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Category: Transport

  • MIL-OSI Security: Chinese Company and Three Chinese Nationals Indicted for Unlawfully Importing Pill-Making Equipment Used to Manufacture Controlled Substances

    Source: United States Attorneys General

    A federal grand jury returned a 21-count indictment against a Chinese company and three Chinese nationals for their alleged role in the illegal importation of pill-making equipment, the Department of Justice announced.

    According to an indictment returned April 23 and unsealed today, CapsulCN International Co. Ltd. (CapsulCN) and Xiochuan “Ricky” Pan, 40, Tingyan “Monica” Yang, 37, and Xi “Inna” Chen, 30, all of the People’s Republic of China, were charged with smuggling, Controlled Substances Act, and money laundering offenses in connection with CapsulCN’s unlawful import and distribution of tableting machines (also known as “pill presses”), encapsulating machines, and counterfeit die molds capable of producing millions of potentially lethal fake pills. The indictment also charges Pan, CapsulCN’s principal officer and a shareholder, with leading a continuing criminal enterprise. Additionally, four internet domains used by CapsulCN to market and sell illicit pill-making equipment to U.S. customers were seized today in connection with this investigation.

    “This indictment and today’s domain seizures send an unmistakable message to criminals in the People’s Republic of China and across the world — the Department will use every weapon in its arsenal to combat those who facilitate the manufacture and distribution of deadly drugs in the United States,” said Deputy Attorney General Todd Blanche.

    “This U.S. Attorney’s Office is focused on bringing the full force of justice to anyone who conspires to poison our communities with fentanyl,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “Whether through the importation of pill presses and related materials, as alleged in this indictment, or through trafficking precursor chemicals and the drug itself, it is evident that bad actors are determined to harm Americans with fentanyl. Our federal prosecutors, through collaborative efforts with our law enforcement partners, are determined to stop them.”

    Many of the fake pills containing fentanyl and other controlled substances seized in the United States are manufactured using relatively inexpensive pill-making equipment — such as pill presses, encapsulating machines, and die molds — obtained from Chinese pharmaceutical equipment companies and imported into the United States. These fake pills often mimic the look, feel, and effect of legitimate pharmaceutical drugs and are particularly dangerous and misleading to U.S. consumers, who may falsely believe they are taking legitimate prescription medication that is safer and less addictive than the fentanyl and methamphetamine the pills really contain.

    According to court documents, between December 2011 and April 2025, Pan led CapsulCN, which advertised and sold pill-making equipment to U.S. customers on websites, popular e-commerce platforms, and various social media accounts. CapsulCN marketed and catered to customers seeking to make counterfeit pills that mimicked the look and effect of prescription drugs. In 2020, Pan and Yang created a new brand, “PillMolds,” to advertise, sell, and promote counterfeit die molds to the United States. Although the PillMolds brand was part of CapsulCN, thereafter, CapsulCN ceased marketing and selling die molds via its www.capsulcn.com website and instead did so using the website www.pillmold.com. Today, HSI seized both of these websites, along with two others (www.ipharmachine.com and huadapharma.com) that CapsulCN used to facilitate its unlawful sales and imports of pill-making equipment.

    The indictment alleges that, between December 2011 and April 2025, CapsulCN imported and distributed pill presses and encapsulating machines to customers in the United States, knowing or having reason to believe that those items would be used to manufacture controlled substances. CapsulCN also distributed counterfeit die molds, which can be used to compress inactive and active ingredients into pills that mimic the shape and imprinted markings of legitimate pharmaceutical drugs such as oxycodone, dextroamphetamine, hydrocodone, amphetamine, and alprazolam. Drug traffickers often replace these active ingredients in the legitimate pharmaceutical drugs with other controlled substances such as fentanyl and methamphetamine.    

    The indictment alleges that CapsulCN concealed the nature and purpose of the pill presses, encapsulating machines, and die molds from U.S. customs officials and law enforcement by using deceptive packaging and false manifests that undervalued and misidentified the contents. Some customers sought to avoid mandatory requirements to report the import and distribution of pill presses and encapsulating machines to the U.S. Drug Enforcement Administration (DEA). CapsulCN also allegedly helped conceal the nature of its shipments avoid detection by disassembling the machines and shipping the parts in separate packages, again with false manifests. CapsulCN employees then would direct customers to social media accounts maintained by CapsulCN that contained videos instructing customers on how to reassemble the machines once in the United States.

    According to court documents, Yang, Chen, and other CapsulCN sales representatives communicated extensively with potential customers in the United States over company emails and encrypted electronic messaging applications. In these communications with customers, Yang, Chen, and others agreed to smuggle pill-making equipment to U.S. customers and assisted customers in selecting die molds that best replicated identified pharmaceutical drugs. Yang, Chen, and other CapsulCN sales representatives also exchanged electronic messages and emails negotiating payment for CapsulCN products that were smuggled into the United States and imported and distributed for use in manufacturing controlled substances. CapsulCN maintained bank accounts in the People’s Republic of China and accounts with online payment services to facilitate the transfer of funds from the United States to China in furtherance of CapsulCN’s criminal activities.

    The HSI El Paso Field Office investigated the case with assistance from Customs and Border Protection, IRS Criminal Investigation’s El Paso Office, and the U.S. Postal Inspection Service.

    Trial Attorneys Colin W. Trundle, Cadesby Cooper, Kaitlin Sahni, Edward E. Emokpae, Scott B. Dahlquist, Assistant Director Katharine A. Wagner, Deputy Director of Criminal Litigation A.J. Nardozzi, and Director Amanda Liskamm of the Department of Justice’s Consumer Protection Branch, and Assistant U.S. Attorneys Laura Gregory and Donna Miller and OCDETF Chief Steven Spitzer of the U.S. Attorney’s Office for the Western District of Texas are handling the case.

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

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

    MIL Security OSI –

  • MIL-OSI Security: Head of the Criminal Division, Matthew R. Galeotti Delivers Remarks at SIFMA’s Anti-Money Laundering and Financial Crimes Conference

    Source: United States Attorneys General

    Thank you, Bernard, for that kind introduction. And thank you to SIFMA for having me here at your annual AML and Financial Crimes Conference.

    Over the last several months, the Department has made clear that its mission is to protect hard-working Americans from the most serious threats.  In the Criminal Division, we are working relentlessly to eliminate cartels and transnational criminal organizations (TCOs), dismantle human smuggling operations, curb the flow of fentanyl and other dangerous drugs, and neutralize child predators and violent criminals, including by securing significant charges and prison sentences against the worst criminal actors. 

    White-collar crime also poses a significant threat to U.S. interests.  Unchecked fraud in U.S. markets and government programs robs hardworking Americans and harms the public fisc.  The deadly activities of cartels and TCOs are enabled by international money laundering organizations and other financial facilitators.  Illicit financial and logistical networks undermine our national security by facilitating sanctions evasion by hostile nation-states and terror regimes.

    Today, I’m here to discuss the role the Criminal Division plays in combating these crimes.

    The Criminal Division has always been a leader in white-collar enforcement and in the development of corporate enforcement policy.  Our work prevents the distortion of markets through unfair external forces based on fraud and deceit. 

    But recently, those efforts have come at too high a cost for businesses and American enterprise. Companies need clear guidance and certainty on the concrete benefits that each company, their shareholders, boards, and customers can earn through self-reporting, owning up to criminal conduct, remediating, and cooperating with the Department. Too often, businesses have been subject to unchecked and long-running investigations that can be costly—both to the Department and to the subjects and targets of its investigations—and can unduly interfere with day-to-day business operations. These costs and uncertainty have deterred companies from working with the Department and diverted the Department’s resources from tackling the most significant threats facing our country.

    In short, if companies continue to assume that the Department will be quick and heavy-handed with the stick, and stingy with the carrot, the system will continue to generate lengthy drawn-out investigations that are ultimately detrimental to companies and the Department.  This approach has deterred companies from cooperating and allowing the Department to more readily target the most culpable actors.   

    And so the Criminal Division is turning a new page on white-collar and corporate enforcement.

    We start from first principles: recognizing that law-abiding companies are key to a prosperous America.  As stated in the America First Investment Policy, “Economic security is national security.”  Through hard work and innovation, we can build a stronger economy that benefits Americans from Main Street to the C-suite.  We have created the safest and most secure financial system in the world, ensured an even playing field where—no matter your background—you can compete in our marketplace, and rooted out those who would prey on the vulnerable through scams and schemes.

    Most corporations and financial institutions want to play by the rules and provide value for their shareholders and their customers.  And that is what we want them to remain focused on. Excessive enforcement and unfocused corporate investigations stymie innovation, limits prosperity, and reduces efficiency.

    So that ends today.  Current Department leadership recognizes the critical role that American companies play—not just in growing our economy, but also in the fight against the most serious criminal actors.  Many of you, particularly those of you in an AML compliance role, are on the front lines defending your companies against criminal actors.  You work every day to implement systems to keep your companies, your customers, and your shareholders safe.  You follow the guidance from your regulators.  And you can provide critical information to ensure that the Department can prosecute the worst offenders, the individual fraudsters, those that shadow bank for hostile nation-states, cartel enablers, and other financial facilitators of transnational crime.  We are here to prosecute criminals, not law-abiding businesses.

    To that end, I am announcing the Criminal Division’s white-collar enforcement plan.  This plan will focus the Criminal Division’s efforts on the most egregious white-collar crime to make our nation safer and more prosperous, vindicate victims’ rights, maximize the use of the Department’s resources, and provide fairness and transparency to individuals and companies alike. As part of this plan, I am revising three of the key corporate enforcement policies of the Criminal Division to reflect these priorities.

    So, let me take a few minutes and walk you through the changes I am implementing at the Criminal Division under the new Administration.

    Effective white-collar prosecution requires focus, fairness and efficiency—three principles that will guide the work of Criminal Division prosecutors going forward.

    The Criminal Division is laser-focused on the most urgent threats to our country, our citizens, and our economy. I have instructed all of our prosecutors to focus their white-collar prosecution efforts on the key threats to America.

    Fraud perpetrated against Americans as individuals, as taxpayers, and as recipients of government services are core to this focus.  Millions of Americans are victimized by fraudsters every day, some losing their hard-earned life savings.  These schemes harm the public and weaken the integrity of our markets.

    Similarly, dishonest actors seek to take advantage of our government and enrich themselves through waste, fraud, and abuse.  Those that defraud Medicare, our defense infrastructure, and other public benefit programs and government agencies, steal not only from the government but divert much-needed support from the most vulnerable Americans.

    Criminals also seek to exploit our financial system, which is the safest in the world.  Just as Americans seek the security that the system provides, dangerous cartels, hostile nation states, and terrorists seek to exploit that system to further their heinous crimes and threaten our economy and our national security.

    You are the first line of defense against these schemes—companies and particularly financial institutions with well-functioning compliance programs have a unique role to play in this fight.

    We are here to work with you.  Our goal is practicality.  Root out criminal conduct in the most cost-effective ways. But make no mistake, the Criminal Division will hold accountable those that choose a different path, those that enable criminals. It is incumbent upon us as representatives of the American people to do so.   

    Today, the Criminal Division is releasing revised corporate enforcement policies that emphasize the role of and benefits for law-abiding companies and companies that are ready to acknowledge and learn from their mistakes.  Specifically, we are making clearer the benefits for companies that self- report. Companies that are ready to take responsibility should not be overburdened by enforcement.  The revised policies are aimed at incentivizing you to come forward, come clean, reform, and cooperate with the government in efficient investigations and prosecutions of the most culpable actors.

    Let me take a minute to outline the changes you’ll see in our policies.

    We have revised the Criminal Division’s Corporate Enforcement and Voluntary Self-Disclosure Policy, or CEP.  The CEP is the Criminal Division’s primary guide to corporate enforcement and voluntary self-disclosure.  But it had gotten unwieldy and hard to navigate.  We want to be as transparent as we can to companies and their counsel about what to expect under our policies.  Therefore, under my direction, the Fraud Section and the Money Laundering and Asset Recovery Section have revised the CEP to simplify the policy and clarify the outcomes that companies can expect.

    What is the primary message I want you to take back to your companies about the new CEP?  Self-disclosure is key to receiving the most generous benefits the Criminal Division can offer. Why?  Because coming forward and coming clean lets the Department devote its resources to investigating and prosecuting individual wrongdoers and the most egregious criminal schemes.  Companies can avoid what we have all seen in the past: burdensome, years-long investigations that inevitably end in a resolution process in which the company feels it must accept the fate the Department has ultimately decided.

    Under the new CEP—with an easy-to-follow flow chart—companies that voluntarily self-disclose and meet other criteria will receive a declination, not just a presumption of a declination.  More precisely, those companies that meet our core requirements—voluntarily self-disclose to the Criminal Division, fully cooperate, timely and appropriately remediate, and have no aggravating circumstances—will not be required to enter into a criminal resolution.  This is a clear path to declination.

    For companies that are willing to meet all the voluntary self-disclosure, cooperation, and remediation requirements but may have concerns about coming forward because they have aggravating circumstances, the revised policy makes clear that you may still be eligible for a CEP declination based on weighing the severity of those aggravating circumstances and the company’s cooperation and remediation.

    And the changes aim to also provide enhanced clarity and benefits for companies who in good faith self-disclose either not quickly enough or after—unbeknownst to them—the Department has already become aware of the misconduct.  The CEP revisions put an end to the guessing game companies previously faced under these circumstances.

    Now, the CEP makes clear that those companies are still eligible to receive significant benefits—an NPA with a term of fewer than three years, 75% reduction of the criminal fine, and no monitor.

    As I said before—the key here is self-disclosure. Where a company does not self-disclose, it will not receive these benefits.  But, consistent with the high-level principles I’ve discussed, in those circumstances, Criminal Division prosecutors still have discretion to recommend a resolution of any form, with a three-year term, monitor and up to 50% reduction in the fine.

    I am also announcing revisions to our monitor selection policy.

    As with unchecked enforcement, unrestrained monitors can be a burden on businesses that are frequently making self-directed improvements and investing significant amounts in their own compliance programs to solve problems internally and proactively. Without appropriate oversight from the Criminal Division, monitors can create an adversarial relationship with the companies they monitor, impose significant expense, stray from their core mission, and unduly interfere with business.  At times, the money companies spend on their monitor could be better spent investing in their compliance programs or, if they haven’t already, making victims whole.

    In short, the value monitors add is often outweighed by the costs they impose, so you can expect to see fewer of them going forward. For pre-existing monitorships, the Criminal Division is reviewing each one in an effort to narrow their scope or, where appropriate, terminate a monitorship altogether, based on a totality of the circumstances review. 

    In limited circumstances, however, a narrowly-tailored monitorship that is right-sized to the conduct it seeks to remedy, can be an effective resource to provide independent oversight and review to companies that are struggling to implement effective compliance programs on their own.

    I have asked the experts in the Criminal Division to revise the Division’s policy on selection of monitors, consistent with these principles and concerns.  Our new policy clarifies the factors prosecutors must consider to impose a monitor and to narrowly scope and tailor the monitor’s mandate when a monitor is imposed.

    Let me walk you through some of the key changes. The top line value criterion is that the benefits of the monitor should outweigh its costs, both monetary costs, as well as burdens on the business’ operations.  A monitor’s costs must be proportionate to the severity of the underlying conduct, the profits of the company, and the company’s present size and risk profile.  Therefore, factors prosecutors will consider are:

    First, the nature and seriousness of the conduct and the risk that it will happen again.  In analyzing the nature and seriousness of the conduct, the Department will focus chiefly on harms to Americans and American business.

    Second, the availability of other effective independent government oversight—i.e., regulator oversight.

    Third, the efficacy of the company’s compliance program and culture of compliance at the time of resolution.

    Fourth, the maturity of the company’s controls and ability of the company to test and update its compliance program.

    And when a monitor is imposed, that monitor must understand that she or he serves the public by ensuring the company will not reoffend and has an appropriate compliance program. 

    The goal of the Department, the monitor, and the company should be aligned—to bring the company back into good standing and to prevent future misconduct.  In keeping with this public service, the Criminal Division will ensure that costs are proportionate with the underlying criminal conduct, the company’s profits, and the company’s size and risk profile. We will do that by requiring a fee cap, approving budgets for all workplans, and requiring biannual tripartite meetings between the Department, the monitor, and the company.

    And finally, we have made changes to our corporate whistleblower program to reflect our focus on the worst actors and most egregious crimes.

    To do this, I asked MLARS and Fraud to review the corporate whistleblower awards pilot program and recommend additional areas of focus reflecting the Administration’s priorities.

    Today, we have added the following priority areas for tips: procurement and federal program fraud; trade, tariff, and customs fraud; violations of federal immigration law; and violations involving sanctions, material support of foreign terrorist organizations, or those that facilitate cartels and TCOs, including money laundering, narcotics, and Controlled Substances Act violations.

    As with every other area in our program, these tips must result in forfeiture to be eligible for an award.

    What does all this mean for you, the compliance professional and particularly those of you in anti-money laundering and financial crime departments?  We want to hear from you and we want your companies to hear from you.  Now is the time to report, remediate, and strengthen compliance to ensure American prosperity.

    Never before have the benefits of self-reporting and cooperating been so clear.  And you are the eyes and the ears of your companies.  You have the opportunity to see something, report something, and make sure your company can work with the Department to root out individual misconduct and receive all the benefits we have to offer.

    Thank you, again, for having me today.

    MIL Security OSI –

  • MIL-OSI USA: SCHUMER – WITH WESTERN NY RELIGIOUS LEADERS & FOOD BANKS – SOUNDS ALARM THAT UNDER GOP PLAN TO CUT SNAP – AMERICA’S LARGEST ANTI-HUNGER PROGRAM – THOUSANDS OF KIDS, SENIORS, & FAMILIES COULD GO…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Already 8,000 Cases Of Food For FeedMore WNY Have Already Been Canceled Due To Trump’s Cruel USDA Cuts – Now GOP Wants To Steal Up To $230 Billion From SNAP To Fund Trump’s Tax Breaks For Corporations & Billionaires
    Schumer, With Church Leaders & Advocates, Say This Double Whammy Could Hurtle Families To A Hunger Crisis, Impacting 208,000+ In WNY, Millions Nationwide; Demands GOP Block Cruel Cut To SNAP And Protect Anti-Hunger Programs
    Schumer: No Child Should Go To Bed Hungry. This Is Not A Partisan Issue; This Is A Moral Issue
    As Congressional Republicans look to advance the largest potential cut to the anti-hunger program SNAP in American history this week, U.S. Senator Chuck Schumer stood with Western NY religious leaders, food banks, & farmers to issue a stark warning and demand action against the devastating proposed $230 billion SNAP cut to fund Trump’s tax cuts for corporations & billionaires, that would leave thousands of seniors, families and children hungry. The senator joined with church leaders and hunger advocates to say how this is a moral issue that we should all unite to stop, and Schumer called on the administration to reverse its hunger program cuts and for the NY House Republicans to stand against stealing from SNAP, which over 208,000 in Western NY rely on for food.
    “No child should ever go to bed hungry. But Trump’s slashing of anti-hunger programs at the USDA has already cancelled 8,000 cases of food for FeedMore Western NY.  Now, House Republicans are trying to rush through the budget process and make the largest cut to SNAP in history. With food insecurity on the rise, this is a double whammy that could hurtle families to a hunger crisis,” said Senator Schumer. “Stealing from SNAP to pay for Trump’s tax breaks for corporations & billionaires is as backwards as it gets, and will result in thousands of kids, seniors, and families going hungry. It is not a partisan issue, it is a moral issue. That is why I am here to show what these cuts mean for the nuns, priests, and food banks on the frontlines of fighting against hunger. Together we are demanding a stop to this all-out assault on our federal anti-hunger programs and to protect SNAP for our children, veterans, seniors, and families.”
    “We need to recognize that food insecurity is not just a problem for someone else—it’s our problem. Catholic Charities of Buffalo, alongside FeedMore WNY and others, is committed to addressing it. But we cannot do it alone and we are grateful for the efforts of Senator Schumer and those of his colleagues who truly understand this problem,” said Deacon Steve Schumer, president and CEO of Catholic Charities of Buffalo.
    Schumer added, “It only takes a few NY House Republicans to join us to stop this cruel cut to SNAP. We need NY Republicans to show us which side they are on with their actions. For feeding corporate & billionaires’ greed or for feeding hungry families here in Western NY. We need them to join us in demanding the USDA reverse all of Trump’s cuts to our farmers, food banks, and anti-hunger programs and keep their hands off SNAP to fund Trump’s tax breaks.”
    Schumer explained how Trump’s USDA has already cruelly canceled $1 billion in food assistance, hurting Western New York’s FeedMore WNY, and if these SNAP cuts move forward it would be a double whammy, hurtling us to a hunger crisis. The Supplemental Nutrition Assistance Program (SNAP) is a lifeline for nearly 3 million NY seniors, veterans and families who rely on the critical funding to purchase groceries. Schumer said that we should be investing more not less in anti-hunger programs, but under the Republican proposal, the average family would be reduced to just $5.00 per day per person. A breakdown of SNAP recipients in Western NY from the Center for American Progress can be found below:

    County

    SNAP Recipients

    % of County on SNAP

    Cattaraugus

    10,959

    14.4%

    Chautauqua

    23,926

    19.1%

    Erie

    147,427

    15.5%

    Niagara

    26,650

    12.7%

    TOTAL

    208,962

     
    Schumer explained the Republican proposal to cut up to $230 billion from SNAP would inevitably mean costs of feeding families shift to states, who simply do not have the capacity to absorb this massive increase in expenses, risking families going hungry. According to the Center on Budget and Policy Priorities, mandating New York State to cover even a modest share of SNAP benefits would shift astronomical costs to the state with even just 5% increasing New York State’s costs by nearly $3.5 billion from FY2026 to FY2034. The senator said it is impossible to cut this much from federal SNAP funding without ripping food away from hungry children, seniors, veterans, people with disabilities, and more.
    These agonizing decisions would be amplified even further at the local level, with non-profits, many of whom have already had their funding cut, unable to fill in the gap. Counties could even be forced to shoulder the burden of increased costs in SNAP, using more local dollars to provide coverage because less federal funding will be coming in.
    According to New York’s Office of Temporary and Disability Assistance, in New York’s 26th Congressional District – which represents parts of Erie and Niagara counties – nearly 77,000 households receive an estimated $337 million in annual benefits. 35% of SNAP recipients are children, 14% are elderly, and 10% are people with disabilities. In New York’s 23rd Congressional District over 51,000 households receive an estimated $200 million in annual benefits. 31% of SNAP recipients are children, 17% are elderly, and 12% are people with disabilities.
    Schumer said, “SNAP is a lifeline that helps uplift everyone, from the NY farms who get direct assistance from the program to Western NY families’ kitchen tables. NY Republicans are tying themselves in knots to try to justify these SNAP cuts, but the math shows you cannot make the massive cuts the House’s tax bill proposes without risking the food security for thousands of families. I’m all for reducing any waste or fraud to make the program more efficient, but rushing to pass these massive damaging cuts with no plan while they slash our food banks is a recipe for disaster.”
    The proposed SNAP cuts would be a blow to Western NY food banks which have already been hit hard by Trump’s funding freezes and canceled payments. Earlier this year, the USDA canceled $1 billion in food assistance for organizations to purchase locally grown food. USDA programs provide food banks, schools, and other organizations with federal support to purchase local food products from NY farms.
    FeedMore WNY is facing a projected $3.5M loss in food for 2025, as 12 critical orders of protein, dairy, and produce scheduled for delivery between May and August have already been canceled, resulting in the loss of over 8,000 cases of food, including thousands of dozens of eggs. In 2024, TEFAP CCC purchases accounted for 13% of all food distributed by FeedMore WNY. This loss comes as hunger continues to surge across the region, with FeedMore experiencing a 46% increase in demand since 2021, serving tens of thousands of children, seniors, and working families each year.
    Schumer said these proposed cuts will limit food banks’ ability to keep shelves stocked as more people have been forced to rely on food banks to feed their families. Food bank workers and religious leaders across Upstate New York are concerned about the impact of potential cuts to SNAP on the people they serve, and farmers are worried there will be nowhere to sell their food if SNAP funding levels drop.
    “No matter which way you slice it, this Congressional Republican plan will screw Western New York families, food banks and farmers from farm to table. We need everyone to stand up to these cuts that would take away food from our neighbors in need,” added Schumer.
     “Deeply embedded in many religious traditions is the call to care for the vulnerable, forgotten, and poor in our midst. Offering them as we do, not just charity, but also justice that upholds their dignity and worth as human beings. And what is more basic in providing human dignity and worth for people, than providing them with the food they need? For 16 years I have pastored in WNY, and during that time I have witnessed over and over again the injustices that exist around our food system.  I have seen people who depend on programs like SNAP for their survival, especially the elderly and the children in my congregation, torn down and made to feel like they are unworthy because they cannot afford to eat. We cannot let the people we call our neighbors, our family, and our friends, go hungry in order to save those who already have more than what they need. That is why I am proud to stand with Senator Schumer, and other leaders in our community, to demand justice. To demand that our leaders uphold the dignity of all people, instead of choosing to take the food off their plates,” said Pastor Rebecca Mentzer, Prince of Peace Lutheran Church.
    “As the director of Primera’s Food Pantry, I see firsthand how many of our neighbors have to make impossible choices—between paying bills or putting food on the table,” said Pastor Cesar Galarza, Community Church Jehovah Jireh. “In recent months, we have seen a 50% increase in individuals who come to our pantry because they can no longer afford groceries. We are grateful to Senator Schumer for being here today and hearing about the nutritional insecurity that many people in our community face, and we urge more lawmakers to follow his lead. Our communities are struggling—not in theory, but in real life—and they need meaningful support to access the basic nutrition every person deserves.”
    “We hope for a day when we do not need millions of dollars in funding because the need in the community is lower – but that day is not today. Food insecurity remains a massive and growing problem across the country, including Western New York. Last year alone, more than 165,700 individuals relied on FeedMore WNY for food assistance, which was a 46 percent increase in just three years’ time. The federal government plays a critical role in alleviating food insecurity, and we appreciate the work Senator Chuck Schumer is doing to fight for this mission critical funding. In 2024, FeedMore WNY received more than $14.9 million in federal funding to purchase food for our food bank distribution network, offer community outreach with SNAP assistance, and provide prepared meals for our community dining sites and home-delivered meal clients. It is imperative that the federal government continue to fund and support food assistance programs including SNAP, TEFAP and Meals on Wheels. Any reduction or elimination of these vital funds would has a devastating effect on the charitable food assistance network and further exacerbate the already massive problem of hunger in WNY and throughout the nation,” said Collin Bishop, Chief Communications Officer FeedMore WNY.
    Proposed rollbacks to the country’s most widely utilized nutrition assistance program would strain budgets for Western NY families. Schumer said decimating funding for SNAP right as costs at grocery stores across the country are skyrocketing will hit the Western NY hard. According to the New York State Community Action Association, more than 14% of people in Erie County live in poverty, including more than 20% of children. According to No Kid Hungry, over half of New Yorkers reported going into debt in the past year due to rising food costs, with over 60% of families with children.
    SNAP not only supplements families’ food budgets, it has also generated great economic benefits for New York State and NY-26 specifically. According to the National Grocers Association, grocery stores across New York State sold over $2.1 billion in groceries to people using SNAP benefits, including $146.1 million in NY-26. This created more than 18,500 New York jobs in the grocery industry, including 1,288 in NY-26, and generated more than $820.8 million in grocery industry wages, including $356.9 million in NY-26.
    Schumer has been a strong advocate for addressing food insecurity in Western New York. Schumer last year secured $3 million for FeedMore WNY to build a new, 197,700-square-foot facility in the fiscal year (FY) 2024 spending bill. The senator secured $2 million to expand FeedMore WNY’s facility in the omnibus end-of-year spending package for FY2023. Additionally, in November 2023, Schumer announced over $40 million for food organizations across the state through the USDA funded New York Food for New York Families program with Governor Hochul, including $2 million for FeedMore and millions more for other Western NY food organizations and school districts.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Statement on House Republicans’ Bill to Defund Planned Parenthood, Slash Medicaid and Kick 13.7 Million Americans Off Their Health Care

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Former HELP Chair Murray has successfully beaten back Republican efforts to defund Planned Parenthood going back decades

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, released the following statement on House Republicans’ actions to undermine access to quality health coverage, including through provisions to “defund” Planned Parenthood and make deep cuts to Medicaid in their reconciliation bill that would result in at least 13.7 million people losing health insurance by 2034, according to the nonpartisan Congressional Budget Office. Republicans are aiming to enact their legislation via the budget reconciliation process, which only requires a simple majority to pass each chamber of Congress.

    “Defunding Planned Parenthood means ripping away millions of people’s ability to get cancer screenings, birth control, and lifesaving reproductive health care. Despite what Republicans try to claim, women cannot just ‘go somewhere else’ if Planned Parenthood shuts down—Planned Parenthood provides care to more than 2 million people every single year and for many people, those centers are their only source of health care. Defunding Planned Parenthood is defunding basic health care.

    “Americans have made clear time and again that they do not want politicians interfering in their health care—but Republicans are so hell-bent on ripping away reproductive freedom at any cost that they are refusing to listen to their own constituents. House Republicans’ attack on Planned Parenthood is part of their catastrophic proposal to pass the largest Medicaid cut in history, kick nearly 14 million Americans off their health insurance, and raise health care premiums on millions of Americans—all to create room in the budget to pass more tax cuts for billionaires.

    “Republicans tried and failed to defund Planned Parenthood in their last reconciliation bill and you can be sure that Democrats will be fighting with everything we’ve got to stop Republicans from ripping away access to care through Planned Parenthood this time around.”

    Senator Murray is a longtime leader in the fight to protect and expand access to reproductive health care and abortion rights and is widely credited with holding the line against any budget deal that would cut funding for Planned Parenthood in 2011 and leading the fight to uphold President Obama’s policy requiring insurers to cover birth control as part of the Affordable Care Act. Murray has led Congressional efforts to fight back after the Supreme Court’s disastrous decision overturning Roe v. Wade, introducing more than a dozen pieces of legislation to protect reproductive rights from further attacks, protect providers, and help ensure women get the care they need; Murray has led efforts to push for passage of these bills on the floor multiple times. Last year, on the anniversary of Roe v. Wade, Murray led her colleagues in hosting a “State of Abortion Rights” briefing with women who have suffered firsthand from Republican abortion bans, and last June, she chaired a HELP Committee hearing titled “The Assault on Women’s Freedoms: How Abortion Bans Have Created a Health Care Nightmare Across America.” Murray helped lead efforts to force Republicans on the record on votes to protect access to contraception and access to IVF (twice), and led her colleagues in raising the alarm about the threat a second Trump administration poses to reproductive rights and abortion access in every state, as outlined in Project 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Hickenlooper, Colleagues Fight to Protect Head Start, Meals on Wheels from Republican’s Budget Cuts

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado

    WASHINGTON – Today, U.S. Senator John Hickenlooper, along with the rest of the Senate Democratic Caucus, called out congressional Republicans’ plan to slash crucial programs Americans depend on, like Meals on Wheels and Head Start, to pay for tax cuts for the ultra-wealthy.

    “Congress should not give tax breaks to the wealthiest Americans by ripping away programs that almost 25 million Americans – close to 50% of whom are children – rely on for basic needs,” the senators wrote. “These devastating cuts will rip away access to child care and early education for close to 40,000 children, taking away programs that help set them up for successful lives.”

    Republicans have targeted two essential funding sources for social services programs – Temporary Assistance for Needy Families (TANF) and the Social Services Block Grant (SSBG) – putting nearly 25 million children, seniors, and families at risk across the country. Their extreme budget proposal also calls for Medicaid cuts of up to $880 billion, which would take away people’s health benefits; make it harder for them to see their health care providers; and prevent seniors from receiving nursing home care.

    Hickenlooper recently raised alarm about the latest estimate for how the proposed Republican budget to gut Medicaid would lead to millions of Americans losing health care. He also voted against the Republican budget resolution on the Senate floor and offered amendments to prevent cuts to Medicaid.

    Full text of the letter available HERE and below.

    An open letter to the public:

    The Trump Administration and Congressional Republicans are planning to give another round of tax handouts to the ultra-wealthy and corporations that are paid for by gutting funding that supports Meals on Wheels, Head Start, and other essential programs that seniors, children, and working families rely on. While Republicans maintain that they are not cutting benefits for people, they have zeroed-in on two essential funding sources for these programs – Temporary Assistance for Needy Families (TANF) and the Social Services Block Grant (SSBG) – putting children, seniors, and families at risk across the country.

    We write to make our position on this legislation perfectly clear: Congress should not give tax breaks to the wealthiest Americans by ripping away programs that almost 25 million Americans – close to 50% of whom are children – rely on for basic needs.

    Earlier this month, Congressional Republicans in the U.S. House of Representatives and U.S. Senate passed a budget that sets the stage for existential cuts to the safety net. Republican leaders claim they have no plans to eliminate essential services, but tens of billions in catastrophic cuts to these programs appeared on Republicans’ published wish list, alongside cuts to Medicaid and SNAP. State and local leaders confirm that eliminating SSBG and TANF would reduce programs that serve our most vulnerable as states and localities are already operating under tight budget constraints.

    These devastating cuts will rip away access to child care and early education for close to 40,000 children, taking away programs that help set them up for successful lives. This will force working parents to walk an even tighter economic tightrope and make impossible choices about whether to cut back their hours or leave their jobs altogether to take care of their children. Moreover, these funding cuts will disproportionately impact kinship families – families in which grandparents or other family members raise children – as TANF is often their sole federal support outside of Social Security and the foster care system.

    Along with children, seniors will bear the brunt of these cuts. For example, in South Carolina, the state’s adult protective services is funded entirely by SSBG, raising questions about how the state will be able to effectively identify and prevent elder abuse without these dollars. SSBG is also a critical funding source for Meals on Wheels programs across the country. If Congressional Republicans get away with eliminating SSBG, the local Meals on Wheels program in Abilene, Texas will be forced to cut services for over half of the 1,700 seniors and people with disabilities across 15 rural communities it currently feeds. It doesn’t get crueler than going after a program that seniors rely on to eat what is often their only meal of the day, and there are programs like these in every community.

    Right now, Republicans are writing the most consequential legislation contemplated in decades entirely behind closed doors. That’s because Trump and Congressional Republicans must hide the ugly truth – their legislation feeds corporate and wealthy individuals’ greed by abandoning vulnerable children, starving seniors, and cutting off families in need. You, your family, and your neighbors deserve far better.

    Democrats are fighting to protect your communities from Republican cuts.

    Join us and keep up the fight.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Disaster Assistance to Oklahoma Small Businesses, Nonprofits and Residents Affected by Spring Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Oklahoma small businesses, nonprofits and residents to offset physical and economic losses from severe storms and flooding beginning April 19. The SBA issued a disaster declaration in response to a request SBA received from Gov. Kevin Stitt on May 9.

    The disaster declaration covers the Oklahoma counties of Caddo, Comanche, Cotton, Grady, Kiowa, Stephens and Tillman.

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP)organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Interest rates are as low as 4% for businesses, 3.62% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    Beginning May 13, SBA customer service representatives will be on hand at a Disaster Loan Outreach Center (DLOC) to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their applications. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.

    “When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”

    The DLOC hours of operations are listed below.

    COMANCHE COUNTY
    Disaster Loan Outreach Center
    Patterson Community Center
    Library Room
    4 NE Arlington Dr.
    Lawton, OK  73507

    Opens at 12 p.m. Tuesday, May 13

    Mondays – Fridays, 9:00 a.m. – 5:30 p.m.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is July 11. The deadline to return economic injury applications is Feb. 12, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: Provident Financial Holdings Announces CFO Appointment

    Source: GlobeNewswire (MIL-OSI)

    RIVERSIDE, Calif., May 12, 2025 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company” or “Provident”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank” or “Provident”), today announced that Peter C. Fan has been appointed Senior Vice President, Chief Financial Officer, and Corporate Secretary of the Company and the Bank, effective May 12, 2025. Mr. Fan most recently served as Senior Vice President – Director of Finance and Treasury at Royal Business Bank since February 2024 and prior to that, as Senior Vice President – Finance at Pacific Western Bank from April 2014 to February 2024.

    President and Chief Executive Officer Donavon P. Ternes commented, “I am pleased to announce the newest member of Provident’s senior management team and extend a warm welcome to Mr. Fan. Peter brings a wealth of financial leadership experience – acquired throughout his banking career particularly with strategic corporate initiatives, liquidity and capital planning, asset-liability management, budgeting, and forecasting.   Peter, together with his colleagues at Provident, will continue our community banking focus which has served our local customers and communities very well for many years.”

    Mr. Fan’s educational background includes a Master of Business Administration from the University of California at Los Angeles and a Bachelor of Science in Accounting from the University of Southern California.   Mr. Fan is also a Certified Public Accountant in California (Inactive).

    About Provident

    With over $1.3 billion in total assets and 13 retail banking centers, Provident is the largest independent community bank headquartered in Riverside County, California, and has been serving the financial needs of its community since 1956. Provident’s community banking operations primarily consist of accepting deposits from customers and businesses within the communities surrounding its full-service offices and investing those funds in single-family, multi-family, commercial real estate, construction, commercial business, consumer, and other loans.

    Safe-Harbor Statement

    Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

    Contacts:

    Donavon P. Ternes
    President and 
    Chief Executive Officer 

    Tam B. Nguyen
    Senior Vice President and
    Chief Financial Officer

    (951) 686-6060

    The MIL Network –

  • MIL-OSI USA: Chinenye Anyanwu Named the 2025 School of Pharmacy Faculty Service Award Recipient

    Source: US State of Connecticut

    A 2009 graduate of UConn School of Pharmacy, Chinenye Anyanwu returned to Husky Nation to provide the same empowerment she once felt as a student. After serving as an Adjunct Pharmacy Professor, she joined UConn full-time in the Fall of 2021 as an Assistant Professor of Public Health in the Pharmacy Practice department.  

    Since returning to UConn, Anyanwu has served as the co-chair of the School’s Diversity Committee, where she led the committee’s efforts to conduct a climate assessment project to better understand the school’s climate and culture as it relates to inclusion and belonging. This work helped to inform the development of key priorities in the school’s strategic plan. She also mentored student members of the committee in their efforts to revive the Diversity Week Celebration, a weeklong series of educational and social events aimed at showcasing diverse backgrounds, fostering inclusion, and cultivating a sense of belonging among all members of the school community. 

    Anyanwu’s research focuses on understanding the root causes of health disparities, and she strives to improve the provision of pharmaceutical care for marginalized communities through community-based interventions, policy change, and advocacy. These passions were sparked during her time as a UConn student, “I think that was the time when a lot of seeds were planted for me. As a pre-professional student, I joined the Student National Pharmaceutical Association (SNPhA) and remained involved in the organization until I graduated. There were a lot of challenges we faced in just trying to establish an SNPhA chapter and get students involved, but I’m glad we didn’t give up. In my third year of pharmacy school, I participated in the Urban Service Track Program. Both SNPhA and UST taught me so much about health disparities, community outreach, and advocacy for marginalized communities.” Anyanwu developed a new service-learning opportunity opportunity for pharmacy students that aims to strengthen students’ capacity to educate community members on the safe use of medications while promoting health and wellness. The unique aspect of this service-learning opportunity (the Keney Park Summer Pop Up Wellness Series) is its use of an asset-based, community-driven approach, centering the efforts of various community organizations serving residents of the North End of Hartford. Anyanwu was awarded the Service Learning Preceptor of the Year Award for her efforts.   

    Headshot of Chinenye Anyanwu (UConn Photo)

    Anyanwu’s impact extends beyond the School of Pharmacy, especially notable in her position as the founding Faculty Director of the BSOUL House (Black Sisters Optimizing Unity and Leadership) Learning Community in the Office of First Year Programs & Learning Communities (FYP). BSOUL House officially launched as a living learning community in Fall 2023 and is designed to support the scholastic efforts of female students who identify as African American/Black through academic and social/emotional support, access to research opportunities, and professional development.   

    “I absolutely love working with the young women in BSOUL, they inspire me so much. As a UConn alum, being able to support a learning community that I didn’t have as a student is one of my greatest joys.” 

    Anyanwu is also active in various professional organizations, including the National Pharmaceutical Association, American Association of Colleges of Pharmacy, and American Public Health Association. 

    Receiving the Robert L. McCarthy Faculty Service Award is a full-circle moment for Anyanwu. As once an active student leader to now an active faculty member, her service to the school community has not wavered. “I’m grateful for receiving the award – this is something that I share with several individuals who were instrumental in my journey. I’m grateful for their vision, their mentorship, and their encouragement,” she says. 

    Anyanwu will receive her award during commencement weekend in May. 

    MIL OSI USA News –

  • MIL-OSI USA: UConn School of Nursing Celebrates its 2025 Graduates

    Source: US State of Connecticut

    The UConn School of Nursing (SoN) held its commencement ceremony at the Jorgensen Center for the Performing Arts this past Saturday, May 10, 2025. The school celebrated 217 graduates with friends and families gathering from all over to congratulate their loved ones.

    Dean Victoria Vaughan Dickson, Ph.D., RN, FAHA, FHFSA, FAAN, opened the ceremony with heartfelt remarks to the graduates.

    “As UConn Nurses, advanced practice nurses, nurse educators, leaders and scientists, you are essential to the future of nursing and the future of healthcare,” Dickson said. “You are well-prepared to care for individuals, families and communities from diverse backgrounds in ways that alleviate suffering, promote health and optimize well-being.”

    Graduates of the UConn School of Nursing stand in the Jorgensen Center for the Performing Arts after having their degrees conferred to them during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    This year, the Honorary Degree Recipient was Dr. Joan Y. Reede, dean for diversity and community partnership at Harvard Medical School. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed her pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds a master’s degree in public health, a master’s in health policy management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University.

    “You’re all connected in your commitment to helping others, to using your gifts and talents, in the service of others,” said Reede. “Today, you embark on the next part of your journey, of finding your path, your calling, your ability to actualize and reenvision what is possible, and then to make that possible happen, not alone, but with others.”

    The ceremony also included student speakers from each area of study: Sean Flaherty (bachelor’s graduate), John Sklepinski (master’s graduate), Nancy Dupont (DNP graduate), and Anne Reeder (Ph.D. graduate).

    Flaherty reminded the graduates of what it took to get to where they are today with help from all of those around them.

    “None of us got here alone. Today is a celebration not just of our accomplishments, but of the professors who challenged us, the preceptors who guided us, and the family and friends who supported us,” Flaherty said.

    School of Nursing graduates and their families gather outside the Jorgensen Center for the Performing Arts following the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    Reeder shared her journey as a student, nurse, wife, and mother. Passing on her wisdom as Ph.D. graduate, she imparted advice for her fellow 2025 graduates.

    “As you enter the next phase of your nursing journey, be open to the rich possibilities this profession has to offer you. You never know when the right job, at the right time, is going to shift your world on its axis, change your career trajectory, and transform your life and the lives of others,” Reeder remarked.

    Sklepinski and Dupont reflected on their UConn experience, telling everyone to never forget why they started this journey.

    “To my fellow graduates: Let’s continue to be the eyes and the ears for our patients and stay committed in making healthcare better, safer, and more equitable,” Sklepinski said. “And never forget the courage it took to get to this moment.”

    “This truly is an exciting time to be embarking on your nursing career. Achieving graduation means that you have earned one of the most treasured gifts one can have, being professionally and personally involved with those who need you at the most vulnerable and necessary times of their live,” said Dupont. “Please always remember in difficult and happy times that this is an honor and please keep that close to your heart.”

    Graduates of the UConn School of Nursing sit in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    A Bachelor of Science was given to 110 students and there were four valedictorians: Katherine DeVito, Khadija Ibrahim, Luke Maynard, and Madison Sastram. The Regina M. Cusson Healthcare Innovations Award went to Amy Setesak. The Carolyn Ladd Widmer Undergraduate Leadership Award was presented to Molly Brett. The Clara Williams Holistic Nurse Award went to Abigail Schwartz, and the Sigma Theta Tau undergraduate honor was presented to Katherine DeVito.

    Two students graduated with a Doctor in Philosophy degree (Ph.D.): Ashwag Saad Alhabodal and Anne Reeder. Reeder received the Carolyn Ladd Widmer Award for Outstanding Research and Sigma Theta Tau Ph.D. honor.

    There were 19 Doctor of Nursing Practice degree (DNP) recipients. The Josephine Dolan Award for the Scholarship of Application went to Rachel Butler. The Sigma Theta Tau honor went to Bryan Frankovitch, and the Eleanor K. Gill Award for Excellence in Clinical Practice was presented to Catherine Reilly.

    A Master’s of Science degree was given to 86 students. The degrees were divided into nine categories: Adult/Gerontology Acute Care Nurse Practitioner (19), Adult/Gerontology Primary Care Nurse Practitioner (9), Family Nurse Practitioner (14), Neonatal Nurse Practitioner (19), Post-Graduate Certificate NNP (2), Post-Graduate Certificate FNP (1), Post-Graduate Certificate AGACNP (5), Nursing Administration and Leadership (3), and Nurse Educator (14).

    The Eleanor K. Gill Award for Excellence in Clinical Practice was presented to three master’s students: Kelly Ho (Primary Care), Abigail Davis (FNP), and Kimberly Davis (Acute Care). Melody LoPreiato received the Sigma Theta Tau Master’s honor.

    Three faculty members also received awards. The E. Carol Polifroni Scholarship of Praxis Award went to Associate Clinical Professor Carrie Eaton, Ph.D., RNC-OB, C-EFM, CHSE. Dawn Sarage, MSN, RN, CNL, CMSRN, CHSE, a clinical instructor, received the John McNulty Excellence in the Scholarship of Clinical Education Award. Assistant Professor Christina Ross, Ph.D., RN, received the Regina M. Cusson Healthcare Innovations Award.

    Faculty and staff of the School of Nursing award degrees to graduate in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    Lastly, three faculty members were presented with the Pellegrina (Peggy) Lacovella Stolfi Clinical Teaching Award: Joseph Fetta, Ph.D., RN, CNRN, Carla Plourde, MSN, RN, and Kara Parker, MSN, RN.

    Congratulations to all award recipients, and an even bigger congratulations to the School of Nursing’s class of 2025. As Dickson said in her remarks “…take the spirit of inquiry that has brought you to us and fueled your academic success out into the world that trusts you and needs you. You are the future of health care, the future of Nursing! You are UConn Nurses!”

    You may not be students any longer, but you are and always will be huskies forever!

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp Signs Legislation to Make Georgia the Top State for Talent

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp, joined by Speaker Jon Burns and members of the Georgia General Assembly, today signed four important pieces of legislation into law that build on his administration’s commitment to strengthening Georgia’s workforce, expanding opportunity, and supporting hardworking students and families across the state.

    The bills signed today include HB 192, HB 38, HB 172, and SB 85. Together, they represent targeted investments in Georgia’s talent pipeline and critical updates to the tools and programs already helping Georgians succeed.

    “We’re proud Georgia has been recognized as the No. 1 state for business for an unprecedented 11 consecutive years,” said Governor Brian Kemp. “To build on that success, I announced at last year’s Workforce Summit that we would make Georgia not only the best state for business, but the Top State for Talent! Today, I am proud to sign the Top State for Talent Act, further aligning our education pipeline with the knowledge and skills that job creators are looking for.”

    Top State for Talent Act (HB 192)

    Sponsored by Representative Matthew Gambill and carried in the Senate by Senator Drew Echols, HB 192 codifies the Georgia MATCH program and reflects the work of the Governor’s Workforce Strategy Team in state law.

    College Completion Grant Extension (HB 38)

    Sponsored by Representative Chuck Martin and carried in the Senate by Senator Max Burns, HB 38 extends the sunset for the college completion grant program through 2029. The bill also lowers degree completion thresholds, increasing eligibility for students in both the University System of Georgia (USG) and Technical College System of Georgia (TCSG). These updates ensure more students can finish their degrees and enter the workforce job-ready.

    Rural Veterinary Loan Program Update (HB 172)

    Sponsored by Representative David Huddleston and carried in the Senate by Senator Matt Brass, HB 172 increases the loan purchase amount for veterinarians practicing food animal specialties in a rural part of the state from $80,000 over four years to $90,000 over three years.

    Georgia Foster Care Scholarship Program (SB 85)

    Sponsored by Senator Matt Brass and carried in the House by Representative Trey Kelley, SB 85 establishes the Georgia Foster Care Scholarship Program, which will provide up to $30,000 per year for eligible foster and former foster youth pursuing postsecondary education after all other federal or state grants, scholarships, or tuition waivers are applied.

    Governor Kemp expressed his gratitude to the bill sponsors and stakeholders who helped make these policies a reality, including:

    • HB 192: Rep. Matthew Gambill, Sen. Drew Echols, Rep. Chris Erwin, Sen. Max Burns, and members of the Workforce Strategy Team
    • HB 38: Rep. Chuck Martin, Sen. Max Burns, and Georgia Student Finance Commission (GSFC) Presidents Lynne Riley and Chris Green
    • HB 172: Rep. David Huddleston, Sen. Matt Brass, Rep. Chuck Martin, and Sen. Max Burns
    • SB 85: Sen. Matt Brass, Rep. Trey Kelley, LG Burt Jones, Speaker Jon Burns, Rep. Chuck Martin, and Sen. Max Burns

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Attorney General Alan Wilson demands accountability from Chinese messaging app WeChat about fentanyl trafficking, money launderingRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – Attorney General Alan Wilson and five bipartisan attorneys general today demanded accountability from WeChat over concerns that the Chinese messaging app is a key enabler of fentanyl trafficking and illegal money laundering in the United States. Fentanyl has contributed to hundreds of thousands of deaths in the United States.  

    “WeChat has become a digital safe haven for fentanyl traffickers and money launderers, and they know it,” said Attorney General Wilson. “This Chinese-owned app is helping cartels push poison into our communities and move blood money across the globe. Enough is enough. If WeChat won’t shut down these criminal operations on their platform, we’ll use every legal tool available to expose them and stop them. South Carolina will not stand by while American lives are destroyed for profit.”

    WeChat is a messaging and payment app used by over a billion people in China and over 19 million people in the United States, including in South Carolina. Several law enforcement and financial crime investigations have revealed that WeChat allows for fentanyl traffickers to communicate about how to launder the money from fentanyl and other drug sales. WeChat is encrypted, so traffickers use the app to move millions of dollars in cash from the United States through a complicated set of transactions to China, and then to Mexico, where the bulk of fentanyl is produced.  

    In South Carolina and in the United States, it’s illegal to launder drug money. The attorneys general are demanding that WeChat provide specific answers to the states in the next 30 days about what steps WeChat is taking to stop this dangerous and unlawful activity from taking place on their platform.  

    Across the country, WeChat has played a key role in several criminal prosecutions targeting fentanyl trafficking operations, including:  

    • The 2021 conviction of money launderer Xizhi Li for running a transnational criminal ring using WeChat to move bulk cash between Chinese financial operations and drug cartels.  
    • Operation Chem Capture, a 2023 incident where eight companies and 12 people were indicted for using apps, including WeChat, to sell the chemicals used to make fentanyl.  
    • Mexico’s Sinaloa drug cartel and Chinese money laundering organizations use WeChat to launder the proceeds of fentanyl sales in the United States.  
    • Last month, the U.S. Department of Justice arrested and charged three members of an international money laundering ring in South Carolina for allegedly using WeChat to launder money from fentanyl sales. 

    Yet, despite this pattern of misuse, WeChat has not taken any action to address the issues in its app that facilitate fentanyl trafficking and money laundering.  

    North Carolina Attorney General Jeff Jackson, South Carolina Attorney General Alan Wilson, Colorado Attorney General Phil Weiser, Mississippi Attorney General Lynn Fitch, New Hampshire Attorney General John Formella, and New Jersey Attorney General Matt Platkin joined together on this letter to WeChat.  

    You can read the letter here.

    You can watch the press conference here.

    MIL OSI USA News –

  • MIL-OSI Security: Francis Creek Man Indicted on Federal Crimes Against Minors

    Source: Office of United States Attorneys

    Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced that on May 12, 2025, a federal indictment was unsealed alleging that Michael J. Kornely (age: 75) of Francis Creek, Wisconsin, transported two separate minor victims across state lines with the “intent to engage in criminal sexual activity,” in violation of Title 18, United States Code, Section 2423(a), in the years 2005 and 2006.

    Kornely is further alleged to have used a computer to attempt to “persuade, induce, and entice” a minor to engage in unlawful sexual activity contrary to Title 18, United States Code, Section 2422(b). That crime is alleged to have occurred in March of 2024.   

    If convicted of any of the three charges alleged in the indictment, Kornely faces a mandatory 10 years’ imprisonment and up to a lifetime of incarceration. He may also be fined up to $250,000 and would be required to register as a sexual offender under state and federal law.

    This case was investigated by the Manitowoc County Sheriff’s Office and the Federal Bureau of Investigation with the assistance of the Two Rivers Police Department. It will be prosecuted by Assistant United States Attorney Daniel R. Humble and Timothy W. Funnell.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006, by the U.S. Department of Justice. Led by U.S. Attorneys’ Offices and the Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    An indictment is only a charge and is not evidence of guilt.  The defendant is presumed innocent and is entitled to a fair trial at which the government must prove him guilty beyond a reasonable doubt.     

    # # #

    For Additional Information Contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    414-297-1700

    Follow us on Twitter

    MIL Security OSI –

  • MIL-OSI Security: Miami-Dade Transit Supervisor, Wife, and Metrorail Contractor Plead Guilty to Bribery

    Source: Office of United States Attorneys

    MIAMI – Miami-Dade Transit Track and Guideway Supervisor Dale Robinson, his wife Marcia Robinson, and Jessie Bledsoe, a contractor doing work for Miami-Dade Transit, pled guilty in related cases to Federal charges.  Dale Robinson pled guilty to soliciting a bribe from Bledsoe in connection with the issuance of Metrorail repair and maintenance contracts. Marcia Robinson pled guilty to misprision of a felony for helping her husband cover up the bribery. Jessie Bledsoe pled guilty to paying a bribe to Dale Robinson in connection with his contracts with Miami-Dade Transit.  Dale Robinson and Marcia Robinson entered their guilty pleas before U.S. Magistrate Judge Ellen F. D’Angelo and they were accepted by U.S. District Judge K. Michael Moore, while Bledsoe entered his guilty plea in Miami last week before U.S. District Judge Beth Bloom.

    According to the facts admitted at the change of plea hearings, Dale Robinson was the acting General Superintendent and lead Rail Structure and Track Supervisor in the Track and Guideway unit of Miami-Dade Transit. His responsibilities included making recommendations about contractors to be chosen to do Metrorail track maintenance and repair work for the transit unit and overseeing the work done by those contractors, including Bledsoe.  Bledsoe was the co-owner and operator of JB Railroad Contracting, Inc. (JB Railroad), a North Dakota-based company that did railroad track and rail replacement, repair, and maintenance work throughout the United States, including on the Metrorail system.   

    In or around January 2021, while JB Railroad was working on a previously obtained contract for the removal and replacement of Metrorail track fasteners and was in the process of seeking an additional contract to do welding work on the Metrorail system for Miami-Dade Transit, Dale Robinson requested a large bribe from Bledsoe. Bledsoe agreed to pay Robinson that bribe, which was intended to influence Robinson’s selection of the contractor for the upcoming welding project. Bledsoe also agreed to concealing the payment by making it to a company specified by Dale Robinson.

    After this, in late January 2021, Dale Robinson directed his wife, Marcia Robinson, who lived in Maryland, to create a company named Tailored Railroads & Consulting LLC and to open a company checking account on which she would serve as the sole signatory.  Marcia Robinson did this, filing the company paperwork in the State of Maryland.  Dale Robinson then provided the information about Tailored Railroads to Bledsoe so that Bledsoe could disguise the payments intended for Dale Robinson’s personal benefit by making them via checks from JB Railroad to Tailored Railroads.

    After the bribe had been solicited by Dale Robinson, and after Tailored Railroads was created and the checking account opened by Marcia Robinson, during the period of February 2021 through February 2022, Dale Robinson directed Marcia Robinson to send a total of four invoices from Tailored Railroads to JB Railroad.  When Marcia Robinson sent each of these invoices, she knew that Tailored Railroads had not provided goods or services of any type to JB Railroad.

    Bledsoe then caused JB Railroad to issue checks to Tailored Railroads to pay these invoices, even though Tailored Railroads provided no goods or services to JB Railroad, because these actually were the payments of the bribe solicited by Dale Robinson.  A total of four checks were issued from JB Railroad to Tailored Railroads during the period of February 2021 through March 2022 to pay these four invoices.  These four checks totaled approximately $75,956, the amount that Bledsoe ultimately provided to Tailored Railroads for the personal benefit of Dale Robinson in response to Dale Robinson’s bribe solicitation.

    While not knowing all the details of her husband’s illegal bribery agreement with Bledsoe, when the four checks were issued to Tailored Railroads, Marcia Robinson knew that the funds were being paid by Bledsoe for Dale Robinson’s personal benefit in connection with Dale Robinson’s recommendation of JB Railroad for work to be performed for Miami-Dade Transit. Despite this, she did not inform authorities of her husband’s crime, and her actions all helped to conceal his criminal activity.  In addition, beyond issuing these four invoices and receiving the four payments from JB Railroad, Tailored Railroads engaged in no other activity of any type, and it eventually was administratively dissolved by the State of Maryland.

    Dale Robinson and Marcia Robinson are scheduled for sentencing on July 10, 2025, at 2:00 p.m. before U.S. District Judge K. Michael Moore in Miami.  Dale Robinson faces a possible maximum sentence of up to 10 years in prison and Marcia Robinson faces a possible maximum sentence of up to three years in prison.

    Jessie Bledsoe is scheduled for sentencing on August 1, 2025, at 10:30 a.m. before U.S. District Judge Beth Bloom in Miami.  Bledsoe faces a possible maximum sentence of up to 10 years in prison

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett Skiles of FBI Miami, and Inspector General Felix Jimenez of the Miami-Dade County Office of Inspector General (MDC-OIG) announced the guilty pleas.

    Assistant U.S. Attorney Edward N. Stamm is prosecuting both cases and Assistant U.S. Attorney Marx Calderon is handling the forfeiture matters on both cases.    

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 25-cr-20168.

    ###

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Guilty of Fraudulent Vehicle Purchase Scheme

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that KENNETH RICHMOND (“RICHMOND”), age 64, a resident of New Orleans, pled guilty on May 9, 2025, to Counts 1 and 6 of an indictment charging him with conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349, and aggravated identity theft, in violation of Title 18, United States Code, Section 1028A.

    RICHMOND faces up to twenty (20) years in prison and up to three (3) years of supervised release as to Count 1.  As to Count 6, he faces a mandatory consecutive prison sentence of two (2) years, followed by a term of supervised release for up to one (1) year.  For each count, RICHMOND also faces payment of a fine of up to $250,000, and a mandatory special assessment fee of $100. 

    According to court documents, in 2022, RICHMOND conspired with another person to use fake and stolen personal identifying information to make fraudulent vehicle purchases from a local car dealership.  The vehicle purchases were financed through a financial institution, and several of the loans went into default.  This fraud caused a loss of approximately $124,031.41 to the dealership.  As part of this scheme, RICHMOND knowingly used a real person’s name, date of birth, and Social Security Number, without permission, to purchase a Dodge Challenger in July of 2022. 

    The Honorable Barry Ashe set RICHMOND’s sentencing for August 14, 2025.

    The U.S. Attorney’s Office would like to acknowledge the work of the United States Secret Service, St. John the Baptist Parish Sheriff’s Office, and the Louisiana Department of Public Safety.  The prosecution of this case is being handled by Assistant United States Attorney Maria Carboni of the Financial Crimes Unit.

    *        *       *

    MIL Security OSI –

  • MIL-OSI Security: Fall River Woman Sentenced for Stealing Nearly $90,000 in Social Security Benefits Intended for Her Child

    Source: Office of United States Attorneys

    BOSTON – A Fall River woman was sentenced today in federal court in Boston for stealing her child’s Social Security benefits over a period of six years.    

    Nancy Taylor, 45, was sentenced by U.S. District Court Chief Judge F. Dennis Saylor IV to 10 months in prison, to be followed by three years of supervised release. Taylor was also ordered to pay $86,994 in restitution. In February 2025, Taylor pleaded guilty to one count of theft of government money. Taylor was indicted by a federal grand jury in April 2024.

    From May 2016 through May 2022, Taylor embezzled approximately $86,994 in Social Security benefits that were intended for her minor child. In August 2014, when Taylor applied to receive benefits on behalf of her child as a representative payee, the Social Security Administration (SSA) informed her of her obligation to notify SSA if her child left her custody.  However, Taylor did not notify SSA when she lost custody of her child in May 2016. Instead, Taylor called SSA in October 2021 to update contact information for the child so that she could continue receiving her child’s benefits. Further, in June 2022, Taylor visited an SSA field office to reactivate her receipt of her child’s benefits and provided two fraudulent forms claiming that her child still lived with her and that she spent all the Social Security benefits she received for her child’s care. In reality, Taylor used the vast majority of the stolen funds to pay her own bills.

    United States Attorney Leah B. Foley and Amy Connelly, Special Agent-in-Charge of the U.S. Social Security Administration, Office of the Inspector General, Office of Investigations, Boston Field Division made the announcement. Special Assistant U.S. Attorney James J. Nagelberg of the Major Crimes Unit prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Perimeter Acquisition Corp. I Announces Pricing of Upsized $210,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) — Perimeter Acquisition Corp. I (Nasdaq: PMTRU) (the “Company”), a special purpose acquisition company, today announced the pricing of its upsized initial public offering of 21,000,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “PMTRU” beginning May 13, 2025. Each unit consists of one ordinary share and one-half of one redeemable warrant. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “PMTR” and “PMTRW”, respectively.

    The offering is expected to close on May 14, 2025, subject to customary closing conditions.

    Citigroup Global Markets Inc. is serving as the sole book-running manager for the offering. The underwriter has been granted a 45-day option to purchase up to an additional 3,150,000 units offered by the Company to cover over-allotments, if any.

    A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission (“SEC”), and was declared effective on May 12, 2025. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: 800-831-9146.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Perimeter Acquisition Corp. I

    Perimeter Acquisition Corp. I is a public acquisition vehicle and intends to target companies in the defense and national security sectors where its management has extensive investment and operational experience. In addition, the Company expects to evaluate opportunities relating to technology, including opportunities at the convergence of defense, technology, and national security. The Company believes that its management team is positioned to drive ongoing value creation post-business combination and is well suited to identify opportunities that have the potential to generate attractive risk-adjusted returns for its shareholders.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Investor and Media Contact

    Investor Contact:
    Josef Valdman
    jvaldman@perimeteracq.com
    (512) 200-2533

    Media Contact:
    Bernardo Soriano
    Gregory FCA for Perimeter Acquisition Corp. I 
    bernardo@gregoryfca.com
    (914) 656-3880

    The MIL Network –

  • MIL-OSI USA: ICYMI: Sullivan Applauds “Big and Bold” Upgrades to Alaska Aviation Safety

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan

    05.12.25

    WASHINGTON—U.S. Senator Sullivan (R-Alaska) welcomed the announcement of upgrades to air traffic control systems with Alaska-specific provisions from the Department of Transportation (DOT) in an interview on Friday with Alaska’s News Source. The federal overhaul includes top-to-bottom reforms to the U.S. air traffic control system and the addition of 174 new weather stations specifically for Alaska. Sen. Sullivan emphasized the transformative potential of these upgrades for Alaska aviation safety.

    The planned upgrades follow Secretary of Transportation Sean Duffy’s commitment to Sen. Sullivan to strongly support Alaska aviation safety, especially as Alaska faces an aviation accident rate 2.35 times higher than the national average.

    Click here or the image above to watch Sen. Sullivan’s interview.

    ‘It is big and it is bold’: safety upgrades could improve flying in Alaska

    By: Rebecca Palsha

    May 9, 2025

    ANCHORAGE, Alaska (KTUU) – Alaska is getting much-needed upgrades to improve the safety of flying in Alaska.

    That news was hailed as a major win for a state with the highest crash and fatality flying rates in the country.

    “It is big and it is bold and it is needed,” Sen. Dan Sullivan said Friday morning.

    “This is a giant announcement. I am very, very excited,” Sullivan went on to say.

    Sullivan said the state will get 174 new weather stations, which is part of Department of Transportation air traffic control and safety infrastructure upgrades across the country.

    “We’ve got to look at the details,” Sullivan said. “Some of them will be new, some of them will be updated.”

    According to Sullivan’s office, the state Department of Transportation and Public Facilities — among other upgrades in the United States — will replace antiquated telecommunications with new fiber, wireless, and satellite technologies at over 4,600 sites, with 25,000 new radios and 475 new voice switches as well as replacing 618 radars which have gone past their life cycle.

    …

    “174 — that is a huge number,” Sullivan said. “Even I was shocked, and I’ve been pressing this issue for 10 years.”

    The plan will need approval from Congress.

    Click here to read the full article.

    MIL OSI USA News –

  • MIL-OSI USA: Senators Peters, Ernst Introduce Bipartisan Resolution to Designate May as Motorcycle Safety Awareness Month

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – U.S. Senators Gary Peters (D-MI) and Joni Ernst (R-IA), co-chairs of the Senate Motorcycle Caucus, introduced a bipartisan resolution to designate May as “Motorcycle Safety Awareness Month” to promote safe driving practices for the millions of motorcycle riders in America. 
    “I firmly believe there is no better way to see the beauty of our state than on a motorcycle and keeping our roadways safe for both riders and drivers is extremely important to me,” said Senator Peters. “I’m proud to once again introduce this resolution recognizing the millions of riders in Michigan and across our country and encouraging everyone to use best practices that will keep folks safe on our roads.”
    “From delivering messages as a young girl to my dad while he was working out in the fields to riding through the rolling hills of Northeast Iowa with family and friends, some of my most cherished memories include motorcycles,” said Senator Ernst. “As the weather warms up and folks hit the road, I’m excited to share my love of riding while highlighting safety and rider education this Motorcycle Safety Awareness Month.”
    U.S. Representative Tim Walberg (R-MI-05) is leading the resolution in the House of Representatives. 
    “Across the country, and in Michigan, we have a passionate riding community, which I am proudly a member of,” said Rep. Walberg. “The start of spring means a growing number of riders in Michigan are enjoying the open road and the benefits motorcycles bring. However, in 2023, the National Highway Traffic Safety Administration (NHTSA) reported 6,335 motorcycle fatalities, highlighting the urgent need for collaborative efforts to enhance motorcycle awareness and safety. This bipartisan, bicameral resolution serves as an important opportunity to encourage all road users to share the road, stay aware, and drive smart.”
    “Senators Peters and Ernst have long been champions of the motorcycle industry and we thank them for highlighting Motorcycle Safety Awareness Month by authoring this resolution,” said Scott Schloegel, Senior Vice President of the Motorcycle Safety Foundation, and the Motorcycle Industry Council. “As riders themselves, the Senators have surely encountered instances of car & truck drivers encroaching on motorcycles when changing lanes or vehicles turning in front of motorcyclists due to a lack of attention.  May is a time when many riders are returning to the roads after the winter season and it is the perfect time to remind all road users to lookout for motorcycles as we share the roads.”

    According to the National Highway Traffic Safety Administration (NHTSA), 6,335 motorcyclists were killed in 2023, accounting for 15 percent of all traffic fatalities. This is the highest number of motorcyclist fatalities on record since the Fatality Analysis Reporting System (FARS) began data collection in 1975. Motorcycle Safety Awareness Month aims to address these safety concerns by promoting roadway education, safety training opportunities, and the use of proper gear for motorcycle operation. 
    The text of the resolution can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Amid Potential Army Budget Cuts, Senator Peters Presses Army Undersecretary Nominee on the Impact to Michigan’s Defense Facilities

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 05.12.2025

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) underscored the importance of Michigan’s defense production assets during a confirmation hearing in the Armed Services Committee for Michael A. Obadal, President Trump’s nominee to be Under Secretary of the Army. Obadal’s nomination comes as the Army has begun to implement its “Army Transformation Initiative” – an effort to reduce its top-line budget. During the hearing, Peters emphasized the significance of the work carried out at the Detroit Arsenal and the Ground Vehicle Systems Center (GVSC) in Warren, and raised concerns about the impact of potential cuts to these critical defense and economic assets. 
    “I enjoyed our conversation in my office prior to today’s hearing. As we were sitting in the office, the Army Transformation Initiative had just come out. We had an opportunity to talk about that some in the office. But I wanted to follow up because I know you needed more time to take a look at that,” said Senator Peters, a member of the Armed Services Committee and former Lieutenant Commander in the U.S. Navy Reserve. “We talked, if you recall, about the Detroit Arsenal and the Ground Vehicle Systems Center, which are really the center and the heart of the Army’s research and development acquisition and supply chain issues. So, I’m concerned about what impact this could have, and I want to reach out to you again and ask if you’ve had a chance to review it? And what sort of impact do you think it will have on the Detroit Arsenal and GVSC? And is it something we can certainly work on together?”
    In his response, Obadal acknowledged Michigan’s key role as a vehicle hub for the Army and committed to working with Peters on the issue moving forward. 

    To watch the full video of Senator Peters’ questioning, click here.
    Through his role on the Armed Services and Appropriations Committees, Peters has strongly advocated for the Detroit Arsenal and the GVSC as a hub for the development of new cutting-edge technologies that will continue to play a critical role in our national defense and help create good paying jobs in Michigan. 
    Last year, Peters secured $37 million for the construction of a manned/unmanned tactical vehicle lab in Macomb County in the annual defense bill that was signed into law. This builds on funding Peters previously secured for the planning and design of this lab. This space will allow for more efficient testing of these technologies in a System Integration Lab at the Detroit Arsenal located on Macomb County’s Defense Industrial Corridor. The work of this new center will be critical to the Army’s efforts to develop the next generation of unmanned ground vehicle technologies. In recent government funding legislation that was signed into law, Peters also secured $72 million in funding to create research and development laboratory space at the Detroit Arsenal to support its advanced tactical and combat system mission functions.

    MIL OSI USA News –

  • MIL-OSI: 3D Systems Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ROCK HILL, S.C., May 12, 2025 (GLOBE NEWSWIRE) — 3D Systems Corporation (NYSE:DDD) announced today its financial results for the first quarter ended March 31, 2025.

    • Revenue of $95 million as growth in new hardware systems and related services was offset by a decline in materials sales driven primarily by inventory management in the dental aligner market.
    • Previously announced $50 million cost savings initiative proceeding on schedule for completion by mid-2026. Reduction in operating expenses in Q1 continues to reflect the Company’s focus on cost and efficiency.
    • Company announcing an additional cost reduction initiative estimated to deliver $20 million incremental savings in 2025 to accelerate organizational alignment in response to potential macroeconomic and tariff risks.
    • Company withdrawing full year guidance due to risk of protracted weakness in customer capex spending. Top priority on delivering profitability at current scale. Strong new product portfolio spanning all metal and polymer platforms positions company well for accelerated growth and profitability when customer capex rebounds.
    • Balance sheet significantly strengthened as April sale of Geomagic portfolio provided over $100 million post-tax increase to Company cash reserves, which totaled approximately $250 million as of April 30, 2025.
    Unaudited Three Months Ended
    (in millions, except per share data) March 31, 2025   March 31, 2024
    Revenue $ 94.5     $ 102.9  
    Gross profit $ 32.7     $ 40.9  
    Gross profit margin   34.6 %     39.8 %
    Operating expense $ 69.5     $ 80.8  
    Operating loss $ (36.8 )   $ (39.9 )
    Net loss attributable to 3D Systems Corporation $ (37.0 )   $ (16.0 )
    Diluted loss per share $ (0.28 )   $ (0.12 )
           
    Non-GAAP measures for year-over-year comparisons    
    Non-GAAP gross profit margin   35.0 %     40.1 %
    Non-GAAP operating expense $ 61.6     $ 66.3  
    Adjusted EBITDA $ (23.9 )   $ (20.1 )
    Non-GAAP diluted loss per share $ (0.21 )   $ (0.17 )
                   

    Summary Comments on Results

    Dr. Jeffrey Graves, president and CEO of 3D Systems said, “Our first quarter revenues reflect a continuation of challenging top-line pressures as many customers are delaying their capital investments in order to get greater clarity around potential tariff impacts on their manufacturing and distribution strategies. This is in addition to the ongoing geopolitical and broader macroeconomic uncertainty that we have been experiencing for some time. We believe that these factors led to a noticeable dampening of our customers’ near-term capital spending, particularly in consumer-facing and service bureau related end markets. While we were pleased to see this growth in new printer sales for the second straight quarter, the rate was clearly impacted by these capital spending delays. Encouragingly, this growth in printer sales was driven predominantly by our newest hardware systems, as our strengthened technology portfolio delivered strategic wins for all three of our metal printing platforms, and steady growth broadly in Aerospace and Defense markets. These wins bode well for the future, particularly in the high-reliability Healthcare and Industrial markets, which include Aerospace and Defense, and AI infrastructure, areas that have been an increasing focus for us for some time. These trends were true not only in our US markets, but also in Europe, Asia and the Middle East. With regard to materials sales, the decline we experienced was primarily related to short-term inventory management in the dental orthodontics market. More broadly within our Healthcare segment, we delivered impressive results in spite of the broader economy, with 17% growth in our Personalized Healthcare business, and 18% in our manufacturing operations for FDA-approved parts – both crucial elements of our growth strategy moving forward.”

    Dr. Graves continued, “While margins remained under pressure given lower volumes and less favorable mix, we are focused intently on the items within our direct control. In this respect, our cost reduction plans that we announced last quarter are gaining momentum and contributed approximately $5 million of year-over-year improvement in operating expenses in Q1. While this is the progress we had anticipated, as we continue to assess the unpredictability of the current demand environment, we are taking a more conservative view with respect to revenue expectations for the remainder of 2025 and have announced additional, incremental actions to drive profitability improvements. These latest actions will ensure that our organizational capacity is aligned to our current demand environment. These new actions will be taken in the short term and are designed to deliver $20 million of in-year savings for 2025. Our deliberate preservation of R&D investments over the last few years has yielded a significant wave of new technology introduction across the entirety of our product portfolio, including both our polymer and metal platforms. While the short-term impact on profitability from these investments has been painful, based upon the strong customer interest we have received in these new products, we believe the strength of our offerings and the groundwork we have laid through our application specialists, will be a key competitive differentiator in the market as the headwinds on customer capex spending recede and new production inroads are expanded upon. This is particularly true in metal applications, where our new systems are increasingly preferred for high-quality/high-reliability component manufacturing, for applications within the human body, and in advanced industrial systems. With many of these new products now entering the critical phase of commercialization, our focus can expand to cost reduction activities, including significant footprint consolidations, simplification and modernization of our back-office activities, and a reorganization of our workforce to better align it with current market conditions. Given the scale of our company, we believe these actions can deliver profitability and the positive cash performance needed to sustain our development efforts and serve our customers’ production needs as they expand around the world. In addition, with the closing of our Geomagic asset sale in early April, we have strengthened our balance sheet by adding over $100 million of net proceeds, ending the most recent month with approximately $250 million of cash.”

    Dr. Graves concluded, “So, in short, we have followed a very deliberate strategy for the last three years of investing to be a technology leader in both metals and polymers, and one that has full control over all design, production and sourcing operations that are essential to the quality of our products, as the market for new production applications of 3D printing now opens in earnest. While the short term headwinds driven by tariff risks and other factors are painful and require us to implement significant cost savings initiatives, in the longer-term the new opportunities for localized manufacturing within the US, Europe, India and other nations is a significant driver for long-term value creation for all of our stakeholders.”

    First Quarter 2025 Results

    Revenue for the first quarter of 2025 decreased 8% to $94.5 million compared to the same period last year. The revenue decrease primarily reflects lower materials sales, partially offset by growth in services and hardware systems.

    Healthcare Solutions revenue decreased 9% to $41.3 million compared to the prior year period.

    Industrial Solutions revenue decreased 7% to $53.2 million compared to the prior year period.

    Gross profit margin for the first quarter of 2025 was 34.6% compared to 39.8% in the same period last year. Non-GAAP gross profit margin was 35.0% compared to 40.1% in the same period last year and decreased primarily due to lower volumes and unfavorable price and mix.

    Net loss attributable to 3D Systems Corporation increased by $21.0 million to a loss of $37.0 million in the first quarter of 2025 compared to the same period in the prior year.

    Adjusted EBITDA decreased by $3.8 million to a loss of $23.9 million in the first quarter of 2025 compared to the same period last year primarily driven by lower volumes and unfavorable price and mix, partially offset by an improvement in operating expenses as result of previously announced cost reduction actions.

    2025 Outlook

    Due to the risk of protracted weakness in customer capital investment spending, the Company is withdrawing full year guidance for 2025 as it continues to focus on delivering profitability at its current scale. The Company believes with its strong new product portfolio, spanning all metal and polymer platforms, it is well-positioned for accelerated growth and profitability when customer spending on capex rebounds.

    Financial Liquidity

    At March 31, 2025, cash and cash equivalents totaled $135.0 million and decreased $36.3 million since December 31, 2024. This decrease resulted primarily from cash used in operations of $33.8 million and capital expenditures of $2.8 million. At March 31, 2025, the company had total debt, net of deferred financing costs of $212.3 million.

    Q1 2025 Conference Call and Webcast

    The company will host a conference call and simultaneous webcast to discuss these results on May 13, 2025, which may be accessed as follows:

    Date: Tuesday, May 13, 2025
    Time: 8:30 a.m. Eastern Time
    Listen via webcast: www.3dsystems.com/investor
    Participate via telephone: 201-689-8345

    A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor.

    Forward-Looking Statements

    Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.

    About 3D Systems

    More than 35 years ago, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

     
    3D SYSTEMS CORPORATION
    Condensed Consolidated Balance Sheets
    (Unaudited)
     
    (in thousands, except par value) March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 135,040     $ 171,324  
    Accounts receivable, net of reserves — $2,621 and $2,433   104,691       101,471  
    Inventories   120,045       118,530  
    Prepaid expenses and other current assets   39,172       34,329  
    Assets held for sale   2,936       3,176  
    Total current assets   401,884       428,830  
    Property and equipment, net   50,918       51,044  
    Intangible assets, net   17,874       18,020  
    Goodwill   15,102       14,879  
    Operating lease right-of-use assets   51,983       50,715  
    Finance lease right-of-use assets   8,504       8,726  
    Long-term deferred income tax assets   2,107       2,063  
    Other assets   34,983       34,569  
    Total assets $ 583,355     $ 608,846  
    LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY      
    Current liabilities:      
    Current operating lease liabilities $ 11,775     $ 9,514  
    Accounts payable   39,767       41,833  
    Accrued and other liabilities   44,310       45,488  
    Customer deposits   5,750       4,712  
    Deferred revenue   32,110       27,298  
    Liabilities held for sale   10,305       10,251  
    Total current liabilities   144,017       139,096  
    Long-term debt, net of deferred financing costs   212,310       211,995  
    Long-term operating lease liabilities   51,525       52,527  
    Long-term deferred income tax liabilities   2,001       2,076  
    Other liabilities   25,829       25,001  
    Total liabilities   435,682       430,695  
    Commitments and contingencies      
    Redeemable non-controlling interest   2,034       1,958  
    Stockholders’ equity:      
    Common stock, $0.001 par value, authorized 220,000 shares; shares issued 135,361 and 135,510 as of March 31, 2025 and December 31, 2024, respectively   135       136  
    Additional paid-in capital   1,596,747       1,593,366  
    Accumulated deficit   (1,399,229 )     (1,362,243 )
    Accumulated other comprehensive loss   (52,014 )     (55,066 )
    Total stockholders’ equity   145,639       176,193  
    Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 583,355     $ 608,846  
                   
    3D SYSTEMS CORPORATION
    Condensed Consolidated Statements of Operations
    (Unaudited)
     
      Three Months Ended
    (in thousands, except per share amounts) March 31, 2025   March 31, 2024
    Revenue:      
    Products $ 54,723     $ 64,051  
    Services   39,817       38,854  
    Total revenue   94,540       102,905  
    Cost of sales:      
    Products   37,365       39,587  
    Services   24,486       22,396  
    Total cost of sales   61,851       61,983  
    Gross profit   32,689       40,922  
    Operating expenses:      
    Selling, general and administrative   49,769       57,304  
    Research and development   19,683       23,480  
    Asset impairment charges   —       —  
    Total operating expenses   69,452       80,784  
    Loss from operations   (36,763 )     (39,862 )
    Non-operating income (loss):      
    Foreign exchange gain, net   1,139       1,909  
    Interest income   953       2,798  
    Interest expense   (581 )     (714 )
    Other (loss) income, net   (160 )     21,386  
    Total non-operating income   1,351       25,379  
    Loss before income taxes   (35,412 )     (14,483 )
    Provision for income taxes   (671 )     (1,371 )
    Loss on equity method investment, net of income taxes   (903 )     (247 )
    Net loss before redeemable non-controlling interest   (36,986 )     (16,101 )
    Less: net loss attributable to redeemable non-controlling interest   —       (100 )
    Net loss attributable to 3D Systems Corporation $ (36,986 )   $ (16,001 )
           
    Net loss per common share:      
    Basic $ (0.28 )   $ (0.12 )
    Diluted $ (0.28 )   $ (0.12 )
           
    Weighted average shares outstanding:      
    Basic   132,462       130,820  
    Diluted   132,462       130,820  
                   

    3D SYSTEMS CORPORATION
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)

      Three Months Ended
    (in thousands) March 31, 2025   March 31, 2024
    OPERATING ACTIVITIES      
    Net loss before redeemable non-controlling interest $ (36,986 )   $ (16,101 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   5,712       7,272  
    Accretion of debt discount   316       434  
    Stock-based compensation   4,168       8,252  
    Non-cash operating lease expense   2,371       2,728  
    Provision for inventory obsolescence   1,311       4,259  
    Provision for bad debts   325       (71 )
    Loss on the disposition of businesses, property, equipment and other assets   128       155  
    Gain on debt extinguishment   —       (21,518 )
    Provision for deferred income taxes and reserve adjustments   1,652       714  
    Loss on equity method investment, net of taxes   903       247  
    Changes in operating accounts:      
    Accounts receivable   (1,231 )     (2,391 )
    Inventories   (1,870 )     30  
    Prepaid expenses and other current assets   (4,078 )     (3,277 )
    Accounts payable   (2,799 )     (8,708 )
    Deferred revenue and customer deposits   5,745       7,854  
    Accrued and other liabilities   (4,144 )     (1,017 )
    All other operating activities   (5,309 )     (4,407 )
    Net cash used in operating activities   (33,786 )     (25,545 )
    INVESTING ACTIVITIES      
    Purchases of property and equipment   (2,795 )     (3,190 )
    Proceeds from sale of assets and businesses, net of cash sold   —       3  
    Acquisitions and other investments, net of cash acquired   (550 )     —  
    Other investing activities   (67 )     —  
    Net cash used in investing activities   (3,412 )     (3,187 )
    FINANCING ACTIVITIES      
    Repayment of borrowings/long-term debt   —       (87,150 )
    Taxes paid related to net-share settlement of equity awards   (285 )     (1,710 )
    Other financing activities   (364 )     (327 )
    Net cash used in financing activities   (649 )     (89,187 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,178       (1,579 )
    Net decrease in cash, cash equivalents and restricted cash   (36,669 )     (119,498 )
    Cash, cash equivalents and restricted cash at the beginning of the year   172,883       333,111  
    Cash, cash equivalents and restricted cash at the end of the period $ 136,214     $ 213,613  
                   
    3D SYSTEMS CORPORATION
    Segment Information
    (Unaudited)
     
      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
    Revenue:      
    Healthcare Solutions $ 41.3     $ 45.4  
    Industrial Solutions $ 53.2     $ 57.5  
    Total $ 94.5     $ 102.9  
                   
    3D SYSTEMS CORPORATION
    Reconciliations of GAAP to Non-GAAP Measures
     

    Presentation of Information in this Press Release

    3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain non-GAAP measures, including: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP diluted income (loss) per share, non-GAAP Operating expense and Adjusted EBITDA. These non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

    To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items:

    • amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations;
    • costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees;
    • stock-based compensation expenses, a non-cash expense;
    • charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses;
    • certain compensation expense related to the 2021 Volumetric acquisition; and
    • costs, including legal fees, related to significant or unusual litigation matters.

    Amortization of intangibles and acquisition and divestiture-related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business’ operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration.

    The matters discussed above are tax effected, as applicable, in calculating non-GAAP diluted income (loss) per share.

    Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period.

    A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying schedules.

    Certain columns may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in thousands.

    3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross profit margin, Adjusted EBITDA, and non-GAAP operating expense to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

    Non-GAAP Gross Profit and Gross Profit Margin (unaudited)

      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
      Gross Profit   Gross Profit Margin (1)   Gross Profit   Gross Profit Margin (1)
    Gross profit (GAAP) $ 32.7       34.6 %   $ 40.9       39.8 %
    Amortization expense   0.2       0.2 %     0.3       0.3 %
    Restructuring expense   0.2       0.2 %     —       — %
    Gross profit (Non-GAAP) $ 33.1       35.0 %   $ 41.2       40.1 %
                                   

    (1) Calculated as non-GAAP gross profit as a percentage of total revenue.

    Non-GAAP Operating Expense (unaudited)

      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
    Operating expense (GAAP) $ 69.5     $ 80.8  
    Amortization expense   (0.8 )     (2.0 )
    Stock-based compensation expense   (4.2 )     (8.2 )
    Acquisition and divestiture-related expense   (0.9 )     (0.1 )
    Legal and other expense   (1.1 )     (4.2 )
    Restructuring expense   (0.8 )     —  
    Non-GAAP operating expense $ 61.6     $ 66.3  
                   

    Net Loss Attributable to 3D Systems Corporation to Adjusted EBITDA (unaudited)

      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
    Net loss attributable to 3D Systems Corporation (GAAP) $ (37.0 )   $ (16.0 )
    Interest income, net   (0.4 )     (2.1 )
    Provision for income taxes   0.7       1.4  
    Depreciation expense   4.7       5.0  
    Amortization expense   1.0       2.3  
    EBITDA (Non-GAAP)   (31.0 )     (9.4 )
    Stock-based compensation expense   4.2       8.2  
    Acquisition and divestiture-related expense   0.9       0.1  
    Legal and other expense   1.1       4.2  
    Restructuring expense   1.0       —  
    Net loss attributable to redeemable non-controlling interest   —       (0.1 )
    Loss on equity method investment, net of tax   0.9       0.2  
    Gain on repurchase of debt   —       (21.5 )
    Other non-operating income   (1.0 )     (1.8 )
    Adjusted EBITDA (Non-GAAP) $ (23.9 )   $ (20.1 )
                   

    Diluted Loss per Share (unaudited)

      Three Months Ended
    (in dollars) March 31, 2025   March 31, 2024
    Diluted loss per share (GAAP) $ (0.28 )   $ (0.12 )
    Amortization expense   0.01       0.02  
    Stock-based compensation expense   0.03       0.06  
    Acquisition and divestiture-related expense   0.01       —  
    Legal and other expense   0.01       0.03  
    Restructuring expense   0.01       —  
    Gain on repurchase of debt   —       (0.16 )
    Loss on equity method investment and other   0.01       —  
    Non-GAAP diluted loss per share $ (0.21 )   $ (0.17 )
                   

    The MIL Network –

  • MIL-OSI USA News: Presidential Message on the National Women’s Health Week, 2025

    Source: The White House

    During National Women’s Health Week, we promote and support the health and well-being of our Nation’s mothers, daughters, sisters, wives, and friends.  
     
    From my first day in office, my Administration has worked to protect women and girls from gender extremism and has brought common sense and biological reality back to America. Moreover, the Make America Healthy Again Commission was established to address the root causes of our Nation’s health crisis—from poor nutrition and chronic diseases to preventable conditions – issues impacting women across the nation.  By advancing food transparency, promoting physical fitness, and restoring health education, we are working to give women, and all Americans, stronger futures and better quality of life.
     
    My Administration is confronting the high cost of healthcare, which places a tremendous toll on American families.  We are working to improve price transparency, stop surprise billing, and ensure patients have clear information about their coverage before receiving care.  Historic steps have been taken to lower prescription drug prices, including capping the cost of insulin and expanding access to low-cost generics.  By holding providers accountable and putting patients first, we are lowering costs, improving care delivery, and restoring fairness to the American healthcare system. 
     
    This week, we reaffirm our commitment to improve women’s health so that they may live fuller and healthier lives, ensuring that all generations of American women thrive and continue to drive the success of our Nation.

    MIL OSI USA News –

  • MIL-Evening Report: Free food and beer are common perks for hospitality workers – but are they masking unfairness?

    Source: The Conversation (Au and NZ) – By Olivier Oren, Associate lecturer, hospitality management, Griffith University

    G-Stock Studio/Shutterstock

    For cafe and restaurant workers, getting a free drink or meal at the end of a long shift might feel like a well-deserved reward. But could such perks – common across the industry – be masking deeper issues?

    Informal workplace perks have long been a big part of Australian hospitality’s culture. It’s common for restaurants and cafes to provide a free on-shift meal or heavily discounted menu items for their employees. In some bars and pubs, an end-of-shift alcoholic drink is a well-appreciated tradition.

    Less well understood is the question of how these widespread perks are interacting with workers’ legal rights.

    To investigate, we surveyed 383 Australian hospitality workers. Participants worked across cafes, bars, and hotels (both in large franchises and small businesses) across Australia, with roles such as chefs, bartenders, guest experience attendants, waiting staff, managers and baristas.

    We asked them about their employment contracts, their access to legal entitlements like breaks and overtime, and any extra perks they received. We also invited them to share, in their own words, what would make work fairer. The results paint a troubling picture.

    Precarious work

    More than one in three survey respondents (34%) said they had no written terms of employment, despite this being a legal requirement in Australia.

    As one participant explained:

    I have only received a written contract and legally required breaks from one employer in my entire career.

    Nearly half reported missing out on their rest breaks, an entitlement designed to protect health and safety.

    About 12% were being paid less than the minimum wage, and close to half said they did not receive overtime or penalty payments when required. Non-compliance with legal entitlements was widespread across the sector, although more pronounced in smaller venues.

    ‘Perks’ of the job

    At the same time, informal perks remain deeply woven into hospitality work cultures.

    Nearly one in two respondents (44.1%) said they received some kind of benefit in addition to their basic pay. The most common types were free or discounted meals (57%) and access to alcoholic drinks (28%).

    Free or discounted meals were the most common perk reported in our survey.
    Shmatenko Igor/Shutterstock

    Some workers described other benefits such as laundry services, transportation, or even Christmas gifts. These freebies were rarely formalised and often dependent on the goodwill of managers.

    Such perks can blur the line between appreciation and obligation, which are offered as moral licenses to sidestep legal entitlements. We argue this widespread culture of perks is a distraction from unfair work practices, especially for younger workers who make up most of the hospitality and service workforce.

    For inexperienced staff, these “gifts” may indeed feel like part of the job, making it harder to identify when legal rights are being overlooked.

    What workers really want

    When asked what would make their jobs fairer, respondents overwhelmingly called for written contracts, enforceable pay rates and protection from abuse – not more freebies.

    As one chef put it:

    Free steak dinners don’t pay my rent or stop my boss docking pay for smoke breaks.

    Our data also show that workers with formal agreements were significantly more likely to receive their legal entitlements, including proper rest breaks and overtime pay, compared to those without.

    Why does this matter? Because protecting rights is not just about fairness. It is about safeguarding the sustainability of an industry we all rely on.

    Research shows when businesses rely on unpaid labour or ignore basic entitlements, they undercut fair competition, contribute to worker burnout and drive talent out of the sector.

    This affects service quality, workforce stability and ultimately the experiences of everyone who dines out, travels or enjoys Australia’s tourism offerings.

    Treating hospitality workers with respect benefits everyone.
    Drazen Zigic/Shutterstock

    How we could fix it

    Fixing the problem starts with clear, written employment contracts, especially in smaller venues where informal practices are most common. For workers and their families, this means refusing to accept a cold beer in place of job security.

    For business owners, many of whom are not acting in bad faith, it means getting support to implement fair practices through accessible tools, templates and clear guidance, such as the Fair Work Ombudsman’s Pay and Conditions Tool and employment contract templates tailored to the industry.

    For policymakers, it means strengthening oversight while improving education, ensuring that compliance is not just a box to tick, but a culture shift that makes fair, secure work the industry standard.

    Let perks remain perks – and not distractions from rights.

    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. Free food and beer are common perks for hospitality workers – but are they masking unfairness? – https://theconversation.com/free-food-and-beer-are-common-perks-for-hospitality-workers-but-are-they-masking-unfairness-256330

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Carbajal, Ezell Introduce Bill to Modernize Coast Guard’s Merchant Mariner Credentialing Exam

    Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

    This week, U.S. Representatives Salud Carbajal (D-CA-24) and Mike Ezell (R-MS-4) introduced the Mariner Exam Modernization Act, which directs the U.S. Coast Guard to develop and implement a plan to modernize the Merchant Mariner Credentialing exam, aiming to eliminate redundancies and improve efficiency within 270 days of receiving recommendations from a dedicated working group.

    “The men and women pursuing careers in the maritime industry shouldn’t be held back by an antiquated credentialing system,” said Rep. Carbajal. “The Mariner Exam Modernization Act is a commonsense step to ensure our licensing process reflects the skills mariners actually need on the job—eliminating redundancy, updating outdated requirements, and making the path to certification more efficient. This legislation is about strengthening our maritime workforce and ensuring the Coast Guard’s processes keep pace with the needs of the 21st century.”

    “Our mariners deserve a credentialing system that reflects the realities of today’s maritime industry—not outdated exams and unnecessary hurdles. I’m proud to co-lead the Mariner Modernization Act to bring transparency, accountability, and real-world input to the process. This is about building up America’s maritime workforce and supporting the professionals who keep America’s maritime commerce moving safely and efficiently,” said Rep. Ezell. 

    “USA Maritime supports the effort to modernize the licensing exam for merchant marine officers through the Mariner Exam Modernization Act.  The maritime industry continues to evolve and change, but the Coast Guard’s licensing exam hasn’t.  The Mariner Exam Modernization Act will remove redundancies, ensure testing isn’t duplicative with other licensing requirements, and align testing with the realities of serving in the 21st century merchant marine. We look forward to working with Congress to pass this bill and remove one more impediment to creating new Merchant Marine officers,” said Brian Schoeneman, Chairman, USA Maritime.

    “Transportation Institute supports the Mariner Exam Modernization Act and applauds Congressman Carbajal for his leadership in solving the mariner workforce crisis.  His dedication to the American mariner is remarkable, and we are grateful to have his support as we address this challenge together,” said Sara Fuentes, Vice President, Government Affairs, Transportation Institute.

    “The Navy League of the United States has long championed the importance of the American mariner to our national and economic security.  We are proud to support Congressman Carbajal’s Mariner Exam Modernization Act as part of the effort to grow our maritime workforce,” said Mike Stevens, Navy League CEO and 13th Master Chief Petty Officer of the Navy.

    “The Consortium of State Maritime Academies strongly supports the “Mariner Exam Modernization Act“. This legislation will reduce the redundancy between The STCW Code and the National Exam. It will also eliminate the requirement for the Academies to dedicate time in the academic program on subjects that are outdated, and not currently used by professional mariners.  Additionally, it will substantially increase the value of the exam review teams (working groups).  Collectively, these efforts will allow us to assist with the goal of alleviating the current mariner shortage,” said G. P. Achenbach, Ed. Rear Admiral, U.S. Maritime Service, President, Consortium of State Maritime Academies.

    The current Coast Guard licensing exam process for Merchant Mariner Credentials is outdated, redundant, and unnecessarily burdensome for aspiring mariners. Candidates must repeatedly demonstrate the same competencies, first through years of hands-on assessments and then again on a seven-part written exam—discouraging new entrants and diverting time from more relevant modern training like cybersecurity. 

    Additionally, the exam includes obsolete content and lacks a modern review system, leaving graduates underprepared for the realities of today’s maritime industry.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Blackburn Introduce Bipartisan Legislation to Improve Patient Care and Save Taxpayers Billions

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Marsha Blackburn (R-Tenn.) introduced the bipartisan Radiology Outpatient Ordering Transmission (ROOT) Act to modernize Medicare’s imaging oversight process. This legislation would remove a key barrier that has delayed implementation of Medicare’s Appropriate Use Criteria (AUC) program.
    “When the right imaging is used at the right time, it can lead to better health outcomes and reduce costs for patients and the health care system,” said Senator Cortez Masto. “This commonsense, bipartisan legislation supports evidence-based care and reduces unnecessary scans, saving Medicare billions of dollars while ensuring safer, more personalized care.”
    The Protecting Access to Medicare Act (PAMA) established the AUC program to ensure appropriate ordering of advancing diagnostic imaging. The AUC program was designed to guide clinicians in real-time selection of diagnostic imaging services and reduce unnecessary imaging costs. Full implementation of AUC was supposed to have happened on January 1, 2017, but CMS has been unable to fully launch the program due to challenges incorporating AUC with existing systems. Evidence shows the AUC program improves imaging decisions, reduces unnecessary utilization, and cuts costs for both Medicare and its beneficiaries. Data from CareSelect Imaging revealed $178 million in inappropriate allowed charges in 2023 could have been avoided with AUC consultation.
    The ROOT Actwould remove real-time claims reporting, the primary barrier to the implementation of the AUC program. Instead, this legislation would require providers to attest that they reviewed AUC at the point of care. CMS would conduct retrospective audits based on this data to ensure compliance and inform provider education. An additional carveout reduces administrative burden, exempting those participating in clinical trials and those in small rural practices.
    The ROOT Act could save American taxpayers billions of dollars:
    $2.2 billion reduction in federal spending from Fiscal Year (FY) 2025 – FY 2034.
    $1.6 billion in savings for Medicare beneficiaries from reduced cost-sharing over the same period.
    The full text of the legislation can be found here.
    Senator Cortez Masto has been a champion of affordable, quality health care, including mental and behavioral care. Cortez Masto has pushed pharmacy benefit managers to help lower prescription drug costs. She passed legislation to allow Medicare to negotiate lower drug prices and cap the cost of insulin at $35-a-month for Medicare recipients through the Inflation Reduction Act. To lower health care costs for all Nevadans, Cortez Masto worked to expand health care subsidies for individuals and families getting health care through the exchange. She recently introduced bipartisan legislation to provide patients with transparent and timely access to prescription medications and treatments.

    MIL OSI USA News –

  • MIL-OSI Russia: Hamas Frees Israeli-American Hostage Edan Alexander

    Translation. Region: Russian Federal

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

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

    GAZA, May 12 (Xinhua) — The Izzedine al-Qassam Brigades, the militant wing of the Palestinian Hamas movement, said in a press statement on Monday that it had released hostage Edan Alexander, a dual US-Israeli citizen, from the southern Gaza Strip.

    E. Alexander was handed over to a team of representatives of the International Committee of the Red Cross at a specially designated location in the city of Khan Yunis, Hamas sources said. He was then transported to a buffer zone controlled by the Israeli army, after which he was taken to the Raim military base in the south of the Jewish state.

    Unlike previous hostage transfers, the current transfer was carried out in a non-public manner and without the presence of armed groups, the sources said. –0–

    MIL OSI Russia News –

  • MIL-OSI Video: President Trump Signs Executive Order: “Drug Prices Will Come Down”

    Source: United States of America – The White House (video statements)

    “The United States will no longer subsidize the health care of foreign countries and will no longer tolerate profiteering and price gouging. For the first time in many years, we’ll slash the cost of prescription drugs, and we will bring fairness to America. Drug prices will come down. We’re gonna cut out the middlemen and facilitate the direct sale of drugs at the most favored nation price directly to the American citizen.” –President Donald J. Trump

    https://www.youtube.com/watch?v=ZFzwTtdRywo

    MIL OSI Video –

  • MIL-OSI: Satellogic Secures Multi-Million Dollar Agreement with Asia Pacific Customer

    Source: GlobeNewswire (MIL-OSI)

    DAVIDSON, N.C., May 12, 2025 (GLOBE NEWSWIRE) — Satellogic Inc. (NASDAQ: SATL), a leader in high-resolution Earth observation data, announced today it has entered into a multi-million dollar agreement with an Asia Pacific customer.

    The agreement provides the customer with rapid, flexible tasking of Satellogic’s NewSat constellation, enabling prompt delivery of imagery to support a range of applications. This agreement underscores the value and reliability of Satellogic’s satellite imagery for critical applications.

    The agreement enables the customer to leverage Satellogic’s Aleph platform, a cutting-edge self-service interface that empowers customers to schedule and manage their own imagery collections. This direct access and control over a world-class high-resolution constellation allows users to realize the benefits of constellation ownership without the associated high costs.

    “With Satellogic’s Aleph platform, organizations are gaining unprecedented control over their geospatial needs,” said Mark Carmichael, VP of Imagery and Data at Satellogic. “Our self-service platform for high-resolution, on-demand imagery empowers users to drive a more proactive, responsive, and resilient posture.”

    Satellogic remains committed to delivering cutting-edge satellite solutions for customers and is proud to introduce Aleph to accelerate data delivery and meet the growing global demands.

    For more information, please visit: www.satellogic.com

    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. 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, (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 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 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, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third parties 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, (xv) competition for EO services, (xvi) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xvii) unknown defects or errors in our products, (xviii) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xix) substantial doubt about our ability to continue as a going concern, (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 and (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. 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.

    Media Contacts

    Satellogic, Inc.
    Ryan Driver, VP of Strategy & Corporate Development
    pr@satellogic.com

    The MIL Network –

  • MIL-OSI: Vital Energy Reports First-Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    TULSA, OK, May 12, 2025 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today reported first-quarter 2025 financial and operating results. Supplemental slides have been posted to the Company’s website and can be found at www.vitalenergy.com. A conference call to discuss results is planned for 7:30 a.m. CT, Tuesday, May 13, 2025. A webcast will be available through the Company’s website.

    First-Quarter 2025 Highlights

    • Reduced total and Net Debt1 by $145.0 million and $133.5 million, respectively, through free cash flow, net changes in working capital, and the sale of non-core assets
    • Reported a net loss of $18.8 million, Adjusted Net Income1 of $89.5 million and cash flow from operating activities of $351.0 million
    • Generated Consolidated EBITDAX1 of $359.7 million and Adjusted Free Cash Flow1 of $64.5 million
    • Reported in-line capital investments of $252.7 million, excluding non-budgeted acquisitions and leasehold expenditures
    • Reported lease operating expense (“LOE”) of $103.5 million or $8.20 per BOE, beating guidance
    • Produced 140.2 thousand barrels of oil equivalent per day (“MBOE/d”) and oil of 64.9 thousand barrels of oil per day (“MBO/d”), within guidance

    “Our first quarter performance highlights the quality of our inventory and the ongoing success of our optimization efforts,” said Jason Pigott, President and Chief Executive Officer. “Our team is focused on generating sustainable efficiency gains and lower costs across our business and delivering on our targets for Adjusted Free Cash Flow and debt reduction.”

    “Our hedge position for the remainder of the year has reduced our near-term price risks and today we have about 90% of our expected oil production swapped at around $71 per barrel WTI,” continued Pigott. “The quality of our assets and structure of our services contracts provide tremendous flexibility in how we choose to allocate future capital. We are closely monitoring commodity prices and services costs and have multiple options to quickly adjust our plans.”

    First-Quarter 2025 Financial and Operations Summary

    Financial Results. The Company had a net loss of $18.8 million, or $(0.50) per diluted share. Results were impacted by a non-cash pre-tax impairment loss on oil and gas properties of $158.2 million. Adjusted Net Income1 was $89.5 million, or $2.37 per adjusted diluted share. Cash flows from operating activities were $351.0 million and Consolidated EBITDAX1 was $359.7 million.

    _____________________
    1Non-GAAP financial measure; please see supplemental reconciliations of GAAP to non-GAAP financial measures at the end of this release.

    The impairment was the result of the full cost ceiling limitation, driven in part by the decline in the trailing 12-month oil price calculation, and excludes the value of $145.9 million for the Company’s commodity derivative positions and only includes the 185 proved undeveloped locations in the Company’s reserve report out of approximately 925 inventory locations.

    Non-core Divestiture. On March 6, 2025, Vital Energy closed on the sale of non-core assets in Reagan County for $20.5 million, including transaction expenses. The assets comprised approximately 9,100 net acres, production of 1,300 BOE/d (12% oil) and did not include any of the Company’s inventory locations. As a result of the sale, Vital Energy’s asset retirement obligation will be reduced by $8.4 million.

    Production. Vital Energy’s total and oil production averaged 140,159 BOE/d and 64,893 BO/d, respectively, with both exceeding the midpoint of guidance. Results were driven by accelerated TIL’s on wells drilled in the southern Delaware Basin.

    Capital Investments. Total capital investments, excluding non-budgeted acquisitions and leasehold expenditures, were $253 million, within guidance, and include drilling efficiencies that pulled forward capital into the quarter.

    Investments included $218 million in drilling and completions, $21 million in infrastructure investments, $8 million in other capitalized costs and $6 million in land, exploration and data-related costs.

    Operating Expenses. LOE was 12% below guidance midpoint at $103.5 million, or $8.20 per BOE. The beat was related to actual expenses on the Point Energy assets being lower than initial estimates in both the fourth quarter of 2024 and first-quarter 2025 and lower workover activity in the period.

    General and Administrative (“G&A”) Expenses. Total G&A expenses were below guidance at $22.7 million, or $1.80 per BOE.

    Liquidity. At March 31, 2025, the Company had $735 million outstanding on its $1.5 billion senior secured credit facility and cash and cash equivalents of $29 million.

    As of May 8, 2025, through its regular semi-annual redetermination process, the Company’s lenders have set the senior secured credit facility’s borrowing base and elected commitment at $1.4 billion, a $100 million reduction from the prior amount of $1.5 billion.

    2025 Outlook

    Vital Energy remains committed to maximizing cash flow and reducing debt. Cash flows are supported by its significant hedge position, with ~90% of expected oil production for the remainder of the year swapped at an average WTI price of $70.61 per barrel.

    While the Company today reiterated its full-year 2025 outlook, it is closely monitoring commodity prices and service costs and has significant flexibility to adjust its development plans, should market conditions warrant, with no rig or completions contracts extending beyond March 2026.

    For full-year 2025, the Company expects to generate approximately $265 million of Adjusted Free Cash Flow at current oil prices of ~$59 per barrel WTI, inclusive of hedging proceeds, and to reduce Net Debt by approximately $300 million, inclusive of proceeds from the non-core asset sale in March.

    Second-Quarter 2025 Guidance

    The table below reflects the Company’s guidance for production and capital investments.

       
      2Q-25E
    Total production (MBOE/d) 133.0 – 139.0
    Oil production (MBO/d) 61.0 – 65.0
    Capital investments, excluding non-budgeted acquisitions ($ MM) $215 – $245
       
       

    The table below reflects the Company’s guidance for select revenue and expense items.

       
      2Q-25E
    Average sales price realizations (excluding derivatives):  
    Oil (% of WTI) 101%
    NGL (% of WTI) 24%
    Natural gas (% of Henry Hub) 14%
       
    Net settlements received (paid) for matured commodity derivatives ($ MM):  
    Oil $69
    NGL $3
    Natural gas $21
       
    Selected average costs & expenses:  
    Lease operating expenses ($ MM) $112 – $118
    Production and ad valorem taxes (% of oil, NGL and natural gas sales revenues) 6.60%
    Oil transportation and marketing expenses ($ MM) $10.7 – $11.7
    Gas gathering, processing and transportation expenses ($ MM) $6.7 – $7.7
    General and administrative expenses (excluding LTIP and transaction expenses, $ MM) $21.0 – $22.5
    General and administrative expenses (LTIP cash, $ MM) $0.6 – $0.7
    General and administrative expenses (LTIP non-cash, $ MM) $3.0 – $3.5
    Depletion, depreciation and amortization ($ MM) $180 – $190
       

    Conference Call Details

    Vital Energy plans to host a conference call at 7:30 a.m. CT on Tuesday, May 13, 2025, to discuss its first-quarter 2025 financial and operating results. Supplemental slides will be posted to the Company’s website. Interested parties are invited to listen to the call via the Company’s website at www.vitalenergy.com, under the tab for “Investor Relations | News & Presentations | Upcoming Events.”

    About Vital Energy

    Vital Energy, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Vital Energy’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas.

    Additional information about Vital Energy may be found on its website at www.vitalenergy.com.

    Forward-Looking Statements
    This press release and any oral statements made regarding the contents of this release, including in the conference call referenced herein, contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Vital Energy assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Such statements are not guarantees of future performance and involve risks, assumptions and uncertainties.

    General risks relating to Vital Energy include, but are not limited to: the volatility of oil, NGL and natural gas prices, including the Company’s area of operation in the Permian Basin; changes, uncertainty and instability in domestic and global production, supply and demand for oil, NGL and natural gas, and actions by the Organization of the Petroleum Exporting Countries members and other oil exporting nations (“OPEC+”); changes in general economic, business or industry conditions and market volatility, including as a result of slowing growth, inflationary pressures, monetary policy, tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that may be implemented by the United States (“U.S.”) and foreign governments; the Company’s ability to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties; the Company’s ability to optimize spacing, drilling and completions techniques in order to maximize its rate of return, cash flows from operations and stockholder value; the ongoing instability and uncertainty in the U.S. and international energy, financial and consumer markets that could adversely affect the liquidity available to the Company and its customers and the demand for commodities, including oil, NGL and natural gas; competition in the oil and gas industry; the Company’s ability to discover, estimate, develop and replace oil, NGL and natural gas reserves and inventory; insufficient transportation capacity in the Permian Basin and challenges associated with such constraint, and the availability and costs of sufficient gathering, processing, storage and export capacity; a decrease in production levels which may impair the Company’s ability to meet its contractual obligations and ability to retain its leases; risks associated with the uncertainty of potential drilling locations and plans to drill in the future; the inability of significant customers to meet their obligations; revisions to the Company’s reserve estimates as a result of changes in commodity prices, decline curves and other uncertainties; the availability and costs of drilling and production equipment, supplies, labor and oil and natural gas processing and other services; ongoing war and political instability in Ukraine, Israel and the Middle East and the effects of such conflicts on the global hydrocarbon market and supply chains; risks related to the geographic concentration of the Company’s assets; the Company’s ability to hedge commercial risk, including commodity price volatility, and regulations that affect the Company’s ability to hedge such risks; the Company’s ability to continue to maintain the borrowing capacity under its Senior Secured Credit Facility or access other means of obtaining capital and liquidity, especially during periods of sustained low commodity prices; the Company’s ability to comply with restrictions contained in its debt agreements, including its Senior Secured Credit Facility and the indentures governing its senior unsecured notes, as well as debt that could be incurred in the future; the Company’s ability to generate sufficient cash to service its indebtedness, fund its capital requirements and generate future profits; drilling and operating risks, including but not limited to, risks related to hydraulic fracturing, securing sufficient electricity to produce its wells without limitation, natural disasters and other matters beyond the Company’s control; U.S. and international economic conditions and legal, tax, political and administrative developments, including the effects of energy, trade and environmental policies and existing and future laws and government regulations; the Company’s ability to comply with federal, state and local regulatory requirements; the impact of repurchases, if any, of securities from time to time; the Company’s ability to maintain the health and safety of, as well as recruit and retain, qualified personnel, including senior management or other key personnel, necessary to operate its business; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, third-party service provider failures, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing attacks, ransomware, social engineering, physical breaches or other actions; and the Company’s belief that the outcome of any current legal proceedings will not materially affect its financial results and operations, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), subsequent Quarterly Reports on Form 10-Q and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). These documents are available through Vital Energy’s website at www.vitalenergy.com under the tab “Investor Relations” or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Vital Energy’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, Vital Energy can give no assurance that its future results will be as estimated. Any forward-looking statement speaks only as of the date on which such statement is made. Vital Energy does not intend to, and disclaims any obligation to, correct, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

    This press release and any accompanying disclosures include financial measures that are not in accordance with generally accepted accounting principles (“GAAP”), such as Adjusted Free Cash Flow, Adjusted Net Income, Net Debt and Consolidated EBITDAX. While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For a reconciliation of such non-GAAP financial measures to the nearest comparable measure in accordance with GAAP, please see the supplemental financial information at the end of this press release.

    Unless otherwise specified, references to “average sales price” refer to average sales price excluding the effects of the Company’s derivative transactions.

    All amounts, dollars and percentages presented in this press release are rounded and therefore approximate.

       
     
       
       
       
     
       
    Vital Energy, Inc.
    Selected operating data
       
     
       
       
      Three months ended March 31,
        2025       2024
      (unaudited)
    Sales volumes:      
    Oil (MBbl)   5,840       5,327
    NGL (MBbl)   3,484       2,934
    Natural gas (MMcf)   19,742       18,534
    Oil equivalent (MBOE)(1)   12,614       11,349
    Average daily oil equivalent sales volumes (BOE/d)(1)   140,159       124,719
    Average daily oil sales volumes (Bbl/d)(1)   64,893       58,534
    Average sales prices(1):      
    Oil ($/Bbl)(2) $ 72.31     $ 78.06
    NGL ($/Bbl)(2) $ 17.72     $ 16.05
    Natural gas ($/Mcf)(2) $ 1.38     $ 0.98
    Average sales price ($/BOE)(2) $ 40.54     $ 42.39
    Oil, with commodity derivatives ($/Bbl)(3) $ 75.78     $ 74.95
    NGL, with commodity derivatives ($/Bbl)(3) $ 17.09     $ 15.92
    Natural gas, with commodity derivatives ($/Mcf)(3) $ 1.52     $ 1.41
    Average sales price, with commodity derivatives ($/BOE)(3) $ 42.18     $ 41.60
    Selected average costs and expenses per BOE sold(1):      
    Lease operating expenses $ 8.20     $ 9.32
    Production and ad valorem taxes   2.63       2.70
    Oil transportation and marketing expenses   0.80       0.87
    Gas gathering, processing and transportation expenses   0.54       0.21
    General and administrative (excluding LTIP and transaction expenses)   1.56       2.11
    Total selected operating expenses $ 13.73     $ 15.21
    General and administrative (LTIP):      
    LTIP cash $ (0.02 )   $ 0.17
    LTIP non-cash $ 0.26     $ 0.28
    General and administrative (transaction expenses) $ —     $ 0.03
    Depletion, depreciation and amortization $ 15.05     $ 14.64

    ____________________

    (1) The numbers presented are calculated based on actual amounts and may not recalculate using the rounded numbers presented in the table above.
    (2) Price reflects the average of actual sales prices received when control passes to the purchaser/customer adjusted for quality, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point.
    (3) Price reflects the after-effects of the Company’s commodity derivative transactions on its average sales prices. The Company’s calculation of such after-effects includes settlements of matured commodity derivatives during the respective periods.
       
             
    Vital Energy, Inc.
    Consolidated balance sheets
             
    (in thousands, except share data)   March 31,
    2025    		   December 31,
    2024
        (unaudited)
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 28,649     $ 40,179  
    Accounts receivable, net     254,343       299,698  
    Derivatives     100,497       101,474  
    Other current assets     24,757       25,205  
    Total current assets     408,246       466,556  
    Property and equipment:        
    Oil and natural gas properties, full cost method:        
    Evaluated properties     13,842,969       13,587,040  
    Unevaluated properties not being depleted     213,610       242,792  
    Less: accumulated depletion and impairment     (9,308,110 )     (8,966,200 )
    Oil and natural gas properties, net     4,748,469       4,863,632  
    Midstream and other fixed assets, net     127,815       134,265  
    Property and equipment, net     4,876,284       4,997,897  
    Derivatives     53,211       34,564  
    Operating lease right-of-use assets     99,055       104,329  
    Deferred income taxes     241,698       239,685  
    Other noncurrent assets, net     32,999       35,915  
    Total assets   $ 5,711,493     $ 5,878,946  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 163,362     $ 185,115  
    Accrued capital expenditures     115,626       95,593  
    Undistributed revenue and royalties     193,175       187,563  
    Operating lease liabilities     59,853       73,143  
    Other current liabilities     75,636       59,725  
    Total current liabilities     607,652       601,139  
    Long-term debt, net     2,310,268       2,454,242  
    Derivatives     —       5,814  
    Asset retirement obligations     74,999       82,941  
    Operating lease liabilities     30,760       26,733  
    Other noncurrent liabilities     5,309       7,506  
    Total liabilities     3,028,988       3,178,375  
    Commitments and contingencies        
    Stockholders’ equity:        
    Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of March 31, 2025 and December 31, 2024     —       —  
    Common stock, $0.01 par value, 80,000,000 shares authorized, and 38,701,810 and 38,144,248 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     387       381  
    Additional paid-in capital     3,824,006       3,823,241  
    Accumulated deficit     (1,141,888 )     (1,123,051 )
    Total stockholders’ equity     2,682,505       2,700,571  
    Total liabilities and stockholders’ equity   $ 5,711,493     $ 5,878,946  
                     
         
    Vital Energy, Inc.
    Consolidated statements of operations
         
        Three months ended March 31,
    (in thousands, except per share data)     2025       2024  
        (unaudited)
    Revenues:        
    Oil sales   $ 422,332     $ 415,784  
    NGL sales     61,739       47,075  
    Natural gas sales     27,338       18,245  
    Other operating revenues     771       1,235  
    Total revenues     512,180       482,339  
    Costs and expenses:        
    Lease operating expenses     103,485       105,728  
    Production and ad valorem taxes     33,225       30,614  
    Oil transportation and marketing expenses     10,120       9,833  
    Gas gathering, processing and transportation expenses     6,756       2,376  
    General and administrative     22,680       29,356  
    Depletion, depreciation and amortization     189,900       166,107  
    Impairment expense     158,241       —  
    Other operating expenses, net     1,913       1,018  
    Total costs and expenses     526,320       345,032  
    Gain (loss) on disposal of assets, net     110       130  
    Operating income (loss)     (14,030 )     137,437  
    Non-operating income (expense):        
    Gain (loss) on derivatives, net     44,171       (152,147 )
    Interest expense     (50,380 )     (43,421 )
    Gain (loss) on extinguishment of debt, net     —       (25,814 )
    Other income (expense), net     353       2,065  
    Total non-operating income (expense), net     (5,856 )     (219,317 )
    Income (loss) before income taxes     (19,886 )     (81,880 )
    Income tax benefit (expense)     1,049       15,749  
    Net income (loss)     (18,837 )     (66,131 )
    Preferred stock dividends     —       (349 )
    Net income (loss) available to common stockholders   $ (18,837 )   $ (66,480 )
    Net income (loss) per common share:        
    Basic   $ (0.50 )   $ (1.87 )
    Diluted   $ (0.50 )   $ (1.87 )
    Weighted-average common shares outstanding:        
    Basic     37,577       35,566  
    Diluted     37,577       35,566  
                     
         
    Vital Energy, Inc.
    Consolidated statements of cash flows
         
        Three months ended March 31,
    (in thousands)     2025       2024  
        (unaudited)
    Cash flows from operating activities:        
    Net income (loss)   $ (18,837 )   $ (66,131 )
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
    Share-settled equity-based compensation, net     3,604       3,501  
    Depletion, depreciation and amortization     189,900       166,107  
    Impairment expense     158,241       —  
    Mark-to-market on derivatives:        
    (Gain) loss on derivatives, net     (44,171 )     152,147  
    Settlements received (paid) for matured derivatives, net     20,687       (9,000 )
    (Gain) loss on extinguishment of debt, net     —       25,814  
    Deferred income tax (benefit) expense     (1,811 )     (16,924 )
    Other, net     9,551       5,402  
    Changes in operating assets and liabilities:        
    Accounts receivable, net     45,355       (51,475 )
    Other current assets     10       (5,646 )
    Other noncurrent assets, net     (3,634 )     (357 )
    Accounts payable and accrued liabilities     (21,754 )     (9,064 )
    Undistributed revenue and royalties     5,612       (12,865 )
    Other current liabilities     16,099       (21,347 )
    Other noncurrent liabilities     (7,867 )     (1,572 )
    Net cash provided by (used in) operating activities     350,985       158,590  
    Cash flows from investing activities:        
    Acquisitions of oil and natural gas properties, net     (1,636 )     (4,380 )
    Capital expenditures:        
    Oil and natural gas properties     (229,612 )     (195,372 )
    Midstream and other fixed assets     (1,825 )     (5,085 )
    Proceeds from dispositions of capital assets, net of selling costs     21,044       125  
    Other investing activities     (93 )     (952 )
    Net cash provided by (used in) investing activities     (212,122 )     (205,664 )
    Cash flows from financing activities:        
    Borrowings on Senior Secured Credit Facility     150,000       130,000  
    Payments on Senior Secured Credit Facility     (295,000 )     —  
    Issuance of senior unsecured notes     —       800,000  
    Extinguishment of debt     —       (453,518 )
    Stock exchanged for tax withholding     (3,923 )     (3,411 )
    Payments for debt issuance costs     —       (15,721 )
    Other, net     (1,470 )     (1,012 )
    Net cash provided by (used in) financing activities     (150,393 )     456,338  
    Net increase (decrease) in cash and cash equivalents     (11,530 )     409,264  
    Cash and cash equivalents, beginning of period     40,179       14,061  
    Cash and cash equivalents, end of period   $ 28,649     $ 423,325  
                     

    Vital Energy, Inc.
    Supplemental reconciliations of GAAP to non-GAAP financial measures

    Non-GAAP financial measures

    The non-GAAP financial measures of Adjusted Free Cash Flow, Adjusted Net Income, Consolidated EBITDAX, Net Debt and Net Debt to Consolidated EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Furthermore, these non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures of liquidity or financial performance, but rather should be considered in conjunction with GAAP measures, such as net income or loss, operating income or loss or cash flows from operating activities.

    Adjusted Free Cash Flow

    Adjusted Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by (used in) operating activities (GAAP) before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions, less capital investments, excluding non-budgeted acquisition costs. Management believes Adjusted Free Cash Flow is useful to management and investors in evaluating operating trends in its business that are affected by production, commodity prices, operating costs and other related factors. There are significant limitations to the use of Adjusted Free Cash Flow as a measure of performance, including the lack of comparability due to the different methods of calculating Adjusted Free Cash Flow reported by different companies.

    This release also includes certain forward-looking non-GAAP measures. Due to the forward-looking nature of such measures, no reconciliations of these non-GAAP measures to their respective most directly comparable GAAP measure are available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP financial measure, that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. Accordingly, such reconciliations are excluded from this release. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

    The following table presents a reconciliation of net cash provided by (used in) operating activities (GAAP) to Adjusted Free Cash Flow (non-GAAP) for the periods presented:

         
        Three months ended March 31,
    (in thousands)     2025     2024  
        (unaudited)
    Net cash provided by (used in) operating activities   $ 350,985   $ 158,590  
    Less:        
    Net changes in operating assets and liabilities     33,821     (102,326 )
    General and administrative (transaction expenses)     —     (332 )
    Cash flows from operating activities before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions     317,164     261,248  
    Less capital investments, excluding non-budgeted acquisition costs:        
    Oil and natural gas properties(1)     251,264     213,265  
    Midstream and other fixed assets(1)     1,407     4,635  
    Total capital investments, excluding non-budgeted acquisition costs     252,671     217,900  
    Adjusted Free Cash Flow (non-GAAP)   $ 64,493   $ 43,348  

    ____________________

    (1) Includes capitalized share-settled equity-based compensation and asset retirement costs.
       

    Adjusted Net Income

    Adjusted Net Income is a non-GAAP financial measure that the Company defines as net income or loss (GAAP) plus adjustments for mark-to-market on derivatives, premiums paid or received for commodity derivatives that matured during the period, organizational restructuring expenses, impairment expense, gains or losses on disposal of assets, income taxes, other non-recurring income and expenses and adjusted income tax expense. Management believes Adjusted Net Income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of net income (loss) (GAAP) to Adjusted Net Income (non-GAAP) for the periods presented:

         
        Three months ended March 31,
    (in thousands, except per share data)     2025       2024  
        (unaudited)
    Net income (loss)   $ (18,837 )   $ (66,131 )
    Plus:        
    Mark-to-market on derivatives:        
    (Gain) loss on derivatives, net     (44,171 )     152,147  
    Settlements received (paid) for matured derivatives, net     20,687       (9,000 )
    Impairment expense     158,241       —  
    (Gain) loss on disposal of assets, net     (110 )     (130 )
    (Gain) loss on extinguishment of debt, net     —       25,814  
    Income tax (benefit) expense     (1,049 )     (15,749 )
    General and administrative (transaction expenses)     —       332  
    Adjusted income before adjusted income tax expense     114,761       87,283  
    Adjusted income tax expense(1)     (25,247 )     (19,202 )
    Adjusted Net Income (non-GAAP)   $ 89,514     $ 68,081  
    Net income (loss) per common share:        
    Basic   $ (0.50 )   $ (1.87 )
    Diluted   $ (0.50 )   $ (1.87 )
    Adjusted Net Income per common share:        
    Basic   $ 2.38     $ 1.91  
    Diluted   $ 2.38     $ 1.91  
    Adjusted diluted   $ 2.37     $ 1.84  
    Weighted-average common shares outstanding:        
    Basic     37,577       35,566  
    Diluted     37,577       35,566  
    Adjusted diluted     37,736       36,922  

    _____________________

    (1) Adjusted income tax expense is calculated by applying a statutory tax rate of 22% for each of the periods ended March 31, 2025 and 2024.
       

    Consolidated EBITDAX

    Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as net income or loss (GAAP) plus adjustments for share-settled equity-based compensation, depletion, depreciation and amortization, impairment expense, organizational restructuring expenses, gains or losses on disposal of assets, mark-to-market on derivatives, accretion expense, interest expense, income taxes and other non-recurring income and expenses. Consolidated EBITDAX provides no information regarding a company’s capital structure, borrowings, interest costs, capital expenditures, working capital movement or tax position. Consolidated EBITDAX does not represent funds available for future discretionary use because it excludes funds required for debt service, capital expenditures, working capital, income taxes, franchise taxes and other commitments and obligations. However, management believes Consolidated EBITDAX is useful to an investor because this measure:

    • is used by investors in the oil and natural gas industry to measure a company’s operating performance without regard to items that can vary substantially from company to company depending upon accounting methods, the book value of assets, capital structure and the method by which assets were acquired, among other factors;
    • helps investors to more meaningfully evaluate and compare the results of the Company’s operations from period to period by removing the effect of the Company’s capital structure from the Company’s operating structure; and
    • is used by management for various purposes, including (i) as a measure of operating performance, (ii) as a measure of compliance under the Senior Secured Credit Facility, (iii) in presentations to the board of directors and (iv) as a basis for strategic planning and forecasting.

    There are significant limitations to the use of Consolidated EBITDAX as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income or loss and the lack of comparability of results of operations to different companies due to the different methods of calculating Consolidated EBITDAX, or similarly titled measures, reported by different companies. The Company is subject to financial covenants under the Senior Secured Credit Facility, one of which establishes a maximum permitted ratio of Net Debt, as defined in the Senior Secured Credit Facility, to Consolidated EBITDAX. See Note 7 in the 2025 Annual Report, to be filed with the SEC, for additional discussion of the financial covenants under the Senior Secured Credit Facility. Additional information on Consolidated EBITDAX can be found in the Company’s Eleventh Amendment to the Senior Secured Credit Facility, as filed with the SEC on September 13, 2023.

    The following table presents a reconciliation of net income (loss) (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

         
        Three months ended March 31,
    (in thousands)     2025       2024  
        (unaudited)
    Net income (loss)   $ (18,837 )   $ (66,131 )
    Plus:        
    Share-settled equity-based compensation, net     3,604       3,501  
    Depletion, depreciation and amortization     189,900       166,107  
    Impairment expense     158,241       —  
    (Gain) loss on disposal of assets, net     (110 )     (130 )
    Mark-to-market on derivatives:        
    (Gain) loss on derivatives, net     (44,171 )     152,147  
    Settlements received (paid) for matured derivatives, net     20,687       (9,000 )
    Accretion expense     1,034       1,020  
    Interest expense     50,380       43,421  
    (Gain) loss extinguishment of debt, net     —       25,814  
    Income tax (benefit) expense     (1,049 )     (15,749 )
    General and administrative (transaction expenses)     —       332  
    Consolidated EBITDAX (non-GAAP)   $ 359,679     $ 301,332  
                     

    The following table presents a reconciliation of net cash provided by (used in) operating activities (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

         
        Three months ended March 31,
    (in thousands)     2025       2024  
        (unaudited)
    Net cash provided by (used in) operating activities   $ 350,985     $ 158,590  
    Plus:        
    Interest expense     50,380       43,421  
    Current income tax (benefit) expense     762       1,175  
    Net changes in operating assets and liabilities     (33,821 )     102,326  
    General and administrative (transaction expenses)     —       332  
    Other, net     (8,627 )     (4,512 )
    Consolidated EBITDAX (non-GAAP)   $ 359,679     $ 301,332  
                     

    Net Debt

    Net Debt is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash and cash equivalents, where cash and cash equivalents are capped at $100 million when there are borrowings on the Senior Secured Credit Facility. Management believes Net Debt is useful to management and investors in determining the Company’s leverage position since the Company has the ability, and may decide, to use a portion of its cash and cash equivalents to reduce debt.

             
    (in thousands)   March 31,
    2025    		   December 31,
    2024
        (unaudited)
    Total senior unsecured notes   $ 1,600,578   $ 1,600,578
    Senior Secured Credit Facility     735,000     880,000
    Total long-term debt   $ 2,335,578   $ 2,480,578
    Less: cash and cash equivalents     28,649     40,179
    Net Debt (non-GAAP)   $ 2,306,929   $ 2,440,399
                 

    Net Debt to Consolidated EBITDAX

    Net Debt to Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as Net Debt divided by Consolidated EBITDAX for the previous four quarters, which requires various treatment of asset transaction impacts. Net Debt to Consolidated EBITDAX is used by the Company’s management for various purposes, including as a measure of operating performance, in presentations to its board of directors and as a basis for strategic planning and forecasting.

    Investor Contact:
    Ron Hagood
    918.858.5504
    ir@vitalenergy.com

    The MIL Network –

  • MIL-Evening Report: Range anxiety – or charger drama? Australians are buying hybrid cars because they don’t trust public chargers

    Source: The Conversation (Au and NZ) – By Ganna Pogrebna, Executive Director, AI and Cyber Futures Institute, Charles Sturt University

    VisualArtStudio/Shutterstock

    Range anxiety has long been seen as the main obstacle stopping drivers from going electric.

    But range isn’t the real issue. The average range of a new electric vehicle (EV) is more than 450 kilometres, and top models offer more than 700km per charge. By contrast, the average car is driven about 33km per day in Australia as of 2020.

    What’s really going on is charger anxiety – the question of whether you can find somewhere reliable to recharge when you’re away from home. Australia’s public chargers are not common enough or reliable enough to give motorists certainty they can find a place to recharge.

    This is why many drivers are hedging their bets. Rather than embracing battery-electric vehicles, many Australian drivers are opting for hybrids as well as plug-in hybrids (PHEVs), which couple a smaller battery with an internal combustion engine. Hybrids and PHEVs accounted for almost 20% of new car sales from July–September last year, compared to 6.5% for fully electric vehicles.

    Labor’s reelection could lead to better charging infrastructure. Last term, the federal government set a goal of a fast charging station every 150km along major highways, while state governments are also building more. But so far, these efforts aren’t enough to ensure Australia has reliable chargers in the right locations. Until then, cautious drivers will buy hybrids.

    Australia’s charger network has expanded, but many drivers are anxious about availability and reliability.
    Stepan Skorobogadko/Shutterstock

    Public chargers matter

    EV owners charge their cars at home an estimated 70–85% of the time. They use public chargers just 10–20% of the time and workplace charging 6–10% of the time.

    This makes sense – home charging is reliable and cheap. But these figures also point to a problem: EV drivers don’t trust public chargers.

    At present, Australia has about 3,700 public chargers nationwide. Each charging station typically supports one or two EVs, often offering different charging speeds. By contrast, there are around 6,600 service stations, with the ability to fuel multiple vehicles at once.

    Other countries have much larger charger networks. The United Kingdom has more than 40,000 and Canada 16,000. China, the world leader, has almost 10 million.

    China now has 10 million EV chargers.
    Tang Yan Song/Shutterstock

    Outside major Australian cities, chargers are harder to find and are often broken or in use. Chargers are usually not staffed, meaning there’s no one watching to prevent vandalism or organise maintenance.

    EV plugs are not yet standardised. Some plugs may not be available, and using chargers isn’t always easy. By contrast, petrol cars use standard nozzles, payment is simpler and staff and CCTV presence discourages vandalism and ensures the pumps work.

    If a petrol car runs out of fuel, the problem can be solved with a lift and a jerry can. But if your EV runs flat in a rural area because you can’t find a charger, you may have to get it towed.

    This lack of reliability is more than just a logistical hurdle — it’s a psychological barrier.

    Psychological roadblocks

    A recent study found the fear of running out of charge was a major psychological barrier to buying an EV – particularly for rural and regional Australians, who drive longer distances. As long as chargers remain unreliable or located too far apart, this anxiety will persist.

    In Australia, it’s easy to find reports of broken chargers, long queues at charging stations, gaps in the rural network and personal anecdotes of EV owners struggling to find a way to charge.

    A 2023 survey found almost 70% of EV owners had come across an inoperable charger at least once over the previous six months.

    What can Australia take from overseas experience?

    Australia’s government wants to increase EV uptake. While EVs are getting cheaper, the supporting infrastructure isn’t good enough yet to make them the norm.

    Across the European Union, chargers are being installed every 60km along major highways and efforts are being made to tackle psychological barriers to uptake.

    Federal and state governments in the United States have invested heavily in filling gaps in the charger network and working with consumers to encourage more sustainable commuting.

    Plug-in hybrids are powered by batteries and an internal combustion engine.
    algre/Shutterstock

    Choosing a hybrid is rational but not ideal

    It should be no surprise more Australians are buying hybrids as a safety net, given there are plenty of service stations and not as many EV chargers. City driving can allow near-total use of the electric motor, while longer trips still require petrol.

    The choice is rational. But it’s not ideal from an environmental point of view. Traditional hybrids are still largely powered by an internal combustion engine, while PHEVs can run as electric for longer but still use their combustion engines.

    While plug-ins have lower emissions than traditional vehicles, they often fail to deliver the full emissions savings drivers and regulators might hope for. Many drivers don’t charge regularly and rely instead on petrol.

    Chargers aren’t the only factor, of course. A tax break for PHEVs boosted their popularity for several years before ending in April, while sales of Tesla EVs have fallen off a cliff due to the unpopularity of owner Elon Musk.

    What needs to change?

    The solutions are straightforward: expand the charger network, especially in regional and rural areas. Improve maintenance schedules and ensure existing chargers are reliable. Make sure data on their availability is accessible in real time so drivers can avoid anxiety and frustration. Counter EV misinformation and anecdotal biases with information campaigns.

    When EV ownership and charging in Australia is practical and low risk, the sluggish EV transition will accelerate. But until then, many drivers will keep buying hybrids as a compromise.

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

    – ref. Range anxiety – or charger drama? Australians are buying hybrid cars because they don’t trust public chargers – https://theconversation.com/range-anxiety-or-charger-drama-australians-are-buying-hybrid-cars-because-they-dont-trust-public-chargers-250281

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Dementia risk depends on more than lifestyle factors. Overstating this can cause stigma and blame

    Source: The Conversation (Au and NZ) – By Joyce Siette, Associate Professor | Deputy Director, The MARCS Institute, Western Sydney University

    Shvets Production/Pexels

    As public awareness of dementia grows, so too does the appetite for prevention. Global headlines tout the benefits of exercise, diet, brain training and social activity in reducing dementia risk.

    In recent years, medical journals have amplified this message to encourage people to take control of their cognitive futures through lifestyle change. Last year, The Lancet estimated up to 45% of dementia cases worldwide could theoretically be delayed or prevented by addressing modifiable risk factors.

    These messages are undeniably hopeful. They suggest personal effort, combined with emerging scientific evidence, can help to overcome a disease long seen as inevitable.

    But public health messaging that focuses too narrowly on behaviour may be misleading and potentially harmful, as we argue in The Lancet.

    This can lead to a two-tiered system, where affluent people are praised for their proactive brain health, while marginalised groups face barriers to participation and are blamed for their perceived inaction.

    What is dementia and what causes it?

    Dementia is a neurocognitive disorder and describes conditions that affect memory, thinking and the ability to do everyday tasks. Alzheimer’s disease is the most common type, but there are others such as vascular and Lewy body dementia.

    It happens when brain cells become damaged and stop communicating properly. This can cause confusion, forgetfulness and changes in behaviour or mood.

    Dementia is linked to some of our deepest cultural fears: the limits of autonomy, dependency on others, the stigma of being diagnosed and the unknown.

    So, what increases your risk of dementia? Some risk factors can’t be changed. Age is the biggest one. Family history and certain genes, such as APOE-e4, also raise risk.

    But many risk factors are modifiable, which means we can do something about them. Obesity, high cholesterol and high blood pressure raise your risk.
    Low levels of exercise or education can also increase the chances of developing dementia.



    Read more:
    These 12 things can reduce your dementia risk – but many Australians don’t know them all

    The science behind prevention

    The science of dementia prevention has evolved significantly over the past decade. Lifestyle trials, from Finland, France, Australia and the United States are exploring whether combinations of diet, physical activity, cognitive training and managing cardiovascular risk (high blood pressure, cholesterol, obesity and smoking) can reduce dementia risk.

    The Finnish study, the most widely cited of these, demonstrated modest but meaningful cognitive benefits in older adults at risk for dementia after a two-year lifestyle intervention.

    Its success has spurred a wave of similar studies globally (to date, more than 40 trials). Collectively, these trials provide a scientific foundation for an increasingly popular public health message: brain health tomorrow is linked to healthy behaviours today.

    New possibilities for preventing dementia are certainly promising. However, the translation of these findings into broad public campaigns is where complexity, and ethical tension, emerges.

    Dementia risk is related to socioeconomic disadvantage

    Dementia risk is also determined by a complex array of extrinsic factors – conditions outside our control – that are unevenly distributed across society: air quality, ethnicity, gender, occupation, the built environment.

    These factors influence not just if, but when, dementia might develop.

    Dementia prevalence is disproportionately higher in communities facing social disadvantage partly because modifiable risk factors such as diabetes, obesity and low education are also more common in these areas.

    Poor air quality also affects dementia risk, with some communities disproportionately affected.
    Theplantetspeaks/Pexels

    But there’s another layer: access. The same communities at greater risk often lack access to the very interventions meant to reduce that risk.

    Low-income neighbourhoods may have fewer green spaces, safe walking paths, or affordable, healthy food. They also face higher levels of pollution, noise and chronic stress. All of which can damage brain health.

    Not everyone can access the kinds of healthy lifestyles to counteract dementia risks. Telling people to eat a Mediterranean diet or join a gym may be a cold comfort for those without the money, time, services or mobility to do so.

    Positioning dementia as something people can avoid also risks implying dementia is something individuals can fail to prevent. This could reinforce existing narratives which equate disease in later life to poor lifestyle choices rather than social inequity.

    So how do we do better?

    First, prevention messaging must be framed within a social and cultural context.

    This means acknowledging and addressing barriers such as food insecurity, lack of green space, caregiver stress and health system distrust.

    Messages must be co-created with communities, not imposed on them, and have a visual, motivating appeal.

    Second, we must shift from individualistic narratives to collective responsibility. Brain health should be supported through public infrastructure, equitable access to care, and culturally sensitive health promotion.

    Brain health should be supported through infrastructure.
    Centre for Ageing Better/Unsplash

    Prevention doesn’t just happen in the home. It also happens in preschools, schools, shopping centres, clinics, parks and policy rooms.

    Finally, we need to reframe success. Preventing dementia is a worthy goal, but so is ensuring dignity, inclusion and care for people who live with it. A just approach to brain health must do both.

    The next generation of dementia messaging must be not only evidence-based, but also equity-focused. It should strive to educate without shaming, to empower without excluding, and to promote brain health in ways that honour the realities of ageing.

    Joyce Siette receives funding from the National Health and Medical Research Council on a Targeted Call for Research on cultural, ethnic and linguistic diversity in dementia research.

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

    – ref. Dementia risk depends on more than lifestyle factors. Overstating this can cause stigma and blame – https://theconversation.com/dementia-risk-depends-on-more-than-lifestyle-factors-overstating-this-can-cause-stigma-and-blame-256108

    MIL OSI Analysis – EveningReport.nz –