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Category: Transport

  • MIL-OSI USA: Wyden, Merkley Co-Sponsor Legislation to Ban Conversion Therapy

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    May 13, 2025
    Washington, D.C. — U.S. Senators Ron Wyden and Jeff Merkley (both D-Ore) today announced they are co-sponsoring legislation that would ban so-called “conversion therapy,” a practice fraudulently claiming to change a person’s sexual orientation or gender identity. 
    “Forcing Americans into sham therapy for a non-existent illness is medieval quackery, not modern science,” Wyden said. “This legislation protects the LGBTQ+ community from forced treatment for something that doesn’t need fixing.” 
    “So-called ‘conversion therapy’ has been discredited by every mainstream medical association and is not legitimate medical care,” said Merkley. “It’s dangerous and ineffective, yet too many LGBTQ+ people are still being harmed by it. The Therapeutic Fraud Prevention Act will protect LGBTQ+ Americans from this fraudulent and damaging practice.”
    The Therapeutic Fraud Prevention Act would ban a practice that has been recognized by the national community of professionals in health, education, social work, and counseling as both dangerous and ineffective.
    In addition to Wyden and Merkley, the Therapeutic Fraud Prevention Act was co-sponsored by U.S. Senators Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez-Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Kristen Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (D-Maine), Amy Klobuchar (D-Minn.),Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Chris Murphy (D-Conn.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.) and Sheldon Whitehouse (D-R.I.), and led by Senators Patty Murray (D-Wash.) and Cory Booker (D-N.J.).
    Full text of the bill is here. 

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Colleagues Call on Trump Administration to Crack Down on U.S. Firearms Flowing to Latin American Drug Cartels

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined Senator Ben Ray Luján (D-N.M.) and Congressmen Dan Goldman (D-N.Y.-10) and Rob Menendez (D-N.J.-08) in a letter to Secretary of Homeland Security Kristi Noem, Secretary of State Marco Rubio, and Attorney General Pam Bondi urging the Trump administration to use its recent designation of Latin American cartels as Foreign Terrorist Organizations (FTOs) to take aggressive action to stop the illegal trafficking of American firearms south across the Southern Border.
    “We were pleased that President Trump agreed to address the outflow of hundreds of thousands of American-made firearms across the southern border when he initially postponed the implementation of tariffs on our ally Mexico. Accordingly, we urge you to utilize the FTO designation to take aggressive action to stem the flow of American guns to the cartels,” the Members wrote. 
    The lawmakers called for a coordinated federal response to stem the flow of hundreds of thousands of American firearms that arm violent drug cartels, fuel lawlessness along the Southern Border, and bring drugs into communities across the United States. Between 200,000 and 500,000 American firearms are smuggled across U.S. borders into Mexico every year, arming Latin American criminal organizations that have used them to undermine domestic law enforcement and assert control over fentanyl and human trafficking operations back into the United States. 
    “The new FTO designation for these cartels provides additional legal tools to bolster interagency coordination, disrupt their financial networks, and impose stricter penalties on those who provide material support to these criminal enterprises. Specifically, under current statute, it is unlawful to knowingly provide material support or resources to a Foreign Terrorist Organization and those who do so can be fined or imprisoned for up to 20 years,” the Members continued. 
    The members urged the administration to effectively and strategically employ the full suite of legal options this new designation enables and offered their assistance to empower it to specifically address the “Iron River” of American firearms that are fueling violence and destruction in communities across the United States and Mexico. 
    “We hope that you move swiftly and use these new legal authorities to combat southbound arms trafficking. We stand ready to assist in this effort in any way we can, including through legislation that expands your programmatic authorities to address this critical issue,” the Members concluded. 
    Read the full letter here. 
    Senator Cortez Masto has been working to crack down on cross-border crime since she was first elected Attorney General, when she worked with Nevada’s Republican governor, law enforcement, and Mexican officials to combat the rise of methamphetamine manufacturing and cross-border drug trafficking. In the Senate, she has authored legislation to combat drug trafficking online that was signed into law, and passed critical legislation to eliminate illegal fentanyl supply chains. She has also introduced legislation to crack down on the deadly fentanyl additive xylazine. 

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Wyden Demand Answers from Promoters who Paid Trump Nominee to Sell Investors Fraudulent Tax Credits

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Ron Wyden (D-Ore.) demanded answers from the promoters of a fraudulent “tribal tax credit,” after they obtained a recording of an investor call showing the scam may be far larger than previously known. Billy Long, Trump’s nominee to lead the IRS, reported earning $65,000 for his work related to the scheme. 
    The call between White River Chief Financial Officer Jay Puchir and 100 or more investors provides new evidence that the company could not provide its own investors with clear proof that the “tribal tax credit” was legitimate. White River could not provide investors with a definitive government document or government point of contact willing to validate or authenticate the legitimacy of the “tribal tax credits” sold by White River.
    The call also contains evidence of a potentially corrupt lobbying scheme between White River and incoming Trump Administration officials to authorize millions in so-called “tribal tax credits” the IRS claimed “do not exist.” During the call, Puchir claims he will use his “contacts” in the new Trump Administration to gain favorable treatment on regulatory approvals from the IRS and other federal agencies, including a potential private letter ruling from the IRS. Puchir also claims to have contacts at the SEC that will help White River get its stock publicly traded again after being delisted on the OTCQB stock market.
    “We believe the investor call contains evidence of a corrupt lobbying scheme between White River and incoming Trump Administration officials to authorize millions in so-called “tribal tax credits” the IRS claims do not exist,” wrote Cortez Masto and Wyden. “During the call, Puchir claims he will use his ‘contacts’ in the new Trump Administration to gain favorable treatment on regulatory approvals from the IRS and other federal agencies, including a potential private letter ruling from the IRS.”
    Last month, the senators called for a criminal investigation into the tax credit scheme, after the IRS informed Democratic Finance Committee Staff that “these tax credits do not exist.” 
    The full text of the letter can be found here.
    As the former top law enforcement official in Nevada, Senator Cortez Masto has been a leading voice fight fraud throughout her career. She sounded the alarm on increasing check fraud scams, which cost consumers millions of dollars each year. She introduced legislation to protect and support whistleblowers reporting wrongdoing to the Consumer Financial Protection Bureau, and her bipartisan legislation to deter disruptive and potentially harmful phone calls and texts was signed into law in 2020.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Ernst, Case, Radewagen Work to Strengthen Strategic Relationships with Pacific Islands, Counter Chinese Aggression in the Region

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Joni Ernst (R-Iowa), Congressman Ed Case (D-Hawaii-01), and Delegate Aumua Amata Radewagen (R-A.S.). introduced a bipartisan, bicameral bill aimed at strengthening the United States’ strategic partnerships with Pacific Island nations, supporting sustainable development, and combating the increasing Chinese aggression in the region. The Pacific Partnership Act would help the U.S. establish a clear, comprehensive strategy to support diplomatic, security, and economic relationships in the Indo-Pacific region.
    “Supporting our allies and partners in the Indo-Pacific is essential to combating the Chinese Communist Party’s influence and to our long-term national security,” said Senator Cortez Masto. “This bipartisan bill is critical to strengthening our ties with our allies in the Pacific and ensuring they become enduring global relationships.”
    “Strengthening America’s partnerships in the Indo-Pacific is critical to deterring Chinese aggression,” said Senator Ernst. “This bipartisan legislation equips us to work with nations in the Pacific that serve as the first line of defense against the Chinese Communist Party and keep Americans safe at home.”
    “Our Pacific Partnership Act responds directly to the reality that our country’s and world’s future lies in the Indo-Pacific, and that the islands of the Pacific are our indispensable partners in charting that future,” said Congressman Case. “The Pacific Islands are under increasingly severe economic, environmental and geopolitical stress, and we must expand our generational engagement to assist them where they most need assistance. The Pacific Partnership Act, molded directly on the Pacific Islands’ own blueprint to their collective future, is our roadmap to expanded engagement as well.”
    “Thank you to Senator Cortez Masto, Senator Ernst, and Congressman Case for their focus on these important partnerships that are close to home for my congressional district in the South Pacific,” said Congresswoman Radewagen. “We need sustained U.S. engagement for enduring partnerships in the Pacific Islands, keeping China’s influence in check, and strengthening mutual development opportunities.”
    The U.S. has a longstanding relationship with the Pacific Islands, and they play a crucial role in U.S. national security, facilitating military operations in support of American allies and partners. Nevada – through the National Guard – collaborates with the Republic of Fiji, the Kingdom of Tonga, and the Independent State of Samoa under the National Guard Bureau’s State Partnership Program, strengthening security cooperation globally. 
    The Pacific Partnership Act would strengthen these crucial ties by creating a “Strategy for Pacific Partnership”. This strategy, crafted by the President and presented to Congress every four years, would outline U.S. involvement in the Pacific Islands and highlight combined efforts to combat regional challenges including natural disasters, security threats, and economic development. 
    Read the full bill here.
    Senator Cortez Masto has led efforts in Congress to stand up to the Chinese Communist Party’s influence and protect the American national and economic security. She introduced the PASS Act to ban individuals and entities controlled by China, Russia, Iran, and North Korea from purchasing agricultural land and businesses located near U.S. military installations or sensitive sites and the Strengthening Exports Against China Act, which would incentivize economic growth by eliminating barriers for American businesses competing directly with China in emerging industries like artificial intelligence and semiconductors. She’s also introduced bipartisan legislation to strengthen the domestic supply chain for rare-earth magnets, which are critical components of cell phones, computers, defense systems, and electric vehicles, but are almost exclusively made in China.

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – Strengthening EU action against organised crime networks’ use of AI – E-001832/2025

    Source: European Parliament

    Question for written answer  E-001832/2025
    to the Commission
    Rule 144
    Dan-Ştefan Motreanu (PPE)

    A new report by Europol warns that artificial intelligence (AI) is transforming the landscape of serious and organised crime in the EU. AI’s accessibility, versatility, and sophistication enable criminal networks to automate, scale up, and conceal illicit activities at an unprecedented rate, making law enforcement detection and prosecution significantly more difficult.

    The report highlights that AI, along with technologies like blockchain and quantum computing, acts as a catalyst, amplifying the speed, scope and complexity of organised crime. Europol further warns that the emergence of fully autonomous AI systems could give rise to AI-controlled criminal networks in the future.

    Digital infrastructure has become the primary setting for organised crime, facilitating cyberattacks, ransomware, online fraud, drug trafficking, firearms trafficking and serious environmental crimes. Europol underlines the urgent need for enhanced access to data in order for law enforcement and the creation of new legal frameworks to address these emerging threats.

    In the light of these alarming developments, what measures does the Commission intend to propose to strengthen the EU’s capacity to detect, prevent and combat the use of AI and emerging technologies by organised crime groups?

    Submitted: 6.5.2025

    Last updated: 13 May 2025

    MIL OSI Europe News –

  • MIL-OSI Security: Bristol Man Convicted of Violent Sex Trafficking and Related Offenses

    Source: United States Department of Justice (Human Trafficking)

    David X. Sullivan, United States Attorney for the District of Connecticut, today announced that a federal jury in Hartford has found DAVID MARSHALL, also known as “Saint,” 40, of Bristol, with sex trafficking, obstruction of justice, and violation of a protective order offenses.

    According to the evidence presented during the trial, between January and April 2022, Marshall compelled a victim into performing commercial sex for his financial benefit and repeatedly raped and beat her if she did not follow his orders.  He also controlled the victim by other means, including getting her addicted to fentanyl and threatening to harm her family.  In March 2022, the victim attempted to escape from Marshall and obtained an order of protection against him after he was arrested by Cromwell Police for threatening to kill her.

    On April 27, 2022, Marshall was arrested by police in Freeport, Maine, after he severely beat the victim.  While in jail, Marshall contacted the victim in violation of the protection order, and attempted to convince her not to cooperate with the police and to continue to prostitute herself to earn money to bail him out of jail.  Marshall also contacted another person from jail in an attempt to remotely erase the evidence on his cell phone, but he was unable to do so because the FBI had already secured the phone.

    On May 10, 2023, while he was detained in federal custody, Marshall again attempted to obstruct the investigation and prosecution of this matter by writing a letter to a family member with instructions to “harass” the victim to keep her from testifying.

    Marshall forcibly sex trafficked at least one other woman between 2017 and 2022.  With his second victim, Marshall similarly used beatings, rapes, and other means to coerce her into engaging in commercial sex acts for his financial benefit for almost two years.

    The trial began on April 30, 2025.  Yesterday, Marshall was convicted of two counts of sex trafficking by force, fraud, and coercion; two counts of attempted obstruction of sex trafficking enforcement; and one count of interstate violation of a protection order, causing serious bodily injury to the victim.  The jury found Marshall not guilty of one count of sex trafficking by force, fraud, and coercion.

    At sentencing, which is not scheduled, Marshall faces a mandatory minimum term of imprisonment of 15 years and a maximum term of imprisonment of life.

    Marshall has been detained since April 27, 2022.

    This matter has been investigated by the Federal Bureau of Investigation, with the assistance of the Newington Police Department, Cromwell Police Department, Freeport (Maine) Police Department, and Connecticut Department of Correction.  The case is being prosecuted by Assistant U.S. Attorneys Angel Krull, Shan Patel, and Alexis Beyerlein.

    U.S. Attorney Sullivan thanked the U.S. Attorney’s Office for the District of Maine for its assistance in this case.

    MIL Security OSI –

  • MIL-OSI Australia: Back into the closet: Is aged care failing LGBTI+ people?

    Source:

    14 May 2025

    Many older LGBTI+ people feel pressure to ‘straighten up’ and ‘blend in’, concealing their identities to feel safe in aged care facilities, say researchers at the University of South Australia.                                                                                          

    In the first study of its kind, UniSA researchers found that aged care experiences for older LGBTI+ people are often shaped by prejudice, exclusion, and a lack of respect.

    Synthesising findings across 55 studies (comprising the voices of more than 3000 LGBTI+ people aged 50-94 from 11 countries), then cross-referencing these with the lived experience of a consultant group of LGBTI+ older adults living in South Australia, researchers confirmed four commonalities:

    1. Aged care assumes heterosexuality: Heterosexism is deeply embedded in aged care, shaping the environment, dress codes, activities, and assumptions about relationships.
    2. No one to protect us: LGBTI+ adults feel unsafe and vulnerable in aged care settings, due to historical discrimination and care providers being away from the public eye.
    3. Hiding who you are: While being open is ideal, many older LGBTI+ people feel forced back ‘into the closet’ to stay safe in aged care.
    4. Good care, not different care: Participants want inclusive, respectful care that affirms their identity, not special treatment that keeps them separate.

    With Australia’s ageing population rising (now the third highest in the world), it can be inferred that the LGBTI+ population is also increasing, highlighting an acute need for inclusive, quality aged care services.

    Yet with the Royal Commission into Aged Care Quality and Safety identifying systemic issues of neglect, abuse, and substandard care across the age care sector, particularly for LGBTI+ people, it’s clear that more needs to be done.

    The findings are timely ahead of the International Day Against LGBTQIA+ Discrimination! (IDAHOBIT) on May 17.

    Lead researcher and PhD candidate, UniSA’s Sarah McMullen-Roach, says LGBTI+ older adults have reservations about aged care.

    “From dress codes to daily activities, aged care settings are often assumed to reinforce heterosexual norms, making LGBTI+ residents feel invisible or unwelcome,” McMullen-Roach says.

    “LGBTI+ people worry that when the time comes to consider aged care they’ll be met with ostracism and discrimination, with gendered roles and standards forced upon them when they can no longer present themselves as they choose,

    “But it’s also about visibility. On one level, LGBTI+ older adults want to be seen and accepted for who they are, yet on another level, many feel that they need to retreat from their identities – ultimately ‘returning to the closet’ in their old age.

    “Having to give up their hard-earned rights and identities is unthinkable, particularly when you remember that homosexuality was only fully decriminalised in Australia in 1997*, with same-sex marriage made legal less than 10 years ago.

    “Add to this that most aged care institutions are run by faith-based organisations that have histories of rejecting LGBTI+ people, and the already flawed Australian aged care system, and you can see why concerns of safety, vulnerability and homophobia are prevalent.”

    McMullen-Roach says while LGBTI+ people deserve to access inclusive good quality aged care services that affirmed and accepted them, multilevel interventions are needed to make this happen.

    “Aged care services need to start thinking differently about how they signal inclusivity,” McMullen-Roach says.

    “This could be so simple as displaying a rainbow sign at reception, using inclusive language on intake forms, engaging staff in training and development, and adopting advertising materials that showcase the diversity of their residents.

    “Education is also a much-needed intervention that will help change the current state of aged care services, helping them reduce the risk of systemic homophobia while increasing the dignity and respect for older LGBTI+ people.

    “Care providers need to know that the world’s not exclusively straight, and that LGBTI+ people may have different care needs that should be accommodated.

    “Some of this education is happening in Australia, but we don’t know the impact it has on LGBTI+ individuals’ experiences and willingness to access care services.

    “This is what we want to understand in the Australian context: is discrimination truly historical and left in the past? Are people being supported to age free from fear? If not, what needs to change to create a better more inclusive future in aged care?”

    UniSA is now extending this study through the perspectives and experiences of aged care for LGBTI+ older Australians. The current study is underway with preliminary results expected in the new year.

    Notes to editors:

    • LGBTI+ is the preferred terminology used by older adults included in this study.
    • * Homosexuality was progressively decriminalised from 1975 (South Australia) to 1997 (Tasmania).

    Contact for interview:  Sarah McMullen-Roach E: Sarah.Mcmullen-Roach@unisa.edu.au   

    Media contact: Annabel Mansfield M: +61 479 182 489 E: Annabel.Mansfield@unisa.edu.au

    MIL OSI News –

  • MIL-OSI Global: Mark Carney’s cabinet: A course correction on gender, but there’s more work ahead

    Source: The Conversation – Canada – By Jeanette Ashe, Visiting Senior Research Fellow, King’s College London

    Canadian Prime Minister Mark Carney has unveiled his federal cabinet in his first major opportunity to define his newly elected government’s direction.

    For academics and activists concerned with gender equity, the cabinet announcement was a crucial litmus test for Carney’s approach to inclusive governance. Overall, Carney demonstrated a significant course correction with cabinet appointments that reflect a clear commitment to gender parity going forward.

    Carney entered office amid mounting scrutiny. His first cabinet, swiftly formed following his swearing-in as prime minister to replace Justin Trudeau, broke with his predecessor’s near decade-long tradition of gender-balanced cabinets.

    Controversially, Carney also eliminated the Minister for Women and Gender Equality (WAGE) upon taking office in March. This decision prompted sharp criticism from feminist organizations, including the Canadian Research Institute for the Advancement of Women, Women’s Shelters Canada, YWCA Canada and Action Canada for Sexual Health and Rights.

    Demanded a reversal

    They wrote and signed an open letter to Carney in March at the annual gathering of the United Nations Commission on the Status of Women.

    These groups viewed the removal of WAGE not only as a symbolic loss but as one with tangible, negative policy implications for millions of women and gender-diverse individuals across Canada. They argued: “Gender equality is not an afterthought; it is the backbone of a strong economy and resilient society.”

    Investing in feminist policies, including health care, childcare and pharmacare is, in other words, good for business, they said.

    In response to this organized feminist pushback, Carney has revised his approach. His cabinet comprises 28 full ministers: 14 women and 15 men, including the prime minister. In addition, Carney appointed 10 junior ministers as secretaries of state: four women and six men. WAGE has also now been restored as a full ministry.

    Men hold the most substantive posts

    While reinstating gender parity in cabinet marks an improvement, it is not without caveats. While women now make up almost half of both cabinet tiers, it’s not sufficient. Substantive representation, in which women hold influential decision-making positions, is lacking.

    A closer look reveals Carney’s appointments may be seen as a form of gender-washing — symbolically inclusive, but not substantively so.



    Read more:
    Gender washing: seven kinds of marketing hypocrisy about empowering women

    Notably, men hold five of the six most powerful positions in his core cabinet: finance, justice and attorney general, government House leader, president of the King’s Privy Council and president of the Treasury Board. Only one of these key roles — foreign affairs — was awarded to a woman, Anita Anand.

    This reflects persistent gender trends identified by scholars like Roosmarijn de Geus and Peter Loewen, who found in 2021 that women are under-represented in Canada in the more influential or “masculine” portfolios such as finance and defence, and over-represented in those perceived as caring or social in nature.

    While women are at Canada’s cabinet table, most do not have seats with the greatest views. Equity in numbers does not yet translate to equity in influence.

    Formalizing gender parity

    Overall, Canada’s broader trends in political representation remain troubling. The 2025 election saw a decrease in both the proportion of women candidates and elected MPs.

    Canada has now slipped to 70th in the Inter-Parliamentary Union’s global ranking for women in national parliaments. With only 30.9 per cent of parliamentary seats held by women, Canada falls well below peer countries such as the United Kingdom (40.5 per cent) and New Zealand (45.5 per cent).

    Relying on the electoral fortunes of a single party to push for and uphold gender equity in Canada’s Parliament is unsustainable.

    Carney has now shown responsiveness to feminist public critique — a pragmatic move given the high number of women who supported the Liberal Party. If he wants to demonstrate ongoing commitment, his next step could be institutionalizing gender parity in ways that outlast any single leader or party. Such a change would ensure equity in politics is justice-based, not leader-based.

    More specifically, Parliament could amend the Parliament of Canada Act to require gender-balanced cabinets. Legislated gender quotas for political parties would also help ensure a minimum baseline of equitable representation in the House of Commons.



    Read more:
    Women in politics: To run or not to run?

    More than 100 countries have adopted such quotas. Canada could join them given most Canadians support their use.

    The Speaker of the House of Commons could also be tasked with producing annual gender-sensitive assessments of Parliament, policy outputs and government structures.

    Overall, Carney’s new cabinet is a win for feminist advocacy, but it cannot be the final word. Canada needs legal mechanisms, cultural shifts and institutionalized reforms to ensure its democratic institutions are truly representative.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Mark Carney’s cabinet: A course correction on gender, but there’s more work ahead – https://theconversation.com/mark-carneys-cabinet-a-course-correction-on-gender-but-theres-more-work-ahead-256541

    MIL OSI – Global Reports –

  • MIL-OSI USA: Sinaloa Cartel Leaders Charged with Narco-Terrorism, Material Support of Terrorism and Drug Trafficking

    Source: US State of North Dakota

    SAN DIEGO — An indictment unsealed today is the first in the nation to charge alleged leaders of the Sinaloa Cartel with narco-terrorism and material support of terrorism in connection with trafficking massive amounts of fentanyl, cocaine, methamphetamine and heroin into the United States.

    Pedro Inzunza Noriega and his son, Pedro Inzunza Coronel, are charged with narco-terrorism, drug trafficking and money laundering as key leaders of the Beltran Leyva Organization (BLO), a powerful and violent faction of the Sinaloa Cartel that is believed to be the world’s largest known fentanyl production network. Five other BLO leaders are charged with drug trafficking and money laundering. The indictment is a direct result of President Trump’s Executive Order 14157 which designated the Sinaloa Cartel as a Foreign Terrorist Organization and the Secretary of State’s subsequent designation of the same on February 20, 2025.

    “The Sinaloa Cartel is a complex, dangerous terrorist organization and dismantling them demands a novel, powerful legal response,” said Attorney General Pamela Bondi. “Their days of brutalizing the American people without consequence are over — we will seek life in prison for these terrorists.”

    “Operation Take Back America initiatives reflect the reality that narco-terrorists operate as a cancer within a state,” said U.S. Attorney Adam Gordon for the Southern District of California. “They metastasize violence, corruption and fear. If left unchecked, their growth would lead to the death of law and order. This indictment is what justice looks like when the full measure of the Department of Justice along with its law enforcement partners is brought to bear against the Sinaloa Cartel.”

    “These charges highlight the unwavering efforts of transnational criminal organizations like the Sinaloa Cartel to flood our communities with deadly drugs,” said Special Agent in Charge Shawn Gibson of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) San Diego. “HSI and our law enforcement partners will not allow cartel-driven drug trafficking to threaten the safety and stability of our neighborhoods. We are all lasered focused on a unified effort to dismantling these networks and their factions in bringing those responsible to justice.”

    “BLO, under the leadership of Inzunza Noriega, is allegedly responsible for some of the largest-ever drug seizures of fentanyl and cocaine destined for the United States,” said Acting Special Agent in Charge Houtan Moshrefi of the FBI San Diego Field Office. “Their drugs not only destroy lives and communities, but also threaten our national security. The law enforcement efforts against the Noriegas reaffirms our commitment to dismantling and disrupting this very dangerous narco-terrorist group and combating narco-trafficking.”

    According to court documents, since its inception the Beltran Leyva faction has been considered one of the most violent drug trafficking organizations to operate in Mexico, engaging in shootouts, murders, kidnappings, torture and violent collection of drug debts to sustain its operations. The Beltran Leyva faction controls numerous territories and plazas throughout Mexico – including Tijuana – and operates with violent impunity, trafficking in deadly drugs, threatening communities, and targeting key officials, all while making millions of dollars from their criminal activities.

    Pedro Inzunza Noriega works closely with his son, Pedro Inzunza Coronel, to produce and aggressively traffic fentanyl to the United States, the government has alleged. Court documents indicate that together the father and son lead one of the largest and most sophisticated fentanyl production networks in the world. Over the past several years, they have trafficked tens of thousands of kilograms of fentanyl into the United States. On Dec. 3, 2024, Mexican law enforcement raided multiple locations in Sinaloa that are controlled and managed by the father and son and seized 1,500 kilograms (more than 1.65 tons) of fentanyl – the largest seizure of fentanyl in the world.

    These indictments follow a notable tradition in the Southern District of California for targeting leadership and operations of powerful Mexican cartels – from the dismantling of the Arellano Felix Cartel to major strikes against today’s most dangerous, powerful and violent cartels, including the Sinaloa Cartel, Cartel de Jalisco Nueva Generación (CJNG), and now the Beltran Leyva Organization. It is the first indictment from the newly formed Narco-Terrorism Unit in the Southern District of California which was established upon the swearing in of U.S. Attorney Gordon on April 11.

    The indictment of Pedro Inzunza Noriega reflects the Southern District of California’s pursuit of the Sinaloa Cartel. Federal drug trafficking indictments are pending against all alleged leaders of its Beltran Leyva faction, including:

    • Fausto Isidro Meza Flores aka “Chapo Isidro,” case number: 19-CR-1272 in the Southern District of California and 12-116BAH in the District of Columbia
    • Oscar Manuel Gastelum Iribe aka “El Musico,” case number 19-CR-3736 in the Southern District of California; 09-CR-00672 in the Northern District of Illinois; 15-CR-00195 in the District of Columbia, and
    • Pedro Inzunza Noriega aka “Sagitario,” case number 25cr1505.

    The Southern District of California also has indictments pending against other leaders of the Sinaloa Cartel, including:

    • Ivan Archivaldo Guzman Salazar aka “El Chapito,” case number 14-cr-00658 in the Southern District of California and 09-CR-383 in the Northern District of Illinois
    • Ismael Zambada Sicairos aka “Mayito Flaco,” case number: 14-cr-00658 in the Southern District of California; and
    • Jose Gil Caro Quintero aka “El Chino,” case number 22-cr-00036 in the District of Columbia

    1,500 kilogram fentanyl seizure on December 5, 2024

    1,680 kilogram cocaine seizure in Mexico City

    Cocaie seizure with the “Incredibles” brand and “R” brand

    Rainbow colored fentanyl pills and fentanyl bricks with “Louis Vuitton” and “Rolls Royce” stamps

    Pedro Inzunza branded hat with Fausto Isidro Meza Flores, aka, “Chapo Isidro” and Oscar Manuel Gastelum Iribe aka, “El Musico” symbols

    This case is being prosecuted by Assistant U.S. Attorneys Joshua Mellor and Matthew Sutton for the Southern District of California.

    DEFENDANTS                                 Case Number: 25cr1505                                          

    Pedro Inzunza Noriega                                     Age: 62              Los Mochis, Sinaloa, Mexico

    aka “Sagitario,” aka “120,” aka “El De La Silla”

    Pedro Inzunza Coronel                                     Age: 33              Los Mochis, Sinaloa, Mexico

    Aka “Pichon,” Aka “Pajaro,”  Aka “Bird”

    David Alejandro Heredia Velazquez                Age: 50              Guadalajara, Jalisco,

    Aka “Tano,” Aka “Mr. Jordan”                                                     Mexico, and Culiacan,                                                                                                                                                           Sinaloa, Mexico          

    Oscar Rene Gonzalez Menendez                       Age: 45             Guatemala City, 

    Aka “Rubio”                                                                                         Guatemala

    Elias Alberto Quiros Benavides                        Age: 53              San Jose, Costa Rica

    Daniel Eduardo Bojorquez                                Age: 47              Nogales, Sonora, Mexico

    Aka “Chopper”

    Javier Alonso Vazquez Sanchez                       Age: 31               Los Mochis, Sinaloa, Mexico

    Aka “Tito”, Aka “Drilo”

    SUMMARY OF CHARGES

    Title 21, U.S.C., Secs. 960a and 841 – Narco-Terrorism

    Maximum penalty: Life in prison, mandatory minimum 20 years in prison; $20 million fine

    Title 18, U.S.C. Sec. 2339B – Providing Material Support to Terrorism

    Maximum penalty: Twenty years in prison and $250,000 fine

    Title 21, U.S.C., Sec. 848(a) -Continuing Criminal Enterprise

    Maximum penalty: Life in prison, mandatory minimum 20 years; $10 million fine

    Title 21, U.S.C., Secs. 952, 959, 960, and 963 – International Conspiracy to Distribute Controlled Substances

    Maximum penalty: Life in prison, mandatory minimum 10 years; $10 million fine

    Title 21, U.S.C., Secs. 841(a)(1) and 846 – Conspiracy to Distribute Controlled Substances

    Maximum penalty: Life in prison, mandatory minimum 10 years in prison; $10 million fine

    Title 21, U.S.C., Secs. 952, 960 and 963 – Conspiracy to Import Controlled Substances

    Maximum penalty: Life in prison, mandatory minimum 10 years; $10 million fine

    Money Laundering Conspiracy – Title 18, U.S.C., Section 1956(h)

    Maximum penalty: Twenty years in prison and a fine of the greater of $500,000 or twice the value of the monetary instrument or funds involved

    INVESTIGATING AGENCIES

    HSI

    FBI

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the 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).

    This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force (OCDETF), a partnership that brings together the combined expertise and unique abilities of federal, state and local law enforcement agencies. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking and money laundering organizations and enterprises.

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

    MIL OSI USA News –

  • MIL-OSI Russia: Dmitry Patrushev visited the vessel “Captain Sokolov”, built under the investment quota mechanism

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    During a working visit to the Murmansk Region, Deputy Prime Minister Dmitry Patrushev, together with the head of the region Andrei Chibis, visited the seaport, where he inspected the newest fishing vessel, the Captain Sokolov, built under the investment quota mechanism.

    “The fisheries complex is of great importance for the economy of the Murmansk region. The region’s users catch more than 10% of the all-Russian volumes. The region’s fishing enterprises participate in the implementation of the investment quota mechanism, which allows for the renewal of the fishing fleet, an increase in processing, and an increase in production efficiency. In general, the “keel quota” mechanism has given impetus to the revival of Russian commercial shipbuilding. Currently, 27 plants and 40 vessels have been built within the framework of the program. Of these, 23 are fishing vessels and 17 are crab vessels. During the period of the mechanism’s operation, 8 plants and 6 vessels have been built in the Murmansk region,” said Dmitry Patrushev.

    One of such objects is the fishing vessel “Captain Sokolov”. On board is a modern fish processing factory with a capacity of up to 150 tons of frozen fish and canned goods per day. The freezing equipment of the vessel is capable of storing up to 1 thousand tons of fish.

    The Deputy Prime Minister noted the innovative design of the bow of the hull. It increases the working space on the vessel, improves its seaworthiness, increases the durability of the vessel and the safety of navigation. It also creates the most comfortable conditions for the crew to live and work.

    Coordination of work on completing the construction of fishing vessels within the framework of the implementation of the mechanism for providing quotas for the extraction (catch) of aquatic bioresources for investment purposes is being carried out by the Government of Russia within the framework of incident No. 42 “Fishing vessels”.

    The “keel quota” mechanism is aimed at stimulating the development of the domestic fishing fleet.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Marat Khusnullin: Almost 300 facilities are planned to be completed in Zaporizhzhia Oblast this year

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Marat Khusnullin held a meeting with the Governor of Zaporizhia Oblast Yevgeny Balitsky, where they discussed increasing the reliability of the region’s energy complex, upgrading the housing and utilities sector and building modern housing, social facilities, and developing transport infrastructure.

    “This year, federal customers and sponsor regions plan to commission almost 300 facilities in the Zaporizhia region. Also among the new facilities currently under construction is a multidisciplinary pediatric medical center in Melitopol, which is being built by the “Single Customer” on behalf of the President. Special attention was paid to issues of supporting state enterprises. Among them is the Berdyansk seaport. The Unified Institute of Spatial Planning, as part of the development of the city’s general plan, has prepared a set of proposals for its development, which by 2030 will increase the port’s capacity by more than 40%,” said Marat Khusnullin.

    In addition, the topic of increasing the region’s tourist attractiveness, taking into account its existing potential, was touched upon. The Deputy Prime Minister emphasized that it is important to facilitate the creation of all necessary infrastructure, including road infrastructure. For example, about 30 km of the highway along the Sea of Azov is being updated.

    “With the systematic support of the Government of the Russian Federation, the Zaporizhzhya Region has every chance and opportunity to take a worthy place on the tourist map of Russia and become one of the leaders of domestic tourism in the country. I am grateful to Marat Shakirzyanovich for his attentive attitude to every issue of our region’s development and practical assistance at every stage of work,” noted the Governor of the Zaporizhzhya Region, Yevgeny Balitsky.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Europe: Answer to a written question – EU funding to Elon Musk’s companies – P-000905/2025(ASW)

    Source: European Parliament

    The Commission kindly refers the Honourable Member to the publicly available Financial Transparency System (FTS)[1]. The Commission makes available information of recipients of funds financed from the budget on the FTS, where the budget is implemented under direct management mode. The information for the financial year 2024 will be published in June 2025.

    According to the FTS, there are three ongoing 2023 grants to Tesla Motors Netherlands BV under the Connecting Europe Facility. This is part of the Facility’s Alternative Infrastructure programme[2] for the deployment of charging stations for Long Distance Vehicles (LDVs) along the T rans-European transport network ( TEN-T Network). The type of funding for the grants is unit contribution per charging point and relevant grid connection. The amount per project is:

    21-EU-TC-Tesla EV charging (Cohesion) — EUR 14 940 000

    21-EU-TC-Tesla EV charging (General) — EUR 133 780 000

    21-EU-TG-Tesla EV charging II — EUR 9 860 000

    SpaceX was exceptionally contracted in the name of the Commission by the European Space Agency (ESA) f or two long-scheduled launches of two Galileo Satellites each (the EU constellation of Positioning, Navigation and Timing services) in 2024. The reason was the delay of the entry into service of Ariane 6, the default launcher for Galileo. The amount of the contract was published in the Official Journal of the European Union[3]. Ariane 6 entered into service in July 2024.

    Concerning X, the Commission (including all its services and its Representations in the Member States) spent approximately EUR 630 000 on paid advertising on the platform for the period it was owned by Mr Musk. Since October 2023, the Commission has suspended all paid advertising or services on this platform. The suspension still applies.

    • [1] https://ec.europa.eu/budget/financial-transparency-system/index.html The annual publications are based on Article 38 of the Financial Regulation (OJ L 2024/2509, 26.9.2024, p. 1-239), and in accordance with the third paragraph of the article, information on recipients is not disclosed in specific cases outlined therein.
    • [2] https://cinea.ec.europa.eu/funding-opportunities/calls-proposals/cef-transport-alternative-fuels-infrastructure-facility-afif-call-proposal_en.
    • [3] https://ted.europa.eu/fr/notice/-/detail/507009-2024.
    Last updated: 13 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Briefing – The rights of LGBTI people in the European Union – 13-05-2025

    Source: European Parliament

    The prohibition of discrimination and the protection of human rights are important elements of the EU legal order. Nevertheless, discrimination against lesbian, gay, bisexual, transgender and intersex (LGBTI) people persists throughout the EU and takes various forms, including verbal abuse and physical violence. Sexual orientation is now recognised in EU law as grounds of discrimination. However, the scope of the provisions dealing with this issue is limited and does not cover social protection, health care, education or access to goods and services, leaving LGBTI people particularly vulnerable in these areas. Moreover, EU competence does not extend to recognition of marital or family status. In this area, national regulations vary, with some Member States offering same-sex couples the right to marry, some allowing alternative forms of registration, and others not providing any legal status for same-sex couples. Same-sex couples may or may not have the right to adopt children and to access assisted reproduction. These divergent legal statuses have implications, for instance, for partners from two Member States with different standards who want to formalise/legalise their relationship, and for same-sex couples and their families wishing to move to another Member State. Combating discrimination has become part of EU internal and external policies, and is the subject of numerous resolutions of the European Parliament. However, action in this area remains problematic when it touches on issues pertaining to areas traditionally the preserve of Member States, such as marital status and family law. This is a further updated version of a briefing first published in 2010, the previous edition of which was published in June 2024.

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB takes part in World Circular Economy Forum 2025 in Brazil to foster competitiveness and sustainable growth

    Source: European Investment Bank

    • EIB to participate in more than 10 sessions at WCEF 2025 from 13-16 May 2025 to discuss circular economy advances
    • EIB financing for circular economy grows to record €1.4 billion in 2024
    • EIB lending to circular economy projects amounts to €5.1 billion over the past five years

    The European Investment Bank (EIB) is participating in the World Circular Economy Forum 2025 (WCEF 2025) from 13-16 May 2025 in São Paulo, Brazil, and online around the globe. The annual WCEF, an initiative of Finland and the Finnish Innovation Fund (Sitra), is one of the world’s leading events on the circular economy, which aims to make production and consumption more sustainable by extending the life cycle of resources, materials and goods.

    The WCEF provides a platform for sharing knowledge and expertise, building networks and advancing the transition to a circular economy. This year’s edition will shed light on the bottlenecks to sustainable growth and the root causes that urgently require circular solutions.

    The EIB, one of the biggest multilateral providers of climate and environment finance, will present to conference participants its array of financing and advisory products to develop and support the circular economy. The EIB will also discuss the role of the circular economy in securing the supply of strategic materials and the benefits of pursuing projects across entire value chains.

    “We are stepping up our support for the circular economy in line with the European Union’s objectives that put circularity at the core of our decarbonisation strategy,” said EIB Vice-President Ambroise Fayolle. “In the past five years, we provided more than €5 billion to co-finance 153 circular economy projects in a variety of sectors. Circularity is key to conserve limited and strategic materials, enhance resilience and competitiveness and reduce our impact on the climate and the environment.”

    EIB lending to circular economy projects has consistently increased over the years, amounting to €5.1 billion in 2020-2024, with a record level of €1.4 billion last year alone. Recently financed projects include a €17 million loan to Europe’s largest iPhone refurbisher Swappie, venture debt financing of €25 million to Fairmat, a French company pioneering the recycling of carbon fibre composite materials, and a €75 million loan to improve solid waste management in Benin.

    Earlier this year, the EIB’s Board of Directors also approved an action plan to step up support for critical raw materials (CRM) with the aim of doubling annual financing for such projects – including circular solutions – to €2 billion. The plan also includes a new CRM Task Force and a dedicated one-stop shop to build and manage a pipeline of CRM operations and advisory activities and increased technical expertise and partnerships

    Join the EIB at WCEF 202

    Vice-President Fayolle is leading the EIB’s participation, starting with a panel at the opening plenary on 13 May. In total, EIB experts will take part in more than 10 sessions. The full list of sessions with EIB speakers is available here.

    People on site can meet staff of the EIB at its stand at the OCA in the Ibirapuera park in São Paulo on 13-14 May.

    For interview requests, please reach out to the press contact below.

    For more information about the EIB’s support to the circular economy visit: Circular economy (eib.org)

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Greenpeace flagship Rainbow Warrior returns for 40th anniversary of French bombing in Auckland on 10 July

    Source: Greenpeace

    The iconic Greenpeace flagship Rainbow Warrior will return to Aotearoa this year to mark the 40th anniversary of the bombing of the original Rainbow Warrior at Marsden Wharf in Auckland by French government agents on 10th July 1985.
    Russel Norman says, “The Rainbow Warrior’s return to Aotearoa comes at a pivotal moment-when the fight to protect our planet’s fragile life-support systems has never been as urgent, or more critical.
    “Here in Aotearoa, the Luxon Government is waging an all-out war on nature, and on a planetary scale, climate change, ecosystem collapse, and accelerating species extinction pose an existential threat.
    “As we remember the bombing and the murder of our crew member, Fernando Pereira, it’s important to remember why the French Government was compelled to commit such a cowardly act of violence.
    “Our ship was targeted because Greenpeace and the campaign to stop nuclear weapons testing in the Pacific were so effective. We posed a very real threat to the French Government’s military programme and colonial power.
    “It’s also critical to remember that they failed to stop us. They failed to intimidate us, and they failed to silence us. Greenpeace only grew stronger and continued the successful campaign against nuclear weapons testing in the Pacific.
    “Forty years later, it’s the oil industry that’s trying to stop us. This time, not with bombs but with a legal attack that threatens the existence of Greenpeace in the US and beyond.
    “But just like in 1985 when the French bombed our ship, now too in 2025, we will not be intimidated, we will not back down, and we will not be silenced.
    “We cannot be silenced because we are a movement of people committed to peace and to protecting Earth’s ability to sustain life, protecting the blue oceans, the forests and the life we share this planet with,” says Norman.
    “In the 40 years since, the Rainbow Warrior has sailed on the front lines of our campaigns around the world to protect nature and promote peace. In the fight to end oil exploration, turn the tide of plastic production, stop the destruction of ancient forests and protect the ocean, the Rainbow Warrior has been there to this day.
    “Right now the Rainbow Warrior is preparing to sail through the Tasman Sea to expose the damage being done to ocean life, continuing a decades-long tradition of defending ocean health,” says Norman.
    This follows the Rainbow Warrior spending six weeks in the Marshall Islands where the original ship carried out Operation Exodus, in which the Greenpeace crew evacuated the people of Rongelap from their home island that had been made uninhabitable by nuclear weapons testing by the US Government.
    In Auckland this year, several events will be held on and around the ship to mark the anniversary, including open days with tours of the ship for the public.

    MIL OSI New Zealand News –

  • MIL-OSI: Satellogic Reports First Quarter 2025 Financial Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    Revenue of $3.4 million in 1Q 2025

    Domestication to U.S. Completed

    Awarded $30 Million Contract for AI-First Constellation and Closed $20 Million Registered Direct Offering

    NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update and reported its financial results for the three months ended March 31, 2025.

    “The year is off to a great start with our recent announcements in April related to our $30 million low latency, near-daily AI-first constellation contract, our sovereign defense and intelligence imagery sales to Brazil and Singapore, and the closing of a registered direct offering in which we received $20 million in gross proceeds, which further strengthened our liquidity position. These milestones, coupled with the completion of our domestication during the first quarter, positions Satellogic to focus on significant growth opportunities, underscoring the value of our data insights and technology,” said Satellogic CEO, Emiliano Kargieman.

    Rick Dunn, Chief Financial Officer, added, “In terms of financial results, we ended the quarter with $17.7 million of cash on hand (which does not include the proceeds from the aforementioned offering) and continued to reduce our cash used in operations by $5.4 million, or 53%, compared to the three months ended March 31, 2024. Our revenue also increased modestly by 2% to $3.4 million compared to the prior year period.”

    “We expect that our revenue for 2025 will largely be dependent on closing opportunities within our Space Systems line of business, which we anticipate will contribute considerable per unit cash flow and strong gross margin. As we look to 2025 and beyond, management continues to focus on near-term growth opportunities and moving the Company forward on a path to profitability,” concluded Dunn.

    Financial Results for the Three Months Ended March 31, 2025

    • Revenue for the three months ended March 31, 2025, increased by $0.1 million, or 2%, to $3.4 million, as compared to revenue of $3.3 million for the three months ended March 31, 2024. The increase was driven primarily by a $0.4 million increase in imagery ordered by new and existing Asset Monitoring customers, partially offset by a $0.4 million decrease in revenue generated from the Space Systems business line. Revenue for the three months ended March 31, 2025 included $2.6 million attributable to our Asset Monitoring line of business, $0.4 million attributable to our Space Systems line of business, and $0.4 million attributable to our CaaS line of business compared to $2.2 million, $0.7 million and $0.4 million, respectively, in the prior period.
    • Cost of Sales, exclusive of depreciation, decreased $0.1 million, or 5%, to $1.2 million for the three months ended March 31, 2025 from $1.3 million for the three months ended March 31, 2024. The decrease was driven primarily by lower Space Systems costs on lower sales volume, partially offset by higher outsourced ground station costs. However, as a percentage of revenue, our cost of sales were 37% for the three months ended March 31, 2025, as compared to 39% for the three months ended March 31, 2024.
    • Selling, General and Administrative expenses decreased $2.9 million, or 31%, to $6.5 million during the three months ended March 31, 2025, from $9.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a $0.5 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and professional fees related to the secured convertible notes in 2024, partially offset by professional fees related to our domestication in 2025. The decrease was also partially driven by decreases in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024.
    • Engineering expenses decreased $1.9 million, or 43%, to $2.5 million for the three months ended March 31, 2025 from $4.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024. The decrease was also partially driven by other expense reductions resulting from continued cash control measures during 2024, including the termination of our high-throughput plant lease in the Netherlands.
    • Net loss for the three months ended March 31, 2025, increased by $17.4 million to $32.6 million, as compared to a net loss of $15.2 million for the three months ended March 31, 2024. The increase was primarily driven by an increase in the change in fair value of financial instruments ($21.6 million) and other (expense) income, net ($1.6 million) offset by increases in revenue and decreases in operating costs.
    • Non-GAAP Adjusted EBITDA loss for the three months ended March 31, 2025, improved by $3.1 million to $6.1 million, from an Adjusted EBITDA loss of $9.1 million for the three months ended March 31, 2024, primarily due to year-over-year increases in revenue and decreases in operating expenses.
    • Cash and Cash Equivalents were $17.7 million at March 31, 2025, compared to $22.5 million at December 31, 2024.
    • Net cash used in operating activities was $4.7 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended December 31, 2024. This decline in net cash used by operations was primarily due to workforce reduction and overall cost control initiatives.

    Use of Non-GAAP Financial Measures

    We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they provide meaningful supplemental information regarding our performance and liquidity by removing the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, depreciation, capital expenditures and other non-cash items (i.e., embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, net loss, see below.

    We define Non-GAAP EBITDA as net loss excluding interest, income taxes, depreciation and amortization. We did not incur amortization expense during the years ended December 31, 2024 and 2023.

    We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for professional fees related to the secured convertible notes, other expense (income), net, changes in the fair value of financial instruments and stock-based compensation. Other expense (income), net includes foreign exchange gain or loss and other non-operating income and expenses not considered indicative of our ongoing operational performance.

    The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.

      Three Months Ended March 31,
    (in thousands of U.S. dollars)   2025       2024  
    Net loss available to stockholders $ (32,581 )   $ (15,178 )
    Interest expense   —       9  
    Income tax expense   715       1,433  
    Depreciation expense   2,687       2,845  
    Non-GAAP EBITDA $ (29,179 )   $ (10,891 )
    Professional fees related to Secured Convertible Notes   —       971  
    Other expense (income), net   167       (1,401 )
    Change in fair value of financial instruments   22,361       752  
    Stock-based compensation   595       1,446  
    Non-GAAP Adjusted EBITDA $ (6,056 )   $ (9,123 )
     

    About Satellogic

    Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.

    Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.

    With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.

    To learn more, please visit: http://www.satellogic.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategic realignment as a U.S. company, and the visibility and high growth opportunities it will provide in connection therewith. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to generate revenue as expected, including due to challenges created by macroeconomic concerns, geopolitical uncertainty (e.g., trade relationships), financial market fluctuations and related factors, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties, including SpaceX, to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services and the inability of these vendors and manufacturers to meet our needs, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, including those related to artificial intelligence and machine learning, (xv) our ability to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, or our ability to successfully integrate acquisitions, (xvi) competition for EO services, (xvii) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xviii) unknown defects or errors in our products, (xix) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch, (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules and (xxvi) the anticipated benefits of the domestication may not materialize. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 10-K and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

    Contacts

    Investor Relations:

    Ryan Driver, VP of Strategy & Corporate Development
    ryan.driver@satellogic.com

    Media Relations:

    Satellogic
    pr@satellogic.com

    SATELLOGIC INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    UNAUDITED
     
      Three Months Ended March 31,
    (in thousands of U.S. dollars, except share and per share amounts)   2025       2024  
    Revenue $ 3,387     $ 3,328  
    Costs and expenses      
    Cost of sales, exclusive of depreciation shown separately below   1,237       1,305  
    Selling, general and administrative   6,485       9,389  
    Engineering   2,493       4,387  
    Depreciation expense   2,687       2,845  
    Total costs and expenses   12,902       17,926  
    Operating loss   (9,515 )     (14,598 )
    Other (expense) income, net      
    Interest income, net   177       204  
    Change in fair value of financial instruments   (22,361 )     (752 )
    Other (expense) income, net   (167 )     1,401  
    Total other (expense) income, net   (22,351 )     853  
    Loss before income tax   (31,866 )     (13,745 )
    Income tax expense   (715 )     (1,433 )
    Net loss available to stockholders $ (32,581 )   $ (15,178 )
    Other comprehensive loss      
    Foreign currency translation gain (loss), net of tax   257       (137 )
    Comprehensive loss $ (32,324 )   $ (15,315 )
           
    Basic net loss per share for the period attributable to holders of Common Stock $ (0.34 )   $ (0.17 )
    Basic weighted-average Common Stock outstanding   96,655,349       90,331,496  
    Diluted net loss per share for the period attributable to holders of Common Stock $ (0.34 )   $ (0.17 )
    Diluted weighted-average Common Stock outstanding   96,655,349       90,331,496  
    SATELLOGIC INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    UNAUDITED
     
      March 31,   December 31,
    (in thousands of U.S. dollars, except per share and par value amounts)   2025       2024  
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 17,716     $ 22,493  
    Restricted cash   305       —  
    Accounts receivable, net of allowance of $148 and $148, respectively   1,799       1,464  
    Prepaid expenses and other current assets   4,274       3,907  
    Total current assets   24,094       27,864  
    Property and equipment, net   25,802       27,228  
    Operating lease right-of-use assets   6,538       877  
    Other non-current assets   4,968       5,722  
    Total assets $ 61,402     $ 61,691  
    LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY      
    Current liabilities      
    Accounts payable $ 3,742     $ 3,754  
    Warrant liabilities   14,902       11,511  
    Earnout liabilities   1,992       1,501  
    Operating lease liabilities   989       363  
    Contract liabilities   6,308       5,871  
    Accrued expenses and other liabilities   13,661       11,621  
    Total current liabilities   41,594       34,621  
    Secured Convertible Notes at fair value   96,590       79,070  
    Operating lease liabilities   5,812       516  
    Other non-current liabilities   498       516  
    Total liabilities   144,494       114,723  
    Commitments and contingencies      
    Stockholders’ (deficit) equity      
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       —  
    Class A Common Stock, $0.0001 par value, 385,000,000 shares authorized, 84,451,437 shares issued and 83,883,614 shares outstanding as of March 31, 2025 and 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024   —       —  
    Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of March 31, 2025 and December 31, 2024   —       —  
    Treasury stock, at cost, 567,823 shares as of March 31, 2025 and 567,823 shares as of December 31, 2024   (8,603 )     (8,603 )
    Additional paid-in capital   358,511       356,247  
    Accumulated other comprehensive loss   (314 )     (571 )
    Accumulated deficit   (432,686 )     (400,105 )
    Total stockholders’ (deficit) equity   (83,092 )     (53,032 )
    Total liabilities and stockholders’ (deficit) equity $ 61,402     $ 61,691  
    SATELLOGIC INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    UNAUDITED
     
      Three Months Ended March 31,
    (in thousands of U.S. dollars)   2025       2024  
    Cash flows from operating activities:      
    Net loss $ (32,581 )   $ (15,178 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation expense   2,687       2,845  
    Operating lease expense   421       538  
    Stock-based compensation   595       1,446  
    Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes   20,691       752  
    Foreign exchange differences   (188 )     (643 )
    Loss on disposal of property and equipment   28       78  
    Expense for estimated credit losses on accounts receivable, net of recoveries   —       16  
    Non-cash change in contract liabilities   (46 )     (501 )
    Other, net   —       56  
    Changes in operating assets and liabilities:      
    Accounts receivable   (21 )     (932 )
    Prepaid expenses and other current assets   830       (377 )
    Accounts payable   569       1,764  
    Contract liabilities   438       (25 )
    Accrued expenses and other liabilities   2,024       601  
    Operating lease liabilities   (169 )     (555 )
    Net cash used in operating activities   (4,722 )     (10,115 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (1,913 )     (1,942 )
    Net cash used in investing activities   (1,913 )     (1,942 )
    Cash flows from financing activities:      
    Proceeds from issuance of Common Stock under ATM Program, net of transaction costs   1,143       —  
    Payments for withholding taxes related to the net share settlement of equity awards   (375 )     (184 )
    Proceeds from exercise of stock options   916       —  
    Net cash provided by (used in) financing activities   1,684       (184 )
    Net (decrease) increase in cash, cash equivalents and restricted cash   (4,951 )     (12,241 )
    Effect of foreign exchange rate changes on cash and cash equivalents   177       542  
    Cash, cash equivalents and restricted cash – beginning of period   23,682       24,603  
    Cash, cash equivalents and restricted cash – end of period $ 18,908     $ 12,904  

    The MIL Network –

  • MIL-OSI: Skyward Specialty Recruits Corey LaFlamme to Lead Captives & Specialty Programs Divisions; Hill Transitions To Divisions’ Chairman

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 13, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (Nasdaq: SKWD) (“Skyward Specialty” or “the Company”) a leader in the specialty property and casualty (P&C) market, announced today the Company has recruited Corey LaFlamme to assume the role of President, Captives & Specialty Programs, marking a key strategic move to support its continued growth in one of the fastest-expanding segments of the specialty market.

    Additionally, the Company announced that Kirby Hill, who has played a central role in building Skyward Specialty’s Captives & Specialty Programs divisions, will assume the role of Chairman, Captives & Specialty Programs. In this new capacity, Hill will focus on business development, key account relationship management, key strategic matters and mentoring.

    LaFlamme brings more than 20 years of experience across the specialty landscape. He joins Skyward Specialty from The Hartford, where he served most recently as Head of Programs. Throughout his career, LaFlamme built a reputation for cultivating strong relationships, driving innovation and delivering consistent performance.

    “Corey’s arrival comes at a pivotal time for Skyward Specialty. His experience, leadership and his balanced growth and underwriting mindset align perfectly with our vision to expand and lead in the Captives & Specialty Programs markets,” said Skyward Specialty Chairman and CEO Andrew Robinson. “At the same time, I want to recognize the impact Kirby has had in building this business into the true market contender it is. His continued involvement as Chairman will be instrumental in supporting Corey and ensuring that we accelerate our momentum. With this exceptional leadership team in place, we are well-positioned to lead in a space we view as one of the market’s most promising and dynamic areas.”

    About Skyward Specialty
    Skyward Specialty (Nasdaq: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions — Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.

    Media Contact
    Haley Doughty
    Skyward Specialty Insurance Group
    713-935-4944
    hdoughty@skywardinsurance.com

    Investor Contact
    Natalie Schoolcraft
    Skyward Specialty Insurance Group
    614-494-4988
    nschoolcraft@skywardinsurance.com

    The MIL Network –

  • MIL-OSI Security: International coalition uncovers EUR 3 million online investment fraud

    Source: Eurojust

    Using the method of cyber trading, the group was able to make considerable profits and defraud victims of their substantial savings. The criminals created a fake online trading platform that promised large profits in a short period of time. After initially transferring modest sums of money to the platform, victims are then persuaded by fake charts that they will make large profits. Using psychological pressure, fake brokers call their victims to convince them to transfer higher amounts to the platform. The money transferred by the victims is never invested and instead goes directly to the criminal group. Authorities are aware of approximately 100 victims, but they believe more people have fallen victim to the OCG. 

    German authorities started investigating the fake platform after a married couple reported the scam to the police. The initial investigation focused on the holder of the bank account to which the couple had transferred their savings. The authorities soon uncovered an international criminal group behind the fake investment platform. On 6 September 2022, during the first action day in this investigation, authorities searched multiple locations in Belgium and Latvia, arrested two suspects and seized important evidence. This evidence was instrumental in identifying seven more members of the criminal group, including the managers of the call centres used to convince victims to invest more money. 

    The second action day took place on 13 May 2025. A total of eight searches took place simultaneously in Albania, Cyprus and Israel and executed six interrogations.  During the searches, authorities seized evidence to continue the investigation such as electronic devices and documents as well as cash.  A suspect in Cyprus was arrested with the intention of either surrendering or extraditing them to Germany. Investigations into the investment fraud will continue. 

    As victims were identified across the world and the group operated globally, international cooperation was essential. Eurojust ensured that judicial authorities worked together smoothly and efficiently from the start of the investigation in 2022. For the second phase of the investigation, Eurojust facilitated all judicial cooperation requests and coordinated the action day from its headquarters in The Hague. Europol provided operational support throughout the investigation, deploying mobile offices in Israel, Albania and the United Kingdom. A virtual command post was also set up by Europol to facilitate real-time coordination and intelligence sharing.

    The following authorities carried out the operations:

    • Germany: Public Prosecutor’s Office at the Itzehoe Regional Court, Department for Combating Cybercrime; District Criminal Investigation Office Kiel
    • Cyprus: Attorney General’s Office; Cyprus Police; Unit for Combating Money Laundering (MOKAS)
    • Albania: Special Prosecution Office against Corruption and Organised Crime
    • United Kingdom: National Crime Agency
    • Israel: Israeli Police –  National Cybercrime Unit, LAHAV 433 together with the Coordination and Operational Division in the Intelligence Branch

    This operation was carried out as part of the European Multidisciplinary Platform Against Criminal Threats (EMPACT).

    EMPACT tackles the most important threats posed by organised and serious international crime affecting the European Union. EMPACT strengthens intelligence and strategic and operational cooperation between national authorities, EU institutions and bodies, and international partners. EMPACT runs in four-year cycles focusing on common EU crime priorities. Fraud, economic and financial crimes are among the priorities for the 2022-2025 Policy Cycle.

    MIL Security OSI –

  • MIL-OSI Security: District of Arizona Charges 314 Individuals for Immigration-Related Criminal Conduct

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    PHOENIX, Ariz. – During the week of enforcement operations from May 3, 2025, through May 9, 2025, the U.S. Attorney’s Office for 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.

    These cases were referred or supported by federal law enforcement partners, including Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), ICE Homeland Security Investigations (HSI), U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

    Recent matters of interest include:

    United States v. Marco Antonio Ruelas-Solis: On May 3, 2025, Marco Antonio Ruelas-Solis, of Mexico, was found in possession of an FNS-9C 9-millimeter pistol and 40 rounds of 9-millimeter ammunition while target shooting along Forest Road 403 in the Tonto National Forest in Maricopa County. Ruelas-Solis was charged with Possession of a Firearm by Alien Unlawfully Present in the United States and Reentry of a Removed Alien. [Case Numbers: MJ-25-0178; MJ-25-6183]

    United States v. Clayton Line Wilhite: On May 4, 2025, Clayton Line Wilhite was arrested and charged with Transportation of an Illegal Alien after he failed to yield at an immigration checkpoint. After Wilhite failed to yield, law enforcement officers from Border Patrol and Customs and Border Protection responded to the scene and attempted to effectuate a stop. Wilhite led officers on a short vehicle chase before striking another car from behind and pulling over. Two illegal aliens from Mexico then exited the vehicle and tried to flee but were detained by agents. Wilhite remained in the driver’s seat and was arrested without further incident. [Case number: MJ-25-07795]

    A criminal complaint is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    These cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the 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).

    RELEASE NUMBER:    2025-076_May 9 Immigration Enforcement

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

     

    MIL Security OSI –

  • MIL-OSI USA: Governor Phil Scott Issues Executive Order to Pause Electric Vehicle Sales Requirements

    Source: US State of Vermont

    Montpelier, Vt. – Governor Phil Scott today issued Executive Order 04-25, directing the Agency of Natural Resources to pause enforcement of a multi-state plan requiring vehicle manufacturers to meet certain electric vehicle (EV) sales targets for passenger cars and medium- and heavy-trucks.

    “I continue to believe we should be incentivizing Vermonters to transition to cleaner energy options like electric vehicles. However, we have to be realistic about a pace that’s achievable. It’s clear we don’t have anywhere near enough charging infrastructure and insufficient technological advances in heavy-duty vehicles to meet current goals,” said Governor Scott. “We have much more work to do, in order make it more convenient, faster, and more affordable to buy, maintain and charge EV’s. When we do, it’s more likely everyday Vermonters will make the switch.”

    Governor Scott remains committed to addressing climate change, including advocating for more charging infrastructure, which is key to supporting Vermonters in making EVs viable and reducing transportation emissions. When it comes to transitioning to a low-carbon future, mandates are not going to be the total answer.  Using common sense and incentivizing technological advancements is necessary to overall success and this compliance flexibility is intended to reflect this reality.

    Specific details can be found in the Governor’s Executive Order which can be found by clicking here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Statement on Vance County Department of Social Services

    Source: US State of North Carolina

    Headline: Statement on Vance County Department of Social Services

    Statement on Vance County Department of Social Services
    jawerner

    Effective Wednesday, May 14, 2025, the North Carolina Department of Health and Human Services will temporarily assume leadership of child welfare services at the Vance County Department of Social Services, as authorized under state law.

    Vance County leadership and Vance County DSS staff received this letter earlier today. Both have expressed support for this temporary action by the state.

    “We take very seriously the department’s role in protecting the safety and well-being of children and families involved in the child welfare system,” said NC Health and Human Services Secretary Dev Sangvai. “This urgent, temporary action is necessary for us to work directly with Vance County staff, improve the county’s ability to effectively administer child welfare services, and ensure better outcomes for children and families in the county moving forward.”

    NCDHHS has been working closely with Vance County DSS since July 2024 to address serious concerns over their practice and delivery of child welfare services. Vance County DSS has not demonstrated significant progress toward addressing these concerns, resulting in a substantial threat to the safety and welfare of children in the county who receive or are eligible for these services.

    Due to the urgency of this situation, NCDHHS is taking action to assume control over Vance County’s child welfare services and will be on-site administering services as of Wednesday, May 14.

    “To all DSS Partners, in spirit together we stand successfully, divided we will continue to fall. We can achieve climbing this mountain,” said Rev. Dr. Leonard Frieson Sr, Vance County DSS Board Chairman.

    “We have a strong team at the Department of Social Services and as we move forward with shifting these services to DHHS, our goal is simple: make sure kids and families get the support they need, when they need it. This isn’t about stepping back—it’s about making smart changes that help us serve the community even better,” said Vance County Manager Renee Perry.

    NCDHHS staff will remain on-site at Vance County DSS throughout this interim period and will work closely with staff to manage and stabilize child welfare services. The department is also working with the county to develop a plan to bring their child welfare services into compliance with all applicable laws and appropriate practices. This temporary action is authorized under N.C.G.S. § 108A-74.

    A partir del miércoles 14 de mayo de 2025, el Departamento de Salud y Servicios Humanos de Carolina del Norte asumirá temporalmente el liderazgo de los servicios de bienestar infantil en el Departamento de Servicios Sociales del condado de Vance, según lo autorizado por la ley estatal.

    Los líderes del condado de Vance y el personal del Departamento de Servicios Sociales (DSS) del condado de Vance recibieron esta carta hoy temprano. Ambos han expresado su apoyo a esta acción temporal por parte del estado.

    “Nos tomamos muy en serio el papel del departamento en la protección de la seguridad y el bienestar de los niños y las familias involucradas en el sistema de bienestar infantil”, dijo el secretario de Salud y Servicios Humanos de Carolina del Norte, Dev Sangvai. “Esta acción urgente y temporal es necesaria para que podamos trabajar directamente con el personal del condado de Vance, mejorar la capacidad del condado para administrar de manera efectiva los servicios de bienestar infantil y garantizar mejores resultados para los niños y las familias en el condado en el futuro”.

    El Departamento de Salud y Servicios Humanos de Carolina del norte (NCDHHS, por sus siglas en inglés) ha estado trabajando estrechamente con el DSS del condado de Vance desde julio de 2024 para abordar las serias preocupaciones sobre su práctica y la prestación de servicios de bienestar infantil. El DSS del condado de Vance no ha demostrado un progreso significativo para abordar estas preocupaciones, lo que resulta en una amenaza sustancial para la seguridad y el bienestar de los niños en el condado que reciben o son elegibles para estos servicios.

    Debido a la urgencia de esta situación, el NCDHHS está tomando medidas para asumir el control de los servicios de bienestar infantil del condado de Vance y estará en el sitio administrando los servicios a partir del miércoles 14 de mayo.

    “A todos los socios del DSS, juntos en espíritu logramos el triunfo, divididos seguiremos fracasando. Podemos lograr escalar esta montaña”, dijo el Reverendo Dr Leonard Frieson Sr, presidente de la mesa directiva del DSS del condado de Vance.

    “Tenemos un equipo sólido en el Departamento de Servicios Sociales y, a medida que avanzamos en el cambio de estos servicios al DHHS, nuestro objetivo es simple: asegurarnos de que los niños y las familias reciban el apoyo que necesitan, cuando lo necesitan. No se trata de dar un paso atrás, se trata de hacer cambios inteligentes que nos ayuden a servir a la comunidad aún mejor”, dijo la gerente del condado de Vance, Renee Perry.

    El personal del NCDHHS permanecerá en el DSS del condado de Vance durante este período interino y trabajará en estrecha colaboración con el personal para administrar y estabilizar los servicios de bienestar infantil. El departamento también está trabajando con el condado para desarrollar un plan para que sus servicios de bienestar infantil cumplan con todas las leyes aplicables y las prácticas apropiadas. Esta acción temporal está autorizada bajo N.C.G.S. § 108A-74.

    May 13, 2025

    MIL OSI USA News –

  • MIL-OSI Russia: Marat Khusnullin: By 2030, more than 50 thousand km of utility networks will be updated under the national project “Infrastructure for Life”

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Work on modernizing housing and communal services systems and facilities is intensifying in the regions. Since this year, it has been carried out within the framework of the federal project “Modernization of communal infrastructure” as part of the national project “Infrastructure for life”. By 2030, the country plans to replace at least 2.5% of communal networks annually, Deputy Prime Minister Marat Khusnullin reported.

    “Modernization of public utility infrastructure is one of the key components of the comprehensive development of populated areas and improving the quality of life of Russians. To achieve the indicators of the national project “Infrastructure for Life”, it is necessary to significantly update the infrastructure and modernize the capacity of utility networks. This large-scale work is aimed at solving existing problems in the housing and utilities sector. At the same time, it is important to ensure systemic planning, the basis for which should be comprehensive plans for the modernization of regional housing and utilities systems. In general, from 2025 to 2030, it is necessary to build and modernize more than 50 thousand km of utility networks, at least 2 thousand drinking water supply and water treatment facilities. This will improve the quality of utilities for 20 million Russians. By 2030, it is planned to replace at least 2.5% of the networks annually, by 2035 this figure should be at least 5%,” said Marat Khusnullin.

    In total, 4.5 trillion rubles must be allocated for the modernization of the housing and utilities sector, with a larger volume of funds to be provided from extra-budgetary sources. Such instruments as infrastructure bonds, treasury infrastructure loans, writing off two-thirds of the regions’ debt on budget loans, subsidies from the federal budget and regional budget funds, as well as tariff sources of resource supplying organizations are involved in the financing.

    The Deputy Prime Minister added that in 2019–2024, more than 12,000 km of utility networks and 5,500 housing and utilities infrastructure facilities were built and modernized in the country’s regions. The Territorial Development Fund is the operator of a number of federal programs supervised by the Ministry of Construction.

    “In particular, these are programs involving infrastructure budget and special treasury loans, as well as concessional loans from the National Welfare Fund. Under the IBC program, more than 270 housing and communal services facilities and events have been completed since 2022, including over 1,000 km of utility networks. Within the framework of the SKK program launched in 2023 as a continuation of this regional development instrument, 120 facilities and events have been completed, including over 320 km of utility networks. Thanks to concessional loans from the NWF, since the launch of this program in 2022, about 1.1 thousand facilities have been commissioned, including over 1.3 thousand km of utility networks. These utilities infrastructure modernization tools have proven to be in demand by the regions, and their implementation continues,” said Ilshat Shagiakhmetov, General Director of the Territorial Development Fund.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: More than 5.7 thousand Russian companies concluded transactions on the money market in April 2025

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    Russian businesses actively use the exchange infrastructure to place and attract funds on market terms with the most flexible parameters and a wide range of counterparties. The number of Russian commercial organizations that concluded transactions on the money market in April 2025 was a record and amounted to 5.7 thousand (16% since the beginning of 2025).

    The average daily open position of Russian companies in money market instruments in April 2025 increased to 1.8 trillion rubles, which is twice as high as the average daily figure in 2024.

    The volume of transactions of Russian companies with direct access to the deposit market with a central counterparty (CCP) amounted to 10.4 trillion rubles at the end of April, which is almost three times higher than the average monthly volume of their transactions in 2024.

    The volume of transactions by corporate clients using brokerage access to the Moscow Exchange repo market reached 17.6 trillion rubles in April, which is twice their average monthly volume in 2024.

    Almost 300 companies, including almost two dozen new ones entering the market in 2025, today have direct access to the deposit market with the Central Bank. 230 companies use it to conclude transactions in the deposit market with the Central Bank. MOEX Treasury web interfaceOperations in the deposit market are carried out by corporations, banks, insurance companies, management companies, pension funds, etc.

    Deposits with the Central Credit Union (CCU) are a segment of the Moscow Exchange money market that provides the opportunity to place funds on market terms without the need to set limits on individual counterparties using the exchange and settlement infrastructure of the Moscow Exchange Group. The term of the deposit is from one day to one year, the deposit currency is the Russian ruble and the Chinese yuan. Applications for the placement of funds in deposits with the CCU are matched with repo applications with clearing participation certificates (CPC) from professional participants in the securities market on the Moscow Exchange money market, which ultimately contributes to the influx of additional liquidity into the Russian exchange market.

    Operations on the repo market with the help of brokerage access allow Russian companies to use the most liquid market of the Russian Federation to place and attract funds secured by securities from the widest range of counterparties for a period from one day to one year.

    The Moscow Exchange Money Market is one of the most important segments of the Russian financial market, with the help of which both large corporations and small companies and individual investors manage their monetary liquidity. The list of money market instruments includes repo with the Central Credit Union, repo with the Central Credit Union, repo with the Bank of Russia, interdealer repo, deposits with the Central Credit Union, loans, as well as deposit and loan auctions. The Moscow Exchange acts as the organizer of trades, clearing and settlements are carried out by the National Clearing Center (NCC, part of the Moscow Exchange Group).

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI: Global Star Acquisition Inc. and K Enter Holdings Inc. Finalize Business Combination

    Source: GlobeNewswire (MIL-OSI)

    SEOUL and NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Global Star Acquisition Inc. (NASDAQ: GLST) (“Global Star”), a special purpose acquisition company and K Enter Holdings Inc. (“K Enter”), a holding company with an internal K drama production team and controlling interest in six diversified entertainment operating companies based in Korea and engaged in the entertainment content and IP creation businesses, today announced the completion of the previously announced business combination that will result in the creation of K Wave Media Ltd. Accordingly, K Wave Media Ltd.’s ordinary shares and warrants are expected to commence trading on The Nasdaq Global Market under the symbols “KWM” and “KWMWW”, respectively on May 14, 2025.

    The business combination was approved at a special meeting of GLST’s stockholders on February 3, 2025.

    “We are proud to complete this milestone transition of K Wave Media to become the first Korean content media alliance to list on the Nasdaq stock exchange,” said Tan Chin Hwee, Executive Chairman and Interim CEO of K Enter. “We are laser focused on pursuing our planned growth initiatives across the value chain of our Korean entertainment and media business lines, now with enhanced U.S. visibility to attract a core retail and institutional shareholder base. Additionally, we are appreciative of Global Star’s partnership and mutual determination to achieve K Wave’s public listing. We are poised to become a leading player in IP-based diversified entertainment delivering high quality K-content to our loyal global fanbase.”

    K Wave Media will continue to be led by Tan Chin Hwee, Executive Chairman and Interim CEO of K Enter, until a successor is appointed.

    Advisors

    D. Boral Capital acted as Global Star’s Capital Markets Advisor on the transaction. Loeb & Loeb LLP acted as U.S. legal counsel to K Enter. Duane Morris LLP acted as legal counsel to Global Star.

    About K Enter Holdings Inc.

    K Enter Holdings Inc. is a Delaware corporation with contracts to acquire controlling equity interests in six diversified entertainment operating companies based in Korea, engaged in the entertainment content, IP creation, merchandising and entertainment investment businesses (the “Six Korean Entities”). K Enter has an internal K drama production team. The Six Korean Entities to be acquired by K Enter include Play Company Co., Ltd, a Korean IP merchandising company, and Solaire Partners Ltd., a Korean IP content-specialized private equity firm, Studio Anseilen Co., Ltd., a K drama production company, and The LAMP Co., Ltd., Bidangil Pictures Co., Ltd., and Apeitda Co., Ltd., each of which is a K movie production company.

    About Global Star Acquisition Inc.

    Global Star Acquisition Inc., a Delaware corporation, is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

    Cautionary Statements Regarding Forward-Looking Statements

    This press release is provided for informational purposes and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this press release. To the fullest extent permitted by law under no circumstances will Global Star, K Enter, or any of the Six Korean Entities, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this press release have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Global Star nor K Enter has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this press release does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of Global Star, K Enter or the Proposed Business Combination. Viewers of this press release should each make their own evaluation of Global Star and K Enter and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This press release contains certain “forward-looking statements” within the meaning of the federal securities laws, including statements regarding the benefits of the Proposed Business Combination, including K Enter’s ability to accelerate the development of its products and bring them to market, the anticipated timing for completion of the Proposed Business Combination, and Global Star’s and K Enter’s expectations, plans or forecasts of future events and views as of the date of this press release. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. These forward-looking statements, which may include, without limitation, words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will”, “could,” “should,” “believes,” “predicts,” “potential,” “might,” “continues,” “think,” “strategy,” “future,” and similar expressions, involve significant risks and uncertainties (most of which factors are outside of the control of Global Star or K Enter).

    In addition, this press release includes a summary set of risk factors that may have a material impact on Global Star, K Enter or the Proposed Business Combination, which are not intended to capture all the risks to which Global Star, K Enter or the Proposed Business Combination is subject or may be subject. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (2) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of the securities; (3) the risk that the Proposed Business Combination may not be completed by Global Star’s business combination deadline; (4) the inability to complete the Proposed Business Combination, including but not limited to due to the failure to obtain approval of the stockholders of Global Star or K Enter for the Merger Agreement, to receive certain governmental, regulatory and third party approvals or to satisfy other conditions to closing in the Merger Agreement; (5) the failure to achieve the minimum amount of cash available following any redemptions by Global Star’s stockholders; (6) the inability to obtain or maintain the listing of Global Star’s common stock on Nasdaq following the Proposed Business Combination, including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq’s initial listing standards in connection with the consummation of the Proposed Business Combination; (7) the effect of the announcement or pendency of the Proposed Business Combination on K Enter’s business relationships, operating results, and business generally; (8) risks that the Proposed Business Combination disrupts current plans and operations of K Enter or the Six Korean Entities; (9) the inability to realize the anticipated benefits of the Proposed Business Combination and to realize estimated pro forma results and underlying assumptions, including but not limited to with respect to estimated stockholder redemptions and costs related to the Proposed Business Combination; (10) the possibility that Global Star or K Enter or the Six Korean Entities may be adversely affected by other economic or business factors; (11) changes in the markets in which K Enter and the Six Korean Entities compete, including but not limited to with respect to its competitive landscape, technology evolution, changes in entertainment choices or regulatory changes; (12) changes in domestic and global general economic conditions; (13) risk that K Enter may not be able to execute its growth strategies; (14) the risk that K Enter experiences difficulties in managing its growth and expanding operations after the Proposed Business Combination; (15) the risk that the parties will need to raise additional capital to execute the business plan, which may not be available on acceptable terms or at all; (16) the ability to recognize the anticipated benefits of the Proposed Business Combination to achieve its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of K Enter to grow and manage growth economically and hire and retain key employees; (17) risk that K Enter may not be able to develop and maintain effective internal controls; (18) the risk that K Enter may fail to keep pace with rapid technological developments or changes in entertainment tastes to provide new and innovative products and services, or may make substantial investments in unsuccessful new products and services; (19) the ability to develop, license or acquire new content, products and services; (20) the risk that K Enter is unable to secure or protect its intellectual property; (21) the risk of product liability or regulatory lawsuits or proceedings relating to K Enter’s business; (22) the risk of cyber security or foreign exchange losses; (23) changes in applicable laws or regulations; (24) the outcome of any legal proceedings that may be instituted against the parties related to the Merger Agreement or the Proposed Business Combination; (25) the impact of the global COVID-19 pandemic and response on any of the foregoing risks, including but not limited to supply chain disruptions; (26) the risk that K Enter fails to successfully and timely consummate its acquisition of one or more of the Six Korean Entities’; and (27) other risks and uncertainties identified in the registration statement on Form F-4, which included a proxy statement/prospectus filed in connection with the Proposed Business Combination (the “Registration Statement”), including those under “Risk Factors” therein, and in other filings with the U.S. Securities and Exchange Commission (“SEC”) made by Global Star. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Global Star’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Registration Statement filed with the SEC with respect to the Proposed Business Combination, and other documents filed by Global Star from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The foregoing list of factors is not exhaustive, are provided for illustrative purposes only, and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Forward-looking statements speak only as of the date they are made. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Global Star nor K Enter presently know or that Global Star and K Enter currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. However, while Global Star and K Enter may elect to update these forward-looking statements at some point in the future, Global Star and K Enter specifically disclaim any obligation to do so. Neither Global Star nor K Enter gives any assurance that Global Star or K Enter, or the combined company, will achieve its expectations. Accordingly, undue reliance should not be placed upon the forward-looking statements, and they should not be relied upon as representing Global Star’s and K Enter’s assessments as of any date subsequent to the date of this press release.

    Contact

    K Enter Holdings, Inc.
    Ted Kim
    Director and Co-Founder, K-Enter Holdings
    ted@globalfundpe.com

    Investor Contact
    MZ Group
    Shannon Devine/Rory Rumore
    +1 (203) 741-8811
    GLST@mzgroup.us

    The MIL Network –

  • MIL-OSI: Gevo Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Revenue Increased $25 Million Compared to First Quarter of 2024 Due to Strategic Growth Initiatives 

    Further Revenue and Adjusted EBITDA1Growth is Expected in 2025 

    Gevo to Host Conference Call Today at 4:30 p.m. ET

    ENGLEWOOD, Colo., May 13, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leading developer of cost-effective, renewable hydrocarbon fuels and chemicals that also can deliver significant carbon emission abatement, today announced financial results for the first quarter ended March 31, 2025.

    Recent Corporate Highlights: Continuing on a Path to Positive Adjusted EBITDA1 

    • Revenue and Adjusted EBITDA growth: Total operating revenue increased by approximately $25 million in the first quarter of 2025 compared to the first quarter of 2024.
      • This increase was primarily driven by inorganic revenue growth of $23 million during the last two months of the quarter from Gevo North Dakota (through the acquisition of substantially all of the assets of Red Trail Energy, LLC, which closed on January 31, 2025). Gevo’s consolidated financials for the first quarter of 2025 include Gevo North Dakota results for the two months of February and March 2025.
      • RNG total operating revenue increased by $1.7 million, or 42%, compared to the first quarter of 2024. This was primarily driven by receiving approval of a -339 gCO2e/MJ carbon intensity (“CI”) score for our RNG project from the California Air Resources Board (“CARB”) under their Low Carbon Fuel Standard (“LCFS”) program, partially offset by lower Renewable Identification Number (“RIN”) prices.
      • We expect further Adjusted EBITDA1 growth through the rest of 2025 as a result of the expected monetization of Section 45Z tax credits generated by our low-carbon ethanol and biogas facilities.
      • Other revenue, including sales of isooctane and software services, also increased by $0.6 million in the first quarter of 2025 compared to the first quarter of 2024.
    • Carbon abatement, a new product that can be sold: Gevo is actively developing the customers and markets for voluntary carbon abatement. Our drop-in fuel products generated total carbon abatement (i.e., emissions sequestered, reduced or avoided by using renewable instead of fossil inputs) of over 100 thousand metric tons of CO2 in the first quarter of 2025.
      • This carbon abatement includes captured and sequestered volume of approximately 29 thousand metric tons of CO2 at Gevo North Dakota during the two months of February and March 2025.
      • During the same period, Gevo North Dakota produced approximately 11.1 million gallons of low-carbon ethanol at an estimated CI of 21 gCO2e/MJ, contributing approximately 47 thousand metric tons of carbon abatement.
      • RNG had production of 79,963 MMBtu in the first quarter of 2025 and over 60,000 metric tons of carbon credits were generated in the California LCFS system.

    _________________________
    1  Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, and the change in fair value of derivative instruments to GAAP loss from operations as well as monetized tax credits, if any. A reconciliation of adjusted EBITDA to GAAP loss from operations is provided in the financial statement tables following this release. Adjusted EBITDA was referred to as “cash EBITDA” in previous periods.

    • New offtake agreements for jet fuel and carbon abatement: In April 2025, Gevo signed a pioneering offtake agreement with Future Energy Global (“FEG”), under which FEG will acquire from Gevo the Scope 1 and Scope 3 emissions credits from 10 million gallons per year of fuel to be produced at one of our planned alcohol-to-jet (“ATJ”) facilities. Additionally, we entered into an agreement with a separate undisclosed party for an additional five million gallons per year of SAF, without the carbon value or Scope 1 and Scope 3 emissions credits attached. The carbon abatement for this additional 5 million gallons has been sold to a separate party, not the fuel buyer. Note that Scope 1 and Scope 3 emissions credits are in addition to, and separate from, state and federal compliance credits. These offtake agreements are expected to be useful for financing our ATJ projects in South Dakota or North Dakota.
    • Verity: Verity is our wholly owned, data verification platform that enables traceable, audit-ready carbon abatement accounting across complex supply chains, supporting regulatory compliance and carbon market participation. In the first quarter of 2025, Verity announced agreements with two new customers, Landus and Minnesota Soybean Processors. These agreements provide access to those customers to track and verify sustainable agriculture attributes, while streamlining compliance reporting and auditability.

    2025 First Quarter Financial Highlights

    • Ended the first quarter with cash, cash equivalents and restricted cash of $134.9 million.
    • Combined operating revenue and investment income was $30.9 million for the first quarter.
      • On a standalone basis, our RNG subsidiary generated revenue of $5.7 million during the first quarter of 2025. This reflects an increase of $1.7 million compared to the previous year, driven by increased LCFS credit generation due to our carbon score for the LCFS program, partially offset by reduced RIN prices. 
    • Loss from operations of $20.1 million for the first quarter.
    • Non-GAAP Adjusted EBITDA loss1 of $15.4 million for the first quarter.
    • Sale of environmental attributes by our RNG subsidiary of $5.4 million for the first quarter.
    • Gevo RNG generated income from operations of $0.5 million, and non-GAAP Adjusted EBITDA1 of $2.7 million for the first quarter.
    • Gevo North Dakota generated income from operations of $1.1 million, and non-GAAP Adjusted EBITDA1 of $1.8 million for the first quarter.
    • Net loss per share of $0.09 for the first quarter.

    Management Comment 

    Dr. Patrick Gruber, Gevo’s Chief Executive Officer, commented, “We believe we can get to positive Adjusted EBITDA this year for the company. This is in spite of the perceived headwinds and noise in the marketplace. We have real products to sell now that we own our North Dakota plant. Gevo North Dakota produces ethanol, animal feed, corn oil, and importantly, carbon abatement. The carbon abatement value is generated by capturing CO2 and sending it more than a mile underground into what we think is the best well (or sequestration site) in the country. Having this carbon abatement available to us has opened up new doors in the marketplace as customers and partners don’t have to wait around for synthetic aviation fuel (“SAF”) projects to be built to start developing the market in a real sense. We have approval from the Internal Revenue Service to apply for the Section 45Z tax credit, so we will do that, and that should help meet our Adjusted EBITDA goals.”

    Dr. Gruber continued, “We continue to believe that SAF offers an excellent market opportunity. We see that jet fuel demand, beyond SAF, is expected to grow. We continue to believe that alcohol-to-jet offers the most scalable and lowest cost of production route. We need to get plants financed and deployed. To that end, we are doing a few things. First, we continue to be engaged with the U.S. Department of Energy on financing our ATJ-60 project, which we believe advances the stated objectives of the White House to produce more home-made energy including ethanol, biofuels and jet fuel. Second, we are translating the designs and engineering from the ATJ-60 to deploy an ATJ plant that can produce 30 million gallons per year of jet fuel at our Gevo North Dakota site (“ATJ-30”). We expect that this ATJ-30 plant will be near-fully modularized to minimize cost, construction, and start-up risks, and be able to be deployed sooner than or on a similar timeframe as ATJ-60. We already have more than 50% of the capacity of the ATJ-30 sold. Third, by driving down capital costs, we expect that there will be several opportunities for us to “sell” plants, and license our technology portfolio in the future.”

    “Unlike other companies in the ATJ space,” Dr. Gruber added, “we are using tried and true, proven at scale, unit operations to produce jet fuel. We figured out how to optimize them, integrate them, and make the jet fuel product in extremely high yield, with low production cost and a very low CI score. We have more than 100 patents covering the business system and technologies for ethanol to jet fuel and other hydrocarbons. We are pleased that Axens, who is the preeminent supplier of the various unit operations needed to make jet fuel from ethylene, including winning a Nobel prize for the trickiest step, has taken a license from Gevo for advanced ATJ processes. We are continuing to strengthen our partnership with Axens.”

    “We are also aligning our strategic goals with fiscal discipline measures that should further enable our conservation of cash and realization of our target Adjusted EBITDA growth and strong fiscal year performance.”

    Dr. Gruber concluded, “I like our position: we have operating assets that contribute Adjusted EBITDA, we have mature jet fuel projects, we have one of the few operating carbon capture and sequestration operations, we are developing markets with advanced carbon sequestration operations, we have a terrific site in North Dakota to build out capacity for jet fuel and other products, and we have a strong proprietary position given our patents and know-how.”

    2025 First Quarter Financial Results

    Operating revenue. During the three months ended March 31, 2025, operating revenue increased by $25.1 million compared to the three months ended March 31, 2024. This increase was primarily due to $22.8 million in revenue from Gevo North Dakota in the two months we have owned it, $1.7 million in additional revenue from our RNG project driven by an increase in LCFS credits generated due to our improved carbon score for the LCFS program offset by a decline in RIN prices, and $0.5 million from the sale of isooctane. During the three months ended March 31, 2025, we sold 79,963 MMBtu of RNG from our RNG project, resulting in $0.3 million in RNG sales and $5.4 million in environmental attribute sales.

    Cost of production. Cost of production increased $18.9 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to $21.7 million from Gevo North Dakota, partially offset by $3.6 million of future corn basis gains.

    Depreciation and amortization. Depreciation and amortization increased $1.2 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to $3.5 million of depreciation related to Gevo North Dakota, partially offset by a $2.6 million reduction of depreciation related to assets fully depreciated at our facility in Luverne, Minnesota (the “Luverne Facility”).

    Research and development expense. Research and development expenses decreased $0.5 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to decreased consulting expenses and professional fees.

    General and administrative expense. General and administrative expense decreased $1.1 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a $2.3 million decrease in stock-based compensation, partially offset by $0.5 million higher employee costs, $0.2 million increase in insurance costs and $0.2 million increase in computer and software costs.

    Project development costs. Project development costs are primarily related to our ATJ projects and Verity, which consist primarily of employee expenses, preliminary engineering costs, and technical consulting fees. Project development costs decreased $0.3 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a $1.8 million wind-down fee incurred in 2024, partially offset by $1.1 million of additional employee related costs.

    Acquisition related costs. Acquisition related costs of $4.4 million are due to our acquisition of Gevo North Dakota.

    Facility idling costs. Facility idling costs are related to the care and maintenance of our Luverne Facility and reprocessing plant. Facility idling costs decreased $0.5 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to utilizing the reprocessing plant for isooctane production.

    Loss from operations. The Company’s loss from operations decreased by $3.0 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to increased revenues from Gevo North Dakota and the reduction of general and administrative expenses, partially offset by the acquisition related costs.

    Interest expense. Interest expense increased $2.8 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the debt used to acquire Gevo North Dakota and a higher interest rate on our remarketed RNG bonds.

    Interest and investment income. Interest and investment income decreased $2.8 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the usage of cash for the acquisition of Gevo North Dakota and to fund our capital projects and operating costs, resulting in a lower balance of cash equivalent investments during the three months ended March 31, 2025.

    Other income (expense), net. Other income (expense), net remained flat for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

    Webcast and Conference Call Information

    Hosting today’s conference call at 4:30 p.m. ET will be Dr. Patrick R. Gruber, Chief Executive Officer, Dr. Chris Ryan, President and Chief Operating Officer, L. Lynn Smull, Chief Financial Officer, Dr. Paul Bloom, Chief Business Officer and Dr. Eric Frey, Vice President of Finance and Strategy. They will review Gevo’s financial results and provide an update on recent corporate highlights.

    To participate in the live call, please register through the following event weblink: https://register-conf.media-server.com/register/BI14d4db26011d45b9871ce05b8b3c5a63. After registering, participants will be provided with a dial-in number and pin.

    To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/xd9v2i3x.

    A webcast replay will be available two hours after the conference call ends on May 13, 2025. The archived webcast will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

    About Gevo

    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent CCS facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty ATJ fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Forward-Looking Statements

    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, the financing and the timing of our ATJ-60 project, our ATJ-30 project, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our RNG project, our sales agreements, our plans to develop our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, the ability of our products to contribute to lower greenhouse gas emissions, particulate and sulfur pollution, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Non-GAAP Financial Information

    This press release contains a financial measure that does not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted EBITDA. Non-GAAP adjusted EBITDA excludes depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation from GAAP loss from operations. Management believes this measure is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial measure also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial measure is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.

    Gevo, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except share and per share amounts)

               
      March 31, 2025   December 31, 2024
    Assets          
    Current assets          
    Cash and cash equivalents $ 65,288     $ 189,389  
    Restricted cash   1,489       1,489  
    Trade accounts receivable, net   11,746       2,411  
    Inventories   16,787       4,502  
    Prepaid expenses and other current assets   8,545       5,920  
    Total current assets   103,855       203,711  
    Property, plant and equipment, net   339,070       221,642  
    Restricted cash   68,155       68,155  
    Operating right-of-use assets   2,283       1,064  
    Finance right-of-use assets   1,540       1,877  
    Intangible assets, net   52,113       8,129  
    Goodwill   41,605       3,740  
    Deposits and other assets   69,179       75,623  
    Total assets $ 677,800     $ 583,941  
    Liabilities          
    Current liabilities          
    Accounts payable and accrued liabilities $ 28,770     $ 22,006  
    Operating lease liabilities   692       333  
    Finance lease liabilities   1,610       2,001  
    Loans payable   19,925       21  
    Total current liabilities   50,997       24,361  
    Remarketed Bonds payable, net   67,317       67,109  
    Loans payable   79,773       —  
    Operating lease liabilities   1,840       966  
    Finance lease liabilities   210       187  
    Asset retirement obligation   2,142       —  
    Other long-term liabilities   729       1,830  
    Total liabilities   203,008       94,453  
               
    Redeemable non-controlling interest   4,955       —  
               
    Equity          
    Common stock, $0.01 par value per share; 500,000,000 shares authorized; 239,562,995 and 239,176,293 shares issued and outstanding at March 31, 2025, and December 31, 2024, respectively.   2,396       2,392  
    Additional paid-in capital   1,289,406       1,287,333  
    Accumulated deficit   (821,965 )     (800,237 )
    Total stockholders’ equity   469,837       489,488  
    Total liabilities and stockholders’ equity $ 677,800     $ 583,941  
                   

    Gevo, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except share and per share amounts)

               
      Three Months Ended March 31, 
      2025   2024
    Total operating revenues $ 29,109     $ 3,990  
    Operating expenses:          
    Cost of production   21,446       2,587  
    Depreciation and amortization   5,622       4,451  
    Research and development expense   1,052       1,548  
    General and administrative expense   11,084       12,150  
    Project development costs   5,002       5,319  
    Acquisition related costs   4,438       —  
    Facility idling costs   604       1,076  
    Total operating expenses   49,248       27,131  
    Loss from operations   (20,139 )     (23,141 )
    Other (expense) income          
    Interest expense   (3,294 )     (542 )
    Interest and investment income   1,770       4,593  
    Other (expense) income, net   (110 )     215  
    Total other (expense) income, net   (1,634 )     4,266  
    Net loss   (21,773 )     (18,875 )
    Net loss attributable to non-controlling interest   (45 )     —  
    Net loss attributable to Gevo, Inc. $ (21,728 )   $ (18,875 )
               
    Net loss per share – basic and diluted $ (0.09 )   $ (0.08 )
    Weighted-average number of common shares outstanding – basic and diluted   232,027,993       240,844,334  
                   

    Gevo, Inc.
    Condensed Consolidated Statements of Stockholders’ Equity
    (In thousands, except share amounts)

                               
      For the Three Months Ended March 31, 2025 and 2024
                               
                               
      Common Stock         Accumulated    Stockholders’
      Shares      Amount      Paid-In Capital      Deficit   Equity
    Balance, December 31, 2024   239,176,293     $ 2,392     $ 1,287,333     $ (800,237 )   $ 489,488  
    Non-cash stock-based compensation   —       —       1,898       —       1,898  
    Stock-based awards and related share issuances, net   386,702       4       175       —       179  
    Net loss   —       —       —       (21,728 )     (21,728 )
    Balance, March 31, 2025   239,562,995     $ 2,396     $ 1,289,406     $ (821,965 )   $ 469,837  
                               
    Balance, December 31, 2023   240,499,833     $ 2,405     $ 1,276,581     $ (721,597 )   $ 557,389  
    Non-cash stock-based compensation   —       —       4,233       —       4,233  
    Stock-based awards and related share issuances, net   1,204,232       12       583       —       595  
    Repurchase of common stock   (2,127,661 )     (21 )     (1,376 )     —       (1,397 )
    Net loss   —       —       —       (18,875 )     (18,875 )
    Balance, March 31, 2024   239,576,404     $ 2,396     $ 1,280,021     $ (740,472 )   $ 541,945  
                                           

    Gevo, Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)

               
      Three Months Ended March 31, 
      2025   2024
    Operating Activities          
    Net loss $ (21,773 )   $ (18,875 )
    Adjustments to reconcile net loss to net cash used in operating activities:          
    Stock-based compensation   1,898       4,233  
    Depreciation and amortization   5,622       4,451  
    Change in fair value of derivative instruments   (2,732 )     —  
    Other non-cash (income) expense   1,004       656  
    Changes in operating assets and liabilities, net of effects of acquisition:          
    Accounts receivable   (4,355 )     135  
    Inventories   (1,045 )     (55 )
    Prepaid expenses and other current assets, deposits and other assets   (2,264 )     (3,297 )
    Accounts payable, accrued expenses and non-current liabilities   (403 )     (3,326 )
    Net cash used in operating activities   (24,048 )     (16,078 )
    Investing Activities          
    Acquisitions of property, plant and equipment   (5,834 )     (17,512 )
    Acquisition of Red Trail Energy   (198,461 )     –  
    Net cash used in investing activities   (204,295 )     (17,512 )
    Financing Activities          
    OIC loan proceeds   105,000       —  
    Payment of debt issuance costs   (5,480 )     —  
    Non-controlling interest   5,000       —  
    Proceeds from the exercise of stock options   179       —  
    Payment of loans payable   —       (32 )
    Payment of finance lease liabilities   (457 )     (23 )
    Repurchases of common stock   —       (1,397 )
    Net cash provided by (used in) financing activities   104,242       (1,452 )
    Net decrease in cash and cash equivalents   (124,101 )     (35,042 )
    Cash, cash equivalents and restricted cash at beginning of period   259,033       375,597  
    Cash, cash equivalents and restricted cash at end of period $ 134,932     $ 340,555  
                   

    Gevo, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (In thousands)

               
      Three Months Ended March 31, 
      2025   2024
    Non-GAAP Adjusted EBITDA (Consolidated):          
    Loss from operations $ (20,139 )   $ (23,141 )
    Depreciation and amortization   5,622       4,451  
    Stock-based compensation   1,898       4,233  
    Change in fair value of derivative instruments   (2,732 )     —  
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (15,351 )   $ (14,457 )
      Three Months Ended March 31, 2025
                           
      Gevo   GevoFuels   GevoRNG   GevoND   Consolidated
    Non-GAAP Adjusted EBITDA (Consolidated):                            
    (Loss) income from operations $ (20,984 )   $ (724 )   $ 469     $ 1,100     $ (20,139 )
    Depreciation and amortization   747       —       1,403       3,472       5,622  
    Allocated intercompany expenses for shared service functions   (890 )     —       890       —       —  
    Stock-based compensation   1,937       —       (39 )     —       1,898  
    Change in fair value of derivative instruments   —       —       —       (2,732 )     (2,732 )
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (19,190 )   $ (724 )   $ 2,723     $ 1,840     $ (15,351 )
                                           
      Three Months Ended March 31, 2024
                       
      Gevo   GevoFuels   GevoRNG   Consolidated
    Non-GAAP Adjusted EBITDA (Consolidated):                      
    Loss from operations $ (20,126 )   $ (1,010 )   $ (2,005 )   $ (23,141 )
    Depreciation and amortization   3,077       —       1,374       4,451  
    Allocated intercompany expenses for shared service functions   (890 )     —       890       —  
    Stock-based compensation   4,199       —       34       4,233  
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (13,740 )   $ (1,010 )   $ 293     $ (14,457 )
                                   

    Media Contact
    Heather Manuel
    Vice President of Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Finance and Strategy
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI Russia: Dmitry Chernyshenko: The main stage of the Unified State Exam will begin on May 23 in all 89 regions of Russia and 55 foreign countries

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    A meeting was held under the chairmanship of Deputy Prime Minister Dmitry Chernyshenko on the issue of readiness to conduct the state final certification (SFC) for basic general and secondary general education programs in 2025.

    Its participants discussed the readiness of the subjects of the Russian Federation, including border territories and reunited regions, to conduct the Unified State Exam, Basic State Exam, and State Final Exam.

    Dmitry Chernyshenko noted that, on the instructions of President Vladimir Putin, changes were made to the federal basic general education programs. They will come into force on September 1, 2025. The main and unified state exams are synchronized with the programs.

    “Based on many years of accumulated experience, we see that competent organization of the exam at the local level is an important condition for good results. Over the past two years, according to the results of monitoring, Novosibirsk, Belgorod, Tambov and Leningrad regions, the Altai Republic, the Yamalo-Nenets Autonomous Okrug, the Republic of Tatarstan, the federal cities of Sevastopol and Moscow have demonstrated a stable exemplary level of conducting the examination campaign. The heads of the regions must take personal control of key issues related to the conduct of the state final certification,” the Deputy Prime Minister said.

    At the request of the Belgorod Region, in connection with the current situation, two additional days for exams were added to the Unified State Exam schedule: in mathematics – May 26, in Russian language – May 29. Graduates from the DPR, LPR, Kherson and Zaporizhia regions, individual schools in border regions, as well as children who moved from these regions, can take the final assessment in the form of an interim assessment.

    “We believe that the early period of the Unified State Exam was held in the normal mode. On May 23, the main stage of the Unified State Exam will begin in all 89 regions of Russia and 55 foreign countries. Traditionally, the exam procedure itself requires special control. For this purpose, over 300 thousand specialized specialists, more than 6 thousand medical workers and about 40 thousand public observers will be involved in the examination centers. Since 2024, on the instructions of President Vladimir Putin, graduates have the right to retake the Unified State Exam in one subject. This year, such retakes will take place on July 3 and 4,” said Dmitry Chernyshenko.

    All results of the State Final Attestation are necessarily entered into the federal information system.

    In conclusion, the Deputy Prime Minister paid special attention to the need to establish prompt interdepartmental cooperation with education authorities, the Ministry of Internal Affairs, the Ministry of Health, the Ministry of Energy, the Russian National Guard and the media for the smooth conduct of examination and admissions campaigns.

    “Our system is generally ready to conduct both the Unified State Exam and the Main State Exam. The main period of the OGE starts on May 21, and the main period of the USE starts on May 23. It is important that the order of the President of Russia on synchronizing programs and exam assignments has been fulfilled, they do not go beyond the educational program, and calendar-thematic planning has been included in the programs,” said Minister of Education Sergey Kravtsov.

    The head of the Ministry of Education noted that in 2025, an experiment to expand the availability of secondary vocational education will be conducted in Moscow, St. Petersburg and the Lipetsk region. By the end of May, the ministry will develop regulations for taking into account the results of control procedures (USE, OGE, VPR, diagnostic work) in the educational process. In June, the document will be sent to the subjects.

    The Minister of Education added that the share of those choosing the Unified State Exam in mathematical and natural science subjects will be 35% by 2030, with the planned figure for 2025 being 32%.

    Head of Rosobrnadzor Anzor Muzaev said that this year over 712 thousand people have registered to participate in the Unified State Exam, of which over 637 thousand are this year’s graduates. He focused the special attention of regional executive authorities on monitoring the technical readiness of all examination points, the readiness of the organizers, as well as ensuring the safety of all exam participants and those involved in their conduct.

    The head of Rosobrnadzor separately focused on this year’s changes. “This year, work was carried out to synchronize control measurement materials with federal state educational standards and federal educational programs. This is the President’s order, and it has been fulfilled,” said Anzor Muzaev.

    Rosobrnadzor also took into account a number of comments from members of the public and the deputy corps regarding the procedure for conducting the Unified State Exam. “We held a broad discussion and implemented these proposals in 2025. Rosobrnadzor’s methodological recommendations include detailed instructions for persons involved in admitting exam participants to exam points, as well as instructions for setting up stationary and portable metal detectors. We proposed actively involving parents of students, including representatives of parent committees, to monitor compliance with the rights of graduates during their admission and presence at exam points,” said Anzor Muzaev.

    Another innovation of the 2025 examination campaign is the ability to promptly report information about any violations in the Unified State Exam directly to Rosobrnadzor via the feedback platform on the public services portal. Each examination point has posters with a QR code, which can be used to send this information directly to a Rosobrnadzor employee so that any problems that arise are resolved as quickly as possible.

    Representatives of the Ministry of Health, the Ministry of Emergency Situations, the Ministry of Internal Affairs, the Russian National Guard and all regions of Russia also took part in the meeting. Representatives of border regions separately reported on their readiness to conduct the state final certification: Deputy Governor of the Belgorod Region – Minister of Education of the Belgorod Region Andrey Milekhin, Acting Deputy Chairman of the Government of the Kursk Region Oksana Krutko, Acting Deputy Governor of the Bryansk Region Denis Amelichev.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

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

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., May 13, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today reported financial results for the first quarter ended March 31, 2025.

    “I am pleased with our solid start to the year, as we delivered revenue in line with our expectations and record gross margin of 26%. In addition, we achieved GAAP operating loss improvement of 71% and non-GAAP operating loss improvement of 93%, or $0.4 million, which was ahead of our guidance for non-GAAP operating loss of $1.0 million. By almost all key measures, we delivered our best quarter as a public company, and I am proud of the tireless effort across the organization to achieve these results. As we look ahead to the balance of the year, we expect to deliver positive sequential revenue growth during the third quarter, sustain our non-GAAP operating break-even and move closer to positive cash flow,” said Matt Booth, CEO of Urgently.

    First Quarter 2025 Updates:

    • Revenue of $31.3 million, a decrease of 22% year over year.
    • Gross profit of $8.0 million, a decrease of 15% year over year.
    • Gross margin of 26% compared to 23% in the prior year period.
    • GAAP operating expenses of $10.4 million, an improvement of 41%, compared to $17.7 million in the prior year period.
    • Non-GAAP operating expenses of $8.4 million, an improvement of 42%, compared to $14.5 million in the prior year period.
    • GAAP operating loss of $2.4 million compared to $8.3 million in the prior year period, an improvement of 71%.
    • Non-GAAP operating loss of $0.4 million, an improvement of 93%, compared to $5.1 million in the prior year period.
    • Approximately 189,000 dispatches completed.
    • Consumer satisfaction score of 4.6 out of 5 stars.

    Earnings Conference Call

    Urgently will host a conference call to discuss the first quarter 2025 financial results on May 13, 2025 at 5:00 p.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-877-317-6789 (USA) or 1-412-317-6789 (International). The replay will be available via webcast through Urgently’s Investor Relations website at https://investors.geturgently.com.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    Non-GAAP Financial Measures

    In addition to our financial information presented in accordance with GAAP, we believe Non-GAAP Operating Expenses and Non-GAAP Operating Loss are useful to investors in evaluating our operating performance. We use the non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that the non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, which could reduce the usefulness of the non-GAAP financial measures presented herein as a tool for comparison.

    A reconciliation is provided below for each of the non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to our most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. We define Non-GAAP Operating Expenses as operating expenses, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. We define Non-GAAP Operating Loss as operating loss, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs.

    For a discussion of Non-GAAP Operating Expenses and Non-GAAP Operating Loss, please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Urgently’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which will be filed with the Securities and Exchange Commission (the “SEC”) by May 15, 2025.

    Forward Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s expected revenue growth, cash flow and non-GAAP operating loss break-even, and any assumptions underlying any of the foregoing, are forward-looking statements.

    There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with our ability to raise funds through future financings and the sufficiency of our cash and cash equivalents to meet our liquidity needs; our history of losses; our limited operating history; our ability to service our debt, comply with our debt agreements and refinance our obligations under such agreements, including by successfully deploying the capital from the new credit facility and repaying our new and existing debt facilities; our ability to retain customers and expand existing customers’ use of our platform; our ability to attract new customers; our ability to expand into new solutions, technologies and geographic regions; our ability to adequately forecast consumer demand and optimize our network of service providers; our ability to compete in the markets in which we participate; our ability to comply with laws and regulations applicable to our business; our ability to continue as a going concern; our ability to develop and maintain an effective system of internal controls and procedures and accurately report our financial results in a timely manner; our ability to maintain the listing of our common stock on the Nasdaq Stock Market LLC; and expectations regarding the impact of weather events, natural disasters or health epidemics, including the war between Hamas and Israel, on our business. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the SEC, including in our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 14, 2025, as amended by our annual report on Form 10-K/A, which was filed with the SEC on April 17, 2025, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

    Consolidated Balance Sheets
    (in thousands)
    (unaudited)

        March 31, 2025     December 31, 2024  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 6,410     $ 14,179  
    Accounts receivable, net     23,506       22,890  
    Prepaid expenses and other current assets     2,900       3,687  
    Total current assets     32,816       40,756  
    Right-of-use assets     681       810  
    Property, equipment and software, net     1,529       1,577  
    Capitalized software costs, net     5,291       4,637  
    Intangible assets, net     4,006       4,396  
    Other non-current assets     2,109       1,895  
    Total assets   $ 46,432     $ 54,071  
                 
    Liabilities and Stockholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 3,160     $ 2,900  
    Accrued expenses and other current liabilities     15,783       19,991  
    Current lease liabilities     371       446  
    Current portion of long-term debt, net     13,198       14,257  
    Total current liabilities     32,512       37,594  
    Long-term lease liabilities     406       466  
    Long-term debt, net     40,381       39,883  
    Derivative liability     471       —  
    Other long-term liabilities     8,740       7,798  
    Total liabilities     82,510       85,741  
    Stockholders’ deficit:            
    Common stock     1       1  
    Additional paid-in capital     168,201       167,125  
    Accumulated deficit     (204,280 )     (198,796 )
    Total stockholders’ deficit     (36,078 )     (31,670 )
    Total liabilities and stockholders’ deficit   $ 46,432     $ 54,071  

    Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)

        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 31,272     $ 40,092  
    Cost of revenue     23,283       30,741  
    Gross profit     7,989       9,351  
    Operating expenses:            
    Research and development     1,968       4,243  
    Sales and marketing     703       2,019  
    Operations and support     2,411       4,321  
    General and administrative     4,368       6,014  
    Depreciation and amortization     986       1,102  
    Total operating expenses     10,436       17,699  
    Operating loss     (2,447 )     (8,348 )
    Other income (expense), net:            
    Interest expense, net     (3,277 )     (3,789 )
    Change in fair value of derivative liability     37       —  
    Change in fair value of accrued purchase consideration     77       821  
    Loss on debt extinguishment     —       (1,405 )
    Income from equity method investment     150       —  
    Other expense, net     (5 )     (255 )
    Total other expense, net     (3,018 )     (4,628 )
    Loss before income taxes     (5,465 )     (12,976 )
    Provision for income taxes     19       39  
    Net loss   $ (5,484 )   $ (13,015 )
                 
    Loss per share, basic and diluted   $ (4.69 )   $ (11.69 )

    Non-GAAP Financial Measures
    (in thousands)
    (unaudited)

    Reconciliation of Operating Expenses to Non-GAAP Operating Expenses

        Three Months Ended March 31,  
        2025     2024  
    Operating expenses   $ 10,436     $ 17,699  
    Less: Depreciation and amortization expense     (986 )     (1,102 )
    Less: Stock-based compensation expense     (538 )     (718 )
    Less: Non-recurring transaction costs     (375 )     (726 )
    Less: Restructuring costs     (174 )     (699 )
    Non-GAAP operating expenses   $ 8,363     $ 14,454  
     

    Reconciliation of Operating Loss to Non-GAAP Operating Loss

        Three Months Ended March 31,  
        2025     2024  
    Operating loss   $ (2,447 )   $ (8,348 )
    Add: Depreciation and amortization expense     986       1,102  
    Add: Stock-based compensation expense     538       718  
    Add: Non-recurring transaction costs     375       726  
    Add: Restructuring costs     174       699  
    Non-GAAP operating loss   $ (374 )   $ (5,103 )

    The MIL Network –

  • MIL-OSI: Waldencast Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 Net Revenue of $65.4 million, (4.1)% decline from Q1 2024
    76.4% Adjusted Gross Margin, an improvement of 10 basis points
    $4.4 million of Adjusted EBITDA

    LONDON, May 13, 2025 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (“Waldencast” or the “Company”), a global multi-brand beauty and wellness platform, today reported operating results for the three months ended March 31, 2025 (“Q1 2025”) on Form 6-K to the U.S. Securities and Exchange Commission (the “SEC”), which are also available on our investor relations site at http://ir.waldencast.com/.

    Michel Brousset, Waldencast Founder and CEO, said: “As anticipated, in Q1 2025, Milk Makeup results were impacted by the cycling of the very successful launch of Jellies in Q1 2024, as well as the significant inventory reduction at the retail level versus a year ago.”

    “Despite a broader slowdown in the prestige beauty category in the U.S., Milk Makeup ended the quarter on a very strong note, fueled by the highly successful launch of Hydro Grip Gel Tint, which sold out shortly after release. We are also very pleased with the brand’s entry into Ulta Beauty, with retail sales beginning in late February. Both initiatives exceeded expectations and contributed to the brand’s high single-digit growth in U.S. retail sales. This solid domestic performance was offset by the contraction of international sales, which faced a difficult comparison against last year’s Q1 distribution expansion, as well as inventory reduction by retail partners. In Q1, Milk Makeup partnered with Nike Running in North America for the Nike After Dark Tour in Los Angeles, bringing sport and self-expression together to keep expanding reach and deepen community engagement.”

    “The Obagi Medical brand delivered a solid performance in the first quarter, although out of stocks in some key SKUs dampened volume growth. We are accelerating ongoing efforts to transform our supply chain—consolidating third party logistics partners and enhancing operational capabilities—to improve fulfillment, increase reliability, and support long-term, scalable growth.”

    “Despite a difficult quarter, we continue to increase our investments in marketing, up in the high teens, to fuel brand equity and set a strong foundation for delivering our long-term ambitions, starting with our 2025 objectives.”

    “We are confident in our ability to deliver a stronger performance throughout the remainder of the year, beginning in Q2. Key drivers include a robust pipeline of breakthrough innovation at both Milk Makeup and Obagi Medical, combined with restocking of Hydro Grip Gel Tint which is expected to fuel continued consumer demand. We also anticipate a meaningful uplift in Milk Makeup volumes from the successful Ulta Beauty launch. Additionally, ongoing improvements from Obagi Medical’s supply chain restructuring are expected to enhance fulfillment rates and operational resilience,” concluded Mr. Brousset.

    Q1 2025 Results Overview

    Please refer to the definitions and reconciliations set out further in this release with respect to certain adjusted non-GAAP measures discussed below which are included to provide an easier understanding of the underlying performance of the business, but should not be seen as a substitute for the U.S. GAAP numbers presented in this release.

    For the three months ended March 31, 2025 compared to the three months ended March 31, 2024:

    Net Revenue decreased 4.1% year-over-year to $65.4 million.

    Gross Profit was $47.2 million, while Adjusted Gross Profit totaled $50.0 million, or 76.4% of net revenue, an expansion of 10 basis points compared to the prior year.

    Net Loss for Q1 2025 was $20.7 million primarily driven by Depreciation and Financial charges. Non-recurring legal and advisory expenses totaled $1.5 million, continuing their decline from prior quarter.

    Adjusted EBITDA was $4.4 million, or 6.7% of net revenue. The year-over-year decline reflects sustained investments in sales and marketing, and G&A deleverage stemming from lower revenue.

    Liquidity: As previously announced, during Q1, Waldencast secured a new $205 million five-year credit facility, comprising a $175 million term loan and a $30 million revolving credit facility (“RCF”). This refinancing replaces the previous bank loans, enhances financial flexibility, and extends the Company’s debt maturity profile to March 2030, supporting long-term strategic priorities.

    As of March 31, 2025, the Company held $10.8 million in cash and cash equivalents, $172.1 million in net debt, and approximately $22.5 million in available capacity under the RCF. The increase in net debt during the quarter is primarily due to refinancing-related costs. Cash consumption reflects lower Adjusted EBITDA and an inventory build-up to support expected sales growth in future quarters.

    Outstanding Shares: As of April 30, 2025, we had 123,011,239 ordinary shares outstanding, consisting of 112,644,711 Class A shares and 10,366,528 Class B shares. As of December 31, 2024, we had 122,692,968 ordinary shares outstanding, consisting of 112,026,440 Class A shares and 10,666,528 Class B shares.

                           
    (In $ millions, except for percentages)   Q1 2025   % Sales   % Growth     Q1 2024   % Sales
    Waldencast                      
    Net Revenue   65.4   100.0%   (4.1)%     68.3   100.0%
    Adjusted Gross Profit   50.0   76.4%   (4.0)%     52.1   76.3%
    Adjusted EBITDA   4.4   6.7%   (61.5)%     11.4   16.6%
                           
    Obagi Medical                      
    Net Revenue   36.2   100.0%   7.1%     33.8   100.0%
    Adjusted Gross Profit   29.7   82.0%   7.9%     27.5   81.4%
    Adjusted EBITDA   5.9   16.3%   (12.5)%     6.7   20.0%
                           
    Milk Makeup                      
    Net Revenue   29.3   100.0%   (15.1)%     34.5   100.0%
    Adjusted Gross Profit   20.4   69.5%   (17.3)%     24.6   71.3%
    Adjusted EBITDA   4.4   14.9%   (56.4)%     10.0   29.1%
                           

    First Quarter 2025 Brand Highlights:

    Obagi Medical:

    • Net Revenue reached $36.2 million, up 7.1% from $33.8 million in Q1 2024.
    • Growth was fueled by continued strength in the direct-to-consumer channels. The benefits from transitioning to a first-party model with our primary e-commerce distributor have now fully annualized.
    • The Physician Dispense channel declined in the quarter, largely due to ongoing supply chain restructuring and temporary inventory constraints affecting key products, which limited sales during the quarter.
    • Adjusted Gross Margin of 82.0% increased 60 basis points from Q1 2024, supported by a favorable channel mix and lower promotional activity.
    • Adjusted EBITDA was $5.9 million, down 12.5% compared to Q1 2024. The Adjusted EBITDA margin declined by 370 basis points year-over-year to 16.3%, primarily due to higher marketing investments and increased supply chain costs aimed at supporting future growth.

    Milk Makeup:

    • As anticipated, Milk Makeup’s Net Revenue declined in the quarter. Net Revenue was $29.3 million, down 15.1% versus $34.5 million in Q1 2024. This result was a combination of cycling a very successful launch of Jellies in Q1 2024 and a significant reduction of retail inventory levels quarter-over-quarter.
    • Sales momentum accelerated in March, driven by the successful strategic launch of Hydro Grip Gel Tint, which significantly exceeded expectations and led to out of stocks.
    • The brand also expanded into Ulta Beauty during the quarter, with strong initial sell-out contributing to high single-digit growth in U.S. retail sales.
    • Adjusted Gross Margin declined by 180 basis points versus Q1 2024, mostly impacted by set-up costs for new retailers.
    • Adjusted EBITDA was $4.4 million, with an Adjusted EBITDA margin of 14.9%. The margin contraction was primarily driven by increased marketing investments and G&A deleverage resulting from lower sales.

    Fiscal 2025 Outlook:

    While mindful of the broader macroeconomic environment and assuming no further material changes to current tariffs, including the latest updates on China, we remain confident that our strategic initiatives position us well to deliver on our full-year guidance of mid-teens net revenue growth and an adjusted EBITDA margin in the mid-to-high teens.

    Given our high gross margin business model and limited reliance on Asian sourcing, we expect a limited increase in cost of goods with any necessary price adjustments (likely in the low-to-mid single digits) to offset the announced tariff scenario.

    Conference Call and Webcast Information

    Waldencast will host a conference call to discuss its first quarter results on Wednesday, May 14, 2025, at 8:30 AM EDT for the period ended March 31, 2025. Those interested in participating in the conference call are invited to dial (877) 704-4453. International callers may dial (201) 389-0920. A live webcast of the conference call will include a slide presentation and will be available online at https://ir.waldencast.com/. A replay of the webcast will remain available on the website until our next conference call. The information accessible on, or through, our website is not incorporated by reference into this release.

    Non-GAAP Financial Measures

    In addition to the financial measures presented in this release in accordance with U.S. GAAP, Waldencast separately reports financial results on the basis of the measures set out and defined below which are non-GAAP financial measures. Waldencast believes the non-GAAP measures used in this release provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. Waldencast believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures also provide perspective on how Waldencast’s management evaluates and monitors the performance of the business.

    There are limitations to non-GAAP financial measures because they exclude charges and credits that are required to be included in GAAP financial presentation. The items excluded from GAAP financial measures such as net income/loss to arrive at non-GAAP financial measures are significant components for understanding and assessing our financial performance. Non-GAAP financial measures should be considered together with, and not alternatives to, financial measures prepared in accordance with GAAP.

    Please refer to definitions set out in the release and the tables included in this release for a reconciliation of these metrics to the most directly comparable GAAP financial measures.

    Adjusted Gross Profit is defined as GAAP gross profit excluding the impact of amortization of the supply agreement and formulation intangible assets, and the amortization of the fair value of the related party liability from the Obagi Medical China Business, which was not acquired by Waldencast at the time of the business combination with Obagi Medical and Milk Makeup (the “Business Combination”). The Adjusted Gross Profit reconciliation by Segment for each period is included in the Appendix.

    Adjusted Gross Margin is defined as Adjusted Gross Profit divided by GAAP Net Revenue.

    Adjusted EBITDA is defined as GAAP net income (loss) before interest income or expense, income tax (benefit) expense, depreciation and amortization, and further adjusted for the items as described in the reconciliation below. We believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business. Adjusted EBITDA excludes certain expenses that are required to be presented in accordance with GAAP because management believes they are non-core to our regular business. These include non-cash expenses, such as depreciation and amortization, stock-based compensation, the amortization and release of fair value of the related party liability to the Obagi Medical China Business, change in fair value of assets and liabilities, and foreign currency translation loss (gain). In addition, adjustments include expenses that are not related to our underlying business performance including (1) legal, advisory and consultant fees related to the financial restatement of previously issued financial statements and associated regulatory investigation, and (2) other non-recurring costs, primarily legal settlement costs and restructuring costs. The Adjusted EBITDA by Segment for each period is included in the Appendix.

    Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue. The Adjusted EBITDA Margin reconciliation by Segment for each period is included in the Appendix.

             
    (In thousands, except for percentages)   Three Months
    Ended March 31,
    2025    		   Three Months
    Ended March 31,
    2024
    Net Loss   $ (20,735 )   $ (3,894 )
    Adjusted For:        
    Depreciation and amortization     14,998       14,884  
    Interest expense, net     6,384       4,293  
    Income tax expense (benefit)     1,398       (685 )
    Stock-based compensation expense     2,368       1,059  
    Legal and advisory non-recurring costs(1)     1,474       7,924  
    Change in fair value of assets and liabilities     (1,167 )     (12,160 )
    Amortization and release of related party liability(2)     —       (316 )
    Other costs(3)     (353 )     246  
    Adjusted EBITDA   $ 4,366     $ 11,351  
    Net Revenue   $ 65,442     $ 68,272  
    Net Loss % of Net Revenue   (31.7 )%   (5.7 )%
    Adjusted EBITDA Margin     6.7 %     16.6 %
    (1)   Includes mainly legal, advisory and consultant fees related to the financial restatement of the 2020-2022 periods and associated regulatory investigation, and the Business Combination.
    (2)   Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination.
    (3)   Other costs include legal settlements, foreign currency translation losses and (gains), and restructuring costs.
         

    Net Debt Position is defined as the principal outstanding for the 2022 term loan and 2022 revolving credit facility minus the cash and cash equivalents as of March 31, 2025.

         
    (In thousands)   Reconciliation of
    Net Carrying
    Amount of debt to
    Net Debt
    Current portion of long-term debt   $ 7,740  
    Long-term debt     164,694  
    Net carrying amount of debt     172,434  
    Adjustments:    
    Add: Unamortized debt issuance costs     10,401  
    Less: Cash & cash equivalents     (10,782 )
    Net Debt   $ 172,053  
             

    About Waldencast plc

    Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. The first step in realizing its vision was the Business Combination. As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: https://ir.waldencast.com.

    Obagi Medical is an industry-leading, advanced skin care line rooted in research and skin biology, refined with a legacy of over 35 years’ experience. First known as leaders in the treatment of hyperpigmentation with the Obagi Nu-Derm® System, Obagi Medical products are designed to address the appearance of premature aging, photodamage, skin discoloration, acne, and sun damage. More information about Obagi Medical is available on the brand’s website at www.obagi.com.

    Founded in 2016, Milk Makeup quickly became a cult-favorite among the beauty community for its values of self-expression and inclusion, captured by its signature “Live Your Look”, its innovative formulas, and clean ingredients. The brand creates vegan, cruelty-free, clean formulas and has its Milk Makeup HQ in Downtown NYC. Currently, Milk Makeup offers over 250 products through its U.S. website www.MilkMakeup.com, and retail partners including Sephora globally, Ulta Beauty in the U.S., Lyko in Scandinavia, Space NK and Boots in the United Kingdom and many more.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about: Waldencast’s outlook and guidance for 2025; our ability to deliver financial results in line with expectations; expectations regarding sales, earnings or other future financial performance and liquidity or other performance measures; our long-term strategy and future operations or operating results; expectations with respect to our industry and the markets in which it operates; future product introductions; developments relating to the ongoing investigation and legal proceedings; and any assumptions underlying any of the foregoing. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements.

    These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including, among others: (i) the impact of the material weaknesses in our internal control over financial reporting, including associated investigations, our efforts to remediate such material weakness and the timing of remediation and resolution of associated investigations; (ii) our ability to recognize the anticipated benefits from any acquired business, including the Business Combination; (iii) our ability to successfully implement our management’s plans and strategies; (iv) the overall economic and market conditions, sales forecasts and other information about our possible or assumed future results of operations or our performance; (v) the general impact of geopolitical events, including the impact of current wars, conflicts or other hostilities; (vi) the potential for delisting, legal proceedings or existing or new government investigation or enforcement actions, including those relating to the restatement or the subject of the Audit Committee of our Board of Directors’ review further described in our annual report filed on Form 20-F for the year ended December 31, 2022; (vii) our ability to manage expenses, our liquidity and our investments in working capital; (viii) any failure to obtain governmental and regulatory approvals related to our business and products; (ix) the impact of any international trade or foreign exchange restrictions, increased tariffs, foreign currency exchange fluctuations; (x) our ability to raise additional capital or complete desired acquisitions; (xi) our ability to comply with financial covenants imposed by the new 2025 credit agreement we entered into referenced in the section entitled “Liquidity” above and the impact of debt service obligations and restricted debt covenants; (xii) volatility of Waldencast’s securities due to a variety of factors, including Waldencast’s inability to implement its business plans or meet or exceed its financial projections and changes; (xiii) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; (xiv) the ability of Waldencast to implement its strategic initiatives and continue to innovate Obagi Medical’s and Milk Makeup’s existing products and anticipate and respond to market trends and changes in consumer preferences; (xv) any shifts in the preferences of consumers as to where and how they shop; (xvi) the impact of any unfavorable publicity on our business or products; (xvii) changes in future exchange or interest rates or credit ratings; (xviii) changes in, and uncertainty with respect to, laws, regulations, and policies, including as a result of the change in the U.S. administration; and (xix) social, political and economic conditions. These and other risks, assumptions and uncertainties are more fully described in the Risk Factors section of our 2024 20-F (File No. 01-40207), filed with the SEC on March 20, 2025, and in our other documents that we file or furnish with the SEC, which you are encouraged to read.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Waldencast expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

    Contacts:

    Investors
    ICR
    Allison Malkin
    waldencastir@icrinc.com

    Media
    ICR
    Brittney Fraser/Alecia Pulman
    waldencast@icrinc.com

    Appendix

    Adjusted Gross Profit

         
        Group
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Revenue   $ 65,442     $ 68,271  
    Gross Profit     47,205       49,580  
    Gross Profit Margin     72.1 %     72.6 %
    Gross Margin Adjustments:        
    Amortization of the fair value of the related party liability(1)     —       (316 )
    Amortization impact of intangible assets(2)     2,801       2,801  
    Adjusted Gross Profit   $ 50,006     $ 52,065  
    Adjusted Gross Margin %     76.4 %     76.3 %
    (1)   Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination.
    (2)   The supply agreement and formulations intangible assets are amortized to cost of goods sold.
         
        Obagi Medical   Milk Makeup
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024    		   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Revenue   $ 36,166     $ 33,768     $ 29,276     $ 34,503  
    Gross Profit     26,851       24,989       20,354       24,597  
    Gross Profit Margin     74.2 %     74.0 %     69.5 %     71.3 %
    Gross Margin Adjustments:                
    Amortization of the fair value of the related party liability     —       (316 )     —       —  
    Amortization impact of intangible assets     2,801       2,801       —       —  
    Adjusted Gross Profit   $ 29,652     $ 27,474     $ 20,354     $ 24,597  
    Adjusted Gross Margin %     82.0 %     81.4 %     69.5 %     71.3 %
                                     

    Adjusted EBITDA Margin by Segment

        Obagi Medical   Milk Makeup
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024    		   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Loss   $ (9,056 )   $ (5,761 )   $ (1,004 )   $ 5,340  
    Adjusted For:                
    Depreciation and amortization     10,420       10,395       4,578       4,489  
    Interest expense (income), net     3,385       3,187       (3 )     (55 )
    Income tax expense (benefit)     1,369       (687 )     25       —  
    Stock-based compensation expense     (526 )     (781 )     568       357  
    Legal and advisory non-recurring costs     189       467       —       —  
    Change in fair value of assets and liabilities     14       —       —       —  
    Amortization and release of related party liability     —       (316 )     —       —  
    Other costs     104       239       206       (105 )
    Adjusted EBITDA   $ 5,900     $ 6,743     $ 4,370     $ 10,026  
    Net Revenue   $ 36,166     $ 33,768     $ 29,276     $ 34,503  
    Net Loss % of Net Revenue   (25.0 )%   (17.1 )%   (3.4 )%     15.5 %
    Adjusted EBITDA Margin     16.3 %     20.0 %     14.9 %     29.1 %
        Central costs
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Loss   $ (10,676 )   $ (3,472 )
    Adjusted For:        
    Interest expense, net     3,002       1,160  
    Income tax expense     3       2  
    Stock-based compensation expense     2,326       1,482  
    Legal and advisory non-recurring costs     1,285       7,457  
    Change in fair value of assets and liabilities     (1,181 )     (12,160 )
    Other costs     (664 )     112  
    Adjusted EBITDA   $ (5,904 )   $ (5,419 )
    Net Revenue   $ —     $ —  
    Net Loss % of Net Revenue   N/A     N/A  
    Adjusted EBITDA Margin   N/A     N/A  
                 

    The MIL Network –

  • MIL-OSI: Evolution Petroleum Reports Fiscal Third Quarter 2025 Results and Declares Quarterly Cash Dividend for Fiscal Fourth Quarter

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Texas, May 13, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal third quarter ended March 31, 2025. Evolution also declared its 47th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 fourth quarter.

    Financial & Operational Highlights

    ($ in thousands) Q3 2025   Q2 2025   Q3 2024     % Change vs Q3/Q2     % Change vs Q3/Q3   2025 YTD   2024 YTD  
    % Change vs YTD’24
    Average BOEPD 6,667     6,935       7,209       (4 )%     (8 )%   7,033       6,651       6 %
    Revenues $ 22,561     $ 20,275     $ 23,025       11 %     (2 )%   $ 64,732     $ 64,650       — %
    Net Income (Loss) (1) $ (2,179 )   $ (1,825 )   $ 289       NM       NM     $ (1,939 )   $ 2,845       NM  
    Adjusted Net Income (Loss) (1)(2) $ 806     $ (841 )   $ 978       NM       (18 )%   $ 701     $ 3,597       (81 )%
    Adjusted EBITDA(3) $ 7,421     $ 5,688     $ 8,476       30 %     (12 )%   $ 21,234     $ 22,011       (4 )%

    _____________________

    (1) “NM” means “Not Meaningful.”
    (2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
    (3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
       
    • Fiscal Q3 production was 6,667 average barrels of oil equivalent per day (“BOEPD”), with oil accounting for 52% of revenue, natural gas accounting for 35%, and natural gas liquids (“NGLs”) accounting for 13% of revenue during the quarter.
    • Amid market volatility in fiscal Q3, the Company benefited from its diversified energy portfolio, as reflected by a 30% increase in Adjusted EBITDA(3) versus fiscal Q2.
    • Fiscal Q3 revenue rose 11% versus Fiscal Q2, largely driven by the strength of natural gas revenue, which increased 34% during the quarter.
    • $4.1 million returned to shareholders in the form of cash dividends during fiscal Q3, and $4.0 million of principal repaid on its Senior Secured Credit Facility.
    • Activities subsequent to quarter end:
      • Four gross new wells were brought online at the Chaveroo Field under budget, with early production rates exceeding expectations.
      • Closed the highly accretive $9.0 million acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the “TexMex” acquisition).
      • As of today, production adds from the four new gross Chaveroo wells and TexMex are contributing more than 850 net BOEPD to production.

    Kelly Loyd, President and Chief Executive Officer, commented: “We are maintaining our quarterly dividend at $0.12 per share for the twelfth consecutive quarter, underscoring our commitment to sustainable shareholder returns as well as our confidence in the strength of our asset base, even in a volatile commodity price environment.

    “Our third quarter results reflect the benefits of our balanced, long-life portfolio of producing assets that are capable of both flourishing in attractive price environments and withstanding cyclical lows. Despite weather and maintenance-related downtime, which affected production, we were able to more than meet all of our capital obligations during the quarter, including ~$8.5 million in dividend and capex payments, as well as repayment of $4.0 million of principal on our Senior Secured Credit Facility.

    “Subsequent to quarter end, we closed the TexMex acquisition and turned in-line our latest four Chaveroo wells. TexMex and the four new gross Chaveroo wells are currently contributing more than 850 net BOEPD to production. We also expect to benefit from recent and ongoing drilling activities in our SCOOP/STACK area. When combined with the strength in natural gas prices, these production additions are expected to meaningfully benefit our next fiscal quarter.

    Mr. Loyd concluded, “In coordination with our Chaveroo partner, we have agreed to delay the start of our third development block until later into our fiscal year 2026. Our current focus is on acquiring oil-weighted, low-decline producing properties at discounted prices, or natural gas properties which can be hedged favorably for years to come, while strategically deferring development of our high-value, oil-weighted locations, preserving value for our shareholders until oil market conditions improve. Maintaining our dividend is a top priority, and we believe our resilient portfolio and strong financial position will enable us to continue with our dividend program well into the future.”

    Fiscal Third Quarter 2025 Financial Results

    Total revenues decreased 2% to $22.6 million compared to $23.0 million in the year-ago quarter. The decline was driven primarily by an 8% decrease in production volumes, partially offset by a 7% increase in average realized commodity prices. The decrease in production volumes was primarily due to planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines, partially offset by additional production from the Company’s SCOOP/STACK properties acquired in February 2024.

    Lease operating costs (“LOE”) increased to $13.4 million compared to $12.6 million in the year-ago quarter. The increase was driven by CO2 purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024, coupled with a full quarter of the Company’s SCOOP/STACK properties acquired in February 2024, increasing lease operating costs by $0.5 million compared to the year-ago quarter. On a per unit basis, total LOE increased 16% to $22.32 per BOE compared to $19.24 per BOE in the year-ago quarter.

    Depletion, depreciation, and accretion expense was $5.0 million compared to $5.9 million in the year-ago period. On a per BOE basis, the Company’s current quarter depletion rate decreased to $7.68 per BOE compared to $8.43 per BOE in the year-ago period due to a decrease in its depletable base.

    General and administrative (“G&A”) expenses, excluding stock-based compensation, were $1.9 million for both the current and year-ago periods. On a per BOE basis, G&A expenses increased to $3.22 compared to $2.85 in the year-ago period. The increase per unit is the result of decreased production in the current period.

    The Company reported a net loss of $2.2 million or $(0.07) per share, compared to net income of $0.3 million or $0.01 per share in the year-ago period. Excluding the impact of unrealized losses, adjusted net income was $0.8 million or $0.02 per diluted share, compared to adjusted net income of $1.0 million or $0.03 per diluted share in the prior quarter.

    Adjusted EBITDA was $7.4 million compared to $8.5 million in the year-ago period. The decrease was primarily due to decreased revenue as a result of lower production and higher total operating costs due to CO2 purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024.

    Production & Pricing

    Average price per unit: Q3 2025   Q3 2024   % Change vs Q3/Q3
    Crude oil (BBL) $ 68.42     $ 73.06       (6) %
    Natural gas (MCF)   3.87       2.77       40 %
    Natural Gas Liquids (BBL)   32.28       25.26       28 %
    Equivalent (BOE)   37.60       35.10       7 %
                           

    Total production for the third quarter of fiscal 2025 decreased 7.5% to 6,667 net BOEPD compared to 7,209 net BOEPD in the year-ago period. Total production for the third quarter of fiscal 2025 included 1,911 barrels per day (“BOPD”) of crude oil, 3,723 BOEPD of natural gas, and 1,033 BOEPD of NGLs. The decrease in total production was driven by planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines partially offset by additional production from the Company’s SCOOP/STACK properties acquired in February 2024. Total oil and natural gas liquids production generated 65% of revenue for the quarter compared to 75% in the year-ago period.

    The Company’s average realized commodity price (excluding the impact of derivative contracts) increased 7% to $37.60 per BOE, compared to $35.10 per BOE in the year-ago period. These increases were primarily driven by an increase of approximately 40% in realized natural gas prices year over year.

    Operations Update

    At SCOOP/STACK, the Company brought online 13 gross wells fiscal year-to-date, with an additional five wells in progress.

    At Chaveroo, the Company successfully completed and brought online four new gross wells in the second development block. These wells were completed on schedule and under budget. Although very early in the productive life of the wells, production rates are significantly exceeding expectations.

    In the Williston Basin, oil production was up quarter over quarter as a result of deferred oil sales at the end of Q2 to Q3. Gas and NGLs increased quarter over quarter, benefiting from a full quarter of gas sales. The Williston field continues to generate solid returns.

    At Delhi, production was temporarily affected by planned maintenance at the Delhi Central Facility, which resulted in a shutdown of the entire field for a few days and at the NGL Plant for approximately two weeks.  At the end of the quarter, the decision was made to switch from purchasing CO2 volumes to additional water injection.  The operator will continue to inject approximately 300 MMCFPD of recycled CO2.  The Company and the operator believe this will be the most economical way to run the field and will significantly reduce operating costs while maximizing cash flow.

    Jonah remained steady, with a temporary dip in volumes during February due to the impact of winter weather. However, strong winter natural gas pricing contributed positively to overall cash flow for the quarter.

    Barnett Shale delivered consistent cash-flow generation, reflecting its reliability and operational stability. Despite brief downtime in January due to winter storms, production remained steady overall, with improved realized pricing for natural gas and NGLs serving as a tailwind for financial results. These favorable pricing dynamics helped offset broader commodity price weakness and underscore Barnett’s continued role as a valuable contributor to our diversified portfolio.

    Balance Sheet, Liquidity, and Capital Spending

    On March 31, 2025, cash and cash equivalents totaled $5.6 million, with a working capital deficit of $2.7 million primarily due to unrealized losses on current derivative contracts, which vary quarter-to-quarter based on forecasted commodity prices at the end of each quarter. Evolution had $35.5 million of borrowings outstanding under its revolving credit facility and total liquidity of $20.1 million, including cash and cash equivalents. In Fiscal Q3, Evolution paid $4.1 million in common stock dividends, $4.0 million in repayments of borrowings of its Senior Secured Credit Facility, $1.8 million in deposits for its TexMex Acquisition, and $4.4 million in capital expenditures. During the quarter ended March 31, 2025, the Company sold a total of approximately 0.2 million shares of its common stock under its At-the-Market Sales Agreement for net proceeds of approximately $1.1 million, after deducting less than $0.1 million in offering costs.

    The Company has received approval from its lender, MidFirst Bank, to extend the maturity of the existing Senior Secured Credit Facility to April 2028 and increase their total commitments from $50.0 million to $55.0 million. Also, the Company expects to receive $10.0 million in additional commitments from a new lender, Prism Bank, bringing the total commitments to $65.0 million.

    Cash Dividend on Common Stock

    On May 12, 2025, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on June 30, 2025, to common stockholders of record on June 13, 2025. This will be the 47th consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date, Evolution has returned approximately $130.7 million, or $3.93 per share, back to stockholders in common stock dividends.

    Conference Call

    As previously announced, Evolution Petroleum will host a conference call on Wednesday, May 14, 2025, at 10:00 a.m. CT to review its fiscal third quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ASNQRrWs or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through May 14, 2026, via the webcast link provided and on Evolution’s Investor Relations website at www.ir.evolutionpetroleum.com.

    About Evolution Petroleum

    Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

    Cautionary Statement

    All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

    Contact
    Investor Relations
    (713) 935-0122
    ir@evolutionpetroleum.com

           
    Evolution Petroleum Corporation

    Condensed Consolidated Statements of Operations (Unaudited)

    (In thousands, except per share amounts)
           
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    Revenues                            
    Crude oil $ 11,769     $ 14,538     $ 11,763     $ 38,269     $ 38,913  
    Natural gas   7,790       5,860       5,793       17,868       17,943  
    Natural gas liquids   3,002       2,627       2,719       8,595       7,794  
    Total revenues   22,561       23,025       20,275       64,732       64,650  
    Operating costs                            
    Lease operating costs   13,388       12,624       12,793       37,971       36,865  
    Depletion, depreciation, and accretion   5,014       5,900       5,433       16,172       14,760  
    General and administrative expenses   2,573       2,417       2,654       7,754       7,522  
    Total operating costs   20,975       20,941       20,880       61,897       59,147  
    Income (loss) from operations   1,586       2,084       (605 )     2,835       5,503  
    Other income (expense)                            
    Net gain (loss) on derivative contracts   (3,802 )     (1,183 )     (1,219 )     (3,223 )     (1,183 )
    Interest and other income   55       63       52       164       283  
    Interest expense   (705 )     (518 )     (764 )     (2,292 )     (584 )
    Income (loss) before income taxes   (2,866 )     446       (2,536 )     (2,516 )     4,019  
    Income tax (expense) benefit   687       (157 )     711       577       (1,174 )
    Net income (loss) $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
    Net income (loss) per common share:                            
    Basic $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.09  
    Diluted $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.08  
    Weighted average number of common shares outstanding:                            
    Basic   33,433       32,702       32,934       33,027       32,692  
    Diluted   33,433       32,854       32,934       33,027       32,920  
                                           
    Evolution Petroleum Corporation

    Condensed Consolidated Balance Sheets (Unaudited)

    (In thousands, except share and per share amounts)
           
      March 31, 2025   June 30, 2024
    Assets              
    Current assets              
    Cash and cash equivalents $ 5,601     $ 6,446  
    Receivables from crude oil, natural gas, and natural gas liquids revenues   10,707       10,826  
    Derivative contract assets   828       596  
    Prepaid expenses and other current assets   2,658       3,855  
    Total current assets   19,794       21,723  
    Property and equipment, net of depletion, depreciation, and impairment              
    Oil and natural gas properties, net, full-cost method of accounting, of which none were excluded from amortization   133,514       139,685  
                   
    Other noncurrent assets              
    Derivative contract assets   48       171  
    Other assets   3,038       1,298  
    Total assets $ 156,394     $ 162,877  
    Liabilities and Stockholders’ Equity              
    Current liabilities              
    Accounts payable $ 11,977     $ 8,308  
    Accrued liabilities and other   7,092       6,239  
    Derivative contract liabilities   3,453       1,192  
    State and federal taxes payable   —       74  
    Total current liabilities   22,522       15,813  
    Long term liabilities              
    Senior secured credit facility   35,500       39,500  
    Deferred income taxes   4,572       6,702  
    Asset retirement obligations   20,398       19,209  
    Derivative contract liabilities   1,742       468  
    Operating lease liability   —       58  
    Total liabilities   84,734       81,750  
    Commitments and contingencies              
    Stockholders’ equity              
    Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 34,284,369 and 33,339,535 shares as of March 31, 2025 and June 30, 2024, respectively   34       33  
    Additional paid-in capital   45,786       41,091  
    Retained earnings   25,840       40,003  
    Total stockholders’ equity   71,660       81,127  
    Total liabilities and stockholders’ equity $ 156,394     $ 162,877  
                   
    Evolution Petroleum Corporation

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (In thousands)
                                 
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    Cash flows from operating activities:                            
    Net income (loss) $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                            
    Depletion, depreciation, and accretion   5,014       5,900       5,433       16,172       14,760  
    Stock-based compensation   642       549       659       1,860       1,585  
    Settlement of asset retirement obligations   (66 )     (19 )     (182 )     (346 )     (19 )
    Deferred income taxes   (2,101 )     766       252       (2,130 )     124  
    Unrealized (gain) loss on derivative contracts   3,926       1,063       1,368       3,426       1,063  
    Accrued settlements on derivative contracts   (57 )     94       9       (114 )     94  
    Other   (4 )     (3 )     (1 )     (7 )     —  
    Changes in operating assets and liabilities:                            
    Receivables from crude oil, natural gas, and natural gas liquids revenues   (26 )     (2,495 )     29       (34 )     (4,734 )
    Prepaid expenses and other current assets   965       (1,151 )     (1,494 )     1,400       (1,425 )
    Accounts payable, accrued liabilities, and other   1,149       (1,629 )     3,471       4,382       814  
    State and federal taxes payable   —       —       —       (74 )     (365 )
    Net cash provided by operating activities   7,263       3,364       7,719       22,596       14,742  
    Cash flows from investing activities:                            
    Acquisition deposits   (1,800 )     —       —       (1,800 )     —  
    Acquisition of oil and natural gas properties   (20 )     (43,788 )     (69 )     (351 )     (43,788 )
    Capital expenditures for oil and natural gas properties   (4,404 )     (2,648 )     (758 )     (7,902 )     (8,353 )
    Net cash used in investing activities   (6,224 )     (46,436 )     (827 )     (10,053 )     (52,141 )
    Cash flows from financing activities:                            
    Common stock dividends paid   (4,109 )     (4,003 )     (4,082 )     (12,224 )     (12,037 )
    Common stock repurchases, including stock surrendered for tax withholding   (71 )     (818 )     (103 )     (262 )     (1,031 )
    Borrowings under senior secured credit facility   —       42,500       —       —       42,500  
    Repayments of senior secured credit facility   (4,000 )     —       —       (4,000 )     —  
    Issuance of common stock   1,145       —       2,259       3,404       —  
    Offering costs   (70 )     —       (236 )     (306 )     —  
    Net cash provided by (used in) financing activities   (7,105 )     37,679       (2,162 )     (13,388 )     29,432  
    Net increase (decrease) in cash and cash equivalents   (6,066 )     (5,393 )     4,730       (845 )     (7,967 )
    Cash and cash equivalents, beginning of period   11,667       8,460       6,937       6,446       11,034  
    Cash and cash equivalents, end of period $ 5,601     $ 3,067     $ 11,667     $ 5,601     $ 3,067  
                                           

    Evolution Petroleum Corporation

    Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)

    (In thousands)

    Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

    We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

                                     
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025     2024   2024     2025     2024
    Net income (loss) $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
    Adjusted by:                                
    Interest expense   705       518       764       2,292       584  
    Income tax expense (benefit)   (687 )     157       (711 )     (577 )     1,174  
    Depletion, depreciation, and accretion   5,014       5,900       5,433       16,172       14,760  
    Stock-based compensation   642       549       659       1,860       1,585  
    Unrealized loss (gain) on derivative contracts   3,926       1,063       1,368       3,426       1,063  
    Adjusted EBITDA $ 7,421     $ 8,476     $ 5,688     $ 21,234     $ 22,011  
                                           
    Evolution Petroleum Corporation

    Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

    (In thousands, except per share amounts)
           
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    As Reported:                            
    Net income (loss), as reported $ (2,179 )   $ 289     $ (1,825 )   $ (1,939 )   $ 2,845  
                                 
    Impact of Selected Items:                            
    Unrealized loss (gain) on commodity contracts   3,926       1,063       1,368       3,426       1,063  
    Selected items, before income taxes $ 3,926     $ 1,063     $ 1,368     $ 3,426     $ 1,063  
    Income tax effect of selected items(1)   941       374       384       786       311  
    Selected items, net of tax $ 2,985     $ 689     $ 984     $ 2,640     $ 752  
                                 
    As Adjusted:                            
    Net income (loss), excluding selected items(2) $ 806     $ 978     $ (841 )   $ 701     $ 3,597  
                                 
    Undistributed earnings allocated to unvested restricted stock   (96 )     (21 )     (100 )     (274 )     (73 )
    Net income (loss), excluding selected items for earnings per share calculation $ 710     $ 957     $ (941 )   $ 427     $ 3,524  
                                 
    Net income (loss) per common share — Basic, as reported $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.09  
    Impact of selected items   0.09       0.02       0.03       0.08       0.02  
    Net income (loss) per common share — Basic, excluding selected items(2) $ 0.02     $ 0.03     $ (0.03 )   $ 0.01     $ 0.11  
                                 
                                 
    Net income (loss) per common share — Diluted, as reported $ (0.07 )   $ 0.01     $ (0.06 )   $ (0.07 )   $ 0.08  
    Impact of selected items   0.09       0.02       0.03       0.08       0.03  
    Net income (loss) per common share — Diluted, excluding selected items(2)(3) $ 0.02     $ 0.03     $ (0.03 )   $ 0.01     $ 0.11  

    _____________________

    (1) The tax impact for the three months ended March 31, 2025 and 2024, is represented using estimated tax rates of 24.0% and 35.2%, respectively. The tax impact for the three months ended December 31, 2024, is represented using estimated tax rates of 28.0%. The tax impact for the nine months ended March 31, 2025 and 2024 is represented using estimated tax rates of 22.9% and 29.2%, respectively.
    (2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.
    (3) The impact of selected items for the three months ended March 31, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.6 million and 32.9 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended December 31, 2024, was calculated based upon weighted average diluted shares of 32.9 million due to the net income (loss), excluding selected items. The impact of selected items for the nine months ended March 31, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.2 million and 32.9 million, respectively, due to the net income (loss), excluding selected items.
       
    Evolution Petroleum Corporation

    Supplemental Information on Oil and Natural Gas Operations (Unaudited)

    (In thousands, except per unit and per BOE amounts)
                                           
      Three Months Ended   Nine Months Ended
      March 31,    December 31,   March 31, 
      2025   2024   2024   2025   2024
    Revenues:                                      
    Crude oil $ 11,769     $ 14,538     $ 11,763     $ 38,269     $ 38,913  
    Natural gas   7,790       5,860       5,793       17,868       17,943  
    Natural gas liquids   3,002       2,627       2,719       8,595       7,794  
    Total revenues $ 22,561     $ 23,025     $ 20,275     $ 64,732     $ 64,650  
                                           
    Lease operating costs:                                      
    Ad valorem and production taxes $ 1,473     $ 1,459     $ 1,441     $ 4,328     $ 4,009  
    Gathering, transportation, and other costs   2,913       2,527       2,889       8,592       6,926  
    Other lease operating costs   9,002       8,638       8,463       25,051       25,930  
    Total lease operating costs $ 13,388     $ 12,624     $ 12,793     $ 37,971     $ 36,865  
                                           
    Depletion of full cost proved oil and natural gas properties $ 4,607     $ 5,532     $ 5,024     $ 14,956     $ 13,680  
                                           
    Production:                                      
    Crude oil (MBBL)   172       199       179       555       519  
    Natural gas (MMCF)   2,011       2,115       2,125       6,364       6,091  
    Natural gas liquids (MBBL)   93       104       105       311       295  
    Equivalent (MBOE)(1)   600       656       638       1,927       1,829  
    Average daily production (BOEPD)(1)   6,667       7,209       6,935       7,033       6,651  
                                           
    Crude oil (BBL) $ 68.42     $ 73.06     $ 65.72     $ 68.95     $ 74.98  
    Natural gas (MCF)   3.87       2.77       2.73       2.81       2.95  
    Natural Gas Liquids (BBL)   32.28       25.26       25.90       27.64       26.42  
    Equivalent (BOE)(1) $ 37.60     $ 35.10     $ 31.78     $ 33.59     $ 35.35  
                                           
    Average cost per unit:                                      
    Ad valorem and production taxes $ 2.46     $ 2.22     $ 2.26     $ 2.25     $ 2.19  
    Gathering, transportation, and other costs   4.86       3.85       4.53       4.46       3.79  
    Other lease operating costs   15.00       13.17       13.26       13.00       14.18  
    Total lease operating costs $ 22.32     $ 19.24     $ 20.05     $ 19.71     $ 20.16  
                                           
    Depletion of full cost proved oil and natural gas properties $ 7.68     $ 8.43     $ 7.87     $ 7.76     $ 7.48  

    _____________________

    (1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
    (2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.
       
    Evolution Petroleum Corporation

    Summary of Production Volumes and Average Sales Price (Unaudited)
       
      Three Months Ended
      March 31,    December 31,
      2025   2024   2024
      Volume   Price   Volume   Price   Volume   Price
    Production:                                              
    Crude oil (MBBL)                                              
    SCOOP/STACK   28     $ 71.36       30     $ 78.71       35     $ 70.52  
    Chaveroo Field   8       56.78       15       76.39       9       67.55  
    Jonah Field   7       67.69       8       72.25       7       64.54  
    Williston Basin   34       64.35       35       70.29       30       64.64  
    Barnett Shale   3       68.03       3       73.05       2       65.99  
    Hamilton Dome Field   34       58.88       35       61.21       35       57.53  
    Delhi Field   58       76.04       73       77.08       60       68.66  
    Other   —       —       —       —       1       71.61  
    Total   172     $ 68.42       199     $ 73.06       179     $ 65.72  
    Natural gas (MMCF)                                              
    SCOOP/STACK   317     $ 4.91       214     $ 2.11       314     $ 2.89  
    Chaveroo Field   —       —       7       2.29       —       —  
    Jonah Field   758       4.02       843       3.94       803       3.21  
    Williston Basin   32       3.89       20       1.36       18       1.41  
    Barnett Shale   904       3.39       1,031       1.98       990       2.31  
    Total   2,011     $ 3.87       2,115     $ 2.77       2,125     $ 2.73  
    Natural gas liquids (MBBL)                                              
    SCOOP/STACK   13     $ 27.84       10     $ 25.14       18     $ 21.34  
    Chaveroo Field   —       —       1       22.86       —       —  
    Jonah Field   8       32.14       9       31.93       9       30.08  
    Williston Basin   8       23.74       4       23.96       2       17.86  
    Barnett Shale   49       33.48       59       22.85       57       25.86  
    Delhi Field   15       37.20       20       30.48       19       29.13  
    Other   —       —       1       25.87       —       —  
    Total   93     $ 32.28       104     $ 25.26       105     $ 25.90  
                                                   
    Equivalent (MBOE)(1)                                              
    SCOOP/STACK   94     $ 41.90       76     $ 40.56       105     $ 35.48  
    Chaveroo Field   8       56.78       17       68.40       9       67.55  
    Jonah Field   141       26.63       158       26.72       150       22.14  
    Williston Basin   47       53.08       42       61.15       35       57.00  
    Barnett Shale   203       24.13       234       15.41       224       17.29  
    Hamilton Dome Field   34       58.88       35       61.21       35       57.53  
    Delhi Field   73       68.19       93       67.21       79       59.37  
    Other   —       —       1       25.87       1       71.61  
    Total   600     $ 37.60       656     $ 35.10       638     $ 31.78  
                                                   
    Average daily production (BOEPD)(1)                                              
    SCOOP/STACK   1,044               835               1,141          
    Chaveroo Field   89               187               98          
    Jonah Field   1,567               1,736               1,630          
    Williston Basin   522               462               380          
    Barnett Shale   2,256               2,571               2,435          
    Hamilton Dome Field   378               385               380          
    Delhi Field   811               1,022               859          
    Other   —               11               12          
    Total   6,667               7,209               6,935          

    _____________________

    (1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
       
    Evolution Petroleum Corporation

    Summary of Average Production Costs (Unaudited)
       
      Three Months Ended
      March 31,    December 31,
      2025   2024   2024
      Amount   Price   Amount   Price   Amount   Price
    Production costs (in thousands, except per BOE):                                              
    Lease operating costs                                              
    SCOOP/STACK $ 1,106     $ 11.74     $ 619     $ 8.18     $ 1,050     $ 9.97  
    Chaveroo Field   128       15.77       161       9.12       122       12.92  
    Jonah Field   2,184       15.51       2,313       14.63       2,196       14.62  
    Williston Basin   1,476       31.45       1,413       33.69       1,190       34.12  
    Barnett Shale   3,739       18.47       3,767       16.07       4,030       18.03  
    Hamilton Dome Field   1,237       36.36       1,566       45.34       1,188       34.18  
    Delhi Field   3,518       48.04       2,785       30.19       3,017       38.15  
    Total $ 13,388     $ 22.32     $ 12,624     $ 19.24     $ 12,793     $ 20.05  
                                                   

    Evolution Petroleum Corporation

    Summary of Open Derivative Contracts (Unaudited)

    For more information on the Company’s hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended March 31, 2025.
    The Company had the following open crude oil and natural gas derivative contracts as of May 12, 2025:

                                           
                Volumes in     Swap Price per   Floor Price per   Ceiling Price per
    Period   Commodity   Instrument   MMBTU/BBL     MMBTU/BBL   MMBTU/BBL   MMBTU/BBL
    April 2025 – June 2025   Crude Oil   Fixed-Price Swap   25,571     $ 73.49                  
    April 2025 – June 2025   Crude Oil   Collar   41,601             $ 65.00     $ 84.00  
    April 2025 – December 2025   Crude Oil   Fixed-Price Swap   32,229       72.00                  
    July 2025 – December 2025   Crude Oil   Fixed-Price Swap   81,335       71.40                  
    January 2026 – March 2026   Crude Oil   Collar   43,493               60.00       75.80  
    April 2026 – June 2026   Crude Oil   Fixed-Price Swap   17,106       60.40                  
    April 2025 – December 2025   Natural Gas   Collar   681,271               4.00       4.95  
    April 2025 – December 2026   Natural Gas   Fixed-Price Swap   3,010,069       3.60                  
    January 2026 – March 2026   Natural Gas   Collar   375,481               3.60       5.00  
    January 2026 – March 2026   Natural Gas   Collar   213,251               4.00       5.39  
    April 2025 – December 2027   Natural Gas   Fixed-Price Swap   3,729,540       3.57                  
    April 2026 – October 2026   Natural Gas   Collar   433,428               3.50       4.55  
                                           

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI USA: Tuberville Introduces Legislation to Help Disabled Veterans

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) introduced the Automotive Support Services to Improved Safe Transportation (ASSIST) Act, which would help disabled veterans make the vehicle modifications they need to travel safely by giving the VA greater flexibility to offer financial assistance for a wider range of necessary adaptations.
    “We take things like driving or riding in a vehicle for granted, but for some veterans, operating a vehicle can be challenging without the proper modifications,” said Senator Tuberville.“Alabama is home to more than 400,000 veterans, and we want to ensure that each of them has the necessary resources to lead safe, independent lives. The ASSIST Act is a commonsense piece of legislation that would give veterans access to needed vehicle modifications such as ramps and device lifts. I’m proud to lead the ASSIST Act in the Senate and will continue fighting to help the heroes who have sacrificed so much for us.”BACKGROUND:As Alabama’s voice on the Senate Veterans’ Affairs Committee, the ASSIST Act follows a series of bills Senator Tuberville has introduced to make small, yet meaningful changes to how the VA delivers care and benefits to veterans. Last week, the House Committee on Veterans’ Affairs passed the ASSIST Act unanimously out of committee.
    Currently, the VA is restricted to funding only a limited list of adaptive equipment, such as wheelchair tie-downs, van lifts, and raised roofs. This unintentionally limits, and in many cases prevents all together, some veterans from being able to make necessary modifications to their vehicles such as ramp and kneeling systems, mobility device lifts, and ingress or egress accessibility modifications. The ASSIST Act fixes this gap in assistance and would help ensure veterans are able to continue traveling safely and freely. 
    MORE:
    Tuberville, VA Secretary Doug Collins Discuss Streamlining Processes to Improve Outcomes for Veterans
    Tuberville, Lee Introduce Legislation to Repurpose Woke USAID Funding to Improve Veterans’ Homes
    Tuberville, Boozman Introduce Legislation to Support Defrauded Veterans
    Tuberville Reintroduces Legislation to Expand Treatment Options for Veterans
    Tuberville Introduces Legislation to Ensure Community Care Access for Veterans
    Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –