NewzIntel.com

Category: Transport

  • MIL-OSI Russia: China issues emergency response and disaster warnings

    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

    BEIJING, May 7 (Xinhua) — Chinese authorities on Wednesday issued an emergency response and several warnings over impending or possible natural disasters.

    China’s National Meteorological Center (NMC) issued a blue alert for heavy rain and severe convective phenomena, while the China Meteorological Administration (CMA) issued a level 3 emergency response for meteorological disasters.

    According to the NMC forecast, from 20:00 on May 7 to 20:00 on May 8, thunderstorms, gales and hail are expected in some parts of the Inner Mongolia Autonomous Region, the provinces of Jilin, Liaoning, Hebei, Shanxi, Anhui, Hubei, Guizhou, Hunan and Jiangxi, as well as the centrally subordinate municipalities of Beijing and Chongqing. In addition, winds with a force of over 11 on the Chinese scale (28.5-32.6 meters per second) are forecast in some areas of the provinces of Hunan, Jiangxi, Guizhou and the city of Chongqing.

    The Ministry of Water Resources of China jointly with the CMU issued a yellow alert due to the threat of mountain torrents in some areas of Anhui, Jiangxi, Henan, Hubei and Hunan provinces.

    In addition, a yellow alert was issued on Wednesday for meteorological risks of geological disasters, with relatively high risks observed in parts of Anhui, Guangdong, Guizhou and Guangxi Zhuang Autonomous Region.

    Local authorities are instructed to closely monitor weather conditions in real time, issue early warnings of possible flooding and carry out evacuation measures if necessary, while the population is advised to take precautions when in risky areas.

    China has a four-tier weather warning system, with red representing the highest level of danger, followed by orange, yellow and blue. The emergency response system also has four levels, with level 1 being the most serious. –0–

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Appeal for information following Hei Hei crash

    Source: New Zealand Police

    Canterbury Police are investigating a crash in Hei Hei last month and are appealing for witnesses.

    At around 4:15pm on Saturday 12 April, a vehicle collided with a pedestrian at the corner of Buchanans Road and Carmen Road.

    The pedestrian sustained serious injuries however these are not believed to be life threatening.

    Police would like to speak to anyone who witnessed the crash, or saw a dark-coloured Mazda people mover in the Hei Hei area between 4pm and 4:30pm on 12 April.

    The vehicle travelled towards the airport along Carmen Road following the collision and was last seen at around 4:25pm turning into Roydvale Ave from Memorial Ave.

    If you have any information that could assist, including dashcam or CCTV footage, please get in touch via 105, either over the phone or online.

    You can reference file number 250413/9097.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICE San Diego, multiagency case results in guilty conviction for would-be sex trafficker attempting to entice, coerce child and adult into prostitution

    Source: US Immigration and Customs Enforcement

    SAN DIEGO — Steven Terrell Lewis, 39, of El Cajon, was convicted by a federal jury May 6 for attempted coercion and enticement of a 14-year-old high school student and attempted sex trafficking by force or coercion of a 22-year-old woman. U.S. Immigration and Customs Enforcement, the San Diego Human Trafficking Task Force, the National City Police Department, the El Cajon Police Department, the San Diego Sheriff’s Office and the San Diego District Attorney’s Office are investigating this case.

    “This guilty verdict sends the powerful message that those who exploit children will be held accountable to the fullest extent of the law,” said ICE Homeland Security Investigations San Diego Special Agent in Charge Shawn Gibson. “This outcome is the result of relentless cooperation among local, state and federal law enforcement agencies. Our agency remains steadfast in our mission to bring perpetrators of these heinous crimes to justice and to stand beside every victim until justice is served.”

    According to evidence presented at the April 22, 2024, trial, the 14-year-old victim was walking to a friend’s house after school around 3 p.m. in El Cajon when Lewis used his vehicle to pin her on the sidewalk, exited his vehicle, and snatched her cellphone from her hand to get her phone number. Lewis then proceeded to send sexually explicit text messages from a phone number ending in 8155 to the victim before she was able to block the phone number. On April 23, 2024, Lewis continued texting the victim, except this time from a different phone number through TextFree, a mobile application and web service, from a phone number ending in 0014.

    When Lewis identified himself as “Pimpin,” he sent a sexually explicit photograph to the 14-year-old victim and invited her to “go get some money” with him. She immediately notified a coach at her high school, who alerted the El Cajon Police Department and the San Diego Sheriff’s Office.

    One week after Lewis’ attempt to sex traffic the minor victim failed, on April 28, 2024, he began recruiting the 22-year-old victim through MegaPersonals and sent a ride-share vehicle to take her to Roosevelt Avenue in National City, known as “The Blade,” to work street-based prostitution for his financial benefit. Fortunately, the next day, an undercover National City police officer posing as a commercial sex buyer picked up the adult victim offered her resources to leave prostitution. However, Lewis continued to message the adult victim (from both phone numbers ending in 8155 and 0014), threatening her to continue to engage in commercial sex for his benefit.

    Officers from the San Diego Human Trafficking Task Force arrested Lewis May 16, 2024, following physical surveillance of Lewis and searches of his vehicles, residence and cellphones.

    The victims did not know each other.

    Investigators believe that other victims exist because, during a search of Lewis’ phone, they discovered a photograph of a handwritten note that appears to have been written by a concerned parent. The note reads, “If I find out one more time that this car is following my daughter down Graves Ave we will have a problem. I suggest you f—- chill.”

    At the time, Lewis was driving two vehicles registered to him, including a white, four-door 1996 Oldsmobile bearing California license plate number 3TIF671:

    He also drove a brown or beige-colored, four-door 1986 Chevrolet bearing California license plate number 1REC517:

    If you or someone you know has had an encounter with Lewis or you know the author of the note, investigators ask that you contact the San Diego Human Trafficking Task Force by calling 888-373-7888 or texting 233733.

    “The jury’s guilty verdicts are a powerful reminder that human trafficking has no place in our society. These verdicts are not just justice for the victims — it is a warning to human traffickers everywhere that those who exploit and attempt to exploit others for profit will be prosecuted to the fullest extent of law, no matter how long it takes,” said U.S. Attorney Adam Gordon. “I commend the bravery of the survivors who came forward. Their truth helped convict a predator — and protect countless others.”

    “Every year, there are thousands of reported human trafficking cases across the United States — including right here in California,” said California Attorney General Rob Bonta. “Whether it’s for sex or labor, abusing power to force or coerce someone into doing something against their will is wrong. At the California Department of Justice, we’re committed to standing up for survivors, disrupting and dismantling human trafficking rings, and securing justice. I am thankful for our federal, state and local partners because it takes all of us to combat human trafficking. If you or someone you know has been affected by human trafficking, there are resources available to you. You are not alone.”

    “As a member of the Human Trafficking Task Force, the protection of our youth is our top priority,” said San Diego Police Chief Scott Wahl. “This case highlights the importance of collaboration and the need to share information in order to bring suspects like this into custody.”

    Lewis is scheduled to be sentenced Aug. 1.

    This case is being prosecuted by Assistant U.S. Attorney Lyndzie M. Carter and Derek Ko.

    MIL OSI USA News –

  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Announces Special Meeting of Stockholders to be Held on June 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, Fla., May 07, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund has filed preliminary proxy materials (“Proxy Materials”) with the U.S. Securities and Exchange Commission in connection with a special meeting of stockholders to be held on June 17, 2025, for its stockholders to consider and vote on proposals necessary to approve the Fund’s conversion from its current investment strategy and redirect the Fund to focus on a “CLO Equity Strategy”. With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for stockholders. In accordance with the change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

    The Fund’s Board of Directors (“Board”) has fixed May 5, 2025, as the record date for determination of the Fund’s stockholders entitle to notice of and to vote at the Fund’s special meeting.

    The Fund’s special meeting will be held at the Fund’s offices at 119 Washington Avenue, Suite 504, Miami Beach, Florida 33139, on June 17, 2025, at 10:00 a.m., Eastern Time.

    There are three proposals to be considered by the Fund’s stockholders at the special meeting:

    • Proposal 1 seeks approval of an amended and restated investment advisory agreement between the Fund and Thomas J. Herzfeld Advisors, Inc. (the “Adviser”) to permit the Adviser to receive a fee based on “managed assets” and an incentive fee.
    • Proposal 2 seeks approval to revise the Fund’s investment objective from obtaining “long term capital appreciation” to a primary objective of “maximizing risk adjusted total returns” with a secondary objective of “generating high current income;” and to reclassify the Fund’s investment objective as non-fundamental.
    • Proposal 3 seeks approval to amend the fundamental policies of the Fund related to borrowing, the issuance of senior securities, underwriting securities issued by other persons, industry concentration, the purchase or sale of real estate, the purchase or sale of commodities, and making loans to other persons.

    The Investment Company Act of 1940, as amended (the “1940 Act”), requires any change to a fundamental policy and the entering into of the new investment management agreement be approved by “a majority of the outstanding voting securities” of the Fund (as defined under the 1940 Act).

    The Proposals referred to above are discussed in detail in the Proxy Materials filed today with the SEC.

    Additional Information about the Special Meeting

    The Fund is filing today with the SEC its preliminary Proxy Materials (Filing Type: PRE 14A). The Fund’s definitive Proxy Statement currently is anticipated to be filed with the SEC late in May 2025 (Filing Type: DEF 14A). Stockholders can obtain these documents (when available) free of charge from the SEC’s website at www.sec.gov. The definitive Proxy Statement for the Fund also will be posted (when available) on the Fund’s website at www.herzfeld.com/cuba. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863.

    This press release is for informational purposes and is not intended to, and does not, solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the proposed changes is only be made by a definitive Proxy Statement.

    This press release references a preliminary Proxy Materials filed by the Fund. The definitive Proxy Statement has yet to be filed with the Securities and Exchange Commission (the “SEC”). After the definitive Proxy Statement is filed with the SEC, it may be amended or withdrawn.

    The Fund and its directors, officers and employees, and the Adviser, and its shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to the proposed fundamental policy changes and the proposed approval of the investment advisory agreement. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Fund’s directors, officers and employees, and Adviser and its stockholders, officers and employees and other persons by reading the definitive Proxy Statement when it is filed with the SEC.    INVESTORS AND SECURITY HOLDERS OF THE FUND ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSALS. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND CAREFULLY. THE DEFINITIVE PROXY STATEMENT WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND.

    The definitive Proxy Statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted. Security holders may obtain free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    TJHA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. In addition, the nominations and awards reflect past performance of the nominee or award designee and may not reflect the current performance or status of any such firm or individual and may no longer be applicable. Morningstar award content presented with permission and licensing fee. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

    Contact:
    Thomas Morgan
    Chief Compliance Officer
    Thomas J. Herzfeld Advisors, Inc.
    1-305-777-1660

    The MIL Network –

  • MIL-OSI USA: Improving the Discovery Process and Cracking Down on Crime

    Source: US State of New York

    With bipartisan support from District Attorneys, domestic violence victim advocates, religious leaders and business groups, the reforms to streamline New York’s Discovery Laws will prevent cases from being thrown out over technical errors and eliminate dismissals and disruptions that have adversely affected survivors of domestic violence and other serious crimes.

    The essential changes to New York’s Discovery Laws included in the FY26 State Budget agreement will:

    • Require courts to consider the prosecutor’s efforts as a whole and whether any missing material prejudiced the defense, preventing cases from being thrown out over insignificant mistakes;
    • Narrow the scope of the items that must be disclosed and cut out the need to seek certain materials that are irrelevant to the charges against the defendant, allowing prosecutors to better focus on gathering the evidence that really matters;
    • Allow prosecutors to move the case forward after they have exercised good faith and due diligence to obtain discoverable material and disclosed everything they have actually obtained, even if there are items they are waiting on;
    • Protect against manipulation of the speedy trial clock, requiring defense attorneys to bring challenges early in the case and confer with prosecutors to resolve issues and move cases forward quickly; and
    • Streamline protections for sensitive witness information, both to protect witnesses and to facilitate a culture of witnesses feeling empowered to come forward.

    New York’s Discovery Laws remain the strongest for defendants in the country, achieving the Governor’s joint goals of maintaining due process for defendants while making common-sense adjustments to make the system work for victims and public safety.

    This holistic approach will replace the previous system that allowed for automatic dismissals based on any small discovery error, and will allow victims in New York to seek justice based on the merits of their case while ensuring a public safety system with true accountability.

    I am committed to continue doing everything in my power to keep New Yorkers safe, and today we take a step towards rebalancing the scales of Justice and standing up for victims.”

    Governor Hochul

    Staten Island District Attorney & DAASNY President Michael E. McMahon said, “New York’s 2019 Discovery Reforms led to the dismissal of tens of thousands of misdemeanor and felony cases across our State, leaving countless victims and survivors without justice and jeopardizing public safety. As President of the District Attorneys Association of the State of New York, I along with dedicated prosecutors from across the ‘Empire State’ are proud to have worked with Governor Hochul and our state legislators to enact commonsense changes to New York’s discovery statutes that will prevent automatic and needless dismissals while the most open and transparent discovery law in the country. The amendments agreed to in this State Budget will help alleviate the onerous burdens placed on our prosecutors, prevent the thousands of absurd case dismissals, and halt the revolving door of recidivism plaguing New York State. I applaud Governor Hochul, my fellow district attorneys, legislative leaders Carl Heastie and Andrea Stewart-Cousins, and all those who advocated for these meaningful reforms, and thank them for their commitment to making our communities safer and our criminal justice system fairer and more efficient.”

    Bronx District Attorney Darcel D. Clark said, “I am grateful to the Governor and the Legislature for their collaborative efforts to enact prudent changes to the discovery laws. These modest amendments will assist in achieving justice for victims of crime and continue transparency to the accused. All stakeholders took great care to develop balanced reforms and redress the unintended consequences that led to an increase in technical dismissals over the past five years. This legislation is a significant step for public safety and a proud moment for all in New York.”

    Brooklyn District Attorney Eric Gonzalez said, “In New York, we’re proving that a commitment to both safety and fairness are inextricable, and these changes to our discovery laws reflect that. By maintaining the most transparent discovery laws in the nation while preventing cases from being derailed over minor technical issues, we’re ensuring that the rights of the accused are protected, that those who commit serious crimes are held accountable, and victims of crime receive the justice they deserve. I commend Governor Hochul and the Legislature for taking this important step forward and for their dedication to justice for all New Yorkers.”

    Queens District Attorney Melinda Katz said, “I thank Governor Hochul, the State Senate and the State Assembly for finding common ground on New York’s discovery laws. The 2020 changes were the right step forward, but they have led to unintended consequences with thousands of cases statewide dismissed for technical violations of the discovery statute. The dismissals left victims of crime unprotected and without justice. The negotiated changes in the State Legislature will preserve the rights of the accused while improving public safety and protecting victims. New York has the most transparent discovery laws in the United States and the agreed upon changes will safeguard that designation.”

    Manhattan District Attorney Alvin Bragg, Jr., said, “As Manhattan District Attorney I stand with survivors of crime, including domestic violence and sexual assault, and strongly believe they should all get their well-deserved day in court. The changes to our discovery statute are a meaningful step forward that will significantly improve our practice and advance public safety, while maintaining our state’s status as having the most open and transparent discovery law in the country. I want to thank Governor Hochul for championing the law through this session, our legislative leaders – specifically Speaker Carl Heastie and Majority Leader Andrea Stewart-Cousins – and the dozens of survivor advocacy groups, elected officials, business and community leaders and prosecutors from across the State who spoke out in favor of commonsense reforms to the law. This is a major step forward in our fight for public safety and justice for all.”

    MIL OSI USA News –

  • MIL-OSI Security: Middletown Man Indicted for Violent Crime Spree

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

    WILMINGTON, Del. – A federal grand jury in the District of Delaware returned a four-count indictment on April 10, 2025, charging a Middletown man with robbing a restaurant and a gas station and committing a carjacking – all at gunpoint.

    According to court documents, on January 25, 2025, Anthony Fields, 48, of Middletown robbed a Middletown restaurant using a distinctive sawed-off shotgun with a duct-taped handle.  Five days later, Fields robbed a Middletown gas station brandishing the same distinctive sawed-off shotgun.  During these robberies, Fields stole cash, lottery tickets, and a gas station employee’s cell phone.  While fleeing the gas station robbery, Fields carjacked an occupied 2016 Hyundai Elantra, pointing the sawed-off shotgun at the victim driver.

    Despite Fields’ attempts to evade law enforcement, the Middletown Police Department and the FBI traced Fields’ movements in the days following his crime spree through witness testimony, phone and lottery ticket records, and video surveillance.  The investigation revealed that Fields cashed some of the stolen lottery tickets and abandoned the stolen car at a nearby casino before traveling to Philadelphia.  Fields turned himself in to authorities on February 2, 2025.  He remains in federal custody.

    The indictment charges Fields with two counts of Hobbs Act Robbery, one count of carjacking, and one count of brandishing and using a firearm in relation to a Hobbs Act Robbery.  If convicted of all counts, Fields faces a mandatory minimum of seven years of incarceration for brandishing and using the firearm, in addition to any penalties for the underlying crimes, and a maximum penalty of life in prison.  A federal district court judge will determine any sentence after consideration of the U.S. Sentencing Guidelines and other statutory factors.

    Shannon T. Hanson, Acting U.S. Attorney for the District of Delaware, and Special Agent in Charge William J. DelBagno of the FBI’s Baltimore Field Office made the announcement.

    This case is being investigated by the Middletown Police Department and the FBI.  Assistant U.S. Attorneys Kevin P. Pierce and Bryan C. Williamson are prosecuting the case.

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

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the District of Delaware.  Related court documents and information is located on the website of the District Court for the District of Delaware or on PACER.

    An indictment contains allegations that a defendant has committed a crime.  Every defendant is presumed to be innocent until and unless proven guilty in court.

    MIL Security OSI –

  • MIL-Evening Report: Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline

    Source: The Conversation (Au and NZ) – By Emily Baulch, Research Associate, Discipline of Media and Communications, University of Sydney

    Marvel Studios

    This piece contains spoilers.

    Marvel’s men are sad. And that’s a good thing.

    Thor’s depressed in Avengers: Endgame. Tony Stark has panic attacks in Iron Man 3. Peter grieves in Spider-Man: No Way Home.

    In Marvel’s latest release Thunderbolts* (or The New Avengers), we finally see a male superhero seek advice on how to deal with mental illness.

    The only problem? His impromptu therapist is a woman he’s only just met.

    A blanket of darkness

    Bob Reynolds (Lewis Pullman) is a new and damaged superhero experiment. Bob believes the world might be better off without him – foreshadowing that he’s not entirely wrong.

    Bob turns to Yelena Belova (Florence Pugh) for help. Yelena understands, saying “that darkness gets pretty enticing”. As she struggles to describe the feeling, Bob supplies the word: a void.

    Yelena offers a survival tactic: push the darkness deep down and carry on. It’s terrible advice and they both know it. But in that moment, it’s honest, and it connects them.

    Thunderbolts explores suicidal thoughts, PTSD and bipolar disorder. Bob speaks of the euphoric highs and shattering lows he experiences, often resulting in blackouts. His mental illness becomes metaphoric: his internal darkness manifests in his powers, and he becomes the villainous superpower of the film.

    Some of the film handles these themes well. Bob’s bipolar spreads into a dangerous blanket of darkness into which others, literally, vanish. At the film’s climax, Bob battles the dark, depressed version of himself. He beats himself up, seeking to beat the evil version of himself and, metaphorically, his mental illness. It doesn’t work. The darkness spreads to his stable self, too.

    But Yelena and the Thunderbolts fight their way to him, embracing him in a hug, and their support gives him the strength to confront his trauma.

    Women as emotional supports

    Done well, positive depictions of mental health struggles can be important pieces of representation.

    Unfortunately, most mental health depictions in major films are not done well, when they are included at all. Accurate portrayals of bipolar disorder remain rare. Research shows on young adult literature continues to lack mental health representation, especially by authors with lived experience.

    Across Hollywood, from Rey saving Kylo Ren in Star Wars to Beauty fixing the Beast, women are constantly cast as emotional supports for men.

    This is also true throughout the Marvel Cinematic Universe. The Black Widow offers the Hulk her hand; Tony Stark punches him to sleep. Scarlet Witch is forced to carry her grief for Vision. In Thunderbolts, Yelena becomes the latest emotional ballast for a traumatised man.

    The film’s depiction of men’s mental illness through the story of Bob Reynolds (Lewis Pullman) is an important one.
    Marvel Studios

    These women take these roles despite their own troubles, often without support or recognition from their male counterparts.

    Yelena steps into the dark emanating from Bob, believing her own struggles will allow her to help him. It’s poignant and beautiful in a way. Those who have walked through hell know the pathway through.

    But it’s also troubling.

    To save Bob from himself, she must risk her body, mind and mental wellbeing. Alone, her flashbacks become real as she comes face to face with her childhood trauma, undergoing psychological torture at Bob’s hands to reach him.

    The weight of emotional labour

    Yelena’s actions aren’t just a trope. They reflect a broader cultural script where women are expected to take on emotional responsibility not just for themselves but also for the men around them.

    Women are taught to care about others. At home and at work, the emotional labour undertaken by women often goes unnoticed, but it comes with real costs: stress, burnout and self-neglect.

    As men struggle with loneliness and a lack of friendships, women are expected to fill that gap. This dynamic, sometimes called “mankeeping”, leaves women doing the emotional work of informal therapy without support or reciprocity.

    Taking on these informal therapist roles results in disempowerment and dissatisfaction.

    The film’s depiction of Bob’s mental health issues has positive aspects: it goes against the pressure to conform to traditional ideas of masculinity, where men are taught to suppress their emotions and be stoic. Bob is allowed to be vulnerable and ask for help, and, despite his actions, is still shown to be worth helping.

    Too much caring responsibility falls on the shoulders of Yelena Belova (Florence Pugh), who has her own struggles.
    Marvel Studios

    A significant number of young men who follow masculinity influencers believe they need to be stoic and control their emotions and that women should occupy traditional gender roles, being soft, nurturing, motherly and supportive.

    These beliefs can not only discourage men from seeking professional help: they set women up to carry the emotional burden in relationships, often at great personal cost.

    Addressing mental health

    Toxic masculinity is well and truly alive, but women aren’t the answer to it.

    Addressing mental health issues effectively requires a multifaceted approach that includes professional intervention, personal responsibility and mutual support within relationships.

    Thunderbolts gestures toward progress, but doesn’t quite escape old tropes. Bob’s pain is real, but it’s also weaponised. His mental illness becomes a threat, and his instability something others must contain.

    The film acknowledges he’s struggling, but ultimately treats his struggle as dangerous as his void-like inner turbulence is unleashed on those around him. It’s a reflection of a broader cultural pattern: when men’s emotional pain is left unaddressed, it festers, and women are often expected to absorb the cost.

    We’re left with a troubling question: in the stories we tell, are we promising struggling young men a fairytale ending of romance and self-sacrifice in the shape of a young woman coming to save them from themselves?

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14.

    Emily Baulch 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. Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline – https://theconversation.com/marvels-thunderbolts-shines-a-light-on-mens-mental-illness-but-falls-down-with-this-outdated-plotline-255869

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?

    Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong

    Aritra Deb/Shutterstock

    At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

    US President Donald Trump’s America First agenda includes sweeping tariffs on imports, withdrawal from multilateral agreements and pressure to take production in-house.

    At the same time, China, Australia’s largest trading partner, has often used trade for geopolitical leverage. In 2020, Beijing imposed tariffs of more than 200% on Australian wine. This wiped 30% off the sector’s export value.

    So economic diversification is not only desirable but strategically imperative.

    An opportunity

    Fifty years on from the fall of Saigon, Vietnam presents a compelling opportunity for economic and strategic diversification. The reunited country is eager to move beyond its wartime image and assert itself as an emerging economic powerhouse.

    Vietnam’s capital, Ho Chi Min City. The country has shifted from being a place synonymous with war to becoming one of the world’s top economies.
    Nguyen Quang Ngoc Tonkin/Shutterstock

    Since the launch of the Doi Moi reforms in 1986, Vietnam has embraced economic liberalisation and market-oriented policies. The Doi Moi reforms opened the economy to foreign trade, allowed private ownership and restructured state-owned enterprises.

    From a growth rate of just 1.6% in 1980, Vietnam is now set to become one of the world’s top 20 economies by 2050. In 2023 alone, it attracted A$8.5 billion in foreign direct investment, underscoring strong investor confidence.

    The 50th anniversary of reunification on April 30 provided insights into the country’s growth. Celebrations included military parades, 3D virtual reality displays and exhibitions promoting advances in technology.

    Slow to act

    Yet Australia has been slow to act. Despite geographic proximity and shared interests, Australia’s economic footprint in Vietnam remains surprisingly small. In 2023, Australian foreign direct investment totalled just A$3 million. It ranked 22nd, behind countries including Switzerland and Seychelles.

    In trade, the disparity is similarly stark. Vietnam accounts for only 2.33% of Australia’s exports and 1.4% of imports. Two-way trade between the two countries reached $26.3 billion in 2022. At the same time, Vietnam’s trade with the United States, topped A$191.9 billion.

    Some Australian firms are already making inroads. BlueScope Steel, Linfox, and SunRice have invested significantly in manufacturing, logistics and agriculture. And RMIT University has been a key player in transnational education since it opened the first of three campuses in Vietnam in 2000.

    ANZ and Qantas also have a visible presence. However, small and medium-sized enterprises – which comprise more than 98% of Australian businesses – remain largely absent. Many prefer export partnerships or distributor agreements over direct investment.

    Potential obstacles

    Australian companies have long favoured English-speaking or high-income markets. These offer greater institutional and cultural familiarity and regulatory certainty.

    Vietnam’s relationship-based commercial environment poses challenges, especially for firms lacking embedded networks and local knowledge. Concerns around regulatory transparency, intellectual property protection, contract enforcement and corruption – though improving – continue to weigh on corporate decisions.

    Small to medium enterprises, in particular, face extra barriers due to limited institutional support, regulatory understanding, market intelligence and in-country networks.

    Help from government

    The Australian government has taken some steps to catch up. The Enhanced Economic Engagement Strategy, launched in 2021, aims to double two-way investment and elevate both nations to top ten trading partner status.

    It identifies priority sectors such as agriculture, education, clean energy, digital technology and manufacturing. However, the strategy contains no enforceable legal protections, tariff concessions or means of dispute resolution.

    Manufacturing is one of the priority areas recognised in Australia’s Enhanced Economic Engagement Strategy for Vietnam.
    Hien Phung Tu/Shutterstock

    The lack of these matters. Japan, South Korea and the European Union have pursued coordinated economic strategies that include concessional loans, robust legal frameworks and in-market support services. These help their businesses thrive in Vietnam’s complex regulatory environment.

    Similarly, the EU has integrated trade promotion with legal certainty under agreements like the EU Vietnam Free Trade Agreement.

    More needs to be done

    Without comparable tools, Australia’s initiatives risk being more aspirational than actionable.

    Last year’s upgrade in bilateral ties to a Comprehensive Strategic Partnership, signals growing political will.

    For Australia to realise the potential of its relationship with Vietnam it should back long-term policies. These policies should reduce market entry barriers, incentivise small to medium enterprises and increase joint skills development.

    Investors also need legal and institutional support.

    Australia has strong potential to expand into emerging sectors. These include renewable energy, digital technology, healthcare, vocational education and training, green and smart infrastructure and agritech.

    Vietnam’s push for environmentally sustainable economic growth, digital transformation and workforce training aligns closely with Australian strengths. This creates opportunities for strategic investment and cooperation.

    There is the potential for Australia to build a dynamic partnership with Vietnam central to its long-term economic position in the Indo-Pacific.

    Anne Vo 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. Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links? – https://theconversation.com/vietnam-is-poised-to-become-a-top-20-economy-so-why-is-australia-taking-so-long-to-make-trade-and-investment-links-255722

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Why is hospital parking so expensive? Two economics researchers explain

    Source: The Conversation (Au and NZ) – By Lisa Farrell, Professor of Economics (Health Economist), RMIT University

    ThirtyPlus/Shutterstock

    Imagine having to pay A$39 dollars a day to park your car while visiting your sick child in hospital.

    For families already struggling in a cost-of-living crisis, hospital parking fees are not just another expense. They can be a financial barrier to supporting loved ones in their most vulnerable moments.

    Hospital parking is a big revenue earner. In New South Wales, public hospitals collected almost $51.7 million in parking fees in 2024. That was up from $30.2 million in 2023.

    It may be tempting to view hospital parking fees as exploiting a captive market. But the reality is much more complex.

    It involves urban economics, pressures on health-care funding and competing demands for limited space, often in busy city centres.

    Let’s start with supply and demand

    Basic economics tells us that price is the mechanism for balancing supply and demand. This is known as the equilibrium price. If demand is greater than supply, the price rises. So for urban hospitals, where parking spaces are limited, this scarcity creates market conditions that, not surprisingly, drive up prices.

    But economics also tells us that if there’s still demand for parking despite the price, then under some circumstances suppliers can charge more than the equilibrium price. Put simply, this “inelastic demand” means it is possible to charge more to a captive audience.

    You could certainly argue hospital patients and visitors are a captive audience. While many hospitals are well serviced by public transport, hospital patients and visitors are often too sick or time-poor to use it. So they have little choice than to pay for parking. For rural hospitals, there is limited or no public transport, so visitors have to drive.

    So are hospitals taking advantage of the inelastic demand for parking? Are they price gouging – setting prices above what is considered reasonable or fair? Or are there reasons for setting such high prices?

    Location, location, location

    Car parks of hospitals in prime locations are not just attractive to hospital patients and visitors. They’re also attractive to other users, such as those working in the city or sightseeing. High parking fees deter these users, ensuring spaces are available for hospital users.

    High prices prevent hospital users from overstaying. This prevents them doing non-hospital activities (such as shopping) after their hospital appointment or visits and before returning to their cars.

    Hospitals also charge high prices to raise revenue for health care. In a statement to the ABC earlier this year, NSW Health said extra money raised from parking is reinvested into health services and facilities.

    Hospitals are often in prime locations, such as Royal Prince Alfred Hospital in Sydney’s inner west.
    Rose Marinelli/Shutterstock

    But it makes sense to encourage visitors

    However, raising parking fees to support hospital budgets could be a false economy. We know hospital visitors have an important role in patients’ recovery times. So if high parking costs deter visitors or carers, this could lead to longer hospital stays for their loved ones.

    Cheaper parking might allow for more visiting, leading to shorter hospital stays and significant cost savings per patient.

    I (Lisa) had firsthand experience of this when my elderly father with dementia was admitted to hospital recently. The hospital allowed 24/7 visitor access for carers (in this case, my mother) and free hospital parking. Access 24/7 is important for patients with dementia who are often disorientated in hospital. This disorientation is typically worse in the evening (known as sundowning).

    Having carers present meant staff could focus on medical issues. It facilitated visits outside normal visiting hours (when dementia patients typically need the extra support) and when the demand for parking spaces is lower.

    Visitors are great for patients’ wellbeing and help their recovery. So we want to encourage them.
    DC Studio/Shutterstock

    Who needs cheap parking?

    High parking prices reflect the high demand for a fixed supply of parking spaces that are rationed to those most willing to pay (those with the income). But a better solution is to ration according to need (that is, to boost patient wellbeing).

    The economics solution is to charge different users different prices. Most hospitals do this already by offering concessions. But concessions can differ by hospital or state. Not everyone knows concession-rate parking is available, and it can be hard for some people to find out if they qualify.

    So if you are concerned about the cost of hospital parking, know the fees and available concessions before you park. You can find this on most hospitals’ websites.

    Currently, concessions are generally based on income (including the possession of a concession card). But we need a greater shift towards providing concession rates based on need. For example those visiting long-stay patients clearly need concessions to support patient wellbeing.

    A media campaign has called for a national cap on hospital parking costs for frequent users.

    Most car parks have a daily limit but frequent users can soon accumulate large bills over weeks or months of hospital visits. For many patients, particularly those requiring frequent treatments such as dialysis, parking costs accumulate annually.

    For people having frequent treatments, such as dialysis, parking costs can add up over the years.
    ainata/Shutterstock

    How could we make things cheaper and fairer?

    We need to apply concession rates to hospital visitors on the basis of need, not just income. Need should be informed by patient wellbeing and the importance of visitors to the healing process.

    We need a consistent set of rules across hospitals about concession-rate parking. This would simplify the process for hospital car park users.

    We also need to look at longer-term solutions. When expanding hospitals or planning new ones, we can consider transitioning away from prime locations. This would help make parking less attractive to non-hospital users.

    The challenge for health-care systems is balancing operational necessity of recovering costs with the ethics of equity and access that prevent necessary care.

    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. Why is hospital parking so expensive? Two economics researchers explain – https://theconversation.com/why-is-hospital-parking-so-expensive-two-economics-researchers-explain-255716

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-led Nationwide Crackdown, Including Six in North Carolina

    Source: Office of United States Attorneys

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

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

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

    The FBI’s Charlotte Field Office arrested six people as part of this operation across North Carolina.

    • John Matthew Miller, of Wilmington, 35, is charged with sex trafficking of a minor; enticing a minor to engage in illegal sexual conduct; and producing, distributing, receiving, and possessing child sexual abuse material. Miller was previously convicted of sexual battery and was a registered sex offender at the time of the offense. Miller faces at least 25 years and up to life in prison if convicted on all counts.
    • Jesse Lonzo Teal, of Bolivia, 72, also known as “Lonnie” and “Mark,” is charged with sex trafficking of a minor, enticing a minor to engage in illegal sexual conduct, producing child sexual abuse material, and using the internet to promote an illegal prostitution business enterprise. He faces at least ten years and up to life imprisonment if convicted on all counts.
    • William Justin Lewis, of Louisburg, 54, is charged with distributing child sexual abuse material and possessing child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count.
    • Donte Melvin Peek, of Durham, 34, is charged with attempted enticement of a minor, distribution of child sexual abuse material, receipt of child sexual abuse material, and possession of child sexual abuse material. He faces at least 10 years imprisonment and up to life imprisonment on the enticement charge and up to twenty years in federal prison on the possession count, if convicted.
    • Jonathan Robert Davlin, of Huntersville, 48, is charged with transportation of child sexual abuse material and possession and access with intent to view child sexual abuse material involving prepubescent minors. He faces at least five years and up to twenty years imprisonment on the transportation count and up to twenty years imprisonment on the possession count.
    • Terrell Shawn Anderson, previously of Charlotte, 30, is charged with distributing child sexual abuse material and possession child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count. He was arrested by FBI Atlanta.

    “These important cases reflect the unwavering commitment of our office and our justice system to protect the most vulnerable members of our community—our children. We will continue to work closely with the FBI and our other law enforcement partners to ensure that those who commit such heinous acts are held accountable,” said Acting U.S. Attorney Daniel P. Bubar for the Eastern District of North Carolina. “There is no place in our community for those who prey on children, and we will do everything we can to not only seek justice for the victims, but to prevent additional child exploitation crimes.”

    “Producing and exchanging child sexual abuse material (CSAM) is a sickening reality in our world and it’s not just happening on the dark web. Pedophiles use the same platforms your family and friends use. No matter where this crime is occurring the FBI will find you. The Violent Crimes Against Children (VCAC) program is uniquely positioned to work complex global and multijurisdictional crimes against children with the capacity to counter threats of abuse and exploitation of children,” said Robert M. DeWitt, the FBI Special Agent in Charge in North Carolina.

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

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

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

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

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org. The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

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

     

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

    ###

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Alleged Child Sex Abuse Offenders Arrested in FBI-Led Five-Day Nationwide Crackdown

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

    Seven cases move forward in Western Washington during National Child Abuse Prevention month

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

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

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

    In the Western District of Washington, seven federal cases moved forward with criminal charges, pleas, and/or sentencings of those who target minors for sexual abuse.

    “There is no greater responsibility than protecting our children from those seeking to sexually abuse them, either online or in person,” said Acting U.S. Attorney Teal Luthy Miller. “The cases we prosecuted over the last month charging child sexual exploitation in person and over the internet, and child sex trafficking are examples of the difficult work we do every day with our law enforcement partners to try to keep children safe.”

    “FBI Seattle’s Violent Crimes Against Children squad and our partners are hard at work, not only during Child Abuse Prevention Month in April, but also throughout the year,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “We are arresting predators, recovering children, and assisting victims through the support of our victim specialists. Just this fiscal year in the Seattle division, we have arrested 122 subjects and identified or located 59 children.”

    These are the FBI-led child sex abuse cases prosecuted in the Western District of Washington in April 2025:

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

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

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

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

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

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

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

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

    The charges contained in the indictments or criminal complaints are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    These cases are being prosecuted by Assistant United States Attorneys Cecelia Gregson, Kate Crisham, and Special Assistant United States Attorney Laura Harmon. Ms. Harmon is a Senior Deputy Prosecutor with the King County Prosecutors Office, specially designated to prosecute child exploitation cases in federal court.

    MIL Security OSI –

  • MIL-OSI: Great Elm Group Reports Fiscal 2025 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH GARDENS, Fla., May 07, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “our,” “GEG,” “Great Elm,” or “the Company”), (NASDAQ: GEG), an alternative asset manager, today announced financial results for its fiscal third quarter ended March 31, 2025.

    Fiscal Third Quarter 2025 and Recent Highlights

    • In February 2025, Great Elm acquired the assets of Greenfield CRE and formed Monomoy Construction Services, LLC (“MCS”), combining the assets of Greenfield CRE and the assets of Monomoy BTS Construction Management (“MCM”).
      • MCS is an integrated, full-service construction business serving Great Elm’s real estate verticals as well as its growing third-party project management services.
    • GEG’s fee-paying assets under management (“FPAUM”) and assets under management (“AUM”), as of March 31, 2025, totaled approximately $565 million and $768 million, respectively.
      • FPAUM and AUM growth of 15% and 12%, respectively, compared to the prior-year period.
    • Total revenue for the third quarter grew 15% to $3.2 million, compared to $2.8 million for the prior-year period.
      • Growth in revenue was primarily driven by increased revenue from real estate project management fees and rental income as well as increased management fees from Great Elm Capital Corp. (“GECC”) attributable to FPAUM growth.
    • Net loss from continuing operations for the third quarter was ($4.5) million, compared to net loss from continuing operations of ($2.9) million in the prior-year period.
      • Net loss was primarily driven by unrealized losses related to certain investment positions marked down at quarter-end, which the Company expects to reverse over time, assuming market conditions stabilize.
    • Adjusted EBITDA for the third quarter was $0.5 million, compared to $1.2 million in the prior-year period.
    • Through May 6, 2025, Great Elm has repurchased approximately 4.8 million shares for $8.7 million, at an average cost of $1.84 per share, through its share repurchase program.
      • Book value per share was $2.14 as of March 31, 2025, excluding Consolidated Funds.
    • As of March 31, 2025, GEG had approximately $32 million of cash on its balance sheet to support growth initiatives across its alternative asset management platform.
    • Subsequent to quarter end, GECC launched a $100 million At-the-Market equity program, providing additional capital flexibility.

    Management Commentary

    Jason Reese, Chief Executive Officer of the Company stated, “We achieved a solid fiscal third quarter 2025, continuing our positive momentum by expanding our assets under management and maintaining performance across our credit and real estate businesses. Notably, GECC delivered record total investment income in the first calendar quarter of 2025 and continues to drive significant growth in our fee-paying assets under management. GECC is also well positioned to pay meaningful incentive fees to GEG in the coming quarters.”

    “In real estate, our launch of Monomoy Construction Services in February through our acquisition of Greenfield CRE adds specialized construction experience to our expanding real estate platform and has been well received by Monomoy’s tenants. As the integration of MCS progresses, we remain focused on our robust project and property pipeline. At Monomoy BTS, we closed on a land purchase for our third development property during the quarter and expect to complete the project during the calendar year. Finally, during the quarter, we continued to repurchase our shares at an attractive discount to book value. Looking ahead, we remain committed to growing our core businesses and pursuing compelling investment opportunities to maximize long-term shareholder value.”

    GEG Managed Vehicle Highlights

    • GECC delivered a strong first calendar quarter of 2025, generating record Total Investment Income (“TII”), with Net Investment Income in excess of its increased quarterly distribution.
      • TII of $12.5 million for the quarter ended March 31, 2025, was the highest in GECC’s history, driven by cash flows from its CLO JV and income from new investments.
      • GECC increased its quarterly distribution by 5.7% for the first quarter of 2025, to $0.37 per share from $0.35 per share, which was paid on March 31, 2025.
      • In May, GECC launched a $100 million At-the-Market equity program, providing additional capital flexibility.
    • Monomoy BTS and Monomoy REIT continued to execute on their strategic priorities.
      • Monomoy BTS closed on a land purchase for its third build-to-suit property and made meaningful progress on its fourth project.
      • Monomoy REIT acquired a property for approximately $3.0 million and maintains a strong pipeline of transaction opportunities and open requirements from its tenants.
    • Great Elm Credit Income Fund was stable in the first calendar quarter of 2025, weathering credit market volatility, and delivered a return from inception through March 31, 2025, of approximately 13.9%, net of fees.1

    Discussion of Financial Results for the Fiscal Third Quarter Ended March 31, 2025

    GEG reported total revenue of $3.2 million, up 15% from $2.8 million in the prior-year period.

    GEG recorded net loss from continuing operations of ($4.5) million, compared to net loss from continuing operations of ($2.9) million in the prior-year period. The net loss this quarter was primarily driven by unrealized losses related to certain investment positions marked down at quarter-end, which the Company expects to reverse over time, assuming market conditions stabilize.

    GEG recorded Adjusted EBITDA of $0.5 million, compared to $1.2 million in the prior-year period.

    Acquisition of Assets of Greenfield CRE

    In February 2025, Great Elm acquired the assets of Greenfield CRE, a leading construction management company, and longstanding partner of Monomoy CRE, LLC, our real estate investment manager. In connection with the acquisition, Great Elm formed MCS and combined the assets of Greenfield CRE with the assets of MCM to launch an integrated, full-service construction business. With MCS, Monomoy will offer a full service, in-house suite of project management, procurement, construction management, asset management, market analysis and feasibility services for its industrial real estate tenants.

    Stock Repurchase Program

    In fiscal first quarter 2025, GEG’s Board of Directors approved an incremental stock repurchase program under which GEG is authorized to repurchase up to $20 million in the aggregate of its outstanding common stock in the open market. As of May 6, 2025, the Company has repurchased approximately 4.8 million shares for $8.7 million under this program.

    Fiscal 2025 Third Quarter Conference Call & Webcast Information

    When: Thursday, May 8, 2025, 8:30 a.m. Eastern Time (ET)
       
    Call: All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13746971 if asked.
       
    Webcast: The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call, can be found here.
       

    About Great Elm Group, Inc.

    Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.

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

    Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and Great Elm’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from Great Elm’s expectations, please see Great Elm’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm’s financial position and results of operations is also contained in Great Elm’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

    Non-GAAP Financial Measures

    The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures, of financial measures that are not in accordance with US GAAP, such as adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted EBITDA is derived from methodologies other than in accordance with US GAAP. Great Elm believes that Adjusted EBITDA is an important measure for investors to use in evaluating Great Elm’s businesses. In addition, Great Elm’s management reviews Adjusted EBITDA as they evaluate acquisition opportunities.

    Adjusted EBITDA has limitations as an analytical tool, and you should not consider it either in isolation from, or as a substitute for, analyzing Great Elm’s results as reported under US GAAP. Non-GAAP financial measures reported by Great Elm may not be comparable to similarly titled amounts reported by other companies.

    Included in the financial tables below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income from continuing operations.

    Endnotes
    1 Assumes invested at inception on November 1, 2023, and remained invested throughout the succeeding seventeen months ended March 31, 2025, with distributions reinvested, net of founder’s class fees and expenses. Performance results should not be regarded as final until audited financial statements are issued covering the period shown. Past performance is no guarantee of future results. This press release does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment vehicle managed by Great Elm or its affiliates. Any such offer or solicitation will only be made pursuant to the applicable offering documents for such investment vehicle.

    Media & Investor Contact:
    Investor Relations
    geginvestorrelations@greatelmcap.com

    Great Elm Group, Inc.
    Condensed Consolidated Balance Sheets (unaudited)
    Dollar amounts in thousands (except per share data)

    ASSETS   March 31, 2025     June 30, 2024  
    Current assets            
    Cash and cash equivalents   $ 31,528     $ 48,147  
    Restricted cash     –       1,571  
    Receivables from managed funds     8,244       2,259  
    Investments in marketable securities     –       9,929  
    Investments, at fair value     47,955       44,585  
    Prepaid and other current assets     3,048       1,215  
    Real estate assets, net     7,981       5,769  
    Related party loan receivable     7,500       –  
    Assets of Consolidated Funds:            
    Cash and cash equivalents     3,221       2,371  
    Investments, at fair value     11,345       11,471  
    Other assets     236       253  
    Total current assets     121,058       127,570  
    Identifiable intangible assets, net     12,245       11,037  
    Goodwill     470       –  
    Right-of-use assets     1,690       225  
    Other assets     1,727       1,614  
    Total assets   $ 137,190     $ 140,446  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities            
    Accounts payable   $ 2,030     $ 317  
    Accrued expenses and other current liabilities     4,463       7,009  
    Current portion of related party payables     254       634  
    Current portion of lease liabilities     346       137  
    Liabilities of Consolidated Funds:            
    Payable for securities purchased     204       100  
    Accrued expenses and other liabilities     171       162  
    Total current liabilities     7,468       8,359  
    Lease liabilities, net of current portion     1,352       57  
    Long-term debt (face value $26,945)     26,302       26,090  
    Convertible notes (face value $36,380 and $35,494, including $16,578 and $16,174 held by related parties, respectively)     35,864       34,900  
    Other liabilities     889       845  
    Total liabilities     71,875       70,251  
    Commitments and contingencies            
    Stockholders’ equity            
    Preferred stock, $0.001 par value; 5,000,000 authorized and zero outstanding     –       –  
    Common stock, $0.001 par value; 350,000,000 shares authorized and 28,687,736 shares issued and 26,687,301 outstanding at March 31, 2025; and 31,875,285 shares issued and 30,494,448 outstanding at June 30, 2024     25       30  
    Additional paid-in-capital     3,310,838       3,315,638  
    Accumulated deficit     (3,253,636 )     (3,252,954 )
    Total Great Elm Group, Inc. stockholders’ equity     57,227       62,714  
    Non-controlling interests     8,088       7,481  
    Total stockholders’ equity     65,315       70,195  
    Total liabilities and stockholders’ equity   $ 137,190     $ 140,446  
     

    Great Elm Group, Inc.
    Condensed Consolidated Statements of Operations (unaudited)
    Amounts in thousands (except per share data)

        For the three months ended March 31,     For the nine months ended March 31,  
        2025     2024     2025     2024  
    Revenues   $ 3,209     $ 2,787     $ 10,708     $ 8,916  
    Cost of revenues     (11 )     –       1,082       –  
    Operating costs and expenses:                        
    Investment management expenses     4,033       2,733       10,522       8,334  
    Depreciation and amortization     361       271       918       837  
    Selling, general and administrative     1,362       1,630       4,674       5,738  
    Expenses of Consolidated Funds     19       22       40       22  
    Total operating costs and expenses     5,775       4,656       16,154       14,931  
    Operating loss     (2,555 )     (1,869 )     (6,528 )     (6,015 )
    Dividends and interest income     1,481       2,359       4,606       6,417  
    Net realized and unrealized gain (loss)     (2,439 )     (2,753 )     3,767       1,735  
    Net realized and unrealized gain (loss) on investments of Consolidated Funds     (338 )     131       (89 )     245  
    Interest and other income of Consolidated Funds     389       323       1,168       451  
    Interest expense     (1,039 )     (1,074 )     (3,097 )     (3,197 )
    (Loss) income before income taxes from continuing operations     (4,501 )     (2,883 )     (173 )     (364 )
    Income tax benefit (expense)     –       –       –       –  
    Net (loss) income from continuing operations     (4,501 )     (2,883 )     (173 )     (364 )
    Discontinued operations:                        
    Net income from discontinued operations     –       –       –       16  
    Net (loss) income   $ (4,501 )   $ (2,883 )   $ (173 )   $ (348 )
    Less: net (loss) income attributable to non-controlling interest, continuing operations     (4 )     217       509       328  
    Net (loss) income attributable to Great Elm Group, Inc.   $ (4,497 )   $ (3,100 )   $ (682 )   $ (676 )
    Net (loss) income attributable to shareholders per share                        
    Basic   $ (0.17 )   $ (0.10 )   $ (0.02 )   $ (0.02 )
    Diluted     (0.17 )     (0.10 )     (0.02 )     (0.02 )
    Weighted average shares outstanding                        
    Basic     26,915       30,066       28,000       29,844  
    Diluted     26,915       30,066       28,000       29,844  
     

    Great Elm Group, Inc.
    Reconciliation from Net Income (loss) from Continuing Operations to Adjusted EBITDA
    Dollar amounts in thousands

        Three months ended
    March 31,    		   Nine months ended
    March 31,
    (in thousands)   2025     2024     2025     2024  
    Net income (loss) from continuing operations – GAAP   $ (4,501 )   $ (2,883 )   $ (173 )   $ (364 )
    Interest expense     1,039       1,074       3,097       3,197  
    Income tax expense (benefit)     –       –       –       –  
    Depreciation and amortization     361       271       918       837  
    Non-cash compensation     796       698       2,668       2,426  
    (Gain) loss on investments     2,777       2,622       (3,678 )     (1,980 )
    Change in contingent consideration     –       (554 )     (6 )     (518 )
    Adjusted EBITDA   $ 472     $ 1,228     $ 2,826     $ 3,598  

    The MIL Network –

  • MIL-OSI: Global Net Lease Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Successfully Closed First Phase of Multi-Tenant Portfolio Sale Resulting in $1.1 Billion of Gross Proceeds; On Track to Close Remaining Multi-Tenant Portfolio Sale by End of Q2’25

    – Reduced Net Debt by $833 Million in Q1’25; Improved Net Debt to Adjusted EBITDA to 6.7x

    – Repurchased 7.9 Million Shares at a Weighted Average Price of $7.50 Totaling $59 Million as of May 2, 2025

    – Reaffirms 2025 Guidance

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Successfully closed the first phase of the sale of the multi-tenant portfolio, consisting of 59 unencumbered assets, with the net proceeds used to pay down $850 million of the Revolving Credit Facility
    • Remain on track to close the remaining two phases of the multi-tenant portfolio sale, consisting of 41 encumbered assets, by the end of the second quarter 2025, after which GNL expects to begin realizing G&A savings and enhanced portfolio metrics
    • Revenue was $132.4 million in first quarter 2025, compared to $147.9 million in first quarter 2024, primarily as a result of asset dispositions
    • Net loss attributable to common stockholders was $200.3 million, compared to a net loss of $34.7 million in first quarter 2024, primarily caused by the timing and purchase price allocation associated with the partial completion of the multi-tenant portfolio sale
    • Net loss attributable to common stockholders is expected to significantly improve upon completion of the sale of the remaining multi-tenant portfolio
    • Core Funds from Operations (“Core FFO”) was $35.0 million compared to $56.6 million in first quarter 2024, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
    • Adjusted Funds from Operations (“AFFO”)1 was $66.2 million, or $0.29 per share, compared to $75.0 million in first quarter 2024, or $0.33 per share, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
    • 2025 closed plus disposition pipeline totals $2.1 billion2 at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years; maintains focus on using net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet
    • Reduced Net Debt by $1.5 billion since first quarter 2024, including $833.2 million in first quarter 2025, improving Net Debt to Adjusted EBITDA from 8.4x to 6.7x over the same period
    • As of May 2, 2025, the Company has repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program announced in February 2025, at a weighted average price of $7.50, for a total of $59.4 million; this includes 2.4 million shares for a total of $19.4 million repurchased in first quarter 2025
    • Leased over 826,000 square feet across the single-tenant portfolio, resulting in nearly $6.1 million of new straight-line rent
    • Single-tenant renewal leasing spread of 8.2% with a weighted average lease term of 6.6 years; new leases completed in the single-tenant portfolio in the quarter had a weighted average lease term of 5.0 years
    • Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 18.7% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases
    • Sector-leading 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants3

    “The first quarter of 2025 was a pivotal period in GNL’s transformation as we took important steps to streamline our portfolio, strengthen the balance sheet, and enhance financial flexibility,” said Michael Weil, CEO of GNL. “We believe with lower leverage, greater liquidity, and disciplined execution and capital allocation, GNL is better positioned to operate more efficiently and pursue new opportunities aligned with our strategic vision. These foundational initiatives are not only aimed at improving near-term metrics, but at building lasting resilience and long-term value for shareholders. As we continue executing on our strategy, we believe these efforts will help narrow the trading gap between GNL and our net lease peers. We look forward to completing the final two phases of the multi-tenant portfolio sale in the second quarter and carrying that momentum into the second half of 2025 and beyond.”

    Full Year 2025 Guidance Update4

    • The Company reaffirms its 2025 AFFO per Share guidance range of $0.90 to $0.96 and Net Debt to Adjusted EBITDA range of 6.5x to 7.1x.

    Summary of Results

        Three Months Ended March 31,
    (In thousands, except per share data)     2025       2024  
    Revenue from tenants   $ 132,415     $ 147,880  
             
    Net loss attributable to common stockholders   $ (200,315 )   $ (34,687 )
    Net loss per diluted common share   $ (0.87 )   $ (0.15 )
             
    NAREIT defined FFO attributable to common stockholders   $ 32,961     $ 55,773  
    NAREIT defined FFO per diluted common share   $ 0.14     $ 0.24  
             
    Core FFO attributable to common stockholders   $ 34,967     $ 56,592  
    Core FFO per diluted common share   $ 0.15     $ 0.25  
             
    AFFO attributable to common stockholders   $ 66,220     $ 74,964  
    AFFO per diluted common share   $ 0.29     $ 0.33  
                     

    Property Portfolio

    As of March 31, 2025, the Company’s portfolio of 1,045 net lease properties is located in ten countries and territories, and is comprised of 51.3 million rentable square feet. As a result of the agreement to sell 100 of the 101 properties in its former multi-tenant retail segment in connection with the Multi-Tenant Retail Disposition, the Company has determined that as of March 31, 2025, the Company operates in three remaining reportable segments based on property type: (1) Industrial & Distribution, (2) Retail (formerly known as “Single-Tenant Retail”) and (3) Office. The real estate portfolio metrics include (inclusive of the properties to be sold in the remaining two phases of the multi-tenant portfolio sale):

    • 95% leased (98%5 adjusting for vacant properties sold shortly after the first quarter of 2025) with a remaining weighted-average lease term of 6.3 years6
    • 86% of the portfolio contains contractual rent increases based on annualized straight-line rent
    • 60% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
    • 76% U.S. and Canada, 24% Europe (based on annualized straight-line rent)
    • 40% Industrial & Distribution, 25% Retail, 22% Office and 13% related to the remaining 41 properties in the Multi-Tenant Retail Portfolio that are expected to be sold in the second quarter of 2025 (based on an annualized straight-line rent)

    Capital Structure and Liquidity Resources7

    As of March 31, 2025, the Company had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility. The Company had net debt of $3.7 billion8, including $2.3 billion of gross mortgage debt. The Company successfully reduced its outstanding net debt balance by $833.2 million from fourth quarter 2024.

    As of March 31, 2025, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%. The Company’s total combined debt had a weighted average interest rate of 4.2% (4.4% when including mortgages classified as part of discontinued operations) resulting in an interest coverage ratio of 2.5 times9. Weighted-average debt maturity was 2.7 years as of March 31, 2025.

    Footnotes/Definitions

    1 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.
    2 Closed plus disposition pipeline of $2.1 billion as of May 1, 2025. Includes $1.9 billion of closed plus pipeline occupied dispositions at a cash cap rate of 8.3% and $201 million of closed plus pipeline vacant dispositions. The properties included in our disposition pipeline for such purposes include those for which we have entered into purchase and sale agreements (“PSAs”) or non-binding letters of intents (“LOIs”). There can be no assurance that the transactions contemplated by such PSAs or LOIs will be completed on the terms contemplated, if at all.
    3 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of March 31, 2025. Comprised of 33.3% leased to tenants with an actual investment grade rating and 26.8% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of March 31, 2025.
    4 We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.
    5 First quarter 2025 occupancy was temporarily impacted by the vacancy of Contractor’s Steel, a privately-owned and operated full-service steel supplier that occupied nearly 1.4 million square feet. Following their departure and subsequent to the first quarter of 2025, GNL sold all five vacant properties, which helped minimize vacancy downtime. Including the sale of these properties, GNL’s pro-forma first quarter of 2025 occupancy would be 98% compared to the 95% provided in company filings.
    6 Weighted-average remaining lease term in years is based on square feet as of March 31, 2025.
    7 During the three months ended March 31, 2025, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock “at-the-market” programs. However, as of May 2, 2025, the Company had repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program for a total of $59.4 million, including 2.4 million shares repurchased in the first quarter of 2025 for a net amount of $19.4 million.
    8 Comprised of the principal amount of GNL’s outstanding debt totaling $3.9 billion less cash and cash equivalents totaling $147.0 million, as of March 31, 2025.
    9 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.

    Conference Call 

    GNL will host a webcast and conference call on May 8, 2025 at 11:00 a.m. ET to discuss its financial and operating results.

    To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

    Dial-in instructions for the conference call and the replay are outlined below.

    Conference Call Details

    Live Call

    Dial-In (Toll Free): 1-877-407-0792
    International Dial-In: 1-201-689-8263

    Conference Replay*

    For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com

    Or dial in below:

    Domestic Dial-In (Toll Free): 1-844-512-2921

    International Dial-In: 1-412-317-6671

    Conference Number: 13750622

    *Available from 2:00 p.m. ET on May 8, 2025 through August 8, 2025.

    Supplemental Schedules 

    The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov. 

    About Global Net Lease, Inc. 

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

    Forward-Looking Statements

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed closing of the encumbered properties portion of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts: 

    Investors and Media:
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

     
    Global Net Lease, Inc.
    Consolidated Balance Sheets (Unaudited)
    (In thousands)
        March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Real estate investments, at cost:        
    Land   $ 755,520     $ 802,317  
    Buildings, fixtures and improvements     3,972,434       4,120,664  
    Construction in progress     2,024       3,364  
    Acquired intangible lease assets     648,368       695,597  
    Total real estate investments, at cost     5,378,346       5,621,942  
    Less accumulated depreciation and amortization     (1,016,159 )     (999,909 )
    Total real estate investments, net     4,362,187       4,622,033  
    Real estate assets held for sale     171,675       17,406  
    Assets related to discontinued operations     670,483       1,816,131  
    Cash and cash equivalents     147,047       159,698  
    Restricted cash     59,144       64,510  
    Derivative assets, at fair value     327       2,471  
    Unbilled straight-line rent     92,757       89,804  
    Operating lease right-of-use asset     67,461       66,163  
    Prepaid expenses and other assets     51,360       51,504  
    Multi-tenant disposition receivable, net     108,729       —  
    Deferred tax assets     4,915       4,866  
    Goodwill     44,842       51,370  
    Deferred financing costs, net     8,407       9,808  
    Total Assets   $ 5,789,334     $ 6,955,764  
             
    LIABILITIES AND EQUITY        
    Mortgage notes payable, net   $ 1,774,116     $ 1,768,608  
    Revolving credit facility     547,406       1,390,292  
    Senior notes, net     911,416       906,101  
    Acquired intangible lease liabilities, net     20,441       24,353  
    Derivative liabilities, at fair value     2,679       3,719  
    Accounts payable and accrued expenses     47,789       52,878  
    Operating lease liability     40,673       40,080  
    Prepaid rent     14,389       13,571  
    Deferred tax liability     5,991       5,477  
    Dividends payable     11,990       11,909  
    Real estate liabilities held for sale     1,377       —  
    Liabilities related to discontinued operations     495,515       551,818  
    Total Liabilities     3,873,782       4,768,806  
    Commitments and contingencies     —       —  
    Stockholders’ Equity:        
    7.25% Series A cumulative redeemable preferred stock     68       68  
    6.875% Series B cumulative redeemable perpetual preferred stock     47       47  
    7.50% Series D cumulative redeemable perpetual preferred stock     79       79  
    7.375% Series E cumulative redeemable perpetual preferred stock     46       46  
    Common stock     3,617       3,640  
    Additional paid-in capital     4,342,134       4,359,264  
    Accumulated other comprehensive loss     (15,755 )     (25,844 )
    Accumulated deficit     (2,414,684 )     (2,150,342 )
    Total Stockholders’ Equity     1,915,552       2,186,958  
    Total Liabilities and Equity   $ 5,789,334     $ 6,955,764  
                     
    Global Net Lease, Inc.
    Consolidated Statements of Operations (Unaudited)
    (In thousands, except share and per share data)
        Three Months Ended March 31,
          2025       2024  
    Revenue from tenants   $ 132,415     $ 147,880  
             
    Expenses:        
    Property operating     13,953       17,796  
    Impairment charges     60,315       4,327  
    Merger, transaction and other costs     1,579       753  
    General and administrative     16,203       14,663  
    Equity-based compensation     3,093       1,973  
    Depreciation and amortization     56,334       57,172  
    Goodwill impairment     7,134       —  
    Total expenses     158,611       96,684  
    Operating (loss) income before gain on dispositions of real estate investments     (26,196 )     51,196  
    (Loss) gain on dispositions of real estate investments     (1,678 )     5,868  
    Operating (loss) income     (27,874 )     57,064  
    Other income (expense):        
    Interest expense     (53,437 )     (64,593 )
    Loss on extinguishment and modification of debt     (418 )     (58 )
    (Loss) gain on derivative instruments     (3,856 )     1,588  
    Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness     (6,351 )     1,032  
    Other income (expense)     48       (40 )
    Total other expense, net     (64,014 )     (62,071 )
    Net loss before income taxes     (91,888 )     (5,007 )
    Income tax provision     (3,280 )     (2,358 )
    Loss from continuing operations     (95,168 )     (7,365 )
    Loss from discontinued operations     (94,211 )     (16,386 )
    Net loss     (189,379 )     (23,751 )
    Preferred stock dividends     (10,936 )     (10,936 )
    Net loss attributable to common stockholders   $ (200,315 )   $ (34,687 )
             
    Basic and Diluted Loss Per Share:        
    Net loss per share from continuing operations   $ (0.46 )   $ (0.08 )
    Net loss per share from discontinued operations     (0.41 )     (0.07 )
    Net loss per share attributable to common stockholders — Basic and Diluted[1]   $ (0.87 )   $ (0.15 )
             
    Weighted average shares outstanding — Basic and Diluted     230,264       230,320  
                     
                     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
        Three Months Ended
    March 31,
          2025       2024  
    Adjusted EBITDA        
    Net loss   $ (189,379 )   $ (23,751 )
    Depreciation and amortization     56,334       57,172  
    Interest expense     53,437       64,593  
    Income tax expense     3,280       2,358  
    Discontinued operations adjustments     47,219       53,018  
    EBITDA     (29,109 )     153,390  
    Impairment charges     60,315       4,327  
    Equity-based compensation     3,093       1,973  
    Merger, transaction and other costs     1,579       753  
    Loss (gain) on dispositions of real estate investments     1,678       (5,867 )
    Loss (gain) on derivative instruments     3,856       (1,588 )
    Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness     6,351       (1,032 )
    Loss on extinguishment and modification of debt     418       58  
    Other (income) expense      (48 )     40  
    Expenses attributable to European tax restructuring[1]     —       469  
    Transition costs related to the REIT Merger and Internalization[2]     —       2,826  
    Goodwill impairment[3]     7,134       —  
    Discontinued operations adjustments     83,149       (16 )
    Adjusted EBITDA     138,416       155,333  
    Net operating income (NOI)        
    General and administrative     16,203       14,663  
    Expenses attributable to European tax restructuring[1]     —       (469 )
    Transition costs related to the Merger and Internalization[2]     —       (2,826 )
    Discontinued operations adjustments     1,255       1,514  
    NOI     155,874       168,215  
    Amortization related to above- and below- market lease intangibles and right-of-use assets, net     160       2,225  
    Straight-line rent     (5,235 )     (4,562 )
    Cash NOI   $ 150,799     $ 165,878  
             
    Cash Paid for Interest:        
    Interest Expense – continuing operations   $ 53,437     $ 64,593  
    Interest Expense – discontinued operations     17,457       18,160  
    Non-cash portion of interest expense     (2,486 )     (2,394 )
    Amortization of discounts on mortgages and senior notes     (13,960 )     (15,338 )
    Total cash paid for interest   $ 54,448     $ 65,021  
                     
    _____________
    [1] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [2] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [3] This is a non-cash item and is added back as it is not considered indicative of operating performance.
                     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
        Three Months Ended
    March 31,
          2025       2024  
    Net loss attributable to stockholders (in accordance with GAAP)   $ (200,315 )   $ (34,687 )
    Impairment charges     60,315       4,327  
    Depreciation and amortization     56,334       57,172  
    Loss (gain) on dispositions of real estate investments     1,678       (5,867 )
    Discontinued operations FFO adjustments     114,949       34,828  
    FFO (defined by NAREIT)     32,961       55,773  
    Merger, transaction and other costs     1,579       753  
    Loss on extinguishment and modification of debt     418       58  
    Discontinued operations Core FFO adjustments     9       8  
    Core FFO attributable to common stockholders     34,967       56,592  
    Non-cash equity-based compensation     3,093       1,973  
    Non-cash portion of interest expense     2,486       2,394  
    Amortization related to above- and below-market lease intangibles and right-of-use assets, net     160       2,225  
    Straight-line rent     (5,235 )     (4,562 )
    Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness     6,351       (1,032 )
    Eliminate unrealized losses (gains) on foreign currency transactions[1]     3,304       (1,259 )
    Amortization of discounts on mortgages and senior notes     13,960       15,338  
    Expenses attributable to European tax restructuring[2]     —       469  
    Transition costs related to the REIT Merger and Internalization[3]     —       2,826  
    Goodwill impairment[4]     7,134       —  
    Adjusted funds from operations (AFFO) attributable to common stockholders   $ 66,220     $ 74,964  
                     
    _____________
    [1] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended March 31, 2025, loss on derivative instruments was $3.9 million, which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million. For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million.
    [2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [4] This is a non-cash item and is added back as it is not considered indicative of operating performance.
                     

    The following table provides operating financial information for the Company’s reportable segments:

        Three Months Ended March 31,
    (In thousands)     2025     2024
    Industrial & Distribution:        
    Revenue from tenants   $ 58,009   $ 61,994
    Property operating expense     5,257     4,644
    Net Operating Income   $ 52,752   $ 57,350
             
    Retail[1], [2]:        
    Revenue from tenants   $ 36,958   $ 42,595
    Property operating expense     3,906     5,098
    Net Operating Income   $ 33,052   $ 37,497
             
    Office[2]:        
    Revenue from tenants   $ 37,448   $ 35,096
    Property operating expense     4,790     5,258
    Net Operating Income   $ 32,658   $ 29,838
             
    Multi-Tenant Retail[3]:        
    Revenue from tenants   $ —   $ 8,195
    Property operating expense     —     2,796
    Net Operating Income   $ —   $ 5,399
                 
    _____________
    [1] Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which is not included in the Multi-Tenant Retail Disposition.
    [2] Amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type.
    [3] Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation.
                 

    Caution on Use of Non-GAAP Measures

    Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

    Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

    We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

    As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

    Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

    Funds From Operations

    Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

    We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

    FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

    The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

    Core Funds From Operations

    In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

    Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

    Adjusted Funds From Operations

    In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

    In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

    We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

    EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

    NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

    Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

    Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

    Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

    The MIL Network –

  • MIL-OSI: Greenlight Re Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income Expands to $29.6 million Despite California Wildfire Losses,
    Leading to Fully Diluted Book Value Per Share Growth of 5.1%

    GRAND CAYMAN, Cayman Islands, May 07, 2025 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights (all comparisons are to first quarter 2024 unless noted otherwise):

    • Gross premiums written increased 14.1% to $247.9 million;
    • Net premiums earned increased 4.3% to $168.5 million;
    • Net underwriting loss of $7.8 million, compared to net underwriting income of $3.4 million;
    • Combined ratio of 104.6%, compared to 97.9%;
    • Total investment income of $40.5 million, compared to $31.4 million;
    • Net income of $29.6 million, or $0.86 per diluted ordinary share, compared to net income of $27.0 million, or $0.78 per diluted ordinary share; and
    • Fully diluted book value per share increased 5.1% to $18.87, from $17.95 at December 31, 2024.

    Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We delivered strong book value per share growth of 5.1% this quarter, driven by an outstanding return of 7.2% from our Solasglas investment portfolio despite challenging market conditions. These results more than offset the financial impact of the California wildfires, which contributed 14 combined ratio points for the quarter, in line with the preliminary loss estimates we previously disclosed.”

    David Einhorn, Chairman of the Board of Directors, said, “Our investment portfolio performed well during what appears to be the beginning of a bear market. We are positioning Solasglas to have low gross and net exposure as we ride out what should be a period of high volatility ahead of what we expect will be an improved investment opportunity set.”

    Greenlight Capital Re, Ltd. First Quarter 2025 Earnings Call

    Greenlight Re will host a live conference call to discuss its financial results on Thursday, May 8, 2025, at 9:00 a.m. Eastern Time. Dial-in details:
            
    U.S. toll free: 1-877-407-9753
    International: 1-201-493-6739

    The conference call can also be accessed via webcast at:
    https://event.webcasts.com/starthere.jsp?ei=1714274&tp_key=429d07a808

    A telephone replay will be available following the call through May 13, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13752944. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    Non-GAAP Financial Measures
    In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

    Forward-Looking Statements
    This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

           
    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (expressed in thousands of U.S. dollars, except per share and share amounts)
           
      March 31,
    2025    		   December 31,
    2024
      (Unaudited)    
    Assets      
    Investments      
    Investment in related party investment fund, at fair value $ 435,341   $ 387,144
    Other investments   73,266     73,160
    Total investments   508,607     460,304
    Cash and cash equivalents   47,477     64,685
    Restricted cash and cash equivalents   595,282     584,402
    Reinsurance balances receivable (net of allowance for expected credit losses)   768,711     704,483
    Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)   87,963     85,790
    Deferred acquisition costs   96,759     82,249
    Unearned premiums ceded   38,895     29,545
    Other assets   8,402     4,765
    Total assets $ 2,152,096   $ 2,016,223
    Liabilities and equity      
    Liabilities      
    Loss and loss adjustment expense reserves $ 916,600   $ 860,969
    Unearned premium reserves   384,311     324,551
    Reinsurance balances payable   93,730     105,892
    Funds withheld   21,825     21,878
    Other liabilities   8,992     6,305
    Debt   59,834     60,749
    Total liabilities   1,485,292     1,380,344
    Shareholders’ equity      
    Ordinary share capital (par value $0.10; issued and outstanding, 34,557,449) (2024: par value $0.10; issued and outstanding, 34,831,324) $ 3,456   $ 3,483
    Additional paid-in capital   482,876     481,551
    Retained earnings   180,472     150,845
    Total shareholders’ equity   666,804     635,879
    Total liabilities and equity $ 2,152,096   $ 2,016,223
               
       
    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
    (expressed in thousands of U.S. dollars, except percentages and per share amounts)
       
      Three months ended March 31
        2025       2024  
    Underwriting results:      
    Gross premiums written $ 247,945     $ 217,258  
    Gross premiums ceded   (28,548 )     (23,181 )
    Net premiums written   219,397       194,077  
    Change in net unearned premium reserves   (50,934 )     (32,541 )
    Net premiums earned $ 168,463     $ 161,536  
    Net loss and LAE incurred:      
    Current year $ (118,666 )   $ (103,925 )
    Prior year   (4,218 )     (5,401 )
    Net loss and LAE incurred   (122,884 )     (109,326 )
    Acquisition costs   (46,866 )     (41,610 )
    Underwriting expenses   (6,358 )     (6,339 )
    Deposit interest expense, net   (149 )     (876 )
    Net underwriting income (loss) $ (7,794 )   $ 3,385  
           
    Income from investment in Solasglas $ 32,197     $ 18,248  
    Net investment income   8,287       13,178  
    Total investment income $ 40,484     $ 31,426  
           
    Corporate and other expenses $ (4,672 )   $ (4,375 )
    Foreign exchange gains (losses)   4,355       (1,649 )
    Interest expense   (1,464 )     (1,249 )
    Income tax expense   (1,282 )     (519 )
    Net income $ 29,627     $ 27,019  
           
    Earnings per share      
    Basic $ 0.87     $ 0.79  
    Diluted $ 0.86     $ 0.78  
           
    Underwriting ratios:      
    Current year loss ratio   70.4 %     64.3 %
    Prior year reserve development ratio   2.5 %     3.3 %
    Loss ratio   72.9 %     67.6 %
    Acquisition cost ratio   27.8 %     25.8 %
    Composite ratio   100.7 %     93.4 %
    Underwriting expense ratio   3.9 %     4.5 %
    Combined ratio   104.6 %     97.9 %
                   
                   

    The following tables present the Company’s results by segment and on a consolidated basis:

                   
    GREENLIGHT CAPITAL RE, LTD.
    SEGMENT RESULTS OF OPERATIONS (unaudited)
    (expressed in thousands of U.S. dollars)
    Three months ended March 31, 2025
                   
      Open Market   Innovations   Corporate   Total Consolidated
    Gross premiums written $ 220,709     $ 27,466     $ (230 )   $ 247,945  
    Net premiums written $ 195,609     $ 23,971     $ (183 )   $ 219,397  
    Net premiums earned $ 149,641     $ 19,005     $ (183 )   $ 168,463  
    Net loss and LAE incurred   (112,763 )     (10,346 )     225       (122,884 )
    Acquisition costs   (40,881 )     (6,033 )     48       (46,866 )
    Other underwriting expenses   (4,797 )     (1,561 )     —       (6,358 )
    Deposit interest expense, net   (149 )     —       —       (149 )
    Underwriting income (loss)   (8,949 )     1,065       90       (7,794 )
    Net investment income   5,771       448       2,068       8,287  
    Corporate and other expenses   —       (572 )     (4,100 )     (4,672 )
    Income from investment in Solasglas   —       —       32,197       32,197  
    Foreign exchange gains (losses)   —       —       4,355       4,355  
    Interest expense   —       —       (1,464 )     (1,464 )
    Income (loss) before income taxes $ (3,178 )   $ 941     $ 33,146     $ 30,909  
                   
    Underwriting ratios:              
    Loss ratio   75.4 %     54.4 %     123.0 %     72.9 %
    Acquisition cost ratio   27.3 %     31.7 %     26.2 %     27.8 %
    Composite ratio   102.7 %     86.1 %     149.2 %     100.7 %
    Underwriting expenses ratio   3.3 %     8.2 %     — %     3.9 %
    Combined ratio   106.0 %     94.3 %     149.2 %     104.6 %
                                   
                   
    GREENLIGHT CAPITAL RE, LTD.
    SEGMENT RESULTS OF OPERATIONS (unaudited)
    (expressed in thousands of U.S. dollars)
    Three months ended March 31, 2024
                   
      Open Market   Innovations   Corporate   Total Consolidated
    Gross premiums written $ 187,061     $ 30,068     $ 129     $ 217,258  
    Net premiums written $ 167,716     $ 26,244     $ 117     $ 194,077  
    Net premiums earned $ 131,610     $ 20,197     $ 9,729     $ 161,536  
    Net loss and LAE incurred   (86,700 )     (13,127 )     (9,499 )     (109,326 )
    Acquisition costs   (33,579 )     (6,053 )     (1,978 )     (41,610 )
    Other underwriting expenses   (5,478 )     (861 )     —       (6,339 )
    Deposit interest expense, net   (876 )     —       —       (876 )
    Underwriting income (loss)   4,977       156       (1,748 )     3,385  
    Net investment income   12,616       (183 )     745       13,178  
    Corporate and other expenses   —       (590 )     (3,785 )     (4,375 )
    Income from investment in Solasglas           18,248       18,248  
    Foreign exchange gains (losses)           (1,649 )     (1,649 )
    Interest expense           (1,249 )     (1,249 )
    Income (loss) before income taxes $ 17,593     $ (617 )   $ 10,562     $ 27,538  
                   
    Underwriting ratios:              
    Loss ratio   65.9 %     65.0 %     97.6 %     67.6 %
    Acquisition cost ratio   25.5 %     30.0 %     20.3 %     25.8 %
    Composite ratio   91.4 %     95.0 %     117.9 %     93.4 %
    Underwriting expenses ratio   4.8 %     4.3 %     — %     4.5 %
    Combined ratio   96.2 %     99.3 %     117.9 %     97.9 %
                                   
    GREENLIGHT CAPITAL RE, LTD.
    KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
     

    Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

    The key non-GAAP financial measure used in this news release is:

    • Fully diluted book value per share

    This non-GAAP financial measure is described below.

    Fully Diluted Book Value Per Share

    Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

    We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

    We calculate basic book value per share as (a) ending shareholders’ equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units, “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

    The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

                       
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Numerator for basic and fully diluted book value per share:                  
    Total equity as reported under U.S. GAAP $ 666,804   $ 635,879   $ 663,418   $ 634,020   $ 624,458
    Denominator for basic and fully diluted book value per share:                  
    Ordinary shares issued and outstanding as reported and denominator for basic book value per share   34,557,449     34,831,324     34,832,493     35,321,144     35,321,144
    Add: In-the-money stock options (1) and all outstanding RSUs   773,938     590,001     602,013     594,612     585,334
    Denominator for fully diluted book value per share   35,331,387     35,421,325     35,434,506     35,915,756     35,906,478
                       
    Basic book value per share $ 19.30   $ 18.26   $ 19.05   $ 17.95   $ 17.68
    Fully diluted book value per share $ 18.87   $ 17.95   $ 18.72   $ 17.65   $ 17.39
    (1) Assuming net exercise by the grantee.
     

    The MIL Network –

  • MIL-OSI: ESCO Reports Second Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    St. Louis, May 07, 2025 (GLOBE NEWSWIRE) — ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the second quarter ended March 31, 2025 (Q2 2025).

    Operating Highlights

    • Q2 2025 Sales increased $16.4 million (7 percent) to $265.5 million compared to $249.1 million in Q2 2024.
    • Q2 2025 Entered Orders were $290.8 million for a book-to-bill ratio of 1.10x, resulting in record backlog of $932 million.
    • Q2 2025 GAAP EPS increased 33 percent to $1.20 per share compared to $0.90 per share in Q2 2024.
    • Q2 2025 Adjusted EPS increased 24 percent to $1.35 per share compared to $1.09 per share in Q2 2024.
    • Net cash provided by operating activities was $58 million YTD, an increase of $39 million compared to the prior year period.

    Bryan Sayler, Chief Executive Officer and President, commented, “Q2 was another strong quarter as we delivered 7 percent top line growth, 250 basis points of Adjusted EBITDA margin expansion, and a 24 percent increase in Adjusted EPS compared to the prior year. All three segments delivered solid revenue growth, highlighted by strength across our Navy, commercial aerospace, utility, and Test end-markets.   It was very positive to see orders increase 22 percent over the prior year, with particular strength in both USG and Test.

    “As previously announced, we closed the SM&P acquisition on April 25th. Going forward, SM&P will be known as ESCO Maritime Solutions (Maritime). We are happy to welcome the Maritime employees to the ESCO team. Maritime’s signature and power management solutions meaningfully expand our naval product offerings in both the US and UK. We are optimistic about the future of ESCO and are pleased to have Maritime join us as an integral part of that journey.”       

    Segment Performance

    Aerospace & Defense (A&D)

    • Sales increased $8.7 million (8 percent) to $123.4 million in Q2 2025 from $114.7 million in Q2 2024. The Q2 increase was driven by strength in Navy and aerospace sales.
    • EBIT increased $6.9 million in Q2 2025 to $30.3 million from $23.4 million in Q2 2024. Adjusted EBIT increased $6.7 million in Q2 2025 to $30.3 million (24.6 percent margin) from $23.6 million (20.6 percent margin) in Q2 2024. Margin improvement was driven by price increases and mix, partially offset by inflationary pressures.
    • Entered Orders increased $6 million (5 percent) to $122 million in Q2 2025 compared to $116 million in Q2 2024.   Q2 2025 included a $6M order for PTI’s cartridge actuated devices/propellant actuated devices (CAD/PAD) products. The segment book-to-bill was 0.99x in the quarter, resulting in ending backlog of $605 million.  

    Utility Solutions Group (USG)

    • Sales increased $3.5 million (4 percent) to $90.8 million in Q2 2025 from $87.3 million in Q2 2024. Doble’s sales increased by $3.5 million (5 percent) driven by a strong quarter for offline and protection testing products and services, partially offset by lower cybersecurity/compliance (DUCe) solutions. NRG sales were flat to the prior year due to moderation in renewable energy projects.
    • EBIT increased $3.2 million in Q2 2025 to $20.8 million from $17.6 million in Q2 2024. Adjusted EBIT increased $3.3 million in Q2 2025 to $20.9 million (23.0 percent margin) from $17.6 million (20.1 percent margin) in Q2 2024.   Margin was favorably impacted by leverage on higher volume, price increases and mix, partially offset by inflationary pressures.  
    • Entered Orders increased $13 million (17 percent) to $92 million in Q2 2025. Doble orders increased by $11 million (17 percent) on strong offline test equipment and services orders. NRG orders increased by $2 million (15 percent) driven by solar orders in North America and EMEA.   The segment book-to-bill was 1.02x in the quarter, resulting in ending backlog of $124 million.

    RF Test & Measurement (Test)

    • Sales increased $4.3 million (9 percent) to $51.4 million in Q2 2025 from $47.1 million in Q2 2024. Sales growth was primarily driven by higher Test and Measurement, industrial shielding, and medical services in the US, along with a strong quarter for MPE filters projects.
    • EBIT increased $0.9 million in Q2 2025 to $6.4 million from $5.5 million in Q2 2024. Adjusted EBIT increased $0.7 million in Q2 2025 to $6.4 million (12.4 percent margin) from $5.7 million (12.2 percent margin) in Q2 2024. Margin was favorably impacted by leverage on higher volume, price increases, and cost reduction efforts, partially offset by unfavorable mix and inflationary pressures.  
    • Entered Orders increased $33 million (75 percent) to $77 million in Q2 2025. The increase was primarily driven by a strong quarter for US Test & Measurement, filters, and medical and industrial shielding orders. In addition, orders in China increased $9M in the quarter, primarily related to Test & Measurement projects. The segment book-to-bill was 1.50x in the quarter, resulting in ending backlog of $203 million.

    Business Outlook – 2025

    Guidance for Q3 2025 and FY 2025 is being shown both with and without the impact of Maritime to provide insight into our expectations for Maritime’s impact on the remainder of Q3 2025 (approximately 2 months) and FY 2025 (approximately 5 months).   The transaction costs and purchase accounting amortization associated with the Maritime acquisition have not yet been finalized and are not included in our current business outlook.  

    Consistent with our initial FY 2025 guidance, organic sales are expected to grow 6 to 8 percent in FY 2025. Maritime is expected to contribute sales in the range of $90 to $100 million in FY 2025.

        Guidance Range ($ Millions)
    Sales Guidance excluding Maritime   $ 1,090   $ 1,110
    Maritime Impact   $ 90   $ 100
    Sales Guidance including Maritime   $ 1,180   $ 1,210

    In our Q1 2025 earnings release (dated 2/6/2025), FY 2025 Adjusted EPS guidance was increased to $5.55-$5.75. Due to continued market strength and improvement in operational performance, we are raising our full-year guidance by another $0.10 to $5.65 to $5.85 (18 to 23 percent growth over the prior year). Maritime is expected to contribute Adjusted EPS in the range of $0.20 – $0.30 in FY 2025.     

        Guidance Range
    Previous FY 2025 Adjusted EPS Guidance   $ 5.55   $ 5.75
    Guidance Increase   $ 0.10   $ 0.10
    Updated FY’25 Adjusted EPS Guidance excluding Maritime   $ 5.65   $ 5.85
    Maritime Impact   $ 0.20   $ 0.30
    Updated FY’25 Adjusted EPS Guidance including Maritime   $ 5.85   $ 6.15

    Management’s expectation is for Q3 Adjusted EPS without Maritime to be in the range of $1.50 to $1.60 (15 to 22 percent growth over the prior year quarter). Maritime is expected to add Adjusted EPS in the range of $0.08 to $0.12 in Q3 2025.

        Guidance Range
    Q3 2025 Adjusted EPS Guidance excluding Maritime   $ 1.50   $ 1.60
    Maritime Impact   $ 0.08   $ 0.12
    Q3 2025 Adjusted EPS Guidance including Maritime   $ 1.58   $ 1.72

    Dividend Payment
    The next quarterly cash dividend of $0.08 per share will be paid on July 17, 2025 to stockholders of record on July 2, 2025.

    Conference Call
    The Company will host a conference call today, May 7, at 4:00 p.m. Central Time, to discuss the Company’s Q2 2025 results. A live audio webcast and an accompanying slide presentation will be available in the Investor Center of ESCO’s website. Participants may also access the webcast using this registration link. For those unable to participate, a webcast replay will be available after the call in the Investor Center of ESCO’s website.

    Forward-Looking Statements
    Statements in this press release regarding Management’s intentions, expectations and guidance for fiscal 2025, including restructuring and cost reduction actions, sales, orders, revenues, margin, earnings, Adjusted EPS, acquisition related amortization, and any other statements which are not strictly historical, are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. securities laws.

    Investors are cautioned that such statements are only predictions and speak only as of the date of this presentation, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and the following: the timing and outcome, if any, of the Company’s strategic alternatives review of the VACCO business; the impacts of climate change and related regulation of greenhouse gases; the impacts of labor disputes, civil disorder, wars, elections, political changes, tariffs and trade disputes, terrorist activities, cyberattacks or natural disasters on the Company’s operations and those of the Company’s customers and suppliers; disruptions in manufacturing or delivery arrangements due to shortages or unavailability of materials or components or supply chain disruptions; inability to access work sites; the timing and content of future contract awards or customer orders; the timely appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; weakening of economic conditions in served markets; the success of the Company’s competitors; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties or data breaches; the availability of acquisitions; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; material changes in the costs and availability of certain raw materials; material changes in the cost of credit; changes in laws and regulations including but not limited to changes in accounting standards and taxation; changes in interest, inflation and employment rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration and performance of acquired businesses.

    Non-GAAP Financial Measures
    The financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.

    EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA, and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation, and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

    About ESCO
    ESCO Technologies is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products, advanced composites, as well as signature and power management solutions for aviation, Navy, space, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit ESCO’s website at www.escotechnologies.com.

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Condensed Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share amounts)  
        
              Three Months
    Ended
    March 31,
    2025    		   Three Months
    Ended
    March 31,
    2024    		  
                     
    Net Sales     $ 265,519   249,129  
    Cost and Expenses:          
      Cost of sales   156,298   152,347  
      Selling, general and administrative expenses   58,163   55,097  
      Amortization of intangible assets   7,989   8,572  
      Interest expense   2,195   3,226  
      Other expenses (income), net   375   666  
        Total costs and expenses   225,020   219,908  
                     
    Earnings before income taxes   40,499   29,221  
    Income tax expense   9,466   6,002  
                     
        Net earnings $ 31,033   23,219  
                     
          Earnings Per Share (EPS)          
                     
          Diluted – GAAP $ 1.20   0.90  
                     
          Diluted – As Adjusted Basis $ 1.35 (1 ) 1.09 (2 )
                     
          Diluted average common shares O/S:   25,877   25,847  
                     
    (1 ) Q2 2025 Adjusted EPS excludes $0.15 per share of after-tax charges consisting primarily of acquisition related amortization.
                     
    (2 ) Q2 2024 Adjusted EPS excludes $0.19 per share of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Condensed Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share amounts)  
        
              Six Months
    Ended
    March 31, 2025    		   Six Months
    Ended
    March 31, 2024    		  
                     
    Net Sales   $ 512,545     467,443  
    Cost and Expenses:          
      Cost of sales   304,940     286,498  
      Selling, general and administrative expenses   116,947     109,065  
      Amortization of intangible assets   15,982     16,440  
      Interest expense   4,452     5,893  
      Other expenses (income), net   (216 )   872  
        Total costs and expenses   442,105     418,768  
                     
    Earnings before income taxes   70,440     48,675  
    Income tax expense   15,934     10,287  
                     
        Net earnings $ 54,506     38,388  
                     
          Earnings Per Share (EPS)          
                     
          Diluted – GAAP $ 2.11     1.49  
                     
          Diluted – As Adjusted Basis $ 2.42   (1 ) 1.85 (2 )
                     
          Diluted average common shares O/S:   25,854     25,846  
                     
    (1 ) YTD Q2 2025 Adjusted EPS excludes $0.31 per share of after-tax charges consisting primarily of $0.01 of restructuring charges within the Test segment and $0.30 of acquisition related amortization.
                     
    (2 ) YTD Q2 2024 Adjusted EPS excludes $0.36 per share of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.

        
        

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
            GAAP   As Adjusted  
            Q2 2025   Q2 2024   Q2 2025   Q2 2024  
    Net Sales                  
      Aerospace & Defense $ 123,369     114,701     123,369     114,701    
      USG   90,767     87,309     90,767     87,309    
      Test   51,383     47,119     51,383     47,119    
        Totals $ 265,519     249,129     265,519     249,129    
                           
    EBIT                    
      Aerospace & Defense $ 30,296     23,377     30,298     23,640    
      USG   20,779     17,575     20,862     17,575    
      Test   6,369     5,542     6,369     5,745    
      Corporate   (14,750 )   (14,047 )   (9,648 )   (8,260 )  
        Consolidated EBIT   42,694     32,447     47,881     38,700    
        Less: Interest expense   (2,195 )   (3,226 )   (2,195 )   (3,226 )  
        Less: Income tax expense   (9,466 )   (6,002 )   (10,659 )   (7,440 )  
        Net earnings $ 31,033     23,219     35,027     28,034    
                              
    Note 1: Adjusted net earnings of $35.0 million in Q2 2025 exclude $4.0 million (or $0.15 per share) of after-tax charges consisting primarily of acquisition related amortization.
                           
    Note 2: Adjusted net earnings of $28.0 million in Q2 2024 exclude $4.8 million (or $0.19 per share) of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.
                           
    EBITDA Reconciliation to Net earnings:           Q2 2025 –   Q2 2024 –  
            Q2 2025   Q2 2024   As Adjusted   As Adjusted  
    Consolidated EBITDA $ 56,668     46,550     56,895     47,174    
    Less: Depr & Amort   (13,974 )   (14,103 )   (9,014 )   (8,474 )  
    Consolidated EBIT   42,694     32,447     47,881     38,700    
    Less: Interest expense   (2,195 )   (3,226 )   (2,195 )   (3,226 )  
    Less: Income tax expense   (9,466 )   (6,002 )   (10,659 )   (7,440 )  
    Net earnings $ 31,033     23,219     35,027     28,034    
                           

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Business Segment Information (Unaudited)
    (Dollars in thousands)
       
            GAAP   As Adjusted  
            YTD Q2 2025   YTD Q2 2024   YTD Q2 2025   YTD Q2 2024  
    Net Sales                  
      Aerospace & Defense $ 237,670     209,434     237,670     209,434    
      USG   177,427     170,293     177,427     170,293    
      Test   97,448     87,716     97,448     87,716    
        Totals $ 512,545     467,443     512,545     467,443    
                           
    EBIT                      
      Aerospace & Defense $ 51,892     40,040     51,920     40,303    
      USG   41,269     35,200     41,352     35,320    
      Test   10,791     7,321     11,256     7,797    
      Corporate   (29,060 )   (27,993 )   (18,959 )   (16,860 )  
        Consolidated EBIT   74,892     54,568     85,569     66,560    
        Less: Interest expense   (4,452 )   (5,893 )   (4,452 )   (5,893 )  
        Less: Income tax   (15,934 )   (10,287 )   (18,390 )   (13,045 )  
        Net earnings $ 54,506     38,388     62,727     47,622    
                              
    Note 1: Adjusted net earnings of $62.7 million in YTD 2025 exclude $8.2 million (or $0.31 per share) of after-tax charges consisting of: $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate, and $0.30 of acquisition related amortization.
                           
    Note 2: Adjusted net earnings of $47.6 million in YTD 2024 exclude $9.2 million (or $0.36 per share) of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring costs (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.
                           
    EBITDA Reconciliation to Net earnings:           YTD   YTD  
            YTD   YTD   Q2 2025 –   Q2 2024 –  
            Q2 2025   Q2 2024   As Adjusted   As Adjusted  
    Consolidated EBITDA $ 102,673     82,123     103,393     83,582    
    Less: Depr & Amort   (27,781 )   (27,555 )   (17,824 )   (17,022 )  
    Consolidated EBIT   74,892     54,568     85,569     66,560    
    Less: Interest expense   (4,452 )   (5,893 )   (4,452 )   (5,893 )  
    Less: Income tax expense   (15,934 )   (10,287 )   (18,390 )   (13,045 )  
    Net earnings $ 54,506     38,388     62,727     47,622    
                           

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands)
       
            March 31,
    2025    		   September 30,
    2024
                 
    Assets          
      Cash and cash equivalents $ 57,397   65,963
      Accounts receivable, net   218,123   240,680
      Contract assets   125,281   130,534
      Inventories   231,200   209,164
      Other current assets   28,752   22,308
        Total current assets   660,753   668,649
      Property, plant and equipment, net   172,081   170,596
      Intangible assets, net   394,594   407,602
      Goodwill   536,222   539,899
      Operating lease assets   38,322   37,744
      Other assets   13,690   14,130
          $ 1,815,662   1,838,620
                 
    Liabilities and Shareholders’ Equity        
      Current maturities of long-term debt $ 20,000   20,000
      Accounts payable   81,244   98,371
      Contract liabilities   128,114   124,845
      Other current liabilities   92,661   106,638
        Total current liabilities   322,019   349,854
      Deferred tax liabilities   72,580   75,333
      Non-current operating lease liabilities   35,948   34,810
      Other liabilities   39,787   39,273
      Long-term debt   68,000   102,000
      Shareholders’ equity   1,277,328   1,237,350
          $ 1,815,662   1,838,620

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Consolidated Statements of Cash Flows (Unaudited)
    (Dollars in thousands)
           
        Six Months
    Ended
    March 31, 2025    		   Six Months
    Ended
    March 31, 2024
    Cash flows from operating activities:        
    Net earnings $ 54,506     38,388  
    Adjustments to reconcile net earnings to net cash        
    provided by operating activities:        
    Depreciation and amortization   27,781     27,555  
    Stock compensation expense   5,323     4,144  
    Changes in assets and liabilities   (27,207 )   (47,869 )
    Effect of deferred taxes   (2,128 )   (2,981 )
    Net cash provided by operating activities   58,275     19,237  
             
    Cash flows from investing activities:        
    Acquisition of business, net of cash acquired     (56,179 )
    Capital expenditures   (15,350 )   (16,301 )
    Additions to capitalized software   (5,465 )   (5,912 )
    Net cash used by investing activities   (20,815 )   (78,392 )
             
    Cash flows from financing activities:        
    Proceeds from long-term debt   66,000     154,000  
    Principal payments on long-term debt and short-term borrowings   (100,000 )   (65,000 )
    Dividends paid   (4,130 )   (4,125 )
    Purchases of common stock into treasury     (7,189 )
    Other   (6,146 )   (1,432 )
    Net cash (used) provided by financing activities   (44,276 )   76,254  
             
    Effect of exchange rate changes on cash and cash equivalents   (1,750 )   471  
             
    Net (decrease) increase in cash and cash equivalents   (8,566 )   17,570  
    Cash and cash equivalents, beginning of period   65,963     41,866  
    Cash and cash equivalents, end of period $ 57,397     59,436  

        
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
    Other Selected Financial Data (Unaudited)
    (Dollars in thousands)
       
    Backlog And Entered Orders – Q2 2025   A&D   USG   Test   Total
      Beginning Backlog – 1/1/25 $ 606,687     122,857     177,404     906,948  
      Entered Orders   121,706     92,184     76,950     290,840  
      Sales     (123,369 )   (90,767 )   (51,383 )   (265,519 )
      Ending Backlog – 3/31/25 $ 605,024     124,274     202,971     932,269  
                         
    Backlog And Entered Orders – YTD Q2 2025   A&D   USG   Test   Total
      Beginning Backlog – 10/1/24 $ 600,382     119,943     158,644     878,969  
      Entered Orders   242,312     181,758     141,775     565,845  
      Sales     (237,670 )   (177,427 )   (97,448 )   (512,545 )
      Ending Backlog – 3/31/25 $ 605,024     124,274     202,971     932,269  

       
       

    ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
    Reconciliation of Non-GAAP Financial Measures (Unaudited)  
             
    EPS – Adjusted Basis Reconciliation – Q2 2025      
      EPS – GAAP Basis – Q2 2025 $ 1.20  
      Adjustments (defined below)   0.15  
      EPS – As Adjusted Basis – Q2 2025 $ 1.35  
             
      Adjustments exclude $0.15 per share consisting primarily of acquisition      
      related amortization.      
      The $0.15 of EPS adjustments per share consists of $5.2 million of pre-tax      
      charges offset by $1.2 million of tax benefit for net impact of $4 million.      
             
    EPS – Adjusted Basis Reconciliation – Q2 2024      
      EPS – GAAP Basis – Q2 2024 $ 0.90  
      Adjustments (defined below)   0.19  
      EPS – As Adjusted Basis – Q2 2024 $ 1.09  
             
      Adjustments exclude $0.19 per share consisting primarily of $0.02 of MPE      
      acquisition backlog charges, $0.02 of restructuring charges within the Test      
      and A&D segments, and $0.15 of acquisition related amortization.      
      The $0.19 of EPS adjustments per share consists of $6.2 million of pre-tax charges      
      offset by $1.4 million of tax benefit for net impact of $4.8 million.      
             
    EPS – Adjusted Basis Reconciliation – YTD Q2 2025      
      EPS – GAAP Basis – YTD Q2 2025 $ 2.11  
      Adjustments (defined below)   0.31  
      EPS – As Adjusted Basis – YTD Q2 2025 $ 2.42  
             
      Adjustments exclude $0.31 per share consisting primarily of $0.01 of restructuring      
      charges within the Test segment and $0.30 of acquisition related amortization.      
      The $0.31 of EPS adjustments per share consists of $10.7 million of pre-tax charges      
      offset by $2.5 million of tax benefit for net impact of $8.2 million.      
             
    EPS – Adjusted Basis Reconciliation – YTD Q2 2024      
      EPS – GAAP Basis – YTD Q2 2024 $ 1.49  
      Adjustments (defined below)   0.36  
      EPS – As Adjusted Basis – YTD Q2 2024 $ 1.85  
             
      Adjustments exclude $0.36 per share consisting primarily of $0.05 of MPE acquisition      
      backlog charges, inventory step-up charges and acquisition costs, $0.02 of      
      restructuring charges, and $0.29 of acquisition related amortization.      
      The $0.36 of EPS adjustments per share consists of $12 million of pre-tax charges      
      offset by $2.8 million of tax benefit for net impact of $9.2 million.      

    SOURCE ESCO Technologies Inc.
    Kate Lowrey, Vice President of Investor Relations, (314) 213-7277

    The MIL Network –

  • MIL-OSI: Ormat Technologies Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    REVENUE GROWTH AND RECORD QUARTERLY ADJUSTED EBITDA SUPPORT ONGOING STRATEGIC PORTFOLIO EXPANSION

    HIGHLIGHTS

    • TOTAL REVENUES AND NET INCOME1 IMPROVED 2.5% AND 4.6%, RESPECTIVELY
    • RECORD ADJUSTED EBITDA OF $150.3 MILLION, AN INCREASE OF 6.4% VS LAST YEAR
    • ENERGY STORAGE SEGMENT REVENUES INCREASED BY 120% DRIVING MEANINGFUL MARGIN INCREASE
    • SIGNED AN AGREEMENT TO ACQUIRE THE 20MW BLUE MOUNTAIN GEOTHERMAL POWER PLANT FROM CYRQ ENERGY
    • COMPANY REITERATES ITS 2025 FULL-YEAR GUIDANCE, REFLECTING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS OUTLOOK

    RENO, Nev., May 07, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the first quarter ended March 31, 2025.

    KEY FINANCIAL RESULTS

      Q1 2025 Q1 2024 Change (%)
    GAAP Measures      
    Revenues ($ millions)      
                 Electricity 180.2   191.3   (5.8 %)
                 Product 31.8   24.8   27.9 %
                 Energy Storage 17.8   8.1   119.7 %
    Total Revenues 229.8   224.2   2.5 %
           
    Gross Profit 72.9   78.8   (7.5 %)
    Gross margin (%)      
    Electricity 33.5 % 39.0 %  
    Product 22.3 % 14.8 %  
    Energy Storage 30.6 % 7.5 %  
    Gross margin (%) 31.7 % 35.2 %  
    Operating income ($ millions) 50.9   52.6   (3.2 %)
    Net income attributable to the Company’s stockholders 40.4   38.6   4.6 %
    Diluted EPS ($) 0.66   0.64   3.1 %
    Non-GAAP Measures      
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6   4.8 %
    Adjusted Diluted EPS ($) 0.68   0.65   4.6 %
    Adjusted EBITDA2($ millions) 150.3   141.2   6.4 %

    1 Net Income attributable to the Company’s stockholder
    2 See reconciliation table below

    “Ormat had a strong start to 2025, achieving a 2.5% increase in revenue, a 4.6% rise in net income attributable to the Company’s stockholders, and a 6.4% increase in adjusted EBITDA. This growth was driven by improved performance in both our Product and Storage segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “Our Storage segment benefited from new capacity added over the last 12 months and from higher merchant prices in the PJM market. We expect continued good performance throughout 2025 as we transition our Storage segment to a more predictable portfolio designed to maximize profitability.”

    “While our Electricity segment experienced a slight year-over-year decline in the quarter due to previously disclosed curtailments in California and Nevada, the balance of our geothermal operations delivered a consistent, solid performance. We have several projects under development that we anticipate will reach commercial operation by the end of 2025, which we expect will deliver solid generation growth and further strengthen our earnings trajectory. Additionally, we believe that the potential easing of project permitting timelines combined with increased focus on geothermal exploration will further support our growth in the segment, expand our revenues, and help us achieve our long-term targets.”

    “I am pleased to announce that Ormat signed an agreement to acquire the Blue Mountain geothermal power plant from Cyrq Energy for $88 million, subject to standard working capital adjustments. The 20 MW facility, located in Humboldt County, was built using Ormat technology, features an existing 51 MW interconnection capacity and a Power Purchase Agreement (PPA) with NV Energy (NVE) that expires at the end of 2029. Following the acquisition, Ormat plans to upgrade the power plant, increasing its capacity by 3.5 MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13 MW solar facility to support the plant’s auxiliaries. The acquisition is anticipated to close towards the end of the second quarter. This acquisition underscores Ormat’s capability to strategically expand and enhance assets in the U.S., leveraging our advanced technology and expertise to optimize performance and efficiency. The planned upgrades and solar addition demonstrate our commitment to innovation and maximizing renewable energy output, contributing to a sustainable future.”

    Blachar continued, “The demand for electricity, particularly from baseload renewable sources, remains strong, and we continue to observe high PPA pricing in the Electricity Segment, and increased Resource Adequacy (RA) pricing in the Storage Segment. Regarding the recent reciprocal tariffs, we anticipate a limited short-term impact on our Storage Segment as we have already procured batteries for all projects currently under construction. Additionally, our Electricity Segment operations and project development have limited exposure to China, mitigating potential adverse effects from the tariffs. Ormat remains committed to delivering reliable and sustainable energy solutions and enhancing shareholder value. We will continue navigating this fluid regulatory environment with a focus on maintaining our growth trajectory and supporting the transition to a cleaner energy future.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the first quarter was $40.4 million, an increase of 4.6% compared to last year. Diluted EPS for the first quarter was $0.66, an increase of 3.1%, compared to the prior year period. This increase is mainly driven by income tax benefits related to the storage facilities expected to commence commercial operation during 2025.
    • Adjusted net income attributable to the Company’s stockholders and Adjusted diluted EPS for the first quarter increased 4.8% and 4.6%, respectively.
    • Adjusted EBITDA for the first quarter was $150.3 million, an increase of 6.4% compared to 2024. The year-over-year increase in Adjusted EBITDA was driven by the Energy Storage segment, due to the contribution of new assets, higher merchant pricing in the East Coast markets, and a legal settlement with a battery supplier. In the Product segment, the increase was derived from a higher backlog and improved contract’ margins. The increase in the Storage and Product segments was partly offset by the reduction in Electricity segment EBITDA mainly due to curtailments in the U.S.
    • Electricity segment revenues decreased by 5.8% during the first quarter, compared to last year. The year-over-year decrease in the first quarter revenue was driven by the previously disclosed energy curtailments, mainly at our McGinness complex, maintenance on the transmission line by the local grid operator, and wildfires in California, which forced grid operators to curtail part of the supplied power.
    • Product segment revenues increased by 27.9% in the first quarter, driven largely by the timing of revenue recognition and our higher backlog. Gross margin increased from 14.8% in the first quarter 2024 to 22.3% in 2025, reflecting marked growth in revenue.
    • Product segment backlog stands at approximately $314 million as of May 7th, 2025, and includes the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand and the BOT project in Dominica.
    • Energy Storage segment revenues increased 119.7% for the first quarter compared to 2024. The improvement was driven by strong performance in the PJM merchant market, where a spike in cold weather along the East Coast contributed to elevated merchant pricing.

    BUSINESS HIGHLIGHTS:

    • In early May, the company signed an agreement to acquire the 20MW Blue Mountain geothermal power plant from Cyrq Energy for $88 million. Closing is expected by the end of the second quarter.
    • In February 2025, Ormat won a tender issued by the Israeli Electricity Authority and was awarded two 15-year tolling agreements for two energy storage facilities with a combined capacity of approximately 300MW/1200MWh. Ormat will retain a 50% equity interest.
    • Ormat commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia in February 2025, holding a 49% equity interest.
    • In January 2025, Ormat signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms. This PPA will replace the current lower-priced PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • We currently do not expect material impact from the new import tariffs on our 2025 and 2026 financial results. All batteries required for our projects arrived or were in transit to the U.S. before significant increased tariffs were imposed.

    2025 GUIDANCE

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues of between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $21 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three months ended March 31, 2025. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On May 7, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on June 4, 2025, to stockholders of record as of the close of business on May 21, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, May 8, 2025, at 9:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 3818407. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 3818407. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, legal, market, industry and geopolitical developments and incentives, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the Three Months Ended March 31, 2025, and 2024
     
      Three Months Ended March 31,
      2025   2024  
    Revenues: (Thousands, except per share data)
    Electricity         180,241   191,253  
    Product         31,769   24,832  
    Energy storage          17,752   8,081  
    Total revenues         229,762   224,166  
    Cost of revenues:    
    Electricity         119,833   116,730  
    Product         24,684   21,154  
    Energy storage          12,318   7,472  
    Total cost of revenues         156,835   145,356  
    Gross profit         72,927   78,810  
    Operating expenses:    
    Research and development expenses         2,542   1,564  
    Selling and marketing expenses         4,172   5,126  
    General and administrative expenses         17,909   19,537  
    Other operating income         (3,125 ) —  
    Write-off of unsuccessful exploration and storage activities         516   —  
    Operating income         50,913   52,583  
    Other income (expense):    
    Interest income         1,313   1,839  
    Interest expense, net         (34,473 ) (30,968 )
    Derivatives and foreign currency transaction gains (losses)         2,060   (1,582 )
    Income attributable to sale of tax benefits         17,571   17,476  
    Other non-operating income, net         222   26  
    Income from operations before income tax and equity in earnings of investees         37,606   39,374  
    Income tax (provision) benefit         3,795   147  
    Equity in earnings (losses) of investees         (367 ) 829  
    Net income         41,034   40,350  
    Net income attributable to noncontrolling interest         (672 ) (1,763 )
    Net income attributable to the Company’s stockholders         40,362   38,587  
    Earnings per share attributable to the Company’s stockholders:    
    Basic: 0.67   0.64  
    Diluted: 0.66   0.64  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:    
    Basic         60,559   60,386  
    Diluted         60,840   60,536  
         
    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Period Ended March 31, 2025, and the Period Ended December 31, 2024
     
      March 31,
    2025    		   December 31,
    2024
    ASSETS                                       (In thousands)
    Current assets:      
    Cash and cash equivalents          112,704     94,395  
    Restricted cash and cash equivalents (primarily related to VIEs)         112,001     111,377  
    Receivables:      
         Trade less allowance for credit losses of $249 and $163 respectively (primarily related to VIEs)         173,590     164,050  
         Other         45,489     50,792  
    Inventories         42,107     38,092  
    Costs and estimated earnings in excess of billings on uncompleted contracts 20,940     29,243  
    Prepaid expenses and other         94,023     59,173  
              Total current assets         600,854     547,122  
    Investment in unconsolidated companies          158,618     144,585  
    Deposits and other         89,021     75,383  
    Deferred income taxes         165,983     153,936  
    Property, plant and equipment, net ($3,261,700 and $3,271,248 related to VIEs, respectively) 3,497,915     3,501,886  
    Construction-in-process ($370,762 and $251,442 related to VIEs, respectively) 844,873     755,589  
    Operating leases right of use ($13,725 and $13,989 related to VIEs, respectively)         32,232     32,114  
    Finance leases right of use (none related to VIEs)         2,935     2,841  
    Intangible assets, net         295,225     301,745  
    Goodwill         151,291     151,023  
              Total assets         5,838,947     5,666,224  
           
    LIABILITIES AND EQUITY          
    Current liabilities:      
    Accounts payable and accrued expenses         201,354     234,334  
    Commercial paper (less deferred financing costs of $22 and $23, respectively)         99,978     99,977  
    Billings in excess of costs and estimated earnings on uncompleted contracts 52,198     23,091  
    Current portion of long-term debt:      
         Limited and non-recourse (primarily related to VIEs) 70,453     70,262  
         Full recourse         184,227     161,313  
         Financing Liability         5,905     4,093  
         Operating lease liabilities         3,657     3,633  
         Finance lease liabilities         1,451     1,375  
              Total current liabilities         619,223     598,078  
    Long-term debt, net of current portion:      
    Limited and non-recourse: (primarily related to VIEs and less deferred financing costs of $8,216 and $8,849, respectively) 560,824     578,204  
    Full recourse: (less deferred financing costs of $4,782 and $4,671, respectively) 957,027     822,828  
    Convertible senior notes (less deferred financing costs of $6,138 and $6,820, respectively) 470,299     469,617  
    Financing Liability         213,810     216,476  
    Operating lease liabilities         22,722     22,523  
    Finance lease liabilities         1,544     1,529  
    Liability associated with sale of tax benefits         144,081     152,292  
    Deferred income taxes         71,479     68,616  
    Liability for unrecognized tax benefits         6,481     6,272  
    Liabilities for severance pay         11,147     10,488  
    Asset retirement obligation         131,431     129,651  
    Other long-term liabilities         33,533     29,270  
         Total liabilities         3,243,601     3,105,844  
           
    Redeemable noncontrolling interest         9,573     9,448  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,662,626 and 60,500,580 issued and outstanding as of March 31, 2025, and December 31, 2024, respectively         61     61  
    Additional paid-in capital         1,640,910     1,635,245  
    Treasury stock, at cost (258,667 shares held as of March 31, 2025, and December 31, 2024, respectively)         (17,964 )   (17,964 )
    Retained earnings         847,607     814,518  
    Accumulated other comprehensive income (loss)         (9,410 )   (6,731 )
    Total stockholders’ equity attributable to Company’s stockholders         2,461,204     2,425,129  
    Noncontrolling interest         124,569     125,803  
    Total equity         2,585,773     2,550,932  
    Total liabilities, redeemable noncontrolling interest and equity         5,838,947     5,666,224  


    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the Three Months Ended March 31, 2025, and 2024

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) cost related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and 2024:

      Three Months Ended March 31,  
      2025    2024   
      (Dollars in thousands)  
    Net income 41,034     40,350    
    Adjusted for:        
    Interest expense, net (including amortization of deferred financing costs) 33,160     29,129    
    Income tax provision (benefit) (3,795 )   (147 )  
    Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 3,421     3,352    
    Depreciation, amortization and accretion 69,157     61,676    
    EBITDA 142,977     134,360    
    Mark-to-market (gains) or losses of derivative instruments 939     813    
    Stock-based compensation 4,911     4,769    
    Allowance for bad debts 26     —    
    Merger and acquisition transaction costs —     1,299    
    Settlement agreement 900     —    
    Write-off of unsuccessful exploration and storage activities 516     —    
    Adjusted EBITDA 150,269     141,241    


    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three Months Ended March 31, 2025, and 2024

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted diluted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted diluted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted diluted EPS for the three months ended March 31, 2025, and 2024.

      Three Months Ended March 31,  
      2025   2024  
      (Dollars in millions, except per share data)  
    GAAP Net income attributable to the Company’s stockholders 40.4   38.6  
    Write-off of unsuccessful exploration and storage activities 0.41   –  
    Merger and acquisition transaction costs –   1.0  
    Allowance for bad debts 0.02   –  
    Settlement agreement 0.71   –  
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6  
    GAAP diluted EPS 0.66   0.64  
    Write-off of unsuccessful exploration and storage activities 0.01   –  
    Merger and acquisition transaction costs –   0.02  
    Allowance for bad debts 0.00   –  
    Settlement agreement 0.01   –  
    Adjusted Diluted EPS ($) 0.68   0.65  
    Ormat Technologies Contact:
    Smadar Lavi
    VP Head of IR and ESG Planning & Reporting
    775-356-9029 (ext. 65726)
    slavi@ormat.com     		 Investor Relations Agency Contact:
    Joseph Caminiti or Josh Carroll
    Alpha IR Group
    312-445-2870
    ORA@alpha-ir.com 

    The MIL Network –

  • MIL-OSI: Occidental Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 07, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced its first quarter 2025 financial results. The earnings release and accompanying financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission’s website at sec.gov.

    The company will hold a conference call to discuss the results on Thursday, May 8, 2025, at 1 p.m. Eastern/12 p.m. Central. The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors. Participants may pre-register for the conference call at https://dpregister.com/sreg/10197735/feb22db66a. A recording of the webcast will be posted on the Investor Relations section of the company’s website within several hours after the call is completed.

    About Occidental

    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit Oxy.com for more information.

    Contacts

    The MIL Network –

  • MIL-OSI USA: Amid Trump Tariff Uncertainty, Oregon’s Entire Democratic Delegation Rallies Behind West Coast Seafood Industry

    Source: US Representative Val Hoyle (OR-04)

    May 07, 2025

    After devastating order cancellations due to tariffs, Wyden, Merkley, Bonamici, Bynum, Dexter, Hoyle and Salinas ask USDA to buy West Coast pink shrimp

    For Immediate Release: May 7, 2025

    WASHINGTON, D.C. – U.S Representative Val Hoyle, along with U.S. Senators Ron Wyden and Jeff Merkley and U.S. Representatives Suzanne Bonamici, Janelle Bynum, Maxine Dexter, and Andrea Salinas today rallied behind the West Coast seafood industry by asking the U.S. Department of Agriculture to buy Oregon pink shrimp as soon as possible to help lessen the damage from Donald Trump’s tariffs. 

     “Commercial fishing, seafood processing, and distribution is an integral part of the numerous small ports and rural communities that dot America’s Pacific coast,” the legislators wrote in a letter to Bruce Summers, USDA Agricultural Marketing Services Administrator. “The industry contributes hundreds of millions of dollars and thousands of jobs to the region’s economy, all while providing the nation with domestic, high-quality seafood that is caught, processed, and distributed by hardworking Americans.”

    The West Coast seafood industry is struggling as chaotic tariff decisions create uncertainty and devastation in Oregon’s vital seafood industry. Reports of major order cancellations paired with a prolific pink shrimp harvest have set up Oregon’s rural, coastal communities for potentially ruinous losses without support from the USDA. 

    The request asks the USDA to use a legal authority known as “Section 32” to stimulate demand during challenging economic times by buying surplus foods, which are then distributed to schools, childcare centers, and food banks in need.

     “As the U.S. Department of Agriculture (USDA) continues its work to develop a national seafood strategy that provides economic opportunity to rural communities, promotes production that better nourishes Americans, and secures a robust domestic food supply, we urge USDA to extend support and relief at the earliest opportunity,” the Oregon lawmakers wrote.

    “The loss of this significant market, coupled with the United Kingdom’s recent denial of the industry’s request for the United Kingdom to suspend its existing 20% tariff on imports of U.S. Pacific pink shrimp, poses a serious threat to the industry as supply increases rapidly with no viable outlet,” the legislators cautioned. “We urge you to use your Section 32 purchase authority to support these hardworking Americans and businesses at every point along the supply chain, and to mitigate the economic impact from the loss of these foreign markets to our coastal communities.”

    The West Coast seafood industry has voiced its urgent need for timely federal support.

    “We are incredibly grateful to Senator Wyden and the Oregon delegation for supporting the pink shrimp industry during these tumultuous and uncertain times,” West Coast Seafood Processors Association Director Lori Steele said. “A Section 32 purchase from USDA would help offset some of the major losses we are seeing in our global markets and provide an outlet for our product in the U.S. just as the 2025 season ramps up. We appreciate our delegation’s understanding of how important this is to Oregon’s coastal communities.”

    Full text of the letter is here.

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Breaking barriers in child care

    Licensed child-care providers can now apply for up to $5 million in new funding through the second intake of the Inclusive Spaces Program Grant. Applications are open until June 13, as part of the $15-million federal-provincial investment in the Inclusive Spaces Program Grant under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement. Investing in inclusive child-care spaces is essential to supporting Alberta’s growing population, strengthening workforce participation and ensuring all children have an accessible space in Alberta’s high-quality child-care system.

    The Inclusive Spaces Program Grant helps licensed daycares, preschools and family day home agencies improve their spaces and programming for children with diverse cultural, linguistic and support needs. More than 100 projects were approved during the first intake. The second and third intakes will create hundreds of new opportunities to transform child-care spaces across the province.

    “Every child deserves access to high-quality care that meets their unique needs. This funding is expanding inclusive spaces throughout Alberta – making a difference in every corner of the province.”

    Matt Jones, Minister of Jobs, Economy and Trade

    More Alberta families can now access child care with personalized, inclusive or modified supports. Whether that means adding wheelchair-accessible washrooms, building sensory-friendly areas, or incorporating multilingual resources into daily programming, this funding provides better quality child care for Alberta’s kids.

    This work is part of Alberta’s broader effort to expand access to high-quality early learning and child care, while also ensuring existing child-care spaces work for as many families as possible. By reducing barriers for children requiring additional support, the government is empowering more parents to stay in the workforce and helping more children to thrive in safe, engaging environments.

    “As a proud recipient of the Inclusive Spaces Grant in Intake 1, we are thrilled to see the government’s continued commitment to inclusive child care. This funding will help child-care providers like us create a welcoming environment where children of all abilities and cultural backgrounds can grow, play and thrive together.”

    Hayat El-Ossmani, owner and director, B-Smart Learning Center

    The Inclusive Spaces Program Grant complements Alberta’s Inclusive Child Care Program and Access, Support and Participation Program, which provide ongoing supports to child-care providers and prevent the exclusion of children with diverse needs.

    Every child deserves to feel seen, supported and included. Alberta’s government, in partnership with the federal government, is making that dream a reality – helping child-care centres across the province open their doors even wider.

    Quick facts

    • Alberta launched the $15-million Inclusive Spaces Program Grant in December 2024 in partnership with the federal government. Its funding is being distributed in three equal intakes of $5 million.
    • Through this grant, Alberta’s government has already distributed $5 million across 105 programs, supporting projects that will make child care more welcoming and accessible to everyone.
      • 75 grants were issued for materials, with project costs ranging from $1,200 to $116,000.
      • 30 grants were issued for renovations, with project costs ranging from $9,700 to $256,000.
    • The second of three $5-million intake periods is now open and will close on June 13.
      • This will be followed by one more intake period in fall 2025 to finish allocating the full $15 million in funding.
    • Applications will be assessed through Alberta’s Ministry of Jobs, Economy and Trade.

    Related information

    • Child care – supports for inclusion
    • Inclusive Spaces Program Grant
    • Canada-Alberta Canada-Wide Early Learning and Child Care Agreement

    Related news

    • Alberta’s inclusive spaces transformation (Dec. 13, 2024)

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General Bonta: Trump Administration Must Make a U-Turn on Illegal Withholding of Billions in Funding for EV Charging Infrastructure

    Source: US State of California

    BURLINGAME – California Attorney General Rob Bonta, California Governor Gavin Newsom, California Department of Transportation, and the California Energy Commission, today co-led a coalition of 17 attorneys general in filing a lawsuit against the Trump Administration for unlawfully withholding billions of dollars in funding approved by bipartisan majorities in Congress for electric vehicle (EV) charging infrastructure that would reduce planet-warming pollution, expand access to clean vehicles, and create thousands of green jobs. Under the direction of the President, the Federal Highway Administration (FHWA) issued a directive to thwart Congress’s $5 billion program, the National Electric Vehicle Infrastructure (NEVI) formula program, which would expand EV charging infrastructure nationwide. This directive purports to revoke the approval of all prior state EV infrastructure plans and withholds the distribution of federal funds to states. Specifically, in California, FHWA’s unlawful actions would cost the state more than $300 million, eliminate thousands of good-paying jobs, and dismantle a critical, emerging tech industry. 

    “The President continues his unconstitutional attempts to withhold funding that Congress appropriated to programs he dislikes. This time he’s illegally stripping away billions of dollars for electric vehicle charging infrastructure, all to line the pockets of his Big Oil friends,” said Attorney General Rob Bonta. “The facts don’t lie: The demand for clean transportation continues to rise, and California will be at the forefront of this transition to a more sustainable, low-emissions future. California will not back down, not from Big Oil, and not from federal overreach.”

    “When America retreats, China wins. President Trump’s illegal action withholding funds for electric vehicle infrastructure is yet another Trump gift to China – ceding American innovation and killing thousands of jobs,” said Governor Gavin Newsom. “Instead of hawking Teslas on the White House lawn, President Trump could actually help Elon – and the nation – by following the law and releasing this bipartisan funding.” 

    “California remains fully committed to developing a robust, reliable and accessible EV charging network which will help improve air quality and enhance the EV driving experience for all,” said California Energy Commission Chair David Hochschild.

    “Withholding funding now would be wasteful, illegal, performative, and only serve to delay the progress we’ve made in building a cleaner, more sustainable transportation future,” said California Transportation Secretary Toks Omishakin. “We will continue to stand up for Californians and the nation because the future of the planet depends on it.”

    In 2022, Congress passed the Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law. One provision of the IIJA appropriated $5 billion for NEVI to facilitate a national network of electric vehicle charging infrastructure across the states, making clean cars accessible and convenient for more consumers and markets. On Day One, President Trump issued an executive order directing federal agencies to immediately stop releasing certain funds appropriated through the IIJA, including $5 billion that Congress appropriated for electric vehicle charging stations under NEVI. Following that directive, FHWA effectively halted the NEVI program by, among other things, withholding billions in funds that Congress had directed to the States for building EV infrastructure.

    California continues to lead the nation in the adoption of zero-emission vehicles (ZEVs) and the development of supporting infrastructure to rapidly deploy funds to develop and ensure a reliable and easy-to-use charging network. To date, over 2 million ZEVs have been sold in California, representing more than 30% of all ZEVs sold in the United States. 

    The California Energy Commission anticipates that California will need several hundred thousand more EV charging ports to support light-duty cars and trucks and incrementally more charging ports for medium- and heavy-duty trucks and buses to meet climate goals. California’s State Electric Vehicle Infrastructure Deployment Plan, approved by the federal government, would leverage public funding and private investment to build out a statewide charging infrastructure, including $384 million from the NEVI program.

    The complaint filed today alleges that the NEVI directive was arbitrary and capricious and not in accordance with law under the federal Administrative Procedure Act, and in violation of the U.S. Constitution. The NEVI program was created by statute, and, as it is a formula program, the amounts due to states are allocated by Congress, not the President. The complaint asks the court to declare that the NEVI directive is unlawful and to permanently stop the administration from withholding the funds. The states also seek a preliminary injunction to halt the illegal withholding of NEVI funds to the states.

    In filing the lawsuit Attorney General Bonta was joined by the attorneys general of Washington, Colorado, Arizona, Delaware, Hawaii, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Wisconsin, Vermont, and the District of Columbia. 

    A copy of the complaint will be made available here.

    MIL OSI USA News –

  • MIL-OSI: Best Fortune Teller Online For Accurate Fortune Telling In 2025 – The Psychic Experts

    Source: GlobeNewswire (MIL-OSI)

    New York City, May 07, 2025 (GLOBE NEWSWIRE) — Connect with the best fortune teller online offering accurate fortune telling and powerful insights about the future, love life, career path, and more.

    SAN FRANCISCO, CA, May 07, 2025 (GLOBE NEWSWIRE) – The psychic experts have just ranked the best fortune tellers of 2025 for those who want to know what the future holds for them. With one platform, people can connect with reliable online fortune-telling services and get answers to their pressing questions.

    Discover your destiny with the best fortune tellers online, offering accurate fortune telling that delivers clarity, truth, and trusted predictions.

    ⇒ Find out what your future holds – talk to the best fortune teller now!

    As spiritual curiosity and the demand for real psychics increase globally, the psychic experts are proud to be a trusted platform that helps users find a live fortune teller for psychic reading or fortune telling. The psychic experts are a reputable platform that reviews the best fortune teller websites. These websites provide their services through different mediums like live chat readings, video sessions, and phone consultations.

    Now, people can experience the best fortune teller online and receive accurate fortune telling with clear answers to their most important life questions.

    ⇒ Don’t guess your future – ask the best fortune teller!

    How The Psychic Experts Pick the Best Fortune Tellers

    After years of rating fortune tellers and psychic readers, the psychic experts have just launched their own curated guide of the most accurate and trusted fortune tellers of 2025.

    This new list is not just a deeper and more polished look at the best fortune tellers online, but also justifies the ratings using the five-pillar evaluation that goes like this;

    1. Accuracy & Intuition

    Do these psychic readers align their readings with events and real-life emotions? 

    2. Communication Style

    Are they communicating with clarity, empathy, and honesty?

    3. Reading Tools & Techniques

    What reading tools are being used for fortune-telling for the fortune-telling services? Tarot, runes, clairvoyance, astrology, or some other medium?

    4. Ratings & Reviews

    Do these fortune tellers have consistently high user satisfaction and offer meaningful results?

    5. Ethics & Energy

    Do they offer genuine spiritual service or try to upsell or manipulate their clients?

    Find peace of mind with the best fortune tellers specializing in accurate fortune telling for love, career, and personal growth.

    ⇒ The answers you need are here – talk to a verified fortune teller!

    What Is Fortune Telling and Why Does It Matter in 2025?

    Fortune telling is most often mystified more than it should be, which leads to misunderstandings, too. Fortune telling is just gaining insights about the future of a person or about unknown events via a range of metaphysical tools. 

    This is why many people sometimes have doubts about the authenticity of fortune-telling platforms. However, other people still believe that tarot cards, palm reading, astrology, or clairvoyant visions hold immense value, which is why they are always seeking a good fortune teller who will illuminate their path and offer clarity, compassion, and spiritual precision, and predict other information about their life and future.

    Get real answers from the best fortune tellers using accurate fortune telling to help guide your decisions and reveal your true path.

    ⇒ Real insights, real answers – start accurate fortune telling!

    2025 is filled with shifting perspectives, career transitions, uncertainty, and spiritual awakenings for many people. This increases the demand for genuine fortune tellers who offer spiritual advice or affirmation. However, many people are still cautious about whether online fortune-telling platforms can be misleading or fake. But all those doubts can be eliminated if a person checks out reviews and ratings of fortune tellers and their services before booking, or even better, approach them with an authentic platform like the-psychic-experts.com.

    In 2025, more and more people are turning to the online fortune teller world, as from the comfort of their homes, they can receive spiritual awakening and answers to their complex questions. A live fortune teller, for example, can offer genuine interpretations of someone’s life and future, dreams and events, and can help people with:

    • New relationships
    • Critical business and career decisions
    • Spiritual or karmic guidance
    • Emotional wounds from the past
    • Dreams and their interpretation
    • Complex situations arise with everyday choices.

    ⇒ Ask anything, get instant answers from the best fortune teller!

    Why Online Fortune Telling Is Booming In 2025

    With the rise of technology use and digital platforms, people turn to the internet for answers to everything. For people who want guidance from fortune tellers for their everyday purposes or for reading and spiritual consultations, a dependable platform is very necessary that carefully analyzes all the psychic reading platforms and provides unbiased ratings and reviews so that spiritual seekers can connect with genuine fortune tellers.

    The psychic experts have analyzed more than a hundred fortune-telling websites and have produced a database that claims to offer the utmost clarity and customer satisfaction. With the use of the psychic experts, users can be assured that the fortune-telling services they are going to get will be of the highest quality.

    ⇒ Wondering what’s next? Ask the best fortune teller now!

    The rise of fortune teller online services in 2025 is more prominent than ever. 

    Especially the online services, as they are convenient, anonymous, and 24/7 accessible. These online consultations and fortune-telling have revolutionized the way people seek spiritual consultations. From the comfort of their home, during a lunch break, or during a late-night moment of anxiety, platforms like the psychic experts are one umbrella under which all the seasoned fortune tellers instantly come together.

    There are many benefits of online fortune-telling in 2025, and some of them are:

    • Instant access to fortune-telling: There is no need to book weeks in advance.
    • Global Access: Connecting spiritual seekers with top psychics from all over the world.
    • A variety of Tools Include tarot, astrology, runes, numerology, and mediumship.
    • Free Trials & Readings: Many people like to try a free fortune teller before they pay online.
    • Flexible Pricing: Such online fortune-telling services are available for every budget and urgency level.
    • Authenticity: Verified ratings by the-psychic-experts.com help people avoid scams related to online fortune-telling services.

    If you still don’t know where to begin, you can try the free fortune teller online feature on the-psychic-experts.com. It is risk-free and 100% genuine and authentic.

    ⇒ Discover your destiny with the best fortune teller today!

    Why the Whole World Is Turning to Online Fortune Tellers in 2025

    Fortune telling comes in many shapes and forms. However, one of the most desired forms of fortune-telling is called “reading” and “spiritual consultation.” This type of fortune telling doesn’t rely on specific methods or devices; rather, the fortune teller gives their client predictions and advice that they claim to have come from visions or spirits.

    So, whether it’s love, career, family, or personal growth, every modern spiritual guidance-seeking individual is turning to fortune teller online services for answers to their worldly and otherworldly problems. 

    ⇒ Free fortune teller is live – ask your question now!

    However, not all readers out there are genuine or exceptional. While many websites and apps have made access to fortune tellers quite easy and affordable, it is not necessary that the said fortune tellers will always turn out to be authentic or real. This is why it is important to make sure that the quality of fortune that you are going to get will be of the highest level.

    The demand for virtual guidance through mobile apps and websites has driven the rise of online spiritual consultations, but along with it comes a jungle of unvetted services.

    This is where the psychic expert steps in. The online fortune tellers that they recommend have been in business for more than a decade. They help people who want to avail themselves of fortune-telling services get connected to qualified professionals in this field so that people can gain spiritual insights into their minds, bodies, and spirits.

    Discover the best fortune teller trusted for accurate fortune telling that reveals your destiny with clarity and truth.

    ⇒ Talk to the best fortune teller now and change your life!

    The readings provided by these spiritual professionals are very accurate because they go through an intensive screening process, which depends on detailed user review analysis and direct testing. The rigorous selection process is the reason why this platform is trustworthy and ensures that every online fortune teller it ranks is 100% experienced and effective.

    Unlike random listings or paid placements, the list of best fortune tellers by the psychic experts in 2025 list represents the top 1% of spiritual advisors. The reason for their authenticity is vigorous testing for accuracy, communication levels with their clients, and spiritual alignment.

    ⇒ Don’t wait – get accurate fortune telling instantly online!

    What Sets an Accurate Fortune Teller Apart in 2025?

    What sets an accurate fortune teller apart in 2025 is their intuitive abilities and the various divination techniques that they use to make predictions about a person’s future. These fortune tellers are able to interpret symbols, read patterns, and use tools like palm lines, tarot cards, or tea leaves in order to offer guidance and spiritual insights to individuals. With this guidance, these individuals can navigate their life journey with much clarity and in the right direction. 

    Fortune tellers also provide their clients with a better understanding of their future and correlate them with present circumstances so that the individual may make better decisions in their life, reflect on themselves, and grow personally, professionally, or spiritually.

    ⇒ Your answers are waiting – get a free fortune teller reading!

    The best fortune teller isn’t someone who claims to have psychic abilities. It’s someone who can translate the unseen energies into clear, empowering messages for their clients.

    The in-depth reviews by the psychic experts reveal the major qualities that set apart a truly accurate fortune teller in today’s world, and these are:

    • Clarity in readings – There is no room for vague perceptions
    • Emotional intelligence – alongside empathetic delivery
    • Accurate predictions that match the desires and circumstances of the client 
    • Methodical tools – Using tarot, astrology, or numerology for fortune-telling
    • Live interaction – Creating a real-time connection

    Many top-rated psychics offer free fortune teller online sessions or discounted first readings, which greatly help users test their authenticity before committing.

    ⇒ Free, fast, and accurate – talk to a fortune teller now!

    Top Features That Make a Fortune Teller Platform the Best

    Not all online fortune teller services provide the same high level of quality as the psychic experts. Here’s what sets the most validated and genuine platforms apart from others;

    Verified Reader Profiles
    All listed readers are verified and undergo proper background checks and psychic ability assessments to see if they are eligible to be featured.

    Satisfaction Guarantee
    Clients are 100% satisfied that they can receive refunds or session credits if it doesn’t go as planned, thus adding a factor of trust to the transaction.

    ⇒ Let the best fortune teller guide your next move!

    Real User Reviews
    Each psychic’s page has reviews from real users and transparent ratings, as well as client feedback and reading stats.

    Multiple Psychic Disciplines
    From astrology to numerology to clairvoyance, there are multiple disciplines on these platforms so that people can choose from their preferred method of Psychic reading.

    ⇒ Take control of your destiny – try accurate fortune telling!

    Most Popular Online Fortune Telling Methods in 2025

    If you want to reach out to a fortune teller in 2025, there are many easy ways to do so. Their availability in the digital world has also made it easy to reach out to spiritual readers via an electronic device, either with a phone call, an Android app, or a website like the-psychic-experts.com.

    Many online psychic platforms offer different ways to connect with fortune tellers. 

    Online fortune telling is an accessible spiritual art now, and through the following mediums, a person can easily contact a fortune teller anytime and anywhere in the world:

    • Live Chat Readings – Live chat readings are perfect for users who want quick answers and privacy.
    • Video Sessions – Video sessions help clients who want facial cues and a full, energetic presence during their session.
    • Phone Consultations – Phone consultations are both an old and modern method of reading, as they offer a direct, voice-to-voice connection.
    • Email Readings – Email readings are also perfect for those who prefer detailed, written records of spiritual insights.

    Each method of fortune telling has its own advantages, disadvantages, and energy levels, so the psychic experts recommend that users try more than one type of psychic reading medium to see which suits them best.

    ⇒ Get life-changing clarity from the best fortune teller!

    Most Popular Fortune Telling Services in 2025

    People wondering what the future holds for them or having trouble navigating their life’s twists seek help from reliable fortune tellers, who act like a compass in their complex lives and set them on a journey of self-discovery. The psychic experts review and reveal the most seasoned and genuine psychics, tarot readers, and astrologers, all of whom act as a beacon of insight in the day-to-day life of their spiritual seekers.

    While the-psychic-experts.com sheds light on the expert advisors that unveil the spiritual connections and energies associated with people that they didn’t even know existed, there are some pros and cons associated with online fortune-telling services.

    ⇒ Discover the truth now with the best fortune teller online!

    Pros

    One of the benefits of online fortune-telling services is that there are hundreds of psychic readers available online who are ready to help people who seek guidance from them. They have been present in this psychic industry for years, sometimes more than 2 or 3 decades. Many fortune-telling platforms have mobile applications, both for iOS and Android, that people use to access fortune-telling services from anywhere in the world. Psychic reading and fortune telling use a wide range of services and tools to make sure that the spiritual guidance they offer is accurate and genuine.

    Cons

    One of the drawbacks of online fortune-telling services is that a person may need to book psychic reading services in advance. However, the psychic experts also shed light on some psychic readers who offer a free initial consultation or demo for first-time users. Some people may also find fortune-telling services expensive.

    ⇒ Experience accurate fortune telling that actually helps!

    Different Types Of Fortune Telling Services In 2025

    Fortune telling is a very broad and intricate practice. It utilizes centuries of spiritual wisdom and intuitive insight and brings it right in front of those who seek this knowledge. Whether a person is out to seek clarity, direction, or a new way of life, fortune tellers can offer them multiple services that help them reconnect with their inner self and get spiritual guidance. Here are the most common types of services offered by fortune tellers in 2025;

    Fortune Telling

    This is the umbrella under which all other psychic and spiritual services fall. 

    Fortune telling is the navigation of signs, energies, and symbols to provide insight into the past, present, and future of a user. 

    It uses tools like crystal balls and runes and even utilizes more intuitive practices like clairvoyance to help seekers who want answers to their life’s uncertainties. 

    Fortune-telling sessions focus on personal concerns, such as love, family, money, health, and purpose, and another labyrinth of possibilities of life, and help individuals see the path more clearly, even when their whole life is chaotic.

    ⇒ Get real answers fast from a free fortune teller!

    Psychic Readings

    Psychic readings go beyond what the eyes can see. 

    Psychic readings use heightened intuition and extrasensory perception, such as cosmic airwaves, to pick up on energy fields, emotional vibrations, and spiritual signals around the person who came to the psychic. 

    The goal is not about prediction. Rather, it is about perspective. 

    A psychic can unveil hidden insights and help someone make much sense of their inner conflicts. Such psychics also help people understand emotional imbalances or navigate an important decision. 

    These psychic readings are very personal and can affect both grounding and illuminating the path of a person.

    Love Readings

    Relationships are one of the most common reasons people seek spiritual guidance. Sometimes, they are new, long-standing, but most of the time, complicated. 

    Love psychics or relationship-focused fortune tellers provide a way to understand emotional dynamics, compatibility, soulmate connections, and romantic obstacles between two people. 

    These readings peel away the emotional layers beneath a relationship and decode the feelings, intentions, and future potential of both partners involved.

    ⇒ Reveal your future with accurate fortune telling!

    Tarot Readings

    Tarot is a timeless art of psychic reading.

    It is an intuitive form of divination that reveals the past, present, and future. It uses a deck of 78 symbolic cards, with each card representing a theme, energy, or message. 

    A person will be told to pick a card, and then the reader will interpret the card based on their position and the question at hand.

    This method of psychic reading reveals complex narratives about the querent’s past, present, and future. These readings can clarify complex situations, offer insights into unseen influences, and help a person better understand their own emotions.

    Dream Analysis

    Dreams are productions of the subconscious mind, but they always try to tell us something.

    It is the subconscious mind’s way of speaking. Dream interpreters act as translators of dreams and nightmares. They can analyze symbols, emotions, and patterns in dreams and decode what the dream is trying to communicate. 

    Whether it’s a recurring dream or an unsettling nightmare, dream analysis reveals buried emotions, unresolved issues, or hidden desires. This psychic reading service even suggests the spiritual or prophetic meaning behind dreams and emotions that we experience in sleep.

    ⇒ Find real clarity fast – talk to the best fortune teller today!

    Astrology Readings

    Astrology is the study of planetary movements and their celestial alignments and how they influence life on Earth. 

    An astrologer can map out cosmic constellations and create a natal chart that uses the exact time, date, and location of a person’s birth to uncover hidden traits, tendencies, and life patterns. 

    So, whether a psychic reader is looking at your solar return for the year ahead, investigating your relationship compatibility with your partner, or understanding a difficult life phase, astrology readings provide a cosmic map for solving life’s rhythms.

    Career Forecasts

    Accurate fortune tellers can also help people align with their professional purpose. 

    These readers will utilize the power of intuition, energetic sensing, and sometimes tools like numerology or astrology to identify where someone’s talents truly lie. 

    Career readings are mostly booked by professionals who are dealing with work-related challenges, entrepreneurial possibilities, timing for job changes, or when a new opportunity arises, and they want to know whether it will bring success for them or not.

    ⇒ Ready for answers? Connect with a free fortune teller today!

    Numerology Readings

    Numerology is the study of the energetic vibrations of numbers.

    They govern how these numbers relate to human life. 

    Every letter in a person’s name and every digit in their birth date holds a numeric value that has immense power, and that reveals information about their character, strengths, life cycles, and karmic lessons. 

    Numerology readings uncover these hidden messages to provide clarity on their purpose and the timing of events in their life.

    Occult Readings

    For those drawn to esoteric mysteries and the deeper mystical truths, some fortune tellers offer readings that are rooted in the occult sciences. 

    These sessions are different from others and explore symbolism, ritual magic, elemental energies, spiritual entities, or ancient esoteric systems. 

    They’re mostly suited for individuals who have the power and the mental abilities to confront the hidden forces influencing their lives, as these types of readings often involve exploring the subconscious or spirit world through unique and sacred methods.

    ⇒ Trusted and accurate fortune telling – start now!

    Palmistry

    Also known as palm reading, Palmistry is the ancient art that involves analyzing the shape, lines, and texture of a person’s hand. These patterns help a reader gain insight into the personality, experiences, and future of their client. 

    Every person’s palm is said to carry their narrative. 

    The lifeline, heartline, and headline are just a few, among others, that are read in combination to reveal one’s emotional tendencies, mental strengths, career prospects, and life trajectory.

    Graphology

    Graphology, or handwriting analysis, involves reading the way a person writes. In this way, the psychic reader can gain insight into their personality, emotional state, and thought patterns. 

    Everything from the pressure of the pen to the slant of a signature has a meaning and could carry psychological significance. Graphologists interpret these details to reveal hidden truths that may not be expressed verbally.

    Paranormal Readings

    Paranormal psychics explore realms that lie beyond the normal range of perception. 

    These readings focus on spiritual encounters, supernatural events, or unexplained phenomena. 

    For individuals who believe that they’ve experienced things, like hauntings, spirit contact, or energetic disturbances, paranormal readings are a great way for readers to offer them validation and clarity around those otherworldly experiences.

    ⇒ Get your personalized reading from a certified fortune teller!

    Past Life Exploration

    Some readers claim that the soul undergoes multiple incarnations, and those incarnations echo from past lives and influence the present day. 

    Past life readers use intuitive impressions, visualizations, or regressions to explore a person’s soul history. 

    These readings can help a reader understand irrational fears, recurring dreams, deep attractions, or unexplained patterns that seem to bother their clients and follow them throughout their current lives.

    Picture Readings

    In picture readings, the fortune teller uses a photograph to measure the energy around a person.

    That photograph could be of a person, place, or object, and it acts as an energetic anchor. 

    The reader will go deep into the vibration within the image to reveal hidden truths, emotional energy, or unresolved spiritual connections. 

    This type of reading is very useful when someone wants insight into a person who cannot be physically present for the session.

    Faith-Based and Spiritual Readings

    For those people who come from religious or spiritual backgrounds, some readers offer insights into scriptural wisdom, prayer, or divine guidance. 

    These readings center around faith, life purpose, and spiritual alignment. 

    They may also involve messages that the readers say are received from higher beings or spiritual guardians, thus depending on the tradition and belief system that is being practiced by the spiritual seeker.

    ⇒ Ask anything – the best fortune teller is online now!

    Frequently Asked Questions

    What exactly does a fortune teller do?

    Fortune tellers interpret symbols, energies, or spiritual signs and guide where your life is headed. 

    They use tools like tarot cards, astrology charts, Palmistry, or intuitive abilities to gain insights into past experiences, current events, or future possibilities for their clients.

    Are fortune-telling services accurate?

    Fortune telling is less about prediction and more about perception. A fortune teller, even the most genuine one, cannot accurately predict every detail of your future with scientific precision. 

    However, what they can offer is intuitive guidance, emotional clarity, and fresh perspectives. This type of guidance can help you make better decisions. 

    The accuracy of a fortune-telling service often depends on the reader’s skill, your openness, and the type of questions you ask.

    What types of questions can I ask a fortune teller?

    You can ask about anything. You can ask a fortune teller about relationships, careers, finances, health, life purpose, spiritual growth, or emotional challenges. Anything that you want answers to.

    The more specific your question is, the better, insightful, and more resourceful your reading will be.

    Do I need to believe in the supernatural for a reading to work?

    Not at all. 

    You don’t need to believe in the supernatural if you want to avail of fortune-telling services.

    While some people do approach fortune telling from a spiritual or mystical perspective, others are just using it as a tool for self-reflection or decision-making. 

    All you need to do is come with an open mind and a willingness to explore new insights.

    How do I choose the right type of reading?

    Fortune telling or psychic reading is the safest and common method of reading.

    If you’re unsure, start with a general fortune-telling or psychic reading. 

    However, if you have a specific question in mind, like love, career, or past lives, then there are other types of services available. You can choose a reader who specializes in that field. 

    Many services also offer short and free trial readings, so you can test the reader before paying in full.  

    Is my information kept confidential?

    Yes. 

    Professional fortune tellers will keep all your information private as they respect your space and treat all readings as confidential. 

    So, feel free to share personal details or ask sensitive questions because your session is conducted with discretion and trust.

    How long does a typical reading last?

    Psychic reading times can vary from person to person. 

    While a basic session might last 10–20 minutes, if you need a more in-depth reading, your session can also extend up to 30–60 minutes or longer than that.

    Many platforms offer flexible time slots depending on your needs and budget.

    What’s the difference between a psychic and a fortune teller?

    The term “fortune teller” is a broad term. It includes many types of intuitive readers. 

    Psychics, on the other hand, use extrasensory perception (ESP) and other insights to tap into the unseen energies surrounding and associated with a person. 

    While all psychics can be fortunetelling tellers, not all fortune tellers are psychics.

    Can I get a reading online or over the phone?

    Absolutely. You can read online by availing yourself of the service of online fortune tellers.

    Many fortune tellers offer remote services through online chat, phone calls, or email. 

    These formats offer flexibility to people from all over the world, and you can be guaranteed that online fortune-telling services are just as effective as in-person readings. Platforms like the psychic experts allow you to connect with readers from anywhere in the world.

    How often should I get a reading?

    There’s no right or wrong answer.

    You can have readings as many times as you like or as your situation and personal needs demand. 

    Some people get readings regularly, some do it a few times a year, while others only seek fortune-telling services during major life events.

    Final Words

    Fortune’s telling’s beauty doesn’t just lie in the spiritual answers that you receive but in the questions that you come to ask. Fortune telling offers self-reflection, examines the patterns in your life, and gently nudges you toward personal empowerment.

    There is a wide array of services available in today’s world, from tarot and astrology to dream interpretation and past life exploration. However, fortune telling and psychic reading aren’t just limited to live demonstrations and face-to-face conversations. It is also available online via verified platforms like the-psychic-experts.com.

    These services aren’t just for the mystically inclined. 

    Every type of person, whether they are entrepreneurs, artists, parents, students, or skeptics, can turn to fortune tellers when their life isn’t going as planned or when they need guidance and clarity. 

    Ultimately, fortune-telling isn’t about meeting the unknown. It is about meeting yourself, acknowledging your intuition, accepting your energies, and getting the confidence to make the choices that are good for you. Fortune tellers may use a card draw, a birth chart, or a dream symbol to lead the person toward ultimate clarity and guidance.

    So, if you’ve ever felt the need to reach out to an authentic fortune teller, ask questions that are beyond the surface. They will help you seek guidance in life.

    The answers are not always black and white. Sometimes, they are murky and require input from your side as well. You might not walk away with clear answers, but fortune-telling is a much more powerful perspective and brings peace and a renewed sense of purpose to every person.

    So, if you’re ready to tap into clarity, check out the best online fortune tellers of 2025.

    Media Contact
    Company: The Psychic Experts
    Contact Person: Anthony C. Bedoya
    Email: support@the-psychic-experts.com
    Address: 1 Fremont St, Las Vegas, NV 89101, USA
    URL: https://the-psychic-experts.com/
    Phone: +1 414-203-2598
    Content Accuracy Disclaimer
    Every effort has been made to ensure the accuracy of the information presented in this article. However, due to the dynamic nature of product formulations, promotions, and availability, details may change without notice. The publisher makes no warranties or representations as to the current completeness or accuracy of any content, including product claims, pricing, or ingredient lists.
    It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.
    Affiliate Disclosure
    This article may contain affiliate links. If you purchase a product or service through these links, the publisher may earn a commission at no additional cost to you. These commissions help support the creation of in-depth reviews and educational wellness content.
    The publisher only promotes products that have been independently evaluated and deemed potentially beneficial to readers. However, this compensation may influence the content, topics, or products discussed in this article. The views and opinions expressed are those of the author and do not necessarily reflect the official policy or position of any affiliate partner or product provider.
    All product reviews and descriptions reflect the author’s honest opinion based on available public data, user feedback, and scientific references at the time of writing. The inclusion of affiliate links does not influence the objectivity or integrity of the content. However, readers are encouraged to independently verify product information and consult with healthcare professionals prior to purchase or use.
    No warranties, either expressed or implied, are made about the completeness, accuracy, reliability, or suitability of the content provided. The publisher and all affiliated parties expressly disclaim any and all liability arising directly or indirectly from the use of any information contained herein.
    Product and Trademark Rights
    All product names, logos, and brands mentioned are the property of their respective owners. Use of these names does not imply endorsement unless explicitly stated. The-Psychic-Exerts.com®.com®.com® are the trademarks of its respective brand owner.

    Attachment

    The MIL Network –

  • MIL-OSI: Symbotic Reports Second Quarter Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Mass., May 07, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its second quarter of fiscal year 2025, which ended on March 29, 2025. Symbotic posted revenue of $550 million, a net loss of $21 million and adjusted EBITDA1 of $35 million for the second quarter of fiscal year 2025.

    By comparison, in the second quarter of fiscal year 2024, Symbotic had revenue of $393 million, a net loss of $55 million and adjusted EBITDA1 of $9 million.

    Cash and cash equivalents increased by $52 million from the prior quarter to $955 million at the end of the second quarter of fiscal year 2025.

    “Our execution has improved, and our margins expanded,” said Symbotic Chairman and Chief Executive Officer Rick Cohen. “With stronger project execution and a compelling roadmap of product innovation, we remain well-positioned to deliver increasing value to our stakeholders.”

    “Second quarter revenue grew by 40% year-over-year, and we delivered a record number of system starts and completes,” said Symbotic Chief Financial Officer, Carol Hibbard. “Looking forward, we remain committed to delivering improved execution while investing to support our future growth and innovation.”

    OUTLOOK

    For the third quarter of fiscal 2025, Symbotic expects revenue of $520 million to $540 million, and adjusted EBITDA2 of $26 million to $30 million.

    WEBCAST INFORMATION

    Symbotic will host a webcast today at 5:00 pm ET to discuss its second quarter of fiscal year 2025 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q2-2025.

    ABOUT SYMBOTIC

    Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com. 

    USE OF NON-GAAP FINANCIAL INFORMATION

    Symbotic reports its financial results in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). This press release contains financial measures that are not recognized under U.S. GAAP (“non-GAAP financial measures”), including adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate its business.

    Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net loss excluding the following items: interest income; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; equity method investment; internal control remediation; business transformation costs; fair value adjustments on strategic investments; restructuring charges; joint venture formation fees; equity financing transaction costs; and other infrequent items that may arise from time to time. Symbotic defines adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation, and restructuring charges. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by revenue. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.

    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Symbotic’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.

    Forward-looking statements include, but are not limited to, statements about the ability of or expectations regarding Symbotic to:

    • meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog;
    • expand its target customer base and maintain its existing customer base;
    • realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business, the GreenBox joint venture, the Commercial Agreement with GreenBox, Symbotic’s acquisitions of developed technology intangible assets, and the commercial agreement with Walmart de México y Centroamérica;
    • realize its outlook, including its system gross margin;
    • anticipate industry trends;
    • maintain and enhance its system;
    • maintain the listing of the Symbotic Class A Common Stock on Nasdaq;
    • execute its growth strategy;
    • develop, design and sell systems that are differentiated from those of competitors;
    • execute its research and development strategy;
    • acquire, maintain, protect and enforce intellectual property;
    • attract, train and retain effective officers, key employees or directors;
    • comply with laws and regulations applicable to its business;
    • stay abreast of modified or new laws and regulations applying to its business;
    • successfully defend litigation;
    • issue equity securities in connection with future transactions;
    • meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;
    • timely and effectively remediate any material weaknesses in its internal control over financial reporting;
    • anticipate rapid technological changes; and
    • effectively respond to general economic and business conditions.

    Forward-looking statements also include, but are not limited to, statements with respect to:

    • the future performance of Symbotic’s business and operations;
    • expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;
    • expectations regarding cash flow, liquidity and sources of funding;
    • expectations regarding capital expenditures;
    • the anticipated benefits of Symbotic’s leadership structure;
    • the effects of pending and future legislation, regulation and trade practices, including tariffs;
    • business disruption;
    • disruption to the business due to Symbotic’s dependency on certain customers;
    • increasing competition in the warehouse automation industry;
    • any delays in the design, production or launch of Symbotic’s systems and products;
    • the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;           
    • any defects in new products or enhancements to existing products;
    • the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of Symbotic’s new products and services and any changes in its product mix that shift too far into lower gross margin products; and
    • any consequences associated with joint ventures and legislative and regulatory actions and reforms.

    Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 4, 2024. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these forward-looking statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements speak only as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. Symbotic is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Symbotic has filed or will file from time to time with the SEC.

    In addition to factors previously disclosed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 filed with the SEC on December 4, 2024 and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business and risks related to the acquisition.

    Any financial projections in this press release or discussed in the webcast are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or considers the projections to be a reliable prediction of future events.

    Annualized, projected and estimated numbers are not forecasts and may not reflect actual results.

    This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.

    INVESTOR RELATIONS CONTACT

    Charlie Anderson
    Vice President, Investor Relations & Corporate Development
    ir@symbotic.com

    MEDIA INQUIRIES
    mediainquiry@symbotic.com

    Symbotic Inc. and Subsidiaries
    Consolidated Statements of Operations
     
      Three Months Ended   Six Months Ended
     (in thousands, except share and per share information) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Revenue:                  
    Systems $ 513,372     $ 464,059     $ 370,693     $ 977,431     $ 718,398  
    Software maintenance and support   6,685       5,525       2,566       12,210       4,735  
    Operation services   29,594       17,109       20,073       46,703       30,142  
    Total revenue   549,651       486,693       393,332       1,036,344       753,275  
    Cost of revenue:                  
    Systems   414,560       381,819       342,124       796,378       626,071  
    Software maintenance and support   2,095       1,884       1,936       3,979       3,662  
    Operation services   25,168       22,951       19,052       48,120       29,266  
    Total cost of revenue   441,823       406,654       363,112       848,477       658,999  
    Gross profit   107,828       80,039       30,220       187,867       94,276  
    Operating expenses:                  
    Research and development expenses   61,540       43,592       46,462       105,133       88,606  
    Selling, general, and administrative expenses   78,347       61,076       48,652       139,421       95,663  
    Total operating expenses   139,887       104,668       95,114       244,554       184,269  
    Operating loss   (32,059 )     (24,629 )     (64,894 )     (56,687 )     (89,993 )
    Other income, net   11,714       7,823       9,812       19,536       16,011  
    Loss before income tax and equity method investment   (20,345 )     (16,806 )     (55,082 )     (37,151 )     (73,982 )
    Income tax expense (benefit)   1,397       (150 )     252       1,248       80  
    Loss from equity method investment   (2,490 )     (1,564 )     —       (4,055 )     —  
    Net loss   (21,438 )     (18,520 )     (54,830 )     (39,958 )     (73,902 )
    Net loss attributable to noncontrolling interests   (17,513 )     (15,044 )     (46,021 )     (32,557 )     (62,257 )
    Net loss attributable to common stockholders $ (3,925 )   $ (3,476 )   $ (8,809 )   $ (7,401 )   $ (11,645 )
                       
    Loss per share of Class A Common Stock:                  
    Basic and Diluted $ (0.04 )   $ (0.03 )   $ (0.09 )     (0.07 )   $ (0.13 )
    Weighted-average shares of Class A Common Stock outstanding:                  
    Basic and Diluted   107,726,978       106,098,566       93,043,769       106,900,622       88,155,791  
                                           

    Symbotic Inc. and Subsidiaries
    Reconciliation of Non-GAAP Financial Measures

    The following table reconciles GAAP net loss to Adjusted EBITDA:

      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Net loss $ (21,438 )   $ (18,520 )   $ (54,830 )   $ (39,958 )   $ (73,902 )
    Interest income   (7,229 )     (7,769 )     (9,795 )     (14,998 )     (15,944 )
    Income tax expense (benefit)   (1,397 )     150       (252 )     (1,248 )     (80 )
    Depreciation and amortization   11,169       6,860       2,468       18,029       5,033  
    Stock-based compensation   47,962       28,741       34,726       76,703       64,188  
    Business Combination transaction expenses   3,298       3,802       —       7,100       —  
    Equity method investment   2,490       1,564       —       4,055       —  
    Internal control remediation   2,175       3,076       —       5,251       —  
    Business transformation costs   2,400       —       —       2,400       —  
    Fair value adjustments on strategic investments   (4,481 )     —       —       (4,481 )     —  
    Restructuring charges   (231 )     —       34,206       (231 )     34,206  
    Joint venture formation fees   —       —       —       —       1,089  
    Equity financing transaction costs   —       —       1,985       —       1,985  
    Adjusted EBITDA $ 34,718     $ 17,904     $ 8,508     $ 52,622     $ 16,575  
                                           

    The following table reconciles GAAP gross profit to Adjusted gross profit:

      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Gross profit $ 107,828     $ 80,039     $ 30,220     $ 187,867     $ 94,276  
    Depreciation   2,949       2,469       88       5,418       181  
    Stock-based compensation   11,264       3,709       5,156       14,973       8,587  
    Restructuring charges   (231 )     —       34,206       (231 )     34,206  
    Adjusted gross profit $ 121,810     $ 86,217     $ 69,670     $ 208,027     $ 137,250  
                                           
    Gross profit margin   19.6 %     16.4 %     7.7 %     18.1 %     12.5 %
    Adjusted gross profit margin   22.2 %     17.7 %     17.7 %     20.1 %     18.2 %
                                           

    The following table reconciles GAAP net cash provided by (used in) operating activities to free cash flow:

      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
                       
    Net cash provided by (used in) operating activities $ 269,575     $ 205,027     $ 21,072     $ 474,602     $         (9,078 )
    Purchases of property and equipment and capitalization of internal use software development costs   (20,560 )     (7,357 )     (2,871 )     (27,917 )             (5,864 )
    Free cash flow $ 249,015     $ 197,670     $ 18,201     $ 446,685     $         (14,942 )
                                           

    Symbotic Inc. and Subsidiaries
    Supplemental Common Share Information

    Total Common Shares issued and outstanding:

      March 29, 2025   September 28, 2024
    Class A Common Shares issued and outstanding 108,380,772   104,689,377
    Class V-1 Common Shares issued and outstanding 76,223,325   76,965,386
    Class V-3 Common Shares issued and outstanding 404,309,196   404,309,196
      588,913,293   585,963,959
           
    Symbotic Inc. and Subsidiaries
    Consolidated Balance Sheets
     
    (in thousands, except share data) March 29, 2025   September 28, 2024
    ASSETS
    Current assets:      
    Cash and cash equivalents $ 954,944     $ 727,310  
    Accounts receivable   137,562       201,548  
    Unbilled accounts receivable   160,248       218,233  
    Inventories   146,281       106,136  
    Deferred expenses   4,979       1,058  
    Prepaid expenses and other current assets   93,966       101,252  
    Total current assets   1,497,980       1,355,537  
    Property and equipment, net   123,706       97,109  
    Intangible assets, net   125,793       3,664  
    Goodwill   68,669       —  
    Equity method investment   85,323       81,289  
    Other assets   62,714       40,953  
    Total assets $ 1,964,185     $ 1,578,552  
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable $ 220,027     $ 175,188  
    Accrued expenses and other current liabilities   166,269       165,644  
    Deferred revenue   1,086,297       676,314  
    Total current liabilities   1,472,593       1,017,146  
    Deferred revenue   8,152       129,233  
    Other liabilities   61,866       42,043  
    Total liabilities   1,542,611       1,188,422  
    Commitments and contingencies   —       —  
    Equity:      
    Class A Common Stock, 3,000,000,000 shares authorized, 108,380,772 and 104,689,377 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively   13       13  
    Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,223,325 and 76,965,386 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively   7       7  
    Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 shares issued and outstanding at March 29, 2025 and September 28, 2024   40       40  
    Additional paid-in capital   1,539,378       1,523,692  
    Accumulated deficit   (1,331,326 )     (1,323,925 )
    Accumulated other comprehensive loss   (2,698 )     (2,594 )
    Total stockholders’ equity   205,414       197,233  
    Noncontrolling interest   216,160       192,897  
    Total equity   421,574       390,130  
    Total liabilities and equity $ 1,964,185     $ 1,578,552  
                   
    Symbotic Inc. and Subsidiaries
    Consolidated Statements of Cash Flows
     
      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Cash flows from operating activities:                  
    Net loss $ (21,438 )   $ (18,520 )   $ (54,830 )   $ (39,958 )   $ (73,902 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                  
    Depreciation and amortization   12,279       7,645       3,155       19,924       6,352  
    Equity in net loss from equity method investment   4,055       —       —       4,055       —  
    Foreign currency (gains) losses, net   20       (32 )     (30 )     (12 )     (8 )
    Gain on investments   —       —       (8,745 )     —       (8,745 )
    Loss on disposal of assets   —       201       —       201       —  
    Provision for excess and obsolete inventory   292       688       34,206       980       34,276  
    Stock-based compensation   43,355       26,773       28,065       70,128       57,527  
    Gain from strategic investment fair value adjustment   (4,481 )     —       —       (4,481 )     —  
    Changes in operating assets and liabilities:                  
    Accounts receivable   (3,195 )     67,376       25,328       64,181       (58,461 )
    Inventories   (23,232 )     (10,425 )     (16,353 )     (33,657 )     (17,920 )
    Prepaid expenses and other current assets   89,491       10,317       (9,777 )     99,808       (42,430 )
    Deferred expenses   (1,757 )     (2,164 )     2,106       (3,921 )     (5,046 )
    Other assets   (6,400 )     (1,079 )     440       (7,479 )     (5,466 )
    Accounts payable   13,806       31,145       30,576       44,951       23,315  
    Accrued expenses and other current liabilities   (65,685 )     45,540       (17,600 )     (20,145 )     (1,884 )
    Deferred revenue   230,283       58,336       2,678       288,619       72,644  
    Other liabilities   2,182       (10,774 )     1,853       (8,592 )     10,670  
      Net cash provided by (used in) operating activities   269,575       205,027       21,072       474,602       (9,078 )
    Cash flows from investing activities:                  
    Purchases of property and equipment and capitalization of internal use software development costs   (20,560 )     (7,357 )     (2,871 )     (27,917 )     (5,864 )
    Proceeds from maturities of marketable securities   —       —       140,000       —       290,000  
    Purchases of marketable securities   —       —       (343 )     —       (48,660 )
    Acquisitions of strategic investments   —       (17,992 )     —       (17,992 )     —  
    Cash paid for business acquisitions   (200,000 )     —       —       (200,000 )     —  
    Net cash provided by (used in) investing activities   (220,560 )     (25,349 )     136,786       (245,909 )     235,476  
    Cash flows from financing activities:                  
    Payment for taxes related to net share settlement of stock-based compensation awards   —       (3,012 )     (3,125 )     (3,012 )     (3,181 )
    Net proceeds from issuance of common stock under employee stock purchase plan   3,233       —       3,435       3,233       3,435  
    Distributions to or on behalf of Symbotic Holdings LLC partners   (382 )     (850 )     —       (1,232 )     —  
    Proceeds from issuance of Class A Common Stock   —       —       257,985       —       257,985  
    Proceeds from exercise of warrants   —       —       —       —       158,702  
    Net cash provided by (used in) financing activities   2,851       (3,862 )     258,295       (1,011 )     416,941  
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash   50       (84 )     (13 )     (34 )     (15 )
    Net increase in cash, cash equivalents, and restricted cash   51,916       175,732       416,140       227,648       643,324  
    Cash, cash equivalents, and restricted cash – beginning of period   906,086       730,354       488,102       730,354       260,918  
    Cash, cash equivalents, and restricted cash – end of period $ 958,002     $ 906,086     $ 904,242     $ 958,002     $ 904,242  
                       
                       
      Three Months Ended   Six Months Ended
    (in thousands) March 29, 2025   December 28, 2024   March 30, 2024   March 29, 2025   March 30, 2024
    Reconciliation of cash, cash equivalents, and restricted cash:                  
    Cash and cash equivalents $ 954,944     $ 903,034     $ 901,382     $ 954,944     $ 901,382  
    Restricted cash   3,058       3,052       2,860       3,058       2,860  
    Cash, cash equivalents, and restricted cash $ 958,002     $ 906,086     $ 904,242     $ 958,002     $ 904,242  

    1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under “Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.

    2 Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort. Symbotic is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Symbotic’s control and/or cannot be reasonably predicted, such as the provision for stock-based compensation.

    The MIL Network –

  • MIL-OSI: Introducing Sunrun Flex, a Superior Solar and Storage Solution for Consumers

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 07, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today introduced Sunrun Flex™, the first solar and battery storage solution designed to adapt to customers’ changing energy needs. This new offering marks the first significant financial innovation in the solar industry in nearly two decades, since Sunrun introduced the residential Power Purchase Agreement in 2007.

    Flex is a smarter way to design solar energy for homes with protection against increased energy use from life events, such as growing a family or purchasing an electric vehicle. Customers enjoy a predictable monthly minimum payment, while only paying for extra energy above their pre-solar consumption baseline when they use it at a low, locked-in Flex Rate.

    Flex households also benefit from battery backup during outages and the exclusive opportunity to earn Sunrun Rollover Credits—the first offering of its kind in the solar industry.

    “Sunrun Flex is a game-changing innovation that is customer-first in all aspects,” said Sunrun CEO Mary Powell. “Customers appreciate the peace of mind that comes from removing any guesswork and knowing they can flex their consumption depending on their energy lifestyle, while also providing protection for those hot summer months when consumption naturally increases.”

    Until now, home solar systems were designed to either match a household’s current energy usage or be oversized in anticipation of future needs—potentially resulting in either unmet needs as energy usage increases or generating solar energy that is not used immediately. Flex removes any uncertainty, offering a solution that fits families’ needs now and in the future.

    Key benefits with Sunrun Flex include:

    • Cost Predictability: Customers enjoy predictable, affordable monthly payments, with the ability to “flex” their energy usage as life changes—all while knowing exactly what their cost per kilowatt hour will be.
    • Rollover Credits: When customers use less energy than their baseline, they earn credits they can then apply when they use more energy in the future. This allows customers to bank credits during months of less energy demand and apply them later when they exceed their baseline.
    • Premium Storage: Sunrun Flex comes standard with premium battery storage, providing most homes with full backup energy protection during outages and helping customers avoid peak utility rates by using stored solar power in the evenings.
    • Grid Services: Flex customers are enrolled in Sunrun’s grid services programs and are compensated for participating, where available.
    • Performance Guarantee: Every Sunrun Flex subscription includes 24/7 system monitoring, free maintenance and repairs, a solar performance and battery health guarantee, and Flex Guarantee, which ensures a customer will not pay Sunrun more than the panels produce annually.

    “We know households that go solar increase their energy consumption by about 15% within the first year. It’s also not uncommon for solar customers to adopt an electric vehicle, which drives up their energy consumption even more,” said Sunrun President and Chief Revenue Officer Paul Dickson. “Flex is designed for the future of home energy. As customers adopt a more electrified lifestyle, Flex will provide them and their communities with benefits on day one, while unlocking future revenue opportunities for Sunrun.”

    Sunrun Flex systems are sized above a customer’s pre-solar usage for the customer’s growing energy needs. The customer will always pay a minimum monthly bill, and if the customer exceeds their energy baseline in a month, they will purchase the additional electricity at a Flex Rate. If the customer uses less than their energy baseline in a month, they will accrue Rollover Credits that can be used against their Flex charges in future months.

    With Flex, Sunrun optimizes the flow of solar energy to provide the most benefit to the customer, whether that’s immediate self consumption, storing it in the battery for later use, or exporting it to the grid so that the customer can get utility credits.

    “Flex gives us peace of mind knowing that our family is protected against rising utility bills and that our Sunrun Flex system will grow with us,” said Sunrun Flex customer Pete Aguilar. “Now we can live freely and make upgrades to our home because we’ve got energy available when we need it.”

    Sunrun’s Flex offering is exclusive to Sunrun-managed sales teams. For more information about Sunrun Flex, visit sunrun.com/flex.

    About Sunrun
    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

    Media Contact
    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    Investor & Analyst Contact
    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Aggregate Subscriber Value of $1.2 billion in Q1, 23% growth year-over-year

    Contracted Net Value Creation of $164 million, or $0.72 per share, 104% growth year-over-year

    Cash Generation of $56 million in Q1, the fourth consecutive quarter of positive Cash Generation

    Paid down $27 million of recourse debt in Q1 with excess cash

    Reiterating Cash Generation guidance of $200 million to $500 million in 2025

    Customer Additions with Storage grew 46% in Q1 compared to the prior year, as Storage Attachment Rate reached a record 69%

    Contracted Net Earning Assets of $2.6 billion, $11.36 per share, including $605 million of unrestricted cash

    SAN FRANCISCO, May 07, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced financial results for the quarter ended March 31, 2025.

    “The first quarter was another strong quarter for Sunrun as we exceeded our volume and Cash Generation targets by significant margins in what is seasonally the slowest quarter of the year. We are focused on delivering the best product for customers, underwriting volumes with strong unit margins, optimizing our routes to market, and driving cost discipline, including leveraging AI for innovation, creating significant operating efficiencies and quality enhancement. This has allowed us to gain market share in recent periods and produce strong operating and financial results,” said Mary Powell, Sunrun’s Chief Executive Officer. “It is a dynamic environment for tax policy and tariffs. Like many companies across the country, we are controlling what we can and are ready to adapt to changes that may occur. Sunrun has faced periods of major change over the last few years, and we used it as an opportunity to become even stronger. We believe the tariff outlook is manageable, and we will still generate meaningful cash this year.”

    “We delivered our fourth consecutive quarter of positive Cash Generation and are reiterating our Cash Generation outlook for 2025,” said Danny Abajian, Sunrun’s Chief Financial Officer. “We have a strong balance sheet with no near-term corporate debt maturities and have paid down recourse parent debt by $214 million over the last four quarters, including a $27 million paydown using excess cash in Q1. As we increase our Cash Generation, we will continue to further pay down parent recourse debt and are committed to a capital allocation strategy beyond this initial de-leveraging period that drives significant shareholder value.”

    First Quarter Updates

    • Storage Attachment Rate Reaches 69%: Customer Additions with storage grew 46% during the quarter compared to the prior-year period. Storage Attachment Rate reached 69% in Q1, up from 50% in the prior-year period. Sunrun has installed more than 173,000 solar and storage systems, representing over 2.8 Gigawatt hours of Networked Storage Capacity.
    • Continued Strong Capital Markets Execution:
      • In March 2025 Sunrun placed a $369 million securitization of residential solar and battery systems. The securitization was placed privately given strong interest from large alternative asset managers in the private credit markets. The securitization was priced at a yield of 6.36%, in-line with the yield of our January securitization. The weighted average spread of the notes was 225 basis points, which is approximately 28 basis points higher than our securitization in January 2025. The higher spread followed overall market movements in credit spreads for similarly rated credit. Similar to prior transactions, Sunrun raised additional capital in a subordinated non-recourse financing, which increased the cumulative advance rate to well above 80% net of all fees, as measured against the initial Contracted Subscriber Value of the portfolio.
      • In January 2025, Sunrun priced a $629 million securitization of residential solar and battery systems. The oversubscribed transaction was structured with three separate classes of A rated notes, only two of which were publicly offered. The weighted average spread of the notes was 197 basis points. Similar to prior transactions, Sunrun raised additional capital in a subordinated non-recourse financing, which increased the cumulative advance rate to well above 80% net of all fees, as measured against the initial Contracted Subscriber Value of the portfolio.
    • Paying Down Recourse Debt: We continue to pay down parent recourse debt. During the first quarter, we repaid $27 million of recourse debt, reducing our borrowings under our Working Capital Facility and repurchasing a small amount of our 2026 Convertible Notes (as of March 31 we have $5.5 million of these notes still outstanding). Since March 31, 2024 we have paid down recourse debt by $214 million, by repurchasing our 2026 Convertible Notes and reducing borrowings under our recourse Working Capital Facility. We have also increased our unrestricted cash balance by $118 million and grown Net Earning Assets by $1.6 billion over this time period. We expect to pay down our recourse debt by $100 million or more in 2025. Aside from the $5.5 million outstanding of our 2026 Convertible Notes, we have no recourse debt maturities until March 2027.
    • Expanding differentiation & innovating with Sunrun Flex: We recently introduced Sunrun Flex, the first solar-plus-storage subscription designed to adapt to households’ changing energy needs. This new offering marks the most significant innovation across the solar industry since Sunrun introduced the residential Power Purchase Agreement in 2007. Flex helps families plan for their growing energy needs, whether it’s a growing household size or adopting a new electric vehicle, by installing a solar system sized above their current energy usage. Customers enjoy a low, predictable monthly minimum payment and only pay for extra energy if and when they use it. Flex households also benefit from battery backup during outages, and the new feature of earning Sunrun Rollover Credits—a first in the solar industry.
    • Improving Grid Stability with Virtual Power Plants: Our CalReady distributed power plant has more than quadrupled in size as the summer heat begins to stress California’s energy grid. More than 56,000 Sunrun customers’ solar-plus-battery systems — totaling approximately 75,000 batteries — will provide critical energy to California’s grid during times of high energy prices, heat waves, and other grid emergency events while simultaneously lowering energy costs for all ratepayers. CalReady’s power output has more than quadrupled and is expected to deliver an average of 250 megawatts per two-hour event, with the ability to reach an instantaneous peak of up to 375 megawatts — enough to power approximately 280,000 homes, equivalent to all of Ventura County, California. Sunrun customers enrolled in CalReady are compensated for sharing their stored solar energy, and Sunrun is paid for dispatching the batteries.

    Key Operating Metrics

    Commencing with the first quarter 2025 reporting, Sunrun has modified how certain key operating metrics are calculated. Please refer to the appendix for the updated definitions and refer to the accompanying presentation posted to Sunrun Investor Relations website for additional information. Prior periods have been recast to reflect the current methodology for comparison purposes.

    In the first quarter of 2025, Subscriber Additions were 23,692, a 7% increase compared to the first quarter of 2024. As of March 31, 2025, Sunrun had 912,878 Subscribers. Subscribers as of March 31, 2025 grew 14% compared to March 31, 2024.

    Storage Capacity Installed was 334 megawatt hours in the first quarter of 2025, a 61% increase from the first quarter of 2024. Solar Capacity Installed was 191 megawatts, an 8% increase from the first quarter of 2024.

    Subscriber Value was $52,206 in the first quarter of 2025, a 15% increase compared to the first quarter of 2024. Contracted Subscriber Value was $48,727 in the first quarter of 2025, a 14% increase compared to the first quarter of 2024. Subscriber Value figures for the first quarter of 2025 reflect a 7.5% discount rate based on observed project-level capital costs, compared to 7.6% in the prior year period. Subscriber Value reflects an average Investment Tax Credit of 43.6% in the first quarter of 2025 compared to 35.2% in the prior year period. Storage Attachment Rate was 69% in the first quarter of 2025 compared to 50% in the prior year period.

    Creation Costs per Subscriber Addition were $41,817 in the first quarter of 2025, a 7% increase compared to the first quarter of 2024.

    Net Subscriber Value was $10,390 in the first quarter of 2025, a 66% increase compared to $6,247 in the first quarter of 2024. Contracted Net Subscriber Value was $6,910 in the first quarter of 2025, a 90% increase compared to $3,641 in the first quarter of 2024.

    Aggregate Subscriber Value was $1.2 billion in the first quarter of 2025, a 23% increase compared to the first quarter of 2024. Aggregate Creation Costs were $991 million in the first quarter of 2025, a 14% increase compared to the first quarter of 2024. Contracted Net Value Creation was $164 million in the first quarter of 2025, an increase of 104% compared to the first quarter of 2024, and representing $0.72 per weighted average basic share outstanding in the period.

    Cash Generation was $56 million in the first quarter of 2025. This result represents the fourth consecutive quarter of positive Cash Generation.

    Contracted Net Earning Assets were $2.6 billion, or $11.36 per share, which included $979 million in Total Cash, as of March 31, 2025.

    Outlook

    Aggregate Subscriber Value is expected to be in a range of $1.3 billion to $1.375 billion in the second quarter of 2025, representing 21% growth compared to the second quarter of 2024 at the midpoint.

    Contracted Net Value Creation is expected to be in a range of $125 million to $200 million in the second quarter of 2025, representing 80% growth compared to the second quarter of 2024 at the midpoint.

    Cash Generation is expected to be in a range of $50 million to $60 million in the second quarter of 2025.

    For the full-year 2025, Aggregate Subscriber Value is expected to be in a range of $5.7 billion to $6.0 billion, representing 14% growth compared to full-year 2024 at the midpoint.

    Contracted Net Value Creation is expected to be in a range of $650 million to $850 million for the full-year 2025, representing 9% growth compared to full-year 2024 at the midpoint.

    Cash Generation is expected to be in a range of $200 million to $500 million for the full-year 2025, unchanged from the company’s prior guidance.

    First Quarter 2025 GAAP Results

    Total revenue was $504.3 million in the first quarter of 2025, up $46.1 million, or 10%, from the first quarter of 2024. Customer agreements and incentives revenue was $402.9 million, an increase of $80.0 million, or 25%, compared to the first quarter of 2024. Solar energy systems and product sales revenue was $101.4 million, a decrease of $33.9 million, or 25%, compared to the first quarter of 2024. The increasing mix of Subscribers results in less upfront revenue recognition, as revenue is recognized over the life of the Customer Agreement, which is typically 20 or 25 years.

    Total cost of revenue was $405.4 million, a decrease of 5% year-over-year. Total operating expenses were $619.2 million, a decrease of 3% year-over-year.

    Net income attributable to common stockholders was $50.0 million, or $0.22 per basic share and $0.20 per diluted share, in the first quarter of 2025.

    Financing Activities

    As of May 7, 2025, closed transactions and executed term sheets provide us with expected tax equity to fund over 375 Megawatts of Solar Energy Capacity Installed for Subscribers beyond what was deployed through March 31, 2025. Sunrun also has $819 million in unused commitments available in its non-recourse senior revolving warehouse loan at the end of Q1 to fund approximately 286 megawatts of projects for Subscribers.

    Conference Call Information

    Sunrun is hosting a conference call for analysts and investors to discuss its first quarter 2025 results and business outlook at 1:30 p.m. Pacific Time today, May 7, 2025. A live audio webcast of the conference call along with supplemental financial information will be accessible via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com. The conference call can also be accessed live over the phone by dialing (877) 407-5989 (toll free) or (201) 689-8434 (toll). An audio replay will be available following the call on the Sunrun Investor Relations website for approximately one month.

    About Sunrun

    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com

    Forward Looking Statements

    This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company’s financial and operating guidance and expectations; the Company’s business plan, trajectory, expectations, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the Company’s momentum in its business strategies including expectations regarding market share, total addressable market, growth in certain geographies, customer value proposition, market penetration, growth of certain divisions, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the Company’s introduction of new products, including Sunrun Flex; the growth of the solar industry; the Company’s financing activities and expectations to refinance, amend, and/or extend any financing facilities; trends or potential trends within the solar industry, our business, customer base, and market; the Company’s ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs, including contract renewal and repowering programs; anticipated demand, market acceptance, and market adoption of the Company’s offerings, including new products, services, and technologies; the Company’s strategy to be a margin-focused, multi-product, customer-oriented company; the ability to increase margins based on a shift in product focus; expectations regarding the growth of home electrification, electric vehicles, virtual power plants, and distributed energy resources; the Company’s ability to manage suppliers, inventory, and workforce; supply chains and regulatory impacts affecting supply chains including reliance on specific countries for critical components; the Company’s leadership team and talent development; the legislative and regulatory environment of the solar industry and the potential impacts of proposed, amended, and newly adopted legislation and regulation on the solar industry and our business, including federal and state-level solar incentive programs (such as the Investment Tax Credit), net metering policies, and utility rate structures; the ongoing expectations regarding the Company’s storage and energy services businesses and anticipated emissions reductions due to utilization of the Company’s solar energy systems; and factors outside of the Company’s control such as macroeconomic trends, bank failures, public health emergencies, natural disasters, acts of war, terrorism, geopolitical conflict, or armed conflict / invasion, and the impacts of climate change. These statements are not guarantees of future performance; they reflect the Company’s current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the Company’s continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions, including slow or negative growth rates and inflation; volatile or rising interest rates; changes in policies and regulations, including net metering, interconnection limits, and fixed fees, or caps and licensing restrictions and the impact of these changes on the solar industry and our business; the Company’s ability to attract and retain the Company’s business partners; supply chain risks and associated costs, including reliance on specific countries for critical components, tariff and trade policy impacts, and raw material availability for solar panels and batteries; realizing the anticipated benefits of past or future investments, partnerships, strategic transactions, or acquisitions, and integrating those acquisitions; the Company’s leadership team and ability to attract and retain key employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the availability of solar panels, batteries, and other components and raw materials; the Company’s business plan and the Company’s ability to effectively manage the Company’s growth and labor constraints; the Company’s ability to meet the covenants in the Company’s investment funds and debt facilities; factors impacting the home electrification and solar industry generally, and such other risks and uncertainties identified in the reports that we file with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law.

    Citations to industry and market statistics used herein may be found in our Investor Presentation, available via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com.

    Consolidated Balance Sheets
    (In Thousands)
        March 31, 2025   December 31, 2024
             
    Assets        
    Current assets:        
    Cash   $ 604,874   $ 574,956
    Restricted cash     373,881     372,312
    Accounts receivable, net     172,121     170,706
    Inventories     414,401     402,083
    Prepaid expenses and other current assets     101,936     202,579
    Total current assets     1,667,213     1,722,636
    Restricted cash     148     148
    Solar energy systems, net     15,497,538     15,032,115
    Property and equipment, net     109,132     121,239
    Other assets     3,103,824     3,021,746
    Total assets   $ 20,377,855   $ 19,897,884
    Liabilities and total equity        
    Current liabilities:        
    Accounts payable   $ 268,908   $ 354,214
    Distributions payable to noncontrolling interests and redeemable noncontrolling interests     37,816     41,464
    Accrued expenses and other liabilities     537,042     543,752
    Deferred revenue, current portion     133,878     129,442
    Deferred grants, current portion     8,389     7,900
    Finance lease obligations, current portion     25,526     26,045
    Non-recourse debt, current portion     250,422     231,665
    Total current liabilities     1,261,981     1,334,482
    Deferred revenue, net of current portion     1,238,468     1,208,905
    Deferred grants, net of current portion     193,009     196,535
    Finance lease obligations, net of current portion     58,025     66,139
    Convertible senior notes     472,226     479,420
    Line of credit     358,493     384,226
    Non-recourse debt, net of current portion     12,479,475     11,806,181
    Other liabilities     120,973     119,846
    Deferred tax liabilities     97,684     137,940
    Total liabilities     16,280,334     15,733,674
    Redeemable noncontrolling interests     657,772     624,159
    Total stockholders’ equity     2,615,402     2,554,207
    Noncontrolling interests     824,347     985,844
    Total equity     3,439,749     3,540,051
    Total liabilities, redeemable noncontrolling interests and total equity   $ 20,377,855   $ 19,897,884
    Consolidated Statements of Operations
    (In Thousands, Except Per Share Amounts)
        Three Months Ended March 31,
         2025     2024 
    Revenue:        
    Customer agreements and incentives   $ 402,920     $ 322,967  
    Solar energy systems and product sales     101,351       135,221  
    Total revenue     504,271       458,188  
    Operating expenses:        
    Cost of customer agreements and incentives     308,629       269,534  
    Cost of solar energy systems and product sales     96,798       156,159  
    Sales and marketing     145,990       152,264  
    Research and development     9,979       12,087  
    General and administrative     57,763       51,266  
    Total operating expenses     619,159       641,310  
    Loss from operations     (114,888 )     (183,122 )
    Interest expense, net     (227,434 )     (192,159 )
    Other (expense) income, net     (45,399 )     89,930  
    Loss before income taxes     (387,721 )     (285,351 )
    Income tax benefit     (110,550 )     (2,201 )
    Net loss     (277,171 )     (283,150 )
    Net loss attributable to noncontrolling interests and redeemable noncontrolling interests     (327,182 )     (195,332 )
    Net income (loss) attributable to common stockholders   $ 50,011     $ (87,818 )
    Net income (loss) per share attributable to common stockholders        
    Basic   $ 0.22     $ (0.40 )
    Diluted   $ 0.20     $ (0.40 )
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders        
    Basic     226,406       219,882  
    Diluted     257,911       219,882  
    Consolidated Statements of Cash Flows
    (In Thousands)
        Three Months Ended March 31,
         2025     2024 
    Operating activities:        
    Net loss   $ (277,171 )   $ (283,150 )
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization, net of amortization of deferred grants     169,890       150,520  
    Deferred income taxes     (110,550 )     (2,202 )
    Stock-based compensation expense     25,005       28,869  
    Interest on pass-through financing obligations     —       4,756  
    Reduction in pass-through financing obligations     —       (9,335 )
    Unrealized loss (gain) on derivatives     45,070       (55,103 )
    Other noncash items     61,499       14,639  
    Changes in operating assets and liabilities:        
    Accounts receivable     (6,906 )     (1,371 )
    Inventories     (12,318 )     47,753  
    Prepaid expenses and other assets     (45,761 )     (135,678 )
    Accounts payable     (15,618 )     59,641  
    Accrued expenses and other liabilities     27,910       3,395  
    Deferred revenue     34,744       34,173  
    Net cash used in operating activities     (104,206 )     (143,093 )
    Investing activities:        
    Payments for the costs of solar energy systems     (654,802 )     (538,975 )
    Purchases of property and equipment, net     (219 )     3,531  
    Net cash used in investing activities     (655,021 )     (535,444 )
    Financing activities:        
    Repayment of trade receivable financing     (24,742 )     —  
    Proceeds from line of credit     148,824       139,805  
    Repayment of line of credit     (174,557 )     (292,305 )
    Proceeds from issuance of convertible senior notes, net of capped call transaction     —       444,822  
    Repurchase of convertible senior notes     (2,124 )     (173,715 )
    Proceeds from issuance of non-recourse debt     1,520,629       770,106  
    Repayment of non-recourse debt     (838,483 )     (431,532 )
    Payment of debt fees     (28,018 )     (47,779 )
    Proceeds from pass-through financing and other obligations, net     —       1,808  
    Early repayment of pass-through financing obligation     —       (20,000 )
    Payment of finance lease obligations     (6,483 )     (6,732 )
    Contributions received from noncontrolling interests and redeemable noncontrolling interests     255,900       164,337  
    Distributions paid to noncontrolling interests and redeemable noncontrolling interests     (60,253 )     (74,834 )
    Acquisition of noncontrolling interests     —       (1,159 )
    Proceeds from transfer of investment tax credits     624,776       106,529  
    Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits     (624,776 )     (106,529 )
    Net proceeds related to stock-based award activities     21       1,056  
    Net cash provided by financing activities     790,714       473,878  
    Net change in cash and restricted cash     31,487       (204,659 )
    Cash and restricted cash, beginning of period     947,416       987,838  
    Cash and restricted cash, end of period   $ 978,903     $ 783,179  


    Key Operating and Financial Metrics

    The following operating metrics are used by management to evaluate the performance of the business. Management believes these metrics, when taken together with other information contained in our filings with the SEC and within this press release, provide investors with helpful information to determine the economic performance of the business activities in a period that would otherwise not be observable from historic GAAP measures. Management believes that it is helpful to investors to evaluate the present value of cash flows expected from subscribers over the full expected relationship with such subscribers (“Subscriber Value”, more fully defined in the definitions appendix below) in comparison to the costs associated with adding these customers, regardless of whether or not the costs are expensed or capitalized in the period (“Creation Cost”, more fully defined in the definitions appendix below). The Company also believes that Subscriber Value, Aggregate Subscriber Value, Creation Costs, Aggregate Creation Costs, Net Subscriber Value, Contracted Net Subscriber Value, Upfront Net Subscriber Value, Net Value Creation, Contracted Net Value Creation, and Upfront Value Creation are useful metrics for investors because they present an unlevered and levered view of all of the costs associated with new customers in a period compared to the expected future cash flows from these customers over a 30-year period, based on contracted pricing terms with its customers, which is not observable in any current or historic GAAP-derived metric. Management believes it is useful for investors to also evaluate the future expected cash flows from all customers that have been deployed through the respective measurement date, less estimated costs to maintain such systems and estimated distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to project equity investors (“Gross Earning Assets”, more fully defined in the definitions appendix below). The Company also believes Gross Earning Assets is useful for management and investors because it represents the remaining future expected cash flows from existing customers, which is not a current or historic GAAP-derived measure.

    Various assumptions are made when calculating these metrics. Subscriber Value metrics are calculated using a discount rate based on the observed project-level capital costs in the period. Gross Earning Assets utilize a 6% rate to discount future cash flows to the present period. Furthermore, these metrics assume that Subscribers renew after the initial contract period at a rate equal to 90% of the rate in effect at the end of the initial contract term. For Customer Agreements with 25-year initial contract terms, a 5-year renewal period is assumed. For a 20-year initial contract term, a 10-year renewal period is assumed. In all instances, we assume a 30-year customer relationship, although the customer may renew for additional years, or purchase the system. Estimated cost of servicing assets has been deducted and is estimated based on the service agreements underlying each fund.

    KEY OPERATING METRICS
    Unit Economics in Period 1Q24 2Q24 3Q24 4Q24 1Q25
    $ per Subscriber Addition, unless otherwise noted          
      Subscriber Additions in period   22,058     24,984     30,348     30,709     23,692  
      Subscriber Value $45,477   $44,291   $47,335   $50,998   $52,206  
      Discount rate (observed project-level capital costs)   7.6%     7.5%     7.1%     7.3%     7.5%  
      Contracted Subscriber Value $42,871   $41,872   $44,551   $48,273   $48,727  
      x Advance Rate on Contracted Subscriber Value (estimated)   86.3%     86.3%     87.2%     85.9%     86.9%  
      = Upfront Proceeds (estimated) $37,001   $36,117   $38,869   $41,486   $42,339  
      – Creation Costs $(39,230)   $(38,258)   $(37,756)   $(38,071)   $(41,817)  
      = Upfront Net Subscriber Value $(2,229)   $(2,140)   $1,113   $3,415   $523  
      Upfront Net Subscriber Value margin %   (5.2)%     (5.1)%     2.5%     7.1%     1.1%  
    Aggregate Gross, Net & Upfront Value Creation in Period 1Q24 2Q24 3Q24 4Q24 1Q25
    $ millions, unless otherwise noted          
      Aggregate Subscriber Value $1,003   $1,107   $1,437   $1,566   $1,237  
      Aggregate Contracted Subscriber Value $946   $1,046   $1,352   $1,482   $1,154  
      Aggregate Upfront Proceeds (estimated) $816   $902   $1,180   $1,274   $1,003  
      Less Aggregate Creation Costs $(865)   $(956)   $(1,146)   $(1,169)   $(991)  
      Net Value Creation $138   $151   $291   $397   $246  
      Contracted Net Value Creation $80   $90   $206   $313   $164  
      Upfront Net Value Creation $(49)   $(53)   $34   $105   $12  
      Cash Generation $(311)   $217   $2   $34   $56  
      Net Value Creation per share $0.63   $0.68   $1.30   $1.77   $1.09  
      Contracted Net Value Creation per share $0.37   $0.41   $0.92   $1.39   $0.72  
      Upfront Net Value Creation per share $(0.22)   $(0.24)   $0.15   $0.47   $0.05  
    Volume Additions in Period 1Q24 2Q24 3Q24 4Q24 1Q25
      Storage Capacity Installed (MWhrs)   207.2     264.5     336.3     392.0     333.7  
      Solar Capacity Installed (MWs)   177.0     192.3     229.7     242.4     190.9  
      Solar Capacity Installed with Storage (MWs)   81.3     94.9     127.0     142.5     126.7  
      Solar Capacity Installed without Storage (MWs)   95.7     97.4     102.7     100.0     64.2  
      Customer Additions   24,038     26,687     31,910     32,932     25,428  
      Customer Additions with Storage   11,970     14,398     18,988     20,405     17,501  
      Customer Additions without Storage   12,068     12,289     12,922     12,527     7,927  
      Storage Attachment Rate   50%     54%     60%     62%     69%  
      Subscriber Additions (included within Customer Additions)   22,058     24,984     30,348     30,709     23,692  
      Subscriber Additions as % of Customer Additions   92%     94%     95%     93%     93%  
    Customer Base Value & Energy Capacity at End of Period 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
      Net Earning Assets ($ millions) $5,247   $5,675   $6,231   $6,766   $6,825  
      Net Earning Assets per share $23.78   $25.42   $27.81   $29.99   $30.02  
      Contracted Net Earning Assets ($ millions) $1,754   $2,035   $2,416   $2,723   $2,583  
      Contracted Net Earning Assets per share $7.95   $9.11   $10.78   $12.07   $11.36  
      Customers   957,313     984,000     1,015,910     1,048,842     1,074,270  
      Subscribers (included within Customers)   803,145     828,129     858,477     889,186     912,878  
      Networked Storage Capacity (MWhrs)   1,532     1,796     2,133     2,525     2,858  
      Networked Solar Capacity (MWs)   6,866     7,058     7,288     7,531     7,721  
    Basic Shares Outstanding 1Q24 2Q24 3Q24 4Q24 1Q25
      Basic shares outstanding at end of period (in millions)   220.7     223.3     224.1     225.7     227.3  
      Weighted average basic shares outstanding in period (in millions)   219.9     222.5     223.7     224.9     226.4  
                                     

    Figures presented above may not sum due to rounding. In-period per share figures are calculated using the weighted average basic shares outstanding while end of period per share figures are calculated using the corresponding basic shares outstanding as of the measurement date. For adjustments related to Subscriber Value and Creation Costs, please see the supplemental materials available on the Sunrun Investor Relations website at investors.sunrun.com.

    Glossary of Terms

    Definitions for Volume-related Terms

    Deployments represent solar or storage systems, whether sold directly to customers or subject to executed Customer Agreements (i) for which we have confirmation that the systems are installed, subject to final inspection, or (ii) in the case of certain system installations by our partners, for which we have accrued at least 80% of the expected project cost (inclusive of acquisitions of installed systems). A portion of customers have subsequently entered into Customer Agreements to obtain, or have directly purchased, additional solar or storage systems at the same host customer site, and since these represent separate assets, they are considered separate Deployments.

    Customer Agreements refer to, collectively, solar or storage power purchase agreements and leases.

    Subscribers represent customers subject to Customer Agreements for solar or storage systems that have been recognized as Deployments, whether or not they continue to be active.

    Purchase Customers represent customers who purchased, whether outright or with proceeds from third-party loans, solar or storage systems that have been recognized as Deployments.

    Customers represent aggregate Subscribers and Purchase Customers.

    Subscriber Additions represent the number of Subscribers added in a period.

    Purchase Customer Additions represent the number of Purchase Customers added in a period.

    Customer Additions represent Subscriber Additions plus Purchase Customer Additions.

    Solar Capacity Installed represents the aggregate megawatt production capacity of solar energy systems that were recognized as Deployments in a period.

    Storage Capacity Installed represents the aggregate megawatt hour capacity of storage systems that were recognized as Deployments in a period.

    Networked Solar Capacity represents the cumulative Solar Capacity Installed from the company’s inception through the measurement date.

    Networked Storage Capacity represents the cumulative Storage Capacity Installed from the company’s inception through the measurement date.

    Storage Attachment Rate represents Customer Additions with storage divided by total Customer Additions.

    Definitions for Unit-based and Aggregate Value, Costs and Margin Terms

    Subscriber Value represents Contracted Subscriber Value plus Non-contracted or Upside Subscriber Value.

    Contracted Subscriber Value represents the per Subscriber present value of estimated upfront and future Contracted Cash Flows from Subscriber Additions in a period, discounted at the observed cost of capital in the period.

    Non-contracted or Upside Subscriber Value represents the per Subscriber present value of estimated future Non-contracted or Upside Cash Flows from Subscribers Additions in a period, discounted at the observed cost of capital in the period.

    Contracted Cash Flows represent (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements, (2) net proceeds from tax equity partners, (3) payments from government and utility incentive and rebate programs, (4) contracted net cash flows from grid services programs with utilities or grid operators, and (5) contracted or defined (i.e., with fixed pricing) cash flows from the sale of renewable energy credits, less (y) (1) estimated operating and maintenance costs to service the systems and replace equipment over the initial terms of the Customer Agreements, consistent with estimates by independent engineers, (2) distributions to tax equity partners in consolidated joint venture partnership flip structures, and (3) distributions to any project equity investors. For Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, only the minimum contracted payment is included in Contracted Cash Flows.

    Non-contracted or Upside Cash Flows represent (1) net cash flows realized from either the purchase of systems by Subscribers at the end of the Customer Agreement initial terms or renewals of Customer Agreements beyond the initial terms, estimated in both cases to have equivalent value, assuming only a 30-year relationship and a contract renewal rate equal to 90% of each Subscriber’s contractual rate in effect at the end of the initial contract term, (2) non-contracted net cash flows from grid service programs with utilities and grid operators, and (3) non-contracted net cash flows from the sale of renewable energy credits. After the initial contract term, our Customer Agreements typically automatically renew on an annual basis and the rate is initially set at up to a 10% discount to then-prevailing utility power prices. For Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, an assumption is made that each Subscriber’s electricity consumption increases by approximately 2% per year through the end of the initial term of the Customer Agreement and into the renewal period, resulting in billings in excess of the minimum contracted amount (which minimums are included in Contracted Cash Flows).

    Aggregate Creation Costs represent the sum of certain operating expenses and capital expenditures incurred in a period. The following items are included from the cash flow statement: (i) payments for the costs of solar energy systems, plus (ii) purchases of property and equipment, less (iii) net depreciation and amortization, less (iv) stock based compensation expense. The following items are included from the income statement: (i) cost of customer agreements and incentives revenue, adjusted to exclude fleet servicing costs and non-cash net impairment of solar energy systems, plus (ii) sales and marketing expenses, adjusted to exclude amortization of cost to obtain customer contracts (which is the amortization of previously capitalized sales commissions), plus (iii) general and administrative expenses, plus (iv) research and development expenses. In addition, gross additions to capitalized costs to obtain contracts (i.e., sales commissions), which are presented on the balance sheet within Other Assets, are included. Because the sales, marketing, general and administrative costs are for activities related to the entire business, including solar energy system and product sales, the gross margin on solar energy system and product sales is reflected as a contra cost. Costs associated with certain restructuring activities and one-time items are identified and excluded.

    Creation Costs represent Aggregate Creation Costs divided by Subscriber Additions.

    Net Subscriber Value represents Subscriber Value less Creation Costs.

    Contracted Net Subscriber Value represents Contracted Subscriber Value less Creation Costs.

    Upfront Net Subscriber Value represents Contracted Subscriber Value multiplied by Advance Rate less Creation Costs.

    Advance Rate or Advance Rate on Contracted Subscriber Value represents the company’s estimated upfront proceeds, expressed as a percentage of Contracted Subscriber Value or Aggregate Contracted Subscriber Value, from project-level capital and other upfront cash flows, based on market terms and observed cost of capital in a period.

    Aggregate Subscriber Value represents Subscriber Value multiplied by Subscriber Additions.

    Aggregate Contracted Subscriber Value represents Contracted Subscriber Value multiplied by Subscriber Additions.

    Aggregate Upfront Proceeds represent Aggregate Contracted Subscriber Value multiplied by Advance Rate. Actual project financing transaction timing for portfolios of Subscribers may occur in a period different from the period in which Subscribers are recognized, and may be executed at different terms. As such, Aggregate Upfront Proceeds are an estimate based on capital markets conditions present during each period and may differ from ultimate Proceeds Realized in respect of such Subscribers.

    Proceeds Realized represents cash flows received from non-recourse financing partners in addition to upfront customer prepayments, incentives and rebates. It is calculated as the proceeds from non-controlling interests on the cash flow statement, plus the net proceeds from non-recourse debt (excluding normal non-recourse debt amortization for existing debt, as such debt is serviced by cash flows from existing solar and storage assets), plus the gross additions to deferred revenue which represents customer payments for prepaid Customer Agreements along with local rebates and incentive programs.

    Net Value Creation represents Aggregate Subscriber Value less Aggregate Creation Costs.

    Contracted Net Value Creation represents Aggregate Contracted Subscriber Value less Aggregate Creation Costs.

    Upfront Net Value Creation represents Aggregate Upfront Proceeds less Aggregate Creation Costs.

    Cash Generation is calculated using the change in our unrestricted cash balance from our consolidated balance sheet, less net proceeds (or plus net repayments) from all recourse debt (inclusive of convertible debt), and less any primary equity issuances or net proceeds derived from employee stock award activity (or plus any stock buybacks or dividends paid to common stockholders) as presented on the Company’s consolidated statement of cash flows. The Company expects to continue to raise tax equity and asset-level non-recourse debt to fund growth, and as such, these sources of cash are included in the definition of Cash Generation. Cash Generation also excludes long-term asset or business divestitures and equity investments in external non-consolidated businesses (or less dividends or distributions received in connection with such equity investments). Restricted cash in a reserve account with a balance equal to the amount outstanding of 2026 convertible notes is considered unrestricted cash for the purposes of calculating Cash Generation.

    Definitions for Gross and Net Value from Existing Customer Base Terms

    Gross Earning Assets is calculated as Contracted Gross Earning Assets plus Non-contracted or Upside Gross Earning Assets.

    Contracted Gross Earning Assets represents, as of any measurement date, the present value of estimated remaining Contracted Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

    Non-contracted or Upside Gross Earning Assets represents, as of any measurement date, the present value of estimated Non-contracted or Upside Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

    Net Earning Assets represents Gross Earning Assets, plus Total Cash, less adjusted debt and lease pass-through financing obligations, as of the measurement date. Debt is adjusted to exclude a pro-rata share of non-recourse debt associated with funds with project equity structures along with debt associated with the company’s ITC safe harboring equipment inventory facility. Because estimated cash distributions to our project equity partners are deducted from Gross Earning Assets, a proportional share of the corresponding project level non-recourse debt is deducted from Net Earning Assets, as such debt would be serviced from cash flows already excluded from Gross Earning Assets.

    Contracted Net Earning Assets represents Net Earning Assets less Non-contracted or Upside Gross Earning Assets.

    Non-contracted or Upside Net Earning Assets represents Net Earning Assets less Contracted Net Earning Assets.

    Total Cash represents the total of the restricted cash balance and unrestricted cash balance from our consolidated balance sheet.

    Other Terms

    Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Subscribers that have met initial revenue recognition criteria as of the measurement date.

    Average Contract Life Remaining represents the average number of years remaining in the initial term of Customer Agreements for Subscribers that have met revenue recognition criteria as of the measurement date.

    Households Served in Low-Income Multifamily Properties represent the number of individual rental units served in low-income multi-family properties from shared solar energy systems deployed by Sunrun. Households are counted when the solar energy system has interconnected with the grid, which may differ from Deployment recognition criteria.

    Positive Environmental Impact from Customers represents the estimated reduction in carbon emissions as a result of energy produced from our Networked Solar Capacity over the trailing twelve months. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

    Positive Expected Lifetime Environmental Impact from Customer Additions represents the estimated reduction in carbon emissions over thirty years as a result of energy produced from solar energy systems that were recognized as Deployments in a period. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis, leveraging our estimated production figures for such systems, which degrade over time, and is extrapolated for 30 years. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

    Per Share Operational Metrics

    The Company presents certain operating metrics on a per share basis to aid investors in understanding the scale of such operational metrics in relation to the outstanding basic share count in each period. These metrics are operational in nature and not a financial metric. These metrics are not a substitute for GAAP financials, liquidity related measures, or any financial performance metrics.

    Net Value Creation, Contracted Net Value Creation, and Upfront Net Value Creation are also presented on a per share basis, calculated by dividing each metric by the weighted average basic shares outstanding for each period, as presented on the Company’s Consolidated Statements of Operations.

    Net Earning Assets and Contracted Net Earning Assets are also presented on a per share basis, calculated by dividing each metric by the basic shares outstanding as of the end of each period, as presented on the Company’s Consolidated Balance Sheets.

    Investor & Analyst Contacts:

    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    Bronson Fleig
    Director, Finance & Investor Relations
    investors@sunrun.com

    Media Contact:

    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    The MIL Network –

  • MIL-OSI: SLR Investment Corp. Announces Quarter Ended March 31, 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Net Investment Income of $0.41 Per Share for Q1 2025;

    Declared Quarterly Distribution of $0.41 Per Share;

    Stable NAV/Strong Credit Quality

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $22.1 million, or $0.41 per share, for the first quarter of 2025. On May 7, 2025, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2025, to holders of record as of June 13, 2025.

    As of March 31, 2025, net asset value (“NAV”) was $18.16 per share, compared to $18.20 per share at December 31, 2024.

    “We remain pleased with the composition, quality, and performance of our portfolio on an absolute and relative basis in the first quarter,” said Michael Gross, Co-CEO of SLR Investment Corp. “While the ultimate impact from tariffs remains highly uncertain, we are actively engaged with our portfolio companies and believe that our portfolio, which is heavily collateralized by working capital assets and focused on domestic services businesses, is well positioned for the current environment.”   

    “We are seeing a significant and growing pipeline of asset-based lending investment opportunities driven by both the market dislocation and the retreat of traditional bank lenders which allows us to remain selective while investing in structures that are designed to be more resilient in today’s uncertain environment,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “With conservative portfolio net leverage near the low-end of our target range and available capital of over $800 million, SLRC is well positioned to take advantage of our attractive investment pipeline amidst continued market volatility.”

    FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2025:

    At March 31, 2025:

    Investment Portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio(1) fair value: $3.1 billion
    Non-accruals: 0.4% at fair value, 0.6% at cost of Investment Portfolio
    Net assets: $990.5 million or $18.16 per share
    Leverage: 1.04x net debt-to-equity

    Operating Results for the Quarter Ended March 31, 2025:

    Net investment income: $22.1 million or $0.41 per share
    Net realized and unrealized losses: $2.2 million or $0.04 per share
    Net increase in net assets from operations: $19.9 million or $0.37 per share

    Comprehensive Investment Portfolio Activity(2)for the Quarter Ended March 31, 2025:

    Investments made: $361.3 million
    Investments prepaid and sold: $390.6 million

    (1) The Comprehensive Investment Portfolio for the quarter ended March 31, 2025 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.
    (2) Comprehensive Investment Portfolio activity for the quarter ended March 31, 2025, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.

    Comprehensive Investment Portfolio

    Portfolio Activity

    During the three months ended March 31, 2025, SLRC had Comprehensive Investment Portfolio originations of $361.3 million and repayments of $390.6 million across the Company’s four investment strategies:

    For the Quarter Ended March 31, 2025
    ($mm)
               
    Asset Class Sponsor
    Finance    (1)    		 Asset-based
    Lending(2)    		 Equipment
    Finance(3)    		 Life Science
    Finance    		 Total
    Comprehensive Investment
    Portfolio Activity
    Originations $44.8   $163.8 $128.1   $24.6   $361.3  
    Repayments /
    Amortization    		 $73.0   $98.9 $173.5   $45.2   $390.6  
    Net Portfolio
    Activity    		 ($28.2)   $64.9 $(45.4)   ($20.6)   ($ 29.3)  

    (1) Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.
    (2) Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.

    Comprehensive Investment Portfolio Composition

    The Comprehensive Investment Portfolio is diversified across approximately 940 unique issuers, operating in over 105 industries, and resulting in an average exposure of $3.2 million or 0.1% per issuer. As of March 31, 2025, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 96.4% was held in first lien senior secured loans. Second lien ABL exposure was 1.6% and second lien cash flow exposure was 0.2% of the Comprehensive Investment Portfolio as of March 31, 2025.

    SLRC’s Comprehensive Investment Portfolio composition by asset class as of March 31, 2025 was as follows:

    Comprehensive Investment Portfolio Composition
    (at fair value)    		 Amount Weighted Average Asset Yield(5)
    ($mm) %
    Senior Secured Investments      
    Cash Flow Loans (Sponsor Finance)(1) $ 588.0 19.3 % 10.4 %
    Asset-Based Loans(2) $ 1,121.3 36.7 % 13.8 %
    Equipment Financings(3) $ 1,102.6 36.1 % 11.5 %
    Life Science Loans $ 186.8 6.1 % 12.5 %
    Total Senior Secured Investments $ 2,998.7 98.2 % 12.2 %
    Equity and Equity-like Securities $ 54.2 1.8 %  
    Total Comprehensive Investment Portfolio $ 3,052.9 100.0 %  
    Floating Rate Investments(4) $ 1,872.7 61.8 %  
    First Lien Senior Secured Loans $ 2,942.9 96.4 %  
    Second Lien Senior Secured
    Asset-Based Loans    		 $ 48.0 1.6 %  
    Second Lien Senior Secured
    Cash Flow Loans    		 $ 7.8 0.2 %  

    (1) Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.
    (2) Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.
    (4) Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.
    (5) The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on March 31, 2025 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on March 31, 2025 compared to the portfolio as of March 31, 2025, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of March 31, 2025.

    SLR Investment Corp. Portfolio

    Asset Quality

    As of March 31, 2025, 99.6% of SLRC’s portfolio was performing on a fair value basis and 99.4% on a cost basis, with only one investment on non-accrual.

    The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

    As of March 31, 2025, the composition of our investment portfolio, on a risk ratings basis, was as follows:

    Internal Investment Rating Investments at Fair Value ($mm) % of Total Portfolio
    1 $622.3 31.0%  
    2 $1,334.9 66.6%  
    3 $39.4 2.0%  
    4 $7.8 0.4%  

    Investment Income Contribution by Asset Class

    Investment Income Contribution by Asset Class(1)
    ($mm)
    For the Quarter
    Ended:    		 Sponsor
    Finance    		 Asset-based
    Lending    		 Equipment
    Finance    		 Life Science
    Finance    		 Total
    3/31/2025 $17.0   $19.5   $9.7   $7.0   $53.2  
    % Contribution   32.0%     36.7%     18.2%     13.1%     100.0%  

    (1) Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.

    SLR Senior Lending Program LLC (SSLP)

    As of March 31, 2025, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total $100 million equity commitment to the SSLP. At quarter end, SSLP had total commitments of $177.0 million at par and total funded portfolio investments of $165.6 million at fair value, consisting of floating rate senior secured loans to 31 different borrowers and an average investment of $5.3 million per borrower. This compares to funded portfolio investments of $178.7 million at fair value across 32 different borrowers at December 31, 2024. During the quarter ended March 31, 2025, SSLP invested $6.6 million in 6 portfolio companies and had $19.9 million of investments repaid.

    In Q1 2025, the Company earned income of $1.9 million from its investment in the SSLP, representing an annualized yield of 15.7% on the cost basis of the Company’s investment, consistent with the annualized yield in Q4 2024.

    SLR Investment Corp.’s Results of Operations Quarter Over Quarter   

    Investment Income

    For the fiscal quarters ended March 31, 2025, and 2024, gross investment income totaled $53.2 million and $58.1 million, respectively. The decrease in gross investment income for the year over year three-month periods was primarily due to a decrease in the size of the income producing investment portfolio as well as a decrease in index rates.

    Expenses

    SLRC’s net expenses totaled $31.1 million and $34.2 million, respectively, for the fiscal quarters ended March 31, 2025, and 2024. The decrease in expenses for the year-over-year three-month periods was primarily due to lower interest expense from a decrease in average borrowings as well as a decrease in the index rates on borrowings.

    SLRC’s investment adviser agreed to waive incentive fees resulting from income earned due to the accretion of the purchase price discount allocated to investments acquired in the Company’s merger with SLR Senior Investment Corp., which closed on April 1, 2022. For the fiscal quarters ended March 31, 2025 and 2024, $2 thousand and $46 thousand, respectively, of such performance-based incentive fees were waived.

    Net Investment Income

    SLRC’s net investment income totaled $22.1 million and $23.9 million, or $0.41 and $0.44, per average share, respectively, for the fiscal quarters ended March 31, 2025, and 2024.

    Net Realized and Unrealized Loss

    Net realized and unrealized gain (loss) for the fiscal quarters ended March 31, 2025 and 2024 totaled $(2.2) million and $4.0 million, respectively.

    Net Increase in Net Assets Resulting from Operations

    For the fiscal quarters ended March 31, 2025, and 2024, the Company had a net increase in net assets resulting from operations of $19.9 million and $27.9 million, respectively. For the same periods, earnings per average share were $0.37 and $0.51, respectively.

    Capital and Liquidity

    Credit Facilities

    As of March 31, 2025, the Company had $549.3 million drawn on $970 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding.

    Unsecured Debt

    On February 18, 2025, the Company closed a private offering of $50.0 million of unsecured notes due 2028 with a fixed rate of interest of 6.14% and a maturity date of February 18, 2028. The issuance of notes in the first quarter followed the $49.0 million issuance of unsecured notes in the fourth quarter of 2024 with a maturity date of December 16, 2027. As of March 31, 2025, the Company had $359 million of unsecured notes outstanding and the company does not have any near-term refinancing obligations with the next maturity occurring in December 2026.

    Leverage

    As of March 31, 2025, the Company’s net debt-to-equity ratio was 1.04x compared to 1.03x at December 31, 2024 and 1.16x at March 31, 2024. The Company’s target range is 0.9x to 1.25x net debt-to-equity.

    Available Capital

    As of March 31, 2025, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $800 million of available capital in the aggregate.

    Unfunded Commitments

    As of March 31, 2025, excluding commitments of $72.4 million to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $196.2 million.

    Subsequent Events

    On May 7, 2025, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2025, to holders of record as of June 13, 2025.

    Conference Call and Webcast Information

    The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Thursday, May 8, 2025. All interested parties may participate in the conference call by dialing (800) 225-9448 approximately 5-10 minutes prior to the call, international callers should dial (203) 518-9708. Participants should reference SLR Investment Corp. and Conference ID: SLRC1Q25. A telephone replay will be available until May 22, 2025 and can be accessed by dialing (800) 925-9527. International callers should dial (402) 220-5388.

    This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website at https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

     

    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share amounts)
     

    Assets

    		 March 31, 2025
    (unaudited)    		 December31,
    2024
    Investments at fair value:        
    Companies less than 5% owned (cost: $1,015,960 and $1,019,357, respectively) $ 1,021,278   $ 1,027,457
    Companies 5% to 25% owned (cost: $105,224 and $103,655, respectively)   89,490     89,945
    Companies more than 25% owned (cost: $918,904 and $916,554, respectively)   893,631     888,232
    Cash   19,931     16,761
    Cash equivalents (cost: $447,074 and $397,510, respectively)   447,074     397,510
    Dividends receivable   17,423     15,375
    Interest receivable   11,645     11,993
    Receivable for investments sold   1,336     1,573
    Prepaid expenses and other assets   1,164     571
    Total assets $ 2,502,972   $ 2,449,417
    Liabilities    
    Debt ($1,048,260 and $1,041,093 face amounts, respectively, reported net of unamortized debt issuance costs of $8,848 and $9,399, respectively.

    $

    1,039,412

    		  

    $

    1,031,694
    Payable for investments and cash equivalents purchased   447,074     397,510
    Management fee payable   7,513     7,739
    Performance-based incentive fee payable   5,523     5,920
    Interest payable   6,040     7,836
    Administrative services payable   4,084     3,332
    Other liabilities and accrued expenses   2,841     2,460
    Total liabilities $ 1,512,487   $ 1,456,491
    Net Assets  
    Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares  
    authorized, respectively, and 54,554,634 and 54,554,634 shares issued and  
    outstanding, respectively $ 546     $ 546  
    Paid-in capital in excess of par   1,117,606       1,117,606  
    Accumulated distributable net loss   (127,667 )     (125,226 )
    Total net assets $ 990,485     $ 992,926  
    Net Asset Value Per Share $ 18.16     $ 18.20  
     
    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
       
      Three months ended
      March 31, 2025   March 31, 2024  
    INVESTMENT INCOME:          
    Interest:    
    Companies less than 5% owned $ 29,174     $ 41,004  
    Companies 5% to 25% owned   1,224       831  
    Companies more than 25% owned   3,235       3,338  
    Dividends:    
    Companies 5% to 25% owned   770       —  
    Companies more than 25% owned   17,796       12,227  
    Other income:    
    Companies less than 5% owned   874       574  
    Companies more than 25% owned   105       125  
    Total investment income   53,178       58,099  
    EXPENSES:    
    Management fees   7,513       7,882  
    Performance-based incentive fees   5,526       5,952  
    Interest and other credit facility expenses   15,840       18,188  
    Administrative services expense   1,361       1,376  
    Other general and administrative expenses   835       895  
    Total expenses   31,075       34,293  
    Performance-based incentive fees waived   (2 )     (46 )
    Net expenses   31,073       34,247  
       Net investment income $ 22,105     $ 23,852  
    REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
    Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned) $ (422)     $ 135  
    Net change in unrealized gain (loss) on investments and cash equivalents:    
    Companies less than 5% owned   (2,780 )     3,484  
    Companies 5% to 25% owned   (2,027 )     1  
    Companies more than 25% owned   3,050       399  
    Net change in unrealized gain (loss) on investments and cash equivalents   (1,757 )     3,884  
    Net realized and unrealized gain (loss) on investments and cash equivalents   (2,179 )     4,019  
    NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 19,926     $ 27,871  
    EARNINGS PER SHARE $ 0.37     $ 0.51  
     

    About SLR Investment Corp.

    SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

    Forward-Looking Statements

    Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the Company’s access to deal flow and its ability to take advantage of attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for growth of SLRC’s investment pipeline and resiliency of investing structures; the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make; and the anticipated availability of capital. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes or potential disruptions in SLRC’s operations, the economy, financial markets and political environment, including those caused by tariffs and trade disputes with other countries, inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contact
    SLR Investment Corp.
    Investor Relations
    slrinvestorrelations@slrcp.com | (646) 308-8770

    The MIL Network –

  • MIL-OSI: Magnite Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Contribution ex-TAC(1)Grows 12% Year-Over-Year

    Contribution ex-TAC(1)from CTV Grows 15% Year-Over-Year

    Adjusted EBITDA(1)Grows 47% Year-Over-Year

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today reported its results of operations for the quarter ended March 31, 2025.

    Q1 2025 Highlights:

    • Revenue of $155.8 million, up 4% year-over-year
    • Contribution ex-TAC(1) of $145.8 million, up 12% year-over-year
    • Contribution ex-TAC(1) attributable to CTV of $63.2 million, up 15% year-over-year, exceeded guidance of $61.0 to $63.0 million
    • Contribution ex-TAC(1) attributable to DV+ of $82.6 million, up 9% year-over year, exceeded guidance of $79.0 to $81.0 million
    • Net loss of $9.6 million, or $0.07 per share, compared to a net loss of $17.8 million, or $0.13 per share for Q1 2024
    • Adjusted EBITDA(1) of $36.8 million, up 47% year-over-year, representing a 25% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $25.0 million or a 19% margin in Q1 2024
    • Non-GAAP earnings per share(1) of $0.12, compared to non-GAAP earnings per share(1) of $0.05 for Q1 2024
    • Operating cash flow(3) of $18.2 million

    Expectations:

    • Total Contribution ex-TAC(1) for Q2 2025 to be between $154 million and $160 million
    • Contribution ex-TAC(1) attributable to CTV for Q2 2025 to be between $70 million and $72 million
    • Contribution ex-TAC(1) attributable to DV+ for Q2 2025 to be between $84 million and $88 million
    • Adjusted EBITDA operating expenses(4) for Q2 2025 to be between $110 million and $112 million
    • Performance in Q2 to date has been in line with prior expectations; however, due to tariff-driven economic uncertainty, not reaffirming full-year 2025 expectations

    “We beat the high end of our CTV and DV+ top line guidance in the first quarter, with significant outperformance in Adjusted EBITDA. Our performance has remained strong to start Q2. However, we have taken a more cautious approach to our outlook and guidance due to tariff-driven economic uncertainty. In CTV, we continue to see strong programmatic adoption and are very pleased with the growth of Netflix and their continued rollout of programmatic globally. On the DV+ side of the business, we applaud the monumental antitrust ruling against Google. This ruling and its ensuing remedies have the potential to radically transform the open internet and create a more level playing field, which could significantly increase our monetization opportunities and market share, possibly as soon as next year,” said Michael G. Barrett, CEO of Magnite.

    First quarter 2025 Results Summary        
    (in millions, except per share amounts and percentages)        
      Three Months Ended
      March 31, 2025   March 31, 2024   Change
    Favorable/ (Unfavorable)
    Revenue $155.8   $149.3   4%
    Gross profit $93.0   $83.4   11%
    Contribution ex-TAC(1) $145.8   $130.6   12%
    Net loss ($9.6)   ($17.8)   46%
    Adjusted EBITDA(1) $36.8   $25.0   47%
    Adjusted EBITDA margin(2)   25%   19%   6 ppt
    Basic and diluted net loss per share ($0.07)   ($0.13)   46%
    Non-GAAP earnings per share(1) $0.12   $0.05   140%
    Footnotes:
    (1 ) Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section called “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
    (2 ) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.
    (3 ) Operating cash flow is calculated as Adjusted EBITDA less capital expenditures.
    (4 ) Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.

    First quarter 2025 Results Conference Call and Webcast:

    The Company will host a conference call on May 7, 2025 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its first quarter of 2025.

    Live conference call  
    Toll free number: (844) 875-6911 (for domestic callers)
    Direct dial number: (412) 902-6511 (for international callers)
    Passcode: Ask to join the Magnite conference call
    Simultaneous audio webcast: http://investor.magnite.com under “Events and Presentations”
       
    Conference call replay  
    Toll free number: (877) 344-7529 (for domestic callers)
    Direct dial number: (412) 317-0088 (for international callers)
    Passcode: 4251284
    Webcast link: http://investor.magnite.com under “Events and Presentations”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Forward-Looking Statements:

    This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the Company’s guidance or expectations with respect to future financial performance; acquisitions by the Company, or the anticipated benefits thereof; macroeconomic conditions or concerns related thereto; the growth of ad-supported programmatic connected television (“CTV”); our ability to use and collect data to provide our offerings; the scope and duration of client relationships; the fees we may charge in the future; key strategic objectives; anticipated benefits of new offerings; business mix; sales growth; benefits from supply path optimization; our ability to adapt to advancements in artificial intelligence; the development of identity solutions; client utilization of our offerings; the impact of requests for discounts, rebates, or other fee concessions; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

    We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

    Non-GAAP Financial Measures and Operational Measures:

    In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below.

    These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See “Reconciliation of Revenue to Gross Profit to Contribution ex-TAC,” “Reconciliation of net loss to Adjusted EBITDA,” “Reconciliation of net loss to non-GAAP income,” and “Reconciliation of GAAP loss per share to non-GAAP earnings per share” included as part of this press release.

    We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.

    Contribution ex-TAC:

    Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost (“TAC”). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

    Adjusted EBITDA:

    We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, non-operational real estate and other expenses (income), net, and provision (benefit) for income taxes. We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Total operating expenses include cost of revenue. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:

    • Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
    • Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.
    • Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:

    • Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
    • Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
    • Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
    • Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, and changes in the fair value of contingent consideration.
    • Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses.
    • Adjusted EBITDA does not reflect cash and non-cash charges related to certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.
    • Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net, which consists of transactions or expenses that are typically by nature non-operating, one-time items, or unrelated to our core operations.
    • Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
    • Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
    • Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

    Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.

    Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share:

    We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).

    Investor Relations Contact
    Nick Kormeluk
    (949) 500-0003
    nkormeluk@magnite.com

    Media Contact
    Charlstie Veith
    (516) 300-3569
    press@magnite.com

    MAGNITE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
           
      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 429,708     $ 483,220  
    Accounts receivable, net   1,053,153       1,200,046  
    Prepaid expenses and other current assets   32,207       19,914  
    TOTAL CURRENT ASSETS   1,515,068       1,703,180  
    Property and equipment, net   79,134       68,730  
    Right-of-use lease assets   55,752       50,329  
    Internal use software development costs, net   26,689       26,625  
    Intangible assets, net   13,926       21,309  
    Goodwill   978,217       978,217  
    Other assets, non-current   5,864       6,378  
    TOTAL ASSETS $ 2,674,650     $ 2,854,768  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued expenses $ 1,306,517     $ 1,466,377  
    Lease liabilities, current   16,229       16,086  
    Debt, current, net of debt issuance costs   207,568       3,641  
    Other current liabilities   8,173       9,880  
    TOTAL CURRENT LIABILITIES   1,538,487       1,495,984  
    Debt, non-current, net of debt discount and debt issuance costs   349,001       550,104  
    Lease liabilities, non-current   43,759       38,983  
    Other liabilities, non-current   1,650       1,479  
    TOTAL LIABILITIES   1,932,897       2,086,550  
    STOCKHOLDERS’ EQUITY      
    Common stock   2       2  
    Additional paid-in capital   1,416,149       1,433,809  
    Accumulated other comprehensive loss   (3,592 )     (4,421 )
    Accumulated deficit   (670,806 )     (661,172 )
    TOTAL STOCKHOLDERS’ EQUITY   741,753       768,218  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,674,650     $ 2,854,768  
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Revenue $ 155,771     $ 149,319  
    Expenses (1)(2):      
    Cost of revenue   62,799       65,902  
    Sales and marketing   48,106       43,689  
    Technology and development   22,292       26,891  
    General and administrative   23,938       26,665  
    Total expenses   157,135       163,147  
    Loss from operations   (1,364 )     (13,828 )
    Other (income) expense:      
    Interest expense, net   5,177       7,958  
    Foreign exchange (gain) loss, net   2,217       (2,315 )
    Loss on extinguishment of debt   2,152       7,387  
    Other income   (423 )     (1,292 )
    Total other expense, net   9,123       11,738  
    Loss before income taxes   (10,487 )     (25,566 )
    Benefit for income taxes   (853 )     (7,809 )
    Net Loss $ (9,634 )   $ (17,757 )
    Net loss per share:      
    Basic and diluted $ (0.07 )   $ (0.13 )
    Weighted average shares used to compute net loss per share:      
    Basic and diluted   141,852       139,297  
    (1) Stock-based compensation expense included in our expenses was as follows:
      Three Months Ended
    March 31, 2025   March 31, 2024
    Cost of revenue $ 572   $ 500
    Sales and marketing   9,144     8,236
    Technology and development   4,635     5,416
    General and administrative   6,858     6,679
    Total stock-based compensation expense $ 21,209   $ 20,831
    (2) Depreciation and amortization expense included in our expenses was as follows:
      Three Months Ended
      March 31, 2025   March 31, 2024
    Cost of revenue $ 13,025   $ 10,716
    Sales and marketing   2,448     2,610
    Technology and development   69     147
    General and administrative   59     94
    Total depreciation and amortization expense $ 15,601   $ 13,567
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    OPERATING ACTIVITIES:      
    Net loss $ (9,634 )   $ (17,757 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
    Depreciation and amortization   15,601       13,567  
    Stock-based compensation   21,209       20,831  
    Loss on extinguishment of debt   2,152       7,387  
    Amortization of debt discount and issuance costs   967       1,152  
    Non-cash lease expense   (516 )     (546 )
    Deferred income taxes   154       (7,770 )
    Unrealized foreign currency (gain) loss, net   4,496       (3,910 )
    Other items, net   (101 )     124  
    Changes in operating assets and liabilities:      
    Accounts receivable   147,859       175,313  
    Prepaid expenses and other assets   (11,469 )     (812 )
    Accounts payable and accrued expenses   (166,353 )     (249,742 )
    Other liabilities   (1,804 )     1,752  
    Net cash provided by (used in) operating activities   2,561       (60,411 )
    INVESTING ACTIVITIES:      
    Purchases of property and equipment   (14,377 )     (5,873 )
    Capitalized internal use software development costs   (2,821 )     (3,379 )
    Net cash used in investing activities   (17,198 )     (9,252 )
    FINANCING ACTIVITIES:      
    Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount   92,622       361,350  
    Repayment of the Term Loan B Facility from refinancing and repricing activities   (92,622 )     (351,000 )
    Payment for debt issuance costs   (159 )     (4,510 )
    Proceeds from exercise of stock options   252       —  
    Purchase of treasury stock   (19,229 )     —  
    Taxes paid related to net share settlement   (20,314 )     (8,941 )
    Net cash used in financing activities   (39,450 )     (3,101 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH   575       (621 )
    CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (53,512 )     (73,385 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period   483,220       326,219  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 429,708     $ 252,834  
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued)
    (In thousands)
    (unaudited)
       
      Three Months Ended
    SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: March 31, 2025   March 31, 2024
    Cash paid for income taxes $ 571   $ 729
    Cash paid for interest $ 6,679   $ 7,182
    Capitalized assets financed by accounts payable and accrued expenses and other liabilities $ 8,133   $ 7,272
    Capitalized stock-based compensation $ 422   $ 576
    Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 11,692   $ 8,255
    Operating lease right-of-use assets reduction and corresponding non-cash adjustment to operating lease liabilities $ 2,047   $ —
    Non-cash financing activity related to Amendment No. 2 to the 2024 Credit Agreement $ 270,555   $ —
    MAGNITE, INC.
    RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Revenue $ 155,771   $ 149,319
    Less: Cost of revenue   62,799     65,902
    Gross Profit   92,972     83,417
    Add back: Cost of revenue, excluding TAC   52,876     47,136
    Contribution ex-TAC $ 145,848   $ 130,553
    MAGNITE, INC.
    RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Net loss $ (9,634 )   $ (17,757 )
    Add back (deduct):      
    Depreciation and amortization expense, excluding amortization of acquired intangible assets   8,218       5,978  
    Amortization of acquired intangibles   7,383       7,589  
    Stock-based compensation expense   21,209       20,831  
    Non-operational real estate and other (income) expense, net   (36 )     24  
    Interest expense, net   5,177       7,958  
    Foreign exchange (gain) loss, net   2,217       (2,315 )
    Loss on extinguishment of debt   2,152       7,387  
    Other debt refinancing expense   967       3,140  
    Benefit for income taxes   (853 )     (7,809 )
    Adjusted EBITDA $ 36,800     $ 25,026  
    MAGNITE, INC.
    RECONCILIATION OF NET LOSS TO NON-GAAP INCOME
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Net loss $ (9,634 )   $ (17,757 )
    Add back (deduct):      
    Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense   7,383       7,589  
    Stock-based compensation expense   21,209       20,831  
    Non-operational real estate and other (income) expense, net   (36 )     24  
    Foreign exchange (gain) loss, net   2,217       (2,315 )
    Interest expense, Convertible Senior Notes   421       421  
    Loss on extinguishment of debt   2,152       7,387  
    Other debt refinancing expense   967       3,140  
    Tax effect of Non-GAAP adjustments (1)   (6,822 )     (11,336 )
    Non-GAAP income $ 17,857     $ 7,984  
            (1 ) Non-GAAP income includes the estimated tax impact from the reconciling items between net loss and non-GAAP income. 
    MAGNITE, INC.
    RECONCILIATION OF GAAP LOSS PER SHARE TO NON-GAAP EARNINGS PER SHARE
    (In thousands, except per share amounts)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    GAAP net loss per share (1):      
    Basic and diluted $ (0.07 )   $ (0.13 )
           
    Non-GAAP income (2) $ 17,857     $ 7,984  
    Non-GAAP earnings per share $ 0.12     $ 0.05  
           
    Reconciliation of weighted-average shares used to compute net loss per share to non-GAAP weighted average shares outstanding:      
    Weighted-average shares used to compute basic net loss per share   141,852       139,297  
    Dilutive effect of weighted-average common stock options, RSUs, and PSUs   8,191       4,371  
    Dilutive effect of weighted-average ESPP shares   65       65  
    Dilutive effect of weighted-average Convertible Senior Notes   3,210       3,210  
    Non-GAAP weighted-average shares outstanding   153,318       146,943  
           
    (1) Calculated as net loss divided by basic and diluted weighted-average shares used to compute net loss per share as included in the condensed consolidated statement of operations.
    (2) Refer to reconciliation of net loss to non-GAAP income.
    MAGNITE, INC.
    CONTRIBUTION EX-TAC BY CHANNEL
    (In thousands)
    (unaudited)
       
      Contribution ex-TAC
      Three Months Ended
      March 31, 2025   March 31, 2024
    Channel:              
    CTV $ 63,225   43 %   $ 54,894   42 %
    Mobile   58,008   40 %     53,299   41 %
    Desktop   24,615   17 %     22,360   17 %
    Total $ 145,848   100 %   $ 130,553   100 %

    The MIL Network –

  • MIL-OSI: red violet Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., May 07, 2025 (GLOBE NEWSWIRE) — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended March 31, 2025.

    “We are extremely pleased to report another record-setting quarter, marking a strong start to 2025,” stated Derek Dubner, red violet’s CEO. “Our team continues to execute, achieving new highs across key financial metrics and underscoring the leverage and durability of our business model. We have generated meaningful momentum and are energized by the opportunities ahead to build on this success throughout the year.”

    First Quarter Financial Results

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

    • Total revenue increased 26% to $22.0 million.
    • Gross profit increased 37% to $15.8 million. Gross margin increased to 72% from 66%.
    • Adjusted gross profit increased 33% to $18.3 million. Adjusted gross margin increased to 83% from 79%.
    • Net income increased 93% to $3.4 million, which resulted in earnings of $0.25 and $0.24 per basic and diluted share, respectively. Net income margin increased to 16% from 10%.
    • Adjusted EBITDA increased 47% to $8.4 million. Adjusted EBITDA margin increased to 38% from 32%.
    • Adjusted net income increased 53% to $4.8 million, which resulted in adjusted earnings of $0.35 and $0.33 per basic and diluted share, respectively.
    • Net cash provided by operating activities increased 16% to $5.0 million.
    • Cash and cash equivalents were $34.6 million as of March 31, 2025.

    First Quarter and Recent Business Highlights

    • Added 315 customers to IDI™ during the first quarter, ending the quarter with 9,241 customers.
    • Added 21,918 users to FOREWARN® during the first quarter, ending the quarter with 325,336 users. Over 545 REALTOR® Associations throughout the U.S. are now contracted to use FOREWARN.
    • Paid out a special cash dividend of $0.30 per share on the Company’s common stock to shareholders of record as of January 31, 2025. The dividend, totaling $4.2 million, was paid on February 14, 2025.

    Conference Call

    In conjunction with this release, red violet will host a conference call and webcast today at 4:30pm ET to discuss its quarterly results and provide a business update. Please click here to pre-register for the conference call and obtain your dial in number and passcode. To access the live audio webcast, visit the Investors section of the red violet website at www.redviolet.com. Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following the completion of the conference call, an archived webcast of the conference call will be available on the Investors section of the red violet website at www.redviolet.com.

    About red violet®

    At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.

    Company Contact:
    Camilo Ramirez
    Red Violet, Inc.
    561-757-4500
    ir@redviolet.com

    Investor Relations Contact:
    Steven Hooser
    Three Part Advisors
    214-872-2710
    ir@redviolet.com

    Use of Non-GAAP Financial Measures

    Management evaluates the financial performance of our business on a variety of key indicators, including non-GAAP metrics of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and free cash flow (“FCF”). Adjusted EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on US GAAP, excluding interest income, income tax expense, depreciation and amortization, share-based compensation expense, litigation costs, and write-off of long-lived assets and others. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of revenue. Adjusted net income is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on US GAAP, adjusted to exclude share-based compensation expense and amortization of share-based compensation capitalized in intangible assets, and to include the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. We define adjusted gross profit as gross profit plus depreciation and amortization of certain intangible assets, and adjusted gross margin as adjusted gross profit as a percentage of revenue. We define FCF as net cash provided by operating activities reduced by purchase of property and equipment, and capitalized costs included in intangible assets.

    FORWARD-LOOKING STATEMENTS

    This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether our strong start to 2025 and the meaningful momentum and opportunities that have been generated will allow us to build on that success throughout the year. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading “Forward-Looking Statements” and “Risk Factors” in red violet’s Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, as may be supplemented or amended by the Company’s other SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

    RED VIOLET, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share data)
    (unaudited)

        March 31, 2025     December 31, 2024  
    ASSETS:                
    Current assets:                
    Cash and cash equivalents   $ 34,603     $ 36,504  
    Accounts receivable, net of allowance for doubtful accounts of $166 and $188 as of
    March 31, 2025 and December 31, 2024, respectively    		     9,646       8,061  
    Prepaid expenses and other current assets     1,653       1,627  
    Total current assets     45,902       46,192  
    Property and equipment, net     543       545  
    Intangible assets, net     37,488       35,997  
    Goodwill     5,227       5,227  
    Right-of-use assets     1,753       1,901  
    Deferred tax assets     6,597       7,496  
    Other noncurrent assets     1,579       1,173  
    Total assets   $ 99,089     $ 98,531  
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                
    Current liabilities:                
    Accounts payable   $ 2,013     $ 2,127  
    Accrued expenses and other current liabilities     1,989       2,881  
    Current portion of operating lease liabilities     343       406  
    Deferred revenue     754       712  
    Dividend payable     –       4,181  
    Total current liabilities     5,099       10,307  
    Noncurrent operating lease liabilities     1,502       1,592  
    Other noncurrent liabilities     640       –  
    Total liabilities     7,241       11,899  
    Shareholders’ equity:                
    Preferred stock—$0.001 par value, 10,000,000 shares authorized, and 0 shares
    issued and outstanding, as of March 31, 2025 and December 31, 2024    		     –       –  
    Common stock—$0.001 par value, 200,000,000 shares authorized, 13,950,797 and
    13,936,329 shares issued and outstanding, as of March 31, 2025 and
    December 31, 2024    		     14       14  
    Additional paid-in capital     89,264       87,488  
    Retained earnings (accumulated deficit)     2,570       (870 )
    Total shareholders’ equity     91,848       86,632  
    Total liabilities and shareholders’ equity   $ 99,089     $ 98,531  
     

    RED VIOLET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except share data)
    (unaudited)

        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 22,003     $ 17,511  
    Costs and expenses(1):                
    Cost of revenue (exclusive of depreciation and amortization)     3,661       3,756  
    Sales and marketing expenses     5,407       3,712  
    General and administrative expenses     6,174       5,790  
    Depreciation and amortization     2,550       2,270  
    Total costs and expenses     17,792       15,528  
    Income from operations     4,211       1,983  
    Interest income     308       365  
    Income before income taxes     4,519       2,348  
    Income tax expense     1,079       564  
    Net income   $ 3,440     $ 1,784  
    Earnings per share:                
    Basic   $ 0.25     $ 0.13  
    Diluted   $ 0.24     $ 0.13  
    Weighted average shares outstanding:                
    Basic     13,998,028       13,997,064  
    Diluted     14,491,713       14,164,506  
                     
                     
    (1) Share-based compensation expense in each category:                
    Sales and marketing expenses   $ 195     $ 138  
    General and administrative expenses     1,401       1,264  
    Total   $ 1,596     $ 1,402  
     

    RED VIOLET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in thousands)
    (unaudited)

        Three Months Ended March 31,  
        2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES:                
    Net income   $ 3,440     $ 1,784  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization     2,550       2,270  
    Share-based compensation expense     1,596       1,402  
    Write-off of long-lived assets     2       –  
    Provision for bad debts     62       70  
    Noncash lease expenses     148       134  
    Deferred income tax expense     899       471  
    Changes in assets and liabilities:                
    Accounts receivable     (1,647 )     (806 )
    Prepaid expenses and other current assets     (26 )     (378 )
    Other noncurrent assets     (406 )     156  
    Accounts payable     (114 )     722  
    Accrued expenses and other current liabilities     (1,392 )     (1,347 )
    Deferred revenue     42       (38 )
    Operating lease liabilities     (153 )     (135 )
    Net cash provided by operating activities     5,001       4,305  
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Purchase of property and equipment     (50 )     (65 )
    Capitalized costs included in intangible assets     (2,469 )     (2,327 )
    Net cash used in investing activities     (2,519 )     (2,392 )
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Taxes paid related to net share settlement of vesting of restricted stock units     (202 )     (383 )
    Repurchases of common stock     –       (1,415 )
    Dividend payable     (4,181 )     –  
    Net cash used in financing activities     (4,383 )     (1,798 )
    Net (decrease) increase in cash and cash equivalents   $ (1,901 )   $ 115  
    Cash and cash equivalents at beginning of period     36,504       32,032  
    Cash and cash equivalents at end of period   $ 34,603     $ 32,147  
    SUPPLEMENTAL DISCLOSURE INFORMATION:                
    Cash paid for interest   $ –     $ –  
    Cash paid for income taxes   $ –     $ –  
    Share-based compensation capitalized in intangible assets   $ 382     $ 446  
    Retirement of treasury stock   $ 202     $ 1,942  

    Use and Reconciliation of Non-GAAP Financial Measures

    Management evaluates the financial performance of our business on a variety of key indicators, including non-GAAP metrics of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF. Adjusted EBITDA is a financial measure equal to net income, the most directly comparable financial measure based on GAAP, excluding interest income, income tax expense, depreciation and amortization, share-based compensation expense, litigation costs, and write-off of long-lived assets and others. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of revenue. Adjusted net income is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on US GAAP, adjusted to exclude share-based compensation expense and amortization of share-based compensation capitalized in intangible assets, and to include the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. We define adjusted gross profit as gross profit plus depreciation and amortization of certain intangible assets, and adjusted gross margin as adjusted gross profit as a percentage of revenue. We define FCF as net cash provided by operating activities reduced by purchase of property and equipment, and capitalized costs included in intangible assets.

    The following is a reconciliation of net income, the most directly comparable US GAAP financial measure, to adjusted EBITDA:

        Three Months Ended March 31,  
    (Dollars in thousands)   2025     2024  
    Net income   $ 3,440     $ 1,784  
    Interest income     (308 )     (365 )
    Income tax expense     1,079       564  
    Depreciation and amortization     2,550       2,270  
    Share-based compensation expense     1,596       1,402  
    Litigation costs     9       27  
    Write-off of long-lived assets and others     2       7  
    Adjusted EBITDA   $ 8,368     $ 5,689  
    Revenue   $ 22,003     $ 17,511  
                     
    Net income margin     16 %     10 %
    Adjusted EBITDA margin     38 %     32 %

    The following is a reconciliation of net income, the most directly comparable US GAAP financial measure, to adjusted net income:

        Three Months Ended March 31,  
    (Dollars in thousands, except share data)   2025     2024  
    Net income   $ 3,440     $ 1,784  
    Share-based compensation expense     1,596       1,402  
    Amortization of share-based compensation
    capitalized in intangible assets    		     409       275  
    Tax effect of adjustments(1)     (613 )     (308 )
    Adjusted net income   $ 4,832     $ 3,153  
    Earnings per share:                
    Basic   $ 0.25     $ 0.13  
    Diluted   $ 0.24     $ 0.13  
    Adjusted earnings per share:                
    Basic   $ 0.35     $ 0.23  
    Diluted   $ 0.33     $ 0.22  
    Weighted average shares outstanding:                
    Basic     13,998,028       13,997,064  
    Diluted     14,491,713       14,164,506  

    (1) The tax effect of adjustments is calculated using the expected federal and state statutory tax rate. The expected federal and state income tax rate was approximately 26.00% and 25.75% for the three months ended March 31, 2025 and 2024, respectively.

    The following is a reconciliation of gross profit, the most directly comparable US GAAP financial measure, to adjusted gross profit:

        Three Months Ended March 31,  
    (Dollars in thousands)   2025     2024  
    Revenue   $ 22,003     $ 17,511  
    Cost of revenue (exclusive of depreciation and amortization)     (3,661 )     (3,756 )
    Depreciation and amortization related to cost of revenue     (2,500 )     (2,214 )
    Gross profit     15,842       11,541  
    Depreciation and amortization of certain intangible assets(1)     2,452       2,214  
    Adjusted gross profit   $ 18,294     $ 13,755  
                     
    Gross margin     72 %     66 %
    Adjusted gross margin     83 %     79 %

    (1) Depreciation and amortization of certain intangible assets primarily consists of the amortization of capitalized internal-use software development costs, which are included within intangible assets and amortized over their estimated useful lives.

    The following is a reconciliation of net cash provided by operating activities, the most directly comparable US GAAP financial measure, to FCF:

        Three Months Ended March 31,  
    (Dollars in thousands)   2025     2024  
    Net cash provided by operating activities   $ 5,001     $ 4,305  
    Less:                
    Purchase of property and equipment     (50 )     (65 )
    Capitalized costs included in intangible assets     (2,469 )     (2,327 )
    Free cash flow   $ 2,482     $ 1,913  

    In order to assist readers of our consolidated financial statements in understanding the operating results that management uses to evaluate the business and for financial planning purposes, we present non-GAAP measures of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF as supplemental measures of our operating performance. We believe they provide useful information to our investors as they eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. In addition, we use them as an integral part of our internal reporting to measure the performance and operating strength of our business.

    We believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF are relevant and provide useful information frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours and are indicators of the operational strength of our business. We believe adjusted EBITDA eliminates the uneven effect of considerable amounts of non-cash depreciation and amortization, share-based compensation expense and the impact of other non-recurring items, providing useful comparisons versus prior periods or forecasts. Adjusted EBITDA margin is calculated as adjusted EBITDA as a percentage of revenue. We believe adjusted net income provides additional means of evaluating period-over-period operating performance by eliminating certain non-cash expenses and other items that might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. Adjusted net income is a non-GAAP financial measure equal to net income, adjusted to exclude share-based compensation expense and amortization of share-based compensation capitalized in intangible assets, and to include the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. Our adjusted gross profit is a measure used by management in evaluating the business’s current operating performance by excluding the impact of prior historical costs of assets that are expensed systematically and allocated over the estimated useful lives of the assets, which may not be indicative of the current operating activity. We define adjusted gross profit as gross profit plus depreciation and amortization of certain intangible assets. We believe adjusted gross profit provides useful information to our investors by eliminating the impact of certain non-cash depreciation and amortization, and primarily the amortization of software developed for internal use, providing a baseline of our core operating results that allow for analyzing trends in our underlying business consistently over multiple periods. Adjusted gross margin is calculated as adjusted gross profit as a percentage of revenue. We believe FCF is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business. FCF is a measure used by management to understand and evaluate the business’s operating performance and trends over time. FCF is calculated by using net cash provided by operating activities, less purchase of property and equipment, and capitalized costs included in intangible assets.

    Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, financial measures presented in accordance with US GAAP. In addition, FCF is not intended to represent our residual cash flow available for discretionary expenses and is not necessarily a measure of our ability to fund our cash needs. The way we measure adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF may not be comparable to similarly titled measures presented by other companies, and may not be identical to corresponding measures used in our various agreements.

    SUPPLEMENTAL METRICS

    The following metrics are intended as a supplement to the financial statements found in this release and other information furnished or filed with the SEC. These supplemental metrics are not necessarily derived from any underlying financial statement amounts. We believe these supplemental metrics help investors understand trends within our business and evaluate the performance of such trends quickly and effectively. In the event of discrepancies between amounts in these tables and the Company’s historical disclosures or financial statements, readers should rely on the Company’s filings with the SEC and financial statements in the Company’s most recent earnings release.

    We intend to periodically review and refine the definition, methodology and appropriateness of each of these supplemental metrics. As a result, metrics are subject to removal and/or changes, and such changes could be material.

      (Unaudited)  
    (Dollars in thousands)   Q2’23     Q3’23     Q4’23     Q1’24     Q2’24     Q3’24     Q4’24     Q1’25  
    Customer metrics                                                                
    IDI – billable customers(1)     7,497       7,769       7,875       8,241       8,477       8,743       8,926       9,241  
    FOREWARN – users(2)     146,537       168,356       185,380       236,639       263,876       284,967       303,418       325,336  
    Revenue metrics                                                                
    Contractual revenue %(3)     79 %     79 %     82 %     78 %     74 %     77 %     77 %     74 %
    Gross revenue retention %(4)     94 %     94 %     92 %     93 %     94 %     94 %     96 %     96 %
    Other metrics                                                                
    Employees – sales and marketing   63     65     71     76     86     93     95     90  
    Employees – support   9     9     9     10     10     11     11     11  
    Employees – infrastructure   26     27     27     29     27     29     28     29  
    Employees – engineering   47     47     51     51     56     58     57     62  
    Employees – administration   25     25     25     25     25     26     25     24  

    (1) We define a billable customer of IDI as a single entity that generated revenue in the last three months of the period. Billable customers are typically corporate organizations. In most cases, corporate organizations will have multiple users and/or departments purchasing our solutions, however, we count the entire organization as a discrete customer.

    (2) We define a user of FOREWARN as a unique person that has a subscription to use the FOREWARN service as of the last day of the period. A unique person can only have one user account.

    (3) Contractual revenue % represents revenue generated from customers pursuant to pricing contracts containing a monthly fee and any additional overage divided by total revenue. Pricing contracts are generally annual contracts or longer, with auto renewal.

    (4) Gross revenue retention is defined as the revenue retained from existing customers, net of reinstated revenue, and excluding expansion revenue. Revenue is measured once a customer has generated revenue for six consecutive months. Revenue is considered lost when all revenue from a customer ceases for three consecutive months; revenue generated by a customer after the three-month loss period is defined as reinstated revenue. Gross revenue retention percentage is calculated on a trailing twelve-month basis. The numerator of which is revenue lost during the period due to attrition, net of reinstated revenue, and the denominator of which is total revenue based on an average of total revenue at the beginning of each month during the period, with the quotient subtracted from one. Our gross revenue retention calculation excludes revenue from idiVERIFIED, which is purely transactional and currently represents less than 3% of total revenue.

    The MIL Network –

  • MIL-OSI: LiveRamp to Discuss Fiscal 2025 Fourth Quarter and Full Year Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 07, 2025 (GLOBE NEWSWIRE) — LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced that its fiscal 2025 fourth quarter and full year earnings release will be issued on Wednesday, May 21, 2025 after the financial markets close. A conference call to discuss the results will be held on the same day at 1:30 p.m. PT.

    A live webcast of the conference call can be accessed on the LiveRamp Investor Relations website.

    Additionally, the conference call can be accessed via the telephone by dialing 800-715-9871 in North America or +1-646-307-1963 outside of North America. The conference call ID is 5079298.

    To automatically receive LiveRamp financial news by email, please visit the company’s Investor Relations website and subscribe to email alerts.

    About LiveRamp

    LiveRamp is a leading data collaboration technology platform, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

    Built on a foundation of strict neutrality, unmatched interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping to shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

    LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

    For more information, contact:
    Drew Borst
    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    The MIL Network –

  • MIL-OSI: Texas Capital Announces Expansion of Corporate and Investment Banking Division

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 07, 2025 (GLOBE NEWSWIRE) — Texas Capital Securities, a subsidiary of Texas Capital Bancshares, Inc. (NASDAQ: TCBI), today announced a significant expansion of the services offered by its Corporate and Investment Bank. The additions to personnel and corresponding enhancements in capabilities build upon the firm’s existing industry-focused Corporate Banking expertise, with significant impact on the breadth and reach of the Investment Bank in advisory and capital markets services. With the addition of professionals across Investment Banking Coverage, Equity Sales and Trading, Equity Research and Corporate Access, Texas Capital has further solidified its status as the premier full-service financial services firm headquartered in Texas.

    “We continue to build product and industry expertise on a platform that values integrity, high-quality advice and delivering tangible results for our clients,” said Rob C. Holmes, Chairman, President & CEO. “Today’s announcement reflects our dedication to serving as the ‘first call’ for business owners, executives and public company Boards of Directors seeking financial services and solutions.”

    Adding to a deep bench of industry veterans and other newly hired personnel, Texas Capital’s key recent senior hires include:

    Capital Markets

    • Robert (Bob) Chen joined Texas Capital from Guggenheim Partners​ to lead the Capital Markets business, including leveraged finance, loan syndications, private capital, equity capital markets and financial sponsor coverage. He brings more than 30 years of experience leading leveraged finance teams across TMT, energy/power, consumer retail, telecom and FIG.
    • Holly Smyth joined Texas Capital from B. Riley Securities to serve as Co-Head of Private Capital, advising private and public companies on debt capital structures. She brings 25 years of experience in debt capital markets and verticals including industrials, healthcare, consumer and business services.

    Investment Banking Coverage

    • Jon Merriman joined Texas Capital from B. Riley Securities to lead Equities. He brings more than 35 years of experience to the role, most recently serving as Chief Business Officer focused on originating and executing transactions in equity capital markets and equities trading. He is a seasoned leader with deep experience in managing fast-growing organizations, having founded, grown and sold Merriman Holdings, Inc., a boutique investment banking platform.
    • Ryan Bernath joined Texas Capital from B. Riley Securities to lead Investment Banking sector coverage. He brings more than 25 years of experience to the role, most recently serving as a Senior Managing Director focused on executing a wide range of mergers and acquisitions and corporate finance transactions for large-cap, mid-cap and small-cap public companies. Prior to B. Riley, he was a senior investment banker at Barclays and Lehman Brothers.

    Equity Sales, Trading & Research

    • Matthew (Matt) Johnson joined Texas Capital from Performance Edge Partners to lead Equity Sales, Trading & Research. He brings more than 25 years of experience managing equity businesses for top investment banking institutions, including Barclays and Lehman Brothers. He has helped build and restructure top-tier equity businesses and led trading teams ranked number one in block trading and consistently in the top five in Institutional Investor surveys.
    • Alex Rygiel joined Texas Capital from B. Riley Securities to lead Equity Research. He brings more than 30 years of experience in equity research, sales and trading with Friedman, Billings, Ramsey & Co. and Donaldson Lufkin & Jenrette.
    • Deena Sullivan and Charles Moreau joined Texas Capital from Oppenheimer & Co. to co-lead Corporate Access. Each brings more than 20 years of experience facilitating impactful dialogue between public company clients and institutional investors, with prior roles encompassing sales, marketing, relationship management, corporate access, institutional equity sales and trading and equity capital markets.

    To facilitate connectivity between Texas Capital clients and key financial centers in the United States, Texas Capital Securities today announced its intention to open offices in Los Angeles and Chicago and to relocate its office in New York City. Sales and trading, including corporate credit, public finance and equity underwriting and other activities, will continue to be conducted from Texas Capital’s trading floor in Dallas, Texas.

    “Texas Capital is positioned to capitalize on our exceptional growth as we serve clients in Texas and beyond as a trusted advisor, intermediary and underwriter,” said Daniel Hoverman, Head of Corporate & Investment Banking. “Our ability to continue to attract market-leading talent, including to our Corporate and Investment Banking team, evidences our continued aspiration to be the dominant financial services firm in the state of Texas, while being relevant nationally and recognized internationally. The ongoing investments in our platform reflect our vision and dedication to facilitating the strategic ambitions and satisfying the increasingly sophisticated needs of our clients.”

    About Texas Capital Bancshares, Inc.
    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.

    Trading in securities and financial instruments, strategic advisory, and other investment banking activities are performed by TCBI Securities, Inc., doing business as Texas Capital Securities. TCBI Securities, Inc. is a member of FINRA and SIPC and has registered with the SEC, MSRB, and other state securities regulators as a broker dealer. TCBI Securities, Inc. is a subsidiary of Texas Capital Bancshares, Inc., and an affiliate of Texas Capital Bank. All investing involves risks, including the loss of principal. Past performance does not guarantee future results. Securities and other investment products offered by TCBI Securities, Inc. are not FDIC insured, may lose value and are not bank guaranteed.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Achieved gross bookings of $13.7 million and revenue of $14.1 million in the first quarter 2025

    Signed 9 new customers in the first quarter 2025 and expanded relationship with existing customers across key markets including AI, Photonics, and IoT

    Expanded Product Portfolio with the Acquisition of Tech-X Corporation

    SANTA CLARA, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its first quarter 2025 results.

    “We are pleased to have completed our first acquisition since our IPO in the first quarter of 2025, and have since announced our second acquisition of 2025, advancing our inorganic growth strategy and expanding our product portfolio,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We believe our solid fundamentals and focus on innovation position us to sustain strong customer momentum and drive continued growth in our EDA and TCAD product lines through 2025. We are committed to defending shareholder value through performance, transparency, and responsible capital management. We believe the fundamentals of Silvaco are strong—and we’re taking clear, measurable steps to align our market presence with the long-term strength of our business.”

    Commenting on the financial results and outlook, Keith Tainsky, Silvaco’s Interim Chief Financial Officer, added, “Given the current economic uncertainty, we have provided a broad guidance range for the second quarter of 2025. The company remains well positioned to deliver solid growth, supported by strong customer demand. We also updated our full-year guidance and remain confident in our ability to achieve our strategic and financial objectives.”

    First Quarter 2025 and Recent Business Highlights

    • Acquired 9 new customers across key markets including AI infrastructure (Power, Memory, Foundry) Photonics, and IoT markets, which represented approximately 23% of gross bookings for the quarter. We also expanded opportunities with existing customers, which accounted for 38% of gross bookings.
    • Gained momentum with Power, Photonics, and Advanced CMOS customers as they expand adoption of the FTCO platform for their next-generation product development. We announced that Excelliance MOS adopted Silvaco DTCO Flow for next generation silicon carbide devices and our partnership with Korean Kyung Hee University’s Professor Jin Jang on FTCO for next generation display technologies.
    • Expanded SAM by an estimated $600 million with the acquisitions of Cadence’s PPC product line and Tech-X Corporation.
    • Faraday Technology selected Silvaco FlexCAN IP for advanced automotive ASIC design.
    • ProMOS adopted our Victory TCAD solution for the development of next generation silicon photonics devices.
    • On April 29, 2025, Silvaco closed the acquisition of Tech-X Corporation, expanding our product offerings into wafer-level and photonics digital twin modeling.
    • Beginning with this quarter, we will be providing a new performance metric called Annual Contract Value, or ACV. We use ACV internally as a supplemental measure to evaluate the performance of our customer agreements and the underlying momentum of the business. While not a measure calculated in accordance with GAAP, we believe ACV provides additional insight into the scale and timing of customer commitments, which may not be fully reflected in recognized revenue due to the timing of revenue recognition under ASC 606.

    First Quarter 2025 Financial Results

    GAAP Financial Results

    • Revenue of $14.1 million, down 11% year-over-year and down 21% quarter-over-quarter.
      • TCAD revenue of $7.9 million, down 26% year-over-year, primarily due to earlier renewals last year.
      • EDA revenue of $5.1 million, up 8% year-over-year, including the addition of PPC product revenue of $1.9 million.
      • SIP revenue of $1.1 million, up 89% year-over-year, primarily driven by new bookings in automotive and IoT customers.
    • GAAP gross profit and GAAP gross margin were $11.1 million and 79%, respectively, which includes the impact of $0.2 million in stock-based compensation expense, and $0.2 million in amortization of acquired intangible assets, down from $13.9 million and 88% in Q1 2024.
    • GAAP net loss of $19.3 million, compared to a GAAP net income of $1.4 million in Q1 2024.
    • GAAP basic net loss per share of $(0.67), compared to GAAP basic and diluted net income per share of $0.07 in Q1 2024.
    • As of March 31, 2025, cash and cash equivalents and marketable securities totaled $74.5 million.

    Key Operating Indicators and Non-GAAP Financial Results:

    • Gross bookings were $13.7 million, down 15% year-over-year.
    • As of March 31, 2025, the remaining performance obligation balance of $33.7 million, 45% of which is expected to be recognized as revenue in the next 12 months.
    • Non-GAAP gross profit and non-GAAP gross margin were $11.5 million and 82%, respectively, down from $13.9 million and 88% in Q1 2024.
    • Non-GAAP net loss of $1.9 million, compared to non-GAAP net income of $2.4 million in Q1 2024.
    • Non-GAAP diluted net loss per share of $(0.07), compared to non-GAAP diluted net income per share of $0.12 in Q1 2024.
    • On a trailing-twelve-month (TTM) basis ACV was $52.3 million for the first quarter, up 21% year-over-year. This increase was driven by the amount of growth in organic growth of term-based licenses and renewals, as well as the acquisition of PPC. While quarterly revenue may fluctuate, core annual recurring revenue from new bookings has shown consistent annual growth.

    For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures and Other Key Business Metrics” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

    Supplementary materials to this press release, including first quarter 2025 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

    Second Quarter and Full Year 2025 Financial Outlook

    As of May 7, 2025, Silvaco is providing updated guidance for its second quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin and GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses and IPO preparation costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Based on current business trends and conditions, the Company expects for second quarter 2025 the following:

    • Gross bookings in the range of $14.0 million to $18.0 million, which would compare to $19.5 million in the second quarter of 2024.
    • Revenue in the range of $12.0 million to $16.0 million, which would compare to $15.0 million in the second quarter of 2024.
    • Non-GAAP gross margin in the range of 80% to 83%, which would compare to 86% in the second quarter of 2024.
    • Non-GAAP operating loss in the range of ($4.0) million to ($2.0) million, compared to non-GAAP operating income of $1.7 million in the second quarter of 2024.
    • Non-GAAP diluted net loss per share in the range of ($0.10) to ($0.03), compared to net income per share of $0.07 in the second quarter of 2024.

    Based on current business trends and conditions, the Company expects for full year 2025, the following:

    • Gross bookings in the range of $67.0 million to $74.0 million, which would represent a 2% to 13% increase from $65.8 million in 2024.
    • Revenue in the range of $64.0 million to $70.0 million, which would represent a 7% to 17% increase from $59.7 million in 2024.
    • Non-GAAP gross margin in the range of 83% to 86%, which would compare to 86% in 2024.
    • Non-GAAP operating (loss) income in the range of ($2.0) million loss to $1.0 million income, which would compare to $5.5 million income in 2024.
    • Non-GAAP diluted net (loss) income per share in the range of ($0.07) net loss per share to $0.03 net income per share, compared to $0.25 net income per share in 2024.

    Q1 2025 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Wednesday, May 7, 2025
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our ability to successfully integrate recent acquisitions; (u) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (v) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (w) our status as a controlled company; and (x) our use of the net proceeds from our initial public offering.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligation to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures and Other Key Business Metrics

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and acquisition-related professional fees and retention bonuses. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

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

    ACV is composed of the following: (i) the annualized value of term based software licenses with start dates or anniversary dates during the period, plus; (ii) the value of perpetual license contracts with start dates during the period, plus; (iii) the annualized value of maintenance & support as well as any fixed-term services contracts with start dates or anniversary dates during the period, plus; (iv) the value of fixed-deliverable services contracts. Silvaco and the Silvaco logo are registered trademarks of Silvaco Group, Inc. All other trademarks and service marks are the property of their respective owners.

    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands except share and par value amounts)
           
      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 29,489     $ 19,606  
    Current marketable securities   45,048       63,071  
    Accounts receivable, net   5,783       9,211  
    Contract assets, net   15,102       11,932  
    Prepaid expenses and other current assets   4,500       3,460  
    Total current assets   99,922       107,280  
    Non-current assets:      
    Non-current marketable securities   —       4,785  
    Property and equipment, net   890       865  
    Operating lease right-of-use assets, net   1,534       1,711  
    Intangible assets, net   9,997       4,369  
    Goodwill   14,337       9,026  
    Non-current portion of contract assets   9,860       12,611  
    Other assets   1,595       1,698  
    Total non-current assets   38,213       35,065  
    Total assets $ 138,135     $ 142,345  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 2,137     $ 3,316  
    Accrued expenses and other current liabilities   32,426       19,801  
    Accrued income taxes   1,728       1,668  
    Deferred revenue, current   8,618       7,497  
    Operating lease liabilities, current   644       744  
    Vendor financing obligation, current   1,191       1,462  
    Total current liabilities   46,744       34,488  
    Non-current liabilities:      
    Deferred revenue, non-current   3,604       3,593  
    Operating lease liabilities, non-current   866       946  
    Vendor financing obligation, non-current   2,995       2,928  
    Other non-current liabilities   333       307  
    Total liabilities   54,542       42,262  
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024 , respectively   —       —  
    Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,805,280 and 28,526,615 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   3       3  
    Additional paid-in capital   132,937       130,360  
    Accumulated deficit   (47,285 )     (28,012 )
    Accumulated other comprehensive loss   (2,062 )     (2,268 )
    Total stockholders’ equity   83,593       100,083  
    Total liabilities and stockholders’ equity $ 138,135     $ 142,345  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
    (Unaudited, in thousands except share and par value amounts)
           
      Three Months Ended March 31,
        2025       2024  
    Revenue:      
    Software license revenue $ 10,009     $ 12,258  
    Maintenance and service   4,083       3,631  
    Total revenue   14,092       15,889  
    Cost of revenue   3,016       1,973  
    Gross profit   11,076       13,916  
    Operating expenses:      
    Research and development   4,800       3,616  
    Selling and marketing   4,719       3,312  
    General and administrative   8,120       4,600  
    Estimated litigation claim   13,069       —  
    Total operating expenses   30,708       11,528  
    Operating (loss) income   (19,632 )     2,388  
    Interest income   863       —  
    Interest and other expense, net   (291 )     (205 )
    (Loss) income before income tax provision   (19,060 )     2,183  
    Income tax provision   213       805  
    Net (loss) income $ (19,273 )   $ 1,378  
    Net (loss) income per share:      
    Basic and diluted $ (0.67 )   $ 0.07  
    Weighted average shares used in computing per share amounts:      
    Basic and diluted   28,694,295       20,000,000  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
           
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net (loss) income $ (19,273 )   $ 1,378  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
    Depreciation and amortization   438       120  
    Stock-based compensation expense   2,277       —  
    Provision for credit losses   10       222  
    Estimated litigation claim   13,069       —  
    Accretion of discount on marketable securities, net   (261 )     —  
    Change in fair value of contingent consideration   35       (8 )
    Changes in operating assets and liabilities:      
    Accounts receivable   3,520       (1,844 )
    Contract assets   440       (3,679 )
    Prepaid expenses and other current assets   (1,026 )     788  
    Other assets   119       (274 )
    Accounts payable   (1,183 )     877  
    Accrued expenses and other current liabilities   55       (729 )
    Accrued income taxes   58       574  
    Deferred revenue   567       (21 )
    Other non-current liabilities   20       24  
    Net cash used in operating activities   (1,135 )     (2,572 )
    Cash flows from investing activities:      
    Maturities of marketable securities   23,000       —  
    Acquisition of Process Proximity Compensation   (11,500 )     —  
    Purchases of property and equipment   (96 )     (10 )
    Net cash provided by (used in) investing activities   11,404       (10 )
    Cash flows from financing activities:      
    Proceeds from loan facility   —       4,250  
    Deferred transaction costs   —       (364 )
    Payroll taxes related to shares withheld from employees   (252 )     —  
    Contingent consideration   (46 )     (13 )
    Payments of vendor financing obligation   (205 )     —  
    Net cash (used in) provided by financing activities   (503 )     3,873  
    Effect of exchange rate fluctuations on cash and cash equivalents   117       27  
    Net increase in cash and cash equivalents   9,883       1,318  
    Cash and cash equivalents, beginning of period   19,606       4,421  
    Cash and cash equivalents, end of period $ 29,489     $ 5,739  
           
    SILVACO GROUP, INC.
    REVENUE
    (Unaudited)
        2024   2025
        Q1 Q2 Q3 Q4 Year   Q1
    Revenue by Region:                
    Americas   27 % 51 % 31 % 40 % 38 %   20 %
    APAC   62 % 41 % 58 % 52 % 53 %   66 %
    EMEA   11 % 8 % 11 % 8 % 9 %   14 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Product Line:                
    TCAD   66 % 69 % 59 % 71 % 68 %   56 %
    EDA   30 % 20 % 24 % 24 % 24 %   36 %
    SIP   4 % 11 % 17 % 5 % 8 %   8 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue Item Category:                
    Software license revenue   77 % 74 % 62 % 78 % 74 %   71 %
    Maintenance and service   23 % 26 % 38 % 22 % 26 %   29 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Country:                
    United States   26 % 50 % 30 % 39 % 37 %   20 %
    China   11 % 17 % 25 % 23 % 18 %   14 %
    Other   63 % 33 % 45 % 38 % 45 %   66 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    SILVACO GROUP, INC.
    GAAP to Non-GAAP Reconciliation
    (Unaudited, in thousands except per share amounts)
     
      Three Months Ended
      3/31/2025   3/31/2024
           
    GAAP Cost of revenue $ 3,016     $ 1,973  
    Less: Stock-based compensation expense   (199 )     —  
    Less: Amortization of acquired intangible assets   (249 )     —  
    Less: Acquisition-related professional fees and retention bonus   (8 )     —  
    Non-GAAP Cost of revenue $ 2,560     $ 1,973  
    GAAP Gross profit $ 11,076     $ 13,916  
    Add: Stock-based compensation expense   199       —  
    Add: Amortization of acquired intangible assets   249       —  
    Add: Acquisition-related professional fees and retention bonus   8       —  
    Non-GAAP Gross profit $ 11,532     $ 13,916  
    GAAP Research and development $ 4,800     $ 3,616  
    Less: Stock-based compensation expense   (244 )     —  
    Less: Acquisition-related professional fees and retention bonus   (18 )     —  
    Less: Amortization of acquired intangible assets   (51 )     (70 ) 
    Non-GAAP Research and development $ 4,487     $ 3,546  
    GAAP Selling and marketing $ 4,719     $ 3,312  
    Less: Stock-based compensation expense   (323 )      —  
    Less: IPO preparation costs   —       -127  
    Non-GAAP Selling and marketing $ 4,396     $ 3,185  
    GAAP General and administrative $ 8,120     $ 4,600  
    Less: Stock-based compensation expense   (1,511 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (726 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (677 )     —  
    Less: Amortization of acquired intangible assets   (62 )     —  
    Less: IPO preparation costs   —       (139 )
    Non-GAAP General and administrative $ 5,144     $ 3,867  
    GAAP Estimated litigation claim $ 13,069     $ —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,069 )     —  
    Non-GAAP Estimated litigation claim $ —     $ —  
    GAAP Operating expenses $ 30,708     $ 11,528  
    Less: Stock-based compensation expense   (2,078 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,795 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (695 )     —  
    Less: IPO preparation costs   —       (266 )
    Less: Amortization of acquired intangible assets   (113 )     (70 )
    Non-GAAP Operating expenses $ 14,027     $ 10,598  
    GAAP Operating (loss) income $ (19,632 )   $ 2,388  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Non-GAAP Operating (loss) income $ (2,495 )   $ 3,318  
    GAAP Net (loss) income $ (19,273 )   $ 1,378  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Add (Less): Change in fair value of contingent consideration   35       (8 )
    Add (Less): Foreign exchange (gain) loss   205       130  
    Add (Less): Income tax effect of non-GAAP adjustment   (5 )     (33 )
    Non-GAAP Net (loss) income $ (1,901 )   $ 2,397  
    GAAP Net income (loss) per share:      
    Basic and diluted: $ (0.67 )   $ 0.07  
    Non-GAAP Net income (loss) per share:      
    Basic and diluted $ (0.07 )   $ 0.12  
    Weighted average shares used in GAAP and non-GAAP net income (loss) per share:      
    Basic and diluted   28,694,295       20,000,000  
           

    Investor Contact:
    Greg McNiff
    investors@silvaco.com 

    Media Contact:
    Farhad Hayat
    press@silvaco.com

    The MIL Network –