted Earnings Per Share
    Operating Cash Flows Unlevered Operating Cash Flows
       

    Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2025 period results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2024 comparable period, rather than the actual exchange rates in effect for 2025. Constant currency growth rates are calculated by adjusting the 2025 period reported amounts by the 2025 currency fluctuation impacts and comparing the adjusted amounts to the 2024 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

    / About Ansys

    Our Mission: Powering Innovation that Drives Human Advancement™

    When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.

    / Forward-Looking Information

    This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are statements that provide current expectations or forecasts of future events based on certain assumptions. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

    Forward-looking statements use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “target” or other words of similar meaning. Forward-looking statements include those about the proposed transaction with Synopsys, including the expected date of closing and the potential benefits thereof, and other aspects of future operations. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    The risks associated with the following, among others, could cause actual results to differ materially from those described in any forward-looking statements:

    • our ability to complete the proposed transaction with Synopsys on anticipated terms and timing, including completing the associated divestiture of our PowerArtist RTL business and obtaining regulatory approvals, and other conditions related to the completion of the transaction with Synopsys;
       
    • the realization of the anticipated benefits of the proposed transaction with Synopsys, including potential disruptions to our and Synopsys’ businesses and commercial relationships with others resulting from the announcement, pendency or completion of the proposed transaction and uncertainty as to the long-term value of Synopsys’ common stock;
       
    • restrictions on our operations during the pendency of the proposed transaction with Synopsys that could impact our ability to pursue certain business opportunities or strategic transactions, including tuck-in M&A;
       
    • adverse conditions in the macroeconomic environment, including inflation, recessionary conditions and volatility in equity and foreign exchange markets;
       
    • political, economic and regulatory uncertainties in the countries and regions in which we operate;
       
    • impacts from tariffs, trade sanctions, export controls or other trade barriers, including export control restrictions and licensing requirements for exports to China;
       
    • impacts resulting from the conflict between Israel and Hamas and other countries and groups in the Middle East, including impacts from changes to diplomatic relations and trade policy between the United States and other countries resulting from the conflict;
       
    • impacts from changes to diplomatic relations and trade policy between the United States and Russia or between the United States and other countries that may support Russia or take similar actions due to the conflict between Russia and Ukraine;
       
    • constrained credit and liquidity due to disruptions in the global economy and financial markets, which may limit or delay availability of credit under our existing or new credit facilities, or which may limit our ability to obtain credit or financing on acceptable terms or at all;
       
    • our ability to timely recruit and retain key personnel in a highly competitive labor market, including potential financial impacts of wage inflation and potential impacts due to the proposed transaction with Synopsys;
       
    • our ability to protect our proprietary technology; cybersecurity threats or other security breaches, including in relation to breaches occurring through our products and an increased level of our activity that is occurring from remote global off-site locations; and disclosure or misuse of employee or customer data whether as a result of a cybersecurity incident or otherwise;
       
    • volatility in our revenue due to the timing, duration and value of multi-year subscription lease contracts; and our reliance on high renewal rates for annual subscription lease and maintenance contracts;
       
    • declines in our customers’ businesses resulting in adverse changes in procurement patterns; disruptions in accounts receivable and cash flow due to customers’ liquidity challenges and commercial deterioration; uncertainties regarding demand for our products and services in the future and our customers’ acceptance of new products; delays or declines in anticipated sales due to reduced or altered sales and marketing interactions with customers; and potential variations in our sales forecast compared to actual sales;
       
    • our ability and our channel partners’ ability to comply with laws and regulations in relevant jurisdictions; and the outcome of contingencies, including legal proceedings, government or regulatory investigations and tax audit cases;
       
    • uncertainty regarding income tax estimates in the jurisdictions in which we operate; and the effect of changes in tax laws and regulations in the jurisdictions in which we operate;
       
    • the quality of our products, including the strength of features, functionality and integrated multiphysics capabilities; our ability to develop and market new products to address the industry’s rapidly changing technology, including the use of artificial intelligence and machine learning in our products as well as the products of our competitors; failures or errors in our products and services; and increased pricing pressure as a result of the competitive environment in which we operate;
       
    • investments in complementary companies, products, services and technologies; our ability to complete and successfully integrate our acquisitions and realize the financial and business benefits of such transactions; and the impact indebtedness incurred in connection with any acquisition could have on our operations;
       
    • investments in global sales and marketing organizations and global business infrastructure, and dependence on our channel partners for the distribution of our products;
       
    • current and potential future impacts of any global health crisis, natural disaster or catastrophe; the actions taken to address these events by our customers, our suppliers, and regulatory authorities; the resulting effects on our business, the global economy and our consolidated financial statements; and other public health and safety risks and related government actions or mandates;
       
    • operational disruptions generally or specifically in connection with transitions to and from remote work environments; and the failure of our technological infrastructure or those of the service providers upon whom we rely including for infrastructure and cloud services;
       
    • our intention to repatriate previously taxed earnings and to reinvest all other earnings of our non-U.S. subsidiaries;
       
    • plans for future capital spending and the extent of corporate benefits from such spending; and higher than anticipated costs for research and development or a slowdown in our research and development activities;
       
    • our ability to execute on our strategies related to environmental, social and governance matters, and meet evolving and varied expectations, including as a result of evolving regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing, and changes in carbon markets; and
       
    • other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission (the SEC).  

    Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

    Visit https://investors.ansys.com for more information.

    ANSS-F

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/555457d0-68c2-4e39-9654-7433c0575e9e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f9600ece-a84c-4586-bb8a-98965ce32a1c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/131c8a8b-e47c-4724-bdab-f0846535f0df

    The MIL Network –

  • MIL-OSI: Tenaris Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, April 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended March 31, 2025 in comparison with its results for the quarter ended March 31, 2024.

    Summary of 2025 First Quarter Results

    (Comparison with fourth and first quarter of 2024)

      1Q 2025 4Q 2024 1Q 2024 
    Net sales ($ million) 2,922 2,845 3% 3,442 (15%)
    Operating income ($ million) 550 558 (2%) 812 (32%)
    Net income ($ million) 518 519 0% 750 (31%)
    Shareholders’ net income ($ million) 507 516 (2%) 737 (31%)
    Earnings per ADS ($) 0.94 0.94 0% 1.27 (26%)
    Earnings per share ($) 0.47 0.47 0% 0.64 (26%)
    EBITDA* ($ million) 696 726 (4%) 987 (29%)
    EBITDA margin (% of net sales) 23.8% 25.5%   28.7%  
     
    *EBITDA in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales.
     

    In the first quarter, our sales were buoyed by seasonal volumes in Canada and higher onshore sales in the USA while our average selling price declined. This was due to market and product mix effects with lower sales of OCTG premium products in Mexico, Turkey and Saudi Arabia and lower sales of seamless line pipe for offshore projects. On a comparable basis our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

    During the quarter, free cash flow amounted to $647 million following a reduction in working capital of $224 million. After spending $237 million on share buybacks, our net cash position increased to $4.0 billion at March 31, 2025.

    Market Background and Outlook

    Oil and gas drilling activity has been stable in most parts of the world so far this year. Over the last month, however, the outlook for oil demand and prices has changed with a decline in expectations for global economic growth and the announcement by OPEC+ that it would increase production. Oil and gas companies are likely to adjust their investment plans over the short term in response to a lower oil and gas price environment while maintaining their medium and long term plans for development of major projects.

    US OCTG reference prices have continued to increase following the extension of tariffs to imports of all steel products. These and further increases should offset much of the impact of the tariffs and higher steel and scrap purchase costs on our US operations.

    For the second quarter, we expect our sales to show a small increase as our average selling price recovers and volumes remain close to the level of the first quarter and our EBITDA margin should be in line with the first quarter.

    Analysis of 2025 First Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 1Q 2025 4Q 2024
    		 1Q 2024
    Seamless 775 748 4% 777 0%
    Welded 212 164 29% 269 (21%)
    Total 987 913 8% 1,046 (6%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 1Q 2025 4Q 2024
    		 1Q 2024
    Net sales ($ million)          
    North America 1,244 1,131 10% 1,590 (22%)
    South America 552 595 (7%) 617 (11%)
    Europe 208 341 (39%) 253 (17%)
    Asia Pacific, Middle East and Africa 761 629 21% 833 (9%)
    Total net sales ($ million) 2,765 2,695 3% 3,292 (16%)
    Services performed on third party tubes ($ million) 101 93 9% 192 (47%)
    Operating income ($ million) 514 533 (4%) 785 (35%)
    Operating margin (% of sales) 18.6% 19.8%   23.9%  
               

    Net sales of tubular products and services increased 3% sequentially and decreased 16% year on year. Volumes sold increased 8% sequentially while average selling prices decreased 5% due principally to product and market mix effects. In North America sales increased as higher seasonal sales in Canada and higher sales to US Rig Direct® customers more than outweighed a further steep decline in sales in Mexico. In South America sales declined due to lower shipments to the Raia offshore project and lower prices in Argentina. In Europe, following a quarter with an exceptionally high level of sales, sales declined to a more stable level. In Asia Pacific, Middle East and Africa sales increased due to higher sales in the UAE, shipments of welded pipes for a pipeline in Saudi Arabia, and sales of line pipe for a gas processing plant in Africa.

    Operating results from tubular products and services amounted to a gain of $514 million in the first quarter of 2025 compared to a gain of $533 million in the previous quarter and a gain of $785 million in the first quarter of 2024. Operating income in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter of 2024. On a comparable basis, margins improved as the decline in average selling prices was offset by lower costs due to higher utilization of production capacity and lower raw materials and variable costs.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 1Q 2025 4Q 2024 1Q 2024
    Net sales ($ million) 157 150 5% 150 4%
    Operating income ($ million) 36 25 44% 26 38%
    Operating margin (% of sales) 23.1% 16.8%   17.5%  
               

    Net sales of other products and services increased 5% sequentially and increased 4% year on year. Sequentially, sales increased mainly due to higher sales of sucker rods and oil services in Argentina.

    Selling, general and administrative expenses, or SG&A, amounted to $457 million, or 15.6% of net sales, in the first quarter of 2025, compared to $446 million, or 15.7% in the previous quarter and $508 million, or 14.8% in the first quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher shipment costs partially offset by a decrease in taxes, provisions and others.

    Other operating results amounted to a gain of $6 million in the first quarter of 2025, compared to a gain of $81 million in the previous quarter and a $12 million gain in the first quarter of 2024. The fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $35 million in the first quarter of 2025, compared to a gain of $48 million in the previous quarter and a loss of $25 million in the first quarter of 2024. Financial result of the quarter is mainly attributable to a $67 million net finance income from the net return of our portfolio investments offset by net foreign exchange losses of $15 million and $16 million in fees paid in connection with the collection of $242 million from Pemex.

    Equity in earnings of non-consolidated companies generated a gain of $14 million in the first quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $48 million in the first quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment included a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas, while in the first quarter of 2025 it includes a $5 million loss related to the same ongoing litigation.

    Income tax charge amounted to $81 million in the first quarter of 2025, compared to $123 million in the previous quarter and $85 million in the first quarter of 2024. The quarter income tax charge reflects the positive net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina, and the recognition of other deferred tax assets.

    Cash Flow and Liquidity of 2025 First Quarter

    Net cash generated by operating activities during the first quarter of 2025 was $821 million, compared to $492 million in the previous quarter and $887 million in the first quarter of 2024. During the first quarter of 2025 cash generated by operating activities includes a net working capital reduction of $224 million.

    With capital expenditures of $174 million, our free cash flow amounted to $647 million during the quarter. Following share buybacks of $237 million in the quarter, our net cash position increased to $4.0 billion at March 31, 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on May 1, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/gu6ip3ag/

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BIf49770ff47c94e2587121e780b6acb85

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

     
    Consolidated Condensed Interim Income Statement
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      Unaudited
    Net sales 2,922,212 3,441,544
    Cost of sales (1,920,855) (2,134,052)
    Gross profit 1,001,357 1,307,492
    Selling, general and administrative expenses (457,065) (508,132)
    Other operating income 11,788 16,024
    Other operating expenses (6,167) (3,720)
    Operating income 549,913 811,664
    Finance Income 78,444 56,289
    Finance Cost (11,745) (20,583)
    Other financial results, net (31,441) (60,468)
    Income before equity in earnings of non-consolidated companies and income tax 585,171 786,902
    Equity in earnings of non-consolidated companies 14,035 48,179
    Income before income tax 599,206 835,081
    Income tax (81,342) (84,856)
    Income for the period 517,864 750,225
         
    Attributable to:    
    Shareholders’ equity 506,931 736,980
    Non-controlling interests 10,933 13,245
      517,864 750,225
     
    Consolidated Condensed Interim Statement of Financial Position
     
    (all amounts in thousands of U.S. dollars) At March 31, 2025   At December 31, 2024
      Unaudited    
    ASSETS          
    Non-current assets          
    Property, plant and equipment, net 6,183,251     6,121,471  
    Intangible assets, net 1,359,463     1,357,749  
    Right-of-use assets, net 147,606     148,868  
    Investments in non-consolidated companies 1,574,156     1,543,657  
    Other investments 1,014,502     1,005,300  
    Deferred tax assets 838,912     831,298  
    Receivables, net 197,411 11,315,301   205,602 11,213,945
    Current assets          
    Inventories, net 3,519,237     3,709,942  
    Receivables and prepayments, net 174,294     179,614  
    Current tax assets 360,416     332,621  
    Contract assets 51,736     50,757  
    Trade receivables, net 1,842,313     1,907,507  
    Derivative financial instruments 4,083     7,484  
    Other investments 2,581,761     2,372,999  
    Cash and cash equivalents 770,208 9,304,048    675,256 9,236,180
    Total assets   20,619,349     20,450,125
    EQUITY          
    Shareholders’ equity   17,164,683     16,593,257
    Non-controlling interests   231,994     220,578
    Total equity   17,396,677     16,813,835
    LIABILITIES          
    Non-current liabilities          
    Borrowings 7,437     11,399  
    Lease liabilities 91,148     100,436  
    Deferred tax liabilities 472,789     503,941  
    Other liabilities 300,116     301,751  
    Provisions 68,969 940,459   82,106 999,633
    Current liabilities          
    Borrowings 345,183     425,999  
    Lease liabilities 54,061     44,490  
    Derivative financial instruments 1,945     8,300  
    Current tax liabilities 304,019     366,292  
    Other liabilities 377,238     585,775  
    Provisions 139,965     119,344  
    Customer advances 228,086     206,196  
    Trade payables 831,716 2,282,213   880,261 2,636,657
    Total liabilities   3,222,672     3,636,290
    Total equity and liabilities   20,619,349     20,450,125
     
    Consolidated Condensed Interim Statement of Cash Flows
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      (Unaudited)
    Cash flows from operating activities    
    Income for the period 517,864 750,225
    Adjustments for:    
    Depreciation and amortization 146,406 175,442
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas 9,877 –
    Income tax accruals less payments (54,133) (29,222)
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Interest accruals less payments, net (8,423) 11,938
    Changes in provisions (2,393) 1,545
    Changes in working capital 223,817 (9,548)
    Others, including net foreign exchange 2,020 34,776
    Net cash provided by operating activities 821,000 886,977
         
    Cash flows from investing activities    
    Capital expenditures (173,838) (172,097)
    Changes in advances to suppliers of property, plant and equipment 12,916 2,952
    Loan to joint ventures (1,359) (1,354)
    Proceeds from disposal of property, plant and equipment and intangible assets 900 5,412
    Changes in investments in securities (225,636) (759,667)
    Net cash used in investing activities (387,017) (924,754)
         
    Cash flows from financing activities    
    Changes in non-controlling interests – 1,120
    Acquisition of treasury shares (237,188) (311,064)
    Payments of lease liabilities (14,655) (16,768)
    Proceeds from borrowings 347,570 829,947
    Repayments of borrowings (429,126) (754,078)
    Net cash used in financing activities (333,399) (250,843)
         
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
         
    Movement in cash and cash equivalents    
    At the beginning of the period 660,798 1,616,597
    Effect of exchange rate changes (2,430) (4,921)
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
    At March 31, 758,952 1,323,056
         

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Income for the period 517,864 750,225
    Income tax charge 81,342 84,856
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Financial Results (35,258) 24,762
    Depreciation and amortization 146,406 175,442
    EBITDA 696,319 987,106
         

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Net cash provided by operating activities 821,000 886,977
    Capital expenditures (173,838) (172,097)
    Free cash flow 647,162 714,880
         

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Cash and cash equivalents 770,208 1,323,350
    Other current investments 2,581,761 2,248,863
    Non-current investments 1,007,444 976,206
    Current borrowings (345,183) (608,278)
    Non-current borrowings (7,437) (28,122)
    Net cash / (debt) 4,006,793 3,912,019
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Inventories 3,519,237 3,911,719
    Trade receivables 1,842,313 2,303,293
    Customer advances (228,086) (239,342)
    Trade payables (831,716) (1,041,434)
    Operating working capital 4,301,748 4,934,236
    Annualized quarterly sales 11,688,848 13,766,176
    Operating working capital days 134 131
         

    Giovanni Sardagna
    Tenaris
    1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: XRP News: Buy XDX Token As XenDex Fills Its Soft Cap Ahead of Exchange Listing

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 30, 2025 (GLOBE NEWSWIRE) — XenDex has officially filled its presale soft cap, and the clock is now ticking for those who still want in. As the crypto world celebrates Brazil’s first XRP Spot ETF, the SEC’s lawsuit against Ripple gets withdrawn, and ProShares’ XRP Futures ETF receives approval, XRP sentiment has never been stronger, and XenDex is right at the heart of it.

    With the presale now entering its final stretch, the price of $XDX is getting higher, and with token supply shrinking fast, many believe this is the last chance to buy before full sellout and major listings go live.

    Buy $XDX Now Before Presale Ends

    XenDex Is Listing on Top Exchanges Soon

    Following the presale, $XDX will be listed on major centralized exchanges, opening the door to global access and deep liquidity. Confirmed exchange partners include:

    • Binance
    • Gate.io
    • BitMart
    • MEXC
    • FirstLedger
    • MagneticX

    These listings are expected to significantly drive up demand, making current entry points even more valuable.

    Buy Before It Sells Out Completely: https://xendex.net/presale

    Why $XDX Is In High Demand

    XenDex is solving some of XRPL’s biggest gaps by delivering a first-of-its-kind decentralized exchange with:

    • AI-Powered Copy Trading – Mirror the trades of top-performing investors
    • Non-Custodial Lending & Borrowing – Borrow and lend XRP and XDX tokens to earn rewards
    • Cross-Chain Trading – Swap XRP tokens across chains like Solana and BNB
    • Staking and Yield Farming – Earn rewards by supplying liquidity to our liquidity pool
    • DAO Governance – Use $XDX to vote on new features, upgrades, and token listings

    Buy $XDX Now & Earn Rewards

    Thousands of XRP holders have already joined XenDex’s Telegram and Twitter communities. Now that the soft cap is filled, attention is turning to the final phase of the presale, and tokens are vanishing quickly.

    “We’ve passed our soft cap, locked in listings, and entered our final presale pricing. The next step is sellout,” said a XenDex spokesperson. “Those who wait will pay more, if there’s even any left to buy.”

    Final Opportunity Before Full Sellout

    With listings locked in, token supply diminishing, and price pressure mounting, now is the moment to act. Every minute you wait could mean paying more, or missing out completely.

    Visit 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/91d8ec49-9b74-4631-a137-5362249fa888

    The MIL Network –

  • MIL-OSI: NCS Multistage Holdings, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Results

    • Total revenues of $50.0 million, a 14% year-over-year improvement
    • Gross margin improved to 42% from 39%; adjusted gross margin improved to 44% from 40% in the first quarter of 2024
    • Net income of $4.1 million and diluted earnings per share of $1.51, an improvement compared to $2.1 million and diluted earnings per share of $0.82 one year ago
    • Adjusted EBITDA of $8.2 million, a $2.1 million year-over-year improvement
    • $23.0 million in cash and $7.6 million of total debt as of March 31, 2025

    HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended March 31, 2025.

    Review and Outlook

    NCS’s Chief Executive Officer, Ryan Hummer commented, “NCS had a strong start to 2025, with total revenues and Adjusted EBITDA for the first quarter exceeding our expectations as provided in the last earnings call, led by our performance in Canada.

    Total revenues of $50.0 million increased by 14% year-over-year and 11% sequentially and represents our highest quarterly revenue since the first quarter of 2020. This is reflective of the consistent efforts of our team to deliver differentiated performance through the implementation of our core strategies.

    Our adjusted gross margin improved to 44% for the quarter, compared to 40% for the same period one year ago, as we benefitted from the higher revenue, including higher-margin international work in both the Middle East and the North Sea.

    Our Adjusted EBITDA was $8.2 million for the first quarter, an improvement of $2.1 million, or 35%, year-over-year. This demonstrates the operating leverage in our business and the benefits of our capital light operating model, as our Adjusted EBITDA margin for the first quarter of 2025 of 16% improved from 14% in the first quarter of 2024.

    This improved operating performance resulted in net income attributable to NCS of $4.1 million, or $1.51 per diluted share for the first quarter of 2025, a meaningful improvement as compared to $2.1 million and $0.82 per diluted share, respectively, for the same period in 2024.

    Our cash balance as of March 31, 2025, totaled $23.0 million and our net cash position was $15.4 million. Total liquidity was $49.8 million as of March 31, 2025, inclusive of our cash balance and availability under our undrawn revolving credit facility, an increase of $15.4 million compared to one year ago.

    We have not experienced a significant impact on our business from escalating global trade tensions, and we expect that to continue to be the case in the second quarter of 2025. However, such global trade tensions and potential additional U.S. tariffs — along with retaliatory measures by other countries — present risks to commodity prices that could result in lower drilling and completions activity as compared to our initial expectations for both the second half and full year in 2025. If sustained, such conditions may result in a more pronounced decrease in drilling and completion activity across these markets. In addition, we are evaluating options to mitigate the impact of potential cost increases from tariffs that have been imposed by the U.S. on products from China and on steel imports, in particular.

    I want to express my continued appreciation to our team at NCS and Repeat Precision. Our accomplishments and our upcoming opportunities reflect the talent, effort and dedication of our outstanding teams. We have the right people, the right technology, and the right strategies in place to deliver extraordinary outcomes to our customers, drive innovation in the industry and create value for our shareholders. We’ve had a good start for the year and remain cautiously optimistic about the remainder of 2025. Our strong balance sheet remains a strategic asset for NCS and we will react swiftly and decisively in response to changing market conditions and opportunities.”

    Financial Review

    Total revenues were $50.0 million for the quarter ended March 31, 2025 compared to $43.9 million for the first quarter of 2024. Revenue growth was driven primarily by an increase in Canadian product sales and increases in services revenue across all of our geographic regions, partially offset by a decline in U.S. product sales attributed to certain project delays. The increase in product and service sales for Canada reflects robust activity levels, particularly for fracturing systems completions, a trend that began in the fourth quarter of 2024 and continued throughout the first quarter. The increase in international service revenues was driven by Middle East tracer diagnostics projects and North Sea fracturing systems product sales and services. 

    Compared to the fourth quarter of 2024, total revenues increased by 11%, with an increase in Canada of 26% due to continued strong activity levels. This increase was partially offset by a decline of 34% in international revenues, primarily associated with the timing of tracer service work in the Middle East, and a 13% decline in U.S. revenues.

    Gross profit was $21.1 million, with a gross margin of 42%, for the first quarter of 2025, compared to $17.0 million, with a gross margin of 39%, for the first quarter of 2024. Gross margin for 2025 improved due to an increase in higher-margin international work in both the Middle East and North Sea, and increased product sales in Canada. We also benefitted from efficiencies related to our supply chain and our manufacturing/assembly operations, leveraging certain fixed costs and capitalizing on lean manufacturing strategies implemented over the last year. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $21.9 million, or an adjusted gross margin of 44%, for the first quarter of 2025, compared to $17.6 million, or 40%, for the first quarter of 2024.

    Selling, general and administrative (“SG&A”) expenses totaled $16.2 million for the first quarter of 2025, an increase of $2.4 million compared to the same period in 2024. This increase in expense reflects a higher annual incentive bonus accrual year-over-year, higher professional fees and an increase in share-based compensation expense attributable to cash settled awards, which are remeasured at the balance sheet date based on the price of our common stock.

    Other income was $0.9 million for the first quarter of 2025 compared to $1.1 million for the first quarter of 2024. The decline in other income reflects the absence of a contribution from a technical services and assistance agreement with our local partner in Oman for the first quarter of 2025, as that program ended in November 2024. Partially offsetting this year-over year decrease was an increase in the royalty income earned from licensees for these periods.

    Net income was $4.1 million, or $1.51 per diluted share, for the quarter ended March 31, 2025 compared to net income of $2.1 million, or $0.82 per diluted share for the quarter ended March 31, 2024.

    Adjusted EBITDA was $8.2 million for the quarter ended March 31, 2025, an increase of $2.1 million compared to the same period a year ago. This improvement is primarily the result of an increase in Canada revenues and higher-margin international projects partially offset by an increase in SG&A expenses due to higher annual incentive bonus accruals. Adjusted EBITDA margin of 16% for the quarter ended March 31, 2025, compared to 14% for the same period a year ago. 

    Cash flow from operating activities for the three months ended March 31, 2025 was a use of cash of $(1.6) million, a $0.2 million improvement compared to the same period in 2024. For the three months ended March 31, 2025, free cash flow less distributions to non-controlling interest was a use of cash of $(2.1) million compared to a use of cash of $(2.5) million for the same period in 2024. The overall change in free cash flow was largely attributed to our operating results, change in net working capital including payment of incentive bonuses and cash-settled awards remeasured based on the price of our stock in the first quarter of 2025, and the absence of a distribution to our non-controlling interest in 2025, partially offset by an increase in net cash invested in capital expenditures.

    Liquidity and Capital Expenditures

    As of March 31, 2025, NCS had $23.0 million in cash, $7.6 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $26.8 million. Our working capital, defined as current assets minus current liabilities, was $85.2 million and $80.2 million as of March 31, 2025 and December 31, 2024, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.4 million and $56.4 million as of March 31, 2025 and December 31, 2024, respectively. The increase in our net working capital was primarily attributable to an increase in accounts receivable and a decrease in accrued expenses due in part to payment of our 2024 incentive bonus in the first quarter of 2025, partially offset by an increase in accounts payable. 

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively.

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

    Conference Call

    The Company will host a conference call to discuss its first quarter 2025 results and updated guidance on Thursday, May 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). For those participants who wish to ask questions, please dial (800) 715-9871 (U.S. toll-free) or +1 (646) 307-1963 (international) and enter the Conference ID: 7182351. A listen-only option is also available through this link. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investors section of the Company’s website, www.ncsmultistage.com.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)    		  
       
        Three Months Ended  
        March 31,  
        2025     2024  
    Revenues                
    Product sales   $ 35,066     $ 31,758  
    Services     14,939       12,100  
    Total revenues     50,005       43,858  
    Cost of sales                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     20,352       19,692  
    Cost of services, exclusive of depreciation and amortization expense shown below     7,798       6,595  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     28,150       26,287  
    Selling, general and administrative expenses     16,195       13,830  
    Depreciation     1,204       1,073  
    Amortization     167       167  
    Income from operations     4,289       2,501  
    Other income (expense)                
    Interest expense, net     (42 )     (100 )
    Other income, net     883       1,137  
    Foreign currency exchange loss, net     (3 )     (498 )
    Total other income     838       539  
    Income before income tax     5,127       3,040  
    Income tax expense     673       487  
    Net income     4,454       2,553  
    Net income attributable to non-controlling interest     398       483  
    Net income attributable to NCS Multistage Holdings, Inc.   $ 4,056     $ 2,070  
    Earnings per common share                
    Basic earnings per common share attributable to NCS Multistage Holdings, Inc.   $ 1.58     $ 0.83  
    Diluted earnings per common share attributable to NCS Multistage Holdings, Inc.   $ 1.51     $ 0.82  
    Weighted average common shares outstanding                
    Basic     2,568       2,508  
    Diluted     2,686       2,539  
       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    (Unaudited)    		  
                 
        March 31,     December 31,  
        2025     2024  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 22,997     $ 25,880  
    Accounts receivable—trade, net     38,403       31,513  
    Inventories, net     40,756       40,971  
    Prepaid expenses and other current assets     1,852       2,063  
    Other current receivables     5,033       5,143  
    Total current assets     109,041       105,570  
    Noncurrent assets                
    Property and equipment, net     20,477       21,283  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,523       3,690  
    Operating lease assets     5,773       5,911  
    Deposits and other assets     660       712  
    Deferred income taxes, net     422       424  
    Total noncurrent assets     46,077       47,242  
    Total assets   $ 155,118     $ 152,812  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 11,751     $ 8,970  
    Accrued expenses     5,348       8,351  
    Income taxes payable     1,103       683  
    Operating lease liabilities     1,676       1,602  
    Current maturities of long-term debt     2,250       2,141  
    Other current liabilities     1,737       3,672  
    Total current liabilities     23,865       25,419  
    Noncurrent liabilities                
    Long-term debt, less current maturities     5,370       6,001  
    Operating lease liabilities, long-term     4,662       4,891  
    Other long-term liabilities     207       206  
    Deferred income taxes, net     178       186  
    Total noncurrent liabilities     10,417       11,284  
    Total liabilities     34,282       36,703  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024     —       —  
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at March 31, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024     26       26  
    Additional paid-in capital     447,936       447,384  
    Accumulated other comprehensive loss     (87,615 )     (87,604 )
    Retained deficit     (254,968 )     (259,024 )
    Treasury stock, at cost, 66,513 shares at March 31, 2025 and 56,549 shares at December 31, 2024     (2,211 )     (1,943 )
    Total stockholders’ equity     103,168       98,839  
    Non-controlling interest     17,668       17,270  
    Total equity     120,836       116,109  
    Total liabilities and stockholders’ equity   $ 155,118     $ 152,812  
       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)    		  
       
      Three Months Ended  
      March 31,  
      2025   2024  
    Cash flows from operating activities            
    Net income $ 4,454   $ 2,553  
    Adjustments to reconcile net income to net cash used in operating activities:            
    Depreciation and amortization   1,371     1,240  
    Amortization of deferred loan costs   52     51  
    Share-based compensation   1,445     902  
    Provision for inventory obsolescence   (35 )   316  
    Deferred income tax expense   1     5  
    Gain on sale of property and equipment   (36 )   (172 )
    Provision for credit losses   42     —  
    Net foreign currency unrealized loss (gain)   (849 )   373  
    Proceeds from note receivable   —     61  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (6,978 )   (10,282 )
    Inventories, net   200     1,521  
    Prepaid expenses and other assets   890     29  
    Accounts payable—trade   3,742     2,355  
    Accrued expenses   (3,003 )   130  
    Other liabilities   (3,273 )   (1,339 )
    Income taxes receivable/payable   332     377  
    Net cash used in operating activities   (1,645 )   (1,880 )
    Cash flows from investing activities            
    Purchases of property and equipment   (464 )   (299 )
    Purchase and development of software and technology   —     (13 )
    Proceeds from sales of property and equipment   13     176  
    Net cash used in investing activities   (451 )   (136 )
    Cash flows from financing activities            
    Payments on finance leases   (522 )   (449 )
    Line of credit borrowings   1,963     1,158  
    Payments of line of credit borrowings   (1,963 )   (602 )
    Treasury shares withheld   (268 )   (237 )
    Distribution to noncontrolling interest   —     (500 )
    Net cash used in financing activities   (790 )   (630 )
    Effect of exchange rate changes on cash and cash equivalents   3     (70 )
    Net change in cash and cash equivalents   (2,883 )   (2,716 )
    Cash and cash equivalents beginning of period   25,880     16,720  
    Cash and cash equivalents end of period $ 22,997   $ 14,004  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ —   $ 696  
    Assets obtained in exchange for new operating lease liabilities $ 244   $ —  
    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)    		  
       
        Three Months Ended  
        March 31,  
        2025     2024  
    United States                
    Product sales   $ 6,867     $ 7,767  
    Services     2,505       2,244  
    Total United States     9,372       10,011  
    Canada                
    Product sales     26,843       22,675  
    Services     10,875       8,994  
    Total Canada     37,718       31,669  
    Other Countries                
    Product sales     1,356       1,316  
    Services     1,559       862  
    Total other countries     2,915       2,178  
    Total                
    Product sales     35,066       31,758  
    Services     14,939       12,100  
    Total revenues   $ 50,005     $ 43,858  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income, income from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income, income from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        March 31,     December 31,  
        2025     2024  
    Working capital   $ 85,176     $ 80,151  
    Cash and cash equivalents     (22,997 )     (25,880 )
    Current maturities of long term debt     2,250       2,141  
    Net working capital   $ 64,429     $ 56,412  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended  
        March 31,  
        2025     2024  
    Total revenues   $ 50,005     $ 43,858  
    Total cost of sales, exclusive of depreciation and amortization expense     28,150       26,287  
    Total depreciation and amortization associated with cost of sales     715       616  
    Gross Profit   $ 21,140     $ 16,955  
    Gross Margin     42 %     39 %
    Exclude total depreciation and amortization associated with cost of sales     (715 )     (616 )
    Adjusted Gross Profit   $ 21,855     $ 17,571  
    Adjusted Gross Margin     44 %     40 %

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended  
        March 31,  
        2025     2024  
    Net income   $ 4,454     $ 2,553  
    Income tax expense     673       487  
    Interest expense, net     42       100  
    Depreciation     1,204       1,073  
    Amortization     167       167  
    EBITDA     6,540       4,380  
    Share-based compensation (a)     552       766  
    Professional fees (b)     989       253  
    Foreign currency exchange loss (c)     3       498  
    Other (d)     130       180  
    Adjusted EBITDA   $ 8,214     $ 6,077  
    Adjusted EBITDA Margin     16 %     14 %
    Adjusted EBITDA Less Share-Based Compensation   $ 7,662     $ 5,311  

    ___________________

    (a) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (b) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions. 
    (c) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (d) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Three Months Ended  
        March 31,  
        2025     2024  
    Net cash used in operating activities   $ (1,645 )   $ (1,880 )
    Purchases of property and equipment     (464 )     (299 )
    Purchase and development of software and technology     —       (13 )
    Proceeds from sales of property and equipment     13       176  
    Free cash flow   $ (2,096 )   $ (2,016 )
    Distributions to non-controlling interest     —       (500 )
    Free cash flow less distributions to non-controlling interest   $ (2,096 )   $ (2,516 )

    The MIL Network –

  • MIL-OSI: SEACOR Marine Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2025.

    SEACOR Marine’s consolidated operating revenues for the first quarter of 2025 were $55.5 million, operating loss was $5.3 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024, and consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024.

    Notable first quarter items include:

    • 11.6% decrease in revenues from the first quarter of 2024 and a 20.5% decrease from the fourth quarter of 2024.
    • Average day rates of $18,825, a 1.1% decrease from the first quarter of 2024, and flat from the fourth quarter of 2024.
    • 60% utilization, a decrease from 62% in the first quarter of 2024 and from 72% in the fourth quarter of 2024.
    • DVP margin of 24.5%, an increase from 23.4% in the first quarter of 2024 and a decrease from 33.1% in the fourth quarter of 2024, due in part to $5.2 million of drydocking and major repairs during the first quarter of 2025 compared to $8.5 million in the first quarter of 2024 and $3.5 million in the fourth quarter of 2024, all of which are expensed as incurred.
    • Completed the sale of one 2005 built liftboat which had been in long-term layup for total proceeds of $7.5 million and a gain of $5.6 million.
    • At the end of the first quarter of 2025, the Company had three vessels as held for sale, consisting of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”). The sales of these vessels closed in April 2025 for total proceeds of $33.2 million and a gain of $20.6 million, and the proceeds were used to (a) fund the repurchase of shares and warrants from Carlyle and (b) partially fund the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

    For the first quarter of 2025, net loss was $15.5 million ($0.56 loss per basic and diluted share). This compares to a net loss for the first quarter of 2024 of $23.1 million ($0.84 loss per basic and diluted share). Sequentially, the first quarter 2025 results compare to a net loss of $26.2 million ($0.94 loss per basic and diluted share) in the fourth quarter of 2024. All per share calculations do not reflect the share and warrant repurchase that occurred on April 4, 2025 as further discussed below.

    Chief Executive Officer John Gellert commented:

    “The first quarter results reflect lower utilization during our seasonally low first quarter, as well as flat average rates compared to the last two quarters of 2024. We typically target maintenance, drydocking and repositioning activities during the first quarter to take advantage of seasonality. Such activities accounted for a higher percentage of our utilization loss this quarter compared to the first quarter of 2024, although the associated expenses were substantially down. Average rates held stable for a third consecutive quarter, despite continued market softness in the North Sea and the Gulf of America, as well as customer delays in Mexico.

    We continue to see healthy tendering activity in international markets where SEACOR Marine is active, such as South America, West Africa and the Middle East. We have reduced our exposure in the North Sea, and will be closely monitoring our customer activity in the U.S., particularly in the decommissioning market in the Gulf of America, as we enter the seasonally higher quarters of the year.

    As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants. We funded this repurchase with a portion of the proceeds from the sale of one PSV built in 2014 that was classified as held for sale at the end of the first quarter.

    I am confident about SEACOR Marine’s positioning for the rest of 2025, even in an unpredictable macro environment. We have mostly rotated out of markets with high spot exposure and/or lower specification assets. We have a modern fleet, with additional high specification vessels scheduled to deliver in less than two years.”
    ___________________

    (1)   Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
         

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended March 31,  
        2025     2024  
    Operating Revenues   $ 55,499     $ 62,770  
    Costs and Expenses:            
    Operating     41,928       48,099  
    Administrative and general     11,486       11,917  
    Lease expense     337       481  
    Depreciation and amortization     12,810       12,882  
          66,561       73,379  
    Gains (Losses) on Asset Dispositions and Impairments, Net     5,809       (1 )
    Operating Loss     (5,253 )     (10,610 )
    Other Income (Expense):            
    Interest income     436       593  
    Interest expense     (9,586 )     (10,309 )
    Derivative gains (losses), net     125       (543 )
    Foreign currency losses, net     (1,196 )     (80 )
    Other, net     —       (95 )
          (10,221 )     (10,434 )
    Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (15,474 )     (21,044 )
    Income Tax Expense     904       925  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (16,378 )     (21,969 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies     889       (1,100 )
    Net Loss   $ (15,489 )   $ (23,069 )
                 
    Net Loss Per Share:            
    Basic   $ (0.56 )   $ (0.84 )
    Diluted   $ (0.56 )   $ (0.84 )
    Weighted Average Common Stock and Warrants Outstanding:            
    Basic     27,908,297       27,343,604  
    Diluted     27,908,297       27,343,604  
                     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except statistics and per share data)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Time Charter Statistics:                            
    Average Rates Per Day $ 18,825     $ 18,901     $ 18,879     $ 19,141     $ 19,042  
    Fleet Utilization   60 %     72 %     67 %     69 %     62 %
    Fleet Available Days (2)   4,583       4,870       5,026       4,994       5,005  
    Operating Revenues:                            
    Time charter $ 51,933     $ 66,095     $ 63,313     $ 65,649     $ 59,263  
    Bareboat charter   708       364       372       364       364  
    Other marine services   2,858       3,349       5,231       3,854       3,143  
        55,499       69,808       68,916       69,867       62,770  
    Costs and Expenses:                            
    Operating:                            
    Personnel   18,537       20,365       21,940       21,566       21,670  
    Repairs and maintenance   8,520       10,433       9,945       10,244       9,763  
    Drydocking   3,869       2,467       6,068       6,210       6,706  
    Insurance and loss reserves   2,153       2,473       2,584       3,099       1,738  
    Fuel, lubes and supplies   4,546       4,884       6,574       3,966       4,523  
    Other   4,303       6,104       5,796       4,435       3,699  
        41,928       46,726       52,907       49,520       48,099  
    Direct Vessel Profit (1)   13,571       23,082       16,009       20,347       14,671  
    Other Costs and Expenses:                            
    Lease expense   337       347       364       486       481  
    Administrative and general   11,486       10,888       11,019       10,889       11,917  
    Depreciation and amortization   12,810       12,879       12,928       12,939       12,882  
        24,633       24,114       24,311       24,314       25,280  
    Gains (Losses) on Asset Dispositions and Impairments, Net   5,809       11,624       1,821       37       (1 )
    Operating (Loss) Income   (5,253 )     10,592       (6,481 )     (3,930 )     (10,610 )
    Other Income (Expense):                            
    Interest income   436       372       358       445       593  
    Interest expense   (9,586 )     (10,001 )     (10,127 )     (10,190 )     (10,309 )
    Derivative gains (losses), net   125       (536 )     67       104       (543 )
    Loss on debt extinguishment   —       (31,923 )     —       —       —  
    Foreign currency (losses) gains, net   (1,196 )     1,308       (1,717 )     (560 )     (80 )
    Other, net   —       187       29       —       (95 )
        (10,221 )     (40,593 )     (11,390 )     (10,201 )     (10,434 )
    Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies   (15,474 )     (30,001 )     (17,871 )     (14,131 )     (21,044 )
    Income Tax Expense (Benefit)   904       (2,345 )     (513 )     (682 )     925  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies   (16,378 )     (27,656 )     (17,358 )     (13,449 )     (21,969 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies   889       1,430       1,012       966       (1,100 )
    Net Loss $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )
                                 
    Net Loss Per Share:                            
    Basic $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )
    Diluted $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )
    Weighted Average Common Stock and Warrants Outstanding:                            
    Basic   27,908       27,773       27,773       27,729       27,344  
    Diluted   27,908       27,773       27,773       27,729       27,344  
    Common Shares and Warrants Outstanding at Period End   29,488       28,950       28,950       28,941       28,906  

    _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    United States, primarily Gulf of America                            
    Time Charter Statistics:                            
    Average rates per day worked $ 23,874     $ 26,116     $ 17,188     $ 22,356     $ 28,156  
    Fleet utilization   25 %     45 %     42 %     37 %     27 %
    Fleet available days   1,121       920       920       921       927  
    Out-of-service days for repairs, maintenance and drydockings   153       75       116       179       137  
    Out-of-service days for cold-stacked status (2)   173       184       175       127       182  
    Operating Revenues:                            
    Time charter $ 6,765     $ 10,744     $ 6,593     $ 7,697     $ 6,957  
    Other marine services   235       1,114       1,188       480       1,026  
        7,000       11,858       7,781       8,177       7,983  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   6,486       6,097       6,297       6,284       5,781  
    Repairs and maintenance   1,479       1,680       1,655       1,879       1,404  
    Drydocking   1,066       1,451       2,615       2,570       1,968  
    Insurance and loss reserves   702       854       799       943       396  
    Fuel, lubes and supplies   819       854       964       866       667  
    Other   349       229       225       226       (171 )
        10,901       11,165       12,555       12,768       10,045  
    Direct Vessel (Loss) Profit (1) $ (3,901 )   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )
    Other Costs and Expenses:                            
    Lease expense $ 136     $ 136     $ 140     $ 141     $ 138  
    Depreciation and amortization   3,705       3,196       3,194       3,194       2,750  
                                 
    Africa and Europe                            
    Time Charter Statistics:                            
    Average rates per day worked $ 17,294     $ 16,895     $ 18,875     $ 18,580     $ 15,197  
    Fleet utilization   70 %     73 %     77 %     74 %     76 %
    Fleet available days   1,710       1,856       1,990       1,969       1,775  
    Out-of-service days for repairs, maintenance and drydockings   382       180       203       203       238  
    Out-of-service days for cold-stacked status   —       —       58       91       91  
    Operating Revenues:                            
    Time charter $ 20,835     $ 22,999     $ 28,809     $ 27,047     $ 20,555  
    Other marine services   852       1,027       3,048       1,028       169  
        21,687       24,026       31,857       28,075       20,724  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   5,183       5,654       6,083       4,969       5,181  
    Repairs and maintenance   3,462       3,712       3,455       3,161       3,209  
    Drydocking   1,241       835       681       1,226       2,032  
    Insurance and loss reserves   594       577       599       819       334  
    Fuel, lubes and supplies   2,180       2,226       2,514       1,170       1,287  
    Other   2,727       3,748       3,975       2,801       2,199  
        15,387       16,752       17,307       14,146       14,242  
    Direct Vessel Profit (1) $ 6,300     $ 7,274     $ 14,550     $ 13,929     $ 6,482  
    Other Costs and Expenses:                            
    Lease expense $ 63     $ 82     $ 75     $ 172     $ 178  
    Depreciation and amortization   4,402       4,477       4,540       4,565       3,915  

    _______________
    (1) See full description of footnote above.
    (2) Includes one FSV cold-stacked in this region as of March 31, 2025.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
     
      Three Months Ended  
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Middle East and Asia                            
    Time Charter Statistics:                            
    Average rates per day worked $ 17,848     $ 17,337     $ 17,825     $ 17,083     $ 16,934  
    Fleet utilization   75 %     88 %     71 %     82 %     71 %
    Fleet available days   1,170       1,266       1,288       1,296       1,365  
    Out-of-service days for repairs, maintenance and drydockings   82       30       229       168       224  
    Operating Revenues:                            
    Time charter $ 15,710     $ 19,385     $ 16,411     $ 18,073     $ 16,477  
    Other marine services   292       635       375       619       350  
        16,002       20,020       16,786       18,692       16,827  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   4,927       5,470       5,769       6,930       5,963  
    Repairs and maintenance   2,505       3,574       3,318       3,443       2,712  
    Drydocking   1,031       (226 )     832       707       1,483  
    Insurance and loss reserves   702       804       927       798       618  
    Fuel, lubes and supplies   883       840       1,043       1,103       1,198  
    Other   881       1,305       1,131       989       1,000  
        10,929       11,767       13,020       13,970       12,974  
    Direct Vessel Profit (1) $ 5,073     $ 8,253     $ 3,766     $ 4,722     $ 3,853  
    Other Costs and Expenses:                            
    Lease expense $ 83     $ 72     $ 73     $ 71     $ 85  
    Depreciation and amortization   3,230       3,272       3,261       3,247       3,496  
                                 
    Latin America                            
    Time Charter Statistics:                            
    Average rates per day worked $ 22,084     $ 21,390     $ 21,984     $ 22,437     $ 28,308  
    Fleet utilization   67 %     73 %     63 %     71 %     58 %
    Fleet available days (2)   582       828       828       808       938  
    Out-of-service days for repairs, maintenance and drydockings   —       20       94       41       1  
    Operating Revenues:                            
    Time charter $ 8,623     $ 12,967     $ 11,500     $ 12,832     $ 15,274  
    Bareboat charter   708       364       372       364       364  
    Other marine services   1,479       573       620       1,727       1,598  
        10,810       13,904       12,492       14,923       17,236  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   1,941       3,144       3,791       3,383       4,745  
    Repairs and maintenance   1,074       1,467       1,517       1,761       2,438  
    Drydocking   531       407       1,940       1,707       1,223  
    Insurance and loss reserves   155       238       259       539       390  
    Fuel, lubes and supplies   664       964       2,053       827       1,371  
    Other   346       822       465       419       671  
        4,711       7,042       10,025       8,636       10,838  
    Direct Vessel Profit (1) $ 6,099     $ 6,862     $ 2,467     $ 6,287     $ 6,398  
    Other Costs and Expenses:                            
    Lease expense $ 55     $ 57     $ 76     $ 102     $ 80  
    Depreciation and amortization   1,473       1,934       1,933       1,933       2,721  

    _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    AHTS                            
    Time Charter Statistics:                            
    Average rates per day worked $ —     $ 10,410     $ 10,316     $ 8,125     $ 8,538  
    Fleet utilization   — %     79 %     46 %     49 %     75 %
    Fleet available days   —       178       334       364       364  
    Out-of-service days for repairs, maintenance and drydockings   —       28       87       29       —  
    Out-of-service days for cold-stacked status   —       —       58       91       91  
    Operating Revenues:                            
    Time charter $ 15     $ 1,465     $ 1,576     $ 1,459     $ 2,331  
    Other marine services   9       —       13       219       —  
        24       1,465       1,589       1,678       2,331  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 1     $ 595     $ 981     $ 1,045     $ 1,064  
    Repairs and maintenance   38       128       239       465       220  
    Drydocking   —       5       436       280       68  
    Insurance and loss reserves   —       49       66       97       43  
    Fuel, lubes and supplies   66       25       90       69       616  
    Other   12       210       263       230       287  
        117       1,012       2,075       2,186       2,298  
    Other Costs and Expenses:                            
    Lease expense $ —     $ 7     $ 4     $ 164     $ 171  
    Depreciation and amortization   4       122       175       175       175  
                                 
    FSV                            
    Time Charter Statistics:                            
    Average rates per day worked $ 13,786     $ 13,643     $ 13,102     $ 12,978     $ 11,834  
    Fleet utilization   71 %     72 %     81 %     80 %     72 %
    Fleet available days   1,980       2,024       2,024       2,002       2,002  
    Out-of-service days for repairs, maintenance and drydockings   135       118       96       128       216  
    Out-of-service days for cold-stacked status   90       92       83       36       91  
    Operating Revenues:                            
    Time charter $ 19,357     $ 19,992     $ 21,606     $ 20,698     $ 17,081  
    Other marine services   762       416       1,012       516       126  
        20,119       20,408       22,618       21,214       17,207  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 4,933     $ 5,078     $ 5,637     $ 5,829     $ 5,649  
    Repairs and maintenance   2,983       4,480       4,378       4,572       3,093  
    Drydocking   353       426       448       457       1,869  
    Insurance and loss reserves   517       422       532       546       277  
    Fuel, lubes and supplies   1,173       1,586       1,962       993       1,051  
    Other   1,782       2,456       2,238       1,850       1,649  
        11,741       14,448       15,195       14,247       13,588  
    Other Costs and Expenses:                            
    Depreciation and amortization $ 4,932     $ 4,746     $ 4,744     $ 4,746     $ 4,744  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    PSV                            
    Time Charter Statistics:                            
    Average rates per day worked $ 19,424     $ 17,912     $ 21,819     $ 20,952     $ 19,133  
    Fleet utilization   55 %     72 %     58 %     66 %     53 %
    Fleet available days (1)   1,890       1,932       1,932       1,900       1,911  
    Out-of-service days for repairs, maintenance and drydockings   396       117       349       291       307  
    Operating Revenues:                            
    Time charter $ 20,286     $ 24,865     $ 24,488     $ 26,390     $ 19,390  
    Bareboat charter   708       364       372       364       364  
    Other marine services   508       1,561       2,855       2,266       416  
        21,502       26,790       27,715       29,020       20,170  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 8,351     $ 8,999     $ 9,360     $ 8,979     $ 8,850  
    Repairs and maintenance   3,949       4,101       3,798       3,151       4,393  
    Drydocking   2,513       1,046       2,629       2,616       3,386  
    Insurance and loss reserves   631       618       636       1,037       395  
    Fuel, lubes and supplies   2,594       2,379       3,594       1,575       1,889  
    Other   2,018       2,566       2,821       1,850       1,395  
        20,056       19,709       22,838       19,208       20,308  
    Other Costs and Expenses:                            
    Lease expense $ —     $ —     $ (3 )   $ 3     $ —  
    Depreciation and amortization   4,133       4,122       4,117       4,128       4,073  

    _______________
    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Liftboats                            
    Time Charter Statistics:                            
    Average rates per day worked $ 39,559     $ 39,326     $ 36,423     $ 43,204     $ 53,506  
    Fleet utilization   44 %     68 %     58 %     54 %     53 %
    Fleet available days   713       736       736       728       728  
    Out-of-service days for repairs, maintenance and drydockings   87       41       109       143       78  
    Out-of-service days for cold-stacked status   83       92       92       91       91  
    Operating Revenues:                            
    Time charter $ 12,275     $ 19,773     $ 15,643     $ 17,102     $ 20,461  
    Other marine services   1,289       1,177       1,142       666       1,772  
        13,564       20,950       16,785       17,768       22,233  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 5,247     $ 5,678     $ 5,926     $ 6,842     $ 6,140  
    Repairs and maintenance   1,571       1,722       1,531       2,054       2,035  
    Drydocking   1,003       990       2,555       2,857       1,383  
    Insurance and loss reserves   1,241       1,384       1,334       1,482       1,282  
    Fuel, lubes and supplies   712       894       928       1,329       967  
    Other   482       860       473       519       343  
        10,256       11,528       12,747       15,083       12,150  
    Other Costs and Expenses:                            
    Depreciation and amortization   3,719       3,866       3,866       3,865       3,866  
                                 
    Other Activity                            
    Operating Revenues:                            
    Other marine services $ 290     $ 195     $ 209     $ 187     $ 829  
        290       195       209       187       829  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 5     $ 15     $ 36     $ (1,129 )   $ (33 )
    Repairs and maintenance   (21 )     2       (1 )     2       22  
    Insurance and loss reserves   (236 )     —       16       (63 )     (259 )
    Fuel, lubes and supplies   1       —       —       —       —  
    Other   9       12       1       (14 )     25  
        (242 )     29       52       (1,204 )     (245 )
    Other Costs and Expenses:                            
    Lease expense $ 337     $ 340     $ 363     $ 319     $ 310  
    Depreciation and amortization   22       23       26       25       24  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    ASSETS                            
    Current Assets:                            
    Cash and cash equivalents $ 42,988     $ 59,491     $ 35,601     $ 40,605     $ 59,593  
    Restricted cash   2,440       16,649       2,263       2,255       2,566  
    Receivables:                            
    Trade, net of allowance for credit loss   63,946       69,888       76,497       70,770       58,272  
    Other   8,811       7,913       7,841       6,210       12,210  
    Tax receivable   1,602       1,601       983       983       983  
    Inventories   2,827       2,760       3,139       3,117       2,516  
    Prepaid expenses and other   6,075       4,406       4,840       5,659       3,425  
    Assets held for sale   12,195       10,943       —       500       500  
    Total current assets   140,884       173,651       131,164       130,099       140,065  
    Property and Equipment:                            
    Historical cost   881,961       900,414       921,445       921,443       919,139  
    Accumulated depreciation   (365,422 )     (367,448 )     (362,604 )     (349,799 )     (337,001 )
        516,539       532,966       558,841       571,644       582,138  
    Construction in progress   27,248       11,904       11,935       11,518       13,410  
    Net property and equipment   543,787       544,870       570,776       583,162       595,548  
    Right-of-use asset – operating leases   3,293       3,436       3,575       3,683       3,988  
    Right-of-use asset – finance leases   28       36       19       28       29  
    Investments, at equity, and advances to 50% or less owned companies   4,507       3,541       2,046       2,641       3,122  
    Other assets   1,665       1,577       1,864       1,953       2,094  
    Total assets $ 694,164     $ 727,111     $ 709,444     $ 721,566     $ 744,846  
    LIABILITIES AND EQUITY                            
    Current Liabilities:                            
    Current portion of operating lease liabilities $ 540     $ 606     $ 494     $ 861     $ 1,285  
    Current portion of finance lease liabilities   11       17       17       26       33  
    Current portion of long-term debt   30,000       27,500       28,605       28,605       28,605  
    Accounts payable   28,445       29,236       22,744       17,790       23,453  
    Other current liabilities   16,414       27,683       28,808       23,795       21,067  
    Total current liabilities   75,410       85,042       80,668       71,077       74,443  
    Long-term operating lease liabilities   2,926       2,982       3,221       3,276       3,390  
    Long-term finance lease liabilities   17       20       4       5       —  
    Long-term debt   310,108       317,339       272,325       277,740       281,989  
    Deferred income taxes   20,312       22,037       26,802       30,083       33,873  
    Deferred gains and other liabilities   1,356       1,369       1,416       1,447       2,285  
    Total liabilities   410,129       428,789       384,436       383,628       395,980  
    Equity:                            
    SEACOR Marine Holdings Inc. stockholders’ equity:                            
    Common stock   293       287       287       286       286  
    Additional paid-in capital   480,904       479,283       477,661       476,020       474,433  
    Accumulated deficit   (196,089 )     (180,600 )     (154,374 )     (138,028 )     (125,609 )
    Shares held in treasury   (9,628 )     (8,110 )     (8,110 )     (8,110 )     (8,071 )
    Accumulated other comprehensive income, net of tax   8,234       7,141       9,223       7,449       7,506  
        283,714       298,001       324,687       337,617       348,545  
    Noncontrolling interests in subsidiaries   321       321       321       321       321  
    Total equity   284,035       298,322       325,008       337,938       348,866  
    Total liabilities and equity $ 694,164     $ 727,111     $ 709,444     $ 721,566     $ 744,846  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
     
            Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Cash Flows from Operating Activities:                            
    Net Loss $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                            
    Depreciation and amortization   12,810       12,879       12,928       12,939       12,882  
    Deferred financing costs amortization   43       254       298       297       295  
    Stock-based compensation expense   1,627       1,622       1,604       1,587       1,645  
    Debt discount amortization   226       1,799       2,061       1,993       1,926  
    Allowance for credit losses   (407 )     59       101       39       3  
    (Gains) losses from equipment sales, retirements or impairments   (5,809 )     (11,624 )     (1,821 )     (37 )     1  
    Losses on debt extinguishment   —       28,252       —       —       —  
    Derivative (gains) losses   (125 )     536       (67 )     (104 )     543  
    Interest on finance lease   1       2       —       1       —  
    Settlements on derivative transactions, net   (373 )     —       —       —       164  
    Currency losses (gains)   1,196       (1,308 )     1,717       560       80  
    Deferred income taxes   (1,725 )     (4,766 )     (3,281 )     (3,790 )     (1,845 )
    Equity (earnings) losses   (889 )     (1,430 )     (1,012 )     (966 )     1,100  
    Dividends received from equity investees   —       —       1,498       1,418       —  
    Changes in Operating Assets and Liabilities:                            
    Accounts receivables   5,333       5,448       (7,411 )     (6,928 )     4,291  
    Other assets   (1,681 )     1,338       1,032       (2,395 )     (1,290 )
    Accounts payable and accrued liabilities   (6,204 )     1,693       9,325       (4,378 )     (3,895 )
    Net cash (used in) provided by operating activities   (11,466 )     8,528       626       (12,247 )     (7,169 )
    Cash Flows from Investing Activities:                            
    Purchases of property and equipment   (20,795 )     (3,010 )     (210 )     (658 )     (3,416 )
    Proceeds from disposition of property and equipment   8,472       22,441       2,331       86       —  
    Net cash (used in) provided by investing activities   (12,323 )     19,431       2,121       (572 )     (3,416 )
    Cash Flows from Financing Activities:                            
    Payments on long-term debt   (5,000 )     (2,479 )     (7,770 )     (6,533 )     (7,530 )
    Payments on debt extinguishment   —       (328,712 )     —       —       —  
    Payments on debt extinguishment cost   —       (3,671 )     —       —       —  
    Proceeds from issuance of long-term debt, net of debt discount and issuance costs   (396 )     345,192       —       —       —  
    Payments on finance leases   (9 )     (13 )     (10 )     (9 )     (9 )
    Proceeds from exercise of stock options and warrants   —       —       38       102       —  
    Tax withholdings on restricted stock vesting   (1,518 )     —       —       (39 )     (3,850 )
    Net cash (used in) provided by financing activities   (6,923 )     10,317       (7,742 )     (6,479 )     (11,389 )
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents   —       —       (1 )     (1 )     2  
    Net Change in Cash, Restricted Cash and Cash Equivalents   (30,712 )     38,276       (4,996 )     (19,299 )     (21,972 )
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period   76,140       37,864       42,860       62,159       84,131  
    Cash, Restricted Cash and Cash Equivalents, End of Period $ 45,428     $ 76,140     $ 37,864     $ 42,860     $ 62,159  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Managed     Total  
    March 31, 2025                  
    AHTS     —       2       2  
    FSV     22       1       23  
    PSV     21       —       21  
    Liftboats     7       —       7  
          50       3       53  
    December 31, 2024                  
    AHTS     —       2       2  
    FSV     22       1       23  
    PSV     21       —       21  
    Liftboats     8       —       8  
          51       3       54  
                             

    The MIL Network –

  • MIL-OSI: OTC Markets Group Announces First Quarter 2025 Earnings Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM) today announced it will report its financial results for the first quarter ended March 31, 2025, after the close of the U.S. capital markets on Wednesday, May 7, 2025.

    In addition, OTC Markets Group will host a conference call and webcast on Thursday, May 8, 2025, at 8:30 a.m. eastern time, during which management will discuss the financial results in further detail.

    Webcast:
    The conference webcast and management presentation can be accessed at the following link (the replay will be available until May 7, 2026):

    https://edge.media-server.com/mmc/p/5vwtdq3q

    Live Call:
    Participants intending to ask a question during the live call and Q&A session should also register in advance at:

    https://register-conf.media-server.com/register/BI6b79867bad5f4586a7cd407f82eecd3b

    Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

    The Quarterly Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of the OTC Markets Group website at

    www.otcmarkets.com/investor-relations/overview.

    About OTC Markets Group Inc.

    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Investor Contact:

    Antonia Georgieva
    Chief Financial Officer
    Phone: (212) 220-2215
    Email: ir@otcmarkets.com

    Media Contact:

    OTC Markets Group Inc.
    Phone: (212) 896-4428
    Email: media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Enovix Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., April 30, 2025 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for the first quarter 2025, which included the summary below from its President and CEO, Dr. Raj Talluri.

    Fellow Shareholders,

    In the first quarter of 2025, Enovix advanced across critical milestones with our lead smartphone customer, keeping us on track for a customer product launch later this year. We also strengthened our leadership team, expanded our manufacturing footprint through a strategic acquisition in South Korea, and accelerated progress towards mass production readiness at Fab2 in Malaysia.

    Recent Highlights

    • Revenue Growth: Preliminary and unaudited first quarter revenue was $5.1 million, exceeding the midpoint of our guidance range. We also secured bookings on defense orders which support growth into the second half of 2025.
    • Smartphone Batteries: Began development of cells with the exact dimensions of the planned commercial product this year; first qualification deliveries are scheduled in Q2.
    • XR Batteries: Delivered a significantly larger quantity of XR battery samples to our lead customer for extended testing and system-level integration. These packs, assembled in our South Korea facility using custom cells from Fab2, will support the customer’s ongoing evaluation ahead of product qualification.
    • Manufacturing Readiness: Fab2 in Malaysia achieved ISO 9001:2015 certification with zero major or minor findings. Additionally, we concluded the first customer audits of both Fab2 in Malaysia and our South Korea facility.
    • Leadership Team: Appointed Ryan Benton as chief financial officer and promoted Samira Naraghi to chief business officer.
    • South Korea Acquisition: Acquired SolarEdge assets, including coating equipment that supports capacity expansion at Fab2 and adds production capacity for South Korean defense programs, reinforcing our presence in a key strategic market.
    • Capitalization: Ended Q1 with $248 million in cash, cash equivalents, and marketable securities (preliminary and unaudited), driven by disciplined expense management ahead of mass production in Malaysia, and positive contribution from defense sales.

    The north star for Enovix is commercialization of our breakthrough battery architecture, beginning with the launch of our first smartphone battery – an important step towards scaling the business to profitability. In parallel, like many global companies, we are actively monitoring changes in the global trade environment for any potential impacts to our operations and customers. At this time, we do not anticipate a material change in risk to our near-term outlook, as most of our planned sales are concentrated within Asia.

    We also see opportunities in the evolving global trade landscape. In April 2025, we acquired a second facility in South Korea for $10 million. The asset purchase from SolarEdge includes equipment for additional coating capacity at Fab2, as well as expanded production for Korean defense programs, reinforcing our presence in a key strategic market. The facility that we acquired from SolarEdge also offers significant room for expansion, which could provide strategic value as global supply chains continue to rapidly evolve.

    Our South Korea operations also help us with increased visibility on cutting-edge battery technology in conventional architectures. In 2024, we were among the battery manufacturers that deployed a technique called silicon doping where small amounts of silicon are added to graphite anodes which increases battery capacity. Based on our first-hand experience and feedback from our smartphone customers, we believe that our competition will be capped from achieving meaningful ED enhancements using this technique, within their current architecture, due to swelling and other trade-offs. Our internal benchmarking analysis of premium smartphone batteries launched in 2024 indicates that Enovix’s unique architecture with 100% active silicon will hold a material lead in ED, and we expect it will grow considerably with future generations.

    We are focused on the smartphone industry not only because we believe it offers the largest and fastest profitability outlook, but also because the technical requirements are so demanding that addressing this market opens opportunities in others. Smart eyewear emerged as an example in Q1 when we delivered our first customer samples. This quarter, we are accelerating our expansion in the handheld computer and scanner segment, where we’ve been engaged with a market leader in retail and logistics for several quarters, and our samples have passed initial testing. Recent tariff developments have further strengthened our position in this segment, prompting increased urgency and deeper collaboration.

    Business Update

    Manufacturing. Key accomplishments in the first quarter included securing ISO 9001:2015 certification, driving targeted yield improvements, and continuing to build cumulative production volume. We see a clear path to execute against our manufacturing roadmap. We localized the supply chain which led to a reduction of our custom cell tooling and switchover time by over 40%. This enhanced flexibility improves our per zone capacity as we scale toward additional lines. During this ramp process, we’ve maintained open engagement with customers and partners who visit the facility, as well as one OEM concluding their audit.

    Commercialization. The business team met our top objectives for the quarter – passing another milestone for our lead smartphone customer agreement, finalizing the chemistry, obtaining the precise smartphone cell dimensions, and commencing development of the final samples to be used in the qualification process this summer.  

    We continue to be actively engaged with other smartphone OEMs to ensure a rapid ramp once we are established in the market. Progress continues with our two marquee smart glasses customers, one of which received their unique battery samples this quarter, aligned with their product development schedules.

    In the electric vehicle space, we achieved key milestones that significantly improved the likelihood of expanding our commercial agreement with one of our two OEM partners later this year. Our partners remain highly committed to electrification. We also noted a major charge time improvement announced by a leading battery supplier in Asia, which we view as a strong validation of our cooling architecture – designed for scalable production and industry-leading performance, particularly in charge time and energy density.

    Products. Our internal benchmarking confirms that we are well-positioned to maintain technology leadership for the foreseeable future. The initial products slated for launch are built on our EX-1M technology node, with customer-specific customizations. While premium-category smartphones batteries improved energy density through silicon doping in 2024, we advanced our own electrochemistry with EX-2M – a foundational step that we believe will solidify our leadership position through 2026.

    To further extend this lead, we finalized the design specification of EX-3M, which incorporates a significant architectural enhancement projected to deliver more than a 30% capacity advantage compared to premium solutions available today. We anticipate a similar performance leap with the development of EX-4M.

    Q1 2025 Financial Highlights (Preliminary and Unaudited)

    Revenue was $5.1 million in the first quarter of 2025, near the high end of our guidance range and roughly flat year over year. As expected, revenue declined from $9.7 million in the fourth quarter of 2024 due to the seasonal buying cycle of South Korean defense customers who typically procure a majority of orders in the second half of the calendar year – a trend we expect to repeat in 2025. Our GAAP cost of revenue was $4.8 million, resulting in our second consecutive quarter of positive gross margin.

    GAAP operating expenses were $42.8 million in the first quarter of 2025, compared to $35.6 million in the fourth quarter of 2024 and $68.3 million in the first quarter of 2024, reflecting the impact of cost reduction initiatives implemented over the past year. Non-GAAP operating expenses were $29.7 million, up from $24.3 million in the previous quarter, reflecting preparation for mass production in Malaysia later this year, higher R&D depreciation from recent equipment additions, and increased SG&A expenses. Non-GAAP operating expenses for the first quarter of 2025, down significantly from $54.4 million in the first quarter of 2024, primarily reflecting the benefits of cost reduction initiatives implemented over the past year.

    GAAP net loss attributable to Enovix was $23.5 million in the first quarter of 2025, compared to $37.5 million in the previous quarter. As a reminder, GAAP net loss is impacted quarterly by changes in the fair value of common stock warrants, which resulted in a $15.8 million gain in the first quarter of 2025 compared to a $5.1 million expense in the fourth quarter of 2024.  

    Adjusted EBITDA loss was $22.2 million in the first quarter of 2025, compared to a loss of $14.3 million in the previous quarter. The sequential change was driven primarily by increased operating expenses, including the impact of additional hiring at sites in Asia.

    GAAP net loss per share attributable to Enovix was $0.12 and non-GAAP net loss per share attributable to Enovix was $0.15, compared to $0.20 on a GAAP basis and $0.11 on a non-GAAP basis in the fourth quarter of 2024.

    We exited the first quarter of 2025 with $248.2 million in cash, cash equivalents, and marketable securities, down from $272.9 million in the prior quarter primarily due to $16.9 million used in operating activities and $6.3 million in capital expenditures.

    A full reconciliation of our GAAP to non-GAAP results is available later in this report.

    Q2 2025 Financial Outlook

    Looking ahead, based upon current business trends and conditions, we expect for the second quarter of 2025:

    • Revenue in the range of $4.5 million to $6.5 million (Q1 2025: $5.1 million)
    • Non-GAAP operating loss1 in the range of $31 million to $37 million (Q1 2025: $29.4 million)
    • Adjusted EBITDA loss1 in the range of $23 million to $29 million (Q1 2025: $22.2 million)
    • Non-GAAP net loss1per share attributable to Enovix in the range of $0.15 to $0.21 (Q1 2025: $0.15)

    1 We are not presenting a quantitative reconciliation to the GAAP equivalents for non-GAAP operating loss, adjusted EBITDA loss and non-GAAP net loss per share attributable to Enovix, in reliance on the unreasonable efforts exception under Item 10(e)(1)(i)(B) of Regulation S-K. Further information is provided below under the heading “Non-GAAP Financial Measures.”

    Summary

    Enovix delivered strong operational progress during the first quarter of 2025, progressing Fab2 to an advanced stage of readiness for mass production. With product qualification activities underway with marquee customers, we are positioned to drive volume production, achieve key commercialization milestones, and build the foundation for expanded production scale in 2026. Our focus remains on disciplined execution as we transition to high-volume manufacturing and capitalize on the significant growth opportunities ahead.

    Conference Call Information

    Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, April 30, 2025, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q1-2025.open-exchange.net/registration This link will also be available via the Investor Relations section of the Enovix website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to vehicles and headsets, needs a better battery. The company has developed an innovative, materials-agnostic approach to building a higher performing battery without compromising safety, and it partners with OEMs worldwide to usher in a new era of user experiences.

    Enovix is headquartered in Silicon Valley with facilities in India, South Korea and Malaysia. For more information visit https://enovix.com and follow us on LinkedIn.

    Non-GAAP Financial Measures

    This shareholder letter includes the use of non-GAAP financial measures, which are intended to provide supplemental information regarding our performance. These non-GAAP measures include non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP operating expenses, non-GAAP operating income (loss), EBITDA, adjusted EBITDA, non-GAAP net income (loss) attributable to Enovix shareholders, non-GAAP earnings (loss) per share, free cash flow, and other non-GAAP measures.

    We use these non-GAAP measures to supplement our financial reporting and to evaluate ongoing operations and results, facilitate internal planning and forecasting, and assess performance against prior periods, industry peers, and the broader market. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles (GAAP) and should not be considered as an alternative to GAAP results. Industry peers and other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including but not limited to, that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. We believe that these non-GAAP measures, when considered together with the GAAP results, provide investors with an additional understanding of our operating performance. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.

    While Enovix provides second quarter 2025 guidance for non-GAAP operating loss, adjusted EBITDA loss and non-GAAP net loss per share attributable to Enovix, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures, and we have not provided a quantitative reconciliation in reliance on the unreasonable efforts exception under Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to change in fair value of common stock, stock-based compensation and related tax effects, acquisition-related costs, and restructuring costs. As a result, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

    Forward-Looking Statements

    This letter to shareholders 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. Forward-looking statements relate to future events or our future financial or operating performance and are identified by words such as anticipate, believe, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, will, would and similar expressions.

    Forward-looking statements in this letter to shareholders include, but are not limited to, statements regarding: (a) our future operating results, financial position, growth opportunities and guidance, and our anticipation that changes in the global trade environment do not pose a material risk to our outlook; (b) our commercialization plans, strategy and product development roadmap, including the readiness, performance, timing, and customer qualification of EX-1M, EX-2M, EX-3M, EX-4M, and other battery nodes; (c) our manufacturing strategy, including scale-up and operational readiness, including at Fab2 in Malaysia, our assets and facility expansion in South Korea and the anticipated benefits of the SolarEdge asset purchase, and our ability to enhance per-zone capacity and reduce switching time between configurations; (d) our internal benchmarking of energy density and competitive positioning, including our ability to maintain and expand a performance lead over other silicon-doped or conventional battery architectures, and our beliefs about our competitors’ inability to achieve further energy density enhancements using these techniques due to swelling; (e) customer interest, qualification activities, and expected adoption of our products across smartphone, smart eyewear, AI-powered devices, XR, handheld computing, defense, drone, IoT, and EV segments; (f) our ability to enter into or expand commercial agreements, including strategic partnerships, design wins, production contracts, and potential expansion of agreements with automotive OEMs; (g) the strategic value and potential for expansion of our acquired South Korea facility, and its role in supporting defense programs and Fab2 capacity; (h) the impact of seasonal purchasing patterns, including defense procurement cycles; (i) the impacts of tariffs, trade policies, and regional market developments on our business strategy and demand outlook; (j) anticipated trends, risks, and opportunities across our addressable markets and the broader economic environment, including interest rates, inflation, currency fluctuations, and global supply chain evolution; (k) the timing and ability to raise additional capital through equity, debt, or other instruments to support operations, growth initiatives, or capital expenditures; (l) the impact of AI feature adoption on demand for energy-dense batteries; (m) the timing and expected success of achieving technical milestones, including audits by OEMs, production ramp-up readiness, and securing purchase orders; and (n) our exposure to and management of global trade risks.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. These documents are available in the SEC Filings section of the Investor Relations page at https://ir.enovix.com and at www.sec.gov.

    The financial results presented herein are preliminary and based on information known by management as of the date of this press release; final financial results will be included in the Company’s quarterly report on Form 10-Q for the fiscal quarter ended March 30, 2025. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Investor Contact:
    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com   

    Media Contact:
    Bateman Agency for Enovix
    Kaelyn Attridge
    Email: enovix@bateman.agency

    Enovix Corporation
    Condensed Consolidated Balance Sheets
    (Unaudited) (In Thousands, Except Share and per Share Amounts)
           
      March 30,
    2025    		   December 29,
    2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 189,874     $ 272,869  
    Short-term investments   58,281       —  
    Accounts receivable, net   2,897       4,566  
    Notes receivable, net   1,255       4  
    Inventory   10,483       7,664  
    Prepaid expenses and other current assets   7,382       9,903  
    Total current assets   270,172       295,006  
    Property and equipment, net   165,775       167,947  
    Customer relationship intangibles and other intangibles, net   35,205       36,394  
    Operating lease, right-of-use assets   12,921       13,479  
    Goodwill   12,217       12,217  
    Other assets, non-current   2,755       2,126  
    Total assets $ 499,045     $ 527,169  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 20,610     $ 9,492  
    Accrued expenses   8,540       19,843  
    Accrued compensation   6,481       8,228  
    Short-term debt   10,367       9,452  
    Deferred revenue   6,630       3,650  
    Other liabilities   5,161       3,036  
    Total current liabilities   57,789       53,701  
    Long-term debt, net   169,185       169,820  
    Warrant liability   12,584       28,380  
    Operating lease liabilities, non-current   12,638       13,293  
    Deferred revenue, non-current   300       3,774  
    Deferred tax liability   8,751       8,784  
    Other liabilities, non-current   14       14  
    Total liabilities   261,261       277,766  
    Commitments and Contingencies      
    Stockholders’ equity:      
    Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of 191,715,117 and 190,559,335 as of March 30, 2025 and December 29, 2024, respectively   19       19  
    Additional paid-in-capital   1,079,904       1,067,951  
    Accumulated other comprehensive loss   (184 )     (143 )
    Accumulated deficit   (844,596 )     (821,086 )
    Total Enovix stockholders’ equity   235,143       246,741  
    Non-controlling interest   2,641       2,662  
    Total equity   237,784       249,403  
    Total liabilities and equity $ 499,045     $ 527,169  
                   
    Enovix Corporation
    Condensed Consolidated Statements of Operations
    (Unaudited) (In Thousands, Except Share and per Share Amounts)
       
      Fiscal Quarters Ended
      March 30, 2025   March 31, 2024
    Revenue $ 5,098     $ 5,272  
    Cost of revenue   4,837       7,072  
    Gross profit   261       (1,800 )
    Operating expenses:      
    Research and development   25,929       48,788  
    Selling, general and administrative   16,892       19,548  
    Total operating expenses   42,821       68,336  
    Loss from operations   (42,560 )     (70,136 )
    Other income (expense):      
    Change in fair value of common stock warrants   15,796       21,120  
    Interest income   2,434       3,560  
    Interest expense   (1,716 )     (1,659 )
    Other income, net   2,353       466  
    Total other income, net   18,867       23,487  
    Loss before income tax benefit   (23,693 )     (46,649 )
    Income tax benefit   (162 )     (152 )
    Net loss   (23,531 )     (46,497 )
    Net loss attributable to non-controlling interests   (21 )     (129 )
    Net loss attributable to Enovix $ (23,510 )   $ (46,368 )
           
    Net loss per share attributable to Enovix shareholders, basic and diluted $ (0.12 )   $ (0.28 )
    Weighted average number of common shares outstanding, basic and diluted   191,304,975       168,144,918  
                   
    Enovix Corporation
    Condensed Consolidated Statements of Cash Flows
    (Unaudited) (In Thousands)
       
      Fiscal Quarters Ended
      March 30, 2025   March 31, 2024
    Cash flows used in operating activities:      
    Net loss $ (23,531 )   $ (46,497 )
    Adjustments to reconcile net loss to net cash used in operating activities      
    Depreciation, accretion and amortization   8,448       24,974  
    Stock-based compensation   12,014       12,760  
    Changes in fair value of common stock warrants   (15,796 )     (21,120 )
    Others   479       173  
    Changes in operating assets and liabilities:      
    Accounts and notes receivables   430       505  
    Inventory   (2,826 )     2,202  
    Prepaid expenses and other assets   2,440       (1,809 )
    Accounts payable   4,420       (7,281 )
    Accrued expenses and compensation   (4,167 )     2,845  
    Deferred revenue   (457 )     (1,402 )
    Deferred tax liability   (33 )     (222 )
    Other liabilities   1,672       (172 )
    Net cash used in operating activities   (16,907 )     (35,044 )
    Cash flows from investing activities:      
    Purchase of property and equipment   (6,272 )     (15,088 )
    Payment of acquisition costs   (16 )     —  
    Purchases of investments   (58,083 )     (17,066 )
    Maturities of investments   —       51,260  
    Net cash provided by (used in) investing activities   (64,371 )     19,106  
    Cash flows from financing activities:      
    Proceeds from issuance of Convertible Senior Notes and loans   —       1,800  
    Payments of transaction costs related to common stock issuance   (512 )     —  
    Payroll tax payments for shares withheld upon vesting of RSUs   (1,761 )     (2,222 )
    Proceeds from the exercise of stock options and issuance of common stock under ATM, net of issuance costs   782       5,852  
    Net cash provided by (used in) financing activities   (1,491 )     5,430  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (228 )     (541 )
    Change in cash, cash equivalents, and restricted cash   (82,997 )     (11,049 )
    Cash and cash equivalents and restricted cash, beginning of period   274,691       235,123  
    Cash and cash equivalents, and restricted cash, end of period $ 191,694     $ 224,074  
           

    EBITDA and Adjusted EBITDA Reconciliation

    Below we provide a reconciliation of GAAP net loss attributable to Enovix to EBITDA and adjusted EBITDA for the periods presented (preliminary and unaudited) (in thousands).

    We define EBITDA as net loss attributable to Enovix adjusted for interest expense, interest income, income tax benefit, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, import duty forgiveness, impairment of equipment and other special items not indicative of our core operating performance, as determined by management.

    These non-GAAP measures may differ from similarly titled measures used by other companies.

      Fiscal Quarters Ended
      March 30, 2025   March 31, 2024
    Net loss attributable to Enovix $ (23,510 )   $ (46,368 )
    Interest income, net   (718 )     (1,901 )
    Income tax benefit   (162 )     (152 )
    Depreciation and amortization   8,448       24,974  
    EBITDA   (15,942 )     (23,447 )
    Stock-based compensation expense   12,014       12,760  
    Change in fair value of common stock warrants   (15,796 )     (21,120 )
    Inventory step-up   —       1,907  
    Import duty forgiveness   (2,431 )     —  
    Adjusted EBITDA $ (22,155 )   $ (29,900 )
                   

    Reconciliation of Operating Loss to Non-GAAP Operating Loss and Adjusted EBITDA

    Additionally, below is a reconciliation of GAAP operating loss to non-GAAP operating loss and adjusted EBITDA for the periods presented (preliminary and unaudited) (in thousands).

    These non-GAAP measures may differ from similarly titled measures used by other companies.

      Fiscal Quarters Ended
      March 30, 2025   March 31, 2024
           
    GAAP Operating Loss $ (42,560 )   $ (70,136 )
    Stock-based compensation expense   12,014       12,760  
    Amortization of intangible assets   1,190       1,172  
    Inventory step-up   —       1,907  
    Non-GAAP Operating Loss   (29,356 )     (54,297 )
    Depreciation and amortization (excluding amortization of intangible assets)   7,258       23,802  
    Other income (loss), net (excluding import duty forgiveness)   (78 )     466  
    Net loss attributable to non-controlling interest   21       129  
    Adjusted EBITDA $ (22,155 )   $ (29,900 )
                   

    Free Cash Flow Reconciliation

    We define Free Cash Flow as net cash used in operating activities less capital expenditures, net of proceeds from disposals of property and equipment, each as reported in our consolidated statements of cash flows. Free Cash Flow is a non-GAAP financial measure and should not be considered an alternative to cash flows from operating activities as determined in accordance with GAAP.

    We believe Free Cash Flow is a useful measure for investors because it provides insight into the cash generated or used by our operations after funding capital expenditures, and it helps assess our ability to pursue strategic growth initiatives. We use Free Cash Flow internally to evaluate performance, support decision-making, and measure our progress toward profitability and cash flow breakeven.

    This non-GAAP measure may differ from similarly titled measures used by other companies.

    Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measure for the periods presented (preliminary and unaudited) (in thousands):

      Fiscal Quarters Ended
      March 30, 2025   March 31, 2024
    Net cash used in operating activities $         (16,907 )   $         (35,044 )
    Capital expenditures           (6,272 )             (15,088 )
    Free Cash Flow $         (23,179 )   $         (50,132 )
                   

    Other Non-GAAP Financial Measures Reconciliation
    (In Thousands, Except Share and per Share Amounts)

    These non-GAAP measures may differ from similarly titled measures used by other companies.

      Fiscal Quarters Ended
      March 30, 2025   March 31, 2024
    Revenue $ 5,098     $ 5,272  
           
    GAAP cost of revenue $ 4,837     $ 7,072  
    Stock-based compensation expense   (121 )     —  
    Inventory step-up   —       (1,907 )
    Non-GAAP cost of revenue $ 4,716     $ 5,165  
           
    GAAP gross profit $ 261     $ (1,800 )
    Stock-based compensation expense   121       —  
    Inventory step-up   —       1,907  
    Non-GAAP gross profit $ 382     $ 107  
           
    GAAP research and development (R&D) expense $ 25,929     $ 48,788  
    Stock-based compensation expense   (6,355 )     (6,554 )
    Amortization of intangible assets   (416 )     (416 )
    Non-GAAP R&D expense $ 19,158     $ 41,818  
           
    GAAP selling, general and administrative (SG&A) expense $ 16,892     $ 19,548  
    Stock-based compensation expense   (5,538 )     (6,206 )
    Amortization of intangible assets   (774 )     (756 )
    Non-GAAP SG&A expense $ 10,580     $ 12,586  
           
    GAAP operating expenses $ 42,821     $ 68,336  
    Stock-based compensation expense included in R&D expense   (6,355 )     (6,554 )
    Stock-based compensation expense included in SG&A expense   (5,538 )     (6,206 )
    Amortization of intangible assets   (1,190 )     (1,172 )
    Non-GAAP operating expenses $ 29,738     $ 54,404  
           
        Fiscal Quarters Ended
        March 30, 2025   March 31, 2024
    GAAP loss from operations   $ (42,560 )   $ (70,136 )
    Stock-based compensation expense     12,014       12,760  
    Amortization of intangible assets     1,190       1,172  
    Inventory step-up     —       1,907  
    Non-GAAP loss from operations   $ (29,356 )   $ (54,297 )
             
    GAAP net loss attributable to Enovix   $ (23,510 )   $ (46,368 )
    Stock-based compensation expense     12,014       12,760  
    Change in fair value of common stock warrants     (15,796 )     (21,120 )
    Amortization of intangible assets     1,190       1,172  
    Inventory step-up     —       1,907  
    Import duty forgiveness     (2,431 )     —  
    Non-GAAP net loss attributable to Enovix shareholders   $ (28,533 )   $ (51,649 )
             
    GAAP net loss per share attributable to Enovix, basic and diluted   $ (0.12 )   $ (0.28 )
    GAAP weighted average number of common shares outstanding, basic and diluted     191,304,975       168,144,918  
             
    Non-GAAP net loss per share attributable to Enovix, basic and diluted   $ (0.15 )   $ (0.31 )
    GAAP weighted average number of common shares outstanding, basic and diluted     191,304,975       168,144,918  
                     
        Fiscal Quarter Ended
        December 29,
    2024
    GAAP net loss attributable to Enovix   $         (37,465 )
    Stock-based compensation expense     10,207  
    Change in fair value of common stock warrants     5,115  
    Amortization of intangible assets     1,189  
    Non-GAAP net loss attributable to Enovix shareholders   $ (20,954 )
         
    GAAP net loss per share attributable to Enovix, basic and diluted   $ (0.20 )
    GAAP weighted average number of common shares outstanding, basic and diluted     184,971,942  
         
    Non-GAAP net loss per share attributable to Enovix, basic and diluted   $ (0.11 )
    GAAP weighted average number of common shares outstanding, basic and diluted     184,971,942  

    The MIL Network –

  • MIL-OSI: Robinhood Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Revenues up 50% year-over-year to $927 million 
    Net Deposits grow to a record $18.0 billion, and Robinhood Gold Subscribers reached a record 3.2 million 
    Net Income up 114% year-over-year to $336 million 
    Diluted EPS up 106% year-over-year to $0.37 
    Board of directors increases share repurchase authorization by $500 million to $1.5 billion

    MENLO PARK, Calif., April 30, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the first quarter of 2025, which ended March 31, 2025.

    “This quarter, we significantly accelerated product innovation across our key initiatives, highlighted by the announcement of Robinhood Strategies, Banking, and Cortex,” said Vlad Tenev, Chair and CEO of Robinhood. “Customers have clearly responded — demonstrated by record-breaking net deposits, Robinhood Gold subscriptions, and options volume, as well as robust year-over-year growth in trading across all asset classes.”

    “We started the year off strong, driving market share gains, closing the acquisition of TradePMR, and remaining disciplined on expenses,” said Jason Warnick, Chief Financial Officer of Robinhood. “As a result, in Q1 we grew revenues by 50 percent year-over-year and EPS by over 100 percent. It’s also great to see strong customer engagement to start Q2. Additionally, we continue to return capital to shareholders and increased our share repurchase authorization by $500 million to $1.5 billion, reflecting management and the board’s confidence in our financial strength and future growth prospects.”

    First Quarter Results

    • Total net revenues increased 50% year-over-year to $927 million.
      • Transaction-based revenues increased 77% year-over-year to $583 million, primarily driven by cryptocurrencies revenue of $252 million, up 100%, options revenue of $240 million, up 56%, and equities revenue of $56 million, up 44%.
      • Net interest revenues increased 14% year-over-year to $290 million, primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates.
      • Other revenues increased 54% year-over-year to $54 million, primarily due to increased Robinhood Gold subscribers.
    • Net income increased 114% year-over-year to $336 million.
    • Diluted earnings per share (EPS) increased 106% year-over-year to $0.37.
    • Total operating expenses increased 21% year-over-year to $557 million.
      • Adjusted Operating Expenses and Share-Based Compensation (SBC) (non-GAAP) increased 16% year-over-year to $533 million, which includes costs related to TradePMR.
    • Adjusted EBITDA (non-GAAP) increased 90% year-over-year to $470 million.
    • Funded Customers increased by 1.9 million, or 8%, year-over-year to 25.8 million.
      • Investment Accounts increased by 2.6 million, or 11%, year-over-year to 27.0 million.
    • Total Platform Assets1 increased 70% year-over-year to $221 billion, primarily driven by continued Net Deposits and the acquisition of TradePMR.
    • Net Deposits were $18.0 billion, an annualized growth rate of 37% relative to Total Platform Assets at the end of Q4 2024. Over the past twelve months, Net Deposits were $57.3 billion, a growth rate of 44% relative to Total Platform Assets at the end of Q1 2024.
    • Average Revenue Per User (ARPU) increased 39% year-over-year to $145.
    • Robinhood Gold Subscribers increased by 1.5 million, or 90%, year-over-year to 3.2 million.
    • Cash and cash equivalents totaled $4.4 billion compared with $4.7 billion at the end of Q1 2024.
    • Share repurchases were $322 million, representing 7.2 million shares of our Class A common stock at an average price per share of $44.87. This more than offset the 2.0 million shares of Class A common stock issued in connection with the acquisition of TradePMR.

    __________________________________

    1 Total Platform Assets include $180 billion of Assets Under Custody and $41 billion of assets managed by Registered Investment Advisors (“RIAs”) using TradePMR’s platform that are not custodied by Robinhood. Refer to Key Performance Metrics for more detail.

    Highlights

    Robinhood executes on strategy with robust product velocity in Q1, releasing cutting-edge products for customers, with more in the pipeline

    • Enhanced Products for Active Traders – Robinhood continues to roll out advanced capabilities and tools for active traders aimed at making trading faster, clearer, and more intuitive. The desktop trading platform, Robinhood Legend, now features increased speed, support for index options and crypto, and new indicators and charts. In March, Robinhood expanded its prediction markets offering by launching a hub and giving customers the opportunity to trade on the outcomes of some of the world’s biggest events. Over the last six months customers have traded more than 1 billion event contracts.
    • Increasing Wallet Share by Serving the Entirety of Customers’ Financial Needs – During its second annual Gold keynote event in March, Robinhood unveiled new advisory, banking, and AI offerings: Robinhood Strategies, Robinhood Banking, and Robinhood Cortex. With plans to roll out to all customers in the coming weeks, Robinhood Strategies is already serving more than 40 thousand customers and managing more than $100 million in customer assets as of April 25, 2025. In February, Robinhood also closed its acquisition of TradePMR, an RIA custodial platform, with approximately $41 billion in assets managed by RIAs as of March 31, 2025.
    • Building a Global Financial Ecosystem – Robinhood continues to make progress internationally, with over 150 thousand customers across the UK and EU. The acquisition of globally-scaled cryptocurrency exchange Bitstamp Ltd. is on track to close in the middle of this year, subject to customary closing conditions.
    • Robinhood Board of Directors Authorizes Additional $500 million in Share Repurchases – Following the authorization of a $1 billion share repurchase program announced in May 2024, the Robinhood board of directors has authorized an additional $500 million, bringing the program total to $1.5 billion. Through April 25, 2025, 20 million shares of Class A common stock have been repurchased at an average price of $33.40, representing a total $667 million. The remaining authorization now totals approximately $833 million which management expects to execute over the next roughly two years, with flexibility to accelerate if market conditions warrant.

    Additional Q1 2025 Operating Data

    • Robinhood Retirement AUC increased over 200% year-over-year to a record $14.4 billion.
    • Cash Sweep increased 48% year-over-year to a record $28.2 billion.
    • Margin Book increased 115% year-over-year to a record $8.8 billion.
    • Equity Notional Trading Volumes increased 84% year-over-year to $413 billion.
    • Options Contracts Traded increased 46% year-over-year to a record 500 million.
    • Crypto Notional Trading Volumes increased over 28% year-over-year to $46 billion.

    Conference Call and Livestream Information

    Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, April 30, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp.

    Following the call, a replay and transcript will also be available at investors.robinhood.com.

    Financial Outlook

    The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.

    Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our initial outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 provided at Q4 2024 Earnings (February 12, 2025) was $2.0 billion to $2.1 billion, which did not include expenses related to our acquisition of TradePMR. As a result of the acquisition closing in the first quarter, we are updating our outlook to $2.085 billion to $2.185 billion to include $85 million of anticipated costs related to TradePMR. This expense outlook does not include provision for credit losses, costs related to our pending acquisition of Bitstamp, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

    Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investors:
    ir@robinhood.com    		 Press:
    press@robinhood.com
       
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)  
     
     
      December 31,   March 31,
    (in millions, except share and per share data) 2024   2025
    Assets      
    Current assets:      
    Cash and cash equivalents $ 4,332     $ 4,416  
    Cash, cash equivalents, and securities segregated under federal and other regulations   4,724       4,442  
    Receivables from brokers, dealers, and clearing organizations   471       267  
    Receivables from users, net   8,239       9,167  
    Securities borrowed   3,236       4,114  
    Deposits with clearing organizations   489       641  
    User-held fractional shares   2,530       2,531  
    Held-to-maturity investments   398       192  
    Prepaid expenses   75       89  
    Deferred customer match incentives   100       113  
    Other current assets   509       243  
    Total current assets   25,103       26,215  
    Property, software, and equipment, net   139       140  
    Goodwill   179       292  
    Intangible assets, net   38       109  
    Non-current deferred customer match incentives   195       238  
    Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and March 31, 2025   533       523  
    Total assets $ 26,187     $ 27,517  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 397     $ 319  
    Payables to users   7,448       7,116  
    Securities loaned   7,463       9,098  
    Fractional shares repurchase obligation   2,530       2,531  
    Other current liabilities   266       367  
    Total current liabilities   18,104       19,431  
    Other non-current liabilities   111       133  
    Total liabilities   18,215       19,564  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and March 31, 2025.   —       —  
    Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024; 21,000,000,000 shares authorized, 767,854,773 shares issued and outstanding as of March 31, 2025.   —       —  
    Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024; 700,000,000 shares authorized, 116,720,012 shares issued and outstanding as of March 31, 2025.   —       —  
    Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and March 31, 2025.   —       —  
    Additional paid-in capital   12,008       11,652  
    Accumulated other comprehensive loss   (1 )     —  
    Accumulated deficit   (4,035 )     (3,699 )
    Total stockholders’ equity   7,972       7,953  
    Total liabilities and stockholders’ equity $ 26,187     $ 27,517  
                   
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
      Three Months Ended 
    March 31,    		         Three Months Ended
    December 31,    		      
    (in millions, except share, per share, and percentage data) 2024   2025   YOY%
    Change    		   2024   QOQ%
    Change
    Revenues:                  
    Transaction-based revenues $ 329   $ 583   77 %   $ 672     (13 )%
    Net interest revenues   254     290   14 %     296     (2 )%
    Other revenues   35     54   54 %     46     17 %
    Total net revenues   618     927   50 %     1,014     (9 )%
                       
    Operating expenses(1)(2):                  
    Brokerage and transaction   35     50   43 %     50     — %
    Technology and development   196     214   9 %     208     3 %
    Operations   28     31   11 %     29     7 %
    Provision for credit losses   16     24   50 %     19     26 %
    Marketing   67     105   57 %     82     28 %
    General and administrative   118     133   13 %     70     90 %
    Total operating expenses   460     557   21 %     458     22 %
                       
    Other income, net   4     1   (75 )%     2     (50 )%
    Income before income taxes   162     371   129 %     558     (34 )%
    Provision for (benefit from) income taxes   5     35   600 %     (358 )   NM  
    Net income $ 157   $ 336   114 %   $ 916     (63 )%
    Net income attributable to common stockholders:                  
    Basic $ 157   $ 336       $ 916      
    Diluted $ 157   $ 336       $ 916      
    Net income per share attributable to common stockholders:                  
    Basic $ 0.18   $ 0.38       $ 1.04      
    Diluted $ 0.18   $ 0.37       $ 1.01      
    Weighted-average shares used to compute net income per share attributable to common stockholders:                  
    Basic   875,319,407     884,577,603         883,884,676      
    Diluted   895,779,155     909,241,619         907,767,796      
                               

    ROBINHOOD MARKETS, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
    (Unaudited)

    ________________
    (1)      The following table presents operating expenses as a percent of total net revenues:

      Three Months Ended 
    March 31,    		   Three Months
    Ended
    December 31,
      2024   2025   2024
    Brokerage and transaction 5 %   6 %   5 %
    Technology and development 32 %   23 %   20 %
    Operations 5 %   3 %   3 %
    Provision for credit losses 2 %   3 %   2 %
    Marketing 11 %   11 %   8 %
    General and administrative 19 %   14 %   7 %
    Total operating expenses 74 %   60 %   45 %
                     

    (2)      The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:

      Three Months Ended 
    March 31,    		   Three Months
    Ended
    December 31,
    (in millions) 2024   2025   2024
    Brokerage and transaction $ 2   $ 2   $ 2
    Technology and development   44     44     48
    Operations   2     1     2
    Marketing   2     2     2
    General and administrative   12     24     23
    Total SBC $ 62   $ 73   $ 77
                     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Three Months Ended
    March 31,
    (in millions) 2024   2025
    Operating activities:      
    Net income $ 157     $ 336  
    Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
    Depreciation and amortization   17       20  
    Provision for credit losses   16       24  
    Share-based compensation   62       73  
    Other   —       4  
    Changes in operating assets and liabilities:      
    Securities segregated under federal and other regulations   (692 )     397  
    Receivables from brokers, dealers, and clearing organizations   (118 )     206  
    Receivables from users, net   (796 )     (911 )
    Securities borrowed   (505 )     (878 )
    Deposits with clearing organizations   (247 )     (152 )
    Current and non-current prepaid expenses   —       (13 )
    Current and non-current deferred customer match incentives   (74 )     (56 )
    Other current and non-current assets   (83 )     351  
    Accounts payable and accrued expenses   (46 )     (124 )
    Payables to users   977       (332 )
    Securities loaned   668       1,635  
    Other current and non-current liabilities   41       62  
    Net cash provided by (used in) operating activities   (623 )     642  
    Investing activities:      
    Purchases of property, software, and equipment   (2 )     (2 )
    Capitalization of internally developed software   (7 )     (9 )
    Business acquisition, net of cash and cash equivalents acquired   —       (150 )
    Purchases of held-to-maturity investments   (171 )     —  
    Proceeds from maturities of held-to-maturity investments   154       208  
    Purchases of credit card receivables by Credit Card Funding Trust   (29 )     (549 )
    Collections of purchased credit card receivables   11       511  
    Asset acquisition, net of cash acquired   (3 )     —  
    Net cash provided by (used in) investing activities   (47 )     9  
    Financing activities:      
    Proceeds from exercise of stock options   4       7  
    Taxes paid related to net share settlement of equity awards   (40 )     (120 )
    Repurchase of Class A common stock   —       (322 )
    Borrowings by the Credit Card Funding Trust   17       24  
    Change in principal collected from customers due to Coastal Bank   3       10  
    Payments of debt issuance costs   (14 )     (16 )
    Net cash used in financing activities   (30 )     (417 )
    Effect of foreign exchange rate changes on cash and cash equivalents   —       1  
    Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash   (700 )     235  
    Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period   9,346       8,695  
    Cash, cash equivalents, segregated cash, and restricted cash, end of the period $ 8,646     $ 8,930  
    Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
    Cash and cash equivalents, end of the period $ 4,717     $ 4,416  
    Segregated cash and cash equivalents, end of the period   3,829       4,442  
    Restricted cash in other current assets, end of the period   83       54  
    Restricted cash in other non-current assets, end of the period   17       18  
    Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 8,646     $ 8,930  
    Supplemental disclosures:      
    Cash paid for interest $ 7     $ 9  
    Cash paid for income taxes, net of refund received $ 2     $ 29  
                   
    Reconciliation of GAAP to Non-GAAP Results
    (Unaudited)
     
      Three Months Ended 
    March 31,    		   Three Months
    Ended 
    December 31,
    (in millions, except for percentage data) 2024   2025   2024
    Net income $ 157     $ 336     $ 916  
    Net margin   25 %     36 %     90 %
    Add:          
    Interest expenses related to credit facilities   6       6       6  
    Provision for (benefit from) income taxes   5       35       (358 )
    Depreciation and amortization   17       20       22  
    EBITDA (non-GAAP)   185       397       586  
    Add:          
    SBC   62       73       77  
    Significant legal and tax settlements and reserves(1)   —       —       (50 )
    Adjusted EBITDA (non-GAAP) $ 247     $ 470     $ 613  
    Adjusted EBITDA margin (non-GAAP)   40 %     51 %     60 %
                           
      Three Months Ended
    March 31,    		   Three Months
    Ended
    December 31,
    (in millions) 2024   2025   2024
    Total operating expenses (GAAP) $ 460   $ 557   $ 458  
    Less:          
    SBC   62     73     77  
    Provision for credit losses(2)   —     24     —  
    Significant legal and tax settlements and reserves(1)   —     —     (50 )
    Adjusted Operating Expenses (Non-GAAP) $ 398   $ 460   $ 431  
                       
      Three Months Ended
    March 31,    		   Three Months
    Ended
    December 31,
    (in millions) 2024   2025   2024
    Total operating expenses (GAAP) $ 460   $ 557   $ 458  
    Less:          
    SBC   62     73     77  
    Provision for credit losses(2)   —     24     —  
    Significant legal and tax settlements and reserves(1)   —     —     (50 )
    Adjusted Operating Expenses (Non-GAAP)   398     460     431  
    Add:          
    SBC   62     73     77  
    Adjusted Operating Expenses and SBC (Non-GAAP) $ 460   $ 533     508  
                       

    ________________

    (1) Amounts for the three months ended December 31, 2024 included a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement.
    (2) Starting in Q1 2025, Adjusted Operating Expenses and Adjusted Operating Expenses and SBC no longer include provision for credit losses.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that our increased share repurchase authorization reflects management and the board’s confidence in our financial strength and future growth prospects; that we’re releasing cutting-edge products for customers with more in the pipeline; that Robinhood Strategies, Robinhood Banking, and Robinhood Cortex will connect customers to a world-class financial team; that the Robinhood Gold Credit Card continues to roll out to customers; that the acquisition of Bitstamp Ltd. is on track to close in the middle of this year, subject to customary closing conditions; that management expects to execute the remaining share repurchase authorization over the next roughly two years, with flexibility to accelerate if market conditions warrant; and all statements and information under the heading “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the difficulty of complying with an extensive, complex, and changing regulatory environment and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies, and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the volatility of cryptocurrency prices and trading volumes; the risk that our platforms and services could be exploited to facilitate illegal payments; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, April 30, 2025, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect.

    Non-GAAP Financial Measures

    We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, and Adjusted Operating Expenses and SBC. 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. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net income, excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results.

    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 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 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.

    Adjusted EBITDA Margin

    Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses

    Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) provision for credit losses, (iii) significant legal and tax settlements and reserves, and (iv) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses no longer includes provision for credit losses.

    Adjusted Operating Expenses and SBC

    Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) provision for credit losses, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses and SBC no longer includes provision for credit losses.

    Key Performance Metrics

    In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

    Our acquisition of TradePMR closed in February 2025. As a result, we are now reporting Total Platform Assets which includes our previously reported Assets Under Custody key performance metric. Total Platform Assets is our previously reported Assets Under Custody metric plus assets managed by RIAs using TradePMR’s platform that are not custodied by us (and therefore would not have been included in the previously reported Assets Under Custody metric). Additionally, we have included total RIA customers in our Funded Customers key performance metric, their accounts in the definition of Investment Accounts, and the appropriate RIA customer balances in our Cash Sweep and Margin Book additional operating metrics. RIA client figures are not included in Robinhood Retirement AUC. Due to data limitations, we have not included RIA client figures in our Net Deposits key performance metric.

    Assets Under Custody

    We define Assets Under Custody as the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. As mentioned above, we introduced a new Key Performance Metric called Total Platform Assets, which includes Assets Under Custody and is defined below.

    Funded Customers

    We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Individuals who are customers of RIAs that use the TradePMR platform are also considered Funded Customers as of the end of the period.

    Total Platform Assets

    We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period.

    Net Deposits

    We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives and free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Prior to the second quarter of 2024, Net Deposits did not include inflows from cash or assets earned in connection with Company promotions, although we have not restated amounts in prior periods as the impact to those figures was immaterial.

    Average Revenue Per User (“ARPU”)

    We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this press release represent ARPU annualized for each three-month period presented.

    Robinhood Gold Subscribers

    We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.

    Additional Operating Metrics

    Robinhood Retirement AUC

    We define Robinhood Retirement AUC as the total Assets Under Custody in traditional individual retirement accounts (“IRAs”) and Roth IRAs. This does not include accounts with an RIA using TradePMR’s platform.

    Cash Sweep

    We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR’s platform.

    Margin Book

    We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR’s platform.

    Notional Trading Volume

    We define Notional Trading Volume or Notional Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class over a specified period of time.

    Options Contracts Traded

    We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.

    Glossary Terms

    Investment Accounts

    We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded IRA, or an account with an RIA using TradePMR’s platform. As of March 31, 2025, a Funded Customer can have up to five Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, Roth IRA, and RIA custody account using TradePMR’s platform.

    Robinhood Gold Adoption Rate

    We define the Robinhood Gold adoption rate as end of period Robinhood Gold Subscribers divided by end of period Funded Customers.

    Growth Rate and Annualized Growth Rate with respect to Net Deposits

    Growth rate is calculated as aggregate Net Deposits over a specified 12 month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12 month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter.

    The MIL Network –

  • MIL-OSI: Delisting of Securities of TLGY Acquisition Corporation; Target Global Acquisition I Corp.; Inception Growth Acquisition Limited; Healthcare AI Acquisition Corp.; Globalink Investment Inc.; BurTech Acquisition Corp; Mountain & Co. I Acquisition Corp.; Pearl Holdings Acquisition Corp; Alpha Star Acquisition Corporation; CF Acquisition Corp. VII; Kairous Acquisition Corp. Limited; Finnovate Acquisition Corp.; Exela Technologies, Inc.; Investcorp Europe Acquisition Corp I; Molecular Templates, Inc.

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — The Nasdaq Stock Market announced today that it will delist the Class A common stock of Alpine 4 Holdings, Inc. Alpine 4 Holdings, Inc.’s stock was suspended on October 18, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock of Orgenesis Inc. Orgenesis Inc.’s stock was suspended on October 21, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock of ShiftPixy, Inc. ShiftPixy, Inc.’s stock was suspended on October 28, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock of Novo Integrated Sciences, Inc. Novo Integrated Sciences, Inc.’s stock was suspended on November 6, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Mountain & Co. I Acquisition Corp. Mountain & Co. I Acquisition Corp.’s securities were suspended on November 7, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock and 6.00% Series B Cumulative Convertible Perpetual Preferred Stock of Exela Technologies, Inc. Exela Technologies, Inc.’s securities were suspended on November 8, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Finnovate Acquisition Corp. Finnovate Acquisition Corp.’s securities were suspended on November 12, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A common stock of Mondee Holdings, Inc. Mondee Holdings, Inc.’s stock was suspended on December 6, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of TLGY Acquisition Corporation. TLGY Acquisition Corporation’s securities were suspended on December 9, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A ordinary shares, warrants, and units of Target Global Acquisition I Corp. Target Global Acquisition I Corp.’s securities were suspended on December 17, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock, warrants, units, and rights of Inception Growth Acquisition Limited. Inception Growth Acquisition Limited’s securities were suspended on December 17, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Healthcare AI Acquisition Corp. Healthcare AI Acquisition Corp.’s securities were suspended on December 17, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock, warrants, rights, and units of Globalink Investment Inc. Globalink Investment Inc.’s securities were suspended on December 17, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the unit of BurTech Acquisition Corp. BurTech Acquisition Corp.’s security was suspended on December 18, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Pearl Holdings Acquisition Corp. Pearl Holdings Acquisition Corp’s securities were suspended on December 23, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the ordinary shares, warrants, rights, and units of Alpha Star Acquisition Corporation. Alpha Star Acquisition Corporation’s securities were suspended on December 23, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A common stock, warrants, and units of CF Acquisition Corp VII. CF Acquisition Corp. VII’s securities were suspended on December 23, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the ordinary shares, rights, units, and warrants of Kairous Acquisition Corp Limited. Kairous Acquisition Corp. Limited’s securities were suspended on December 23, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Investcorp Europe Acquisition Corp I. Investcorp Europe Acquisition Corp I’s securities were suspended on December 24, 2024 and have not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the unit of FTAC Emerald Acquisition Corp. FTAC Emerald Acquisition Corp.’s security was suspended on December 24, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock of Molecular Templates, Inc. Molecular Templates, Inc.’s stock was suspended on December 26, 2024 and has not traded on Nasdaq since that time.

    Nasdaq also announced today that it will delist the common stock, warrants, and rights of NorthView Acquisition Corporation. NorthView Acquisition Corporation’s securities were suspended on December 27, 2024 and have not traded on Nasdaq since that time.

    For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.

    The MIL Network –