Category: Transport

  • MIL-OSI USA: Mfume Joins Bicameral Letter on Cuts to Medicaid in District of Columbia

    Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

    WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

    In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region. 

    “It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

    “Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

    “As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.” 

    “Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

    The full text of the letter is included below:

    Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

    We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

    We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

    In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

    As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

    Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

    Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

    Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

    Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Congressman Gabe Amo, Congresswoman Lizzie Fletcher, and Congressman Mike Quigley Introduce Legislation To Reverse Trump Administration Decision Allowing Federal Agencies To Ban Public Input

    Source: US Congressman Gabe Amo (Rhode Island 1st District)

    Washington, D.C.—Today, Congresswoman Lizzie Fletcher (TX-07), Congressman Mike Quigley (IL-05), and Congressman Gabe Amo (RI-01) introduced a resolution opposing the U.S. Department of Health and Human Services’ (HHS) proposal to limit public notice and public comment for proposed rules. Senator Ron Wyden (D-OR), Senator Ed Markey (D-MA), and Senator Angus King (I-ME) introduced this legislation in the U.S. Senate today.

    “For more than half a century, the Department of Health and Human Services — under Democratic and Republican administrations alike — has allowed the American people to weigh in on proposed rules that would affect public property, loans, grants, benefits, and contracts,” said Congressman Gabe Amo. “Secretary Kennedy committed to ‘radical transparency’ during his confirmation hearing, yet his decision to end this public input would eviscerate transparency, undermine public participation, and allow the department to operate in secret. President Trump and Secretary Kennedy’s push to rescind basic transparency in public health begs the question — what are they trying to hide?”

    “For decades, HHS has engaged with the public about policies that directly affect their lives and livelihoods,” said Congresswoman Lizzie Fletcher.  “As a result of this input, Democratic and Republican administrations alike have modified proposed rules in response to the issues and concerns exposed through this public comment process, often clarifying a rule’s intended meaning and correcting unforeseen errors.  Banning public comment not only reduces transparency and accountability in the HHS decision-making process, creating uncertainty for health care providers, research institutions, and advocacy groups in grantmaking processes, it also excludes the people from their government. That’s why I am glad to introduce this legislation in the House with Congressman Mike Quigley and Congressman Gabe Amo in partnership with Senator Ron Wyden, Senator Ed Markey, and Senator Angus King to reaffirm the importance of public engagement in our health care and of the people in our government.”

    “For an administration that claims to be transparent, Trump and RFK’s choice to insulate HHS from public input is repugnant,” said Congressman Mike Quigley. “This change reverses years of HHS precedent. As Founder of the Transparency Caucus, I’m proud to lead this resolution to preserve public involvement in HHS decisions.”

    In 1971, HHS adopted the Richardson Waiver to ensure that public notice and comment procedures for HHS would include rules related to public property, loans, grants, benefits, and contracts.  The 1971 directive built on legal requirements laid out by the Administrative Procedure Act of 1946 (APA) to allow the public greater input in agency matters.  On March 3, HHS Secretary Robert F. Kennedy announced that HHS would rescind this longstanding policy to solicit public comments on proposed rules, effective immediately.

    AFSCME, AFT: Education, Healthcare, Public Services, AI Arthritis, Alliance for Aging Research, America’s Essential Hospitals, American Academy of Family Physicians (AAFP), American Academy of Pediatrics (AAP), American Cancer Society Cancer Action Network, American College of Obstetricians and Gynecologists (ACOG), American Federation for Aging Research, American Kidney Fund, American Lung Association, Arthritis Foundation, Association of American Medical Colleges, Asthma and Allergy Foundation of America, CancerCare, Caring Across Generations, Center for Medicare Advocacy, Center for Reproductive Rights, Center for Reproductive Rights, Children’s Hospital Association, Community Catalyst, Cystic Fibrosis Foundation, Daily Voice National, Epilepsy Foundation of America, Families USA, Geriatric Circle, Gerontological Society of America, Gillette Children’s, Immune Deficiency Foundation, Justice in Aging, Large Urology Group Practice Association, LeadingAge, Medicare Rights Center, Muscular Dystrophy Association, National Bleeding Disorders Foundation, National Bleeding Disorders Foundation, National Consumer Voice for Quality Long-Term Care, National Family Planning & Reproductive Health Association, National Health Council, National Health Law Program, National Kidney Foundation, National MS Society, National Nurses United, National Organization for Rare Disorders, National Partnership for Healthcare and Hospice Innovation, National Partnership for Women & Families, National Patient Advocate Foundation, National Rural Health Association, National Women’s Law Center Action Fund, PHI National, Planned Parenthood Federation of America, Protect Our Care, SEIU, Susan G. Komen, and the United Steelworkers (USW) have endorsed the resolution.

    To read the full text of the resolution, click here.

    MIL OSI USA News

  • MIL-OSI USA: Beyer, House Democrats Introduce Legislation To Rehire Federal Workers, Protect Federal Workforce From Future Purges

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    Rep. Don Beyer, who represents a Northern Virginia congressional district with one of the largest concentrations of federal workers in the U.S. House, today led a group of House Democrats in announcing the introduction of legislation to rebuild the federal workforce and protect federal workers. The REHIRE Act would make it easier for federal employees wrongfully fired by the Trump Administration to be rehired, while the PREP Act would codify rules governing probationary status for federal employees to prevent future abuses like the mass firings illegally directed by Trump and Elon Musk.

    “Donald Trump and Elon Musk are doing unprecedented damage to the federal workforce and the services they provide which the American people depend on. Congress should lose no time in working to repair that damage and pass laws to stop it from happening again,” said Beyer. “My bills would pave the way to rehire many of the federal workers who devoted their careers to serving the American people, and bringing their essential expertise and experience back to public service. They would also make reforms that would prevent future mass purges like those employed by Trump and Musk, by clarifying and codifying protections in law. Congress allowed this disaster to happen, and Congress must lead in fixing it.”

    The REHIRE Act (text here) would address the reckless and nonsensical firing of much-needed and skilled employees with exemplary standing. The bill extends the hiring preference to career federal employees that have been involuntarily removed from their positions in the competitive service during the Trump Administration. The REHIRE Act is cosponsored by Reps. Gwen Moore (WI), Suhas Subramanyam (VA), Rashida Tlaib (MI), Steve Cohen (TN), Sarah Elfreth (MD), Terri Sewell (AL), David Scott (GA), Chellie Pingree (ME), and Congresswoman Eleanor Holmes Norton (DC).

    The PREP Act (text here) would reform the probationary process which impacts both new hires and feds with new jobs or recent promotions to prevent future executive misuse. Currently, there is no across-the-board probationary timeline that all agencies must adhere to. This bill will provide clarity to agencies with probationary periods standards within the competitive service and will remove agency discretion from retroactively reclassifying permanent employees as probationary at the will of the executive. In particular, it will codify into law the following probationary timelines: 1 year for new hires and 6 months for non-new hires (existing feds with new jobs or promotions). The PREP Act is cosponsored by Reps. Gwen Moore (WI), Rashida Tlaib (MI), Steve Cohen (TN), Sarah Elfreth (MD), Terri Sewell (AL), David Scott (GA), Chellie Pingree (ME), and Congresswoman Eleanor Holmes Norton (DC).

    The REHIRE Act and PREP Act are endorsed by the American Federation of Government Employees, the National Treasury Employees Union, the National Federation of Federal Employees, the Service Employees International Union, the American Federation of State, County and Municipal Employees, the International Federation of Professional and Technical Engineers, and the Endangered Species Coalition.

    MIL OSI USA News

  • MIL-OSI USA: Governor Kehoe Orders Flags to Fly at Half-Staff in Honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman

    Source: US State of Missouri

    MAY 1, 2025

     — Today, in honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman, Governor Mike Kehoe ordered U.S. and Missouri flags be flown at half-staff at government buildings in Cass, Clay, Jackson, and Platte counties, the Fire Fighters Memorial of Missouri in Kingdom City, and firehouses statewide on Friday, May 2, 2025, from sunrise to sunset.

    “Graham Hoffman was a young man who was full of compassion, a desire to help others, and a dedication to saving lives,” Governor Kehoe said. “This past weekend, as he worked an overtime shift, Firefighter/Paramedic Hoffman’s life was tragically cut short by senseless violence as he treated a patient. We pray for Graham’s loved ones and the entire Kansas City Fire Department family as we mourn the loss of this young first responder.”

    Early on the morning of April 27, Firefighter/Paramedic Hoffman, 29, was stabbed and mortally wounded by a patient as she was being transported to a local hospital.

    The flags will be held at half-staff on the day Firefighter/Paramedic Hoffman is laid to rest. To view the Governor’s proclamation, click here.

    ###

    MIL OSI USA News

  • MIL-OSI: OptimizeRx Releases 2025 Environmental, Social, and Governance (ESG) Report

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., May 01, 2025 (GLOBE NEWSWIRE) — OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, has published its Environmental, Social and Governance (ESG) report for 2025.

    As a company focused on optimizing meaningful engagement opportunities at critical junctures of the healthcare journey, we remain dedicated to aligning our mission with our responsibilities as a corporate citizen.

    “Our stakeholders continue to expect us to transparently disclose our commitment to environmental, social, and governance responsibilities,” stated Marion Odence-Ford, Chief Legal Officer & Chief Human Resources Officer. “During calendar year 2024, we enhanced our disclosures on a wide range of ESG topics. We improved our Institutional Shareholder Services (ISS) ESG rating, moving from the seventh decile to the first decile and earning prime status. We are proud of our achievements and look forward to realizing more progress in the years to come.”

    ESG Report Highlights:

    Governance:

    • The pursuit of responsible governance is a top-down endeavor, and the Company’s Board of Directors and the Nominating & Governance Committee have worked closely with the Executive Team to ensure our business strategies and practices align with our corporate governance policies.
    • Our annual double-materiality survey has identified a clear three-year trend in the topics our stakeholders care about most. These topics are clustered in three main areas:
      • Data Protection: Customer Privacy and Data & Cybersecurity;
      • Ethics and Governance: Business Ethics, Responsible Marketing & Advertising, Corporate Governance, and Anti-Competitive Behavior; and
      • Human Capital: Human Capital & Resources, Labor Practices & Management, and Talent Acquisition & Retention.

    Planet:

    • This year’s ESG Report continues to build on past successes, adding additional detail in the form of a methodology appendix, more comprehensive data on Scope 1 emissions, and reporting on additional individual greenhouse gases.

    People:

    • OptimizeRx continues to believe that impartiality in employment practices is an essential part of our business and is necessary to contribute to a culture of respect. We provide merit-based opportunities to all individuals without regard to age, race, color, national origin, ancestry, citizenship, religion, gender, sexual orientation or gender identity.
    • We prioritize recruiting, retaining, and incentivizing a highly qualified workforce as the success of OptimizeRx is dependent on the skills, experience, and efforts of our employees. We also believe that contributions stemming from each employee’s cultural, economic and social background, experience, and thought are essential in making our Company stronger. Collaboration drawn from a range of perspectives enhances decision-making, sparks innovation, and drives better business outcomes. An inclusive culture boosts employee engagement, attracts top talent, and reduces turnover which furthers long-term success.
    • This year, the Company introduced the SPARK employee recognition program to recognize and celebrate Sustained Excellence, Positive Impact, Accountability, Resilience and Kindness.
    • Another recent initiative includes a Competency Model to clearly define competency levels and expectations for skills, knowledge and experience, and to provide department-specific career progression visuals, to guide each employee’s growth and success.

    Prosperity:

    • We remain vigilant in our quest to turn healthcare challenges into opportunities. Not only do these opportunities present us with new ways to grow and learn, but also to do better for our customers, employees, and the patients we impact, because increasing stakeholder value also drives shareholder value.
    • The Company has seen strong adoption of its Dynamic Audience Activation Platform (DAAP), an AI-enabled platform that delivers predictive and privacy-safe marketing solutions that connects life sciences, HCPs and patients across the most robust network of personal and clinical platforms.
    • The 2024 integration of the consumer-focused solutions of Healthy Offers, Inc. (dba Medicx Health), strengthens our ability to deliver on our mission across expanded stakeholder groups with our increased data and analytics capabilities.

    To read OptimizeRx’s full ESG report, please visit the Company’s governance page on its website or click here.

    About OptimizeRx
    OptimizeRx is a leading healthcare technology company that’s redefining how life science brands connect with patients and healthcare providers. Our platform combines innovative AI-driven tools like the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT) to deliver timely, relevant, and hyper-local engagement. By bridging the gap between HCP and DTC strategies, we empower brands to create synchronized marketing solutions that drive faster treatment decisions and improved patient outcomes.

    Our commitment to privacy-safe, patient-centric technology ensures that every interaction is designed to make a meaningful impact, delivering life-changing therapies to the right patients at the right time. Headquartered in Waltham, Massachusetts, OptimizeRx partners with some of the world’s leading pharmaceutical and life sciences companies to transform the healthcare landscape and create a healthier future for all.

    Important Cautions Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans, future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

    OptimizeRx Contact 
    Andy D’Silva, SVP Corporate Finance   
    adsilva@optimizerx.com   
      
    Investor Relations Contact
    Steven Halper
    LifeSci Advisors, LLC
    shalper@lifesciadvisors.com

    The MIL Network

  • MIL-OSI: iRhythm Technologies Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Revenue of $158.7 million, a 20.3% increase compared to first quarter 2024
    • Gross margin of 68.8%, a 250-basis point increase compared to first quarter 2024
    • Unrestricted cash, cash equivalents, and marketable securities of $520.6 million as of March 31, 2025
    • Increased fiscal year 2025 guidance for revenue and adjusted EBITDA margin

    Recent Operational Highlights

    • Strong quarterly revenue unit volume driven by momentum from innovative value-based care accounts as well as demand from Zio AT in the United States and record demand in the United Kingdom
    • Expanded global reach with commercial launch of Zio monitor in Japan, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwide
    • As presented at ACC.25, two large real-world studies in over one million patients revealed that short-term, Holter-duration monitoring frequently misses actionable arrhythmias – 64% of daily-symptom patients with actionable arrhythmias went undetected in the first 48 hours – and that patient-reported symptoms are an unreliable predictor of arrhythmic events1,2
    • AVALON study recently presented at Heart Rhythm Society found that the Zio® long-term continuous monitor (LTCM) associated with higher adjusted odds of arrhythmia detection, fewer repeat tests, and reduced likelihood of cardiovascular events compared to other modalities and LTCM brands in the follow-up year3

    “The first quarter of 2025 demonstrated continued commercial momentum, with revenue growth exceeding 20% year-over-year, driven by upstream expansion in the patient care pathway and strength in our Zio AT business,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “We’ve seen increasing demand from recently opened accounts while also driving penetration within innovative, value-based care and risk-bearing entities. With our recent commercial launch in Japan, we are now actively driving physician and health system awareness of Zio in six markets outside the U.S., contributing to our milestone of 10 million patient reports posted since iRhythm’s inception. With strong execution across multiple growth levers and additional catalysts on the horizon, we are more excited than ever as we continue to enable the earlier diagnosis of cardiac arrhythmias, opening the potential to reduce costs and deliver meaningful value for patients, our customers, healthcare systems, and shareholders.”

    First Quarter Financial Results
    Revenue for the first quarter of 2025 was $158.7 million, up 20.3% from $131.9 million during the same period in 2024. The increase was driven by growth in demand for Zio services.

    Gross profit for the first quarter of 2025 was $109.2 million, up 24.8% from $87.5 million during the same period in 2024, while gross margin was 68.8%, up from 66.3% during the same period in 2024. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to volume leverage as well as operational efficiencies, partially offset by an increased blended cost per unit from a higher Zio AT product mix.

    Operating expenses for the first quarter of 2025 were $141.8 million, compared to $125.7 million for the same period in 2024. Adjusted operating expenses for the first quarter of 2025 were $140.4 million, compared to $125.7 million during the same period in 2024. The increase in adjusted operating expenses was primarily driven by funding of innovation and incremental costs to serve a growing volume of patients globally.

    Net loss for the first quarter of 2025 was $30.7 million, or a diluted loss of $0.97 per share, compared with net loss of $45.7 million, or a diluted loss of $1.47 per share, for the same period in 2024. Adjusted net loss for the first quarter of 2025 was $30.3 million, or a diluted loss of $0.95 per share, compared with an adjusted net loss of $38.1 million, or a diluted loss of $1.23 per share, for the same period in 2024. The decrease in net loss was primarily driven by our revenue growth and operating leverage achieved through implementation of efficiency initiatives.

    Unrestricted cash, cash equivalents, and marketable securities were $520.6 million as of March 31, 2025.

    2025 Annual Guidance
    iRhythm projects revenue for the full year 2025 between $690 million to $700 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 7.5% to 8.5% of revenues.

    Webcast and Conference Call Information
    iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Reclassifications
    Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

    Use of Non-GAAP Financial Measures
    We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA margin estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

    Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

    Beginning in the first quarter of 2025, we have excluded third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc. Factors we considered in arriving at this determination to exclude these patent litigation costs from our non-GAAP financial measures include frequency and complexity of the patent litigation, the counterparty involved, and the expected magnitude of patent litigation costs for this matter.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    1. Battisti, T, Pinkerton, R, Fokin, V. et al. “Arrhythmias in patietns with daily vs non-daily symptoms undergoing long-term continuous patch ECG monitoring.” JACC. 2025 Apr, 85 (12_Supplement) 221.
    2. Battisti, T, Pinkerton, R, Fokin, V. et al.“Symptom-Rhythm Correlation Patterns in Patients Undergoing Ambulatory ECG Monitoring: Analysis of Over 1 Million Patients.” JACC. 2025 Apr, 85 (12_Supplement) 37.
    3. Russo, Pierantonio et al. “Assessment of Variation in AmbuLatory Cardiac MONitoring: Real-World Evidence of Commercially Insured Beneficiaries.” Heart Rhythm, Volume 22, Issue 4, S547.
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)
    (unaudited)
     
      March 31, 2025   December 31, 2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 375,278     $ 419,597  
    Marketable securities   145,311       115,956  
    Accounts receivable, net   80,639       79,941  
    Inventory   14,336       14,039  
    Prepaid expenses and other current assets   20,449       16,286  
    Total current assets   636,013       645,819  
    Property and equipment, net   130,850       125,092  
    Operating lease right-of-use assets   46,171       47,564  
    Restricted cash   8,358       8,358  
    Goodwill   862       862  
    Long-term strategic investments   62,745       61,902  
    Other assets   41,099       41,852  
    Total assets $ 926,098     $ 931,449  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 11,946     $ 7,221  
    Accrued liabilities   79,976       84,900  
    Deferred revenue   3,282       2,932  
    Operating lease liabilities, current portion   16,140       15,867  
    Total current liabilities   111,344       110,920  
    Long-term senior convertible notes   647,237       646,443  
    Other noncurrent liabilities   8,727       8,579  
    Operating lease liabilities, noncurrent portion   72,125       74,599  
    Total liabilities   839,433       840,541  
    Stockholders’ equity:      
    Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at March 31, 2025 and December 31, 2024          
    Common stock, $0.001 par value – 100,000 shares authorized; 32,144 shares issued and 31,915 shares outstanding at March 31, 2025, respectively; 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively   32       31  
    Additional paid-in capital   901,085       874,607  
    Accumulated other comprehensive loss   143       165  
    Accumulated deficit   (789,595 )     (758,895 )
    Treasury stock, at cost; 229 shares at March 31, 2025 and December 31, 2024   (25,000 )     (25,000 )
    Total stockholders’ equity   86,665       90,908  
    Total liabilities and stockholders’ equity $ 926,098     $ 931,449  
                   
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Revenue, net   $ 158,677     $ 131,929  
    Cost of revenue     49,461       44,413  
    Gross profit     109,216       87,516  
    Operating expenses:        
    Research and development     21,519       16,994  
    Acquired in-process research and development     296        
    Selling, general and administrative     119,957       108,660  
    Total operating expenses     141,772       125,654  
    Loss from operations     (32,556 )     (38,138 )
    Interest and other income (expense), net:        
    Interest income     4,919       3,057  
    Interest expense     (3,273 )     (2,860 )
    Loss on extinguishment of debt           (7,589 )
    Other income (expense), net     875       (105 )
    Total interest and other income (expense), net     2,521       (7,497 )
    Loss before income taxes     (30,035 )     (45,635 )
    Income tax provision     665       32  
    Net loss   $ (30,700 )   $ (45,667 )
    Net loss per common share, basic and diluted   $ (0.97 )   $ (1.47 )
    Weighted-average shares, basic and diluted     31,590       31,033  
                     
    IRHYTHM TECHNOLOGIES, INC.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (in thousands, except per share data)
    (unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Adjusted EBITDA reconciliation*        
    Net loss, as reported1   $ (30,700 )   $ (45,667 )
    Interest expense     3,273       2,860  
    Interest income     (4,919 )     (3,057 )
    Changes in fair value of strategic investments     (843 )      
    Income tax provision     665       32  
    Depreciation and amortization     5,210       5,131  
    Stock-based compensation     23,344       20,991  
    Business transformation costs     503        
    Intellectual property litigation costs2     832        
    Loss on extinguishment of debt           7,589  
    Adjusted EBITDA   $ (2,635 )   $ (12,121 )
             
    Adjusted net loss reconciliation*        
    Net loss, as reported1   $ (30,700 )   $ (45,667 )
    Business transformation costs     503        
    Intellectual property litigation costs2     832        
    Changes in fair value of strategic investments     (843 )      
    Loss on extinguishment of debt           7,589  
    Tax effect of adjustments3     (91 )      
    Adjusted net loss   $ (30,299 )   $ (38,078 )
             
    Adjusted net loss per share reconciliation*        
    Net loss per share, as reported1   $ (0.97 )   $ (1.47 )
    Business transformation costs per share     0.02        
    Intellectual property litigation costs per share2     0.03        
    Changes in fair value of strategic investments per share     (0.03 )      
    Loss on extinguishment of debt per share           0.24  
    Tax effect of adjustments per share3            
    Adjusted net loss per share   $ (0.95 )   $ (1.23 )
    Weighted-average shares, basic and diluted     31,590       31,033  
             
    Adjusted operating expense reconciliation*        
    Operating expense, as reported   $ 141,772     $ 125,654  
    Business transformation costs     (503 )      
    Intellectual property litigation costs2     (832 )      
    Adjusted operating expense   $ 140,437     $ 125,654  
                     

    *Certain numbers expressed may not sum due to rounding.
    1 Net loss for the three months ended March 31, 2025 includes $0.3 million of acquired in-process research and development expense.
    2 Excludes third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc.
    3 Income tax impact of Non-GAAP adjustments listed.

    The MIL Network

  • MIL-OSI: Archrock Completes Acquisition of Natural Gas Compression Systems, Inc.

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today announced it has completed its previously announced acquisition of Natural Gas Compression Systems, Inc. (“NGCSI”) and NGCSE, Inc. (“NGCSE”) (collectively, “NGCS”).

    “We are pleased to complete our acquisition of NGCS and welcome its highly talented team of employees to Archrock,” said Brad Childers, President and Chief Executive Officer of Archrock. “This accretive transaction is expected to increase our scale, expand our customer relationships, deepen our operations in key regions and strengthen our position as a premier provider of natural gas compression services in the United States. We are confident Archrock is poised for continued growth and value creation as we power a cleaner America.”

    At closing, Archrock issued approximately 2.251 million new Archrock common shares to NGCSE. In addition, Archrock funded the $299 million cash portion of the total consideration with available capacity under its ABL credit facility. Archrock remains committed to its stated target leverage ratio range of between 3.0 times and 3.5 times. The transaction is expected to be immediately accretive to Archrock’s 2025 earnings per share and cash available for dividend per share.

    About Archrock

    Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA™, visit www.archrock.com.

    Forward-Looking Statements

    This press release contains forward-looking statements, which include statements about the expected benefits of the acquisition of Natural Gas Compression Systems, Inc. and NGCSE, Inc. These statements are not guarantees of future performance or actions. Forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available online at www.sec.gov and at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

    For information, contact:

    Archrock, Inc.
    INVESTORS
    Megan Repine
    VP of Investor Relations
    281-836-8360
    investor.relations@archrock.com

    MEDIA
    Andrew Siegel / Jed Repko / Kara Grimaldi
    Joele Frank
    212-355-4449

    The MIL Network

  • MIL-OSI: Trisura Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the first quarter of 2025.

    David Clare, President and CEO of Trisura, stated,

    “In Q1 Trisura reported a strong Operating ROE of 18.4% driven by Operating net income of $34.2 million or $0.70 per share. Growth, profitable underwriting, and higher Net investment income demonstrates consistent execution of our strategy.

    Profitable underwriting resulted in a quarterly Combined ratio of 82.7%, alongside strong growth of 28.1% in our Primary lines. We continued expanding US Surety, reaching 33 state licenses in our Treasury-listed entity while broadening rate filings and building relationships with key distribution partners.

    Growth and strong earnings lifted book value to a new record of $820 million, with a conservative 10.7% debt-to-capital underscoring flexibility and capacity for growth.

    Highlights

    • Operating ROE(1) of 18.4% was strong, reflecting profitability from core operations, while ROE(1) was 15.0% in the quarter.
    • BVPS(2) of $17.16 increased 23.5% over Q1 2024 demonstrating consistent expansion in book value.
    • Operating net income(3) was $34.2 million in the quarter, which increased over the prior year as a result of growth in the business. Net income of $29.0 million was lower than Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Operating EPS(1) of $0.70 in the quarter increased by 2.9% demonstrating the strength of core operations(4) through continued growth and profitability. EPS of $0.60 in the quarter decreased from Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Combined ratio(1) for the quarter was 82.7%, reflecting a strong underwriting performance across the portfolio.
    • GPW(2) of $711.7 million, decreased by 1.6% compared to Q1 2024, primarily as a result of non-renewed programs in US Programs during 2024, offset by growth in our Primary lines(5). Trisura’s Primary lines grew by 28.1% in the quarter, which are the lines of business that contribute most meaningfully to Underwriting income(3).
    • Net investment income growth of 8.6% in the quarter was driven by a larger investment portfolio.
      Q1 2025 Q1 2024 $ variance % variance
    GPW 711,671   723,130   (11,458 ) (1.6% )
    Net insurance revenue(3) 172,711   153,054   19,657   12.8%  
             
    Underwriting income 29,862   29,359   503   1.7%  
    Net investment income 18,197   16,753   1,444   8.6%  
             
    Operating net income 34,170   33,188   982   3.0%  
    Net income 28,990   36,433   (7,443 ) (20.4% )
             
    Loss ratio(1) 31.5%   31.6%   n/a (0.1pts)
    Expense ratio(1) 51.2%   49.2%   n/a 2.0pts
    Combined ratio 82.7%   80.8%   n/a 1.9pts
             
    OEPS – diluted – in dollars 0.70   0.68   0.02   2.9%  
    EPS – diluted – in dollars 0.60   0.75   (0.15 ) (20.0% )
    BVPS – in dollars 17.16   13.89   3.27   23.5%  
    Debt-to-capital ratio(2) 10.7%   10.2%   n/a 0.5pts
    Operating ROE 18.4%   20.0%   n/a (1.6pts)
    ROE 15.0%   15.3%   n/a (0.3pts)

    Insurance Operations

    • Net insurance revenue of $172.7 million, increased by 12.8% compared to Q1 2024, reflecting growth in the business, driven by growth in our Primary Lines.
    • Underwriting income of $29.9 million, increased by 1.7% compared to Q1 2024 due to growth in the business and foreign exchange movement, offset by a higher Combined ratio.
    • The consolidated Combined ratio was 82.7% for the quarter reflecting a higher Loss ratio at Trisura Specialty offset by a shift in the business mix to Trisura Specialty which typically has a higher Expense ratio but a lower Loss ratio.

    Investments

    • Net investment income rose 8.6% in the quarter compared to Q1 2024. The portfolio benefited from growth in the business.

    Capital

    • The Minimum Capital Test ratio(6) of our regulated Canadian subsidiary was 273% as at March 31, 2025 (276% as at December 31, 2024), which comfortably exceeded regulatory requirements(7) of 150%.
    • As at December 31, 2024, the Risk-Based Capital(8) of the regulated US insurance companies were in excess of the various company action levels of the states in which they are licensed.
    • Consolidated debt-to-capital ratio of 10.7% as at March 31, 2025 is below our long-term target of 20.0%.

    Earnings Conference Call

    Trisura will host its First Quarter Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, May 2nd, 2025.

    To listen to the call via live audio webcast, please follow the link below:

    https://edge.media-server.com/mmc/p/tzhsg4ir

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:

    Name: Bryan Sinclair

    Tel: 416 607 2135

    Email: bryan.sinclair@trisura.com

    Non-IFRS Financial Measures and other Financial Measures

    We report certain financial information using non-IFRS financial measures, non-IFRS ratios and supplementary financial measures that we use to measure and evaluate the performance of our business. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry. They are used by management and financial analysts to assess our performance.

    Further, they provide users with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business.

    These metrics are operating performance measures that highlight trends in our core business or are required ratios used to measure compliance with OSFI and other regulatory standards. Our Company also believes that securities analysts, investors and other interested parties use these operating metrics to compare our Company’s performance against others in the specialty insurance industry. Our Company’s management also uses these operating metrics and other financial measures in order to facilitate operating performance comparisons from period to period. Such operating metrics and other financial measures should not be considered as the sole indicators of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For more information about these supplementary financial measures, Non-IFRS financial measures, and Non-IFRS ratios, including definitions and explanations of how these measures provide useful information, refer to Section 8 – Accounting and Disclosure matters in our Q1 2025 MD&A , which is available on our website at http://www.trisura.com and on SEDAR+ at www.sedarplus.ca.

    Table 1 – Reconciliation of Operating net income to reported Net income and OEPS: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

      Q1 2025 Q1 2024
    Operating net income 34,170   33,188  
    Impact of Exited lines 111    
    Loss from run-off program   (3,714 )
    Impact of movement in yield curve in Net insurance finance income (expenses) (3,569 ) 437  
    Impact of SBC 1,199   (2,923 )
    Net (gains) losses (4,547 ) 10,446  
    Tax impact of above items 1,626   (1,001 )
    Non-operating results, net of tax (5,180 ) 3,245  
    Net income 28,990   36,433  
         
    Operating net income 34,170   33,188  
    Weighted-average number of common shares outstanding – diluted
    (in thousands of shares)
    48,472   48,456  
    Operating EPS – diluted (in dollars) 0.70   0.68  


    Table 2 – Reconciliation of Insurance service result to Underwriting income – Consolidated

    Financial statements line item 1   2 3   4   5   6   7 MD&A line item
    For the three months ended March 31, 2025
    Insurance revenue 779,606   (601,048 )     (5,847 )   172,711   Net insurance revenue
    Insurance service expenses (585,213 ) 444,725   5,461 (10,649 ) (6,478 ) 5,736   3,569   (142,849 ) Sum of Net claims ($54,345) and Net expenses ($88,504)
    Net income (expenses) from reinsurance contracts assets (156,323 ) 156,323             n/a
    Insurance service result 38,070     5,461 (10,649 ) (6,478 ) (111 ) 3,569   29,862   Underwriting income
    For the three months ended March 31, 2024
    Insurance revenue 744,266   (594,773 )         3,561 153,054   Net insurance revenue
    Insurance service expenses (580,940 ) 466,895   5,345 (10,853 ) (3,858 )   (437 ) 153 (123,695 ) Sum of Net claims ($48,406) and Net expenses ($75,289)
    Net income (expenses) from reinsurance contracts assets (127,878 ) 127,878             n/a
    Insurance service result 35,448     5,345 (10,853 ) (3,858 )   (437 ) 3,714 29,359   Underwriting income
    Reconciling items in the table above:
    1 Net of reinsurance impact
    2 Other income
    3 Other operating expenses related to Trisura Specialty and Trisura US Programs
    4 Net insurance finance income (expenses)
    5 Impact of Exited lines
    6 Movement in yield curve in Net insurance finance income (expenses)
    7 Loss from run-off program


    Table 3 – ROE and Operating LTM ROE
    : a measure of the Company’s use of equity.

      Q1 2025 Q1 2024
    LTM net income 111,472   89,398  
    LTM average equity 742,056   583,798  
    ROE 15.0%   15.3%  
    Operating LTM net income 136,831   116,819  
    Operating LTM ROE 18.4%   20.0%  


    Table 4 – Reconciliation of Average equity
    (9)to LTM average equity: LTM average equity is used in calculating Operating ROE.

      Q1 2025
    Q1 2024
    Average equity 741,016   587,336  
    Adjustments: days in quarter proration 1,040   (3,538 )
    LTM average equity 742,056   583,798  


    Table 5 – Combined ratio – Consolidated:
    Combined ratio is used to evaluate underlying profitability relative to Net insurance revenue in a given period.

       Q1 2025 Q1 2024
    Net insurance revenue, as presented in Table 2 172,711   153,054  
    Net claims, as presented in Table 2 (54,345 ) (48,406 )
    Net expenses, as presented in Table 2 (88,504 ) (75,289 )
    Underwriting income 29,862   29,359  
         
    Loss ratio 31.5%   31.6%  
    Expense ratio 51.2%   49.2%  
    Combined ratio 82.7%   80.8%  


    Footnotes

    (1) These are non-IFRS ratios. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of the ratio, and an explanation of how it provides useful information to an investor.

    (2) This is a supplementary financial measure. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (3) These are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (4) See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

    (5) Primary lines are lines of insurance business such as Surety, Corporate Insurance, and Warranty.

    (6) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

    (7) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

    (8) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

    (9) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

    Cautionary Statement Regarding Forward-Looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Non-IFRS and Other Financial Measures

    Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three months ended March 31, 2025. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

    The MIL Network

  • MIL-OSI: iRhythm Launches Zio® Long-Term Continuous Monitoring Service in Japan as the Zio® ECG Recording and Analysis System, Advancing AI-Powered Arrhythmia Detection

    Source: GlobeNewswire (MIL-OSI)

    • iRhythm Zio®Long-Term Continuous Monitoring (LTCM) system — commercially introduced in Japan as the Zio®ECG Recording and Analysis System — brings AI-powered, continuous, uninterrupted ECG monitoring for up to 14 days to Japan
    • Launch is timely amid a growing demand for early, accurate detection of arrhythmias in Japan, the second largest ambulatory cardiac monitoring market in the world, where the prevalence is expected to rise alongside an aging population1-3

    SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC) today announced the commercial launch in Japan of its Zio® long-term continuous ECG monitoring (LTCM) system, commercially introduced in this market as the Zio® ECG Recording and Analysis System. The system provides up to 14 days of continuous, uninterrupted ECG monitoring and leverages a deep-learned artificial intelligence (AI) algorithm approved by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) – and represents a significant advancement over other ambulatory cardiac monitoring options in Japan, including commonly used wired Holter monitors, which capture only 24 to 48 hours of data and other patch-based services that monitor only up to 7 days.

    “We are honored to introduce our AI-powered Zio ECG Recording and Analysis System that provides up to 14 days of continuous, uninterrupted cardiac monitoring to Japan, where we see a meaningful opportunity to help advance arrhythmia detection,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “Together with our trusted distribution partner, Senko Medical Instrument, we are committed to expanding access to advanced cardiac monitoring that supports clinical excellence and aligns with Japan’s dedication to high-quality, patient-centered care.”

    Advancing Arrhythmia Detection in Japan

    The Zio ECG Recording and Analysis System consists of a prescription-only, patch-based ECG monitoring device (Zio monitor, iRhythm’s latest-generation ECG patch), worn for up to 14 days, and the ZEUS (Zio ECG Utilization Software) system.

    The unique attributes of the Zio ECG Recording and Analysis System offer meaningful advantages for patients and clinicians:

    Zio monitor (Patch ECG Device): Improving Patient Monitoring Experience

    • The latest-generation patch ECG is thinner, lighter, and smaller—designed for comfortable, discreet wear, ease of use,4 and patient satisfaction5,6
    • Enables up to 14 days of continuous, uninterrupted ECG monitoring
    • Demonstrates 99% patient compliance with prescribed wear time6-8 and 99% analyzable data, delivering high-quality, actionable data6,10,11

    Zio Service (End-to-End Monitoring System): Combining Advanced AI with Human Expertise

    • PMDA-approved, deep-learned AI algorithm detects 13 arrhythmia types, as well as sinus rhythm and artifact, and is clinically proven to perform at the level of cardiologists11-14
    • End-of-wear reports are reviewed and validated by certified cardiographic technicians (CCTs), with 99% physician agreement6,8
    • Zio ECG Recording and Analysis System is associated with the highest diagnostic yield and lowest likelihood of retesting compared to other monitoring services, including other LTCMs and 24- to 48-hour duration Holter monitoring services6,8,15-20
    • In clinical settings, the Zio LTCM service may help reduce misinterpretation of ECG data and improve clinical efficiency12

    Zio® monitor by iRhythm Technologies,
    part of the Zio®ECG Recording and Analysis System

    “The Zio service represents a new step forward in how we monitor for arrhythmias in Japan,” said Dr. Kohei Yamashiro, Vice President and Director of the Heart Rhythm Center at Takatsuki General Hospital (Osaka Prefecture), the first hospital in Japan to introduce the Zio ECG Recording and Analysis System. “Its ease of use, extended monitoring period, and clear reporting provide important benefits for both patients and clinicians.”

    Clinically Proven Performance

    The clinical value of the Zio LTCM service has been demonstrated in a robust, growing body of clinical evidence. The Cardiac Ambulatory Monitor EvaLuation of Outcomes and Time to Events (CAMELOT) study, published in the American Heart Journal, found that Zio LTCM service was associated with the highest yield of specified arrhythmia diagnosis and the lowest likelihood of repeat testing compared to all other monitoring services.

    iRhythm’s comprehensive clinical evidence, encompassing more than 125 original research manuscripts21 and insights derived from over 2 billion hours of curated heartbeat data9 and more than 10 million patient reports posted since the company’s inception, underscore the company’s ongoing commitment to expanding evidence that supports improved patient outcomes.

    “The Zio long-term continuous monitoring service offers a clinically validated approach to arrhythmia detection by combining advanced AI with expert clinical review to support accurate and timely diagnoses,” said Dr. Mintu Turakhia, iRhythm Chief Medical Officer, Chief Scientific Officer, and EVP of Product Innovation. “As the need for effective long-term monitoring grows, we believe the introduction of Zio LTCM in Japan presents an opportunity to enhance patient care and support evolving clinical needs in cardiac monitoring—an impact also recognized by the Japanese Heart Rhythm Society.”

    Cardiac Arrhythmias and Prevalence in Japan

    A cardiac arrhythmia is a condition in which the heart beats too quickly, too slowly, or irregularly due to abnormal electrical impulses. If undetected and untreated, some arrhythmias can damage the heart, brain, or other organs and lead to an increased risk of stroke and death.22-24

    These potential complications make accurate, timely arrhythmia detection and diagnosis critical to improving patient outcomes and quality of life.

    The prevalence of cardiac arrhythmias continues to rise globally, and Japan is the second largest ambulatory cardiac monitoring market in the world with an estimated 1.6 million tests prescribed annually. This number is expected to continue to increase based on stroke and cardiovascular disease burden in Japan’s aging population.1-3

    Availability in Japan
    Zio® ECG Recording and Analysis System will be available to healthcare customers beginning May 2025, with nationwide availability anticipated by July 2025, through Senko Medical Instrument, iRhythm’s exclusive distribution partner in Japan.

    Outside of Japan, iRhythm offers its Zio® portfolio of cardiac monitoring solutions in Austria, the Netherlands, Spain, Switzerland, the United States, and the UK – and remains dedicated to bringing access to its advanced cardiac monitoring to even more patients, clinicians and healthcare systems around the world.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm and the Zio® LTCM service in Japan, please visit irhythmtech.com/jp/ja. For additional information about iRhythm, please visit its corporate website at irhythmtech.com.

    Forward-Looking Statements 
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance.  In particular, these include statements regarding the Japanese market opportunity, our ability to penetrate the Japanese market, and expansion of patient access to our products and services in Japan. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements. 

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    —-
    Footnotes

    1. Irie S, Tada H. The Relationship between Holter Electrocardiography and Atrial Fibrillation Diagnosis Using Real-World Data in Japan. Int Heart J. 2023;64(2):178-187.
    2. Matsuda S. Health Policy in Japan – Current Situation and Future Challenges. JMA Journal, 2019.
    3. Annual Pharmaceutical Production Statistics, Ministry of Health, Labour, and Welfare (“MHLW”).
    4. Data on file. iRhythm Technologies, 2023.
    5. Zio monitor Instructions for Use. iRhythm Technologies, 2023.
    6. Based on US data.
    7. Data on file. iRhythm Technologies, 2022.
    8. Zio service provides continuous, uninterrupted recording and a comprehensive end-of-wear report.
    9. Data on file. iRhythm Technologies, 2024.
    10. Analyzable time is based off median values for a 14-day prescription
    11. Data on file. iRhythm Technologies, 2020.
    12. Hannun et al. Cardiologist-level arrhythmia detection and classification in ambulatory electrocardiograms using a deep neural network. Nat Med. 2019;25:65-69. https://doi.org/10.1038/s41591-018-0268-3
    13. Deep learned algorithm is only available in the United States, European Union, Switzerland, United Kingdom, and Japan.
    14. FDA 510K clearance, CE mark, UKCA mark, and PMDA-approval.
    15. Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. https://doi.org/10.1016/j.ahj.2023.12.002
    16. Diagnostic yield was assessed based upon the evaluation of specified arrhythmias, which refer to an arrhythmia encounter diagnosis as per Hierarchical Condition Categories (HCC) 96.
    17. Based on previous generation Zio XT device data. Zio monitor utilizes the same operating principles and ECG algorithm. Additional data on file.
    18. Zio LTCM service refers to Zio XT and Zio monitor service.
    19. Contraindications: Do not use the Zio monitor for critical care patients or for patients with symptomatic episodes where instance variations in cardiac performance could result in immediate danger to the patients or when real-time or in-patient monitoring should be prescribed. (Refer to the Zio monitor Instructions for Use for the full list of contraindications)
    20. Zio monitor and ZEUS are Japan PMDA approved.
    21. Data on file. iRhythm Technologies, 2025.
    22. Ataklte et al. Meta-analysis of ventricular premature complexes and their relation to cardiac mortality in general populations. The American Journal of Cardiology. 2013;112(8):1263-1270. doi:10.1016/j.amjcard.2013.05.065
    23. Lin et al. Long-term outcome of non-sustained ventricular tachycardia in structurally normal hearts. PLOS ONE. 2016;11(8). doi:10.1371/journal.pone.0160181
    24. Wolf et al. Atrial fibrillation as an independent risk factor for stroke: The Framingham Study. Stroke. 1991;22(8):983-988. doi:10.1161/01.str.22.8.983

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ffe8ed2-1063-4455-8784-d0278fd46373

    The MIL Network

  • MIL-OSI: SB Financial Group Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights Over the First Quarter Prior Year Include:

    • Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.
    • Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.
    • Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.
    • Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.
    • Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.
    • Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent.
    Earnings Highlights Three Months Ended
    ($ in thousands, except per share & ratios) Mar. 2025 Mar. 2024 % Change
    Operating revenue $ 15,386   $ 13,131   17.2 %
    Interest income   17,372     15,300   13.5 %
    Interest expense   6,093     6,120   -0.4 %
    Net interest income   11,279     9,180   22.9 %
    Provision for credit losses   387       N/M
    Noninterest income   4,107     3,951   3.9 %
    Noninterest expense   12,410     10,282   20.7 %
    Net income   2,158     2,368   -8.9 %
    Merger adjusted Earnings per diluted share   0.42     0.33   27.3 %
    Earnings per diluted share   0.33     0.35   -5.7 %
    Merger adjusted Return on Avg. Assets   0.76 %   0.67%   13.4 %
    Return on average assets   0.60 %   0.71%   -15.5 %
    Merger adjusted Return on Avg. Equity   8.35 %   7.26%   15.0 %
    Return on average equity   6.63 %   7.72%   -14.1 %

    “Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”

    Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.

    RESULTS OF OPERATIONS

    Consolidated Revenue

    In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.

    Mortgage Loan Business

    Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.

                 
    Mortgage Banking            
    ($ in thousands) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Mortgage originations $ 39,775   $ 72,534   $ 70,715   $ 75,110   $ 42,912   $ (3,137 )
    Mortgage sales   39,279     62,301     61,271     55,835     36,623     2,656  
    Mortgage servicing portfolio   1,432,184     1,427,318     1,406,273     1,389,805     1,371,713     60,471  
    Mortgage servicing rights   14,965     14,868     14,357     14,548     14,191     774  
                 
                 
    Revenue            
    Loan servicing fees   894     886     874     862     855     39  
    OMSR amortization   (294 )   (358 )   (370 )   (335 )   (273 )   (21 )
    Net administrative fees   600     528     504     527     582     18  
    OMSR valuation adjustment   11     288     (465 )   38     181     (170 )
    Net loan servicing fees   611     816     39     565     763     (152 )
    Gain on sale of mortgages   849     1,196     1,311     1,277     781     68  
    Mortgage banking revenue, net $ 1,460   $ 2,012   $ 1,350   $ 1,842   $ 1,544   $ (84 )
                 

    Noninterest Income and Noninterest Expense

    “Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.

                   
    Noninterest Income/Noninterest Expense          
    ($ in thousands, except ratios)   Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Noninterest Income (NII)   $ 4,107   $ 4,557   $ 4,123   $ 4,386   $ 3,951   $ 156  
    NII / Total Revenue     26.7%     29.5%     28.8%     31.5%     30.1%     -3.4%  
    NII / Average Assets     1.1%     1.3%     1.2%     1.3%     1.2%     -0.1%  
    Total Revenue Growth     17.2%     2.2%     4.5%     -0.6%     -6.1%     23.3%  
                                           
    Noninterest Expense (NIE)   $ 12,410   $ 11,003   $ 11,003   $ 10,671   $ 10,282   $ 2,128  
    Efficiency Ratio     80.0%     71.1%     76.8%     75.9%     78.2%     1.8%  
    NIE / Average Assets     3.4%     3.2%     3.2%     3.2%     3.1%     0.3%  
    Net Noninterest Expense/Avg. Assets   -2.3%     -1.9%     -2.0%     -1.9%     -1.9%     -0.4%  
    Total Expense Growth     20.7%     6.1%     5.0%     3.2%     -4.6%     25.3%  

    Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.

    “Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.

    Balance Sheet

    As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

    Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.

    During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

    “As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”

                 
    Loan Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Commercial $ 125,878   $ 124,764   $ 123,821   $ 123,287   $ 120,016   $ 5,862  
    % of Total   11.6%     11.9%     12.0%     12.3%     12.1%     4.9%  
    Commercial RE   509,518     479,573     459,449     434,967     429,362     80,156  
    % of Total   46.8%     45.8%     44.6%     43.3%     43.3%     18.7%  
    Agriculture   61,443     64,680     64,887     64,329     62,365     (922 )
    % of Total   5.6%     6.2%     6.3%     6.4%     6.3%     -1.5%  
    Residential RE   319,307     308,378     314,010     316,233     314,668     4,639  
    % of Total   29.3%     29.5%     30.5%     31.5%     31.7%     1.5%  
    Consumer & Other   72,128     69,340     67,788     66,574     65,141     6,987  
    % of Total   6.6%     6.6%     6.6%     6.6%     6.6%     10.7%  
    Total Loans $ 1,088,274   $ 1,046,735   $ 1,029,955   $ 1,005,390   $ 991,552   $ 96,722  
    Total Growth Percentage                 9.8%  
                 
                 
    Deposit Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Non-Int DDA $ 240,446   $ 232,155   $ 222,425   $ 208,244   $ 219,395   $ 21,051  
    % of Total   18.9%     20.1%     19.2%     18.7%     19.7%     9.6%  
    Interest DDA   208,583     201,085     202,097     190,857     169,171     39,412  
    % of Total   16.4%     17.4%     17.4%     17.1%     15.2%     23.3%  
    Savings   285,902     237,987     241,761     231,855     244,157     41,745  
    % of Total   22.5%     20.6%     20.8%     20.8%     21.9%     17.1%  
    Money Market   257,013     222,161     228,182     225,650     221,362     35,651  
    % of Total   20.2%     19.3%     19.7%     20.2%     19.9%     16.1%  
    Time Deposits   279,276     259,217     265,068     258,582     258,257     21,019  
    % of Total   22.0%     22.5%     22.9%     23.2%     23.2%     8.1%  
    Total Deposits $ 1,271,220   $ 1,152,605   $ 1,159,533   $ 1,115,188   $ 1,112,342   $ 158,878  
    Total Growth Percentage                 14.3%  
                 

    Asset Quality

    As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.

    The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.

    “Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”

                 
    Nonperforming Assets                
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024   Annual
    Change
    Commercial & Agriculture $ 3,418   $ 2,927   $ 2,899   $ 2,781   $ 897   $ 2,521  
    % of Total Com./Ag. loans   1.82%     1.55%     1.54%     1.48%     0.49%     281.0%  
    Commercial RE   798     807     813     475     49     749  
    % of Total CRE loans   0.16%     0.17%     0.18%     0.11%     0.01%     1528.6%  
    Residential RE   1,608     1,539     1,536     1,247     1,295     313  
    % of Total Res. RE loans   0.50%     0.50%     0.49%     0.39%     0.41%     24.2%  
    Consumer & Other   227     243     270     231     193     34  
    % of Total Con./Oth. loans   0.31%     0.35%     0.40%     0.35%     0.30%     17.6%  
    Total Nonaccruing Loans   6,051     5,516     5,518     4,734     2,434     3,617  
    % of Total loans   0.56%     0.53%     0.54%     0.47%     0.25%     148.6%  
    Foreclosed Assets and Other Assets   73             510     510     (437 )
    Total Change (%)             -85.7%  
    Total Nonperforming Assets $ 6,124   $ 5,516   $ 5,518   $ 5,244   $ 2,944   $ 3,180  
    % of Total assets   0.41%     0.40%     0.40%     0.39%     0.22%     108.02%  


    Webcast and Conference Call

    The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

    About SB Financial Group

    Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

    Forward-Looking Statements

    Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

    Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

    Investor Contact Information:

    Mark A. Klein
    Chairman, President and
    Chief Executive Officer
    Mark.Klein@YourStateBank.com

    Anthony V. Cosentino
    Executive Vice President and
    Chief Financial Officer
    Tony.Cosentino@YourStateBank.com

        SB FINANCIAL GROUP, INC.
        CONSOLIDATED BALANCE SHEETS – (Unaudited)
                               
              March   December   September   June   March
          ($ in thousands)     2025       2024       2024       2024       2024  
                               
    ASSETS                    
      Cash and due from banks   $ 105,145     $ 25,928     $ 49,348     $ 21,983     $ 26,602  
      Interest bearing time deposits     1,565       1,565       1,706       2,417       2,417  
      Available-for-sale securities     199,721       201,587       211,511       207,856       213,239  
      Loans held for sale     4,286       6,770       8,927       7,864       4,730  
      Loans, net of unearned income     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
      Allowance for credit losses     (15,391 )     (15,096 )     (15,278 )     (15,612 )     (15,643 )
      Premises and equipment, net     21,875       20,456       20,715       20,860       20,985  
      Federal Reserve and FHLB Stock, at cost     5,340       5,223       5,223       5,204       6,512  
      Foreclosed assets and other assets     73                   510       510  
      Interest receivable     5,072       4,908       4,842       4,818       3,706  
      Goodwill     27,158       23,239       23,239       23,239       23,239  
      Cash value of life insurance     30,871       30,685       30,488       30,294       30,103  
      Mortgage servicing rights     14,965       14,868       14,357       14,548       14,191  
      Other assets     12,048       12,649       8,916       12,815       13,869  
                               
          Total assets   $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
                               
                               
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
      Deposits                    
        Non interest bearing demand   $ 240,446     $ 232,155     $ 222,425     $ 208,244     $ 219,395  
        Interest bearing demand     208,583       201,085       202,097       190,857       169,171  
        Savings     285,902       237,987       241,761       231,855       244,157  
        Money market     257,013       222,161       228,182       225,650       221,362  
        Time deposits     279,276       259,217       265,068       258,582       258,257  
                               
          Total deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
                               
      Short-term borrowings     11,058       10,585       15,240       15,178       12,916  
      Federal Home Loan Bank advances     35,000       35,000       35,000       35,000       35,000  
      Trust preferred securities     10,310       10,310       10,310       10,310       10,310  
      Subordinated debt net of issuance costs     19,702       19,690       19,678       19,666       19,654  
      Interest payable     2,634       2,351       3,374       2,944       2,772  
      Other liabilities     19,552       21,468       17,973       18,421       19,295  
                               
          Total liabilities     1,369,476       1,252,009       1,261,108       1,216,707       1,212,289  
                               
      Shareholders’ Equity                    
        Common stock     61,319       61,319       61,319       61,319       61,319  
        Additional paid-in capital     14,955       15,194       15,090       15,195       14,978  
        Retained earnings     117,397       116,186       113,515       112,104       109,938  
        Accumulated other comprehensive loss     (26,872 )     (30,234 )     (24,870 )     (31,801 )     (31,547 )
        Treasury stock     (35,273 )     (34,957 )     (32,213 )     (31,338 )     (30,965 )
                               
          Total shareholders’ equity     131,526       127,508       132,841       125,479       123,723  
                               
          Total liabilities and shareholders’ equity $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)
                             
    ($ in thousands, except per share & ratios)   At and for the Three Months Ended
                             
            March   December   September   June   March
    Interest income      2025     2024       2024     2024       2024  
      Loans                    
      Taxable   $ 15,244   $ 14,920     $ 14,513   $ 13,883     $ 13,547  
      Tax exempt     115     122       127     124       123  
      Securities                    
      Taxable     1,169     1,178       1,192     1,226       1,274  
      Tax exempt     38     35       37     37       37  
      Other interest income     806     592       679     384       319  
                             
        Total interest income     17,372     16,847       16,548     15,654       15,300  
                             
    Interest expense                      
      Deposits     5,352     5,169       5,568     5,208       5,090  
      Repurchase agreements & other     24     41       43     36       34  
      Federal Home Loan Bank advances   362     369       369     370       613  
      Trust preferred securities     160     177       187     187       188  
      Subordinated debt     195     194       195     194       195  
                             
        Total interest expense     6,093     5,950       6,362     5,995       6,120  
                             
                             
    Net interest income     11,279     10,897       10,186     9,659       9,180  
                             
      Provision for credit losses     387     (76 )     200            
                             
    Net interest income after provision                    
      for loan losses       10,892     10,973       9,986     9,659       9,180  
                             
    Noninterest income                    
      Wealth management fees     864     916       882     848       865  
      Customer service fees     879     842       870     875       880  
      Gain on sale of mtg. loans & OMSR   849     1,196       1,311     1,277       781  
      Mortgage loan servicing fees, net     611     816       39     565       763  
      Gain on sale of non-mortgage loans   15     10       20     105       10  
      Title insurance revenue     397     478       485     406       266  
      Net gain on sales of securities                          
      Gain (loss) on sale of assets               200            
      Other     492     299       316     310       386  
                             
        Total noninterest income     4,107     4,557       4,123     4,386       3,951  
                             
    Noninterest expense                    
      Salaries and employee benefits     6,237     6,185       6,057     6,009       5,352  
      Net occupancy expense     893     702       706     707       769  
      Equipment expense     1,072     1,127       1,069     1,060       1,077  
      Data processing fees     1,439     821       758     727       769  
      Professional fees     1,034     895       659     615       758  
      Marketing expense     165     207       241     176       197  
      Telephone and communication expense     139     136       128     156       105  
      Postage and delivery expense     137     116       145     89       97  
      State, local and other taxes     224     224       208     230       245  
      Employee expense     174     168       228     159       178  
      Other expenses     896     422       804     743       735  
                             
        Total noninterest expense     12,410     11,003       11,003     10,671       10,282  
                             
                             
    Income before income tax expense     2,589     4,527       3,106     3,374       2,849  
                             
      Income tax expense     431     892       752     261       481  
                             
    Net income       $ 2,158   $ 3,635     $ 2,354   $ 3,113     $ 2,368  
                             
    Common share data:                    
      Basic earnings per common share   $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
      Diluted earnings per common share $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
                             
    Average shares outstanding (in thousands):                    
      Basic:     6,481     6,575       6,660     6,692       6,715  
      Diluted:     6,502     6,599       6,675     6,700       6,723  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)
                         
    ($ in thousands, except per share & ratios) At and for the Three Months Ended
                         
        March   December   September   June   March
    SUMMARY OF OPERATIONS     2025       2024       2024       2024       2024  
                         
    Net interest income   $ 11,279     $ 10,897     $ 10,186     $ 9,659     $ 9,180  
    Tax-equivalent adjustment     41       42       44       43       43  
    Tax-equivalent net interest income     11,320       10,939       10,230       9,702       9,223  
    Provision for credit loss     387       (76 )     200              
    Noninterest income     4,107       4,557       4,123       4,386       3,951  
    Total operating revenue     15,386       15,454       14,309       14,045       13,131  
    Noninterest expense     12,410       11,003       11,003       10,671       10,282  
    Pre-tax pre-provision income     2,976       4,451       3,306       3,374       2,849  
    Net income     2,158       3,635       2,354       3,113       2,368  
                         
    PER SHARE INFORMATION:                    
    Basic earnings per share (EPS)     0.33       0.55       0.35       0.47       0.35  
    Diluted earnings per share     0.33       0.55       0.35       0.47       0.35  
    Common dividends     0.145       0.145       0.140       0.140       0.135  
    Book value per common share     20.29       19.64       20.05       18.80       18.46  
    Tangible book value per common share (TBV)     15.79       16.00       16.49       15.26       14.93  
    Market price per common share     20.82       20.91       20.56       14.00       13.78  
    Market price to TBV     131.8 %     130.7 %     124.7 %     91.8 %     92.3 %
    Market price to trailing 12 month EPS     12.2       12.1       11.8       7.9       7.9  
                         
    PERFORMANCE RATIOS:                    
    Return on average assets (ROAA)     0.60 %     1.04 %     0.68 %     0.93 %     0.71 %
    Pre-tax pre-provision ROAA     0.83 %     1.28 %     0.96 %     1.01 %     0.86 %
    Return on average equity (ROE)     6.63 %     11.13 %     7.32 %     10.16 %     7.72 %
    Return on average tangible equity     8.32 %     13.58 %     8.97 %     12.59 %     9.55 %
    Efficiency ratio     80.00 %     71.09 %     76.78 %     75.86 %     78.17 %
    Earning asset yield     5.23 %     5.18 %     5.16 %     5.02 %     4.97 %
    Cost of interest bearing liabilities     2.32 %     2.36 %     2.53 %     2.47 %     2.55 %
    Net interest margin     3.40 %     3.35 %     3.17 %     3.10 %     2.99 %
    Tax equivalent effect     0.01 %     0.01 %     0.02 %     0.01 %     0.01 %
    Net interest margin, tax equivalent     3.41 %     3.36 %     3.19 %     3.11 %     3.00 %
    Non interest income/Average assets     1.14 %     1.31 %     1.20 %     1.31 %     1.19 %
    Non interest expense/Average assets     3.45 %     3.15 %     3.20 %     3.18 %     3.08 %
    Net noninterest expense/Average assets     -2.31 %     -1.85 %     -2.00 %     -1.87 %     -1.90 %
                         
    ASSET QUALITY RATIOS:                    
    Gross charge-offs     87       195       29             66  
    Recoveries     2       13       2       16       9  
    Net charge-offs     85       182       27       (16 )     57  
    Nonperforming loans/Total loans     0.56 %     0.53 %     0.54 %     0.47 %     0.25 %
    Nonperforming assets/Loans & OREO     0.56 %     0.53 %     0.54 %     0.52 %     0.30 %
    Nonperforming assets/Total assets     0.41 %     0.40 %     0.40 %     0.39 %     0.22 %
    Allowance for credit loss/Nonperforming loans     254.35 %     273.68 %     276.83 %     329.78 %     642.69 %
    Allowance for credit loss/Total loans     1.41 %     1.44 %     1.48 %     1.55 %     1.58 %
    Net loan charge-offs/Average loans (ann.)     0.03 %     0.07 %     0.01 %     (0.01 %)     0.02 %
                         
    CAPITAL & LIQUIDITY RATIOS:                    
    Loans/ Deposits     85.61 %     90.81 %     88.82 %     90.15 %     89.14 %
    Equity/ Assets     8.76 %     9.24 %     9.53 %     9.35 %     9.26 %
    Tangible equity/Tangible assets     6.96 %     7.66 %     7.97 %     7.72 %     7.63 %
    Common equity tier 1 ratio (Bank)     12.35 %     13.43 %     13.19 %     13.98 %     13.84 %
                         
    END OF PERIOD BALANCES                    
    Total assets     1,501,002       1,379,517       1,393,949       1,342,186       1,336,012  
    Total loans     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
    Deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
    Shareholders equity     131,526       127,508       132,841       125,479       123,723  
    Goodwill and intangibles     29,125       23,597       23,613       23,630       23,646  
    Tangible equity     102,401       103,911       109,228       101,849       100,077  
    Mortgage servicing portfolio     1,432,184       1,427,318       1,406,273       1,389,805       1,371,713  
    Wealth/Brokerage assets under care     519,158       547,697       557,724       525,713       525,517  
    Total assets under care     3,452,344       3,354,532       3,357,946       3,257,704       3,233,242  
    Full-time equivalent employees     262       252       248       249       245  
    Period end common shares outstanding     6,483       6,494       6,624       6,676       6,702  
    Market capitalization (all)     134,982       135,780       136,189       93,458       92,359  
                         
    AVERAGE BALANCES                    
    Total assets     1,459,896       1,395,473       1,376,849       1,342,847       1,333,236  
    Total earning assets     1,346,354       1,301,872       1,283,407       1,246,099       1,230,736  
    Total loans     1,076,328       1,040,580       1,018,262       1,005,018       993,310  
    Deposits     1,227,449       1,163,531       1,145,964       1,120,367       1,091,803  
    Shareholders equity     131,944       130,647       128,608       122,510       123,058  
    Goodwill and intangibles     26,714       23,605       23,621       23,638       23,654  
    Tangible equity     105,230       107,042       104,987       98,872       99,404  
    Average basic shares outstanding     6,481       6,575       6,660       6,692       6,715  
    Average diluted shares outstanding     6,502       6,599       6,675       6,700       6,723  
    SB FINANCIAL GROUP, INC.
      Rate Volume Analysis – (Unaudited)
      For the Three Months Ended Mar. 31, 2025 and 2024
               
      ($ in thousands) Three Months Ended Mar. 31, 2025     Three Months Ended Mar. 31, 2024
        Average   Average     Average   Average
    Assets Balance Interest Rate     Balance Interest Rate
                       
      Taxable securities $ 196,880   $ 1,276 2.63 %     $ 210,252   $ 1,413 2.70 %
      Overnight Cash   66,460     699 4.27 %       20,729     180 3.48 %
      Nontaxable securities   6,686     38 2.30 %       6,445     37 2.30 %
      Loans, net   1,076,328     15,359 5.79 %       993,310     13,670 5.52 %
                       
      Total earning assets   1,346,354     17,372 5.23 %       1,230,736     15,300 4.99 %
                       
      Cash and due from banks   10,339             4,512      
      Allowance for loan losses   (15,238 )           (15,830 )    
      Premises and equipment   21,082             21,281      
      Other assets   97,359             92,537      
                       
      Total assets $ 1,459,896           $ 1,333,236      
                       
    Liabilities                
      Savings, MMDA and interest bearing demand $ 709,324   $ 2,959 1.69 %     $ 605,243   $ 2,525 1.67 %
      Time deposits   276,253     2,393 3.51 %       258,592     2,565 3.98 %
      Repurchase agreements & other   13,106     24 0.74 %       15,993     34 0.85 %
      Advances from Federal Home Loan Bank   35,044     362 4.19 %       51,030     613 4.82 %
      Trust preferred securities   10,310     160 6.29 %       10,310     188 7.31 %
      Subordinated debt   19,694     195 4.02 %       19,646     195 3.98 %
                       
      Total interest bearing liabilities   1,063,731     6,093 2.32 %       960,814     6,120 2.55 %
                       
      Non interest bearing demand   241,872             227,968      
                       
      Total funding   1,305,603     1.89 %       1,188,782     2.06 %
            44.20 %         1  
      Other liabilities   22,349             21,396      
                       
      Total liabilities   1,327,952             1,210,178      
                       
      Equity   131,944             123,058      
                       
      Total liabilities and equity $ 1,459,896           $ 1,333,236      
                       
      Net interest income   $ 11,279         $ 9,180  
                       
      Net interest income as a percent of average interest-earning assets – GAAP measure 3.40 %         2.99 %
                       
      Net interest income as a percent of average interest-earning assets – non GAAP 3.41 %         3.00 %
      – Computed on a fully tax equivalent (FTE) basis             
    Non-GAAP reconciliation Three Months Ended
           
    ($ in thousands, except per share & ratios) Mar. 31, 2025   Mar. 31, 2024
           
    Total Operating Revenue $ 15,386     $ 13,131  
    Adjustment to (deduct)/add OMSR recapture/impairment *   (11 )     (181 )
           
    Adjusted Total Operating Revenue   15,375       12,950  
           
           
    Total Operating Expense $ 12,410     $ 10,282  
    Adjustment for merger expenses   (726 )      
           
    Adjusted Total Operating Expense   11,684       10,282  
           
           
    Income before Income Taxes   2,589       2,849  
    Adjustment for OMSR*/Merger Expenses   715       (181 )
           
    Adjusted Income before Income Taxes   3,304       2,668  
           
           
    Provision for Income Taxes   431       481  
    Adjustment for OMSR/Merger Expenses **   150       (38 )
           
    Adjusted Provision for Income Taxes   581       443  
           
           
    Net Income   2,158       2,368  
    Adjustment for OMSR*/Merger Expenses   565       (143 )
           
    Adjusted Net Income   2,723       2,225  
           
           
    Diluted Earnings per Share   0.33       0.35  
    Adjustment for OMSR*/Merger Expenses   0.09       (0.02 )
           
    Adjusted Diluted Earnings per Share $ 0.42     $ 0.33  
           
           
    Return on Average Assets   0.60 %     0.71 %
    Adjustment for OMSR*/Merger Expenses   0.15 %     -0.04 %
           
    Adjusted Return on Average Assets   0.75 %     0.67 %
           
    *valuation adjustment to the Company’s mortgage servicing rights    
           
    **tax effect is calculated using a 21% statutory federal corporate income tax rate

    The MIL Network

  • MIL-OSI: Mercury Acquires Star Lab to Advance Its Leadership Position in Secure Processing

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., May 01, 2025 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing to the edge, today announced the closure of an agreement that will further advance the company’s leadership position in secure processing capabilities for aerospace and defense applications.

    Mercury has completed the acquisition of Star Lab, a subsidiary of Wind River Systems, Inc., that provides anti-tamper and cybersecurity software solutions designed to protect mission-critical processors from advanced attacks. Mercury has worked with Star Lab for more than a decade, leveraging its technology in deployed and awarded Common Processing Architecture and BuiltSECURE™ products, which mitigate reverse engineering and safeguard confidential data from adversarial threats even when a system has been compromised. This unique technology is required across many defense applications in order to deter, impede, detect, and respond to the exploitation of critical program information.

    Star Lab software is readily and easily integrated with many other Mercury products to provide unique and valuable cybersecurity protection for customers. The acquisition will enhance a wide range of Mercury products and solutions, such as rugged servers, embedded processing cards, mixed signal cards, avionics, and integrated processing solutions. Star Lab will join Mercury’s Processing Technologies business unit.

    “Mercury is a leader in secure processing technologies for aerospace and defense platforms, with unique expertise and IP related to advanced cryptography, secure boot, and physical protection technologies,” said Tom Smelker, Mercury’s Senior Vice President of Processing Technologies. “As holistic security becomes increasingly essential for government missions, the acquisition of Star Lab will allow Mercury to deliver an expanded portfolio of fully integrated security solutions to our customers and partners.”

    Mercury Systems – Innovation that matters® 
    Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

    Forward-Looking Safe Harbor Statement
    This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, such as the deductibility of internal research and development, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

    INVESTOR CONTACT
    Tyler Hojo
    Vice President, Investor Relations
    Tyler.Hojo@mrcy.com

    MEDIA CONTACT
    Turner Brinton
    Senior Director, Corporate Communications
    Turner.Brinton@mrcy.com

    The MIL Network

  • MIL-OSI Video: Department of State Press Briefing – May 1, 2025

    Source: United States of America – Department of State (video statements)

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on May 1, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
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    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=pZFH0WX7pOI

    MIL OSI Video

  • MIL-OSI USA: Congresswoman Cherfilus-McCormick Leads Letter Calling for Transparent Investigation Into Death of Marie Blaise

    Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

    Washington D.C. ─ Today, Congresswoman Sheila Cherfilus-McCormick (D-FL-20), Co-Chair of the Haiti Caucus, led the Florida Democratic congressional delegation in a letter to Secretary of Homeland Security Kristi Noem. The letter calls for a transparent investigation into the death of Marie Blaise. Blaise, a 44-year-old Haitian immigrant, died at an Immigration and Customs Enforcement (ICE) facility in Pompano Beach.

    “According to ICE’s own statement, Ms. Blaise was pronounced dead at 8:35 p.m. by medical staff. Prior to her death, she had been moved through at least three different ICE facilities in a span of just over two months—from initial apprehension in the U.S. Virgin Islands to Puerto Rico, then to Richwood Correctional Center in Louisiana, and finally to the Broward Transitional Center,” the Members wrote

    “The federal government holds a solemn responsibility to ensure the safety and well-being of all individuals in its custody, including those detained by ICE. The circumstances of Ms. Blaise’s death raise serious questions about the quality of medical care provided during her detention, as well as the toll such frequent transfers may have taken on her physical and mental health,” the Members continued

    The letter calls for the U.S. Department of Homeland Security to:

    1. Conduct a transparent investigation into the death of Marie Ange Blaise, including a review of her medical records, detention conditions, and the decision-making process behind her multiple transfers.
    2. Publicly release the findings of this investigation in a timely manner.
    3. Assess systemic issues in the treatment of detainees — particularly those who are medically vulnerable or in transit across multiple facilities.
    4. Initiate a comprehensive audit of safety and medical protocols at the Broward Transitional Center.
    5. Release to Congress the identity of the official(s) responsible for each decision to transfer Marie Ange Blaise between facilities, and all associated rationales.

    As reported in The Miami Herald, Blaise had been complaining about chest pains and her blood pressure measured with a top number of 156. She was later provided pills and sent to lie down before she was pronounced dead by ICE. 

    Additional signatories of the letter include Reps. Wilson (D-FL), Wasserman Schultz, (D-FL), Soto (D-FL), Frankel (D-FL), Frost (D-FL), Castor (D-FL), and Moskowitz (D-FL). 

    The full text of the letter can be found here.

    MIL OSI USA News

  • MIL-OSI USA: Chairmen Guthrie and Griffith Along with Vice Chairman Joyce and Reps. James and Obernolte Issue Statement on Passage of Bills to Stop California EV Mandates

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON, D.C. – Today, Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, and Congressman Morgan Griffith (VA-09), Chairman of the Subcommittee on Environment, along with other members of the Committee applauded the passage of three resolutions of disapproval under the Congressional Review Act to repeal disastrous electric vehicle (EV) mandates. 

    “The passage of these resolutions is a victory for Americans who will not be forced into purchasing costly EVs because of California’s unworkable mandates,”said Chairmen Guthrie and Griffith. “If not repealed, the California waivers would lead to higher prices for both new and used vehicles, increase our reliance on China, and strain our electric grid. The passage of these three resolutions will help to protect Americans from some of the worst policies of the Biden-Harris Administration. Thank you to Vice Chairman Joyce, Congressman James, and Congressman Obernolte for your work to ensure that families and businesses can continue choosing the vehicles they need.”

    “American consumers, not out-of-touch politicians, should decide what vehicle best fits their individual needs,”said Congressman John Joyce, M.D.“Since I arrived in Washington, I have led this fight to protect consumer freedom and save the American auto industry from dangerous environmental regulations. As this legislation takes its first step toward reaching President Trump’s desk, I urge my colleagues in the Senate to support this bill to save our auto industry and protect the freedom of the open road.”

    “Michigan is not afraid of the future, but we demand to be a part of it. The Biden Administration left behind comply-or-die Green New Deal mandates that threaten to crush our trucking industry and drive-up costs for hardworking Americans,” said Congressman James. “I know — my family has a trucking company. Republicans are working hard to implement President Trump’s America First Agenda, and the first step is repealing the rules and waivers that fueled Bideninflation.”

    “I’m proud that the House passed my resolution to stop California’s unworkable engine emission standards from becoming national policy,”said Congressman Obernolte. “These regulations would raise costs for consumers, crush small businesses, and threaten critical supply chains across the country. It is Congress’ job to ensure that one state’s overreach doesn’t dictate how all Americans live, work, or drive.”

    Read an Op-ed from Chairman Guthrie, Vice Chairman Joyce, Congressman James, and Congressman Obernolte on these resolutions here.

    Background:

    The Clean Air Act generally preempts individual states from setting their own vehicle emission standards. However, section 209 of the Clean Air Act allows the Environmental Protection Agency to waive state preemption for California. This carveout was intended to allow California to implement stricter air vehicle emission standards to address “compelling and extraordinary circumstances” involving local air pollution – not to remake the auto industry and limit consumer choice nationwide. 

    The Biden EPA granted these waivers that have allowed California to ban sales of new gas, diesel, and hybrid vehicles, as well as heavy-duty trucks, while also mandating 100% electric vehicle sales by 2035. With approval of these resolutions, Congress is exercising its important oversight responsibilities and reining in the regulatory overreach of the previous administration. 

    • H.J.Res. 88, led by Rep. John Joyce (PA-13), Vice Chairman of the House Committee on Energy and Commerce, will repeal California’s Advanced Clean Cars II (ACCII) waiver, allowing the State to ban the sale of gas-powered vehicles by 2035.
    • H.J.Res. 87, led by Rep. John James (MI-10), will repeal California’s Advanced Clean Trucks (ACT) waiver, which currently would allow the State to mandate the sale of zero-emission trucks.
    • H.J.Res. 89, led by Rep. Jay Obernolte (CA-23), will put an end to California’s implementation of its most recent nitrogen oxide (NOx) engine emission standards, which create burdensome and unworkable standards for heavy-duty on-road engines.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Strickland, Randall Re-Launch Puget Sound Recovery Caucus

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

    Washington, D.C. – Today, during the annual Puget Sound Day on the Hill, U.S. Representatives Marilyn Strickland (WA-10) and Emily Randall (WA-06) announced the re-launch of the Puget Sound Recovery Caucus for the 119th Congress.

    The Caucus, which was founded in 2013 by then-Representatives Denny Heck and Derek Kilmer, focuses on recovering Puget Sound through steps like preventing pollution from urban stormwater runoff, protecting and restoring habitat, and restoring and re-opening shellfish beds. Representative Emily Randall, who was elected in 2024, replaces Kilmer as Co-Chair.

    “The Puget Sound is a national treasure, not only because of its breathtaking beauty, but also because of how critical it is to our economy, jobs, tribal treaty rights, and the environment. We all know how vital the Puget Sound is to our fish and wildlife habitat, biodiversity, and water supply – which is all the more reason to act now. I look forward to the re-launch of the Puget Sound Recovery Caucus, alongside my colleague, Congresswoman Randall, to ensure that we have federal support for the Puget Sound’s recovery and revitalization,” said Strickland.

    “I am elated to join Rep. Strickland in co-leading the Puget Sound Recovery Caucus. The Puget Sound is a cornerstone of our region’s natural beauty, and a vital ecosystem whose health is inextricably linked to our communities, culture, and economy. Yet, it faces persistent and growing threats that demand urgent and sustained action,” said Rep. Emily Randall. “Through the work of this Caucus, we hope to help direct the federal government’s enduring commitment to protecting and restoring this irreplaceable resource — from revitalizing salmon populations and safeguarding critical habitats to advancing broader climate resilience. I am deeply grateful to our partners for their unwavering dedication to preserving the Puget Sound for generations to come.”

    “The Puget Sound Recovery Caucus has long been a strong advocate in Congress for the recovery and protection of Puget Sound, and we are proud to support the relaunch of this important effort,” said Larry Epstein, Deputy Director of the Puget Sound Partnership. “We are fortunate to have such dedicated leadership in our congressional delegation. Through their support, we can continue making investments that protect public health, strengthen local economies, restore vital salmon habitats, and build resilience against flooding.”

    “We welcome the continued leadership of Rep. Marilyn Strickland and fresh energy from Rep. Emily Randall as they carry on the work that Reps. Denny Heck and Derek Kilmer began when they created the Puget Sound Recovery Caucus in 2013,” said Ed Johnstone, Chairman of the Northwest Indian Fisheries Commission. “Recovering Puget Sound is absolutely essential to the protection and continued exercise of our treaty-protected rights. The Puget Sound Recovery Caucus can help us build climate resilience and face ongoing challenges from unchecked human development and recreational impacts from an ever-expanding population.”

    ###

    MIL OSI USA News

  • MIL-OSI USA: Jayapal Leads 142 Members in Demanding Answers Regarding the Revocation of Student Visas

    Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

    WASHINGTON, DC — U.S. Representative Pramila Jayapal (WA-07), Ranking Member of the Immigration Integrity, Security, and Enforcement Subcommittee, is leading 142 Members of Congress in demanding answers regarding the termination of students’ legal status. Despite the Trump Administration’s claim last week that it would reverse course, only Immigration and Customs Enforcement (ICE) has made any policy change.  While students are no longer immediately deportable, they will be unable to return to the United States once they go home after the semester ends, as the State Department is not restoring students’ visa status. 

    “This is not about national security. It is about using immigration enforcement as a weapon to stifle political dissent, restrict due process, and enforce an exclusionary and nativist vision of America that runs counter to everything our institutions of higher learning stand for,” wrote the Members. “Across the country, students are being picked up – in some cases by masked immigration agents in unmarked cars – and being held in detention facilities with no warning and limited information as to why they are being deported.”

    According to recent reporting, more than 1,800 students and recent graduates across 280 colleges and universities have had their visas revoked. Since Trump took office, the Department of Homeland Security (DHS) has also confirmed that at least 4,736 have had their legal status terminated in the Student and Exchange Visitor Information System (SEVIS). However, DHS does not have the authority to terminate this legal status except under very specific circumstances, none of which have been met in the vast majority of these cases.

    “Our campuses have been spaces where students and scholars from around the world come together to challenge assumptions, push the boundaries of knowledge, and foster the innovation that has made our country a global leader,” continued the Members. “But today, the Trump administration’s heavy-handed and politically motivated immigration enforcement is turning university campuses into places of fear, rather than learning, and these actions deter students from coming to study at U.S. institutions.”

    Reporting has also shown that the State Department has been using Artificial Intelligence (AI) tools to identify students to target through their social media accounts. This aspect is especially troubling as social media accounts may not feature students’ names, and AI facial recognition is often prone to mistakes, at significantly higher rates when identifying people of color.

    The full text of the letter can be read here. 

    The letter was signed by Pramila Jayapal (WA-07), Jamie Raskin (MD-08), Gabe Amo (RI-01), Yassamin Ansari (AZ-03), Jake Auchincloss (MA-04), Becca Balint (VT-At Large), Nanette Barragán (CA-44), Joyce Beatty (OH-03), Wesley Bell (MO-01), Ami Bera (CA-06), Donald S. Beyer, Jr. (VA-08), Suzanne Bonamici (OR-01), Shontel Brown (OH-11), Julia Brownley (CA-26), Nikki Budzinski (IL-13), Salud Carbajal (CA-24), André Carson (IN-07), Troy Carter (LA-02), Greg Casar (TX-35), Sean Casten (IL-06), Kathy Castor (FL-14), Joaquin Castro (TX-20), Judy Chu (CA-28), Gilbert Cisneros (CA-31), Yvette Clarke (NY-09), Emanuel Cleaver (MO-05), Steve Cohen (TN-09), Gerald Connolly (VA-11), J. Luis Correa (CA-46), Angie Craig (MN-02), Jason Crow (CO-06), Danny K. Davis (IL-07), Madeleine Dean (PA-04), Diana DeGette (CO-01), Rosa DeLauro (CT-03), Suzan DelBene (WA-01), Chris Deluzio (PA-17), Mark DeSaulnier (CA-10), Maxine Dexter (OR-03), Lloyd Doggett (TX-37), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Dwight Evans (PA-03), Cleo Fields (LA-06), Lizzie Fletcher (TX-07), Bill Foster (IL-11), Valerie Foushee (NC-04), Laura Friedman (CA-30), Maxwell Frost (FL-10), John Garamendi (CA-08), Jesús “Chuy” García (IL-04), Robert Garcia (CA-42), Sylvia Garcia (TX-29), Jimmy Gomez (CA-34), Maggie Goodlander (NH-02), Al Green (TX-09), Jahana Hayes (CT-05), Jim Himes (CT-04), Steven Horsford (NV-04), Val Hoyle (OR-04), Jared Huffman (CA-02), Glenn Ivey (MD-04), Jonathan Jackson (IL-01), Sara Jacobs (CA-51), Henry C. “Hank” Johnson, Jr. (GA-04), Julie Johnson (TX-32), Sydney Kamlager-Dove (CA-37), William Keating (MA-09), Robin Kelly (IL-02), Timothy Kennedy (NY-26), Ro Khanna (CA-17), Raja Krishnamoorthi (IL-08), Rick Larsen (WA-02), John Larson (CT-01), Summer Lee (PA-12), Teresa Leger Fernandez (NM-03), Mike Levin (CA-49), Sam Liccardo (CA-16), Ted Lieu (CA-36), Zoe Lofgren (CA-18), Stephen Lynch (MA-08), Seth Magaziner (RI-02), John Mannion (NY-22), Doris Matsui (CA-07), Jennifer McClellan (VA-04), Betty McCollum (MN-04), James P. McGovern (MA-02), LaMonica McIver (NJ-10), Gregory Meeks (NY-05), Robert Menendez (NJ-08), Dave Min (CA-47), Gwen Moore (WI-04), Joe Morelle (NY-25), Kelly Morrison (MN-03), Seth Moulton (MA-06), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Eleanor Holmes Norton (DC), Alexandria Ocasio-Cortez (NY-14), Johnny Olszewski (MD-02), Ilhan Omar (MN-05), Jimmy Panetta (CA-19), Nancy Pelosi (CA-11), Scott Peters (CA-50), Brittany Pettersen (CO-07), Chellie Pingree (ME-01), Mark Pocan (WI-02), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia Ramirez (IL-03), Emily Randall (WA-06), Luz Rivas (CA-29), Deborah Ross (NC-02), Andrea Salinas (OR-06), Linda Sánchez (CA-38), Mary Gay Scanlon (PA-05), Jan Schakowsky (IL-09), Robert C. “Bobby” Scott (VA-03), Terri Sewell (AL-07), Lateefah Simon (CA-12), Adam Smith (WA-09), Melanie Stansbury (NM-01), Marilyn Strickland (WA-10), Suhas Subramanyam (VA-10), Eric Swalwell (CA-14), Mark Takano (CA-39), Shri Thanedar (MI-13), Mike Thompson (CA-04), Bennie G. Thompson (MS-02), Dina Titus (NV-01), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), Paul Tonko (NY-20), Lori Trahan (MA-03), Lauren Underwood (IL-14), Juan Vargas (CA-52), Gabe Vasquez (NM-02), Marc Veasey (TX-33), Nydia M. Velázquez (NY-07), Maxine Waters (CA-43), Bonnie Watson Coleman (NJ-12), and Nikema Williams (GA-05).

    It was also endorsed by AFL-CIO; American Friends of Combatants for Peace; American Friends Service Committee; Amnesty International USA; Asian Americans Advancing Justice | AAJC; Asian Americans Advancing Justice | Chicago; Asian Americans Advancing Justice Southern California; Brooklyn for Peace; Center for Constitutional Rights; Center for International Policy Advocacy; Coalition for Humane Immigrant Rights (CHIRLA); CODEPINK; Council on American-Islamic Relations (CAIR); DAWN; Friends Committee on National Legislation; Habonim Dror North America; Hindus for Human Rights; HIstorians for Peace and Democracy; IfNotNow Movement ; Illinois Coalition for Immigrant and Refugee Rights; IMEU Policy Project; Immigrant Legal Resource Center (ILRC); Indivisible; International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW); J Street; Jewish Voice for Peace Action; MADRE; Minnesota Peace Project; MPower Change Action Fund; National Immigrant Justice Center; New Jewish Narrative; Nonviolence International; OneAmerica; Partners for Progressive Israel; Peace Action; Presbyterian Church (USA), Office of Public Witness; Presidents’ Alliance on Higher Education and Immigration; Reconsider; Service Employees International Union (SEIU); Southeast Asia Resource Action Center (SEARAC); Stop AAPI Hate; United Church of Christ.

    Issues: Arts & Education, Immigration

    MIL OSI USA News

  • MIL-OSI USA: Trahan, Connolly Demand Answers on DOGE’s Alleged Privacy Act Violations and Data Risks at NLRB

    Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

    WASHINGTON, DC – Today, Congresswoman Lori Trahan (MA-03), who previously announced an effort to update the Privacy Act of 1974 to better protect Americans’ sensitive data, and House Oversight and Government Reform Ranking Member Gerald E. Connolly (VA-11) demanded information from the National Labor Relations Board regarding potential violations of federal privacy laws by Elon Musk’s Department of Government Efficiency (DOGE) staffers at the National Labor Relations Board (NLRB).
    “We write with an urgent request for information related to the disclosure by a National Labor Relations Board whistleblower that agency officials possibly affiliated with the Department of Government Efficiency may have illegally exfiltrated multiple gigabytes of sensitive data, including the personal information of Americans who reported unfair labor practices,” the lawmakers wrote. “We are deeply concerned that these actions may constitute violations of the Privacy Act of 1974, which can carry criminal penalties, and the Federal Information Security Modernization Act, which requires agency heads to notify Congress of major data breaches.”
    The request follows a whistleblower at NLRB sounding the alarm about DOGE representatives removing approximately ten gigabytes of sensitive data, including the personal information of Americans who have previously reported unfair labor practices, and then attempting to cover up their actions. The data removed from the agency could also include companies’ proprietary information.
    In addition to concerns about Musk’s conflicts of interest with his company SpaceX currently fighting NLRB complaints, the unverified and unreported exfiltration of Americans’ personal data could constitute violations of both the Privacy Act of 1974, which regulates how the federal government stores and uses Americans’ sensitive data, and the Federal Information Security Modernization Act (FISMA), which requires that federal agencies notify Congress when Americans’ data is breached.
    “Based on our understanding of the whistleblowers’ disclosure, we are concerned that NLRB officials, especially those affiliated with DOGE, may have violated both the Privacy Act and FISMA. With respect to the Privacy Act, it is overwhelmingly likely that one or more NLRB employees–and not foreign actors or criminals–perpetrated the massive data exfiltration on March 4th, violating the Act’s disclosure requirements. Moreover, it appears that these officials did so without obtaining written consent nor receiving agency approval for an ‘exception’ to the consent requirement, meaning they could be subject to criminal penalties,” the lawmakers concluded. “And with respect to FISMA, it appears that the whistleblower discovered a ‘major incident’ under any definition of the term proposed by OMB. NLRB subsequently failed to notify Congress, in apparent violation of its statutory requirements: as of writing, neither the House Oversight and Government Reform Committee nor House Education & the Workforce Committee have received notification with the required information about the incident.”
    The lawmakers are requesting answers to the following questions by May 16, 2025:

    All reports, communications, and written documentation produced during NLRB’s investigation into Mr. Berulis’s concerns that Tim Bearese, the NLRB’s acting press secretary, confirmed took place in a statement to National Public Radio (NPR).
    A signed attestation that NLRB determined the events which Mr. Berulis discovered qualify as a “major incident” under the definitions proposed by OMB or, alternatively, an explanation of why the NLRB did not make such a determination.
    Why has the NLRB failed to notify relevant Congressional committees as required by FISMA, including the House Oversight and Government Reform and House Education & the Workforce Committees?
    For each official who holds, or has previously held since January 20th, 2025, access to NLRB information technology systems:

    a.    What is the nature of that employee’s relationship with NLRB?
                                          i.        If the employee is full-time, to what other agencies are they detailed?
                                         ii.        If the employee is detailed to NLRB, from what agency are they detailed?
                                        iii.        If the employee is a contractor, what firm do they work for?
    b.    For each NLRB system that the employee previously had access to, currently has access to, or will have access to:
                                          i.        What level of access to the system does the employee currently possess?
                                         ii.        Who provided such access to the system?
                                        iii.        What was the justification for providing such access to the system, especially if no other agency official had previously been granted the same level of access?
                                       iv.        When was access to the system provided?
                                         v.        What training, including security and privacy, were provided to the employee regarding their access to the system? Did this training take place before or after access was provided?
                                       vi.        To the extent that access to the system was provided under a Privacy Act exception, what exception was invoked?
                                      vii.        What security controls were implemented, if any, as a result of your granting the employee their access to the system?
                                     viii.        Did the NLRB official who granted access to the system consider the cyber, operational, or privacy risks before doing so?
                                       ix.        Has the employee modified, copied, shared, or removed any records from the system?
                                         x.        Has the employee modified the system in any way?
                                       xi.        Has the employee granted, revoked, or otherwise modified access to the system for any other users?
    c.     Can you commit to preserving all system logs related to access, development, exfiltration consistent with the Federal Records Act?
    d.    Can you commit to otherwise documenting all critical decisions related to information technology systems at NLRB?
    A copy of the letter sent today can be accessed HERE.
    This request for information follows an effort Trahan led last month requesting an independent investigation into DOGE’s alleged mishandling of Americans’ sensitive data housed in the Treasury Department’s payment system. In March, Trahan announced that she will be introducing legislation to rewrite the Privacy Act for the first time since its passage in 1974.
    ###

    MIL OSI USA News

  • MIL-OSI Security: Santa Clarita Man Agrees to Plead Guilty to Hacking Disney Employee’s Computer, Downloading Confidential Data from Company

    Source: Office of United States Attorneys

    LOS ANGELES – A Santa Clarita man has agreed to plead guilty to hacking the personal computer of an employee of The Walt Disney Company last year, obtaining login information, and using that information to illegally download confidential data from the Burbank-based mass media and entertainment conglomerate via the employee’s Slack online communications account.

    Ryan Mitchell Kramer, 25, has agreed to plead guilty to an information charging him with one count of accessing a computer and obtaining information and one count of threatening to damage a protected computer.

    In addition to the information, prosecutors today filed a plea agreement in which Kramer agreed to plead guilty to the two felony charges, which each carry a statutory maximum sentence of five years in federal prison.

    Kramer is expected to make his initial appearance in United States District Court in downtown Los Angeles in the coming weeks.

    According to his plea agreement, in early 2024, Kramer posted a computer program on various online platforms, including GitHub, that purported to be computer program that could be used to create A.I.-generated art. In fact, the program contained a malicious file that enabled Kramer to gain access to victims’ computers. 

    Sometime in April and May of 2024, a victim downloaded the malicious file Kramer posted online, giving Kramer access to the victim’s personal computer, including an online account where the victim stored login credentials and passwords for the victim’s personal and work accounts. 

    After gaining unauthorized access to the victim’s computer and online accounts, Kramer accessed a Slack online communications account that the victim used as a Disney employee, gaining access to non-public Disney Slack channels. In May 2024, Kramer downloaded approximately 1.1 terabytes of confidential data from thousands of Disney Slack channels.

    In July 2024, Kramer contacted the victim via email and the online messaging platform Discord, pretending to be a member of a fake Russia-based hacktivist group called “NullBulge.” The emails and Discord message contained threats to leak the victim’s personal information and Disney’s Slack data.

    On July 12, 2024, after the victim did not respond to Kramer’s threats, Kramer publicly released the stolen Disney Slack files, as well as the victim’s bank, medical, and personal information on multiple online platforms.

    Kramer admitted in his plea agreement that, in addition to the victim, at least two other victims downloaded Kramer’s malicious file, and that Kramer was able to gain unauthorized access to their computers and accounts.

    The FBI is investigating this matter.

    Assistant United States Attorneys Lauren Restrepo and Maxwell Coll, both of the Cyber and Intellectual Property Crimes Section, are prosecuting this case.

    MIL Security OSI

  • MIL-OSI: Monolithic Power Systems Earnings Commentary for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., May 01, 2025 (GLOBE NEWSWIRE) — MPS will report its results after the market closes on May 1, 2025 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/92570889542.

    Q1 2025 Financial Summary  (Unaudited)
      GAAP
      Q1’25
      Q4’24
      Q1’24
        QoQ Change YoY Change
    Revenue ($k) $ 637,554   $ 621,665   457,885     Up 2.6% Up 39.2%
    Gross Margin 55.4%   55.4%   55.1%     Flat Up 0.3 pts
    Opex ($k) $ 184,471   $ 181,101   156,954     Up 1.9% Up 17.5%
    Operating Margin 26.5%   26.3%   20.9%     Up 0.2 pts Up 5.6 pts
    Net income ($k) $ 133,791   $ 1,449,363   92,541     Down 90.8% Up 44.6%
    Diluted EPS $ 2.79   $ 29.88   1.89     Down 90.7% Up 47.6%
      Non-GAAP
      Q1’25
      Q4’24
      Q1’24
        QoQ Change YoY Change
    Revenue ($k) $ 637,554   $ 621,665   $ 457,885     Up 2.6% Up 39.2%
    Gross Margin 55.7%   55.8%   55.7%     Down 0.1 pts Flat
    Opex ($k) $ 133,526   $ 126,117   $ 103,426     Up 5.9% Up 29.1%
    Operating Margin 34.7%   35.5%   33.1%     Down 0.8 pts Up 1.6 pts
    Net income ($k) $ 193,813   $ 198,401   $ 137,492     Down 2.3% Up 41.0%
    Diluted EPS $ 4.04   $ 4.09   $ 2.81     Down 1.2% Up 43.8%
    Tax Rate 15.0%   12.5%   12.5%     Up 2.5 pts Up 2.5 pts
    Revenue by End Market
     
        Revenue   YoY Change   % of Revenue
    End Market ($M)   Q1’25
    Q1’24   $   %     Q1’25   Q1’24  
    Storage & Computing   $ 188.5 $ 106.1   $ 82.4   77.7%     29.6 23.2
    Automotive   144.9 87.1   57.8   66.4%     22.7   19.0  
    Enterprise Data   132.9 149.7   (16.8 (11.2%   20.8   32.7  
    Communications   71.8 46.7   25.1   53.7%     11.3   10.2  
    Consumer   56.9 38.1   18.8   49.3%     8.9   8.3  
    Industrial   42.6 30.2   12.4   41.1%     6.7   6.6  
    Total   $ 637.6 $ 457.9   $ 179.7   39.2%     100 100
                               

    Ongoing Business Conditions

    In Q1 2025, MPS achieved record quarterly revenue of $637.6 million, slightly higher than revenue in the fourth quarter of 2024 and 39.2% higher than revenue in the first quarter of 2024.

    Our performance during the quarter reflected the continued strength of our diversified market strategy and a continued trend of the ordering patterns we saw at the end of 2024.

    Q1 2025 highlights include:

    • At our March 20th investor day, we showcased MPS innovation across a range of areas including new opportunities in Robotics, Automotive, Data Center, Building Automation, Medical, and Audio.
    • In Q1, Storage and Computing segment revenue increased 38% quarter-over-quarter on strong demand for both memory and notebook solutions.
    • We continue to win designs across all major Enterprise Data customers with revenue ramps expected in the second half of this year.
    • Finally, Q1 ’25 Automotive revenue increased 13% from Q4’24, the third consecutive quarter of sequential double-digit growth.

    MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and swiftly adapt to market changes as they occur.

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.

    Q1’25 Revenue Results

    MPS reported first quarter revenue of $637.6 million, slightly higher than the fourth quarter of 2024 and 39.2% higher than the first quarter of 2024. Compared with the fourth quarter of 2024, sales in Storage & Computing, Automotive, Communication and Industrial improved sequentially.

    First quarter 2025 Storage and Computing revenue of $188.5 million increased 38.1% from the fourth quarter of 2024. The sequential increase was primarily driven by higher sales of power solutions for storage and notebooks. First quarter 2025 Storage and Computing revenue was up 77.7% year over year. Storage and Computing revenue represented 29.6% of MPS’s first quarter 2025 revenue compared with 22.0% in the fourth quarter of 2024.

    First quarter Automotive revenue of $144.9 million increased 12.9% from the fourth quarter of 2024 primarily from higher sales in ADAS, body electronics, and infotainment power solutions. First quarter 2025 Automotive revenue was up 66.4% year over year. Automotive revenue represented 22.7% of MPS’s first quarter 2025 revenue compared with 20.6% in the fourth quarter of 2024.

    First quarter 2025 Communications revenue of $71.8 million was up 12.3% from the fourth quarter of 2025 primarily on higher sales into networking and optical solutions. First quarter 2025 Communications revenue was up 53.7% year over year. Communications sales represented 11.3% of our total first quarter 2025 revenue compared with 10.3% in the fourth quarter of 2024.

    First quarter 2025 Industrial revenue of $42.6 million increased 4.3% from the fourth quarter of 2024 primarily due to higher sales for industrial meters. First quarter 2025 Industrial revenue was up 41.1% year over year. Industrial revenue represented 6.7% of our total first quarter 2025 revenue compared with 6.6% in the fourth quarter of 2024.

    First quarter Consumer revenue of $56.9 million decreased 0.6% from the fourth quarter of 2024 primarily from lower sales in gaming partially offset by higher sales for TV solutions. First quarter 2025 Consumer revenue was up 49.3% year over year. Consumer revenue represented 8.9% of MPS’s first quarter 2025 revenue compared with 9.2% in the fourth quarter of 2024.

    In our Enterprise Data market, first quarter 2025 revenue of $132.9 million decreased 31.8% from the fourth quarter of 2024. First quarter 2025 Enterprise Data revenue was down 11.2% year over year. Enterprise Data revenue represented 20.8% of MPS’s first quarter 2025 revenue compared with 31.3% in the fourth quarter of 2024.

    Q1’25 Gross Margin & Operating Income

    GAAP gross margin was 55.4%, flat to the fourth quarter of 2024. Our GAAP operating income was $168.8 million compared to $163.3 million reported in the fourth quarter of 2024.

    Non-GAAP gross margin for the first quarter of 2025 was 55.7%, down 0.1 percentage points compared to the fourth quarter of 2024. Our non-GAAP operating income was $221.5 million compared to $220.7 million reported in the fourth quarter of 2024.

    Q1’25 Operating Expenses

    Our GAAP operating expenses were $184.5 million in the first quarter of 2025 compared with $181.1 million in the fourth quarter of 2024.

    Our Non-GAAP operating expenses were $133.5 million, up from $126.1 million in the fourth quarter of 2024.

    The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan income.

    Total stock-based compensation and related expenses, including approximately $1.7 million charged to cost of goods sold, was $53.8 million compared with $56.3 million recorded in the fourth quarter of 2024.

    The Bottom Line

    First quarter 2025 GAAP net income was $133.8 million or $2.79 per fully diluted share, compared with $1.4 billion or $29.88 per share in the fourth quarter of 2024. Fourth quarter 2024 GAAP net income and EPS included the recognition of a tax benefit granted to a foreign subsidiary.

    First quarter 2025 non-GAAP net income was $193.8 million or $4.04 per fully diluted share, compared with $198.4 million or $4.09 per fully diluted share in the fourth quarter of 2024.

    The first quarter 2025 non-GAAP tax rate increased to 15% from 12.5% in the fourth quarter of 2024.

    There were 48.0 million fully diluted shares outstanding at the end of the first quarter of 2025.

    Balance Sheet and Cash Flow

    Cash, cash equivalents and short-term investments were $1,026.7 million at the end of the first quarter of 2025 compared to $862.9 million at the end of the fourth quarter of 2024. For the first quarter of 2025, MPS generated operating cash flow of $256.4 million compared with the fourth quarter of 2024 operating cash flow of $167.7 million.

    Accounts receivable at the end of the first quarter of 2025 were $214.9 million, representing 31 days of sales outstanding, which was 6 days higher than the 25 days reported at the end of the fourth quarter of 2024.

    Our internal inventories at the end of the first quarter of 2025 were $454.8 million, up from $419.6 million at the end of the fourth quarter of 2024. Days of inventory of 146 days at the end of the first quarter of 2025 was 8 days higher than at the end of the fourth quarter of 2024.

    We have carefully managed our internal inventories throughout the year, balancing the uncertainty in the market with being prepared to capture market upturns when they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the first quarter of 143 days was 9 days higher than at the end of the fourth quarter of 2024.

    Selected Balance Sheet and Inventory Data (Unaudited)
           
      Q1’25 Q4’24 Q1’24
    Cash, Cash Equivalents, and Short-Term Investments $ 1,026.7 M $ 862.9 M $ 1,286.4 M
    Operating Cash Flow $ 256.4 M $ 167.7 M $ 248.0 M
    Accounts Receivable $ 214.9 M $ 172.5 M $ 194.4 M
    Days of Sales Outstanding 31 Days 25 Days 39 Days
    Internal Inventories $ 454.8 M $ 419.6 M $ 396.0 M
    Days of Inventory (current quarter revenue) 146 Days 138 Days 175 Days
    Days of Inventory (next quarter revenue) 143 Days 134 Days 159 Days
           

    Q2’25 Business Outlook

    For the second quarter of 2025 ending June 30, we are forecasting:

    • Revenue in the range of $640 million to $660 million.
    • GAAP gross margin in the range of 54.9% to 55.5%.
    • Non-GAAP gross margin in the range of 55.2% to 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
    • Total stock-based compensation and related expenses in the range of $58.3 million to $60.3 million including approximately $1.9 million that would be charged to cost of goods sold.
    • GAAP operating expenses between $189 million and $195 million.
    • Non-GAAP operating expenses in the range of $132.6 million to $136.6 million. This estimate excludes stock-based compensation and related expenses in the range of $56.4 million to $58.4 million.
    • Interest and other income in the range from $6.2 million to $6.6 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15% for 2025.
    • Fully diluted shares outstanding in the range of 47.9 to 48.3 million shares.

    For further information, contact:

    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com 

    Safe Harbor Statement

    This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Q2’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain and the quote from our CEO and founder, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.

    Non-GAAP Financial Measures

    This CFO Commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.

    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended March 31,
        2025   2024
    Net income   $ 133,791     $ 92,541  
                     
    Adjustments to reconcile net income to non-GAAP net income:                
    Stock-based compensation and related expenses     53,811       51,769  
    Amortization of acquisition-related intangible assets     320       291  
    Deferred compensation plan expense (income), net     (6 )     47  
    Tax effect     5,897       (7,156 )
    Non-GAAP net income   $ 193,813     $ 137,492  
                     
    Non-GAAP net income per share:                
    Basic   $ 4.05     $ 2.83  
    Diluted   $ 4.04     $ 2.81  
                     
    Shares used in the calculation of non-GAAP net income per share:                
    Basic     47,851       48,635  
    Diluted     48,006       48,928  
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
        Three Months Ended March 31,
        2025   2024
    Gross profit   $ 353,230     $ 252,441  
    Gross margin     55.4 %     55.1 %
                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                
    Stock-based compensation and related expenses     1,706       1,900  
    Amortization of acquisition-related intangible assets     287       258  
    Deferred compensation plan expense (income)     (163 )     440  
    Non-GAAP gross profit   $ 355,060     $ 255,039  
    Non-GAAP gross margin     55.7 %     55.7 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024
    Total operating expenses   $ 184,471     $ 156,954  
                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                
    Stock-based compensation and related expenses     (52,105 )     (49,869 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )
    Deferred compensation plan income (expense)     1,193       (3,626 )
    Non-GAAP operating expenses   $ 133,526     $ 103,426  
                     
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024
    Total operating income   $ 168,759     $ 95,487  
                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                
    Stock-based compensation and related expenses     53,811       51,769  
    Amortization of acquisition-related intangible assets     320       291  
    Deferred compensation plan expense (income)     (1,356 )     4,066  
    Non-GAAP operating income   $ 221,534     $ 151,613  
                     
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024  
    Total other income, net   $ 5,131     $ 9,540  
                   
    Adjustments to reconcile other income, net to non-GAAP other income, net:              
    Deferred compensation plan expense (income)     1,350       (4,019 )
    Non-GAAP other income, net   $ 6,481     $ 5,521  
                     
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
     
        Three Months Ended March 31,
        2025   2024
    Total income before income taxes   $ 173,890     $ 105,027
                   
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:              
    Stock-based compensation and related expenses     53,811       51,769
    Amortization of acquisition-related intangible assets     320       291
    Deferred compensation plan expense (income), net     (6 )     47
    Non-GAAP income before income taxes   $ 228,015     $ 157,134
                   
    2025 SECOND QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
        Three Months Ending
    March 31, 2025
                     
        Low   High
    Gross margin     54.9 %     55.5 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.2 %     55.8 %
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ending
    March 31, 2025
                     
        Low   High
    Operating expenses   $ 189,000     $ 195,000  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (56,400 )     (58,400 )
    Non-GAAP operating expenses   $ 132,600     $ 136,600  
                     

    The MIL Network

  • MIL-OSI: GSI Technology, Inc. Reports Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its fourth fiscal quarter and fiscal year ended March 31, 2025.

    Summary Financial Results Table (in thousands, except per share amounts)

      Three Months Ended 12 Months Ended
      Mar. 31,
    2025
    Dec. 31,
    2024
    Mar. 31,
    2024
    Mar. 31,
    2025
    Mar. 31,
    2024
    Net revenues $ 5,883     $ 5,414     $ 5,152     $ 20,518     $ 21,765  
    Gross margin (%)   56.1 %     54.0 %     51.6 %     49.4 %     54.3 %
    Operating expenses $ 5,575     $ 6,978     $ 7,172     $ 20,975     $ 32,254  
    Operating loss $ (2,276 )   $ (4,055 )   $ (4,514 )   $ (10,835 )   $ (20,431 )
    Net loss $ (2,230 )   $ (4,029 )   $ (4,321 )   $ (10,639 )   $ (20,087 )
    Net loss per share, diluted $ (0.09 )   $ (0.16 )   $ (0.17 )   $ (0.42 )   $ (0.80 )
                                           

    Lee-Lean Shu, Chairman and Chief Executive Officer, stated, “Our fourth quarter revenue increased 14% year-over-year and 9% sequentially to $5.9 million, reflecting strong demand for our legacy SRAM chips. This performance, combined with disciplined cost management, led to a significantly reduced net loss and lower cash burn for the quarter.”

    Mr. Shu continued, “ I am excited to announce that we secured an initial order for our radiation-hardened SRAM from a North American prime contractor, with follow-on orders expected in fiscal 2026. This sale also carries a significantly higher gross margin than our traditional SRAM chips. In parallel, we are actively pursuing heritage status for this chip, which will improve our market readiness and open important new sales channels. On the APU front, we expect to receive production-ready Gemini-II chips and Leda-2 boards by the end of the first quarter of fiscal 2026. In addition, our Gemini-II SBIR programs with the Space Development Agency (SDA) and US Air Force Research Laboratory (AFRL) remain on schedule. We delivered a server with a Leda-2 board to AFRL and will soon ship a Gemini-II card to SDA. Funds from these programs are offsetting our R&D expenditures for Gemini-II.”

    Mr. Shu concluded, “We are especially excited about a recent enhancement to Plato: adding the integration of a camera interface directly into the chip. This and other enhanced connectivity features create a compact, all-in-one optimized AI and LLM engine for edge devices, particularly well suited for agents requiring object recognition. With the ability to process data locally, without relying on cloud infrastructure, Plato now offers a powerful and flexible accelerator for next-generation edge computing applications. The new capability has increased strategic interest in Plato, and we are currently in preliminary discussions with multiple parties to secure partnerships to fund the next phase of development.”

    Commenting on the outlook for GSI’s first quarter of fiscal 2026, Mr. Shu stated, “Our current expectations for the upcoming first quarter of fiscal 2026 is for net revenues in a range of $5.5 million to $6.3 million, with gross margin of approximately 56% to 58%.”

    Fiscal Year 2025 Summary Financials

    The Company reported net revenues of $20.5 million for the fiscal year ended March 31, 2025, compared to $21.8 million for fiscal 2024. Gross margin was 49.4% for fiscal 2025 compared to 54.3% in fiscal 2024. The decrease in gross margin was primarily due to product mix and the effect of lower revenue on the fixed costs in our cost of revenues.

    Total operating expenses were $21.0 million in fiscal 2025, compared to $32.3 million in fiscal 2024. Research and development expenses were $16.0 million, compared to $21.7 million in the prior fiscal year. Selling, general and administrative expenses were $10.8 million, compared to $10.6 million in fiscal 2024. The decline in research and development expenses was primarily due to cost reductions announced in August 2024. Research and development expense in fiscal 2024 included pre-production mask costs of $2.4 million related to our Gemini-II product.

    Research and development expenses in fiscal 2025 and fiscal 2024 were reduced by $1.2 million and $440,000, respectively, reflecting government funding under the SBIR programs. Operating expenses in fiscal 2025 include a gain on the sale of assets of $5.8 million from the sales of the Company’s headquarters building in Sunnyvale, CA, in a sales and leaseback transaction.

    The operating loss for fiscal 2025 was $(10.8) million compared to an operating loss of $(20.4) million in the prior year. The fiscal 2025 net loss included interest and other income of $326,000 and a tax provision of $130,000, compared to $414,000 in interest and other income and a tax provision of $70,000 in the prior fiscal year.

    Net loss for fiscal 2025 was $(10.6) million, or $(0.42) per diluted share, compared to a net loss of $(20.1) million, or $(0.80) per diluted share, for fiscal 2024.

    Fourth Quarter Fiscal Year 2025 Summary Financials

    The Company reported net revenues of $5.9 million for the fourth quarter of fiscal 2025, compared to $5.2 million for the fourth quarter of fiscal 2024 and $5.4 million for the third quarter of fiscal 2025. Gross margin was 56.1% in the fourth quarter of fiscal 2025 compared to 51.6% in the fourth quarter of fiscal 2024 and 54.0% in the preceding third quarter of fiscal 2025. The sequential increase in gross margin in the fourth quarter of fiscal 2025 was primarily due to higher revenue and product mix.

    In the fourth quarter of fiscal 2025, sales to KYEC were $1.7 million, or 29.5% of net revenues, compared to $544,000, or 10.6% of net revenues, in the same period a year ago and $1.2 million, or 22.7% of net revenues, in the prior quarter. In the fourth quarter of fiscal 2025, sales to Nokia were $444,000, or 7.5% of net revenues, compared to $694,000, or 13.5% of net revenues, in the same period a year ago and $239,000, or 4.4% of net revenues, in the prior quarter. Military/defense sales were 30.7% of fourth quarter shipments compared to 35.5% of shipments in the comparable period a year ago and 30.0% of shipments in the prior quarter. SigmaQuad sales were 39.3% of fourth quarter shipments compared to 42.4% in the fourth quarter of fiscal 2024 and 39.1% in the prior quarter.

    Total operating expenses in the fourth quarter of fiscal 2025 were $5.6 million, compared to $7.2 million in the fourth quarter of fiscal 2024 and $7.0 million in the prior quarter. Research and development expenses were $3.0 million, compared to $4.8 million in the prior-year period and $4.0 million in the prior quarter. Research and development expenses in the fourth quarter of fiscal 2025 were reduced by $870,000, reflecting government funding under the SBIR programs. Selling, general and administrative expenses were $2.6 million in the quarter ended March 31, 2025, compared to $2.4 million in the prior year quarter and $3.0 million in the previous quarter.

    Fourth quarter fiscal 2025 operating loss was $(2.3) million compared to an operating loss of $(4.5) million in the prior-year period and $(4.1) million in the prior quarter. Fourth quarter fiscal 2025 net loss included interest and other income of $52,000 and a tax provision of $6,000, compared to $108,000 in interest and other income and a tax benefit of $(85,000) for the same period a year ago. In the preceding third quarter, net loss included interest and other income of $70,000 and a tax provision of $44,000.

    Net loss in the fourth quarter of fiscal 2025 was $(2.2) million, or $(0.09) per diluted share, compared to a net loss of $(4.3) million, or $(0.17) per diluted share, for the fourth quarter of fiscal 2024 and a net loss of $(4.0) million, or $(0.16) per diluted share, for the third quarter of fiscal 2025.

    Total fourth quarter pre-tax stock-based compensation expense was $512,000 compared to $693,000 in the comparable quarter a year ago and $429,000 in the prior quarter.

    At March 31, 2025, the Company had $13.4 million in cash and cash equivalents, compared to $14.4 million at March 31, 2024. Working capital was $16.4 million as of March 31, 2025 versus $24.7 million at March 31, 2024. Stockholders’ equity as of March 31, 2025 was $28.2 million, compared to $36.0 million as of the fiscal year ended March 31, 2024.

    Conference Call

    Management will conduct a conference call to review the Company’s financial results for the fourth quarter and fiscal year 2025 and its current outlook for the first quarter of fiscal 2026 at 1:30 p.m. Pacific time (4:30 p.m. Eastern Time) today.

    To participate in the call, please dial 1-877-407-3982 in the U.S. or 1-201-493-6780 for international approximately 10 minutes prior to the above start time and provide Conference ID 13753362. The call will also be streamed live via the internet at www.gsitechnology.com.

    A replay will be available from May 1, 2025, at 7:30 p.m. Eastern Time through May 8, 2025, at 11:59 p.m. Eastern Time by dialing toll-free for the U.S. 1-844-512-2921 or international 1-412-317-6671 and entering pin number 13753362. A webcast of the call will be archived on the Company’s investor relations website under the Events and Presentations tab.

    About GSI Technology

    Founded in 1995, GSI Technology, Inc. is a leading provider of semiconductor memory solutions. GSI’s resources are focused on bringing new products to market that leverage existing core strengths, including radiation-hardened memory products for extreme environments and Gemini-I, the associative processing unit designed to deliver performance advantages for diverse artificial intelligence applications. GSI Technology is headquartered in Sunnyvale, California, and has sales offices in the Americas, Europe, and Asia. For more information, please visit www.gsitechnology.com.

    Forward-Looking Statements

    The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding GSI Technology’s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the normal quarterly and fiscal year-end closing process. Examples of risks that could affect our current expectations regarding future revenues and gross margins include those associated with fluctuations in GSI Technology’s operating results; GSI Technology’s historical dependence on sales to a limited number of customers and fluctuations in the mix of customers and products in any period; global public health crises that reduce economic activity; the rapidly evolving markets for GSI Technology’s products and uncertainty regarding the development of these markets; the need to develop and introduce new products to offset the historical decline in the average unit selling price of GSI Technology’s products; the challenges of rapid growth followed by periods of contraction; intensive competition; the continued availability of government funding opportunities; delays or unanticipated costs that may be encountered in the development of new products based on our in-place associative computing technology and the establishment of new markets and customer and partner relationships for the sale of such products; and delays or unexpected challenges related to the establishment of customer relationships and orders for GSI Technology’s radiation-hardened and tolerant SRAM products. Many of these risks are currently amplified by and will continue to be amplified by, or in the future may be amplified by, economic and geopolitical conditions, such as changing interest rates, worldwide inflationary pressures, policy unpredictability, the imposition of tariffs and other trade barriers, military conflicts and declines in the global economic environment. Further information regarding these and other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.

    Source: GSI Technology, Inc.

    Contacts:

    Investor Relations:

    Hayden IR
    Kim Rogers
    385-831-7337
    kim@haydenir.com

    Media Relations:

    Finn Partners for GSI Technology
    Ricca Silverio
    415-348-2724
    gsi@finnpartners.com

    Company:

    GSI Technology, Inc.
    Douglas M. Schirle
    Chief Financial Officer
    408-331-9802

           
    GSI TECHNOLOGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
    (Unaudited)
                 
      Three Months Ended   Twelve Months Ended
      March 31, Dec. 31, March 31, March 31, March 31,
        2025     2024     2024       2025     2024  
                 
    Net revenues $ 5,883   $ 5,414   $ 5,152     $ 20,518   $ 21,765  
    Cost of goods sold   2,584     2,491     2,494       10,378     9,942  
                 
    Gross profit   3,299     2,923     2,658       10,140     11,823  
                 
    Operating expenses:            
                 
    Research & development   2,966     4,037     4,818       16,005     21,689  
    Selling, general and administrative   2,609     2,997     2,354       10,763     10,565  
    Gain from sale of assets       (56 )         (5,793 )    
    Total operating expenses   5,575     6,978     7,172       20,975     32,254  
                 
    Operating loss   (2,276 )   (4,055 )   (4,514 )     (10,835 )   (20,431 )
                 
    Interest and other income (expense), net   52     70     108       326     414  
                 
    Loss before income taxes   (2,224 )   (3,985 )   (4,406 )     (10,509 )   (20,017 )
    Provision (benefit) for income taxes   6     44     (85 )     130     70  
    Net loss $ (2,230 ) $ (4,029 ) $ (4,321 )   $ (10,639 ) $ (20,087 )
                 
                 
    Net loss per share, basic $ (0.09 ) ($ 0.16 ) $ (0.17 )   $ (0.42 ) $ (0.80 )
    Net loss per share, diluted $ (0.09 ) ($ 0.16 ) $ (0.17 )   $ (0.42 ) $ (0.80 )
                 
    Weighted-average shares used in            
    computing per share amounts:            
                 
    Basic   25,604     25,546     25,297       25,498     25,144  
    Diluted   25,604     25,546     25,297       25,498     25,144  
                 
                 
    Stock-based compensation included in the Condensed Consolidated Statements of Operations:
                 
      Three Months Ended   Twelve Months Ended
      March 31, Dec. 31, March 31,   March 31, March 31,
        2025     2024     2024       2025     2024  
                 
    Cost of goods sold $ 42   $ 50   $ 53     $ 199   $ 228  
    Research & development   263     121     331       1,010     1,411  
    Selling, general and administrative   207     258     309       1,053     1,199  
      $ 512   $ 429   $ 693     $ 2,262   $ 2,838  
                 
    GSI TECHNOLOGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
    (Unaudited)
             
        March 31, 2025 March 31, 2024
    Cash and cash equivalents   $ 13,434   $ 14,429
    Accounts receivable     3,169     3,118
    Inventory     3,891     4,977
    Other current assets     2,961     1,954
    Assets held for sale     0     5,629
    Net property and equipment     808     1,148
    Operating lease right-of-use assets     9,547     1,553
    Other assets     9,507     9,656
    Total assets   $ 43,317   $ 42,464
             
    Current liabilities   $ 7,074   $ 5,365
    Long-term liabilities     8,017     1,129
    Stockholders’ equity     28,226     35,970
    Total liabilities and stockholders’ equity   $ 43,317   $ 42,464

    The MIL Network

  • MIL-Evening Report: Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back

    Source: The Conversation (Au and NZ) – By Maldwyn John Evans, Senior Research Fellow, Fenner School of Environment and Society, Australian National University

    Old growth mountain ash forest in the Maroondah water supply catchment, Victoria. Chris Taylor

    Following the end of native logging in Victoria on January 1 2024, the state’s majestic forests might be expected to regenerate and recover naturally. But our new research shows that’s not always the case.

    We quantified the extent of regeneration following logging in the eucalypt forests of southeastern Australia between 1980 and 2019. This included nearly 42,000 hectares of logged mountain ash forest in Victoria’s Central Highlands.

    We analysed satellite data, logging records, on-ground surveys and drone photography, and discovered that nearly 20% of logged areas failed to regenerate. This represents more than 8,000 hectares of forest lost. All that remains in these areas are grassy clearings, dense shrublands or bare soils.

    We also found the rate of regeneration failure has increased over the past decade. While failure was rare in the 1980s, it became much more common over time – affecting more than 80% of logged sites by 2019.

    These regeneration failures weren’t random. They were found mostly in close proximity to each other, on areas with steep slopes, relatively low elevation, and where the area of clear-felled forest was long and narrow.

    Our research shows more needs to be done to restore Victoria’s forest after logging.

    Failed regeneration in the Upper Thomson water supply catchment.
    Chris Taylor/Lachie McBurnie

    Restoring majestic forests and their vital services

    Victoria is home to some of the most spectacular forests on the planet. They include extensive stands of mountain ash, the tallest flowering plant on Earth, which can grow to almost 100 metres in height. Alpine ash, another giant, can grow up to 60m tall.

    These forests have great cultural significance to Indigenous people and support many recreational and tourism activities.

    Healthy forest ecosystems also deliver clean water and carbon storage services. In fact, mountain ash forests contain more carbon per hectare than most other forests around the world.

    But Victoria’s forests have long been logged for timber and pulp. The main method of logging – clearfelling – scars the landscape, leaving large areas devoid of trees if natural tree regeneration fails.

    Mountain ash is especially vulnerable

    Our research revealed 19.2% of areas logged between 1980 and 2019 in our study area (8,030ha out of 41,819ha cut) failed to regenerate naturally.

    We also found strong evidence of a significant increase in the extent of failed regeneration over 40 years, increasing from less than two hectares per cutblock in 1980 (about 7.5%) to more than nine hectares per cutblock in 2019 (about 85%), on average.

    We found regeneration failure was more likely in mountain ash forests compared with other forest types.

    This adds to the case for listing the mountain ash forests of the Central Highlands of Victoria as a threatened ecological community.

    The presence of non-eucalypt categories of vegetation indicates large areas of regeneration failure in forest near Mt Matlock, in the Central Highlands of Victoria.
    Chris Taylor

    A responsibility to restore

    Under Victoria’s Code of Forest Practice for Timber Production, logged native forests must be properly regenerated within two to three years of harvest.

    That’s because it is nearly impossible for the native forest to regenerate after three years without human intervention. The young trees face too much competition from grass and shrubs.

    These degraded areas no longer hold the value they once did and they cannot provide the same level of ecosystem services such as carbon storage, water purification, or habitat for wildlife.

    With no current government restoration plan, these landscapes will remain degraded indefinitely. The Victorian government retains legal responsibility to restore these degraded forests, but currently lacks any large-scale restoration strategy, making action urgently required.

    Photographs of vegetation categories on logged sites: Eucalyptus regeneration near Toolangi (A), grass-dominated area near Mt Matlock (B), shrubby vegetation at Ballantynes Saddle (C), Daviesia vegetation near Mt Matlock (D), Acacia near Mt Baw Baw (E), and bare earth near Mt Matlock (F).
    Chris Taylor

    A way forward: using green bonds to fund regeneration

    Our research shows the regeneration of forests after logging is not guaranteed. Nature often needs a helping hand. But we need to find ways to fund these projects.

    Globally, governments have used “green bonds” to lower the cost of borrowing tied explicitly to measurable environmental results.

    Victoria already has green bonds “to finance new and existing projects that offer climate change and environmental benefits”. But funds are typically used to finance investments in transport, renewable energy, water and low carbon buildings.

    As part of a coalition of researchers, environmental organisations, and finance sector partners we proposed a A$224 million green bond for forest regeneration. This proposal was put to the Victorian government via the Treasury Corporation of Victoria.

    Green bond funding would help leverage co-investment from the Commonwealth government and philanthropic partners to improve monitoring and biodiversity outcomes in native forests.

    As part of the proposed green bond, areas of logged forest where natural regeneration has failed would be restored.

    Other investments under the green bond could include creating tourism ventures (and associated jobs), controlling feral animals such as deer, and biodiversity recovery – creating habitat for endangered species such as the southern greater glider and Leadbeater’s possum, for example.

    The $224 million required for the ten years of the green bond — or around $22.4 million per year — is less than the substantial losses Victoria incurred on its investment in VicForests over the past decade.

    Our research suggests leaving nature to its own devices would mean losing a fifth of the forests logged over the past 40 years. Bringing the trees back has multiple benefits and would be well worth the investment.

    Maldwyn John Evans receives funding from the Australian Government.

    David Lindenmayer receives funding from The Australian Government, the Australian Research Council and the Victorian Government. He is a Councillor with the Biodiversity Council and a Member of Birdlife Australia.

    Chris Taylor 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. Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back – https://theconversation.com/logging-devastated-victorias-native-forests-and-new-research-shows-20-has-failed-to-grow-back-254465

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: How the US ‘war on woke’ and women risks weakening its own military capability

    Source: The Conversation (Au and NZ) – By Bethan Greener, Associate Professor of Politics, Te Kunenga ki Pūrehuroa – Massey University

    US Defense Secretary Pete Hegseth during a visit with Michigan Air National Guard troops, April 29. Getty Images

    With US Secretary of Defense Pete Hegseth’s “proud” cancellation this week of the military’s Women, Peace and Security (WPS) program, the “war on woke” has found its latest frontier – war itself.

    Stemming from a United Nations Security Council resolution in 2000, the WPS initiative aimed to increase the participation of women in public institutions, including in the security sector and in peace-making roles.

    The WPS agenda aims to better understand how women, men, boys and girls experience war, peace and security differently. It increases operational effectiveness and supports the underlying goal of gender equality, described by the UN as the “number one predictor of peace”.

    In the military context, it emphasises the need to increase the participation of women and to better protect non-combatant women in war, particularly from the prevalence of conflict-related sexual violence.

    The decision to end the program as part of a wider war on diversity, equity and inclusion seems to assume national security and military power are incompatible with the promotion of racial and gender equality.

    In other words, it assumes certain types of people aren’t really cut out to be “warfighters”. And it asserts that anything other than basic skill (such as weapons handling) undermines readiness and ability in warfare.

    History and the available evidence suggest both ideas are wrong.

    The archetypal warrior envisaged by Hegseth and others is one who relies on very traditional concepts of what constitutes a warrior and who that might be: not female, definitely not transgender, ideally also not gay.

    Recent bans on transgender personnel in the US military, the removal of mandatory mental resilience training, and the
    disappearance” from US museums and memorials of the records of the military contribution of women and minorities, reinforce these ideas.

    The ideal soldier, according to the new doctrine, is straight, white, physically fit, stoic and male. Yet people of all stripes have served their countries ably and with honour.

    Hard-won progress in retreat

    Military service is allocated a privileged kind of status in society, despite (or perhaps because of) the ultimate sacrifice it can entail. That status has long been the preserve of men, often of a particular class or ethnicity.

    But women and minorities around the world have fought for the right to enter the military, often as part of broader campaigns for greater equality within society in general.

    But there remains resistance to these “interlopers”. No matter their individual capabilities, women are painted as too physically weak, as a threat to combat unit cohesion, or a liability because of their particular health needs.

    Women, in particular, are often perceived as being too emotional or lacking authority for military command. Minorities are seen as requiring distracting rules about cultural sensitivity, presenting language challenges, or are stereotyped as not cut out for leadership.

    But problem solving – a key military requirement – is best tackled with a range of views and approaches. Research from the business world shows diverse teams are more successful, including delivering higher financial returns.

    At a more granular level, we also know that minority groups have often outperformed other military units, as exemplified by the extraordinary feats of the New Zealand Māori Pioneer Battalion in World War I and the 28th Māori Battalion in World War II.

    Women, too, have proved themselves many times over, most recently in the wars in Iraq and Afghanistan. As well as matching the skills of their male counterparts, they also had different, useful approaches to roles such as intelligence gathering in conflict zones.

    US Marines on a military exercise – but history shows us there’s more than one type of successful soldier.
    Getty Images

    The ‘woke warrior’

    The competence of military personnel is not determined by sex, gender, sexuality or ethnicity. Rather, competence is determined by a combination of learned skills, training, education, physical ability, mental agility, resilience, experience, interpersonal skills and leadership qualities.

    Any suggestion that military units are best served by being made up of only heterosexual men with “alpha” tendencies is undermined by the evidence. In fact, a monocultural, hypermasculine military may increase the potential for harrassment, bullying or worse.

    Modern military roles also involve a much wider range of skills than the traditional and stereotypically male infantry tasks of digging, walking with a pack, firing guns and killing an enemy.

    In modern warfare, personnel may also need to engage in “hearts and minds” counterinsurgency, or in “grey zone” tactics, where specialisations in intelligence, cyber or drone piloting are more highly prized. Militaries are also much more likely to be deployed to non-warfighting roles, such as humanitarian aid and disaster relief.

    This isn’t to say “controlled aggression” and other traditionally alpha-male attributes don’t have their place. But national military strategies increasingly stress the need to train ethical and compassionate soldiers to successfully carry out government objectives.

    The evolution of war requires the evolution of the military forces that fight them. The cancellation of the Women, Peace and Security program in the US threatens to put a stop to this process, at least in that country.

    Despite Pete Hegseth’s claim to be increasing “warfighting” capability, then, there is a real chance the move will decrease operational effectiveness, situational awareness and problem solving in conflict situations.

    Far from being peripheral, the Women, Peace and Security program is central to the future of all military activity, and to developing conceptions of war, peace and security. Hegseth’s “proud moment” looks less like winning a “war on woke” and more like a retreat from an understanding of the value a diverse military has created.

    Bethan Greener 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. How the US ‘war on woke’ and women risks weakening its own military capability – https://theconversation.com/how-the-us-war-on-woke-and-women-risks-weakening-its-own-military-capability-255710

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: SCHUMER REVEALS: ‘DOGE’ & TRUMP JUST SLASHED $26+ MILLION FOR AMERICORPS PUBLIC SERVICE COMMUNITY PROJECTS ACROSS NEW YORK, AXING 3,600 AMERICORPS NATIONAL SERVICE MEMBERS, WITH MORE DEVASTATING CUTS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Thousands Of AmeriCorps Members Were Just Fired By ‘DOGE’ And NY Community Grants Ripped Away, Cancelling Funds To Help Build Houses, Provide Rural Health Care, Respond To Disasters, Tutor Students, And More
    Every Year Over 22,000 AmeriCorps National Service Participants Work On 1,700+ Projects In Every Corner Of NY, But Now Grants Are Being Cancelled Across The State With Even More Cuts Expected – Senator Breaks Down Impact Region By Region Thus Far And Demands Funding Be Restored
    Schumer: Calling Service-Led Community Projects ‘Government Waste’ Makes No Sense, AmeriCorps Is One Of The Best Bang For Your Buck Programs That Helps NY Communities In Need
    After Trump and ‘DOGE’ placed a majority of AmeriCorps employees on leave and terminated nearly $400 million in AmeriCorps grants nationally earlier this month, U.S. Senator Chuck Schumer today revealed this has impacted over 3,600 NY community service members slashing over $26 million in federal funding for local community projects in every corner of New York State, and with more potential cuts on the horizon the senator broke down the impacts region by region to show just how deep these cuts go. 
    Schumer said this is the first step towards dismantling AmeriCorps entirely would devastate New York, which has over 1,700 AmeriCorps projects, and is demanding that NY House Republicans stand up to protect this vital public service and join him in his push to immediately reverse these cuts. All of these AmeriCorps programs have long-standing bipartisan support having been previously authorized by Congress and funded by the annual appropriations bill passed by Congress and signed into law, making ‘DOGE’s’ cuts unlawful.
    “AmeriCorps is one of the world’s greatest service programs, and one of the best bang for your buck federal investments in addressing community needs and in the future of our country. But across New York hundreds of AmeriCorps community service participants were just egregiously fired and had their funding ripped away halting their critical work helping the communities they serve. This is funding that provides rural healthcare in the Southern Tier, helps children learn to read in Buffalo, expands job training opportunities in Albany, and so much more to fill in the gaps by linking national service participants with opportunities to gain experience serving their country. This critical work will now cease as these members are dismissed and funding is ripped away from our communities by Trump and ‘DOGE,’” said Senator Schumer. “I am all for cutting out inefficiency, but you use a scalpel, not a chainsaw. You don’t dismiss thousands of members who have dedicated their time to public service and giving back to underserved communities – it makes no sense. These are community projects that wouldn’t happen without AmeriCorps and we need these cuts reversed NOW and for NY Republicans to stand up in opposition to eliminating funding for AmeriCorps.”
    In recent days, Trump and ‘DOGE’ cut roughly 75% of full-time AmeriCorps employees and dismissed thousands of national service participants working on projects in every corner of the country, including over 3,600 community service participants across New York and cancelling over $26 million in grant funding, meaning in many instances these projects will not continue. You can find a full list of cut projects across Upstate NY according to AmeriCorps linked HERE. Some projects cut or facing threats by the Trump administration include:
    In Buffalo, AmeriCorps members were tutoring more than 2,500 students across 4 schools in the school district through City Year, helping students improve attendance and academic performance. In addition, more AmeriCorps members were building homes through Habitat for Humanity.
    In the Southern Tier, AmeriCorps members based in Binghamton were providing health care services to rural communities across the Southern Tier through the Rural Health Network of South Central New York.
    In Rochester, AmeriCorps members were improving academic engagement and college and career readiness throughout the Rochester City School District through Monroe Community College and providing public health apprenticeships through Flower City Public Health Corps.
    In the Capital Region, AmeriCorps members were providing free support for high schoolers applying for federal student aid through SUNY and training to be dispute resolution practitioners.
    In Central NY and the North Country, AmeriCorps members were working with local children providing mentoring, nutrition, and fitness education through Oswego AmeriCorps and working supporting outdoor-based education initiatives in the Adirondacks community through the Wild Center.
    In the Hudson Valley, AmeriCorps members were working with local children through We Prosper Family Organization.
    A breakdown of dismissed volunteers and cut federal funding by region for Upstate NY can be found below:

    Region

    Federal Funding

    Capital Region

    $6,439,224

    Rochester-Finger Lakes

    $2,556,668

    Western NY

    $2,285,041

    Southern Tier

    $647,910

    Central NY & North Country

    $636,020

    Hudson Valley

    $132,300

    TOTAL FOR UPSTATE NY-BASED PROJECTS

    $12,697,163

    Across New York State, there are over 22,000 national service members working on over 1,700 projects. AmeriCorps and its partners generated more than $20 million in outside resources from businesses, foundations, public agencies, and other sources in New York last year. Schumer said AmeriCorps members and communities that are impacted by these latest cuts are just the tip of the iceberg, with more cuts being announced every day that could soon hit other projects such as the Rockland Head Start program which provides child care, Interfaith Works in Syracuse which supports Central New York seniors, and Lifespan which provides services to seniors across Upstate NY such as training for part time jobs as senior companions in Central New York and health and wellness programs for seniors in the Rochester Finger-Lakes region.
    ‘There is no rhyme or reason to the project and grant terminations, other than DOGE was forcing AmeriCorps to get to a bottom-line dollar amount. The reason for eliminating over half the staff is very clear: This administration does not value the contributions of public servants who have been quietly administering an extremely efficient agency that engages Americans all across the country in service, which in addition to providing critical services, strengthens civic engagement and ties between people of all backgrounds,” said Kelly Daly, President, AFSCME Local 2027.
    “AmeriCorps gets things done by filling unmet local needs, while bolstering a sense of community,  advancing personal responsibility, and boosting the upward mobility of its participants.  We have used AmeriCorps members to build the capacity of anti-hunger organizations throughout the state. In many ways, AmeriCorps is a conservative program. You don’t get a penny unless you work, most program funding decisions are made by states rather than the federal government, and the vast majority of participants serve with nonprofit groups (not government agencies). AmeriCorps is one the most cost-effective ways to solve social problems because it harnesses the immense energy of citizen service. Thus, if conservatives were ideologically consistent, they would increase rather than gut AmeriCorps funding. We thank Leader Schumer for keeping the government running and keep many AmeriCorps projects alive as long as possible, and for taking on the fight to protect AmeriCorps,” said Joel Berg, CEO of Hunger Free America, a national nonpartisan nonprofit organization headquartered in New York.
    Executive Director of PEACE, Inc., Carolyn D. Brown said, “PEACE, Inc.’s AmeriCorps Seniors Foster Grandparent Program allows our community’s seniors to share their time and their expertise through mentoring. Statistics show how the program improves the lives of our Foster Grandparent volunteers and both the academic performance and the social emotional skills of youth in elementary schools, Head Starts, and children’s centers. If our program was eliminated, 68 Foster Grandparent volunteers would lose their positions, and 225 vulnerable youth would lose critical interventions. These numbers would prove devastating for a city like Syracuse where nearly 1 out of 2 children live in poverty.”
    “InterFaith Works’ Senior Companion Program connects older volunteers with older adults and caregivers, for in home companionship and friendly visits. For as little as $3000 per year, vulnerable older adults stay socially connected, get help with daily activities, and age well at home – and out of costly nursing homes. Working caregivers get free in home respite for up to 40 hours per week, so they can maintain their jobs and attend to their personal needs. Senior Companion volunteers are all low-income older adults who receive a small stipend, stay active, and keep themselves healthy, too. Funding cuts would eliminate these critical and cost-effective supports for over 300 vulnerable older adults and their caregivers throughout the Central New York community,” said Lori Klivak, Director of the Center for Healthy Aging at InterFaith Works of CNY.
    “In the past five years, City Year AmeriCorps members have served in Buffalo schools to help thousands of students engage more deeply with their learning, stay on track to graduate, and reach their full potential, and these corps members receive professional development and gain skills that prepare them to enter the workforce as our region’s most in-demand employees,” said City Year Buffalo Executive Director Jacqueline Ashby. “We’re grateful to Senator Schumer for his steadfast support in championing the national service program AmeriCorps that makes this important work possible, and that benefits our community, local economy, education system and workforce development here in Western New York.”
    Across the country, AmeriCorps deploys more than 200,000 Americans annually to carry out results-driven projects at over 35,000 locations. National service participants serve in hundreds of nonprofit organizations, public agencies, and community and faith-based organizations, in rural and urban communities throughout the country. They mentor youth, build affordable housing, help communities respond to disasters, and build the capacity of nonprofit groups to extend and improve their impact by leveraging community service participants. In exchange for their services, AmeriCorps members earn an education award to pay for college or to pay off qualified student loans. A non-partisan study showed that there are an estimated $17 in benefits returned for every taxpayer dollar spent. In addition, Schumer said AmeriCorps is a long-standing, bipartisan program and failing to use AmeriCorps funding for its intended purpose as appropriated by Congress would be a violation of the law.
    Schumer led dozens of his colleagues’ in a recent letter to the President on these devastating cuts, which can be found HERE.

    MIL OSI USA News

  • MIL-OSI USA: Congressman Nick Langworthy Statement on Today’s Passage of H.J. Res 88 Effectively Killing New York State’s Radical Green New Deal Electric Vehicle Mandate

    Source: US Congressman Nick Langworthy (NY-23)

    WASHINGTON, D.C. – Today, Congressman Nick Langworthy (NY-23) released a statement on the passage of H.J.Res.88 in the House of Representatives:

     

    “I am very pleased that H.J.Res. 88 passed the House today, reversing the EPA’s decision to allow California to ban the sale of gas-powered vehicles by 2035.

    “This push to force Americans into electric vehicles is nonsensical and dangerous. Forcing our dealerships to shoulder this burden would have had dire consequences.

    “Back in February, I led a bipartisan letter to Governor Hochul urging her to reconsider New York’s EV Sales Mandate, which was directly adopted from California’s environmental extremists in power. This mandate would have left dealerships with large inventories of unsold EVs, potentially leading to layoffs and other negative economic consequences for thousands of workers employed in New York’s automotive industry.

    This legislation’s passage in the House is a huge win for our auto-industry consumers, dealerships, and workers! Now, the Senate must pass it immediately so President Trump can sign it into law as soon as possible.”

     

    ###

    MIL OSI USA News

  • MIL-OSI USA: King, Daines Introduce Bipartisan Bill to Preserve America’s Parks and Public Lands

    US Senate News:

    Source: United States Senator for Maine Angus King

    WASHINGTON, D.C. — U.S. Senators Angus King (I-ME) and Steve Daines (R-MT), leaders of the Senate National Parks Subcommittee, are introducing bipartisan legislation to strengthen and better manage public lands across the country. The America the Beautiful Act would reauthorize the National Parks and Public Land Legacy Restoration Fund (LRF) and increase its funding to address serious maintenance backlog and ensure that America’s public lands can be enjoyed for generations to come. 

    Senator King first introduced the bipartisan Restore Our Parks Act in July 2018 which established the “National Park Service Legacy Restoration Fund” to reduce the maintenance backlog by allocating existing revenues the government collects from on and offshore energy development. It was passed in the 2020 Great American Outdoors Act, but now requires reauthorization.

    “People travel from across the globe to experience the natural beauty of America’s public lands from Maine to Montana and across the nation,” said Senator King, Ranking Member of the Senate National Parks Subcommittee. “However, deferred repairs on aging infrastructure like roads and trails can become unsafe and diminish the visitor experience for those enjoying our public lands and National Parks. By addressing maintenance backlog and reauthorizing the Legacy Restoration Fund, the bipartisan America the Beautiful Act will help better protect our lands and the visitor experience. This is an important step forward in creating lasting protections for our public lands and continues to demonstrate that stewardship is not partisan.”

    “When President Trump signed my Great American Outdoors Act into law in 2020, it was the greatest conservation win for Montana and the entire country in 50 years. I’m proud to work with my colleagues to strengthen that win and protect our outdoor way of life for generations to come,” said Senator Daines, Chairman of the Senate National Parks Subcommittee. “The America the Beautiful Act will fund crucial projects and address maintenance backlogs, so that people can get outside and enjoy the natural beauty we’re lucky to have here in the U.S.” 

    “America’s parks are our legacy to uphold — and bold action is essential to fulfill that promise. The National Park Foundation applauds Senators Daines and King for their leadership in introducing bipartisan legislation to reauthorize the Legacy Restoration Fund,” said Jeff Reinbold, President and CEO of the National Park Foundation. “Since its establishment through the Great American Outdoors Act, this vital program has already delivered billions toward transformative infrastructure projects across our national parks. As we approach America’s 250th anniversary, reauthorizing this investment affirms a bold democratic ideal — that every generation deserves to experience our parks as we do today. We look forward to working with Congress to ensure these magnificent landscapes and historic sites can continue welcoming visitors for generations to come.”

    “We applaud the leadership of U.S. Senators Steve Daines (R-MT) and Angus King (I-ME) in reintroducing legislation to reauthorize the Legacy Restoration Fund. This proven, bipartisan investment keeps national parks running. The reauthorization of this bill will allow Acadia National Park to continue to make progress against a long list of needed projects that are essential for protecting resources and elevating the visitor experience. With nearly 4 million visits to Acadia in 2024 alone, and over 330 million to national parks nationwide, continued investment to maintain park infrastructure is critical,”  said Eric Stiles, President & CEO, Friends of Acadia.

    The America the Beautiful Act reauthorizes the LRF for through 2033 and increases funding to $2 billion per year to help address the maintenance backlog in national parks and public lands. Currently, the maintenance backlog for each agency is as follows:

    1. U.S. Park Service: $23.26 billion
    2. U.S. Forest Service: $8.695 billion
    3. U.S. Fish and Wildlife Service: $2.65 billion
    4. U.S. Bureau of Land Management: $5.72 billion
    5. U.S. Bureau of Indian Education: $804.5 million

    Senators Kevin Cramer (R-ND), Mark Warner (D-VA), Tim Sheehy (R-MT), and Jeanne Shaheen (D-NH) are original cosponsors of the America the Beautiful Act. The legislation is supported by over 40 public lands, conservation and recreation groups. 

    Read the bill text HERE and a one pager on the bill HERE.

    As a lifelong advocate for conservation and Chairman of the Energy and Natural Resources Subcommittee on National Parks, Senator King is among the Senate’s most prominent voices advocating for conservation. Senator King helped lead the passage the Great American Outdoors Act (GAOA) into law; the legislation that included the Legacy Restoration Fund (LRF). Because of his work, in 2020, Senator King was awarded the inaugural National Park Foundation (NPF) “Hero” Award. Since the creation of the LRF, Senator King has pushed park leaders to discuss funding maintenance efforts, maintaining a sufficient NPS workforce, and managing growing park visitation.

    Senator King’s work on this legislation is the culmination of more than four decades of work on land conservation efforts in Maine, including helping to establish the Land for Maine’s Future program in 1987 and supporting extensive conservation projects during his time as Governor. Under King’s leadership in his eight years as Maine governor, he put more Maine land under conservation than in the state’s 175 year history.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Murkowski, Schatz Reintroduce Legislation to Help Veterans with Disabilities

    US Senate News:

    Source: United States Senator for Alaska Lisa Murkowski

    05.01.25

    Washington, DC – U.S. Senators Lisa Murkowski (R-AK) and Brian Schatz (D-HI) reintroduced the Deliver for Veterans Act. This legislation expands an existing Department of Veterans Affairs (VA) grant program to allow the funds awarded to a veteran to acquire an adapted vehicle to also be used to cover the cost of shipping the vehicle to where it’s needed. 

    “Our veterans in rural Alaska, deserve the same access to the specialized grant programs and services that they would get if they lived elsewhere in the country,” said Senator Murkowski. “There is a significant financial burden associated with transporting a car to many of the rural communities around Alaska. As the state with the highest number of veterans per capita, I want those with disabilities living in Alaska to be able to benefit from the VA’s many excellent programs. Ensuring that they can affordably transport handicapped-modified vehicles to their homes is an important step.”

    “Disabled veterans deserve access to every benefit they have earned – regardless of where they live,” said Senator Schatz. “Our bill is about basic fairness and will help disabled veterans in Hawai‘i and other isolated areas receive the specialized vehicles they need to go about their daily lives.”

    At present, the program provides eligible veterans with a stipend of $26,417.20 to purchase or modify accessible vehicles. However, those funds cannot be used to ship their vehicles, making it exceedingly difficult for veterans to acquire these vehicles in Alaska and Hawaii. The Deliver for Veterans Act would amend the grant program to allow coverage of these additional costs.

    MIL OSI USA News

  • MIL-OSI USA News: Establishment of the Religious Liberty Commission

    Source: The White House

    class=”has-text-align-left”>
    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
    Section 1Purpose and Policy.  It shall be the policy of the executive branch to vigorously enforce the historic and robust protections for religious liberty enshrined in Federal law.  The Founders envisioned a Nation in which religious voices and views are integral to a vibrant public square and human flourishing and in which religious people and institutions are free to practice their faith without fear of discrimination or hostility from the Government.  Indeed, the roots of religious liberty stretch back to the early settlers who fled religious persecution in Europe, seeking a new world where they could choose, follow, and practice their faith without interference from the Government.  The principle of religious liberty was enshrined in American law with the First Amendment to the Constitution in 1791.  Since that time, the Constitution has protected the fundamental right to religious liberty as Americans’ first freedom.
    During my first term, I issued Executive Order 13798 of May 4, 2017 (Promoting Free Speech and Religious Liberty).  Pursuant to that order, the Attorney General issued a memorandum for all executive departments and agencies (agencies) titled “Federal Law Protections for Religious Liberty” on October 6, 2017.  The Supreme Court has also continued to vindicate the Founders’ commitment to religious liberty, including by giving effect to the principle that religious voices should be welcomed on an equal basis in the public square.
    In recent years, some Federal, State, and local policies have threatened America’s unique and beautiful tradition of religious liberty.  These policies attempt to infringe upon longstanding conscience protections, prevent parents from sending their children to religious schools, threaten loss of funding or denial of non-profit tax status for faith-based entities, and single out religious groups and institutions for exclusion from governmental programs.  Some opponents of religious liberty would remove religion entirely from public life.  Others characterize religious liberty as inconsistent with civil rights, despite religions’ vital roles in the abolition of slavery; the passage of Federal civil rights laws; and the provision of indispensable social, educational, and health services.
    President Ronald Reagan reminded us that “freedom is never more than one generation away from extinction.”  Americans need to be reacquainted with our Nation’s superb experiment in religious freedom in order to preserve it against emerging threats.  Therefore, the Federal Government will promote citizens’ pride in our foundational history, identify emerging threats to religious liberty, uphold Federal laws that protect all citizens’ full participation in a pluralistic democracy, and protect the free exercise of religion.

    Sec. 2Establishment of the Religious Liberty Commission.  (a)  There is hereby established the Religious Liberty Commission (Commission).
    (b)  The Commission shall function as follows:
    (i)     The Commission shall be composed of up to 14 members appointed by the President.  Members of the Commission shall include individuals chosen to serve as educated representatives of various sectors of society, including the private sector, employers, educational institutions, religious communities, and States, to offer diverse perspectives on how the Federal Government can defend religious liberty for all Americans.  The President shall designate a Chairman and Vice Chairman from among the members.  The Commission shall also include the following ex officio members or such senior officials as those members may designate:
                     (A)  the Attorney General;
                     (B)  the Secretary of Housing and Urban Development; and
                     (C)  the Assistant to the President for Domestic Policy.
    (ii)    Members appointed to the Commission shall serve one term ending on July 4, 2026, which marks the 250th anniversary of American Independence.  If the term of the Commission is extended by the President beyond July 4, 2026, members shall be eligible for reappointment for a 2-year term.  Members may continue to serve after the expiration of their terms until the appointment of a successor.
    (iii) The Commission shall produce a comprehensive report on the foundations of religious liberty in America, the impact of religious liberty on American society, current threats to domestic religious liberty, strategies to preserve and enhance religious liberty protections for future generations, and programs to increase awareness of and celebrate America’s peaceful religious pluralism. Specific topics to be considered by the Commission under these categories shall include the following areas: the First Amendment rights of pastors, religious leaders, houses of worship, faith-based institutions, and religious speakers; attacks across America on houses of worship of many religions; debanking of religious entities; the First Amendment rights of teachers, students, military chaplains, service members, employers, and employees; conscience protections in the health care field and concerning vaccine mandates; parents’ authority to direct the care, upbringing, and education of their children, including the right to choose a religious education; permitting time for voluntary prayer and religious instruction at public schools; Government displays with religious imagery; and the right of all Americans to freely exercise their faith without fear or Government censorship or retaliation.
     (iv)    The Commission shall advise the White House Faith Office and the Domestic Policy Council on religious liberty policies of the United States.  Specific activities of the Commission shall include, to the extent permitted by law, recommending steps to secure domestic religious liberty by executive or legislative actions as well as identifying opportunities for the White House Faith Office to partner with the Ambassador at Large for International Religious Freedom to further the cause of religious liberty around the world.
    (v)     Members of the Commission shall serve without any compensation for their work on the Commission.  Members of the Commission, while engaged in the work of the Commission, may be allowed travel expenses, including per diem in lieu of subsistence, to the extent permitted by law for persons serving intermittently in Government service (5 U.S.C. 5701-5707), consistent with the availability of funds.
    (vi)    To advise members of the Commission:
                 (A)  An Advisory Board of Religious Leaders shall be designated by the President and shall consist of not more than 15 members.  The Advisory Board of Religious Leaders shall be a subcomponent of the Commission and report to the Chairman of the Commission; 
                  (B)  An Advisory Board of Lay Leaders from religious congregations shall be designated by the President and shall consist of not more than 15 members.  The Advisory Board of Lay Leaders shall be a subcomponent of the Commission and report to the Chairman of the Commission; and
                  (C)  An Advisory Board of Legal Experts shall be designated by the President and shall consist of the Attorney General, or the Attorney General’s designee, and not more than 10 attorneys.  The Advisory Board of Legal Experts shall be a subcomponent of the Commission and report to the Chairman of the Commission.
    (vii)   The Commission shall terminate on July 4, 2026, which marks the 250th anniversary of American Independence, unless extended by the President.
    (viii)  The Department of Justice shall provide such funding and administrative and technical support as the Commission may require, to the extent permitted by law and as authorized by existing appropriations.
    (ix)    Insofar as the Federal Advisory Committee Act (chapter 10 of title 5, United States Code) may apply to the Commission or any of its Advisory Boards, any functions of the President under that Act, except for those in sections 1005 and 1013 of that Act, shall be performed by the Attorney General, in accordance with the guidelines and procedures established by the Administrator of General Services.

    Sec. 3.  Severability.  If any provision of this order, or the application of any provision to any agency, person, or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other agencies, persons, or circumstances shall not be affected thereby.

    Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department or agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,
        May 1, 2025.

    MIL OSI USA News

  • MIL-OSI United Nations: Calls for Proposals: Strengthening Community Multi-Hazard Early Warning Systems in the Caribbean Region

    Source: UNISDR Disaster Risk Reduction

    UNDRR is the United Nations’ focal point for coordinating disaster risk reduction, working closely with countries and a wide range of partners and stakeholders to support the implementation, monitoring, and review of the Sendai Framework for Disaster Risk Reduction 2015-2030. This work is aligned with the 2030 Agenda and other relevant instruments, with the ultimate goal of achieving multi-hazard management of disaster risk in development and significantly reducing disaster risk and losses.

    In accordance with UN Financial Regulations and Rules, UNDRR provides grants to apolitical and non-profit-making organizations to facilitate, implement, or carry out activities that align with UNDRR’s and its partners’ mandates and work programs.

    To this end, UNDRR is pleased to invite non-profit-making organizations to submit grant proposals that focus on the following project: Strengthening Community Multi-Hazard Early Warning Systems in the Caribbean Region.

    Rationale

    As an implementing partner of the Climate Risk and Early Warning Systems (CREWS) Caribbean Initiative, the United Nations Office for Disaster Risk Reduction (UNDRR) recognizes the critical role that strategic partnerships play in enhancing multi-hazard early warning systems (MHEWS) across the Caribbean. The Caribbean’s unique vulnerabilities, including its geographic isolation and dependence on climate-sensitive sectors, make community-based multi-hazard early warning systems a critical component of long-term disaster resilience. Effective multi-hazard early warnings at the community level enable timely evacuations, safeguard livelihoods, and minimize disruptions to essential services, ultimately protecting development gains. A well-funded and coordinated approach to strengthening community MHEWS will ensure that warnings are not only issued but also understood and acted upon, closing the last-mile gap in disaster risk reduction.

    Strengthening community-based MHEWS is essential to enhancing disaster resilience in the Caribbean, where vulnerable populations are often the first to experience the impacts of hydro-meteorological hazards. Community MHEWS serve as the frontline of disaster preparedness, ensuring that multi-hazard early warnings are effectively communicated to those most at risk, including marginalized groups, persons with disabilities, and remote communities. By supporting a grant that prioritizes community engagement, capacity-building, and localized risk communication strategies, UNDRR and its regional partners can bridge the gap between national multi-hazard early warning mechanisms and community action. This alignment will foster a culture of preparedness where residents have the knowledge, tools, and networks necessary to respond proactively to disasters, reducing loss of life and property.

    Investing in community-driven MHEWS also strengthens the sustainability and effectiveness of broader these systems by integrating local and scientific knowledge. Traditional warning methods, such as the use of community leaders and cultural practices, can complement modern technologies, enhancing the accessibility and trustworthiness of alerts. Additionally, empowering local actors-such as community disaster committees, schools, and civil society organizations-to participate in the co-design of warning messages ensures that information is context-specific and actionable. By establishing this grant, resources can be allocated to expand risk awareness campaigns, improve response, and provide targeted training, all of which are vital to building a robust, inclusive, and people-centered multi-hazard early warning system.

    Purpose

    Establish a grant between UNDRR and an experienced (sub) regional partner to enhance existing community level disaster preparedness and response capacity including training on community vulnerability assessment.

    Outcome

    Strengthened MHEWS at the community levels within CDEMA Participating Sates through improved local level disaster risk knowledge, enhanced community disaster response team and improved local level MHEWS strategies.

    Outputs and suggested activities

    1. Improved and contextualized MHEWS guidelines for addressing vulnerabilities of specific groups in the Caribbean region.
    2. Strengthened sub-national coordination mechanisms for MHEWS through supporting the development and implementation of local strategies for disaster risk reduction.
    3. Enhanced MHEWS local coordination in the Caribbean through participatory approaches
    4. Improved understanding of community vulnerabilities and exposure.
    5. Improved community response capabilities.

    Suggested activities

    1. Output 1: Improved and contextualized MHEWS guidelines for addressing vulnerabilities of specific groups in the Caribbean region
      • Development of a regional workshop with Ministries in charge of addressing gender concerns and the needs of vulnerable groups and last-mile communities, including those with disabilities and Gender Bureaus, to discuss how MHEWS can be more inclusive, gender-responsive and transformative.
      • Development of guidelines, recommendations and commitments that will strengthen MHEWS in at least 3 countries that are inclusive, gender responsive and transformative.
    2. Output 2: Strengthened sub-national coordination mechanisms for MHEWS through supporting the development and implementation of local strategies for disaster risk reduction
      • Implementation of the MHEWS addendum of the resilience scorecard in 4 selected Caribbean local government in close coordination with UNDRR and the grantee.
      • At least four local governments have improved sub-national coordination for MHEWS through the developed local resilience plans with the implementation of the MCR2030 MHEWS Addendum and resilience scorecard
    3. Output 3: Enhanced MHEWS local coordination in the Caribbean through participatory approaches
      • Facilitate consultation between national, local stakeholders, civil society and community organizations to support the review and alignment of MHEWS strategies within the Caribbean region to improve national level coordination.
      • Develop reports on at least 4 local government areas on consultations aligning MHEWS with community resilience.
    4. Output 4: Improved understanding of community vulnerabilities and exposure
      • Facilitate regional training on Enhanced Vulnerability Capacity Assessment (eVCA) for Red Cross-National Societies and National Disaster Risk Management Offices for improved capacity for community engagement and assessment.
      • Improved risk knowledge with one regional baseline survey on knowledge and capacities of Red Cross-National Societies and National Disaster Risk Management Offices in the Caribbean.
      • Strengthened capacity of national stakeholders with one regional training on the Enhanced Vulnerability Capacity Assessment in a selected Caribbean territory with an eVCA and report.
      • A second eVCA conducted in a selected sub-national Caribbean territory with a report being developed.
    5. Output 5: Improved community response capabilities
      • Establishment, training and equipping of Community Disaster Response Teams (CDRTs) for prioritized hazards.
      • At least one in-person regional training on community early warning system.
      • Enhanced preparedness and response capacity in countries with at least four Community Disaster Response Teams established and equipped to respond to hazard impacts

    Resources

    Elements specific to the project that the grantee should know

    1. All International, (sub) regional and national non-governmental organizations that wish to be considered for partnership opportunities with UNDRR will need to register and create a profile on the United Nations Partner Portal (UNPP).
      1. Following verification of the profile information, partners will be eligible to apply to partnership opportunities with UNDRR as well as the UN Secretariat and all other participating UN Organizations.
      2. We encourage you to start the registration as soon as possible to avoid delays. Only registered organizations whose profile has been successfully verified will be considered eligible partners to apply for grant opportunities with UNDRR.
      3. For more details on registration procedures please visit the UN Section of UNPP (https://www.unpartnerportal.org/registration)
    2. Furthermore, the United Nations system requires all partners to be assessed regarding their capacity to prevent and respond to sexual exploitation and abuse. UNDRR encourages implementing partners to use the Protection from Sexual Exploitation and Abuse (PSEA) module in the UNPP. PSEA Module User Guide CSO Partner Members
    3. The grantee must have a proven track record in working with government authorities, both at the national and local levels with experience in risk data aggregation to improve early warning and impact-based forecasting [Mandatory].
      1. Applicant to confirm that it has expertise in disaster risk reduction and community resilience sector and to provide certificates or qualifications of persons implementing the grant.
      2. Applicant to confirm that it has a minimum 20 years’ experience in disaster risk reduction and community resilience sector, demonstrated with clear examples of at least 10 programmes/projects of similar scope.
      3. Applicant is expected to provide relevant information of their local expertise, including experience of working with regional and local key stakeholders, and established consultation and feedback mechanisms with local communities
    4. For all training, workshops, consultative meetings, etc., grantee must provide a summary outcome of the events, list of participants with disaggregate information including names, affiliation, gender, email address, city, and country of representation. All events must be accompanied by relevant reports with photos as proof of evidence. [Mandatory].

    Budget and administrative-related aspects

    The duration of the proposed project cannot exceed December 31st 2026. The maximum amount requested from UNDRR for the implementation of this project cannot exceed USD$315,000.00. The project proposal must not exceed 10 pages (attachments such as scanned copies of entity’s registration, CVs of staff etc. do not count).

    For this purpose, please fill in duly all the sections of the application form, include the required documents (scanned copy of NGO/IGO’s registration certificate, CVs of staff etc.) and budget excel sheets, and send the complete application package (application form, budget excel sheets, entity registration certificate, CVs of staff, etc.) to the following email address: [email protected] cc: [email protected] and [email protected]

    Reference: UNDRR CfP 2025/003Call for Proposals – Strengthening Community Multi-Hazard Early Warning Systems in the Caribbean Region

    Deadline for applications: May 9th 2025 midnight New York, USA EST (Eastern Standard Time). Incomplete and/or late applications will not be considered.

    Projects’ activities can include, amongst others, the following:

    • seminars, workshops, trainings;
    • capacity building activities;
    • institutional strengthening activities and
    • advocacy

    The following types of activity will not be covered:

    • capital expenditure, e.g. land, buildings, equipment and vehicles;
    • individual scholarships for studies or training courses;
    • supporting political parties; and
    • sub-contracting

    Due to the number of applications, only short-listed applicants will be notified.

    Please note that UNDRR may publish information about the grant agreement. Please note that the grant payment schedule will be determined with the selected grantee when finalizing the agreement. UNDRR standard practice is: not to exceed 40% of the requested amount upon signature of the grant agreement; remaining payments made based on a schedule of payments linked to production of project milestones and the final payment, 20%, will be paid after the end of the project, once final documents have been received, verified and approved by UNDRR.

    Refund of grants: UNDRR may request organizations to refund, either in part or in whole any amounts paid in respect of a grant when:

    • the project was not implemented in full or in part;
    • the grant was spent for ineligible expenditures other than those mentioned in the budget proposal submitted to, and approved by UNDRR;
    • no narrative, financial or audit report was submitted within the deadline established by the grant agreement;
    • a narrative report and/or a financial report submitted was determined to be unsatisfactory;
    • a negative evaluation of the project by UNDRR;
    • any other valid reason provided by the UNDRR.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Racial Discrimination Commend Gabon on Special Contingent Composed of Indigenous Persons, Ask Questions on Treatment of Hausa Gabonese Population and Human Trafficking

    Source: United Nations – Geneva

    The Committee on the Elimination of Racial Discrimination today concluded its consideration of the tenth periodic report of Gabon, with Committee Experts commending the State on the establishment of a special contingent in the National Guard made up of indigenous persons, while asking questions on the treatment of the Hausa Gabonese population and steps taken to combat human trafficking.

    Régine Esseneme, Committee Expert and Country Rapporteur, said the Committee was informed that the President of the Transition, the current Head of State, had set up a special contingent in the National Guard composed of members of the indigenous peoples’ communities, with a view to protecting the environment, which was a commendable action.

    Ms. Esseneme asked about the situation of the Hausa Gabonese since their naturalisation as Gabonese citizens in 2015, in terms of facilitating their national integration? What measures were being taken to ensure effective access to birth registration for members of ethnic minorities and indigenous peoples and to ensure the issuance of official identity documents and passports, especially in remote areas?

    Bakri Sidiki Diaby, Committee Expert and Country Co-Rapporteur, asked what was the proportion of Gabonese nationals who were victims of trafficking? What were the main forms of trafficking found in Gabon? What was the profile of the perpetrators of human trafficking, their gender and their nationality? What were the measures for reparation and rehabilitation of victims of trafficking? What was being done by the State to prevent and combat trafficking in persons, including for the purpose of labour exploitation, sexual exploitation and domestic servitude, including of non-citizens, especially children?

    The delegation said the Hausa Gabonese benefitted the same as any other citizen who held Gabonese nationality. A naturalisation decree had been implemented which granted Gabonese nationality to all Hausa people living in the country at the time; this was around 1,000 people. Some people had tried to fall through the cracks and benefit from this decree without actually meeting the requirements, which had a negative impact on the administrative situation. The Ministry of Justice was currently verifying the validity of these documents.

    The delegation said in 2023, Gabon completed the procedure required for the State to be in a position to proactively identify cases of human trafficking by identifying irregular movements. The country was also collecting data in this regard, to identify trends and receive up to date information on this phenomenon in Gabon. Underground networks operated the trafficking of women and children, and irregular migration was the driving force behind this phenomenon. Gabon was working with Benin to find a solution to this issue. The State was fully committed to rolling out the project to have practical solutions to these issues, including police investigations into these cases.

    Introducing the report, Paul-Marie Gondjout, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation, apologised for the late submission of the report, which should have been submitted more than 20 years ago. Since the “ coup of liberation” of 30 August 2023, the country had been engaged in a democratic transition process under the aegis of the President of the Transition. Structured around profound institutional reforms, this inclusive process had laid the foundations for more transparent and democratic governance. A new Constitution was adopted in December 2024, which brought substantial innovations in governance; and the Electoral Code adopted in January 2025 introduced greater involvement of electoral observers, two seats of deputies for the Gabonese diaspora, and the guarantee of the right to vote for incarcerated citizens.

    In concluding remarks, Ms. Esseneme congratulated Gabon for the multi-sectoral approach taken to the dialogue, which had been productive and fruitful. Gabon was urged to do its utmost to implement the recommendations contained in the concluding observations, to ensure ongoing collaboration with the Committee.

    Mr. Gondjout, in his concluding remarks, thanked the Committee for the constructive and respectful exchange which had taken place. Gabon would continue engaging with the Committee and looked forward to the concluding observations and follow-up. It would respond within the timeframes indicated.

    The delegation of Gabon consisted of representatives of the Transitional National Assembly; Ministry of the Interior; Ministry of Health; Ministry of Energy and Water Resources; Ministry of Women and Child Protection; Ministry of National Education; Directorate of Human Rights Protection; Directorate of Criminal Affairs; Directorate of Equal Opportunities; Labour Inspectorate; Central Directorate of Financial Affairs; Directorate of Documentation and Immigration; Immigration Task Force; and the Permanent Mission of Gabon to the United Nations Office at Geneva.

    The Committee will issue its concluding observations on the report of Gabon after the conclusion of its one hundred and fifteenth session on 9 May. The programme of work and other documents related to the session can be found here . Summaries of the public meetings of the Committee can be found here , while webcasts of the public meetings can be found here .

    The Committee will next meet in public on Thursday, 1 May at 3 p.m. to consider the combined eleventh and twelfth periodic reports of Kyrgyzstan (CERD/C/KGZ/11-12).

    Report

    The Committee has before it the tenth periodic report of Gabon (CERD/C/GAB/10).

    Presentation of Report

    PAUL-MARIE GONDJOUT, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation , apologised for the late submission of the report, which should have been submitted more than 20 years ago. It covered the period from 1999 to 2021 and was drafted in an inclusive, participatory process. Since gaining sovereignty, Gabon had promoted equal dignity among all citizens by prohibiting any distinction of race, origin or religion. The country had made the fight against all forms of discrimination one of the priorities in its resolute commitment to building a State governed by the rule of law that respected and protected human rights and guaranteed access to rights for all.

    Since the “ coup of liberation” of 30 August 2023, the country had been engaged in a democratic transition process under the aegis of the President of the Transition. Structured around profound institutional reforms, this inclusive process had laid the foundations for more transparent and democratic governance. A new Constitution was adopted in December 2024, which brought substantial innovations in governance; and the Electoral Code adopted in January 2025 introduced greater involvement of electoral observers, two seats of deputies for the Gabonese diaspora, and the guarantee of the right to vote for incarcerated citizens. The presidential election was held on 12 April, which would be followed on 3 May by the inauguration of the President of the Republic, thus putting an end to the transition. Transitional authorities had taken determined action to periodically update the legislative arsenal to bring it into line with ratified international treaties.

    Statistical data was a major challenge for Gabon. To address this, the Directorate General of Statistics had set up a technical body to carry out the seventh national census, which would provide data on age, gender, ethnicity, nationality and language spoken for the total population, indigenous peoples, ethnic minorities and migrants, as well as information on employment, income level and social protection. The project for the harmonisation and improvement of statistics in West and Central Africa was providing financing of statistical activities between 2025 and 2029, ensuring the production of reliable and regularly updated statistics.

    The Convention was directly applicable in Gabon and took precedence over national laws. To raise awareness of the Convention, several initiatives were implemented during the reporting period, from capacity-building workshops to the dissemination of multilingual communications. In various training schools, the Convention was presented in the module on human rights.

    No Gabonese text defined racial discrimination in the same terms as those in article one of the Convention. However, the Constitutions of 1991 and 2024 had adopted and enshrined the main principles of article one, targeting discrimination based on race, colour, national or ethnic origin and covering several sectors of the population. The Constitution also enshrined the equality of citizens before the law and the courts and the presumption of innocence for accused persons. The Government envisaged developing a national plan of action to combat racial discrimination and related intolerance in the coming year. Training sessions on the issue had been organised and a committee had been set up to develop a draft.

    A law on the reorganisation of the National Human Rights Commission was promulgated in November 2024. The process of re-establishing the institution would be completed in the coming weeks after the selection of the commissioners by the Bureau of the National Assembly. Premises for the Commission were made available in 2014, and it had recruited staff since 2012. Its budget has increased from 12,000,000 CFA francs in 2016 to 592,000,000 in 2025.

    During the period under review, measures were taken to ensure that the Criminal Code and other legislation complied with the Convention. State laws prohibited and penalised acts of racial, religious and ethnic discrimination and regionalist propaganda; secular or religious associations that provoked hatred between ethnic groups; and the dissemination, including online, of racist hate speech, which constituted an aggravating circumstance.

    The High Authority for Communication had imposed sanctions on media outlets on several occasions, but no decision condemning hate speech had been handed down by courts to date. A digital campaign entitled “Gabon against hate” was launched in December 2023 to educate citizens on the dangers of hate speech and disinformation, and in December 2024, the Government organised a workshop on the Central African strategy and action plan for the prevention and response to hate speech and incitement to violence, which led to the drafting of a national action plan.

    The new Constitution recognised civil society organizations as a part of pluralist and participatory democracy. A bill was also submitted in September 2024 on the protection of human rights defenders. Civil society organizations, including the network of human rights defenders, were strongly involved in the transition process, both in the Government and in Parliament.

    To align legislation on migrants with international standards, Gabon prepared a draft law establishing rules governing the admission and residence of foreigners in the Republic. The Government planned to integrate the issue of migrants into the curricula of training schools, particularly at the National School of the Judiciary and the National Police Academy, which also had a module on trafficking in persons.

    Gabon had made commitments at international, regional and national levels to combat trafficking in persons through local initiatives and partnerships with international actors. In 2023, the State party created a commission that was mandated to strengthen the capacities of actors addressing trafficking and establish coordinated mechanisms for the identification, care and protection of victims in each province. In addition, a proposed strategy and action plan on trafficking for the period 2025-2029 would implement actions to prevent the phenomenon, protect victims and prosecute perpetrators.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur , extended warm congratulations to the elected President of the Republic, Brice Oligui Nguema. She said the Committee had considered Gabon’s last report in 1998 in the absence of a delegation. The State submitted its next report 26 years late in 2024. The report did not provide sufficient information on the implementation of the Committee’s previous concluding observations. However, Ms. Esseneme congratulated the State party on significant developments that had been made in the legal and institutional framework, particularly the prohibition of hate speech.

    Gabon’s new Constitution of 2024 did not contain all the grounds of discrimination provided for in article one of the Convention, including skin colour, national origin and ancestry. Was this Constitution currently in effect? By what mechanism could the Convention be invoked before national courts? Could the delegation give examples of court cases in which Convention provisions had been applied? Were there plans to adopt comprehensive anti-discrimination legislation in line with the Convention? Gabon’s Common Core Document dated from 1998 and did not contain precise information on equality and non-discrimination. Were there plans to update it?

    Was there any legislation in the State party explicitly prohibiting racial profiling by police? Gabonese police reportedly carried out racial profiling checks and extorted foreigners staying in Gabon, demanding sums of money from them that varied depending on whether they held a residence permit. What measures were envisaged to prevent, prohibit and expressly punish racial profiling?

    Was the Government drafting a new Criminal Code that incorporated all the provisions of article four of the Convention? Since the events of 30 August 2023, there had reportedly been a rise in racist hate speech against Gabonese of foreign origin, including the Hausa Gabonese group, and foreigners. What measures had the State party taken to counter this hate speech? Had the Prosecutor’s Office received cases of discriminatory acts against Hausa Gabonese?

    The situation seemed to have deteriorated since the presidential election. Some 500 vehicles belonging to non-nationals employed in a private scheme for disadvantaged people had been seized and impounded. Could the State party provide an update on this case, which appeared to amount to racially motivated violence?

    Did Gabon’s law hold persons from a dominant group to account when they destroyed the property of or committed violence against a member of a minority group? What measures were in place to improve the reporting and monitoring of racist hate crimes and hate speech? What progress had been made through the “Gabon against hate” campaign?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, called for data on the demographic composition of the population based on self-identification, disaggregated by ethnic origin; data on migrants, refugees, asylum seekers and stateless people; and disaggregated economic and social indicators on the different groups living in the territory, in particular minority groups? The Committee was concerned about the State’s general lack of disaggregated data, including on ethnicity, needed to monitor progress on human rights and inform policymaking. How was the State addressing this? Did it plan to establish a comprehensive data collection and reporting system that would provide insight into racial discrimination, socio-economic inequalities and implementation of the Convention?

    Responses by the Delegation

    The delegation apologised for Gabon’s lateness in submitting the report. The State party was fully committed to working with the Committee. The transitional authorities sought to fulfil the country’s international obligations.

    The Constitution reflected the principles of the Convention, even though it did not reproduce its provisions word for word. There had been no complaints submitted to courts on racial discrimination. The President would take office in three days’ time, when the new Constitution would enter into force.

    The Convention had supremacy over all domestic laws, and when there were Convention provisions that were contrary to the Constitution, the Constitutional Court could recommend amendments to the Constitution. The Criminal Code was last revised in 2020 and Gabon was engaging in work to further revise the Code to formalise within it all elements of article one of the Convention.

    Police officers apprehended persons based on the acts that they conducted. They did not consider persons’ racial or ethnic identity; State law prohibited racial profiling. The Government worked to promote unity between different ethnic groups and ensure that hate speech did not gain ground.

    Data on ethnic origin was not collected in the previous census of 2013, though data on nationality was. The next census would collect data on age, gender, ethnic origin and languages spoken. The Government had undertaken a project to reform the national statistics system, which aimed to provide more resources to the national statistics institute and to establish officers on statistics in each ministerial department, who would collect data on the implementation of the Convention.

    Last year, a leader of a political party made a statement against an ethnic group; investigations into this incident were ongoing. The State party embraced the Hausa Gabonese and other populations of foreign origin, promoting their integration into society. It sought to resolve institutional friction to ensure such integration. It was not aware of reports of seizing of non-nationals’ vehicles.

    Follow-Up Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, asked whether the President would need to approve legislation to bring the new Constitution into force. What happened when constitutional or domestic legal provisions ran counter to international norms? Did victims need to lodge complaints related to hate speech for criminal investigations to start? Did the law on the protection of personal data include measures to prevent racial profiling?

    A Committee Expert said the Committee was very pleased to see the delegation of Gabon after nearly a quarter-century and looked forward to continued dialogue with the State. In 2011, a law was implemented that addressed ritualistic crimes against children. What measures had the State party taken to protect children from these crimes? How many children were affected by such crimes?

    Responses by the Delegation

    The delegation said the new Constitution was in force, but its content on ceasing the transitional process was not applicable immediately. The Constitutional Court assessed new laws to ensure that they were aligned with the Convention and the Constitution. It informed the Government when laws contained provisions that did not align with the Convention and called for their revision.

    The Higher Authority on Communication could suggest administrative sanctions against media agencies that disseminated hate speech.

    There were no legal provisions that specifically referred to “ritualistic crimes”, but there were provisions punishing related acts, such as murder and removal of vital organs, as aggravated crimes.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said Gabon had not adopted a plan of action to combat racial discrimination. What measures had the State party taken to develop such a plan and implement the Durban Programme of Action, and what results had it obtained?

    The National Human Rights Commission was reorganised in November 2024. Had the State party applied for accreditation from the Global Alliance of National Human Rights Institutions? The Commission received and examined complaints from individuals and victims. What was the procedure for this, and how many complaints had it examined, including related to racial discrimination? How was the Commission raising awareness about human rights protections? The Commission’s financial resources had been significantly increased; the Committee hoped that this would strengthen the Commission’s ability to combat racial discrimination.

    The registration procedure for non-governmental organizations was reportedly very expensive and inconsistent, which discouraged organizations from carrying out their activities. The Committee had not received any alternative report from civil society. How was the State party encouraging this? What progress had been made in establishing a consultation framework between the State and civil society, and in developing a law on human rights defenders? Human and environmental rights defenders in the country were highly vulnerable to abuses and reprisals, including women, farmers and indigenous peoples fighting against deforestation. What measures were being taken to ensure the protection of human rights defenders who fought against racial discrimination and defended indigenous peoples and migrants?

    The Committee welcomed that the State automatically appointed a lawyer to accused persons who could not afford one, and that such persons benefitted from the presumption of innocence. How many persons had benefitted from legal aid in the last two years, including persons from ethnic minorities?

    What continuous training or awareness raising activities were being carried out for the judiciary, law enforcement officials and the public on human rights, international human rights treaties, non-discrimination and minority rights? Did training on human rights for security and defence forces address the Convention? What measures had been implemented to support the filing of complaints and claims for redress in cases of racial discrimination, particularly for ethnic minorities, indigenous peoples and non-citizens? Victims often struggled to prove that they had been discriminated against when perpetrators held positions of authority. Did the State party intend to introduce a reversal of the burden of proof in favour of victims of discrimination? How would the State bring the administration of justice closer to rural areas inhabited by indigenous peoples, and remove obstacles related to linguistic diversity?

    What progress had been made on introducing human rights education into school curricula and higher education? Did curricula address the Convention, combatting racial discrimination, and the history, culture and traditions of the different ethnic groups and indigenous peoples? What difficulties did the State party encounter in promoting education on national languages? Were there any community radio stations in the State party where information was disseminated in local languages and indigenous languages such as Baka? What programmes were in place to promote ethnic cultures and traditions and social cohesion?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, said the new Constitution stipulated that citizens’ gatherings, demonstrations or parades in public spaces needed to be authorised under the conditions provided for by law. This seemed to restrict freedom of assembly and contradict 2017 legislation calling only for a declaration of planned gatherings. Why had this regressive change been made? How would the State party bring its rules on freedom of assembly in line with international standards? Were remedies available for persons whose demonstrations had been banned?

    In February 2021, tear gas and grenades were used in Libreville and Port Gentil to disperse a crowd demonstrating in opposition to the restrictions imposed during the COVID-19 pandemic. What justified this use of public force? Had investigations been carried out to establish responsibility? Could legislation on assembly be used to restrict private meetings? What measures had the State party adopted to ensure that indigenous peoples, ethnic minorities and non-citizens could exercise their right to freedom of assembly without discrimination, including at demonstrations in opposition to infrastructure projects or calling for protection of the environment and natural resources?

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-Up Rapporteur , said she was encouraged by the State’s desire to strengthen its institutions. How were the members of the National Human Rights Commission appointed and to whom were they accountable? The State party had not ratified the African Charter on Democracy, Elections and Governance. Did it plan to do so?

    Responses by the Delegation

    The delegation said that the National Human Rights Commission would apply for accreditation with the Global Alliance of National Human Rights Institutions. Funding for the Commission had increased exponentially. Legislation on the re-establishment of the Commission was in line with the Paris Principles; it had been developed with the Office of the High Commissioner for Human Rights. There had not been any complaints of racial discrimination submitted to the Commission yet. The State party would work to raise awareness of the Commission’s complaints mechanism.

    The Commission and civil society were involved in drafting the State party’s reports to treaty bodies. Civil society had submitted alternative reports to the Human Rights Committee, and training had been provided to civil society on preparing such reports. Reports that the procedure for creating non-governmental organizations was onerous were false. There were no costs associated with creating such organizations in Gabon.

    Gabon sought to rebuild its institutions based on justice. It had set up a legal aid office, which provided legal aid to vulnerable persons, and sought to strengthen this system and make it accessible throughout the country. There was no discrimination in the provision of legal aid. All plaintiffs appearing before a criminal court needed to be represented by a lawyer. The State party would consider revising the Criminal Code to reverse the burden of proof for cases involving racial discrimination.

    The new Constitution enshrined the principles of freedom of expression and assembly for all citizens. Legislation set up a system of declaration for public demonstrations; there was no authorisation system. Individuals who had been banned from holding demonstrations could file administrative appeals and appeals with the courts. There were no barriers to the freedom of expression in Gabon.

    Human rights education was part of the Gabonese civic education programme from primary level onwards. There had been an initiative to bolster this programme and to provide human rights education in vocational training institutions. Teaching on national languages was provided in religious establishments, and there were plans to include national language education in the general primary and secondary curricula.

    The new members of the National Human Rights Commission would be appointed by an ad-hoc committee within the National Assembly through a transparent process that ensured appropriate geographic balance. These members would be standing, independent members. Members’ reports would be sent to relevant institutions for follow-up.

    Initial training for members of the magistracy included a module on human rights, and ongoing training was provided on certain issues, for example concerning migrants and trafficking.

    Questions by a Committee Expert

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, asked which groups in Gabon self-determined as national minorities, even though the State declared it did not grant them legal status? What was the situation of the Hausa Gabonese since their naturalisation as Gabonese citizens in 2015, in terms of facilitating their national integration? According to information received by the Committee, the State was struggling to issue birth certificates and national identity cards to ethnic and indigenous minorities. What measures were being taken to ensure effective access to birth registration for members of ethnic minorities and indigenous peoples and to ensure the issuance of official identity documents and passports, especially in remote areas?

    It was reported that in 2022, people returning from holidays, whose surnames sounded foreign, had had their passports taken away by border police officers, and they had to go and collect them and justify their Gabonese nationality. What was at the origin of this search for the original “Gabonness” that seemed to be coming back in force since the events of August 2023? What was the State party doing to ensure social cohesion in these circumstances?

    How many members of the indigenous peoples’ communities held positions of responsibility in the central and local State administration? What measures were being taken to strengthen the political and administrative capacities of the members of these communities for better representation? What was the proportion of women, and particularly women from indigenous peoples and the Hausa Gabonese minority, in elective and decision-making positions in the civil service? Did it mean the State would prefer to appoint a less qualified man to a senior job in the State rather than a highly qualified woman, if the 30 per cent quota for women was reached? What measures had the State party taken to prevent and combat racial discrimination in the workplace, as well as abusive practices and labour exploitation, in particular against indigenous peoples and other minorities?

    From the report, it appeared the State party was made up of the Baka, Babongo, Bakoya, Baghame, Barimba, Akoula and Akwoa ethnic groups that were settled in different regions of Gabonese territory. What were the legal and institutional frameworks, as well as policies and programmes established for the promotion and protection of the specific rights of these indigenous peoples? What measures had been taken to enable indigenous peoples to enjoy genuine equality of opportunity and treatment with other members of the population? How many indigenous peoples were there in Gabon?

    What mechanism had been implemented to conduct prior consultations to obtain the free and informed consent of the indigenous peoples concerned by projects, including the deployment of fibre optics, and to involve them in their implementation? Was there a permanent framework for cooperation with community leaders or associations that represented these populations? Who were the ethnic groups of the indigenous inhabitants of the 26 villages concerned by the development project, being conducted with the United Nations Children’s Fund?

    The Committee was informed that the President of the Transition, the current Head of State, had set up a special contingent in the National Guard composed of members of the indigenous peoples’ communities, with a view to protecting the environment, which was a commendable action. It was hoped this would not be an isolated act.

    According to available information, entire villages populated by indigenous communities had been displaced without prior consent for mining projects in Bakoumba, and had been relocated to undesirable and polluted areas, with no action taken by the authorities to follow up on the complaints of those affected by the pollution. Could information on this situation be provided? What measures were being taken to ensure the right of indigenous peoples to own, develop, control and use the lands, resources and community territories that they traditionally occupied or used? What tools did the Government use to promote equal opportunities in education and training? How were the specific needs of indigenous peoples taken into account? Did pre-primary and primary education include the teaching of mother tongue languages?

    The Gabonese Government had adopted a commendable housing policy with the home savings plan put in place since March 2019. However, a World Bank report from 2020 revealed that more than one in two households did not have access to decent housing. What was the real situation in terms of housing? Could information be provided on the poverty rate among indigenous peoples and other minorities and their access to basic services?

    The education system had specialised facilities for children with hearing impairments, including those belonging to indigenous peoples and other minorities. What was the situation of the education of other children with special needs, such as autistic children, considered in some societies to be evil or sorcerous children? Given that some 50 national languages were spoken in Gabon, what languages were used within the media and what methodology was used to choose these languages? Were there programmes in the Baka and Koya languages that were spoken by indigenous peoples? What measures had been taken to promote the dissemination of and respect for the traditions and culture of the different ethnic groups in Gabon, and to protect indigenous languages, such as Baka and Koya?

    Responses by the Delegation

    Regarding the Hausa whose passports were removed if their names sounded foreign, the delegation said there were people who had not been careful to keep up with the administrative situation in the country in which they lived. They may not see the importance of having birth and identity documents. This meant today, when the State was focused on restoring its institutions, these matters came to the surface. There had been some confusing situations which arose because many people had held fake documents for a long time before. The Government was looking into this issue as a matter of national security.

    Members of the Hausa population benefitted the same as any other citizen who held Gabonese nationality. A naturalisation decree had been implemented which granted Gabonese nationality to all Hausa people living in the country at the time; this was around 1,000 people. Some people had tried to fall through the cracks and benefit from this decree without actually meeting the requirements, which had a negative impact on the administrative situation. The Ministry of Justice was currently verifying the validity of these documents.

    It was true that there were more women than men in Gabon. However, when it came to elections, not many women wanted to participate in political life, and the State wanted to change this. This was why legislation had been developed which established quotas; this aimed to be positive discrimination for women. The quotas intended to encourage more women to become involved in political life at the local and national level. The 30 per cent minimum quota was in place for all political parties, with the requirement that 30 per cent of all candidates should be women. The State also aimed to encourage more young people and persons with disabilities to become involved in political life.

    Indigenous peoples were included in Gabon’s social protection coverage. They were covered by the social protection system and received unemployment and health benefits. The 26 villages covered by the support programme were villages with people from Baka, Bango and other groups. Work was done with pregnant women to ensure neonatal services were provided, especially in remote parts of the country where many indigenous groups lived. The State had set up a centre for autistic children and aimed to roll this out to other parts of the country.

    In 2016, a programme was launched to combat all forms of discrimination in employment, healthcare and education, and other areas of public life. The State sought to support all levels of society in Gabon through this programme, which covered indigenous peoples, women and other vulnerable groups. All programmes were intended to promote equality of opportunity for all. Indigenous peoples, regardless of where they were located in the country, could benefit from State programmes.

    In Gabon, there was an observatory which focused on the issue of equality and undertook various studies, including a recent one on the equality of opportunity for indigenous peoples in Gabon. On the basis of this study, an action plan had been developed, with policies to be rolled out to address the situation of indigenous peoples in the country. The most recent census had enabled the State to identify 15,000 persons with disabilities who needed additional support, and actions relating to education and health were carried out in this regard. Gabon was on the right track in terms of indigenous peoples, as the State was pursuing inclusive policies, taking into account all persons on the territory of the country.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said several questions had not been answered, namely on the languages used in the media; the use of land by indigenous peoples; and the medicinal practices of indigenous peoples. There had been a case where indigenous peoples were forcibly removed from their village and transported to polluted areas; could this be addressed? Was it correct that the 30 per cent quota was a minimum? If there was a list of candidates which did not reach the minimum threshold, was it then rejected? Was the State considering an individualised approach to the Hausa Gabonese?

    A Committee Expert asked if the State looked at issues which might be particularly harmful to indigenous peoples, and then adopted policies and programmes to address these issues?

    Another Committee Expert asked what members of the delegation meant when they said they did not recognise minorities as a legal concept? Did this mean these minorities did not qualify for legal protection?

    An Expert asked if the State had investigated what held women back from applying for election posts?

    A Committee Expert said Gabon had last reviewed the Constitution in 2011. How had Gabon addressed the issues of discrimination in education?

    Responses by the Delegation

    The delegation clarified that Gabon had a brand-new Constitution. The law on data protection stated that it was prohibited to collect or process any data which revealed the racial or ethnic background of an individual, their political or religious views, and data related to their sex life or health, among other points. The profiling of children was strictly prohibited, except when strictly necessary. Personal data could be accessed on the grounds of State security defence. When the police were carrying out controls or checks, they treated all passengers in stopped vehicles the same; everyone was asked to show their identity documents.

    When the 30 per cent quotas were not achieved, steps were taken to encourage favourable treatment for women, by ensuring a male and female alternance for candidates in electoral lists, to achieve the 30 per cent representation. This was a “carrot rather than stick” approach. Women were being encouraged to overcome cultural blocks and stand for leadership roles. A workshop had been held last week which sought to address the grassroot social issues, including that women were typically viewed as homemakers and housewives. The quota law aimed to break these traditional mindsets.

    Gabon had enacted specific measures, including the law on persons with disabilities, which mandated that education was compulsory for all children with disabilities. Education was compulsory by law for all children between ages three and 16 in Gabon. A forum was organised in 2019 on the implementation of inclusive education. New schools being built were required to meet accessibility standards, to ensure free and easy access for children with motor disabilities.

    The relocation of individuals in certain areas had been required, but the fact that they were relocated to polluted areas was refuted. Some people had to accustom themselves to living in a new location, but it was the sovereign right of the State to ensure they could tap their resources for the overall benefit of the country. More information about the claims would be appreciated. There were community radio stations which broadcast programmes in local indigenous languages.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said there had been no shadow report received from Gabonese civil society. The information regarding the relocation of indigenous peoples had been received by the Committee members which was why they asked the question. State sovereignty should not be used against the population, but rather for their wellbeing.

    What measures had been adopted, including special measures or affirmative action measures, with a view to combatting inequalities and multiple forms of discrimination, including racial discrimination, with regard to ethnic minorities and indigenous peoples, such as the Baka, Babongo, Bakoya, Baghame, Barimba, Akoula and Akwoa? To what extent did the 2018 national strategy to combat gender-based violence and the law on the elimination of violence against women take into account the specific needs of indigenous girls and women? What other measures had been adopted to address the multiple and intersecting forms of discrimination faced by women belonging to ethnic minorities, indigenous peoples, and other vulnerable groups?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, said law no. 5/86, establishing the regime for the admission and residence of foreigners in the Gabonese Republic, provided for severe fines and imprisonment for foreigners in an irregular situation, which considerably reduced the scope of protection for persons who arrived in Gabon irregularly or those already in Gabon in need of international protection. What measures had been taken by the State party to harmonise its national legislation, including this law, with international obligations, in particular to decriminalise irregular migration? What measures had been adopted to prevent and combat racial discrimination and xenophobia against migrants, asylum seekers, refugees and stateless persons, and to facilitate the integration of non-citizens?

    What measures had been adopted by the State party to ensure that the practical application of the policy of “Gabonisation” of employment did not lead to cases of discrimination in hiring and dismissal on the basis of race, colour, descent or national or ethnic origin? According to a provision within the refugee act, the majority of refugees in Gabon lived with families. What was the profile of these families? How was the legal integration of refugees carried out? What were the socio-demographic, spatial and legal-administrative characteristics of the descendants of refugees in Libreville? Clear procedures were needed to ensure the prompt identification of persons seeking international protection at land borders and arrivals by sea; what measures were being taken in this regard? What had been done to strengthen the National Commission for Refugees?

    The Committee had been told that asylum seekers remained excluded from the national medical insurance scheme and did not have access to medical services pending a decision on their refugee status. What steps had been taken to extend primary health care to asylum seekers who were awaiting a final decision on their refugee status? What efforts had the Gabonese Government made to develop and implement a statelessness determination procedure? The Committee had been informed that many foreigners were forced by the administrative services to add so-called “Gabonese” surnames to their surnames, which discouraged some parents of children born in Gabon from finalising the procedures for obtaining Gabonese nationality or identity documents; what measures had been taken to address these situations?

    What was the proportion of Gabonese nationals who were victims of trafficking? What were the main forms of trafficking found in Gabon? Did forced labour include domestic servitude, commercial exploitation and sexual exploitation? What was the profile of the perpetrators of human trafficking, their gender, and their nationality? How many cases had been prosecuted and convicted? What were the measures for reparation and rehabilitation of victims of trafficking? What was being done by the State to prevent and combat trafficking in persons, including for the purpose of labour exploitation, sexual exploitation and domestic servitude, including of non-citizens, especially children? Had appropriate resources been allocated to the National Commission for the Prevention and Combatting of Trafficking in Persons to enable it to carry out its mandate?

    Responses by the Delegation

    The delegation said a guide had been produced to inform people on how to tackle different forms of violence, including sexual violence, and how to support victims. A specific programme had been developed for indigenous children with nomadic lifestyles. Gabon provided support to refugees and asylum seekers as required. The right to health was recognised as a universal human right. Those in an irregular situation received healthcare regardless of their status.

    There was a small number of cases of irregular migration in Gabon today. In recent years, it was ensured that migrants in an irregular situation had been provided with documents and put into a regular situation.

    In 2023, Gabon completed the procedure required for the State to be in a position to proactively identify cases of human trafficking by identifying irregular movements. The country was also collecting data in this regard, to identify trends and receive up to date information on this phenomenon in Gabon. Transnational networks existed, operating by both land and sea. Underground networks operated trafficking of women and children, and irregular migration was the driving force behind this phenomenon. Gabon was working with Benin to find a solution to this issue. The State was fully committed to rolling out the project to have practical solutions to these issues, including police investigations into these cases. Trafficking was a transnational problem, and it was important to go back to the country of origin.

    Everyone in Gabon enjoyed the right to freedom of assembly. Indigenous peoples were dealt with on an equal footing, the same way as other citizens in Gabon. They were appropriately supported if they wished to establish associations. If the laws on equal treatment were not respected, appropriate penalties would be handed down.

    Legislation established the National Commission for the Prevention of Human Trafficking in Gabon. The Commission spearheaded a national strategy to counter trafficking. Gabon was a party to the 1951 Geneva Convention on Refugees. An appeals mechanism existed for those who were not satisfied with their asylum decision. There were no refugee camps in Gabon; refugees and asylum seekers shared the same schools and hospitals as Gabonese citizens. A refugee held the same rights as a Gabonese citizen. A refugee card was issued and gave access to many of the same rights as an identity card.

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, congratulated Gabon on the mechanism adopted to tackle human trafficking. Could statistics on the number of stateless people be provided? 

    A Committee Expert asked what steps had been taken by the Gabonese Government to push back against hate speech and xenophobia? Would Gabon ratify the Convention on the Rights of Migrants and Members of their Families?

    Another Expert asked if history education was compulsory in the State party at all levels of the education system? Given the colonial legacy of the State party, to what extent did the educational curricula cover this issue? Was Gabon supportive of the concept of reparations for colonial wrongs?

    A Committee Expert asked if any measures had been taken to eradicate malaria, particularly among migrants and asylum seekers?

    Another Expert asked how refugees were cared for in Gabon, including accommodation needs, in light of the fact that there were no camps?

    An Expert said Gabon had made good progress in regard to the education of children with disabilities. Had Gabon ratified the Convention on the Protection of Persons with Disabilities, and instruments on displaced persons.

    One Expert paid tribute to the father of the Gabonese nation.

    Responses by the Delegation

    The delegation said in history classes in public schools, there was no political link with colonialism. The curriculum was based on the programme drafted by a national pedological institution.

    Closing Remarks

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-up Rapporteur , said it would be the first time that Gabon would receive recommendations with a follow-up. Several recommendations would be highlighted for follow-up within one year.

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, congratulated Gabon for the multi-sectoral approach taken to the dialogue, which had been productive and fruitful. Ms. Esseneme thanked all those who had made the dialogue possible, especially in the hybrid format. Gabon was urged to do its utmost to implement the recommendations contained in the concluding observations, to ensure ongoing collaboration with the Committee.

    PAUL-MARIE GONDJOUT, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation , thanked the Committee for the constructive and respectful exchange which had taken place. The Committee’s questions had provided an opportunity to share more information about the situation in Gabon. Gabon would continue engaging with the Committee and looked forward to the concluding observations and follow-up. Gabon would respond within the timeframes indicated. Gabon would take steps to ensure the optimal implementation of the provisions enshrined within the Convention, working with all stakeholders involved in human rights.

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    CERD25.007E

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI USA: Congresswoman Torres Demands Transparency from U.S. Customs and Border Protection (CBP) Over Pomona Raids

    Source: United States House of Representatives – Congresswoman Norma Torres (35th District of California)

    May 01, 2025

    Washington, D.C. – Congresswoman Norma Torres, sent a letter to Acting Commissioner Flores calling for immediate transparency and answers following a series of raids conducted by the U.S. Customs and Border Protection (CBP) in Pomona, California. The raids, which took place on April 22 and April 25, targeted individuals at a Home Depot and an auto body shop, raising serious concerns about due process, local law enforcement coordination, and the treatment of detainees.

    “I am profoundly outraged by the CBP’s actions in Pomona. These raids, which appear to target individuals simply trying to provide for their families, seem to disregard basic human rights and federal law– throwing out our constitution,” said Congresswoman Torres. “ The Border Patrol, escorted by the Riverside Sheriff’s Department, failed to constantly notify Pomona about their activities in the city. This lack of communication and common courtesy in informing an allied agency was a significant oversight. I demand an immediate update from CBP regarding the status of those detained, their legal grounds for detention, and most importantly, the information that would allow us to support families and ensure legal representation for our constituents. I will not tolerate the continued secrecy and lack of transparency in this operation.”

    Background: The letter from Rep. Torres addresses a range of issues with the raids, including:

    • The lack of notification to local law enforcement, as required by policy.

    • A troubling absence of information about the detained individuals, leaving their families unable to make contact or secure legal counsel.

    • Concerns regarding the jurisdiction of the Riverside County Sheriff’s Department’s involvement, despite Pomona being located within Los Angeles County.

    The letter highlights the immediate need for answers from CBP, including the names and locations of detained individuals, the legal basis for the raids, and an explanation of why such actions were deemed necessary. Additionally, the Congresswoman is requesting a full briefing on the operations and a commitment from CBP to provide timely and accurate information to assist families in need.

    Full letter

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    La Congresista Torres Exige Transparencia a la Oficina de CBP en Relación con las Detenciones en Pomona

    Washington, D.C. – La congresista Norma Torres, envió una carta a la Comisionada Flores pidiendo transparencia y respuestas inmediatas tras una serie de detenciones llevadas a cabo por el Servicio de Aduanas y Protección Fronteriza (CBP) en Pomona, California. Las operaciones, que se llevaron a cabo los días 22 y 25 de abril, tuvieron como objetivo a personas en un Home Depot y un taller de carrocería de automóviles, planteando graves preocupaciones sobre el debido proceso, la coordinación de la aplicación de la ley local, y el tratamiento de los detenidos.

    “Estoy profundamente indignada por las acciones de la CBP en Pomona. Estas detenciones, que parecen estar dirigidas a personas que simplemente tratan de mantener a sus familias, parecen hacer a un lado los derechos humanos básicos y la ley federal – tirando por la borda nuestra constitución”, dijo la congresista Torres. “La Patrulla Fronteriza, escoltada por el Departamento del Sheriff de Riverside, no notificó constantemente a Pomona sobre sus actividades en la ciudad. Esta falta de comunicación y cortesía común en informar a una agencia aliada fue un descuido significativo. Exijo una actualización inmediata de la CBP con respecto a la situación de los detenidos, sus motivos legales para la detención, y lo más importante, la información que nos permita apoyar a las familias y garantizar la representación legal de nuestros electores. No toleraré que continúe el secretismo y la falta de transparencia en esta operación.”

    Contexto: La carta del diputado Torres aborda una serie de cuestiones relacionadas con las redadas, entre ellas:

    • La falta de notificación a las fuerzas de seguridad locales, como exige la normativa.

    • La preocupante ausencia de información sobre las personas detenidas, lo que impide a sus familias ponerse en contacto con ellas o conseguir asesoramiento jurídico.

    • La preocupación por la jurisdicción del Departamento del Sheriff del condado de Riverside, a pesar de que Pomona se encuentra en el condado de Los Ángeles.

    La carta pone de relevancia la necesidad inmediata de respuestas por parte de la CBP, incluyendo los nombres y ubicaciones de las personas detenidas, la base legal de las operaciones y una explicación de por qué fueron consideradas necesarias medidas. Además, la congresista solicita un informe completo sobre las operaciones y un compromiso de la CBP para proporcionar información oportuna y precisa para ayudar a las familias.

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    MIL OSI USA News