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Category: Transport

  • MIL-OSI Australia: Fatal Crash – Palmerston

    Source: Northern Territory Police and Fire Services

    Detectives from the Major Crash Unit are currently investigating a fatal crash in Palmerston this morning.

    Around 5:10am, police received reports that a Nissan X-trail carrying 3 people had collided with a Toyota Corolla carrying one person on Kirkland Road, Durack.

    Emergency services attended the scene and a female occupant of the vehicle carrying 3 people was declared deceased.

    Two occupants, one from each vehicle, had to be extracted by emergency services.

    Both lanes of Kirkland Road, have been closed between Elrundie Avenue and Wishart Road. It is expected closures will remain in place until midmorning.

    Investigations into the cause of the crash remain ongoing.

    Detective Sergeant Richard Musgrave said “We are urging Territorians to take the Fatal Five seriously; Don’t drink and drive, don’t drive fatigued or distracted, don’t speed and always wear your seatbelt.

    “Anyone with information or dash-cam footage is urged to contact police on 131 444 and quote reference P25131352.”

    The lives lost on Territory roads now stands at 12.

    MIL OSI News –

  • MIL-OSI New Zealand: Stats NZ information release: Electronic card transactions: April 2025

    Source: Statistics New Zealand

    Electronic card transactions: April 2025 – 14 May 2025 – The electronic card transactions (ECT) series cover debit, credit, and charge card transactions with New Zealand-based merchants. The series can be used to indicate changes in consumer spending and economic activity.

    Key facts
    All figures are seasonally adjusted unless otherwise specified.

    Values are at the national level and are not adjusted for price changes.

    April 2025 month
    Changes in the value of electronic card transactions for the April 2025 month (compared with March 2025) were:

    • spending in the retail industries was unchanged
    • spending in the core retail industries increased 0.2 percent ($12 million).

    Files:

     

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Tens of thousands more patients receiving crucial scans quicker

    Source: United Kingdom – Government Statements

    Press release

    Tens of thousands more patients receiving crucial scans quicker

    More people were seen faster for scans including endoscopies, ultrasounds, and MRIs

    • Latest data shows 44,000 fewer people waited more than six weeks for diagnostic tests compared to last year 

    • Government drive to slash waiting times means patients are being seen faster for scans including endoscopies, ultrasounds, and MRIs 

    • Progress is latest milestone in government’s mission to reform the NHS through its Plan for Change 

    Tens of thousands more patients are getting crucial diagnostic scans within weeks under the government’s Plan for Change to slash NHS waiting times. 

    Latest data shows 44,000 fewer people were waiting more than six weeks for procedures like endoscopies, ultrasounds and MRIs compared to February last year. 

    It means some patients being referred for suspected illnesses including heart conditions, spinal cord injuries and various cancers could be diagnosed faster, helping save lives. 

    The government is continuing to expand Community Diagnostic Centres (CDCs) nationwide, offering 12-hour, seven-day access to vital tests and appointments.

    The expansion is funded from the extra £26 billion investment in the health service delivered at the Autumn Budget, bringing care closer to communities who need it. 

    Health and Social Care Secretary Wes Streeting said: 

    I’ve been honest that fixing our NHS will be a long road, but this government is bringing in the investment and reform that’s needed to get us there. 

    The additional diagnostic capacity we’ve unlocked isn’t just about numbers on a spreadsheet – it’s about giving people their lives back.  

    Every ultrasound, MRI or endoscopy represents someone who can now plan their future with certainty rather than fear.  

    Through our Plan for Change, we will get our NHS back on its feet and make it fit for the future.

    There are currently 169 conveniently located Community Diagnostic Centres (CDCs) across the country, bringing care closer to patient’s doorsteps.

    Many of these will be opened 12 hours a day, seven days a week where possible, making it easier for people to get their tests and appointments done at a time that suits them. 

    Between July and February, around 4.5 million tests, checks and scans were carried out in CDCs – a 50% increase on the previous year. 

    This equates to 18,000 more checks being delivered every day for patients to diagnose some of the biggest killers – including cancer and heart disease. 

    Dr Rhydian Phillips, Director of Diagnostics and Transport at NHS England, said:

    Community Diagnostics Centres are vital in helping ensure patients can get the all-clear or be diagnosed and treated for a range of conditions as quickly as possible.

    They are helping us to see more people than ever before and are at the heart of communities in locations that are more convenient for patients – with some even popping up in shopping centres.

    NHS staff are working incredibly hard to provide more tests and checks, while our campaigns encouraging people to come forward with worrying signs are also hugely important. If anyone has any health concerns, we would urge them to seek help and advice as it could save their life.

    More patients are being seen faster across the NHS thanks to the government’s push to slash waiting times and tackle the inherited waiting list of 7.6 million. 

    Since July, more than 3 million extra elective care appointments have been rolled out, ensuring more patients can get assessed and treated more quickly. 

    And the drive is having a big impact on cancer care, with an extra 80,000 patients having cancer diagnosed or ruled out within 28 days. 

    The progress forms part of the government’s wider Plan for Change and its drive to meet the NHS standard that 92 per cent of patients are treated within 18 weeks by the end of this Parliament.  

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Boost for British green aviation fuel production to support jobs and lift off emerging industry

    Source: United Kingdom – Government Statements

    Press release

    Boost for British green aviation fuel production to support jobs and lift off emerging industry

    New sustainable aviation fuel (SAF) measures will support aviation expansion and meet decarbonisation goals.

    • new laws introduced today will increase homegrown sustainable aviation fuel, positioning the UK as a world leading destination for the new emerging market
    • UK revenue certainty for green fuel producers will boost jobs across the country and enable the UK to go further and faster with expansion plans
    • passengers will be a step closer to more eco-friendly flights, as £400,000 announced to get new fuels to market quicker, delivering on the UK’s clean energy ambitions and powering up economic growth as part of the Plan for Change

    New measures to help the UK take off as a world leader in sustainable aviation fuel (SAF), supporting the growth in the industry and jobs across the country, were introduced today in Parliament (14 May 2025).

    With decarbonisation key to accelerating expansion plans, the government has also announced an additional £400,000 of funding for producers so that new clean fuels can get to market quicker, speeding up the UK’s path to green flying.  

    SAF is an alternative to fossil jet fuel, which reduces greenhouse gas emissions on average by 70% on a lifecycle basis. While the fuel is more costly to produce than jet fuel, the government’s SAF measures protect industry and consumers from excessive costs.

    In addition, the revenue certainty mechanism (RCM) will keep ticket price changes minimal – keeping fluctuations to £1.50 a year on average – and will be industry funded through a levy on aviation fuel suppliers. The Department for Transport (DfT) will continue to engage with industry on the details of the RCM, including pricing.  

    A new round of government funding is also being announced, to offer fuel producers a share of £400,000 to support the testing and qualification of green fuels, helping to get them to market quicker. This support for producers follows £63 million of funding made available through the Advanced Fuels Fund this year.  

    Taken together, the government’s commitments on green fuels will help deliver on its missions to kickstart economic growth via job creation, become a clean energy superpower and will allow the UK to go further and faster with expansion plans, giving a boon to the tourism industry. 

    Aviation Minister, Mike Kane, said:  

    I want to see a golden age for green aviation and today sees take off for sustainable flights. 

    Aviation continues to be one of the fastest growing and most integral parts of the UK’s economy, offering more jobs across engineering, tourism and hospitality – and as we support aviation expansion, we need to move at full throttle towards decarbonisation.

    We are making the UK one of the best places in the world to produce sustainable aviation fuel, putting the pedal down on growth and boosting job opportunities across the country as part of the Plan for Change.

    The new legislation will help industry meet its requirements under the SAF Mandate, introduced in January this year, which specifies that at least 10% of all jet fuel used in flights taking off from the UK from 2030, be made with sustainable fuel, rising to 22% by 2040.  

    The new financial mechanism is another display that the UK is rock solid in its commitment to building a prosperous hub for homegrown sustainable fuel production. Furthermore, this vital update provides SAF producers and the industry at large the confidence and stability to plough investment into clean energy. 

    The government’s approach on low carbon fuels could add up to £5 billion to the economy by 2050 and position the UK as a global hub for SAF production.

    Tim Alderslade, Chief Executive of Airlines UK, said: 

    This is a welcome announcement given the importance of the RCM to commercialising and scaling-up SAF production in the UK, a technology key to decarbonising aviation by 2050. A UK SAF industry, kick-started by the RCM and SAF Mandate, can create tens of thousands of jobs across the country whilst supporting our world-class aviation sector to deliver economic growth.

    We look forward to working with government on scheme design and how contracts are allocated, so that we balance the need to deliver the SAF required to support mandate compliance, whilst keeping costs as low as possible through a competitive and transparent bidding process that places the consumer at its heart.

    Duncan McCourt, Chief Executive of Sustainable Aviation, said:

    We hugely welcome the publication of this important legislation. SAF is a crucial element in the plan to decarbonise aviation as it can be used in existing aircraft with existing infrastructure.

    The challenge now is to scale the industry, ensuring we have enough SAF to meet the mandate whilst keeping costs low and create thousands of jobs in the process. This legislation will help to do that.

    Aviation, Europe and technology media enquiries

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    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Peyto Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX: PEY) (“Peyto” or the “Company”) is pleased to report operating and financial results for the first quarter of 2025.

    Q1 2025 Highlights:

    • Peyto reported $225.2 million in funds from operations1,2 (“FFO”), or $1.12/diluted share, and generated $120.2 million of free funds flow3 in the quarter.  Strong FFO was driven by a realized natural gas price after hedging of $4.17/Mcf, 89% higher than the AECO 7A monthly benchmark, and the Company’s industry-leading low cash costs4.      
    • Earnings for the quarter totaled $114.1 million, or $0.57/diluted share, and Peyto returned $65.7 million as dividends to shareholders.
    • Net debt5 was reduced by $65.7 million from December 31, 2024 to $1.28 billion at the end of the quarter.
    • First quarter production volumes averaged 133,883 boe/d (710.5 MMcf/d of natural gas, 15,473 bbls/d of NGLs), a 7% increase year over year (5% on a per share basis), driven by strong well results from the Company’s capital program.
    • Recorded $50.8 million in realized hedging gains and exited the quarter with a hedge position protecting approximately 489 MMcf/d and 406 MMcf/d of natural gas production for Q2–Q4 2025 and 2026, respectively, at approximately $4/Mcf. Peyto’s natural gas and liquid hedging has secured approximately $875 million of revenue for 2025 and $605 million for 2026.
    • Cash costs totaled $1.42/Mcfe for the quarter, including royalties of $0.25/Mcfe, operating expense of $0.53/Mcfe, transportation of $0.29/Mcfe, G&A of $0.06/Mcfe and interest expense of $0.29/Mcfe. Peyto continues to have the lowest cash costs of Canadian producers in the oil and natural gas industry.
    • Total capital expenditures6 of $102.1 million in the quarter.  Peyto drilled 19 wells (18.2 net), completed 13 wells (13.0 net), and brought 14 wells (14.0 net) on production.    
    • Peyto delivered a solid operating margin7 of 71% and profit margin8 of 32%, resulting in a 10% return on capital employed9 (“ROCE”) and an 11% return on equity9 (“ROE”), on a trailing 12-month basis.        

    First Quarter 2025 in Review

    Peyto was active in the quarter with four drilling rigs in the Greater Sundance and Brazeau areas, as well as with pipeline and compression projects that expanded the existing gathering systems to accommodate incremental production volumes.  Natural gas prices recovered in the quarter due to large draws on storage inventories from a relatively cold North American winter, coupled with increased U.S. LNG feed gas demand.  The AECO 7A monthly gas price rose 39% from Q4 2024 and averaged $1.92/GJ.  Peyto’s realized gas price, before hedging, averaged $3.34/Mcf ($2.90/GJ), 51% higher than AECO 7A, driven by the Company’s diversification to premium demand markets in the US and Canada. Additionally, the Company recorded $0.83/Mcf of realized hedging gains on its gas volumes in the quarter from its mechanistic risk management strategy.  All in, Peyto’s realized gas price after hedging totaled $4.17/Mcf or 89% higher than AECO 7A monthly price.  The increased realized gas price, combined with Peyto’s low cost structure, boosted FFO by 13% from Q4 2024 to $225.2 million, which funded $102.1 million of capital expenditures, $65.7 million of shareholder dividends and allowed for a $65.7 million reduction in net debt in the quarter. 

    _________________________________________________

    1This press release contains certain non-GAAP and other financial measures to analyze financial performance, financial position, and cash flow including, but not limited to “operating margin”, “profit margin”, “return on capital”, “return on equity”, “netback”, “funds from operations”, “free funds flow”, “total cash costs”, and “net debt”. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as earnings, cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance. See “Non-GAAP and Other Financial Measures” included at the end of this press release and in Peyto’s most recently filed MD&A for an explanation of these financial measures and reconciliation to the most directly comparable financial measure under IFRS.
    2Funds from operations is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    3Free funds flow is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    4Cash costs is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release.
    5Net debt a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    6Total capital expenditures is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    7Operating Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
    8Profit Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
    9Return on capital employed and return on equity are non-GAAP financial ratios. See “non-GAAP and Other Financial Measures” in this news release.

      Three Months Ended Mar 31 %
      2025 2024 Change
    Operations      
    Production      
    Natural gas (Mcf/d) 710,459 647,234 10%
    NGLs (bbl/d) 15,473 17,145 -10%
    Thousand cubic feet equivalent (Mcfe/d @ 1:6) 803,299 750,105 7%
    Barrels of oil equivalent (boe/d @ 6:1) 133,883 125,018 7%
    Production per million common shares (boe/d) 673 643 5%
    Product prices      
    Realized natural gas price – after hedging and diversification ($/Mcf) 4.17 4.05 3%
    Realized NGL price – after hedging ($/bbl) 62.97 60.36 4%
    Net sales price(2) ($/Mcfe) 4.90 4.87 1%
    Royalties ($/Mcfe) 0.25 0.24 4%
    Operating ($/Mcfe) 0.53 0.55 -4%
    Transportation ($/Mcfe) 0.29 0.30 -3%
    Field netback(1) ($/Mcfe) 3.88 3.82 2%
    General & administrative expenses ($/Mcfe) 0.06 0.06 0%
    Interest expense ($/Mcfe) 0.29 0.36 -19%
    Financial ($000, except per share)      
    Natural gas and NGL sales including realized hedging gains(2) 354,268 332,541 7%
    Funds from operations(1) 225,218 204,622 10%
    Funds from operations per share – basic(1) 1.13 1.05 8%
    Funds from operations per share – diluted(1) 1.12 1.05 7%
    Total dividends 65,676 64,158 2%
    Total dividends per share 0.33 0.33 0%
    Earnings 114,117 99,875 14%
    Earnings per share – basic 0.57 0.51 12%
    Earnings per share – diluted 0.57 0.51 12%
    Total capital expenditures(1) 102,129 113,762 -10%
    Decommissioning expenditures 2,872 4,206 -32%
    Total payout ratio(1) 76% 89% -15%
    Weighted average common shares outstanding – basic 199,017,749 194,416,710 2%
    Weighted average common shares outstanding – diluted 200,359,842 195,159,389 3%
           
    Net debt(1) 1,282,891 1,339,558 -4%
    Shareholders’ equity 2,593,128 2,683,990 -3%
    Total assets 5,356,226 5,373,202 0%
           

    (1) This is a Non-GAAP financial measure or ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A
    (2) Excludes marketing revenue and other income

    Capital Expenditures

    Peyto drilled 19 gross (18.2 net) horizontal wells in the first quarter including 10 Wilrich, 1 Falher, 4 Notikewin, 3 Dunvegan, and 1 Cardium well in the core Brazeau and Sundance areas. The Company also completed 13 gross (13.0 net) wells and brought 14 gross (14.0 net) wells on production in the quarter resulting in total well-related capital expenditures of $85.6 million. Additionally, Peyto invested $15.5 million in gathering and processing facilities that included optimization projects and a pipeline to connect third-party volumes to Peyto’s Brazeau plant for long-term fee income. First quarter average drilling costs were slightly higher than the prior quarter, which was attributed to both cold weather operations and the execution of a uniquely over-pressured three-well pad in the Edson area. This was offset by lower completion costs, which fell 6% on a per-well basis from Q4 2024.

      2017 2018 2019 2020 2021 2022 2023 2024 2024
    Q1    		 2024
    Q2    		 2024
    Q3    		 2024
    Q4    		 2025 
    Q1(1)
    Gross Hz Spuds 135 70 61 64 95 95 72 75 18 20 21 16 19
    Measured Depth (m) 4,229 4,020 3,848 4,247 4,453 4,611 4891 5,092 5,220 5,364 4,804 4,987 4,976
                               
    Drilling ($MM/well) $1.90 $1.71 $1.62 $1.68 $1.89 $2.56 $2.85 $2.90 $3.05 $2.89 $2.81 $2.85 $3.01
    $ per meter $450 $425 $420 $396 $424 $555 $582 $569 $585 $539 $585 $572 $605
                               
    Completion ($MM/well) $1.00 $1.13 $1.01(2) $0.94 $1.00 $1.35 $1.54 $1.70 $1.80 $1.75 $1.56 $1.66 $1.56
    Hz Length (m) 1,241 1,348 1,484 1,682 1,612 1,661 1,969 2,184 2,223 2,350 2,224 1,989 1,961
    $ per Hz Length (m) $803 $751 $679 $560 $620 $813 $781 $776 $809 $744 $703 $834 $793
    $ ‘000 per Stage $81 $51 $38 $36 $37 $47 $52 $52 $55 $49 $48 $56 $56
                               

    (1) Based on field estimates and may be subject to minor adjustments going forward. 
    (2) Peyto’s Montney well is excluded from drilling and completion cost comparison.

    Peyto also spent $0.8 million during the quarter on acquiring mineral rights, seismic, and minor acquisitions.

    Commodity Prices and Realizations

    In the first quarter, Peyto realized a natural gas price after hedging and diversification of $4.17/Mcf, or $3.63/GJ, 89% higher than the average AECO 7A monthly benchmark of $1.92/GJ due to realized hedging gains and the Company’s market diversification to non-AECO hubs. Peyto’s natural gas hedging activity resulted in a realized gain of $0.83/Mcf ($53.0 million) in the quarter.

    Condensate and pentanes averaged $90.88/bbl for the quarter, down 1% year over year, while Canadian dollar WTI (“WTI CAD”) decreased 1% to $102.49/bbl over the same period. Other NGL volumes were sold at an average price of $32.41/bbl, or 32% of WTI CAD, up 3% from $31.37/bbl in Q1 2024. Peyto’s combined realized NGL price in the quarter was $64.56/bbl before hedging, and $62.97/bbl including a hedging loss of $1.59/bbl.

    Netbacks

    The Company’s realized natural gas and NGL sales yielded a combined revenue stream of $4.20/Mcfe before hedging gains of $0.70/Mcfe, resulting in a quarterly net sales price of $4.90/Mcfe, consistent with $4.87/Mcfe realized in Q1 2024. Cash costs totaled $1.42/Mcfe in the quarter, 6% lower than $1.51/Mcfe in Q1 2024 due to lower operating, transportation and interest costs. Operating costs are typically highest in the colder, first quarter and Peyto expects per-unit operating costs to trend downward throughout 2025. Peyto’s cash netback (net sales price including other income, net marketing revenue, realized gain on foreign exchange, less total cash costs) was $3.53/Mcfe, the highest since Q1 2023, driving a solid 71% operating margin. Historical cash costs and operating margins are shown in the following table:

      2022 2023 2024 2025
    ($/Mcfe) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4(2) Q1 Q2 Q3 Q4 Q1
    Revenue(1) 5.25 5.48 5.01 5.74 5.10 4.07 4.32 4.83 4.92 3.97 3.99 4.34 4.95
    Royalties 0.60 0.95 0.70 0.72 0.53 0.18 0.29 0.30 0.24 0.26 0.18 0.21 0.25
                               
    Op Costs 0.41 0.39 0.38 0.41 0.50 0.47 0.44 0.55 0.55 0.52 0.54 0.50 0.53
    Transportation 0.28 0.27 0.26 0.22 0.24 0.29 0.29 0.26 0.30 0.30 0.31 0.27 0.29
    G&A 0.03 0.02 0.02 0.02 0.03 0.05 0.04 0.06 0.06 0.06 0.03 0.05 0.06
    Interest 0.21 0.20 0.21 0.21 0.22 0.22 0.28 0.40 0.36 0.36 0.38 0.33 0.29
    Cash cost pre-royalty 0.93 0.88 0.87 0.86 0.99 1.03 1.05 1.27 1.27 1.24 1.26 1.15 1.17
                               
    Total Cash Costs10 1.53 1.83 1.57 1.58 1.52 1.21 1.34 1.57 1.51 1.50 1.44 1.36 1.42
    Cash Netback11 3.72 3.65 3.44 4.16 3.58 2.86 2.98 3.26 3.41 2.47 2.55 2.98 3.53
    Operating Margin 71% 67% 69% 72% 71% 70% 69% 67% 69% 62% 64% 69% 71%
                               

    (1) Revenue includes other income, net marketing revenue and realized gains on foreign exchange.
    (2) First quarter of Repsol assets included in Peyto’s results

    Depletion, depreciation, and amortization charges of $1.34/Mcfe, along with provisions for current tax, deferred tax, performance-based compensation and stock-based compensation resulted in earnings of $1.58 /Mcfe, or a 32% profit margin. Dividends to shareholders totaled $0.91/Mcfe.

    Hedging and Marketing

    The Company has been active in hedging future production with financial and physical fixed price contracts to protect a portion of its future revenue from commodity price and foreign exchange volatility. The following table summarizes Peyto’s hedge position for Q2–Q4 2025, calendar 2026, and calendar 2027.

      Q2 2025 Q3 2025 Q4 2025 2026 2027
    Natural Gas          
    Volume (MMcf/d) 510 510 447 406 61
    Average Fixed Price(1)($/Mcf) 3.90 3.90 4.32 3.99 4.05
    WTI Swaps          
    Volume (bbls/d) 5,000 3,800 2,400 745 –
    Average Fixed Price ($/bbl) 98.94 95.51 93.14 86.19 –
    WTI Collars          
    Volume (bbls/d) 500 500 500 248 –
    Put–Call ($/bbl) 90.00–100.25 90.00–110.00 90.00–100.50 87.50–100.25 –
    Propane          
    Volume (bbls/d) 500 500 500 123 –
    Average Fixed Price (US$/bbl) 33.60 33.60 33.60 33.60 –
    USD FX Contracts          
    Amount sold (USD 000s) 69,000 63,000 47,000 112,500 –
    Rate (CAD/USD) 1.352 1.352 1.355 1.355 –

    (1) At 1.39 CAD/USD FX rate for USD contracts

    The Company’s fixed price contracts combined with its diversification to multiple hubs in North America allow for revenue security and support Peyto’s capital expenditure program, continued shareholder returns through dividends, and debt reduction.  Details of Peyto’s ongoing marketing and diversification efforts are available on Peyto’s website at https://www.peyto.com/Marketing.aspx.

    _________________________________________________

    10Total Cash costs is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
    11Cash netback is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.

    Activity Update

    Since the start of the second quarter, Peyto has continued with an active drilling program across all core areas with 8 wells (6.7 net) drilled, 11 wells (9.4 net) completed, and 12 wells (12.0 net) brought on production. The Company intends to continue with a steady capital program through spring break-up and the rest of 2025.

    Last month, Peyto completed a third Falher well in Sundance, as a follow-up to the two wells that discovered a new channel last year. The results to date from these wells have demonstrated top decile internal rate of returns and the team has identified at least 20 additional locations on Peyto lands.  The Company plans to drill three more wells in the channel before the end of the year, which will help further delineate the trend and prove up productivity.

    Recently, the Company applied an alternate drilling technique and liner design on two low working-interest Cardium wells.  This technique, which targets drilling just below the Cardium sand, allowed Peyto to achieve significantly longer laterals while reducing per unit drill costs below historical levels in the area.  A cemented ball drop system allowed for the deployment of 60 stages in each well—a new record for Peyto.  Early results from these wells are encouraging and the Company plans to follow up with additional wells this year to further test the design.  With continued success, Peyto sees the opportunity to apply the new design to other Cardium inventory which comprises approximately 25% of the Company’s undrilled, booked reserves volumes.

    Beginning in April, Peyto commissioned a new pipeline to accept approximately 8 MMcf/d of natural gas from a third party at its Brazeau gas plant, relating to a multi-year gas processing agreement which utilizes spare capacity at the facility. This new pipeline also provides a future opportunity to serve other third-party volumes. 
      
    Outlook

    While the recent weakness in oil prices has a minimal effect on Peyto’s cash flow, it could be constructive to natural gas prices if the fall in oil prices lowers oil activity and associated gas production in the US. The Company remains bullish on forward natural gas prices with the recent start-up of US LNG export facilities and the ramp up of LNG Canada throughout 2025, combined with continued natural gas demand for AI driven data centres in North America. Further, Peyto is well-positioned with its hedge book and market diversification to provide shareholders with both revenue security and exposure to commodity price upside.  Over the next several years, the Company has significant volumes exposed to premium demand markets in the US and Canada, which offer a superior price above the current AECO market. 

    Despite the political volatility and global economic uncertainty, Peyto remains committed to its 2025 capital guidance of $450 to $500 million. The program is designed with flexibility in the back half of the year to adjust to changing commodity prices and the business environment. Peyto will manage production to minimize exposure to weaker priced markets, when necessary, while the Company’s systematic hedging and market diversification programs secure revenues to support future dividends and further strengthen the balance sheet.  

    Conference Call and Webcast

    A conference call will be held with senior management of Peyto to answer questions with respect to the Company’s Q1 2025 results on Wednesday, May 14, 2025, at 9:00 a.m. Mountain Time (MT), or 11:00 a.m. Eastern Time (ET).

    Access to the webcast can be found at: https://edge.media-server.com/mmc/p/svumnnnm.  To participate in the call, please register for the event at: Participant Call Link.  Participants will be issued a dial in number and PIN to join the conference call and ask questions. Alternatively, questions can be submitted prior to the call at info@peyto.com. The conference call will be available on the Peyto Exploration & Development website at www.peyto.com.

    Annual and Special Meeting

    Peyto’s Annual and Special Meeting of Shareholders is scheduled for 3:00 p.m. on Thursday, May 22, 2025, at the Eau Claire Tower, +15 level, 600 – 3rd Avenue SW, Calgary, Alberta. Shareholders are encouraged to read the Information Circular and vote in advance of the proxy voting deadline of Tuesday, May 20 at 3:00 p.m. (Calgary time) and attend this in-person meeting. Leading independent proxy advisory firms have recommended Peyto shareholders (“Shareholders”) vote “FOR” all the proposed resolutions.  Shareholders who have questions or need assistance with voting their shares should contact Peyto’s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. Shareholders who do not wish to attend are encouraged to visit the Peyto website at www.peyto.com where there is a wealth of information designed to inform and educate investors and where a copy of the AGM presentation will be posted. A monthly report from the President can also be found on the website which follows the progress of the capital program and the ensuing production growth.

    Management’s Discussion and Analysis

    A copy of the first quarter report to shareholders, including the MD&A, unaudited consolidated financial statements and related notes, is available at http://www.peyto.com/Files/Financials/2025/Q12025FS.pdf and at http://www.peyto.com/Files/Financials/2025/Q12025MDA.pdf and will be filed at SEDAR+, www.sedarplus.com at a later date.

    Jean-Paul Lachance                                                                                                                                           
    President & Chief Executive Officer                                                                                                                              
    May 13, 2025

    Phone:  (403) 261-6081
    Fax:      (403) 451-4100
    info@peyto.com

    Cautionary Statements

    Forward-Looking Statements

    This news release contains certain forward-looking statements or information (“forward-looking statements”) as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Peyto’s control. These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management’s estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: macro-economic conditions, including public health concerns and other geopolitical risks, the condition of the global economy and, specifically, the condition of the crude oil and natural gas industry, and the ongoing significant volatility in world markets; other industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in other commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. Management of the Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peyto will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: management’s assessment of Peyto’s future plans and operations, including the 2025 capital expenditure program, drilling plans relating to the Falher discovery at Sundance and the additional wells planned using the alternate drilling technique in the Cardium; the expectation that per-unit operating costs will trend lower in 2025; the expectation that recent weakness in oil prices will have minimal effect on Peyto and could be constructive if lower oil activity decreases associated gas; LNG and AI data centres increasing natural gas demand and setting up a bullish price environment; the sustainability of the Company’s dividend; the effectiveness of the Company’s hedging program at securing revenue; the timing of Peyto’s annual general meeting; and the Company’s overall strategy and focus.

    The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Peyto’s actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: continued changes and volatility in general global economic conditions including, without limitations, the economic conditions in North America and public health concerns; continued fluctuations and volatility in commodity prices, foreign exchange or interest rates; continued stock market volatility; imprecision of reserves estimates; competition from other industry participants; failure to secure required equipment; increased competition; the lack of availability of qualified operating or management personnel; environmental risks; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws, tariffs, and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; and the ability to access sufficient capital from internal and external sources.  In addition, to the extent that any forward-looking statements presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of Peyto and has been presented to provide management’s expectations used for budgeting and planning purposes and for providing clarity with respect to Peyto’s strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose.  Readers are encouraged to review the material risks discussed in Peyto’s latest annual information form under the heading “Risk Factors” and in Peyto’s annual management’s discussion and analysis under the heading “Risk Factors”.

    The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peyto’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Peyto will derive there from.  The forward-looking statements, including any future-oriented financial information or financial outlook, contained in this news release speak only as of the date hereof and Peyto does not assume any obligation to publicly update or revise them to reflect new information, future events or circumstances or otherwise, except as may be required pursuant to applicable securities laws.

    Barrels of Oil Equivalent

    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). Peyto uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    Thousand Cubic Feet Equivalent (Mcfe)

    Natural gas volumes recorded in thousand cubic feet (mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl).  Natural gas liquids and oil volumes in barrel of oil (bbl) are converted to thousand cubic feet equivalent (Mcfe) using a ratio of one (1) barrel of oil to six (6) thousand cubic feet.  This could be misleading, particularly if used in isolation as it is based on an energy equivalency conversion method primarily applied at the burner tip and does not represent a value equivalency at the wellhead.

    Non-GAAP and Other Financial Measures

    Throughout this press release, Peyto employs certain measures to analyze financial performance, financial position, and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income (loss), cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance.

    Non-GAAP Financial Measures

    Funds from Operations
    “Funds from operations” is a non-GAAP measure which represents cash flows from operating activities before changes in non-cash operating working capital, decommissioning expenditure, provision for performance-based compensation and transaction costs.  Management considers funds from operations and per share calculations of funds from operations to be key measures as they demonstrate the Company’s ability to generate the cash necessary to pay dividends, repay debt and make capital investments.  Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds from operations provides a useful measure of Peyto’s ability to generate cash that is not subject to short-term movements in operating working capital.  The most directly comparable GAAP measure is cash flows from operating activities.

      Three Months Ended March 31
    ($000) 2025 2024
    Cash flows from operating activities 219,116 196,829
    Change in non-cash working capital 730 3,587
    Decommissioning expenditures 2,872 4,206
    Performance-based compensation 2,500 –
    Funds from operations 225,218 204,622
         

    Free Funds Flow
    Peyto uses “free funds flow” as an indicator of the efficiency and liquidity of Peyto’s business, measuring its funds after capital investment available to manage debt levels, pay dividends, and return capital to shareholders through activities such as share repurchases. Peyto calculates free funds flow as cash flows from operating activities before changes in non-cash operating working capital, provision for performance-based compensation, and transaction costs, less total capital expenditures, allowing Management to monitor its free funds flow to inform its capital allocation decisions.  The most directly comparable GAAP measure to free funds flow is cash from operating activities. The following table details the calculation of free funds flow and the reconciliation from cash flow from operating activities to free funds flow.

      Three Months Ended March 31
    ($000) 2025 2024
    Cash flows from operating activities  219,116  196,829
    Change in non-cash working capital  730  3,587
    Performance-based compensation  2,500  –  
    Total capital expenditures  (102,129)  (113,762)
    Free funds flow  120,217  86,654
         

    Total Capital Expenditures
    Peyto uses the term “total capital expenditures” as a measure of capital investment in exploration and production activity, as well as property acquisitions and divestitures, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable GAAP measure for total capital expenditures is cash flow used in investing activities. The following table details the calculation of cash flow used in investing activities to total capital expenditures.

       Three Months Ended March 31
      2025 2024
    Cash flows used in investing activities  103,321  97,634
    Change in prepaid capital  (431)  (4,653)
    Change in non-cash working capital relating to investing activities  (761)  20,781
    Total capital expenditures  102,129  113,762
         

    Net Debt
    “Net debt” is a non-GAAP financial measure that is the sum of long-term debt and working capital excluding the current financial derivative instruments, current portion of lease obligations and current portion of decommissioning provision.  It is used by management to analyze the financial position and leverage of the Company. Net debt is reconciled to long-term debt which is the most directly comparable GAAP measure.

    ($000) March 31, 2025 December 31, 2024 March 31, 2024
    Long-term debt 1,171,497 1,295,238 1,296,844
    Current assets (269,336) (394,517) (403,467)
    Current liabilities 361,267 269,609 260,380
    Financial derivative instruments – current 29,913 188,136 194,917
    Current portion of lease obligation (950) (936) (1,322)
    Decommissioning provision – current (9,500) (8,956) (7,794)
    Net debt 1,282,891 1,348,574 1,339,558
           

    Net marketing revenue
    Peyto uses the term “net marketing revenue” to evaluate the profitability of products purchased from third parties that are resold. Net marketing revenue is calculated as marketing revenue less marketing purchases. 

      Three Months Ended March 31
    ($000) 2025 2024
    Marketing revenue 8,342 25,851
    Marketing purchases (7,283) (26,238)
    Net marketing revenue 1,059 (387)
         

    Non-GAAP Financial Ratios

    Funds from Operations per Share
    Peyto presents funds from operations per share by dividing funds from operations by the Company’s diluted or basic weighted average common shares outstanding. “Funds from operations” is a non-GAAP financial measure. Management believes that funds from operations per share provides investors an indicator of funds generated from the business that could be allocated to each shareholder’s equity position.

    Netback per MCFE and BOE
    “Netback” is a non-GAAP measure that represents the profit margin associated with the production and sale of petroleum and natural gas.  Peyto computes “field netback per Mcfe” as commodity sales from production, plus net marketing revenue, if any, plus other income, less royalties, operating, and transportation expenses, divided by production.  “Cash netback” is calculated as “field netback” less interest, less general and administration expense and plus or minus realized gain on foreign exchange, divided by production.  “After-tax cash netback” is calculated as “cash netback” less current tax, divided by production. Netbacks are per-unit-of-production measures used to assess Peyto’s performance and efficiency. 

      Three Months Ended March 31 
    ($/Mcfe) 2025 2024
    Gross sale price 4.20 3.50
    Realized hedging gain 0.70 1.37
    Net sale price 4.90 4.87
    Net marketing revenue 0.02 (0.01)
    Other income 0.03 0.05
    Royalties (0.25) (0.24)
    Operating costs (0.53) (0.55)
    Transportation (0.29) (0.30)
    Field netback 3.88 3.82
    Net general and administrative (0.06) (0.06)
    Interest and financing (0.29) (0.36)
    Realized gain on foreign exchange – 0.01
    Cash netback ($/Mcfe) 3.53 3.41
    Current tax ($/Mcfe) (0.41) (0.42)
    After-tax cash netback ($/Mcfe) 3.12 2.99
    After-tax cash netback ($/boe) 18.69 17.99
         

    Net marketing revenue per Mcfe
    “Net marketing revenue per Mcfe” is comprised of marketing revenue less marketing purchases, as determined in accordance with IFRS, divided by the Company’s total production.

    Total Payout Ratio
    “Total payout ratio” is a non-GAAP measure which is calculated as the sum of dividends declared plus total capital expenditures plus decommissioning expenditures, divided by funds from operations.  This ratio represents the percentage of the capital expenditures and dividends that is funded by cashflow.  Management uses this measure, among others, to assess the sustainability of Peyto’s dividend and capital program.

      Three Months Ended March 31
    ($000, except total payout ratio) 2025 2024
    Total dividends declared 65,676 64,158
    Total capital expenditures 102,129 113,762
    Decommissioning expenditures 2,872 4,206
    Total payout 170,677 182,126
    Funds from operations 225,218 204,622
    Total payout ratio (%) 76% 89%
         

    Operating Margin
    Operating Margin is a non-GAAP financial ratio defined as funds from operations, before current tax, divided by revenue before royalties but including realized hedging gains/losses other income and third-party sales net of purchases.

    Profit Margin
    Profit Margin is a non-GAAP financial ratio defined as net earnings divided by revenue before royalties but including realized hedging gains/losses, other income and third-party sales net of purchases.

    Cash Costs
    Cash costs is a non-GAAP financial ratio defined as the sum of royalties, operating expenses, transportation expenses, G&A and interest, on a per Mcfe basis.  Peyto uses total cash costs to assess operating margin and profit margin.

    The MIL Network –

  • MIL-OSI: Freehold Royalties Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2025.

    First Quarter 2025 Highlights

    • $91 million in revenue;
    • $68 million in funds from operations ($0.42/share) (1)(3);
    • $44 million in dividends paid ($0.27/share)(2);
    • 10,635 bbls/d of total liquids production, an 8% increase from previous quarter driven by continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
    • 16,248 boe/d of total production, a 6% increase from previous quarter with a 65% weighting to oil and natural gas liquids (NGLs), an increase from 63% in Q1-2024;
    • Gross drilling of 322 wells, up 12% from Q4-2024;
    • Robust leasing with 25 new leases signed (14 in Canada; 11 in the U.S.) contributing $3.9 million in revenue with the U.S. contributing a record $3.3 million in lease bonus; and
    • $59.29/boe average realized price ($72.64/boe in the U.S. and $49.26/boe in Canada);
      • 47% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs to get product to market.

    President’s Message

    Freehold’s Q1-2025 production of 16,248 boe/d is at the highest levels in our corporate history, in step with the high quality acquisition work completed in late 2024. The deliberate and strategic build out of our North American royalty portfolio has resulted in a balanced revenue base with Canada contributing 46% of revenue in Q1-2025 and the U.S. contributing 54%. On a volume basis the U.S. represented 43% of our production with premium pricing and higher liquids weighting driving an outsized revenue contribution. Our focus on acquiring mineral title interests in prospect rich basins has contributed to the record level of leasing this quarter in our core U.S. operating areas.

    Freehold’s oil weighted portfolio, underpinned by premium operators in select basins across North America, delivered significant value to the Company and our shareholders with $68 million of funds from operations(3) in the quarter, or $0.42/share. Included in our funds from operations was record leasing results with $3.9 million in revenue, including $3.3 million in U.S. leasing revenue. Notably, the majority of the U.S. leases signed in Q1-2025 are targeting the deeper Barnett formation of the Permian basin that is in the early stages of development.

    Liquids production increased 8% over Q4-2024 and 15% compared to Q1-2024. The increase is largely attributed to the December 2024 Midland basin acquisition and continued growth in our heavy oil portfolio which grew 7% over Q4-2024 and is up 19% compared to Q1-2024. Our U.S. portfolio continues to be led by consistent drilling activity by some of the highest quality payors in North America who are executing on their multi-year growth plans.

    We are maintaining our production guidance range of 15,800 boe/d to 17,000 boe/d for 2025E. The global macro environment has shifted since the end of the first quarter and how that may impact operator plans for the remainder of 2025 is unknown at this point. The industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years. Contributing to this is our positioning in the lowest break-even plays across North America under investment grade operators who take a long term, measured view to capital planning.

    David M. Spyker, President and Chief Executive Officer

    Dividend Announcement

    The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on June 16, 2025, to shareholders of record on May 30, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    Operating and Financial Highlights

          Three Months Ended
    FINANCIAL ($ millions, except as noted) Q1-2025 Q4-2024 Q1-2024
    West Texas Intermediate (US$/bbl) 71.42   70.27   76.96  
    AECO 7A Monthly Index (Cdn$/Mcf) 2.02   1.46   2.07  
    Royalty and other revenue 91.1   76.9   74.3  
    Funds from operations (3) 68.1   61.3   54.4  
    Funds from operations per share, basic ($) (1)(3) 0.42   0.40   0.36  
    Dividends paid per share ($) (2) 0.27   0.27   0.27  
    Dividend payout ratio (%) (3) 65 % 66 % 75 %
    Long-term debt 294.3   300.9   223.6  
    Net debt (5)(6) 272.2   282.3   210.5  
    Net debt to trailing funds from operations (times) (5) 1.1x
    		   1.2x   0.9x  
    OPERATING        
    Total production (boe/d) (4) 16,248   15,306   14,714  
    Canadian production (boe/d)(4) 9,278   9,437   9,593  
    U.S. production (boe/d)(4) 6,970   5,869   5,121  
    Oil and NGL (%) 65 % 65 % 63 %
    Petroleum and natural gas realized price ($/boe) (4) 59.29   53.80   54.81  
    Cash costs ($/boe) (3)(4) 7.00   5.93   7.19  
    Netback ($/boe) (3) (4) 53.01   47.25   46.62  
    ROYALTY INTEREST DRILLING (gross / net)        
    Canada 92 / 3.9
    		   110 / 3.6   132 / 5.9  
    U.S. 230 / 0.8
    		   178 / 0.6   168 / 0.5  

    (1) Calculated based on the basic weighted average number of shares outstanding during the period
    (2) Based on the number of shares issued and outstanding at each record date
    (3) See Non-GAAP and Other Financial Measures
    (4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
    (5) Net debt and net debt to trailing funds from operations are capital management measures

    First Quarter Summary

    • Average production of 16,248 boe/d, an increase of 10% over the first quarter of 2024 with year-over-year liquids growth of 15% to 10,635 bbls/d:
      • Light and medium oil was up 13% over Q1-2024 to 6,880 bbls/d, largely due to the high quality, oil weighted U.S. acquisitions completed in 2024; and
      • Heavy oil was up 19% over Q1-2024 to 1,552 bbls/d as Mannville Stack and Clearwater production on Freehold’s lands hit record highs in the first quarter.
    • Royalty and other revenue totalled $91.1 million, up 18% over the prior quarter and 23% year-over-year. Other revenue included $3.9 million in lease bonus consideration and lease rental revenue, a quarterly record for Freehold.
    • Freehold’s corporate realized price was $59.29/boe, an increase of 9% compared to Q4-2024 and 8% from Q1-2024 due to higher commodity prices and higher weighting to liquids production.
    • Funds from operations totalled $68.1 million ($0.42 per share)(1).
    • Freehold closed $13.8 million of land purchases in the first quarter, including $11 million of high quality undeveloped mineral title lands in our core Midland and Delaware basin properties.
    • Dividends declared for Q1-2025 of $44.3 million ($0.27 per share). Freehold’s dividend payout ratio(1) was 65% for Q1-2025. Freehold’s dividend remains sustainable at oil and natural gas prices well below current commodity price levels.
    • Net debt(1)(2) of $272.2 million at the end of Q1-2025 was reduced by $10.1 million compared to year end 2024, representing 1.1 times trailing funds from operations(2) during the period. Freehold remains conservatively levered.

    (1) See Non-GAAP and Other Financial Measures
    (2) Net debt and net debt to trailing funds from operations are capital management measures

    Q1-2025 Drilling and Leasing Activity

    In total, 322 gross wells (4.7 net wells) were drilled on Freehold’s royalty lands in Q1-2025, a 12% increase (12% on a net basis) compared to the previous quarter. The increase in drilling reflects the expansion of the Company’s U.S. asset base and the positioning of our assets in areas across North America that continue to attract drilling capital.

    On a gross basis, essentially all drilling was oil focused. Approximately 29% of gross wells drilled in Q1-2025 were in Canada and 71% targeted Freehold’s U.S. royalty acreage.

      Three Months Ended
      Q1-2025 Q4-2024 Q1-2024
      Gross Net (1) Gross Net (1) Gross Net (1)
    Canada 92 3.9 110 3.6 132 5.9
    United States 230 0.8 178 0.6 168 0.5
    Total 322 4.7 288 4.2 300 6.4

    (1)  Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.

    Canada

    Canadian net drilling was up over the previous quarter despite the decline on a gross basis as higher interest wells in the Viking and mineral title drilling in southeast Saskatchewan and the Mannville Stack made up a higher percentage. Q1-2025 drilling in Canada was led again by oil weighted plays including Viking (33 gross wells), southeast Saskatchewan (12 gross wells) and Mannville Stack (9 gross wells).

    During Q1-2025, Freehold entered into 14 new leases with seven counterparties totalling approximately $0.6 million in bonus and lease rental revenue. The majority of the new leasing was focused in southeast Saskatchewan and the Mannville Stack.

    U.S.

    During Q1-2025, 230 gross (0.8 net) wells were drilled on our U.S. lands, up 29% on a gross basis and 33% on a net basis from previous quarter due to a larger footprint in the Midland basin following the December 2024 acquisition and increased activity in the Eagle Ford basin. Approximately 90% of Q1-2025 drilling was focused in the Permian basin and 10% in the Eagle Ford basin.

    U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more valuable in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada.

    In Q1-2025, Freehold entered into 11 new U.S. leases with four counterparties, totalling $3.3 million of bonus and lease rental revenue. Leasing activity was predominantly focused on Freehold’s mineral title interests in the Midland and Delaware basins with one lease in the Haynesville basin.

    Normal Course Issuer Bid (NCIB) Application

    The Company plans to implement an NCIB, pursuant to which Freehold would be permitted to acquire up to 10% of its issued and outstanding common shares that comprise the public float (less common shares held by directors, executive officers and principal securityholders (holders holding greater than 10% of the issued and outstanding Shares) of the Company), through the facilities, rules and regulations of the TSX.

    The NCIB will be subject to receipt of certain approvals, including acceptance of the notice of intention to commence an NCIB by the TSX. The NCIB will commence following receipt of all such approvals and will continue until the earlier of: (i) a period of up to one-year; or (ii) the date on which the Company has acquired all common shares sought pursuant to the NCIB. Further particulars of the NCIB will be described in a subsequent press release when approved by the TSX.

    Freehold believes establishing a NCIB as part of its capital management strategy is in the best interests of the Company and provides an opportunity to deliver value to shareholders. Decisions regarding utilizing the NCIB will be based on market conditions, share price, best use of funds from operations and other factors including debt repayment and options to expand our portfolio of royalty assets.

    Annual Meeting of Shareholders

    Freehold’s annual meeting of shareholders (the AGM) will be conducted in person and via live audio webcast at 3:00 PM (MDT) on Wednesday May 14, 2025 at the Calgary Petroleum Club. Further details are available on our website at https://freeholdroyalties.com/investors/events-and-presentations.

    Conference Call Details

    A webcast to discuss financial and operational results for the period ended March 31, 2025, will be held for the investment community on Wednesday May 14, 2025, beginning at 7:00 AM MT (9:00 AM ET).

    A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6y39yhx4.

    A dial-in option is also available and can be accessed by dialing 1-800-952-5114 (toll-free in North America) participant passcode is 5153824#.

    For further information contact

    Freehold Royalties Ltd.
    Todd McBride, CPA, CMA                     
    Investor Relations                                 
    t. 403.221.0833                                      
    e. tmcbride@freeholdroyalties.com        		  Nick Thomson, CFA
    Investor Relations & Capital Markets
    t. 403.221.0874                                          
    e. nthomson@freeholdroyalties.com
    Select Quarterly Information
      2025   2024 2023  
    Financial ($millions, except as noted) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
    Royalty and other revenue 91.1   76.9   73.9   84.5   74.3   80.1   84.2   73.7  
    Net Income (loss) 37.3   51.1   25.0   39.3   34.0   34.3   42.3   24.3  
    Per share, basic ($) (1) 0.23   0.33   0.17   0.26   0.23   0.23   0.28   0.16  
    Cash flows from operations 62.9   59.1   64.1   47.6   52.5   70.7   53.7   49.9  
    Funds from operations 68.1   61.3   55.7   59.6   54.4   62.8   65.3   53.0  
    Per share, basic ($) (1)(3) 0.42   0.40   0.37   0.40   0.36   0.42   0.43   0.35  
    Acquisitions & related expenditures 13.9   277.0   1.8   11.5   121.5   2.1   1.2   3.2  
    Dividends paid 44.3   40.7   40.7   40.7   40.7   40.7   40.7   40.7  
    Per share ($) (2) 0.27   0.27   0.27   0.27   0.27   0.27   0.27   0.27  
    Dividends declared 44.3   41.9   40.7   40.7   40.7   40.7   40.7   40.7  
    Per share ($) (2) 0.27   0.27   0.27   0.27   0.27   0.27   0.27   0.27  
    Dividend payout ratio (%) (3) 65 % 66 % 73 % 68 % 75 % 65 % 62 % 77 %
    Long-term debt 294.3   300.9   205.8   228.0   223.6   123.0   141.2   152.0  
    Net debt (5) 272.2   282.3   187.1   199.1   210.5   100.9   113.4   136.9  
    Shares outstanding, period end (000s) 164.0   164.0   150.7   150.7   150.7   150.7   150.7   150.7  
    Average shares outstanding, basic (000s) (6) 164.0   153.4   150.7   150.7   150.7   150.7   150.7   150.7  
    Operating                
    Light and medium oil (bbl/d) 6,880   6,296   6,080   6,551   6,094   6,308   6,325   6,093  
    Heavy oil (bbl/d) 1,552   1,516   1,315   1,348   1,300   1,182   1,127   1,167  
    NGL (bbl/d) 2,203   2,066   1,972   1,902   1,884   1,878   1,678   1,845  
    Total liquids (bbl/d) 10,635   9,878   9,367   9,801   9,278   9,368   9,130   9,105  
    Natural gas (Mcf/d) 33,678   32,564   31,447   32,524   32,617   32,968   32,851   33,372  
    Total production (boe/d) (4) 16,248   15,306   14,608   15,221   14,714   14,863   14,605   14,667  
    Oil and NGL (%) 65 % 65 % 64 % 64 % 63 % 63 % 63 % 62 %
    Petroleum & natural gas realized price ($/boe) (4) 59.29   53.80   54.36   59.74   54.81   57.94   61.55   54.05  
    Cash costs ($/boe) (3)(4) 7.00   5.93   5.42   9.80   7.19   4.73   5.10   7.19  
    Netback ($/boe) (3)(4) 53.01   47.25   47.78   49.44   46.62   52.59   55.63   46.07  
    Benchmark Prices                
    West Texas Intermediate crude oil (US$/bbl) 71.42   70.27   75.09   80.57   76.96   78.32   82.26   73.78  
    Exchange rate (Cdn$/US$) 1.43   1.40   1.37   1.37   1.35   1.36   1.34   1.34  
    Edmonton Light Sweet crude oil (Cdn$/bbl) 95.32   94.90   97.85   105.29   92.14   99.69   107.89   94.97  
    Western Canadian Select crude oil (Cdn$/bbl) 84.30   80.75   83.95   91.63   77.77   76.96   93.05   78.76  
    Nymex natural gas (US$/Mcf) 3.79   2.86   2.24   1.96   2.33   2.98   2.64   2.17  
    AECO 7A Monthly Index (Cdn$/Mcf) 2.02   1.46   0.81   1.44   2.07   2.70   2.42   2.40  

    (1) Calculated based on the basic weighted average number of shares outstanding during the period
    (2) Based on the number of shares issued and outstanding at each record date
    (3) See Non-GAAP and Other Financial Measures
    (4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
    (5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)
    (6) Weighted average number of shares outstanding during the period, basic

    Forward-Looking Statements

    This news release offers our assessment of Freehold’s future plans and operations as of March 12, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

    • 2025 production guidance;
    • our expectation regarding continued growth of our total liquid production through continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
    • our expectation that our U.S. portfolio will continue to be led by consistent drilling activity by the highest quality payors in North America who are executing on their multi-year growth plans;
    • our expectation that the industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years;
    • our expectation that while some growth directed capital may be pared down, there will not be a slow down in core activity on our lands;
    • our expectation Freehold’s dividend remains sustainable at oil and natural gas prices materially below current commodity price levels;
    • our expectation that the positioning of our assets in areas across North America will continue to attract drilling capital despite volatility in commodity prices;
    • our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
    • our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada;
    • our expectations that we will apply for an commence a NCIB once approval is granted; and
    • other similar statements.

    By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Israeli-Hamas-Hezbollah and potentially the broader Middle-East region, and Russia-Ukraine wars and any associated sanctions as well as OPEC+ curtailments on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

    With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

    You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

    You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

    To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

    Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)
    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    Non-GAAP and Other Financial Measures
    Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended March 31, 2025.

    Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

    The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

    Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

    The following table presents the computation of Net Revenue, Cash costs and the Netback:

    $/boe Q1-2025 Q4-2024 Q1-2024
    Royalty and other revenue   62.29     54.59     55.47  
    Production and ad valorem taxes   (2.28)     (1.41)     (1.66)  
    Net revenue $60.01   $53.18   $53.81  
    Less:      
    General and administrative expense   (3.41)     (3.02)     (3.58)  
    Operating expense   (0.13)     (0.19)     (0.15)  
    Interest and financing cash expense   (3.31)     (2.67)     (2.79)  
    Management fee-cash settled   (0.05)     (0.05)     (0.06)  
    Cash payout on share-based compensation   (0.10)     –     (0.61)  
    Cash costs   (7.00)     (5.93)     (7.19)  
    Netback $53.01   $47.25   $46.62  

    Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.

           
    ($000s, except as noted) Q1-2025 Q4-2024 Q1-2024
    Dividends paid $44,269   $40,687   $40,686  
    Funds from operations $68,050   $61,332   $54,362  
    Dividend payout ratio (%)   65%     66%     75%  

    Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

    The MIL Network –

  • MIL-OSI USA: May 9th, 2025 Heinrich, Colleagues Urge Trump to Press for Immediate Resumption of Humanitarian Aid to Gaza, Return to Israel-Gaza Hostage & Ceasefire Negotiations

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Select Committee on Intelligence, sent a letter to President Trump in advance of the president’s upcoming travel to the Middle East next week, urging him to take an active role in pressing for humanitarian aid and a return to ceasefire negotiations between Israel and Hamas in order to ensure Israel’s security and end more than 15 months of devastating conflict in Gaza.
    When Trump took office, the January 15 ceasefire deal negotiated under the presidential transition of the Biden administration was in effect — 30 Israeli hostages were reunited with their families, Hamas’ military capacity had been effectively obliterated, and humanitarian aid was reaching Gaza. In the months since Trump’s inauguration, however, negotiations towards long-term regional security have collapsed, and dozens of hostages remain imprisoned by Hamas.
    Before next week’s visit, the senators wrote to President Trump that, “The United States is not providing much needed leadership to drive peace forward in the region.” President Trump’s planned visit to the region does not include a stop in Israel.  He has chosen to conclude a truce with Houthi terrorists even as they pledge to continue striking Israel. He also appears to be turning a blind eye towards the core task of ensuring Israel’s security for today and for the long term.
    In the letter, the senators described Gaza’s catastrophic humanitarian crisis under a months-long blockade of aid. More than 116,000 metric tons of food assistance have been stuck outside Gaza, and an estimated 90 percent of Gaza’s population face high levels of acute food and water insecurity. According to the United Nations, most civilians face emergency or crisis levels of hunger.
    This week, Israel also announced its intent to expand military operations and pursue a long-term occupation of Gaza. “The announcement has already escalated tensions in the Middle East, once again threatening to engulf the volatile region in conflict,” the senators wrote. “The Houthis struck Israel’s Ben Gurion airport on May 4 and have vowed to further retaliate against the proposed occupation. Jordan, one of our most important regional security partners, is facing intensifying pressure amid continued public anger over Gaza. Saudi Arabia has made it clear there can be no progress towards normalization with Israel without a pathway toward Palestinian statehood.”
    “Israel’s proposed occupation plans take us further away from permanently ending the Israel-Gaza war and upholding Israel’s security, both goals that you have promised to achieve under your administration,” the senators added.
    Specifically, the senators asked Trump to press all parties to agree to a deal that: 

    Secures the immediate release of all remaining hostages;

    Ushers in a ceasefire;

    Works towards the creation of a security force backed by Arab partners to administer Gaza without Hamas; and

    Creates a path toward a lasting solution that will allow the Israeli and Palestinian people to live in security, dignity, and prosperity.

    The senators ended the letter by reaffirming their unequivocal commitment to Israel’s security and its right to defend itself.  
    “It has been nearly 20 months since Hamas murdered more than 1,200 people and took about 250 hostages, including American citizens,” the senators concluded. “This period has also been marked by severe humanitarian suffering of civilians in Gaza, where more than 52,000 Palestinians have been killed and millions displaced. All of us are longstanding advocates of the U.S.-Israel security partnership, and we will continue to fight for the defense of the Israeli people. That is why, today, we stand with the nearly three-quarters of the Israeli public who are fighting for the release of the remaining hostages in Gaza in exchange for a ceasefire.”
    The letter was is by U.S. Senators Chris Coons (D-Del.), Jeanne Shaheen (D-N.H.), Jack Reed (D-R.I.), Mark Warner (D-Va.), and Brian Schatz (D-Hawaii). Alongside Heinrich, the letter is signed by U.S. Senators Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Edward Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).
    The full text of the letter is here and below:
    Dear President Trump:

    When you took office in January 2025, we were on a path to peace in the Israel-Gaza conflict, thanks in part to your team’s efforts during the Presidential transition. A ceasefire was in effect and 30 hostages were reunited with their families. Hamas’s military capacity had been effectively obliterated, with the IDF calling it a “guerilla terror group” that could no longer mount a sustained military operation against the people of Israel – a testament to both Israel’s military prowess and the United States’ unflinching support. But today, the United States is not providing critically needed leadership to drive peace forward, which is why we write to express our deep concern in advance of your upcoming travel to the Middle East.
    Since March of this year, the situation on the ground has deteriorated dramatically. Fighting in Gaza has resumed, negotiations towards long-term regional security have collapsed, and dozens of hostages remain imprisoned by Hamas. In fact, we have not had a single hostage return home since February 26. In addition, we are witnessing a humanitarian catastrophe in the third month of Israel’s full blockade of food, water, and medicine into Gaza. This is the longest closure Gaza has ever faced. While the World Food Program ran out of food stocks inside Gaza on April 25, they report that more than 116,000 metric tons of food assistance – enough to feed one million people for up to four months – has been positioned outside Gaza at aid corridors, unable to enter. According to the United Nations, an estimated 90 percent of Gaza’s population faces high levels of acute food and water insecurity, with most civilians facing emergency or crisis levels of hunger. Against this backdrop, the Israeli government’s new aid proposal is simply not viable. It would limit aid distribution to just a few sites in southern Gaza secured by private U.S. contractors, and nearly all aid groups operating in the region note this would only increase insecurity and displacement. Roughly half of Gaza’s 2.1 million people are children; a generation of starving children today would prevent a secure and peaceful Israel tomorrow.
    This week, the Israeli government announced a plan to expand military operations and pursue a sustained, long-term occupation of Gaza. This is a dangerous inflection point for Israel and the region, and while we support ongoing efforts to eliminate Hamas, a full-scale reoccupation of Gaza would be a critical strategic mistake. The announcement has already escalated tensions in the Middle East, once again threatening to engulf the volatile region in conflict. The Houthis struck Israel’s Ben Gurion airport on May 4 and have vowed to further retaliate against the proposed occupation. Jordan, one of our most important regional security partners, is facing intensifying pressure amid continued public anger over Gaza. Saudi Arabia has made it clear there can be no progress towards normalization with Israel without a pathway toward Palestinian statehood. In this context, Israel’s planned actions would severely undermine Jerusalem’s path to a more secure, stable and regionally integrated future, which you championed in your first term through the Abraham Accords.
    Israel’s proposed occupation plans take us further away from permanently ending the Israel-Gaza war and upholding Israel’s security, both goals that you have promised to achieve under your administration. As such, in advance of your upcoming visit, we urge you to oppose a permanent reoccupation of Gaza and to press for the immediate resumption of neutral and impartial humanitarian assistance, access, and distribution that fully meets the needs of innocent Palestinian civilians in Gaza.
    You also have a unique opportunity to press the parties to agree to a deal that:
    (1) secures the immediate release of all remaining hostages;
    (2) ushers in a ceasefire;
    (3) works towards the creation of a security force backed by Arab partners to administer Gaza without Hamas; and
    (4) creates a path towards a lasting solution that will allow the Israeli and Palestinian people to live in security, dignity, and prosperity.
    Mr. President, like you, we are unequivocal in our commitment to Israel’s right to defend itself. It has been nearly 20 months since Hamas murdered more than 1,200 people and took about 250 hostages, including American citizens. This period has also been marked by severe humanitarian suffering in Gaza, where more than 52,000 Palestinians have been killed and millions displaced. All of us are longstanding advocates of the U.S.-Israel security partnership, and we will continue to fight for the defense of the Israeli people. That is why, today, we stand with the nearly threequarters of the Israeli public who are fighting for the release of the remaining hostages in Gaza in exchange for a ceasefire.

    MIL OSI USA News –

  • MIL-OSI USA: Burlison and Grothman Announce Hearing on the Inflation Reduction Act’s Harm to American Energy and Medicine

    Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

    WASHINGTON—Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs Chairman Eric Burlison (R-Mo.) and Subcommittee on Health Care and Financial Services Chairman Glenn Grothman (R-Wis.) announced a joint hearing on “Mandates, Meddling, and Mismanagement: The IRA’s Threat to Energy and Medicine.” This hearing will highlight how the Biden Administration used the Inflation Reduction Act (IRA) as a tool to raise taxes on businesses, increase environmental spending, and imperil Medicare premiums. The IRA politicized spending to fund the partisan “Green New Deal” and subsidized the “green” energy purchases of wealthy households while the Biden Administration overlooked waste, fraud, and abuse in funding streams to left-wing groups. 

    “The IRA has wasted billions of taxpayer funds to advance the Democrats’ radical climate agenda and restrict Medicare plan choices for Americans who need it most. The IRA’s energy subsidies and Medicare premium hikes could now cost American taxpayers trillions over the next 10 years unless Congress takes action to stop it. This hearing will expose wasteful spending under the IRA and investigate the ways Congress can protect taxpayer dollars from being spent on misguided, partisan priorities,” said the lawmakers.   

    WHAT: Hearing on “Mandates, Meddling, and Mismanagement: The IRA’s Threat to Energy and Medicine” 

    DATE: May 20, 2025 

    TIME: 10:00 a.m. ET 

    LOCATION: HVC-210, U.S. Capitol Visitor Center 

    WITNESSES:

    • Mr. Ben Lieberman, Senior Fellow, Competitive Enterprise Institute
    • Dr. Erin Trish, Ph.D., Co-Director, USC Schaeffer Center and Associate Professor, Department of Pharmaceutical and Health Economics, USC Mann School of Pharmacy
    • Dr. William McBride, Ph.D., Chief Economist and Stephen J. Entin Fellow in Economics, Tax Foundation

    WATCH: The hearing will be livestreamed here.

      
    ###

    MIL OSI USA News –

  • Markets decline over 1% on profit booking after record rally

    Source: Government of India

    Source: Government of India (4)

    The Indian stock markets declined on Tuesday as investors opted to book profits following a sharp rally in the previous session. Concerns over the progress of US-China trade talks also contributed to the cautious sentiment, pulling down the benchmark indices after their best performance in over four years.

    The BSE Sensex closed 1,281.68 points, or 1.5 per cent, lower at 81,148.22. The NSE Nifty also slipped, ending the day at 24,578.35, down 346.35 points or 1.39 per cent. The correction came a day after markets soared nearly 4 per cent on easing geopolitical tensions between India and Pakistan. Analysts noted that much of Monday’s gains were driven by short covering, leading to profit booking on Tuesday.

    Despite the weakness in headline indices, broader market indices managed to hold firm. The BSE Midcap index edged up 0.17 per cent, while the BSE Smallcap index rose 0.99 per cent, suggesting some resilience in mid- and small-cap stocks.

    Sectoral performance, however, was mixed. Major indices such as Nifty Auto, Financial Services, FMCG, and IT ended with losses of over 1 per cent. Other segments including Nifty Bank, Metal, Oil and Gas, Realty, and Consumer Durables also ended lower. In contrast, indices tracking PSU banks, media, pharma, and healthcare sectors posted gains, with the Nifty PSU Bank index rising as much as 1.66 per cent.

    Among the Sensex constituents, Infosys was the top laggard, falling 3.57 per cent. Eternal, Power Grid, HCL Technologies and TCS also registered losses ranging between 2.88 per cent and 3.4 per cent. On the other hand, Sun Pharmaceutical, Adani Ports, Bajaj Finance, State Bank of India and Tech Mahindra closed with modest gains of up to 1 per cent.

    Market volatility eased slightly, with the India VIX dipping 1.05 per cent to 18.20. Analysts noted that geopolitical uncertainties remained on investors’ radar, with the fragile ceasefire between India and Pakistan keeping participants cautious.

    “Geopolitical tensions remained in focus as market participants monitored the fragile ceasefire between India and Pakistan, adding to the cautious sentiment,” said Sundar Kewat of Ashika Institutional Equity.

    Ajit Mishra, SVP at Religare Broking Ltd, said the decline reflected a sense of caution despite stable global cues and easing regional tensions. “However, we expect the overall tone to remain positive, given the noticeable support in the 24,400–24,600 zone. The focus should remain on identifying key sectors and themes showing relative strength and using intermediate pauses to accumulate quality stocks,” he added.

    — IANS

  • IWAI opens office in Srinagar, launches river navigation projects in Jammu and Kashmir

    Source: Government of India

    Source: Government of India (4)

    The Inland Waterways Authority of India (IWAI), functioning under the Ministry of Ports, Shipping and Waterways, has established a new office in Srinagar as part of efforts to boost inland water transport infrastructure in Jammu and Kashmir. The office, located at Transport Bhawan in Srinagar, has been provided by the Jammu and Kashmir government and became operational on Tuesday.
     
    The Srinagar office will serve as the central hub for IWAI’s activities in the Union Territory, overseeing the development of river navigation infrastructure across the region. To this end, the Authority has signed a Memorandum of Understanding with the Jammu and Kashmir administration to undertake projects across three declared national waterways—NW-26 (River Chenab), NW-49 (River Jhelum), and NW-84 (River Ravi).
     
    Development works planned under the agreement include the installation of floating jetties at ten locations across the Union Territory, dredging of riverbeds to create navigable fairways, provision of night navigation aids, and the conduct of regular hydrographic surveys to ensure safe vessel movement.
     
    The initiative is part of a broader national strategy to tap into the potential of inland waterways as a sustainable mode of transport and economic driver. Under the leadership of Prime Minister Narendra Modi and the guidance of the Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, IWAI has been implementing various projects to enhance inland navigation across India.
     
    Officials said that the collaboration between IWAI and the Jammu and Kashmir administration is expected to open up new avenues for eco-tourism and economic development in the region by improving connectivity and reducing logistical costs.

  • MIL-OSI USA: Senate Passes Markey, Collins Resolution Designating April “Community College Month”

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Resolution Text (PDF)
    Washington (May 13, 2025) – Last week, the Senate unanimously passed a resolution led by Senator Edward J. Markey (D-Mass.) and Senator Susan Collins (R-Maine), members of the Health, Education, Labor, and Pensions (HELP) Committee, designating April as “Community College Month.” The resolution recognizes the importance of community colleges as sources of education, opportunity, and economic mobility. More than 1,000 public, tribal, and independent community colleges serve almost half of all undergraduate students in the United States. Representatives Joe Courtney (CT-02) and Gus Bilirakis (FL-12) introduced a companion resolution in the House of Representatives.
    “Massachusetts community colleges are of and for the community – delivering affordable, high-quality education to students where they live and work.  When we invest in them, we are investing in people, families, neighborhoods, and their futures,” said Senator Markey. “I am proud to reintroduce my resolution designating April as Community College Month in recognition of their essential contributions to our students, to building our workforce, and to driving economic opportunity and mobility.”
    “Maine’s community colleges play an important role in shaping our future workforce and providing students with the skills they need to prepare for rewarding careers in industries such as manufacturing, agriculture, cybersecurity, and health care,” said Senator Collins. “This bipartisan resolution celebrates the hard work of faculty at the more than 1,000 community colleges throughout our country and reaffirms our commitment to increasing access to higher education and workforce training.”
    “For decades, community colleges have opened the door to quality, higher education for students, regardless of their family’s income,” said Congressman Courtney. “Community colleges are particularly critical to students and employers in eastern Connecticut where our economy is growing faster than any other region in the state. With so many new, good-paying jobs available, community colleges are well-situated to prepare workers with the skills they need to succeed. I look forward to working with my colleagues to protect resources for community colleges and ensure they can continue delivering on their mission.”
    “Community Colleges empower students of all ages with the tools, industry certifications and hands-on skills they need to be successful in high wage jobs that are in demand throughout the country.  The skilled workforce they help create serves as a catalyst for fueling our nation’s economic engine,” said Congressman Gus Bilirakis who serves as Co-Chairman of the Community College Congressional Caucus. “This Community College Month, we celebrate the success of these fine educational institutions and the positive impact they have on the lives of millions of Americans.”
    “The Commonwealth’s 15 community colleges are grateful to Congress for recognizing April as Community College Month,” said Nate Mackinnon, Executive Director of the Massachusetts Association of Community Colleges. “Our community colleges offer an open access education to all, regardless of their goals. We are proud to be part of our local communities and partners in educating employees in high-demand industries across Massachusetts.”
    Community colleges play a crucial role in workforce development across the United States, providing an affordable pathway to further education for all students, including nontraditional, low-income, working, parenting, veteran, and first-generation students. For more than a century, community colleges have contributed to prosperity and economic mobility, and they are vitally important to the economic future of the United States.
    The Senate resolution is cosponsored by Senators Richard Blumenthal (D-Conn.), Maggie Hassan (D-N.H.), Dick Durbin (D-Ill.), Mazie Hirono (D-Hawai’i), Jim Risch (R-Idaho), Martin Heinrich (D-N.M.), Peter Welch (D-Vt.), Amy Klobuchar (D-Minn.), Chris Van Hollen (D-Md.), Alex Padilla (D-Calif.), Bernie Sanders (I-Vt.), Ron Wyden (D-Ore.), Angus King (I-Maine), Mike Crapo (R-Idaho), and Lisa Blunt Rochester (D-Del.).

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-Led Nationwide Crackdown, Including Two in the Southern District of Georgia

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

    May 12, 2025 – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators.  The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown.  The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country. 

    Two individuals were arrested in the Southern District of Georgia. To date, both have been charged federally. 

    Michael Alexander James, 44, of Waynesboro, GA and Martin Lindner, 52, of Augusta, GA were both charged in newly unsealed federal indictments with one count of Possession of Child Pornography, said Tara M. Lyons, Acting U.S. Attorney for the Southern District of Georgia.

    “The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

    “Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

    “Possessing child pornography perpetuates the victimization of child sexual abuse survivors,” said Acting U.S. Attorney Lyons. “As exemplified in Operation Restore Justice, we will continue to collaborate with our law enforcement partners to protect our most vulnerable citizens.”

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April, and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

    The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

    The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

    How we can help you: Parents and caregivers protecting your kids

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

    MIL Security OSI –

  • MIL-OSI: TWFG Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) — – Total Revenues increased 16.6% for the quarter over the prior year period to $53.8 million –
    – Total Written Premium increased 15.5% for the quarter over the prior year period to $371.0 million –
    – Organic Revenue Growth Rate* of 14.3% for the quarter –
    – Net income of $6.9 million for the quarter –
    – Adjusted EBITDA* increased 35.3% for the quarter over the prior year period to $12.2 million –

    THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) – TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Total revenues for the quarter increased 16.6% to $53.8 million, compared to $46.1 million in the prior year period
    • Commission income for the quarter increased 14.7% to $48.8 million, compared to $42.5 million in the prior year period
    • Net income for the quarter was $6.9 million, compared to $6.6 million in the prior year period, and net income margin for the quarter was 12.7%
    • Diluted Earnings Per Share for the quarter was $0.09 and Adjusted Diluted Earnings Per Share* for the quarter was $0.16
    • Total Written Premium for the quarter increased 15.5% to $371.0 million, compared to $321.3 million in the prior year period
    • Organic Revenue Growth Rate* for the quarter was 14.3%
    • Adjusted Net Income* for the quarter increased 14.3% from the prior year period to $9.2 million, and Adjusted Net Income Margin* for the quarter was 17.1%
    • Adjusted EBITDA* for the quarter increased 35.3% over the prior year period to $12.2 million, and Adjusted EBITDA Margin* for the quarter was 22.6% compared to 19.5% in the prior year period

    *Organic Revenue Growth Rate, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Diluted Earnings Per Share are non-GAAP measures. Reconciliations of Organic Revenue Growth Rate to total revenue growth rate, Adjusted Net Income and Adjusted EBITDA to net income, Adjusted Diluted Earnings Per Share to diluted earnings per share, and Adjusted Free Cash Flow to cash flow from operating activities, the most directly comparable financial measures presented in accordance with GAAP, are outlined in the reconciliation table accompanying this release.

    Gordy Bunch, Founder, Chairman, and CEO said “Our strong first quarter performance reflects the continued execution of our strategy and strength of our business model. Total revenues grew 16.6% year-over-year, and Adjusted EBITDA increased by 35.3%, and Adjusted EBITDA Margin expansion grew to 22.6%. Organic Revenue Growth of 14.3% underscores the productivity of our agents and the enduring value we deliver to our carrier partners and clients.

    Our recruiting momentum remains robust as we continue to expand our national footprint. During the quarter, we completed the acquisition of two new corporate locations, one in Ohio and one in Texas, expanded into New Hampshire, and added 17 branches across the U.S. The new locations are in line with our acquisition expectations for both revenue and EBITDA.

    As a reminder to our shareholders, newly onboarded agents typically take two to three years to reach full productivity.”

    First Quarter 2025 Results

    Total Written Premium for the first quarter of 2025 was $371.0 million, representing an increase of 15.5% compared to the prior year period. Total revenues were $53.8 million, an increase of 16.6% year-over-year.

    Organic Revenue, a non-GAAP measure that excludes contingent income, non-policy fee income, and other income, was $49.2 million for the first quarter of 2025, compared to $41.6 million in the prior year period. Organic Revenue Growth Rate was 14.3%, driven by robust new business production, moderating retention levels, rate increases, and continued growth in new business activity within one of our managing general agency (MGA) programs.

    Commission expense for the quarter totaled $31.8 million, an increase of 20.3% compared to $26.4 million in the prior year period. This increase reflects the continued growth of our business, partially offset by the one-time favorable adjustment in prior year period due to the branch conversions.

    Salaries and employee benefits were $8.2 million, an increase of 31.1% compared to $6.3 million in the first quarter of 2025. The increase includes $1.2 million of equity compensation expense and $0.7 million related to increased headcount and overall business growth.

    Other administrative expenses were $4.7 million in the quarter, up 50.9% from the prior year period. The increase reflects investments to support business growth and the absorption of public company operating costs.

    Net income for the first quarter of 2025 was $6.9 million, compared to $6.6 million in the prior year period. Net income margin was 12.7%, compared to 14.4% a year ago. Adjusted Net Income was $9.2 million for the quarter, compared to $8.1 million in the same period last year. Adjusted Net Income Margin was 17.1%, versus 17.5% in the prior year period.

    Adjusted EBITDA was $12.2 million for the first quarter, an increase of 35.3% year-over-year. Adjusted EBITDA Margin expanded to 22.6%, compared to 19.5% in the first quarter of 2024.

    Cash flow from operating activities was $15.6 million, up from $9.8 million in the prior year period. Adjusted Free Cash Flow for the quarter was $13.6 million, compared to $7.3 million in the same period a year ago.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company had cash and cash equivalents of $196.4 million. We had full unused capacity on our revolving credit facility of $50.0 million as of March 31, 2025. The total outstanding term notes payable balance was $5.4 million as of March 31, 2025.

    2025 Adjusted Outlook

    Based on our strong first quarter results, the Company has updated its full-year 2025 guidance by raising the range of the outlook across all key metrics to reflect the improved visibility and confidence in the Company’s execution.

    • Organic Revenue Growth Rate*: Expected to be in the range of 12% to 16% (prior: 11% to 16%)
    • Adjusted EBITDA Margin*: Expected to be in the range of 20% to 22% (prior: 19% to 21%)
    • Total Revenues: Expected to be between $240 million and $255 million (prior: $235 million to $250 million)

    The Company is unable to provide a reconciliation to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.

    *For a definition of Organic Revenue Growth Rate and Adjusted EBITDA Margin, see “Non-GAAP Financial Measures” below.

    Conference Call Information

    TWFG will host a conference call and webcast tomorrow at 9:00 AM ET to discuss these results.

    To access the call by phone, participants should register at this link, where they will be provided with the dial in details. A live webcast of the conference call will also be available on TWFG’s investor relations website at investors.twfg.com. A webcast replay of the call will be available at investors.twfg.com for one year following the call.

    About TWFG

    TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the U.S. Securities and Exchange Commission. You should specifically consider the numerous risks outlined under “Risk factors” in the Annual Report on Form 10-K for the year ended December 31, 2024.

    Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. 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.

    Non-GAAP Financial Measures and Key Performance Indicators

    Non-GAAP Financial Measures

    Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow included in this release are not measures of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered substitutes for GAAP measures, including revenues (for Organic Revenue and Organic Revenue Growth), net income (for Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin), diluted earnings per share (Adjusted Diluted Earnings Per Share), and cash flow from operating activities (for Adjusted Free Cash Flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for revenues, net income, operating cash flow or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate any or all of these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

    Organic Revenue. Since the first quarter of 2025, we have utilized the revised calculation methodology for Organic Revenue to include policy fee income as it is directly correlated to MGA commission income. Our legacy calculation methodology removed policy fee income from Organic Revenue. Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned mark.

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

    Adjusted Net Income. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

    We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC.

    Adjusted Net Income Margin. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance.

    Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability units in TWFG Holding Company, LLC (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors.

    Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

    Adjusted EBITDA Margin. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.

    Adjusted Free Cash Flow. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders.

    The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this release.

    Key Performance Indicators

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

    Contacts
    Investor Contact:
    Gene Padgett, CAO for TWFG
    Email: gene.padgett@twfg.com

    PR Contact:
    Alex Bunch, CMO for TWFG
    Email: alex@twfg.com


    Condensed Consolidated Statements of Income     (Unaudited)
    (Amounts in thousands, except share and per share data)

        Three Months Ended
    March 31,
          2025       2024  
    Revenues        
    Commission income(1)   $ 48,785     $ 42,545  
    Contingent income     1,663       1,076  
    Fee income(2)     3,011       2,232  
    Other income     364       290  
    Total revenues     53,823       46,143  
    Expenses        
    Commission expense     31,814       26,443  
    Salaries and employee benefits     8,196       6,254  
    Other administrative expenses(3)     4,724       3,130  
    Depreciation and amortization     3,359       3,013  
    Total operating expenses     48,093       38,840  
    Operating income     5,730       7,303  
    Interest expense     83       842  
    Interest income     1,863       170  
    Other non-operating expense     1       2  
    Income before tax     7,509       6,629  
    Income tax expense     656       —  
    Net income     6,853       6,629  
    Less: net income attributable to noncontrolling interests     5,515       6,629  
    Net income attributable to TWFG, Inc.     1,338       —  
             
    Weighted average shares of common stock outstanding:        
    Basic     14,889,739      
    Diluted     15,055,553      
    Earnings per share:        
    Basic   $ 0.09      
    Diluted   $ 0.09      
             

    (1) Commission income – related party of $3,135 and $1,109 for the three months ended March 31, 2025 and 2024, respectively
    (2) Fee income – related party of $834 and $354 for the three months ended March 31, 2025 and 2024, respectively
    (3) Other administrative expenses – related party of $770 and $401 for the three months ended March 31, 2025 and 2024, respectively

    The following table presents the disaggregation of our revenues by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 35,996     $ 31,729  
    Corporate Branches     8,223       7,276  
    Total Insurance Services     44,219       39,005  
    TWFG MGA     9,195       6,794  
    Other     409       344  
    Total revenues   $ 53,823     $ 46,143  
             

    The following table presents the disaggregation of our commission income by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 33,358     $ 29,900  
    Corporate Branches     8,214       7,250  
    Total Insurance Services     41,572       37,150  
    TWFG MGA     7,213       5,395  
    Total commission income   $ 48,785     $ 42,545  
             

    The following table presents the disaggregation of our fee income by major sources (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Policy fees   $ 1,051     $ 513  
    Branch fees     1,256       1,131  
    License fees     608       515  
    TPA fees     96       73  
    Total fee income   $ 3,011     $ 2,232  
             

    The following table presents the disaggregation of our commission expense by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 25,954       22,028  
    Corporate Branches     1,105       862  
    Total Insurance Services     27,059       22,890  
    TWFG MGA     4,726       3,535  
    Other     29       18  
    Total commission expense   $ 31,814     $ 26,443  
             


    Condensed Consolidated Balance Sheets     (Unaudited)
    (Amounts in thousands, except share/unit data)

        March 31, 2025   December 31, 2024
    Assets        
    Current assets        
    Cash and cash equivalents   $ 196,424     $ 195,772  
    Restricted cash     11,853       9,551  
    Commissions receivable, net     23,575       27,067  
    Accounts receivable     8,053       7,839  
    Other current assets, net     1,500       1,619  
    Total current assets     241,405       241,848  
    Non-current assets        
    Intangible assets, net     80,919       72,978  
    Property and equipment, net     3,364       3,499  
    Lease right-of-use assets, net     4,307       4,493  
    Other non-current assets     535       610  
    Total assets   $ 330,530     $ 323,428  
             
    Liabilities and Equity        
    Current liabilities        
    Commissions payable   $ 16,303     $ 13,848  
    Carrier liabilities     14,710       12,392  
    Operating lease liabilities, current     1,124       1,013  
    Short-term bank debt     1,927       1,912  
    Deferred acquisition payable, current     1,956       601  
    Other current liabilities     6,842       9,851  
    Total current liabilities     42,862       39,617  
    Non-current liabilities        
    Operating lease liabilities, net of current portion     3,119       3,372  
    Long-term bank debt     3,519       4,007  
    Deferred acquisition payable, non-current     973       1,122  
    Other non-current liabilities     —       24  
    Total liabilities     50,473       48,142  
    Commitment and contingencies (see Note 14)        
    Stockholders’/Members’ Equity        
    Class A common stock ($0.01 par value per share – 300,000,000 authorized, 14,904,083 and 14,811,874 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively )     149       148  
    Class B common stock ($0.00001 par value per share – 100,000,000 authorized, 7,277,651 shares issued and outstanding at March 31, 2025 and December 31, 2024)     —       —  
    Class C common stock ($0.00001 par value per share – 100,000,000 authorized, 33,893,810 shares issued and outstanding at March 31, 2025 and December 31, 2024)     —       —  
    Additional paid-in capital     58,374       58,365  
    Retained earnings     16,626       15,288  
    Accumulated other comprehensive income     65       83  
    Total stockholders’ equity attributable to TWFG, Inc.     75,214       73,884  
    Noncontrolling interests     204,843       201,402  
    Total stockholders’ equity     280,057       275,286  
    Total liabilities and equity   $ 330,530     $ 323,428  
             


    Non-GAAP Financial Measures

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

    Revised Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Acquisition adjustments(1)     (610 )     (1,467 )
    Contingent income     (1,663 )     (1,076 )
    Fee income     (3,011 )     (2,232 )
    Policy fee income     1,051       513  
    Other income     (364 )     (290 )
    Organic Revenue   $ 49,226     $ 41,591  
    Organic Revenue Growth(2)   $ 6,169     $ 4,780  
    Total Revenue Growth Rate(3)     16.6 %     15.8 %
    Organic Revenue Growth Rate(2)     14.3 %     13.0 %
             

    (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
    (2) Revised Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $43.1 million and $36.8 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
    (3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.

    Legacy Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Acquisition adjustments(1)     (610 )     (1,467 )
    Contingent income     (1,663 )     (1,076 )
    Fee income     (3,011 )     (2,232 )
    Other income     (364 )     (290 )
    Organic Revenue   $ 48,175     $ 41,078  
    Organic Revenue Growth(2)   $ 5,630     $ 4,822  
    Total Revenue Growth Rate(3)     16.6 %     15.8 %
    Organic Revenue Growth Rate(2)     13.2 %     13.3 %
             

    (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
    (2) Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $42.5 million and $36.3 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
    (3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.

    A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net income and Net income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

    Revised Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Income tax expense     656       —  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Other non-recurring items(1)     —       (1,477 )
    Amortization expense     3,210       2,917  
    Adjusted income before income taxes     11,956       8,069  
    Adjusted income tax expense(2)     (2,736 )     —  
    Adjusted Net Income   $ 9,220     $ 8,069  
    Net Income Margin     12.7 %     14.4 %
    Adjusted Net Income Margin     17.1 %     17.5 %
             
    Legacy Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Income tax expense     656       —  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Other non-recurring items(1)     —       (1,477 )
    Adjusted income before income taxes   $ 8,746     $ 5,152  
    Adjusted income tax expense(2)     (2,001 )     —  
    Adjusted Net Income   $ 6,745     $ 5,152  
    Net Income Margin     12.7 %     14.4 %
    Adjusted Net Income Margin     12.5 %     11.2 %
             

    (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.
    (2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three months ended March 31, 2025, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.88% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.

    A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net income margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Interest expense     83       842  
    Interest income     (1,863 )     (170 )
    Depreciation and amortization     3,359       3,013  
    Income tax expense     656       —  
    EBITDA     9,088       10,314  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Interest income     1,863       170  
    Other non-recurring items(1)     —       (1,477 )
    Adjusted EBITDA   $ 12,188     $ 9,007  
    Net Income Margin     12.7 %     14.4 %
    Adjusted EBITDA Margin     22.6 %     19.5 %
             

    (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.

    A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands):

        Three Months Ended
    March 31,
          2025       2024  
    Cash Flow from Operating Activities   $ 15,645     $ 9,754  
    Purchase of property and equipment     (15 )     (8 )
    Tax distribution to members(1)     (2,024 )     (2,420 )
    Acquisition-related expenses     33       —  
    Adjusted Free Cash Flow   $ 13,639     $ 7,326  
             

    (1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.

    A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows:

        Three Months Ended March 31,
          2025  
    Earnings per share of common stock – diluted   $ 0.09  
    Plus: Impact of all LLC Units exchanged for Class A Common Stock(1)     0.03  
    Plus: Adjustments to Adjusted net income(2)     0.04  
    Adjusted Diluted Earnings Per Share   $ 0.16  
         
    Weighted average common stock outstanding – diluted     15,055,553  
    Plus: Impact of all LLC Units exchanged for Class A Common Stock(1)     41,171,461  
    Adjusted Diluted Earnings Per Share diluted share count     56,227,014  
         

    (1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended March 31, 2025, this includes $5.5 million of net income on 56,227,014 weighted-average shares of common stock outstanding – diluted. For the three months ended March 31, 2025, 41,260,844 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,227,014 weighted-average shares of common stock outstanding – diluted within diluted earnings per share calculation.
    (2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between Net Income of $6.9 million and Adjusted Net Income of $9.2 million for the three months ended March 31, 2025. For the three months ended March 31, 2025, Adjusted Diluted Earnings Per Share include adjustments of $2.4 million to Adjusted Net Income on 56,227,014 weighted-average shares of common stock outstanding – diluted for the period presented.

    Key Performance Indicators

    The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands):

        Three Months Ended March 31,
          2025       2024  
        Amount   % of Total   Amount   % of Total
    Offerings:                
    Insurance Services                
    Agency-in-a-Box   $ 249,475     68 %   $ 218,936     68 %
    Corporate Branches     68,098     18       57,884     18  
    Total Insurance Services     317,573     86       276,820     86  
    TWFG MGA     53,389     14       44,446     14  
    Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     
    Business Mix:                
    Insurance Services                
    Renewal business   $ 244,845     66 %     214,477     67 %
    New business     72,728     20       62,343     19  
    Total Insurance Services     317,573     86       276,820     86  
                     
    TWFG MGA                
    Renewal business     36,375     9       35,464     11  
    New business     17,014     5       8,982     3  
    Total TWFG MGA     53,389     14       44,446     14  
        Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     
    Written Premium Retention:                
    Insurance Services       88 %       97 %
    TWFG MGA       82         81  
    Consolidated       88         94  
                     
    Line of Business:                
    Personal lines   $ 298,289     80 %   $ 254,864     79 %
    Commercial lines     72,673     20       66,402     21  
    Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     

    The MIL Network –

  • MIL-OSI Australia: New generation of skin substitutes give hope to severe burns patients

    Source:

    14 May 2025

    A dermal matrix – one of the latest advancements to regenerate skin after severe burns.

    Severe burns remain one of the most challenging injuries to treat, causing high disease and death rates worldwide, but Australian researchers have flagged some promising new approaches that could save lives and dramatically improve patient recovery.

    In a comprehensive review published in Advanced Therapeutics, researchers from the University of South Australia (UniSA), University of Adelaide and Royal Adelaide Hospital (RAH) explore the latest advancements in dermal substitutes – biochemicals used to replace damaged skin – with a particular focus on combating infection and enhancing tissue regeneration following catastrophic burns.

    The researchers say that despite decades of progress, traditional treatments such as skin grafting often fail to provide adequate healing and infection control, leading to prolonged hospital stays and soaring healthcare costs.

    According to the lead authors Dr Zlatko Kopecki and Dr Bronwyn Dearman, the urgency to develop safer, more effective solutions has never been greater.

    “Infections are a major cause of complications and mortality in burn patients,” says Dr Kopecki, a Research Fellow at UniSA’s Future Industries Institute.

    “We must innovate beyond conventional methods and develop therapies that regenerate tissue while actively preventing infections.”

    Each year, approximately 2423 Australians are admitted to hospital with burn-related injuries, 74% of whom require surgery, including a skin graft. Globally, 180,000 people die from burns each year, and approximately 10 million are hospitalised, costing healthcare systems $112 billion worldwide.

    The review highlights that while many commercial skin substitutes exist, very few offer integrated antimicrobial protection – a critical factor given the vulnerability of burn wounds to bacterial invasion and sepsis.

    The paper discusses emerging technologies such as Kerecis, a novel fish skin graft with inherent antimicrobial properties, and NovoSorb BTM, a synthetic biodegradable matrix that resists bacterial colonisation without relying on antibiotics.

    Both products represent a new generation of dermal substitutes with enhanced potential to protect and heal complex burns.

    Kerecis comes from wild Atlantic cod, caught from a sustainable fish stock in pristine Icelandic waters and processed using renewable energy. It stands out for retaining natural omega-3 fatty acids, which have strong antimicrobial effects and promote wound healing.

    Meanwhile, NovoSorb BTM’s unique polyurethane matrix offers structural resilience even in infected wounds, providing a vital scaffold for tissue regeneration.

    “These materials demonstrate a shift towards multifunctional therapies that combine structural support with infection resistance,” says Dr Dearman, Principal Medical Scientist for the Skin Engineering Laboratory at the RAH and an Adjunct Lecturer at the University of Adelaide.

    “Such innovations are crucial, particularly as antibiotic-resistant infections continue to rise globally,” she says.

    The review calls for the next wave of research to integrate active antimicrobial agents directly into 3D dermal scaffolds that support cell growth, reducing the reliance on antibiotics and temporary dressings.

    Beyond infection control, the research points to scarless healing as the future frontier of burn care.

    By combining smart biomaterials with cell-based therapies, scientists aim to regenerate skin that restores its full function – an outcome that could revolutionise the recovery for millions of burn survivors worldwide.

    The research team includes experts from the Future Industries Institute at UniSA, the Adult Burn Service at the Royal Adelaide Hospital, and the Faculty of Health and Medical Sciences at the University of Adelaide.

    …………………………………………………………………………………………………………………………

    Contact for interview: Dr Zlatko Kopecki E: zlatko.kopecki@unisa.edu.au
    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI: Carbon Streaming Announces Financial Results for the Three Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three months ended March 31, 2025. All figures are expressed in United States dollars, unless otherwise indicated.

    Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the first quarter of 2025, Carbon Streaming made significant progress in reducing costs and improving financial sustainability, while continuing to evaluate strategic alternatives. Ongoing operating expenses have decreased substantially compared to prior years, and by May 2025, the number of individuals at the Company receiving a full-time salary was reduced to three. While we continue to pursue cost reductions, our priority in 2025 is to maximize value from our existing portfolio while exploring all strategic options to enhance shareholder value. More specifically, we will evaluate potential acquisitions, divestments, corporate transactions, and strategic partnerships. Although the voluntary carbon market continues to face challenging conditions and broader economic uncertainties persist, we remain committed to adapting to market realities and identifying the best path forward for our shareholders. In line with this commitment to shareholders, we have recently filed a statement of claim against certain former executives, board members, consultants, and associated entities in order to hold the defendants to account for actions that have caused financial harm to the Company, as outlined in the lawsuit. And with respect to the Rimba Raya, Magdalena Bay, and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights — as we will with all our investments.”

    Quarterly Highlights

    • Ended the year with $36.4 million in cash and no corporate debt. During the quarter, the Company converted $18.0 million in cash from US$ to C$ at an exchange rate of 1.42 C$ for every 1.00 US$. The Company continues to earn interest income on its cash.
    • Reduced the number of individuals receiving full-time salaries at the Company – including employees, consultants, and directors – from 24 at the start of 2024 to 3 full-time employees by May 2025, resulting in significant savings in ongoing operating expenses. The Chief Executive Officer is not collecting a salary, the Chief Financial Officer is receiving a part-time salary, and the Company has eliminated cash-settled director’s fees to its board of directors (“Board”).
    • Recognized a net gain on revaluation of carbon credit streaming and royalty agreements of $49 thousand (net loss on revaluation of $33.1 million for Q1 2024). The net gain on revaluation for the current period was primarily related to changes to the risk-adjusted discount rate and accretion due to the passage of time.
    • Building on the success of the previously-announced ongoing corporate restructuring plan, the Company has significantly reduced ongoing operating expenses and is continuing to review its existing streams and royalties.
    • Generated $2 thousand in settlements from carbon credit streaming and royalty agreements (settlements of $406 thousand during Q1 2024).
    • Operating loss of $1.4 million (operating loss of $36.6 million in Q1 2024).
    • Recognized net loss of $0.8 million (net loss of $35.8 million in Q1 2024).
    • Adjusted net loss was $0.5 million (adjusted net loss of $1.6 million in Q1 2024) (see the “Non-IFRS Accounting Standards Measures” section of this news release).
    • Paid $164 thousand in upfront deposits for carbon credit streaming and royalty agreements (paid $400 thousand in upfront deposits in Q1 2024).
    • In April 2025, the Company announced that it had filed a lawsuit in the Ontario Superior Court of Justice against several former executives, directors, consultants, and associated entities. Please refer to the Company’s news release titled “Carbon Streaming Announces Filing of Claim Against Former Executives and Consultants” for further information.

    Financial Highlights Summary

      Three months ended
    March 31, 2025    		 Three months ended
    March 31, 2024
    Carbon credit streaming and royalty agreements    
    Revaluation of carbon credit streaming and royalty agreements $ 49   $ (33,136 )
    Settlements from carbon credit streaming and royalty agreements1   2     406  
    Other financial highlights    
    Other operating expenses   1,401     3,709  
    Operating loss   (1,351 )   (36,756 )
    Net loss   (822 )   (35,771 )
    Loss per share (Basis and Diluted) ($/share)   (0.02 )   (0.75 )
    Adjusted net loss2   (508 )   (1,596 )
    Adjusted net loss per share (Basic and Diluted) ($/share)2   (0.01 )   (0.03 )
    Statement of financial position    
    Cash3   36,444     49,008  
    Carbon credit streaming and royalty agreements3   9,292     26,980  
    Total assets3   47,098     81,596  
    Non-current liabilities3   47     1,059  
     
    1. Relates to the net cash proceeds generated from the Company’s carbon credit streaming and royalty agreements.
    2. “Adjusted net loss”, including per share amounts, is a non-IFRS® Accounting Standards (the “IFRS Accounting Standards”) financial performance measure that is used in this news release. This measure does not have any standardized meaning under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, see the “Non-IFRS Accounting Standards Measures” section of this news release.
    3. Cash, carbon credit streaming and royalty agreements, total assets and non-current liabilities are presented as at the relevant tabular reporting date.
     

    Portfolio Updates

    Nalgonda Rice Farming Stream: The project was registered with Verra on February 10, 2025, using the UNFCCC Clean Development Mechanism Methodology AMS-III.AU: Methane emission reduction by adjusted water management practice in rice cultivation in the VCS program (“AMS-III.AU”). Registration and first validation of the project was delayed when Verra temporarily inactivated AMS-III.AU as part of a broader review of validation and verification quality and began developing a revised rice-specific methodology to replace AMS-III.AU. During this review, Verra determined that certain projects identified as having quality issues with validations and/or verifications would remain on hold, but Core CarbonX’s projects, including the Nalgonda Rice Farming project, were approved for registration under AMS-III.AU.

    Verra released the new VCS Methodology VM0051 (Improved Management in Rice Production Systems v1.0) on February 27, 2025, which the project plans to transition to for the second monitoring period. However, the project has already applied the guidelines required under the VCS Methodology VM0051. At this time, it is not known how the transition to the new methodology will impact the project, if at all.

    Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream, and its fair value is $nil as of March 31, 2025.

    Baccala Ranch Reforestation Stream: In March 2025, Mast delivered the Company a notice of termination of the Baccala Ranch Reforestation Stream and the Baccala Ranch project, thereby confirming it will forego any plantings. The Company had not advanced any funds for the Baccala project and the closing of the Baccala Ranch Reforestation Stream remained subject to customary closing conditions.

    Enfield Biochar Stream: In April 2025, Standard Biocarbon Corporation (“Standard Biocarbon”) successfully completed an equity financing resulting in a change of control. In connection with the financing, a new CEO has been appointed to lead Standard Biocarbon through project commissioning.

    Strategy

    Carbon Streaming is currently focused on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal. During 2024, the Company underwent changes to the Board and management, including the termination of certain consulting contracts, which reduced ongoing cash expenditure and streamlined decision-making. The Company continues to focus on its previously announced evaluation of strategic alternatives with a focus on maximizing value for all shareholders. These alternatives could include acquisitions, divestments, corporate transactions, financings, other strategic partnership opportunities or continuing to operate as a public company.

    The Company’s carbon credit streaming agreements are structured to retain a portion of the cash flows from carbon credit sales, with stream-specific retention varying. Project partners typically receive the balance through ongoing delivery payments under the terms of each agreement. Cash flows are subject to fluctuations based on realized carbon credit prices and agreement terms. As the Company continues to evaluate its strategic direction, it remains focused on optimizing portfolio economics and managing exposure to market volatility.

    Outlook

    Carbon Streaming continues to reposition itself for success and for maximizing shareholder value amid ongoing challenges. In May 2024, as part of its ongoing corporate restructuring first initiated in 2023, the Company announced changes to its senior management and Board after constructive discussions with certain shareholders. The Company continues to evaluate strategic alternatives for the business and remains focused on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. Building on the previous measures implemented by the Company to reduce ongoing operating expenses, further steps have been taken in recent months, including significantly reducing employee headcount, renegotiating and amending vendor agreements to lower costs, eliminating cash-settled director’s fees to the Board and terminating certain consulting contracts. As the Company’s broader strategy continues to evolve, these recent steps are expected to result in significant reductions to annualized ongoing operating expenses when compared to 2024.

    While the Company aims to increase cash flow generation through the sale of carbon credits from several streaming agreements over the next year, there remains ongoing uncertainty regarding the evolving nature of carbon markets, including potential registry delays, project-specific issues, and methodology-related risks, in addition to impacts the industry may face as a result of general economic, political and regulatory conditions. In 2024, the Company recognized a decrease in the fair values of the Rimba Raya Stream, the Magdalena Bay Blue Carbon Stream, the Sustainable Community Stream, and the Sheep Creek Reforestation Stream to $nil as a result of the failure of the respective projects to meet their obligations under the stream agreements and ongoing legal disputes. The Company is actively pursuing all available legal remedies to protect its investments and enforce its contractual rights. Given the multiple ongoing litigation matters, the outcomes remain uncertain and could materially impact the Company’s financial position and strategic direction. Please refer to the “Legal Proceedings” section of the Company’s most recently filed MD&A for further information.

    Given the evolving nature of carbon markets and ongoing legal considerations, Carbon Streaming is focussed on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal.

    For a comprehensive discussion of the risks, assumptions and uncertainties that could impact the Company’s strategy and outlook, including without limitation, changes in demand for carbon credits and Indonesian developments described herein, investors are urged to review the section of the Company’s most recently filed AIF entitled “Risk Factors” a copy of which is available on SEDAR+ at www.sedarplus.ca.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Non-IFRS Accounting Standards Measures

    Adjusted Net Loss and Adjusted Loss Per Share

    The term “adjusted net loss” in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. Management believes that these non-IFRS Accounting Standards measures, together with performance measures and measures prepared in accordance with the IFRS Accounting Standards, provide useful information to investors and shareholders in assessing the Company’s liquidity and overall performance.

    Adjusted net loss is calculated as net and comprehensive loss and adjusted for the revaluation of carbon credit streaming and royalty agreements, the revaluation of warrant liabilities, the impairment loss on early deposit interest receivable, the revaluation of derivative liabilities, the revaluation of the convertible note, the impairment loss on investment in associate, the gain on dissolution of associate, and the corporate restructuring which the Company views as having a significant non-cash or non-continuing impact on the Company’s net and comprehensive loss calculation and per share amounts. Adjusted net loss is used by the Company to monitor its results from operations for the period.

    The following table reconciles net and comprehensive loss to adjusted net loss:

      Three months ended
    March 31, 2025    		 Three months ended
    March 31, 2024
    Net loss and comprehensive loss $ (822 ) $ (35,771 )
    Adjustment for non-continuing or non-cash settled items:    
    Revaluation of carbon credit streaming and royalty agreements   (49 )   33,136  
    Revaluation of warrant liabilities   (114 )   (334 )
    Litigation and corporate restructuring   477     1,373  
    Adjusted net loss   (508 )   (1,596 )
    Loss per share (Basic and Diluted) ($/share)   (0.02 )   (0.75 )
    Adjusted net loss per share (Basic and Diluted) ($/share)   (0.01 )   (0.03 )
                 

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company’s Board and management; the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company’s existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company’s growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company’s portfolio and partnership strategy; statements regarding the Company holding certain former executives, directors, consultants, and associated entities to account. statements with respect to the ongoing legal process to protect the Company’s investment in the Rimba Raya project and to enforce its legal and contractual rights; and statements regarding the Company’s intention to strictly enforce its legal and contractual rights under the Sustainable Community Stream and the Magdalena Bay Blue Carbon Stream and the Sheep Creek Reforestation Stream.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI: Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated

    HIGHLIGHTS

    • Production in Uzbekistan for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024.
    • Uzbekistan natural gas and condensate sales for the first quarter of 2025 was $22.26 million, which is a 6% increase from sales of $20.93 million for the fourth quarter of 2024.
    • On May 6, 2025, the Company purchased a modular LNG facility (the “First Facility”) capable of producing 48,000 gallons (80 MT) of LNG per day with LNG production planned to commence in the second quarter of 2026.
    • On April 15, 2025, the Company secured its third natural gas allocation in Kazakhstan for LNG feed gas, a portion of which will be allocated to the First Facility.
    • On February 24, 2025, Condor was awarded a second critical minerals mining license in Kazakhstan for a 100% working interest in the exploration rights for mining solid minerals for a six-year term.
    • The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025 that will target multiple play types to further increase production rates.

    MESSAGE FROM CONDOR’S CEO

    Don Streu, President and CEO of Condor commented: ”We have continued to make significant progress in creating value from a diverse portfolio of first-mover energy initiatives which include our Uzbekistan producing gas fields, Kazakhstan modular LNG development and Kazakhstan critical minerals licenses.

    In Uzbekistan, production and revenue growth of six percent quarter-on-quarter reflects the highly capital efficient and repeatable successes of applying Canadian technologies and learnings to increase natural gas production despite historical natural production declines that exceeded twenty percent annually. Production will be further increased by a vertical, horizontal and multi-lateral well drilling campaign that is scheduled to commence in the third quarter of 2025.

    In Kazakhstan, the purchase of our first modular LNG facility will enable us to initiate Central Asia’s first LNG production by the second quarter of 2026. The three LNG feed gas allocations that Condor has secured thus far will allow us to fabricate and operate several additional LNG facilities to ensure sustainable cash flow growth. These facilities are critical to supporting the fuel needs of Kazakhstan’s rapidly expanding transportation networks.

    Also in Kazakhstan, Condor has now been awarded two critical minerals licenses which grant us subsurface exploration rights for solid minerals, including lithium and copper, and these concessions are located in very close proximity to some of the world’s largest mining companies that are actively exploring in the region.

    Condor has truly assembled a diverse portfolio with a strong foundation for cashflow growth that we are now actively developing to realize material value”.

    Production in Uzbekistan

    The Company operates under a production enhancement services contract with JSC Uzbekneftegaz in Uzbekistan to increase the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields (the “PEC Project”). Production for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024. Since assuming operations in March 2024, the Company has flattened the natural production decline rates, which previously exceeded twenty percent annually.

    The Company’s multi-well workover campaign continued during the first quarter of 2025 within the eight gas fields. The highly capital efficient workover activities include perforating newly identified pay intervals, installing proven artificial lift equipment, performing downhole stimulation treatments, and installing new production tubing. Three recent workovers generated a combined production increase of 1,950 boe/d, based upon initial seven-day production rates.

    The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in the third quarter of 2025 that will target numerous play types within a diverse prospect inventory. A combination of vertical, horizontal and Uzbekistan’s first multi-lateral wells will penetrate under-developed reservoirs in the existing fields. Wells are planned to be completed with modern stimulation techniques to further increase production rates.

    In the fourth quarter of 2024, the Company commissioned Uzbekistan’s first in-field flowline water separation system which separates water from the gas streams at the field gathering network rather than at the production facility. This reduces pipeline flow pressure that can lead to higher reservoir flow rates. Three additional separation units have since been installed and are being commissioned. The existing pipeline and facilities infrastructure are also being evaluated to optimize water-handling, determine long term field compression requirements, and to enhance in-field gathering networks.

    LNG in Kazakhstan

    Condor is constructing Kazakhstan’s first LNG facilities to produce, distribute, and sell LNG to offset industrial diesel usage in the country. LNG applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, and other heavy equipment and machinery with high-horsepower engines. These applications have all successfully used LNG fuel in other countries.

    In May 2025, the Company purchased a modular LNG facility (the “First Facility”) for its Saryozek plant site, capable of producing 48,000 gallons (80 MT) of LNG per day. The purchase price of USD $6.5 million (CAD $9.3 million) is due as to USD $1.6 million (CAD $2.3 million) within ten business days and the remaining payments are due in a combination of time and milestone-based instalments until the First Facility is commissioned. Construction of the First Facility is ongoing, and fabrication works are expected to be completed in the fourth quarter of 2025. The First Facility and supporting equipment will then be shipped to Saryozek, Kazakhstan for assembly and commissioning with LNG production expected in the second quarter of 2026. The estimated additional cost to complete the First Facility construction and commissioning is USD $18.6 million (CAD $26.7 million). The Company is finalizing LNG off-taker agreements and advancing several financing solutions for the First Facility.

    In April 2025, the Company secured its third natural gas allocation that will provide LNG feed gas for the First Facility. Two additional 48,000 gallon modular LNG facilities are planned to be constructed at the First Facility site to fully utilize the third natural gas allocation.

    Concurrently, engineering design continues for additional modular LNG facilities that will utilize the two other existing natural gas allocations for the Alga and Kuryk sites. The final investment decision for the first Alga site LNG facility is planned for the fourth quarter of 2025 with Alga LNG production of 100,000 gallons (168 MT) of LNG per day planned to commence in the second quarter of 2027. Timing for the first Kuryk site LNG facility, which is targeting 125,000 gallons (210 MT) of LNG per day, is being evaluated. Based on the Company’s three feed gas allocations, the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually.

    Condor’s modular LNG facilities will be instrumental to supplying a stable, economic and more environmentally friendly fuel source for the Transcaspian International Transport Route (“TITR”) expansion, which is currently the shortest, fastest and most geopolitically secure transit corridor for moving freight between Asia and Europe. The Government of Kazakhstan and Kazakhstan’s national railroad are making significant investments in TITR infrastructure, including expanding the rail network, constructing a new dry port at the Kazakhstan – China border, and increasing the container-handling capacities at various Caspian Sea ports.

    Critical Minerals Licenses in Kazakhstan

    The Company holds a 100% working interest in two contiguous critical minerals mining licenses which provide subsurface exploration rights for solid minerals, including lithium and copper, for respective six-year terms. The 37,300- hectare Sayakbay license was awarded in July 2023 and the nearby 6,800-hectare Kolkuduk license was awarded in February 2025.

    A prior well drilled in the Kolkuduk license territory for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre as reported by the Ministry of Geology of the Republic of Kazakhstan. A 1,000-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. At Sayakbay, a prior legacy well drilled for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. Other critical minerals identified at the Kolkuduk and Sayakbay licenses include rubidium, strontium and cesium.

    The Company is not treating these historical estimates as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in either area being delineated as a mineral resource or reserve. The historical lithium concentration estimates should not be relied upon as indicative of the actual lithium concentration or the likelihood that the Company will be able to achieve similar production results.

    The initial development plan for Sayakbay includes drilling and testing two wells to verify deliverability rates, confirming the lateral extension and concentrations of lithium in the tested and untested intervals, conducting preliminary engineering for the production facilities, and preparing a mineral resource or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The initial development plan for the Kolkuduk license acquired in February 2025 has yet to be determined.

    RESULTS OF OPERATIONS

    Production – Uzbekistan      
    Total Production Three months
    ended
    March 31, 2025    		 One month
    ended
    March 31, 2024*    		 Change
    Volume    		  
    Natural gas (Mcf) 5,842,516 2,027,905 3,814,611  
    Natural gas (boe) 973,753 337,984 635,769  
    Condensate (barrels) 32,443 8,190 24,253  
    Total (boe) 1,006,196 346,174 660,022  
           
           
    Per Unit Production Three months
    ended
    March 31, 2025    		 One month
    ended
    March 31, 2024*    		 Change
    %    		  
    Natural gas (Mcf/d) 64,917 65,416 (0.8 %)
    Natural gas (boe/d) 10,819 10,903 (0.8 %)
    Condensate (bopd) 360 264 36.4 %
    Total (boe/d) 11,179 11,167 0.1 %

    * Production commenced on March 1, 2024. Production volumes and per unit calculations stated in Mcf/d, boe/d and bopd for 2024 are for 31 days.


    Operating Netback for Uzbekistan

    Operating netback for Natural Gas 1,2 Natural Gas
    Q1 2025   Q1 2024  
    Sales ($000’s) 19,982   6,566  
    Royalties ($000’s) (3,661 ) (1,203 )
    Production costs ($000’s) (8,692 ) (2,288 )
    Transportation and selling ($000’s) (690 ) (228 )
    Operating netback ($000’s)1,2 6,939   2,847  
         
    Sales volume (Mcf) 5,462,313   1,888,789  
         
    Sales ($/Mcf) 3.66   3.48  
    Royalties ($/Mcf) (0.67 ) (0.64 )
    Production costs ($/Mcf) (1.59 ) (1.21 )
    Transportation and selling ($/Mcf) (0.13 ) (0.12 )
    Operating netback ($/Mcf)1,2 1.27   1.51  
    Operating netback for Condensate 1,2 Condensate
    Q1 2025   Q1 2024  
    Sales ($000’s) 2,280   646  
    Royalties ($000’s) (451 ) (128 )
    Production costs ($000’s) (215 ) (37 )
    Transportation and selling ($000’s) (12 ) (3 )
    Operating netback ($000’s)1,2 1,602   478  
         
    Sales volume (bbl) 32,317   8,187  
         
    Sales ($/bbl) 70.57   78.91  
    Royalties ($/bbl) (13.96 ) (15.63 )
    Production costs ($/bbl) (6.65 ) (4.52 )
    Transportation and selling ($/bbl) (0.39 ) (0.37 )
    Operating netback ($/bbl)1,2 49.57   58.39  

    1   Operating netback is a non-GAAP measure and is a term with no standardized meaning as prescribed by GAAP and may notbe comparable with similar measures presented by other issuers. See “Non-GAAP Financial Measures” in thisnews release. Thecalculation of operating netback is aligned with the definition found in the Canadian Oil and Gas Evaluation Handbook.
    2   Amounts and per unit measures are only presented for the Uzbekistan segment.


    NON-GAAP FINANCIAL MEASURES

    The Company refers to “operating netback” in this news release, a term with no standardized meaning as prescribed by GAAP and which may not be comparable with similar measures presented by other issuers. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Operating netback is calculated as sales less royalties, production costs and transportation and selling on a dollar basis and divided by the sales volume for the period on a per Mcf basis for natural gas and per boe basis for condensate. This non-GAAP measure is commonly used in the oil and gas industry to assist in measuring operating performance against prior periods on a comparable basis and has been presented to provide an additional measure to analyze the Company’s sales on a per unit basis and the Company’s ability to generate funds.

    BARRELS OF OIL EQUIVALENT ADVISORY

    References herein to barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mcf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf to 1 barrel, utilizing a conversion ratio at 6 Mcf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “expect”, “plan”, “estimate”, “may”, “will”, “should”, “could”, “would”, “ongoing”, “project”, “expect”, “intend”, “seek”, “future”, “forecast”, “continue”, or other similar wording. Forward-looking information in this MD&A includes, but is not limited to, information concerning: the timing and ability to execute the Company’s growth and sustainability strategies including the financing for these growth and sustainability strategies; the timing and ability of the Company to finalize a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025; the timing and ability of the Company to complete a multi-well drilling program in Uzbekistan with modern stimulation techniques and further increase production rates; the timing and ability to approve the final investment decision for the first Alga LNG facility during the fourth quarter of 2025; the Company’s expectation that Alga LNG production will commence in the second quarter of 2027; the Company’s expectation that the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually; the timing and ability of the Company to operate and increase production and overall recovery rates at eight gas fields in Uzbekistan; the timing and ability to deliver repeatable, capital efficient production gains from future workovers; the timing and ability of the Company to increase the number of in-field flowline water separation systems; the timing and ability to realize multiple revenue streams that remain robust across varying economic conditions and geo-political priorities; the timing and ability to increase production by implementing artificial lift, workover and drilling programs; the timing and ability to reprocess 3-D seismic data and conduct a 3-D seismic program; the timing and ability for the 3D seismic data to provide higher resolutions, more accurately characterize the reservoirs and identify new targets; the timing and ability of the Company to evaluate existing pipeline and facilities infrastructure for optimization of water handling, field compression and the in-field gathering network; the timing and ability to use the two natural gas allocations for the Alga and Kuryk sites as feed gas for the Company’s planned modular LNG production facilities; the timing and ability to liquefy natural gas to produce LNG; the timing and ability to conduct detailed engineering; the timing and ability to confirm LNG volume commitments with end-users; the Company’s expectations in respect of the future uses of LNG; the timing and ability to acquire, transport and construct modular LNG production facilities; the timing and ability to obtain funding and proceed with construction of modular LNG production facilities; the timing and ability of the Company to commission the First Facility during the second quarter of 2026; the timing and ability of the First Facility to produce 48,000 gallons (80 MT) of LNG per day; the timing and ability to finalize LNG off-taker agreements for the First Facility; the timing and ability of the Company to construct two additional modular LNG facilities capable of producing 48,000 gallons (80 MT) of LNG per day at the First Facility site; the potential for the Sayakbay and Kolkuduk licenses to contain commercial deposits; the timing and ability of the Company to fund, permit and complete planned activities at Sayakbay including drilling two additional wells and conducting preliminary engineering for the production facilities; the timing and ability to optimize the planned method for direct lithium extraction; the timing and ability of the Company to generate a report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects; the timing and ability to commence exploration mining activities to evaluate the potential for commercial lithium brine deposits; projections and timing with respect to natural gas and condensate production; expected markets, prices and costs for future natural gas and condensate sales; the timing and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; the timing and ability to access natural gas pipelines; the timing and ability to access domestic and export sales markets; anticipated capital expenditures; forecasted capital and operating budgets and cashflows; anticipated working capital; sources and availability of financing for potential budgeting shortfalls; the timing and ability to obtain future funding on favourable terms, if at all; the potential for additional contractual work commitments to be significant; the ability to satisfy and fund the contractual work commitments; projections relating to the adequacy of the Company’s provision for taxes; the expected reporting impacts of adopting amendments to IFRS accounting policies; and treatment under governmental regulatory regimes and tax laws.

    This news release also includes forward-looking information regarding health risk management including, but not limited to: travel restrictions including shelter in place orders, curfews and lockdowns which may impact the timing and ability of Company personnel, suppliers and contractors to travel internationally, travel domestically and to access or deliver services, goods and equipment to the fields of operation; the risk of shutting in or reducing production due to travel restrictions, Government orders, crew illness, and the availability of goods, works and essential services for the fields of operations; decreases in the demand for oil and gas; decreases in the prices of natural gas, condensate and crude oil; potential for gas pipeline or sales market interruptions; the risk of changes to foreign currency controls, availability of foreign currencies, availability of hard currency, and currency controls or banking restrictions which restrict or prevent the repatriation of funds from or to foreign jurisdiction in which the Company operates; the Company’s financial condition, results of operations and cash flows; access to capital and borrowings to fund operations and new business projects on terms acceptable to the Company; the timing and ability to meet financial and other reporting deadlines; and the inherent increased risk of information technology failures and cyber-attacks.

    By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate including, but not limited to, the assumptions that: the Company will be able to secure necessary drilling rigs, support services, and off-taker agreements in a timely manner; the engineering design and final investment decisions for additional LNG facilities will proceed as planned; the Government of Kazakhstan will continue to invest in infrastructure supporting the TITR expansion; additional drilling and testing will be successful in verifying deliverability rates and confirming mineral concentrations; the Company will be able to fund its initiatives through a combination of cash on hand, increased cashflows, debt or equity financing, asset sales, or other arrangements; the Company will be able to manage liquidity and capital expenditures through budgeting and authorizations for expenditures; the Company will be able to manage health, safety, and operational risks through existing precautions and guidelines; the Company will be able to adapt to changing trade policies, tariffs, and restrictions; and the Company will be able to manage the impact of geopolitical instability and sanctions. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such risks and uncertainties include, but are not limited to: regulatory changes; the timing of regulatory approvals; the risk that actual minimum work programs will exceed the initially estimated amounts; the results of exploration and development drilling and related activities; the risk that prior lithium testing results may not be indicative of future testing results or actual results; imprecision of reserves estimates and ultimate recovery of reserves; the risk that historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the risk that the historical composition and quality of oil and gas does not accurately predict its future composition and quality; general economic, market and business conditions; industry capacity; uncertainty related to marketing and transportation; competitive action by other companies; fluctuations in oil and natural gas prices; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals and the possibility that government policies or laws may change or the possibility that government approvals may be delayed or withheld; changes in environmental and other regulations; risks associated with oil and gas operations, both domestic and international; international political events; and other factors, many of which are beyond the control of Condor.

    These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s most recent Annual Information Form, which may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. The forward-looking information contained in this news release are made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    3-D   Three dimensional
    Mcf   Thousands of standard cubic feet
    Mcf/d   Thousands of standard cubic feet per day
    MMcf   Millions of standard cubic feet
    bbl   Barrels of oil
    bopd   Barrels of oil per day
    boe   Barrels of oil equivalent
    boe/d   Barrels of oil equivalent per day
    MT   Metric tonnes
    LNG   Liquefied Natural Gas
    EV   Electric Vehicle
    Kazakhstan   Republic of Kazakhstan
    Uzbekistan   Republic of Uzbekistan


    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network –

  • MIL-OSI New Zealand: Diversions in place following Bay of Plenty crash

    Source: New Zealand Police

    Diversions are in place following a serious crash near the intersection of Hamurana Road and Tauranga Direct Road this morning.

    The crash, involving a truck and car, was reported to Police at 9.15am.

    One person is reported to have sustained critical injuries, and one person has serious injuries.

    The road is partially blocked and motorists are asked to follow the directions of emergency services staff.

    ENDS

    Issued by Police Media Centre. 

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Africa – Morocco’s Ambassador Visits Edinburgh to Spark Energy and Agriculture Partnerships

    SOURCE: Scottish Africa Business Association (SABA)

    The Ambassador’s visit will include meetings with key stakeholders from government, industry and academia, as well as a number of roundtables and site visits with Scottish businesses eager to explore opportunities in Morocco
    ABERDEEN, Scotland, May 13, 2025 – The Scottish Africa Business Association (SABA) (www.AfricaScot.com) is delighted to announce the forthcoming visit of His Excellency Hakim Hajoui, the Ambassador of the Kingdom of Morocco to the United Kingdom, to Scotland. This high-level visit will focus on strengthening partnerships between Scotland and Morocco across the energy, renewable energy and agriculture sectors.

    The Ambassador’s visit will include meetings with key stakeholders from government, industry and academia, as well as a number of roundtables and site visits with Scottish businesses eager to explore opportunities in Morocco – one of Africa’s most dynamic and forward-looking economies.

    Morocco has established itself as a renewable energy leader in Africa, with a goal of sourcing over 50% of its electricity from renewables by 2030. Major investment opportunities exist in solar, wind, green hydrogen and grid infrastructure. The country is also undertaking significant modernisation of its agriculture sector, with a focus on sustainable farming, water management, and agri-tech innovation — all areas where Scottish companies and research institutions have exceptional capabilities.

    Education and skills training will also be a key focus of the visit, as both Scotland and Morocco recognise the importance of developing human capital to drive forward innovation and economic growth. Scottish universities and training institutions have a long history of providing world-class education, and through new partnerships, there is a real opportunity to support Morocco’s workforce development in line with its evolving industrial needs.

    Seona Shand, Chief Operating Officer of the Scottish Africa Business Association, said: “We are thrilled to welcome the Ambassador of Morocco to Scotland. This visit comes at a pivotal time as Morocco accelerates its ambitious green energy transition and advances major agricultural reforms. Scotland’s world-class expertise in renewable energy, offshore wind, green hydrogen and agricultural innovation is a perfect match for Morocco’s ambitions. We see enormous opportunities for Scottish businesses to partner with Moroccan counterparts, share know-how and co-create solutions that will benefit both nations.”

    The visit will serve as a catalyst for building new partnerships, enhancing trade and investment and cultivating knowledge exchange between Scotland and Morocco.

    Companies can register to attend at https://apo-opa.co/456agPk                
    Distributed by APO Group on behalf of Scottish Africa Business Association (SABA).

    About the Scottish Africa Business Association (SABA):
    SABA is the preeminent non-political, Africa focussed, members trade organisation with an unrivalled board of experienced directors which promotes trade, investment and knowledge sharing between Scotland’s world class expertise and Africa’s priority sectors including energy, agriculture, the blue economy, healthcare, skills training and education by leveraging extensive commercial, trade, political and government contacts across Scotland and Africa.

    As part of this, our team organises private meetings, round tables, seminars, conferences, global trade missions and offers market research, intelligence sharing and consultancy services.          

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Africa – Largest number ever of around 200 Japanese companies to participate in the Tokyo International Conference on African Development (TICAD) Business Expo & Conference

    SOURCE: Japan External Trade Organization (JETRO)

    Seeking opportunities in African markets with diverse business contents

    TOKYO, Japan, May 13, 2025 – Japan External Trade Organization (JETRO; Chairman and CEO: ISHIGURO Norihiko; Headquarters: Minato-ku, Tokyo) (www.JETRO.go.jp) is pleased to announce that it will host the TICAD Business Expo & Conference from 20 to 22 August 2025, as one of the Thematic Events of the Ninth Tokyo International Conference on African Development (TICAD9).

    This event will comprise four zones – Japan Fair, Africa Lounge, Event Stage, and Thematic Exhibitions – bringing together diverse content in one venue in a new style of event organisation. A total of 196 Japanese companies and organisations (including 107 small and medium enterprises (SMEs)) will be participating in Japan Fair, the largest number ever, making the TICAD business Expo & Conference the largest-ever Africa-related event to be organised by JETRO.

    Download Exhibitor List: https://apo-opa.co/3F6KiAM

    TICAD9 will be held in Yokohama, Kanagawa Prefecture from 20 to 22 August 2025, led by the Government of Japan and co-hosted by United Nations, United Nations Development Programme (UNDP), African Union Commission (AUC) and World Bank. In conjunction with TICAD9, JETRO has planned the TICAD Business Expo & Conference as a new style of business events that brings together diverse exhibits and opportunities for interaction. In order to support the proactive initiatives of Japanese companies to grasp expanding business opportunities in the African market, JETRO has updated its event model from a conventional exhibition to provide a more practical venue for business exchanges.

    Japan Fair aims to create new business opportunities in the African market by introducing excellent products, technologies, and the services of Japanese companies to government officials and business leaders visiting Japan from African countries. The exhibition is comprised of eight thematic zones, based on the African Union’s Agenda 2063, including “Infrastructure,” “Health and Sanitation Improvement,” and “Food Value Chain.” A totally new addition for TICAD9 will be a “Pop Culture” zone.

    Africa Lounge will feature the presentation of investment and business information from African governments for Japanese businesspeople interested in doing business in Africa.

    The Event Stage will feature seminars based on business themes and thematic panel discussions by Japanese companies. JETRO is also planning panel discussions that bring together key persons from the African business community, as well as other pop culture and innovation-themed events.

    At the Thematic Exhibitions JETRO will be showcasing the two themes of “Pop Culture” and “Innovation.” The Pop Culture exhibition will highlight the potential for business development utilising content originating from Japan, and the Innovation exhibition will introduce groundbreaking ideas and technology that promise to open up a new future for Africa and Japan.

    In addition to the record number of exhibiting companies and organisations at Japan Fair, the TICAD Business Expo & Conference will incorporate new approaches to exhibitions and planning, including pop culture and innovation, seeking to invigorate business exchanges with Africa in new and unprecedented ways. The event will bring together diverse stakeholders from Japan and Africa and is expected to create new partnerships and business matching opportunities.

    JETRO will use this event as an opportunity to continue to support Japanese companies in raising their visibility and expanding their businesses in the African market.

    Overview

    TICAD9

    Name: Ninth Tokyo International Conference on African Development (TICAD9)
    Date: Wednesday 20 – Friday 22 August 2025
    Organiser: Led by the Government of Japan, and co-hosted by the United Nations, United Nations Development Programme (UNDP), African Union Commission, and the World Bank
    Location: Yokohama, Kanagawa Prefecture
    Official website: (English) https://apo-opa.co/4meBrh8
    (Japanese) https://apo-opa.co/4jSsIzF

    TICAD Business Expo & Conference

    Date: Wednesday 20 – Friday 22 August 2025
    Organiser/Co-Organiser: JETRO, Japan Business Council for Africa (JBCA)
    Supported by: Ministry of Economy, Trade and Industry, Ministry of Foreign Affairs
    Venue: Pacific Yokohama, Hall B & C (Minato-Mirai 1-1-1, Nishi-ku, Yokohama, Kanagawa 220-0012)
    Total area: 10,000 m2  
    Zones: Japan Fair, Africa Lounge, Event Stage, Thematic Exhibitions

    About Japan Fair

    Expected exhibitors: 196 companies and organisations (as of May 13) (excluding duplicates) (including in-booth exhibits)

    *Of the above number, 107 participants are SMEs

    *Participants from 30 Japanese prefectures.
    Yamagata (1), Fukushima (1), Ibaraki (1), Gunma (1), Saitama (2), Chiba (2), Tokyo (111), Kanagawa (18), Niigata (1), Ishikawa (2), Yamanashi (1), Nagano (6), Gifu (1), Shizuoka (2), Aichi (6), Shiga (1), Kyoto (7), Osaka (15), Hyogo (13), Nara (1), Okayama (1), Hiroshima (2), Tokushima (1), Kagawa (2), Ehime (2), Fukuoka (1), Saga (1), Kumamoto (2), Miyazaki (1), Okinawa (2). (Figures in parenthesis indicate number of companies/organisations. Includes companies/organisations with more than one location.)

    *Number of participants by zone:
    Japanese Companies Driving Growth in Africa: 63
    Transforming Infrastructure: 55
    Advancing Healthcare and Sanitation Standards: 24
    Food Value Chain: 23
    Skills for the Future: 14
    Climate Solutions: 14
    Sustainable Urban Development Solutions: 3
    Pop Culture: 2

    Overview and outcomes of Japan-Africa Business Expo held at TICAD7 in 2019

    Date: 28-30 August 2019
    Total area: 6,700 m2
    No. of visitors: Approx. 21,000
    No. of Japan Fair exhibitors: 156 companies/organisations (including 81 SMEs)
    No. of exhibiting countries in Africa Lounge: 45

    Attachment

    List of expected participating companies/organisations  

    About JETRO:
    JETRO is a policy implementation organisation that aims to contribute to the further development of Japan’s economy and society through trade and investment promotion and research on developing countries. With an international and domestic network comprising over 70 overseas offices and approximately 50 domestic operating hubs, including Tokyo Headquarters, JETRO Osaka, the Institute of Developing Economies (IDE) and regional offices, JETRO contributes to Japan’s corporate activities and trade policy through surveys and studies, working agilely and efficiently to support the creation of innovation, exports of agricultural, forestry, and fishery products and foodstuffs, and the overseas expansion of Japanese enterprises.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Africa – Speak Up Africa galvanizes private sector engagement to accelerate malaria-elimination efforts in Africa

    SOURCE: Speak Up Africa

    The agreement builds on a five-year collaboration between Speak Up Africa and Canal+ Group, which has contributed more than $1.5 million in airtime and in-kind support

    ABIDJAN, Ivory Coast, May 13, 2025/ — On the sidelines of the Africa CEO Forum, Speak Up Africa (www.SpeakUpAfrica.org), in collaboration with the RBM Partnership to End Malaria, the African Leaders Malaria Alliance (ALMA), and Malaria No More UK, launched the Francophone chapter of the Change the Story campaign and unveiled a new report, Change the Story, Save Lives: The Private Sector’s Role in Ending Malaria.  

    The campaign aims to amplify the voices of women and girls and mobilize the African private sector to accelerate malaria elimination. With the upcoming Global Fund 8th Replenishment and rising funding gaps, 2025 represents a critical moment to unlock new resources and scale up impact.

    “This is your moment to co-invest for impact, because when Africa’s private sector leads, the world pays attention,” said Dr. Michael Adekunle Charles, CEO of the RBM Partnership to End Malaria. “The Global Fund has saved millions of lives and strengthened health systems. Your investments now can safeguard both economic resilience and public health.”

    The accompanying report calls on businesses to:

    Provide direct or in-kind support to national malaria control efforts

    Channel resources into the Global Fund’s 8th Replenishment

    Join End Malaria Councils to drive multisectoral advocacy and resource mobilization

    Invest in the new Voix EssentiELLEs Fund for Malaria Elimination, focused on women-led, community-driven efforts.

    Africa’s fight against malaria needs to be bold and the private sector is a vital partner in that mission.” said Joy Phumaphi, Executive Secretary of ALMA and Board Chair of the RBM Partnership to End Malaria “By joining End Malaria Councils and Funds and investing in community-led solutions, companies can unlock the innovations and resources needed to deliver impact, protect lives, power economies, and achieve a malaria-free future.”

    Launched during the event, the Voix EssentiELLEs Fund for Malaria Elimination aims to mobilize $4 million by 2030 to support flexible malaria funding for women and girls, and regional advocacy aligned with national priorities.

    “To avoid losing years of progress in the fight against malaria, securing new and diversified sources of funding is urgent,” said Pierre N’gou Dimba, Minister of Health, Public Hygiene and Universal Health Coverage of Côte d’Ivoire. “The private sector has a direct stake in malaria elimination. Healthy communities lead to thriving economies.”

    Women and girls continue to carry the greatest burden of malaria, yet remain underrepresented in decision-making and funding. “Investing in women and girls accelerates development. Women leaders strengthen communities, drive innovation, and help lift families out of poverty. And we know that for every $1 invested in malaria control, we gain up to $60 in economic returns. Malaria-free communities are not just healthier, they are more resilient, productive, and profitable” said Yacine Djibo, Executive Director of Speak Up Africa.  

    A 2024 study found that reducing malaria incidence by 90% by 2030 could boost the continent’s GDP by $126.9 billion. Malaria is not just a health issue, it is an economic barrier that weakens productivity, drives household spending, and constrains growth.

    As part of Speak Up Africa’s ongoing work with the private sector, the organization signed a Memorandum of Understanding with Canal+ Côte d’Ivoire and the National Malaria Control Program. The agreement builds on a five-year collaboration between Speak Up Africa and Canal+ Group, which has contributed more than $1.5 million in airtime and in-kind support.

    “Through our platform, we are proud to drive awareness and contribute to the fight against malaria,” said Adama Koné, Director General of Canal+ Côte d’Ivoire. “Together with Speak Up Africa and their partners, we are committed to changing the story to end malaria in Africa.”

    Download (apo-opa.co/44Dl9bq) the ‘Change the Story, Save Lives: The private sector’s role in ending malaria’ Report (https://apo-opa.co/3EZagGp).

    Media Contact:
    Maelle Ba
    maelle.ba@speakupafrica.org

    Speak Up Africa:
    Speak Up Africa is an African-led, Senegal-based organization dedicated to building an Africa where growth and sustainable development are driven by Africa’s own citizens. Speak Up Africa convenes, enables and advocates. Focusing on strategic communications and advocacy, the organization is dedicated to supporting African leaders and citizens to take an active role in identifying and developing solutions to tackle the challenges facing the African continent — including malaria, NTDs, immunization, sanitation, gender equality and global health research and development. From its strategic base in Dakar, Senegal, the Speak Up Africa team partners with African leaders and change-makers to put in place the right policies and secure sufficient resources to achieve our sustainable development goals and the African Union’s Agenda 2063.

    MIL OSI – Submitted News –

  • MIL-OSI Security: U.S. Attorneys for Southwestern Border Districts Charge More than 1400 Illegal Aliens with Immigration-Related Crimes During the Second week in May as part of Operation Take Back America

    Source: United States Attorneys General

    Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1400 defendants with Criminal violations of U.S. immigration laws.

    The Southern District of California filed 176 border-related cases this week, including charges of assault on a federal officer, bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances. These included Two complaints which charged five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old boy from India. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized.

    The Central District of California filed criminal charges against 34 defendants this week who allegedly were found in the U.S. following removal. Many of the defendants charged were previously convicted of felonies before they were removed from the United States.

    The District of New Mexico charged approximately 300 defendants with border-related crimes, including 91 defendants charged with Illegal Reentry After Deportation (8 U.S.C. 1326). In addition, 209 individuals charged with Illegal Entry (8 U.S.C. 1325) were also charged with violation of a military security regulation (50 U.S.C. 797) because they unlawfully entered the National Defense Area in New Mexico.

    The Southern District of Texas filed a total of 300 cases, charging 302 people from May 2-8 in continuing efforts to secure the southern border. As part of the cases, 93 face allegations of illegally reentering the country. The majority have prior felony convictions for narcotics, prior immigration crimes and more. A total of 193 people face charges of illegally entering the country, while 11 cases allege various instances of human smuggling with the remainder involving other immigration-related crimes.

    The Western District of Texas filed 316 new immigration and immigration-related criminal cases from May 2 through May 8. Among the new cases, Cirilo Delgado-Alderete, Dilan Karim Valenzuela-Baca, and Antelmo Eligio Ramirez-Bernardo were arrested at an alleged stash house in Anthony, New Mexico. According to an affidavit, U.S. Border Patrol and Homeland Security Investigations agents observed three vehicles that had been identified as being used to smuggle illegal aliens to Albuquerque, New Mexico, parked at the residence. When agents questioned Ramirez-Bernardo, a Guatemalan national, they allegedly discovered he possessed a key to the residence on his keychain. Agents then located 25 individuals inside the residence who admitted to being citizens of Mexico, Peru, Honduras, Guatemala, Dominican Republic, and Pakistan without documentation to be in the U.S. Two of the individuals, Delgado-Alderete and Valenzuela-Baca, were identified as alleged stash house caretakes and drivers to harbor and transport the illegal aliens. Delgado-Alderete, Valenzuela-Baca, and Ramirez-Bernardo are charged with one count of conspiracy to transport illegal aliens and one count of conspiracy to harbor illegal aliens.  The drivers allegedly picked up aliens in El Paso before transporting them to New Mexico.

    The District of Arizona brought immigration-related criminal charges against 314 defendants. Specifically, the United States filed 117 cases in which aliens illegally re-entered the United States, and the United States also charged 166 aliens for illegally entering the United States.  In its ongoing effort to deter unlawful immigration, the United States filed 25 cases against 31 individuals responsible for smuggling illegal aliens into and within the District of Arizona.

    We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.

    MIL Security OSI –

  • MIL-OSI Security: Delaware Man Convicted of Sex Trafficking and Forced Labor

    Source: United States Attorneys General

    A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.

    According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.

    “Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”

    “I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”  

    “The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”

    “The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”

    The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.

    Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.

    A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.

    Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.

    MIL Security OSI –

  • MIL-OSI USA: Delaware Man Convicted of Sex Trafficking and Forced Labor

    Source: US State of North Dakota

    A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.

    According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.

    “Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”

    “I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”  

    “The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”

    “The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”

    The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.

    Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.

    A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.

    Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.

    MIL OSI USA News –

  • MIL-OSI USA: New Hampshire Doctor Pleads Guilty to Illegally Prescribing Opioids

    Source: US State of California

    A New Hampshire doctor pleaded guilty today to unlawfully distributing a controlled substance. This is the first conviction of a doctor in the District of New Hampshire from a joint investigation by the New England Strike Force and the U.S. Attorney’s Office.

    According to court documents, Robert G. Soucy Jr., D.O., 72, of Columbia, New Hampshire, illegally prescribed opioids from his home in Columbia, New Hampshire. Dr. Soucy knew that pharmacies in and around Colebrook, New Hampshire, would not fill his prescriptions for several of his patients. To have the unlawful prescriptions filled, Dr. Soucy specifically instructed a patient to bring his prescriptions to a pharmacy in another location. Dr. Soucy also continued to prescribe opioids to the patient, who the defendant knew had a substance-abuse disorder, without conducting any medical evaluation or testing and after the patient had moved out of New England.

    Dr. Soucy faces a maximum penalty of 20 years in prison. He surrendered his DEA registration and is no longer authorized to prescribe controlled substances.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, Acting United States Attorney Jay McCormack for the District of New Hampshire, Acting Special Agent in Charge Stephen Belleau and Acting Diversion Program Manager George Lutz of the Drug Enforcement Administration (DEA) New England Division, and Deputy Inspector General for Investigations Christian J. Schrank of the Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The DEA and HHS-OIG investigated the case.

    Trial Attorneys Thomas D. Campbell and Danielle H. Sakowski of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    Anyone needing access to opioid treatment services can contact HHS-OIG’s Substance Abuse and Mental Health Services Administration 24/7 National Helpline for referrals to treatment services at 1-800-662-4359. 

    MIL OSI USA News –

  • MIL-OSI USA: Honoring the Lives of Victims in Tops Shooting

    Source: US State of New York

    overnor Kathy Hochul, City of Buffalo Mayor Christopher P. Scanlon and members of the 5/14 Memorial Commission announced a major milestone for the permanent and living memorial to honor the lives taken and those impacted by the racially motivated mass shooting at Tops on Jefferson Avenue on May 14, 2022. The 5/14 Memorial Commission identified 18 city-owned and privately-owned lots required for the construction of a permanent memorial. The City’s discussions with private property owners have successfully concluded, with three owners willing to donate or sell the remaining four parcels needed for the memorial. As a result, all 18 lots required for the memorial have now been designated for a unified site, and the acquisition of all parcels marks a critical step forward for the 5/14 Memorial Foundation Inc. to enter detailed phases of design, engineering, permitting, and fundraising.

    “The 5/14 Memorial will stand not only as a tribute to the lives lost and forever changed on May 14, 2022, but also as a powerful symbol of resilience, remembrance, and justice,” Governor Hochul said. “Today marks a profound and pivotal moment in our shared journey toward healing the pain caused on that tragic day and ensuring the legacy of those lost endures for generations to come.”

    Buffalo Mayor Christopher P. Scanlon said, “As we approach three years since the horrific racially motivated attack on May 14th, today’s announcement isn’t just about transferring property — it’s about the next step creating a permanent and living space that reflects the strength of the East Side community and ensures that the lives we lost are never forgotten. I want to thank Governor Hochul, the 5/14 Memorial Foundation Inc., the Buffalo Common Council, and all stakeholders for coming together to make this possible.”

    5/14 Memorial Foundation Inc. Chairman Rev. Mark Blue said, “This moment represents a significant milestone in our collective journey to push forward as a community and honor the lives taken from us on May 14th, 2022. We are deeply grateful to Governor Hochul, Mayor Scanlon, the Common Council, and the members of this community who have worked in partnership with us to achieve site control. This brings us one step closer to creating a permanent space for healing, reflection, and education.”

    Buffalo Common Council Majority Leader, Ellicott District Councilmember Leah M. Halton-Pope said, “This moment represents more than a transfer of land — it is a transfer of purpose, of collective will, and of deep resolve to remember those we lost on May 14th and the community that continues to rise in their honor. The establishment of a permanent and living memorial affirms that Black lives matter, that the East Side of Buffalo matters, and that the legacy of those ten beautiful souls will forever be etched not only in stone, but in our city’s conscience. I’m proud to stand with my colleagues, Governor Hochul, Mayor Scanlon, and the 5/14 Memorial Commission as we take this next step forward — grounded in remembrance and committed to healing.”

    Today, the Common Council approved the sale of 14 city-owned parcels at the designated memorial site to the 5/14 Memorial Foundation. The City of Buffalo submitted a Designated Developer Agreement, which was approved by the Buffalo Common Council, to establish site control at the corner of Jefferson Avenue and Best Street, the future site for the 5/14 permanent and living memorial. The agreement outlines the sale of city-owned parcels to the 5/14 Memorial Foundation Inc. and sets forth land use conditions and long-term responsibilities for the Foundation to develop and maintain the site as a public memorial space.

    About the 5/14 Memorial

    The 5/14 Memorial Commission, established in October 2022 by Governor Kathy Hochul and then-Mayor Byron W. Brown, unveiled the final design for the memorial, titled “Seeing Us,” on May 13, 2024. Designed by Jin Young Song and Douglass Alligood, the memorial features ten interconnected stone pillars inscribed with the names of the lives taken and survivors, each with a unique arc and height. A sweeping support building will serve as a central hub for education, exhibitions, community activities, and events, with an elevated Memorial Walk on its roof. The design was selected through a comprehensive public engagement process, including community meetings and surveys.

    The estimated cost for the memorial is approximately $15 million. To date, New York State has committed $5 million, and the City of Buffalo has pledged $1 million toward the project. The 5/14 Memorial Commission has designated the newly created 5/14 Memorial Foundation to initiate a yearlong fundraising campaign to secure the remaining funds necessary to commence construction.

    Representative Tim Kennedy said, “Our community was permanently scarred by the events of May 14, 2022. While that pain will never go away, the new permanent site for this memorial will create a place of comfort and healing where Western New Yorkers can come together in love and unity. I thank the members of the 5/14 Memorial Commission, Mayor Scanlon, and the Common Council for their collaborative work to identify and secure this site. The City of Good Neighbors will respond to hatred and violence with hope and unity.”

    Assembly Majority Leader Crystal Peoples-Stokes said, “The acquisition of land is another positive step towards creating a lasting memorial honoring the lives lost, the lives forever changed, and the community that stood together in the face of anti-Black racism. We have more hills to climb and we will climb them. I want to thank Governor Kathy Hochul, City of Buffalo Mayor Christopher Scanlon, the City of Buffalo Common Council, community leaders and the 5/14 Memorial Foundation, Inc for helping to bring the memorial one step closer to reality.”

    State Senator April N.M. Baskin said, “May 14, 2022, is a tragic day that will live in infamy throughout Buffalo, Western New York, and beyond. We lovingly remember our 10 neighbors who were senselessly murdered that day as well as the individuals injured and those who face irreversible trauma from the attack on our community. As we work on many initiatives to improve the societal conditions that made East Buffalo a vulnerable target on 5/14, I am pleased that we are making strides to establish a tangible Memorial that will stand as a timeless symbol of that fateful day.”

    State Senator Sean Ryan said, “Three years after the racist attack on 5/14, the memories of that horrible day are still fresh in all of our minds. The anger, sorrow, and grief we felt that day are still inside, but we have begun to build our lives around them. This memorial will be a solemn tribute to the friends, loved ones, and neighbors lost that day, celebrating them and memorializing them for all time. It will also serve as a reminder of our community’s resilience in the wake of tragedy. Thank you to Governor Hochul and our partners in government who have worked together to make this tribute possible.”

    Buffalo Common Council President Bryan Bollman said, “The land transfer for the 5/14 Memorial marks a vital step forward in honoring the 10 lives lost, the families forever changed, and the community that continues to heal. We will never forget the pain of that day, but we move forward with purpose, committed to remembrance, justice, and unity. I commend Governor Hochul, Mayor Scanlon, former Mayor Brown, and the 5/14 Memorial Commission for their leadership in ensuring this sacred space will stand as a permanent reminder that love will always triumph over hate.”

    Masten District Council Woman and 5/14 Commission Member Zeneta B. Everhart said, “It has been an honor to serve on the 5/14 Memorial Commission and Foundation for nearly three years. As we approach the 3rd memorial anniversary I am reminded of the 10 lives stolen from us, the survivors including my son Zaire Goodman, and the dozens of residents impacted by the hate fueled massacre on 5/14/2022. I want to thank the Mayor and my colleagues on the Council for making the process for acquiring these properties seamless so that we can begin building an honor space in remembrance of 5/14. I would also like to thank the donors who selflessly gave their properties and those who were so willing to sell their properties so that we could make this memorial a reality. This memorial will be a living breathing entity that will not only teach the community about the horrific events of 5/14, but it will be a space that teaches the history of African Americans for generations to come.”

    MIL OSI USA News –

  • MIL-OSI: Westport Fuel Systems Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport“) (TSX:WPRT / Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2025, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “We continue to make significant strides in transforming Westport and sharpening our strategic focus. Our priorities remain clear: driving success through Cespira, our HPDI joint venture with Volvo Group; pursuing operational excellence through initiatives to streamline processes and reduce costs; and positioning Westport at the forefront of the alternative fuel shift.

    These priorities are guiding us as we work towards a brighter future. We’re seeing the impact of our efforts in our recent results – we significantly improved our net loss to $2.5 million in Q1 of 2025 from a net loss of $13.6 million in Q1 of 2024. This was supported by a $3.5 million increase in gross profit and an $8.1 million decrease in operating expenses. We also reported a substantial improvement in adjusted EBITDA as compared to the same period of the prior year.

    Looking to the future, with the announcement of the proposed sale of our light-duty business, Westport is realigning to focus on the hard-to-decarbonize applications primarily in long-haul and heavy-duty trucking where our unique HPDI and high-pressure technologies offer significant growth potential. Critically, this transaction is designed to provide immediate cash proceeds that bolster our balance sheet and fund growth opportunities in Cespira and the High-Pressure Controls & Systems business.

    Now, the conversation has changed. Our attendance at the Advanced Clean Transportation Expo or ACT Expo, the largest showcase of clean transportation technologies in North America, validated our view that the market recognizes that the internal combustion engine utilizing alternative fuels is an affordable solution that also decarbonizes long-haul, heavy-duty transport. Westport is the clean-tech innovation company to help drive this change. Through Cespira, the HPDI fuel system does the on-engine work to our High Pressure Controls and Systems business where our components do the off-engine work we are providing OEMs with simplified solutions to decarbonize.

    Volvo recently highlighted that demand for their gas-powered trucks that utilize HPDI technology has been increasing, with sales up more than 25% in 2024, a trend that we saw continue into Q1 with Cespira delivering improved revenue driven by increased volumes as compared to Q1 of 2024. While we remain focused on scaling our alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems, we are matching the cleanest gaseous fuels with the most efficient engine technologies. We are committed to delivering practical, commercially viable low-carbon solutions today and providing sustainable, high-performance solutions that help our customers achieve their goals now and for years to come.”

    Dan Sceli, Chief Executive Officer

    Q1 2025 Highlights

    • Revenues decreased 9% to $71.0 million compared to the same period in 2024, primarily driven by decreased sales volumes in our Heavy-Duty OEM and High-Pressure Controls & Systems segments. This was partially offset by increased sales in our Light-Duty segment in the quarter. In Q1 2024, our Heavy-Duty OEM segment included the financial results of the HPDI business which are now accounted for as part of the Cespira joint venture.
    • Net loss of $2.5 million for the quarter compared to net loss of $13.6 million for the same quarter last year. The decrease in net loss was driven by a $3.5 million increase in gross profit, decrease in operating expenditures by $8.1 million; change in foreign exchange gain or loss by $2.3 million and an increase in loss from investments accounted for by the equity method of $3.8 million.
    • Adjusted EBITDA[1] of nil  compared to negative $6.6 million for the same period in 2024.
    • Cash and cash equivalents were $32.6 million at the end of the first quarter. Cash used in operating activities during the quarter was $4.9 million with net cash used by working capital of $8.1 million, partially offset by operating income of $1.7 million. Investing activities included the collection of $10.5 million in a holdback receivable related to our previous sale of CWI to Cummins in 2022, capital contribution into Cespira of $4.7 million and purchase of capital assets of $3.1 million. Cash used in financing activities was attributed to net debt repayments of $3.9 million in the quarter.

    [1] Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

    Consolidated Results      Over /   
    ($ in millions, except per share amounts)     (Under)   
      1Q25 1Q24 %  
    Revenue $ 71.0   $ 77.6   (9 )%
    Gross Profit(2)   15.2     11.7   30 %
    Gross Margin(2)   21 %   15 %  
    Income (loss) from Investments Accounted for by the Equity Method(1)   (3.8 )   —   (100 )%
    Net Loss   (2.5 )   (13.6 ) 82 %
    Net Loss per Share – Basic   (0.14 )   (0.79 ) 82 %
    Net Loss per Share – Diluted   (0.14 )   (0.79 ) 82 %
    EBITDA (2)   (0.1 )   (9.2 ) 99 %
    Adjusted EBITDA (2)   —     (6.6 ) 100 %

    (1) This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
    (2) Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

    Segment Information

    Light-Duty

    Revenue for the three months ended March 31, 2025 was $64.2 million compared with $63.3 million for the three months ended March 31, 2024. Light-Duty revenue increased by $0.9 million compared to the prior year and was primarily driven by increase in sales in our light-duty OEM and DOEM businesses. The light-duty OEM business had an increase in sales from its Euro 6 program compared to the prior year. In the first quarter of 2024, DOEM had a significant decrease in sales to a customer. This was partially offset by lower sales in our IAM, electronics and fuel storage businesses compared to the prior year.

    Gross profit for the three months ended March 31, 2025 increased by $1.6 million to $14.0 million, or 22% of revenue, compared to $12.4 million, or 20% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions.

    High Pressure Controls & Systems

    Revenue for the three months ended March 31, 2025 was $1.4 million compared with $2.4 million for the three months ended March 31, 2024. The decrease in revenue for the three months ended March 31, 2025 compared to the prior year was primarily driven by the hydrogen industry slowdown impacting demand for hydrogen components.

    Gross profit for the three months ended March 31, 2025 decreased by $0.2 million to $0.2 million, or 14% of revenue, compared to $0.4 million, or 17% of revenue, for the same prior year period. This was primarily driven by lower sales volumes increasing the per unit manufacturing costs in the quarter.

    Heavy-Duty Original Equipment Manufacturer (“OEM”)

    Revenue for the three months ended March 31, 2025 was $5.4 million, compared to $11.9 million for the prior year. The decrease in revenue for the three months ended March 31, 2025 is a result of the continuation of the business in Cespira. The revenue earned in the current quarter was from our services provided under the transitional service agreement with Cespira that is expected to end by Q2 2026.

    Gross profit for the three months ended March 31, 2025 increased by $2.1 million to $1.0 million, or 19% of revenue, compared to negative $1.1 million or negative 9% of revenue, for the same prior year period. The Heavy-Duty OEM segment received $0.9million in credits from component suppliers for inventory sold in the quarter.

    Selected Cespira Statements of Operations Data

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain Cespira’s financial information in notes 7 and 17 of our interim financial statements for the three months ended March 31, 2025.

    The following table sets forth a summary of the financial results of Cespira for the three months ended March 31, 2025 .

    (in millions of U.S. dollars)   Three months ended March 31,   Change
          2025       2024     $   %
    Total revenue   $ 16.7     $ —     $ 16.7     — %
    Gross profit   $ 0.5     $ —     $ 0.5     — %
    Gross margin1     3 %     — %        
    Operating loss   $ (7.1 )   $ —     $ (7.1 )   — %
    Net loss attributable to the Company   $ (3.9 )   $ —     $ (3.9 )   — %

    1Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

    Revenue

    Cespira revenues for the three months ended March 31, 2025 were $16.7 million. In the prior year, the Heavy-Duty OEM segment, which included our HPDI business, had revenues of $11.9 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Gross Profit

    Gross profit was $0.5 million for the three months ended March 31, 2025. In the prior year, the Heavy-Duty OEM segment had negative $1.1 million in gross profit primarily driven by the increase in sales volumes compared to the prior year and reductions in manufacturing cost.

    Operating loss

    Cespira incurred operating losses of $7.1 million for the three months ended March 31, 2025. Cespira continues to incur operating losses as it scales its operations and expand into other markets.

    Q1 2025 Conference Call
    Westport has scheduled a conference call for May 14, 2025, at 7:00 am Pacific Time (10:00 pm Eastern Time) to discuss these results. To access the conference call please register at
    https://register-conf.media-server.com/register/BI73bcac200e5f4652873668cf803d72ed

    The live webcast of the conference call can be accessed through the Westport website at
    https://investors.wfsinc.com/.

    Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

    The webcast will be archived on Westport’s website at https://investors.wfsinc.com.

    Financial Statements and Management’s Discussion and Analysis

    To view Westport financials for the first quarter ended March 31st, 2025, please visit https://investors.wfsinc.com/financials/

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen), our expectations for 2024 and beyond, including the demand for our products, and the future success of our business and technology strategies. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas and hydrogen, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles,fuel emission standards, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102.

    Contact Information
    Investor Relations
    Westport Fuel Systems
    T: +1 604-718-2046

    GAAP and Non-GAAP Financial Measures

    Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

    Segment Information

    EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

    Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

      Three months ended March 31, 2025
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 64.2   $ 1.4     $ 5.4   $ 16.7     $ 87.7
    Cost of revenue   50.2     1.2       4.4     16.2       72.0
    Gross profit   14.0     0.2       1.0     0.5       15.7
    Operating expenses:
    Research & development   3.0     1.0       0.1     3.1       7.2
    General & administrative   4.1     0.3       0.1     2.7       7.2
    Sales & marketing   2.3     0.1       —     0.3       2.7
    Depreciation & amortization   0.7     0.1       —     0.7       1.5
        10.1     1.5       0.2     6.8       18.6
    Equity income (note 8)   0.1     —       —     —       0.1
    Add back: Depreciation & amortization   1.9     0.1       —     1.6       3.6
    Segment EBITDA $ 5.9   $ (1.2 )   $ 0.8   $ (4.7 )   $ 0.8
      Three months ended March 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 63.3   $ 2.4     $ 11.9     $ 77.6  
    Cost of revenue   50.9     2.0       13.0       65.9  
    Gross profit   12.4     0.4       (1.1 )     11.7  
    Operating expenses:              
    Research & development   3.6     1.3       2.8       7.7  
    General & administrative   3.7     0.2       1.8       5.7  
    Sales & marketing   2.1     0.2       0.5       2.8  
    Depreciation & amortization   0.6     0.1       0.1       0.8  
        10.0     1.8       5.2       17.0  
    Equity income   —     —       —       —  
    Add back: Depreciation & amortization   1.5     0.1       1.4       3.0  
    Segment EBITDA $ 3.9   $ (1.3 )   $ (4.9 )   $ (2.3 )
    Gross Profit    
    (expressed in millions of U.S. dollars) 1Q25   1Q24
    Three months ended  
    Revenue $ 71.0     $ 77.6  
    Less: Cost of revenue   55.8       65.9  
    Gross profit   15.2       11.7  
    Gross margin %   21.4 %     15.1 %
      Three months ended March 31, 2025
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 87.7   $ 16.7   $ —     $ 71.0  
    Cost of revenue   72.0     16.2     —       55.8  
    Gross profit   15.7     0.5     —       15.2  
    Operating expenses:
    Research & development   7.2     3.1     —       4.1  
    General & administrative   7.2     2.7     1.9       6.4  
    Sales & marketing   2.7     0.3     0.3       2.7  
    Depreciation & amortization   1.5     0.7     —       0.8  
        18.6     6.8     2.2       14.0  
    Equity income (loss)   0.1     —     (3.9 )     (3.8 )
      Three months ended March 31, 2024
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 77.6   $ —   $ 77.6
    Cost of revenue   65.9     —     65.9
    Gross profit   11.7     —     11.7
    Operating expenses:
    Research & development   7.7     —     7.7
    General & administrative   5.7     4.7     10.4
    Sales & marketing   2.8     0.4     3.2
    Depreciation & amortization   0.8     0.2     1.0
        17.0     5.3     22.3
    Equity income   —     —     —
    Reconciliation of Segment EBITDA to Loss before income taxes   Three months ended March 31,
        2025       2024  
    Total Segment EBITDA   $ 0.8     $ (2.3 )
    Adjustments:
    Depreciation & amortization     2.0       3.0  
    Cespira’s Segment EBITDA     (4.7 )     —  
    Cespira’s equity loss     3.9       —  
    Corporate and unallocated operating expenses     2.2       5.3  
    Foreign exchange loss     (0.5 )     1.8  
    Interest on long-term debt and accretion of royalty payable     0.7       0.8  
    Interest and other income, net of bank charges     (0.9 )     (0.3 )
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    EBITDA and Adjusted EBITDA        
    (expressed in millions of U.S. dollars)   1Q25   1Q24
    Three months ended    
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    Interest expense (income), net     (0.2 )     0.5  
    Depreciation and amortization     2.0       3.2  
    EBITDA     (0.1 )     (9.2 )
    Stock based compensation (recovery)     0.3       0.3  
    Unrealized foreign exchange (gain) loss     (0.5 )     1.8  
    Severance costs     —       0.5  
    Restructuring costs     0.3       —  
    Adjusted EBITDA   $ —     $ (6.6 )
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Balance Sheets (unaudited)
    (Expressed in thousands of United States dollars, except share amounts)
    March 31, 2025 and December 31, 2024
     
        March 31, 2025   December 31, 2024
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 32,637     $ 37,646  
    Accounts receivable     66,634       73,054  
    Inventories     63,214       53,526  
    Prepaid expenses     6,551       5,660  
    Total current assets     169,036       169,886  
    Long-term investments     40,052       39,732  
    Property, plant and equipment     45,314       41,956  
    Operating lease right-of-use assets     19,249       19,019  
    Intangible assets     5,174       5,277  
    Deferred income tax assets     10,261       9,695  
    Goodwill     2,996       2,876  
    Other long-term assets     3,163       3,180  
    Total assets   $ 295,245     $ 291,621  
    Liabilities and shareholders’ equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 93,127     $ 88,123  
    Current portion of operating lease liabilities     2,750       2,624  
    Current portion of long-term debt     13,225       14,660  
    Current portion of warranty liability     4,013       3,861  
    Total current liabilities     113,115       109,268  
    Long-term operating lease liabilities     16,560       16,433  
    Long-term debt     17,915       19,067  
    Warranty liability     1,603       1,456  
    Deferred income tax liabilities     4,063       4,029  
    Other long-term liabilities     4,391       4,343  
    Total liabilities     157,647       154,596  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,326,732 (2024 – 17,282,934) common shares issued and outstanding     1,246,408       1,245,805  
    Other equity instruments     9,081       9,472  
    Additional paid in capital     11,516       11,516  
    Accumulated deficit     (1,098,726 )     (1,096,275 )
    Accumulated other comprehensive loss     (30,681 )     (33,493 )
    Total shareholders’ equity     137,598       137,025  
    Total liabilities and shareholders’ equity   $ 295,245     $ 291,621  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited)
    (Expressed in thousands of United States dollars, except share and per share amounts)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Revenue   $ 70,955     $ 77,574  
    Cost of revenue     55,730       65,851  
    Gross profit     15,225       11,723  
    Operating expenses:        
    Research and development     4,052       7,693  
    General and administrative     6,397       10,353  
    Sales and marketing     2,758       3,287  
    Foreign exchange (gain) loss     (456 )     1,820  
    Depreciation and amortization     740       1,043  
          13,491       24,196  
    Income (loss) from operations     1,734       (12,473 )
             
    Income (loss) from investments accounted for by the equity method     (3,799 )     31  
    Interest on long-term debt     (676 )     (812 )
    Interest and other income, net of bank charges     869       341  
    Loss before income taxes     (1,872 )     (12,913 )
    Income tax expense     579       735  
    Net loss for the period     (2,451 )     (13,648 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     3,641       (430 )
    Ownership share of equity method investments’ other comprehensive loss     (829 )     —  
          2,812       (430 )
    Comprehensive income (loss)   $ 361     $ (14,078 )
             
    Loss per share:        
    Net loss per share – basic and diluted   $ (0.14 )     (0.79 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,322,681       17,220,540  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Expressed in thousands of United States dollars)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Operating activities:        
    Net loss for the period   $ (2,451 )   $ (13,648 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     1,930       3,247  
    Stock-based compensation expense     212       331  
    Unrealized foreign exchange (gain) loss     (456 )     1,820  
    Deferred income tax (recovery)     (33 )     (40 )
    Loss (income) from investments accounted for by the equity method     3,799       (31 )
    Interest on long-term debt     22       22  
    Change in inventory write-downs     223       413  
    Change in bad debt expense     (33 )     (121 )
    Other     —       (248 )
    Changes in operating assets and liabilities:        
    Accounts receivable     (2,072 )     12,526  
    Inventories     (7,502 )     (7,434 )
    Prepaid expenses     (415 )     (400 )
    Accounts payable and accrued liabilities     2,840       4,725  
    Warranty liability     (963 )     (1,020 )
    Net cash provided by (used in) operating activities     (4,899 )     142  
    Investing activities:        
    Purchase of property, plant and equipment     (3,142 )     (4,893 )
    Proceeds on sale of assets     82       135  
    Proceeds from holdback receivable     10,450       —  
    Capital contributions to investments accounted for by the equity method (note 7)     (4,686 )     —  
    Net cash used in investing activities     2,704       (4,758 )
    Financing activities:        
    Repayments of operating lines of credit and long-term facilities     (3,918 )     (17,689 )
    Drawings on operating lines of credit and long-term facilities     —       11,848  
    Net cash used in financing activities     (3,918 )     (5,841 )
    Effect of foreign exchange on cash and cash equivalents     1,104       (494 )
    Net decrease in cash and cash equivalents     (5,009 )     (10,951 )
    Cash and cash equivalents, beginning of period (including restricted cash)     37,646       54,853  
    Cash and cash equivalents, end of period (including restricted cash)   $ 32,637     $ 43,902  

    The MIL Network –

  • MIL-OSI USA: Luke Letlow Post Office Established in Rayville, Louisiana

    Source: United States House of Representatives – Congresswoman Julia Letlow (LA-05)

    RAYVILLE, LA – Today in Richland Parish, the Rayville Post Office was officially renamed the “Luke Letlow Post Office Building” in honor of the late Congressman-elect Luke Letlow.

    Congresswoman Letlow lost her husband Luke to COVID-19 on December 29, 2020, following his election to Congress and after years of service in both the federal and state governments.

    The recognition in Letlow’s home parish was made possible by legislation carried by House Majority Leader Steve Scalise and signed into law late last year.

    Congresswoman Julia Letlow, former Congressman Ralph Abraham, and a large crowd of family and friends gathered at the post office today to celebrate the recognition.

    “The Luke Letlow Post Office will stand as a monument to Luke’s servant’s heart and his dedication to the rural communities in north Louisiana,” said Congresswoman Julia Letlow. “Luke was passionate about bringing people together – especially in places like Richland Parish. He never met a stranger, and he considered helping others through public service to be his highest calling. With this recognition, his legacy will live on in the place he called home.”

    MIL OSI USA News –

  • MIL-OSI USA: Strickland, Salazar Reintroduce Bipartisan Effort to Eliminate 90-Day State Residency Requirement for Military Spouses Applying for Citizenship

    Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

    Washington, D.C. – Today, following Military Spouse Appreciation Day, U.S. Representatives Marilyn Strickland (WA-10) and Maria Salazar (FL-27) reintroduced the Ensuring Security for Military Spouses Act, a bipartisan effort to eliminate the 90-day state residency requirement for spouses of servicemembers on active duty who apply for naturalization.

    “Military spouses are the backbone of our nation’s military, serving the nation right alongside our servicemembers,” said Strickland. “To ensure national security, address recruitment and retention issues, and maintain readiness, we must support green card-holding military spouses who want to become citizens.”

    “Our active duty servicemembers and their families make an enormous sacrifice to keep us safe,” said Salazar. “This bill ensures fairness for the spouses of servicemen seeking U.S. citizenship by updating state residency requirements for green-card holders. In doing so, these aspiring Americans are not penalized due to the orders they receive while serving our nation.”

    The Immigration and Nationality Act (INA) requires lawful permanent residents – i.e. green card holders – to reside for at least 90 days within the state in which they file their naturalization application. This can adversely impact military spouses, who are sometimes required to move on short notice when their servicemember spouse receives orders.

    Currently, lawful permanent resident spouses of servicemembers stationed abroad are not subject to a single state residency requirement. The Ensuring Security for Military Spouses Act would create parity for spouses of active-duty servicemembers stationed at home and abroad, and provide flexibility in meeting the demands of military service and the requirements of U.S. Citizenship and Immigration policy.

    The Ensuring Security for Military Spouses Act has the support of the National Immigration Forum.

    You can read the full bill text here.

    Congresswoman Marilyn Strickland (WA-10) serves on the House Armed Services Committee and the House Transportation and Infrastructure Committee. She is Whip of the New Democrat Coalition, Secretary of the Congressional Black Caucus, and is one of the first Korean-American women elected to Congress.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Alford Honors Life and Legacy of Christopher S. “Kit” Bond on the House Floor

    Source: United States House of Representatives – Representative Mark Alford (Missouri 4th District)

    Alford Honors Life and Legacy of Christopher S. “Kit” Bond on the House Floor

    Washington, May 13, 2025

    Today, Congressman Mark Alford (MO-04) honored the life and legacy of Christopher S. “Kit” Bond on the House floor. This follows Governor Mike Kehoe announcing former Missouri Governor and Senator Bond’s passing earlier today.

    Watch Congressman Alford’s remarks here or by clicking the image above.

    Read Congressman Alford’s remarks as prepared for delivery:

    “Mr. Speaker,

    “It’s with deep sadness that I rise today to honor the life and legacy of former Christopher S. ‘Kit’ Bond.

    “Leslie and I join the Bond family, the Show Me State, and a grateful nation in mourning the loss of one of Missouri’s favorite sons.

    “Kit was a true statesman and a mentor to many, including myself. He represented the highest ideal of public service.

    “Having served for more than forty years, including as Missouri’s youngest ever Governor and later as United States Senator, Kit’s impact can be felt all over Missouri and across America.

    “Through various roles, Senator Bond prioritized improving care for our nation’s veterans, providing support for a strong and well-equipped U.S. military, and delivering for the residents of his beloved Missouri.

    “We’re proud to continue his legacy of service on the Appropriations Committee today.

    “It brings me hope to know Kit now rests with his heavenly father, and we are eternally grateful for his lifetime of service.”

    ###

    MIL OSI USA News –

  • MIL-OSI: Atlanticus Announces Approval of Quarterly Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, May 13, 2025 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” the “Company,” “we” or “our”), a financial technology company that enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced that its Board of Directors approved a quarterly dividend of $0.476563 per share to Series B Cumulative Perpetual Preferred shareholders. The cash dividend will be paid on or about June 16, 2025 to holders of record of Atlanticus’ Series B Cumulative Perpetual Preferred Stock on the close of business on June 1, 2025.

    About Atlanticus Holdings Corporation

    Empowering Better Financial Outcomes for Everyday Americans

    AtlanticusTM technology enables bank, retail, and healthcare partners to offer more inclusive financial services to everyday Americans through the use of proprietary analytics. We apply the experience gained and infrastructure built from servicing over 20 million customers and over $43 billion in consumer loans over more than 25 years of operating history to support lenders that originate a range of consumer loan products. These products include retail and healthcare private label credit and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and partnerships with third parties. Additionally, through our Auto Finance subsidiary, Atlanticus serves the individual needs of automotive dealers and automotive non-prime financial organizations with multiple financing and service programs.

    Forward-Looking Statements

    This press release contains forward-looking statements that reflect the Company’s current views with respect to the payment of dividends in the future. You generally can identify these statements by the use of words such as “outlook,” “potential,” “continue,” “may,” “seek,” “approximately,” “predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in the Company’s filings with the Securities and Exchange Commission and include, but are not limited to, risks related to the Company’s ability to retain existing, and attract new, merchant partners and funding sources; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company’s ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Contact:
    Investor Relations
    (770) 828-2000
    investors@atlanticus.com

    The MIL Network –