Category: Transport

MIL-OSI: AvePoint to Participate in June Investor Conferences
Source: GlobeNewswire (MIL-OSI)

JERSEY CITY, N.J., May 15, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance and resilience, today announced that members of the Company’s executive management team will present at the William Blair 45^th Annual Growth Stock Conference in Chicago, Illinois. The presentation is scheduled for Wednesday, 6/4, at 8:00am CT.

In addition, AvePoint will attend the following investor conferences:
- Baird 2025 Global Consumer, Technology & Services Conference (New York, NY): Tuesday, 6/3
- D.A. Davidson 2025 Consumer & Technology Conference (Nashville, TN): Tuesday, 6/10
- Northland Growth Conference (Virtual): Wednesday, 6/25
A live and archived audio webcast of the William Blair presentation will be available on the AvePoint Investor Relations website.

About AvePoint:

Beyond Secure. AvePoint is the global leader in data security, governance, and resilience, going beyond traditional solutions to ensure a robust data foundation and enable organizations everywhere to collaborate with confidence. Over 25,000 customers worldwide rely on the AvePoint Confidence Platform to prepare, secure, and optimize their critical data across Microsoft, Google, Salesforce, and other collaboration environments. AvePoint’s global channel partner program includes approximately 5,000 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

Forward-Looking Statements:

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov . These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint,” “the Company,” “we,” “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

Disclosure Information:

AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Investor Contact
AvePoint
Jamie Arestia
ir@avepoint.com
(551) 220-5654

Media Contact
AvePoint
Nicole Caci
pr@avepoint.com
(201) 201-8143

The MIL Network –
May 16, 2025

MIL-OSI: Fold Holdings Inc. (NASDAQ: FLD) Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Revenue: $7.1 million, 44% YoY increase
Bitcoin Treasury Holdings: 1,490 BTC, ~50% increase from Q4 2024
Launched Bitcoin Gift Card with access to network of thousands of retailers
New accounts up over 300% YoY and platform volumes up 67% YoY

PHOENIX, May 15, 2025 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”), the first publicly traded bitcoin financial services company, today announced financial results for the first quarter ended March 31, 2025.

Financial Highlights

Revenue: $7.1 million; 44% YoY increase
GAAP Net Loss: ($48.9) million
Adjusted EBITDA (Loss) (non-GAAP): ($4.2) million
GAAP Loss Per Share: ($1.92) per share
Adjusted EBITDA (Loss) Per Share (non-GAAP): ($0.17) per share
Bitcoin Treasury Holdings: 1,490 bitcoin; +$150 million value as of 5/13/2025

Key Operating Metrics

Total Transaction Volume: +$250 million; 67% YoY increase
Total Active Accounts: +600,000, added +17,000 new accounts in the quarter
Total Verified Accounts: +76,000, added +5,000 new verified accounts in the quarter

CEO Commentary

“We are pleased to report a strong first quarter, with revenues for the period increasing by 44% versus a year ago, while core KPIs such as Active Accounts and Transaction Volumes were also up”, said Fold Chairman and CEO, Will Reeves. “From Fold’s public listing in February to our recent new product announcements, we have already made meaningful progress in 2025.”

Mr. Reeves continued, “In particular, we made significant progress on new initiatives that we believe improve the growth prospects for Fold. First, in February, we announced the launch of the Fold Bitcoin Rewards Credit Card, which currently has a waitlist of 75,000 people. We are working towards launching the card later this year and believe it can be an important growth driver of Fold’s business. Second, we are prioritizing the expansion of our Custody and Trading business by adding enhanced functionality to the platform. Our initiatives include increasing access to the platform beyond Fold cardholders to all users, supporting larger bitcoin orders through acceptance of wire deposits, and expanding the geographic reach of Fold’s suite of services. We believe these developments will allow us to open our platform to a meaningfully larger market. Our most recent announcement, the Fold Bitcoin Gift Card, is designed to allow consumers to acquire bitcoin by purchasing the Fold Bitcoin Gift Card online and at participating retail locations throughout the United States. Americans spend billions of dollars annually on gift cards and we believe the Fold Bitcoin Gift Card will allow us to capitalize on this large and meaningful market.”

Reeves concluded, “Finally, our bitcoin treasury holdings increased by 50% during the first quarter and currently stands at 1,490 bitcoin, which represents more than $150 million of value based on recent bitcoin prices. At Fold, we remain committed believers in Bitcoin and see it as central to everything we do. Building on our first quarter of 2025, we will continue to seek opportunities to add to our bitcoin holdings and believe in the long-term value proposition of a robust bitcoin treasury strategy.”

Strategic & Business Updates:

Fold Credit Card (announced in February 2025)
- Over 75,000 applicants on the waitlist
- 215 million credit cards users in the US
- Expected to launch later this year
Fold Bitcoin Gift Card (announced May 15, 2025)
- Partnered with Totus for a target nationwide launch later this year
- Rollout will be in phases with initial accessibility through Fold’s website
- Full rollout expected to include deployment to thousands of online and physical locations throughout the US
Custody and Trading Expansion
- Expanding accessibility to our bitcoin exchange platform to a larger user base
- Expanding features and making the platform accessible in additional states
Bitcoin Treasury
- Expanded our bitcoin investment treasury by approximately 50% in Q1 2025
- Currently hold 1,490 Bitcoin with a value of over $150 million

2025 Full Year Outlook:

Revenue: Prior guidance of $61.6 million in 2025 remains unchanged
Marketing Expenses: $3 million, an approximately 10x increase from 2024

Earnings Call and Webcast Information:

Fold Inc. will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question and answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: May 15, 2025
Time: 5:00 p.m. ET
Participant Call Links:

Live Webcast: Link
Dial-in Registration Link: Link

A replay of the call will be archived at https://investor.foldapp.com

About Fold Inc.:

Fold (NASDAQ: FLD) is the first publicly traded Bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use Bitcoin. With 1,490 BTC in its treasury, Fold is at the forefront of integrating Bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Card, Fold Credit Card, and Fold Bitcoin Gift Card, the company is building the bridge between traditional finance and the Bitcoin-powered future.

Forward-Looking Statements:

The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the anticipated benefits of the business combination. Forward-looking statements may be identified by the use of words such as “may,” “could,” “would,” “should,” “predict,” “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include the potential benefits of the new convertible note, Fold’s treasury strategy and the potential success of Fold’s market and growth strategies. These statements are based on assumptions and on the current expectations of Fold’s management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the failure to realize the anticipated benefits of the business combination; (iii) the effect of the consummation of the business combination on Fold’s business relationships, performance, and business generally; (iv) the ability to implement business plans and other expectations after the completion of the business combination, and identify and realize additional opportunities; (v) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; and (vi) those factors discussed in Fold’s filings with the Securities and Exchange Commission. If any of these risks materialize or Fold’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, each specifically disclaims any obligation to do so, except as required by law.

Fold Holdings, Inc. Condensed Balance Sheets (Unaudited)

	March 31,			December 31,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	11,699,552		$	18,330,359
Accounts receivable, net		942,888			451,455
Inventories		403,595			262,813
Digital assets – rewards treasury		7,365,544			8,569,651
Prepaid expenses and other current assets		4,003,918			687,100
Total current assets		24,415,497			28,301,378
Digital assets – investment treasury		122,957,753			93,568,700
Capitalized software development costs, net		1,175,215			1,000,065
Deferred transaction costs		–			2,784,893
Total assets	$	148,548,465		$	125,655,036

Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable	$	1,486,978		$	1,113,552
Accrued expenses and other current liabilities		1,898,812			71,858
December 2024 convertible note, net		–			11,752,905
Customer rewards liability		7,365,544			8,569,651
Deferred revenue		358,716			387,776
Total current liabilities		11,110,050			21,895,742
Deferred revenue, long-term		470,176			487,690
December 2024 convertible note, net		12,278,826			–
March 2025 convertible note – related party		52,813,643			–
Simple Agreements for Future Equity (“SAFEs”)		–			171,080,533
Total liabilities		76,672,695			193,463,965
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2025 and 10,204,880 shares issued and outstanding at December 31, 2024		–			1,020
Common stock, $0.0001 par value; 600,000,000 shares authorized, 46,888,876 shares issued and 46,250,665 shares outstanding at March 31, 2025 and 5,836,882 shares issued and outstanding at December 31, 2024		4,625			584
Additional paid-in-capital		222,098,867			33,537,989
Accumulated deficit		(150,227,722	)		(101,348,522	)
Total stockholders’ equity (deficit)		71,875,770			(67,808,929	)
Total liabilities and stockholders’ equity	$	148,548,465		$	125,655,036

Fold Holdings, Inc. Condensed Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2025			2024
Revenues, net	$	7,087,837		$	4,931,211

Operating expenses
Banking and payment costs		6,758,924			4,626,748
Custody and trading costs		45,785			21,288
Compensation and benefits		6,457,940			757,365
Marketing expenses		399,798			42,467
Professional fees		1,788,505			36,668
Amortization expense		91,071			57,353
(Gain) loss on customer rewards liability		(1,100,857	)		3,423,045
Loss (gain) on digital assets – rewards treasury		1,010,586			(3,491,889	)
Other selling, general and administrative expenses		1,136,455			312,894
Total operating expenses		16,588,207			5,785,939
Operating loss		(9,500,370	)		(854,728	)

Other income (expense)
Loss on digital assets – investment treasury		(15,617,152	)		–
Change in fair value of SAFEs		(6,503,113	)		(95,064	)
Change in fair value of convertible note		(6,534,143	)		–
Convertible note issuance costs and fees		(9,569,109	)		–
Interest expense		(1,271,638	)		–
Other income		120,303			12,855
Other income (expense), net		(39,374,852	)		(82,209	)

Net loss before income taxes		(48,875,222	)		(936,937	)
Income tax expense		3,978			8,109
Net loss	$	(48,879,200	)	$	(945,046	)

Net loss per share attributable to common stockholders:
Basic and diluted	$	(1.92	)	$	(0.16	)
Weighted average common shares outstanding:
Basic and diluted		25,436,398			5,836,882

Fold Holdings, Inc. Condensed Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2025			2024
Cash flows from operating activities
Net loss	$	(48,879,200	)	$	(945,046	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization expense		91,071			57,353
Loss (gain) on digital assets – rewards treasury		1,010,586			(3,491,889	)
Loss on digital assets – investment treasury		15,617,152			–
(Gain) loss on customer rewards liability		(1,100,857	)		3,423,045
Change in fair value of convertible note		6,534,143			–
Convertible note issuance costs and fees		9,569,109			–
Amortization of debt discount		525,921			–
Change in fair value of SAFEs		6,503,113			95,064
Share-based compensation expense		5,170,275			–
Increase (decrease) in cash resulting from changes in:
Accounts receivable, net		(491,433	)		(38,400	)
Inventories		(140,782	)		(11,860	)
Prepaid expenses and other current assets		(962,423	)		9,756
Accounts payable		373,426			168,239
Accrued expenses and other current liabilities		660,721			10,908
Customer reward liability		611,552			487,032
Deferred revenue		(46,574	)		(118,433	)
Net cash used in operating activities		(4,954,200	)		(354,231	)

Cash flows from investing activities
Purchases of digital assets		(1,562,973	)		(441,467	)
Proceeds from sales of digital assets		–			–
Payments for capitalized software development costs		(266,221	)		(171,134	)
Net cash used in investing activities		(1,829,194	)		(612,601	)

Cash flows from financing activities
Proceeds from recapitalization		804,600			–
Payments of deferred IPO costs		(652,013	)		–
Proceeds received from SAFE financings		–			500,000
Net cash provided by financing activities		152,587			500,000

Net decrease in cash and cash equivalents		(6,630,807	)		(466,832	)
Cash and cash equivalents, beginning of period		18,330,359			1,491,544
Cash and cash equivalents, end of period	$	11,699,552		$	1,024,712

Non-cash investing and financing activities
Distributions of digital assets to fulfill customer reward redemptions		714,802			1,317,262
Distributions of digital assets to satisfy other current liabilities		1,012			8,940
Recapitalization		173,019,904			–
Proceeds from convertible debt received in digital assets – related party		43,965,525			–
Distributions of digital assets for prepaid interest – related party		2,313,975			–

Non-GAAP Financial Measures

Adjusted EBITDA

In addition to net loss and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) to monitor the financial health of our business. Adjusted EBITDA is defined as net loss, excluding (i) interest expense, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) share-based compensation, (v) remeasurement gains and losses such as fair value remeasurements on our digital assets, convertible notes, and SAFE notes, and (vi) impairments, restructuring charges, and business acquisition- or disposition-related expenses that we believe are not indicative of our core operating results. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and/or render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of core operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net loss:

	Three Months Ended March 31,
	2025			2024
Net loss	$	(48,879,200	)	$	(945,046	)
Add:
Interest expense		1,271,638			–
Income tax expense		3,978			8,109
Amortization expense		91,071			57,353
Share-based compensation expense		5,170,275			–
(Gain) loss on customer rewards liability		(1,100,857	)		3,423,045
Loss (gain) on digital assets – rewards treasury		1,010,586			(3,491,889	)
Loss on digital assets – investment treasury		15,617,152			–
Change in fair value of SAFEs		6,503,113			95,064
Change in fair value of convertible note		6,534,143			–
Convertible note issuance costs and fees		9,569,109			–
Adjusted EBITDA (non-GAAP)	$	(4,208,992	)	$	(853,364	)

	Three Months Ended March 31,
	2025			2024
Adjusted EBITDA (Loss)	$	(4,208,992	)	$	(853,364	)
Weighted-average shares used to compute basic and diluted net loss per share		25,436,398			5,836,882

Adjusted EBITDA (Loss) per share attributable to common stockholders:
Basic and diluted	$	(0.17	)	$	(0.15	)

For investor and media inquiries, please contact:

Investor Relations:
Orange Group
Samir Jain, CFA
FoldIR@orangegroupadvisors.com

Media:
Elev8 New Media
Jessica Starman, MBA
Media@foldapp.com

The MIL Network –

May 16, 2025

MIL-OSI: Expion360 Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Q1 2025 Revenue Growth of 111% Driven by New Products and Technologies

5th Consecutive Quarter of Robust Revenue Growth

Began Shipping e360 Home Energy Storage Solutions

REDMOND, Ore., May 15, 2025 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage, today reported its financial and operational results for the first quarter ended March 31, 2025.

First Quarter 2025 & Subsequent Financial & Operational Highlights

Q1 2025 revenue totaled $2.0 million, up 111% from Q1 2024, and 3% sequentially from Q4 2024.
5th consecutive quarter of sequential revenue growth.
Began fulfilling purchase orders for our e360 Home Energy Storage Solutions (“HESS”).
Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

Management Commentary

“The first quarter of 2025 was underscored by continued strong revenue momentum, margin expansion and a strengthened balance sheet as we focus on entering into new OEM partnerships and distributor relationships and building our Home Energy Storage Solutions vertical,” said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. “Revenue grew 111% year over year to $2.0 million, and sequentially for a fifth consecutive quarter from Q4 2024 on a rebounding RV market. Results for the RV Industry Association’s (RVIA) March 2025 survey of manufacturers found that total RV shipments increased 14% in the first quarter of 2025. We believe the RV market will continue to gain ground through 2025, with shipments increasing throughout the year.

“In January, we began production shipments for our HESS products. The LiFePO4 battery HESS enables residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages. HESS is designed with adaptability in mind, ready to evolve alongside changing energy requirements. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits, and we are working on additional orders in 2025.

“Operationally during the quarter, we took the opportunity to prepare for continued growth and tariff mitigation by adding 6-12 months of inventory early in the quarter, before new tariffs were introduced. We are also working to diversify our supply chain with potential sourcing from additional countries and have undertaken several initiatives to increase margins and reduce costs within our current line of batteries. Our long-term goal is to onshore to the U.S. manufacturing of most of our components and assemblies, including cell manufacturing. To that end, we continue to work with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs.

“Looking ahead, we are successfully executing on our efforts to expand sales across our product portfolio and new Home Energy Storage Solutions vertical. With a strengthened balance sheet from a recent $2.6 million registered direct offering and private placement, we believe we are well positioned to continue our growth initiatives to add OEM partnerships and distributors, further develop HESS, and introduce new technologies and batteries. With substantial purchase orders already in hand and additional new customers expressing interest across our product line, we look forward to announcements of additional milestones in the months ahead and expect our quarterly sequential growth to continue,” concluded Mr. Schaffner.

First Quarter 2025 Financial Summary

Revenue in the first quarter of 2025 totaled $2.0 million, an increase of 111% from $1.0 million in the prior year period. The increase in net sales was due, in part, to a rebound in the RV market overall, as well as completing our first sales in the home energy market.

Gross profit in the first quarter of 2025 totaled $0.5 million, or 25% of revenue, as compared to $0.2 million or 23% of revenue in the prior year period and 21% of revenue for the full fiscal year ended December 31, 2024. The increase was primarily attributable to the increase in sales and lower cost of goods sold as a percentage of sales.

Selling, general and administrative expenses in the first quarter of 2025 decreased 25% to $1.6 million compared to $2.2 million in the prior year period. The decrease was primarily due to decreases in salaries and benefits, including lower non-cash stock-based compensation, as well as reduction in headcount. Legal and professional fees also had a significant decrease, as did rent expense due to terminating the lease on our second warehouse.

Net loss in the first quarter of 2025 totaled $1.2 million, a 48% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily the result of higher net sales for the period ended March 31, 2025 combined with a decrease in selling, general, and administrative expenses.

Cash and cash equivalents totaled $1.1 million as of March 31, 2025, compared to $0.5 million as of December 31, 2024. On January 3, 2025, the Company closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

Net cash used in operating activities totaled $1.2 million for the three months ended March 31, 2025, compared to $1.7 million in the prior year period. Receiving inventory that was prepaid during the prior period accounted for a large portion of the change for the three months ending March 31, 2025, as well as making payments to decrease our suspended liability.

First Quarter 2025 Results Conference Call

Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360, will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

A telephone replay will be available approximately three hours after the call and will remain available through May 29, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10199138. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

About Expion360

Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles, marine applications, Light EV and residential energy storage.

The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

Forward-Looking Statements

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s beliefs, plans, and expectations about its operations, product development and pipeline, growth prospects, market expectations and opportunity, the availability of incentives and tax credits, potential partnership with NeoVolta, and growth expectations. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Company Contact:
Brian Schaffner, CEO and Interim CFO
541-797-6714
Email Contact

External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
XPON@mzgroup.us
www.mzgroup.us


EXPION360 INC. BALANCE SHEETS

	As of March 31, 2025 (Unaudited)			As of December 31, 2024
Assets
Current Assets
Cash and cash equivalents	$	1,092,607		$	547,565
Accounts receivable, net		592,625			613,022
Inventory		6,036,033			4,831,461
Prepaid/in-transit inventory		149,541			1,612,686
Prepaid expenses and other current assets		208,373			236,461
Total current assets		8,079,179			7,841,195

Property and equipment		909,603			914,081
Accumulated depreciation		(460,866	)		(430,191	)
Property and equipment, net		448,737			483,890

Other Assets
Operating leases – right-of-use asset		689,046			754,832
Deposits		25,471			27,471
Total other assets		714,517			782,303
Total assets	$	9,242,433		$	9,107,388

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	367,457		$	338,091
Customer deposits		41,920			48,474
Accrued expenses and other current liabilities		196,874			187,464
Current portion of operating lease liability		255,676			256,153
Current portion of long-term debt		31,275			31,758
Suspended Liability		4,485,948			4,985,948
Total current liabilities		5,379,150			5,847,888

Long-term debt, net of current portion and discount		190,564			198,412
Operating lease liability, net of current portion		476,115			542,764
Total liabilities	$	6,045,829		$	6,589,064

Stockholders’ equity
Preferred stock, par value $0.001 per share; 20,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 3,144,468 and 2,096,082 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		3,144			2,096
Additional paid-in capital		38,920,698			37,091,468
Accumulated deficit		(35,727,238	)		(34,575,240	)
Total stockholders’ equity		3,196,604			2,518,324
Total liabilities and stockholders’ equity	$	9,242,433		$	9,107,388


EXPION360 INC. STATEMENTS OF OPERATIONS (UNAUDITED)

	For the Three Months Ended March 31,
	2025			2024
Net sales	$	2,049,331		$	971,859
Cost of sales		1,547,764			749,337
Gross profit		501,567			222,522
Selling, general and administrative		1,649,435			2,189,475
Loss from operations		(1,147,868	)		(1,966,953	)

Other (income) / expense:
Interest income		(1	)		(26,865	)
Interest expense		5,668			253,286
(Gain) / Loss on sale of property and equipment		(1,625	)		306
Other (income) / expense		50			(1,200	)
Total other expense		4,092			225,527
Loss before taxes		(1,151,960	)		(2,192,480	)

Franchise taxes		38			460
Net loss	$	(1,151,998	)	$	(2,192,940	)

Net loss per share (basic and diluted)	$	(0.37	)	$	(31.30	)
Weighted-average number of common shares outstanding		3,109,522			70,057


EXPION360 INC. STATEMENTS OF CASH FLOWS (UNAUDITED)

	For the Three Months Ended March 31,
	2025			2024
Cash flows from operating activities

Net loss	$	(1,151,998	)	$	(2,192,940	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		34,028			49,444
Amortization of convertible note costs		—			166,786
(Gain) / Loss on sale of property and equipment		(1,625	)		306
Stock-based compensation		50,721			315,853

Changes in operating assets and liabilities:
(Increase) / Decrease in accounts receivable		20,397			(83,986	)
(Increase) / Decrease in inventory		(1,204,572	)		44,773
Decrease in prepaid/in-transit inventory		1,463,145			45,137
(Increase) / Decrease in prepaid expenses and other current assets		28,088			(43,753	)
Decrease in deposits		2,000			—
Increase / (Decrease) in accounts payable		29,366			(4,565	)
Decrease in customer deposits		(6,554	)		(6,497	)
Increase in accrued expenses and other current liabilities		9,410			33,669
Increase / (Decrease) in right-of-use assets and lease liabilities		(1,340	)		3,855
Decrease in suspended liability		(500,000	)		—
Net cash used in operating activities		(1,228,934	)		(1,671,918	)

Cash flows from investing activities
Purchases of property and equipment		—			(10,550	)
Net proceeds from sale of property and equipment		2,750			87,684
Net cash provided by investing activities		2,750			77,134

Cash flows from financing activities
Principal payments on convertible note		—			(43,575	)
Principal payments on long-term debt		(8,331	)		(93,855	)
Principal payments on stockholder promissory notes		—			(62,500	)
Net proceeds from exercise of warrants		—			(4	)
Net proceeds from issuance of common stock		1,779,557			125,153
Net cash provided by / (used in) financing activities		1,771,226			(74,781	)

Net change in cash and cash equivalents		545,042			(1,669,565	)
Cash and cash equivalents, beginning		547,565			3,932,698
Cash and cash equivalents, ending		1,092,607			2,263,133

The MIL Network –

May 16, 2025

MIL-OSI: Dragonfly Energy Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First Quarter Net Sales and Adjusted EBITDA Above Guidance
OEM Net Sales Increased 11% Year-Over-Year
Corporate Optimization Program Enhances Operational Efficiencies
Guides to Second Quarter Net Sales of Approximately $14.8 Million

First Quarter 2025 Financial Highlights
(All comparisons made are against the prior-year period)

Net sales were $13.4 million, compared to $12.5 million, up 6.8%.
OEM net sales were $8.1 million, compared to $7.3 million, up 10.8%.
Gross Margin was 29.4%, compared to 24.4%, up 500 basis points.
Net Loss was $(6.8) million, compared to $(10.4) million.
Adjusted EBITDA was $(3.6) million, compared to $(5.2) million.

RENO, Nev., May 15, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the first quarter ended March 31, 2025.

“We are pleased to report a second consecutive quarter of year-over-year revenue growth, driven by demand from OEM customers, demonstrating the strength of our long-term partnerships, proprietary product offerings and compelling value propositions,” commented Dr. Denis Phares, Chief Executive Officer. “While the RV market continues to navigate headwinds, we are seeing encouraging customer adoption trends, along with continued penetration of the large heavy duty trucking market.”

“During the first quarter of 2025, we continued to implement our corporate optimization initiative, prioritizing product development to drive near term revenue and profit. For instance, this strategic shift is accelerating our development of purpose-built solutions for the trucking and industrial markets, resulting in the recent launch of our Battle Born DualFlow Power Pack, a practical, cost-effective hybrid electrification solution for the trucking industry.”

“We have also focused on optimizing our manufacturing efficiency and throughput, enabling us to increase our production capacity without the need for increased headcount,” continued Dr. Phares. “We believe these operational improvements, together with the capital raise completed in February 2025, provide the foundation for our path to revenue growth and profitability.”

First Quarter 2025 Financial and Operating Results
(All financial result comparisons made are against the prior-year period unless otherwise noted)


Net Sales by Customer Type
(in thousands)

	Fiscal Quarter Ended
	March 31, 2025	March 31, 2024	Change (YoY)
OEM	$8,091	$7,302	10.8%
DTC	$5,015	$5,203	-3.6%
Licensing Fee	$250	N/A	N/A
Net Sales	$13,356	$12,505	6.8%

Net Sales increased 6.8% to $13.4 million. OEM net sales grew 10.8% to $8.1 million, driven by increased adoption on new models by existing customers. DTC net sales were $5.0 million compared to $5.2 million, reflecting ongoing macroeconomic pressures.

Gross Profit increased 28.7% to $3.9 million. Gross Margin was 29.4%, up 500 basis points from 24.4%, due to higher volume. Operating Expenses were $9.8 million, compared to $8.9 million. The increase was primarily due to one-time expenses related to patent litigation and the capital raise completed in February 2025.

The Company reported a Net Loss of $(6.8) million, or $(0.93) per diluted share, compared to Net Loss of $(10.4) million or $(1.55) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was $(3.6) million, compared to $(5.2) million.

Summary and Outlook

“Looking ahead, we believe Dragonfly Energy’s growing U.S.-based production capabilities—including direct control over final assembly—along with our strategic onshoring of select components, will help strengthen our competitive position in today’s volatile tariff environment. In parallel, we are taking steps to mitigate tariff-related impacts by negotiating favorable terms with suppliers and working closely with key customers regarding potential price adjustments. We remain optimistic in our ability to navigate the current macro environment while continuing to execute on our growth initiatives.”

“For the second quarter we anticipate net sales of $14.8 million, representing year-over-year growth of approximately 12%. Our strategic priorities for the year remain focused on driving value through product innovation, revenue diversification, and prudent cost management” Dr. Phares concluded.

Q2 2025 Guidance

Net Sales of approximately $14.8 million
Adjusted EBITDA of approximately $(3.5) million

Webcast Information

The Dragonfly Energy management team will host a conference call to discuss its first quarter 2025 financial and operational this afternoon, May 15, 2025, at 4:30PM Eastern Time. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 76172. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Financial Tables


Dragonfly Energy Holdings Corp.
Unaudited Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands, except share and per share data)

	As of
	March 31, 2025			December 31, 2024
Current Assets
Cash and cash equivalents	$	2,803		$	4,849
Accounts receivable, net of allowance for credit losses	4,228			2,416
Inventory	21,728			21,716
Prepaid expenses	932			806
Prepaid inventory	2,031			1,362
Prepaid income tax	311			307
Assets held of sale	644			644
Other current assets	771			825
Total Current Assets	33,448			32,925
Property and Equipment
Property and Equipment, Net	21,252			22,107
Operating lease right of use asset	19,079			19,737
Other assets	445			445
Total Assets	$	74,224		$	75,214
Current Liabilities
Accounts payable	$	13,012		$	10,716
Accrued payroll and other liabilities	4,438			4,129
Accrued tariffs	1,945			1,915
Accrued settlement, current portion	750			750
Customer deposits	137			317
Deferred revenue, current portion	1,000			1,000
Uncertain tax position liability	55			55
Operating lease liability, current portion	2,985			2,926
Financing lease liability, current portion	48			47
Total Current Liabilities	24,370			21,855
Long‑Term Liabilities
Deferred revenue, net of current portion	3,333			3,583
Warrant liabilities	2,011			5,133
Accrued settlement, net of current portion	1,750			1,750
Notes payable, net of debt issuance costs	33,624			29,646
Operating lease liability, net of current portion	21,823			22,588
Financing lease liability, net of current portion	51			63
Total Long‑Term Liabilities	62,592			62,763
Total Liabilities	86,962			84,618
Commitments and Contingencies (See Note 5)
Series A Preferred stock
Preferred stock-Series A 5,000 shares at $0.0001 par value, authorized, 320 and 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	2,907			–
Stockholders’ (Deficit) Equity
Preferred stock, 4,995,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		–			–
Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,589,642 and 6,695,587 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	1			1
Additional paid in capital	73,305			72,749
Accumulated deficit	(88,951		)	(82,154		)
Total Stockholders’ (Deficit)	(15,645		)	(9,404		)
Total Liabilities, Series A Preferred Stock and Stockholders’ Deficit	$	74,224		$	75,214

Dragonfly Energy Holdings Corp.
Unaudited Condensed Interim Consolidated Statement of Operations
(U.S. Dollar in Thousands, except share and per share data)
	Three Months Ended
	March 31,			March 31,
		2025			2024

Net Sales	$	13,356		$	12,505

Cost of Goods Sold		9,428			9,454

Gross Profit		3,928			3,051

Operating Expenses
Research and development		1,000			1,333
General and administrative		6,357			4,813
Selling and marketing		2,485			2,744

Total Operating Expenses		9,842			8,890

Loss From Operations		(5,914	)		(5,839	)

Other Income (Expense)
Interest expense		(4,701	)		(4,760	)
Other Expense		–			(4	)
Change in fair market value of warrant liability		3,818			236
Total Other Expense		(883	)		(4,528	)

Net Loss Before Taxes		(6,797	)		(10,367	)

Income Tax (Benefit) Expense		–			–

Net Loss	$	(6,797	)	$	(10,367	)

Net (Loss) Gain Per Share‑ Basic & Diluted	$	(0.93	)	$	(1.55	)
Weighted Average Number of Shares‑ Basic & Diluted		7,327,620			6,695,587

Dragonfly Energy Holdings Corp.
Unaudited Condensed Consolidated Statement of Cash Flows
Three Months Ended
(U.S. in thousands)
		March 31,			March 31,
		2025			2024
Cash flows from Operating Activities
Net Loss	$	(6,797	)	$	(10,367	)
Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities
Stock based compensation		220			266
Amortization of debt discount		1,095			894
Change in fair market value of warrant liability		(3,818	)		(236	)
Non‑cash interest expense (paid‑in-kind)		3,579			1,260
Provision for credit losses		103			47
Depreciation and amortization		859			332
Amortization of right of use assets		658			422
Changes in Assets and Liabilities
Accounts receivable		(1,915	)		(655	)
Inventories		(12	)		5,200
Prepaid expenses		(126	)		(71	)
Prepaid inventory		(669	)		(87	)
Other current assets		54			(591	)
Income taxes payable		(4	)		174
Accounts payable and accrued expenses		3,379			81
Operating Lease Liability		(717	)		(181	)
Accrued tariffs		30			87
Deferred revenue		(250	)		–
Customer deposits		(180	)		30
Total Adjustments		2,286			6,972
Net Cash Used in Operating Activities		(4,511	)		(3,395	)

Cash Flows From Investing Activities
Proceeds from disposal of property and equipment	–				–
Purchase of property and equipment		(778	)		(817	)
Net Cash Used in Investing Activities		(778	)		(817	)

(Continued)
Cash Flows From Financing Activities
Proceeds from public offering		63			–
Payment of public offering costs		3,180			–
Proceeds from note payable, related party		–			2,700
Repayment of note payable, related party		–			(2,700	)
Net Cash Provided by Financing Activities		3,243			–

Net Decrease in Cash and cash equivalents		(2,046	)		(4,212	)
Cash and cash equivalents – beginning of period		4,849			12,713
Cash and cash equivalents – end of period	$	2,803		$	8,501

Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes		2			–
Cash paid for interest	$	1		$	2,390
Supplemental Non‑Cash Items
Purchases of property and equipment, not yet paid	$	929		$	412
Recognition of right of use asset obtained in exchange for operating lease liability	$	–		$	21,095
Conversion of preferred stock to common stock	$	273		$	–
Recognition of warrant liability – Investor Warrants	$	696		$	–

Dragonfly Energy Holdings Corp.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(U.S. Dollars in Thousands)
	Three Months Ended
	March 31,			March 31,
		2025			2024
EBITDA Calculation
Net (Loss) Income Before Taxes	$	(6,797	)	$	(10,367	)
Interest Expense		4,701			4,760
Taxes		–			–
Depreciation and Amortization		859			332
EBITDA	$	(1,237	)	$	(5,275	)

Adjustments to EBITDA
Stock Based Compensation		220			266
Preferred Stock Financing expenses		631
Litigation Fees and Loss on Settlement		543			–
Reverse Stock Split		15			–
Change in fair market value of warrant liability		(3,818	)		(236	)
Adjusted EBITDA	$	(3,645	)	$	(5,245	)

Investor Relations:
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com

The MIL Network –

May 16, 2025

MIL-OSI: Duos Technologies Group Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2025”) ended March 31, 2025.

First Quarter 2025 and Recent Operational Highlights

Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement (“AMA”) with New APR Energy.
Significant improvement in Gross Margin compared to the same quarter one year ago and further improvements expected in Q2.
Showcased the first production standalone Edge Data Center with revenues starting April 1.
Placed orders for 4 additional data centers for a total of 10 units so far all of which have identified locations and expect to meet goal of 15 deployed units by year end.
Over 2.3 million comprehensive railcar scans performed in the first quarter across 13 portals, of which more than 379,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 24% of the total freight car population in North America.
As of the end of the first quarter, the Company had $17.8 million of revenue in backlog plus $7.0 – $8.0 million near-term awards and renewals to be recognized during the remainder of 2025.

First Quarter 2025 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation (“Duos Energy”).

Total revenues for Q1 2025 increased 363% to $4.95 million compared to $1.07 million in the first quarter of 2024 (“Q1 2024”). Total revenue for Q1 2025 represents an aggregate of approximately $65,000 of technology systems revenue and approximately $4,890,000 in recurring services and consulting revenue. The significant revenue increase in the first quarter, compared to the same quarter last year, was primarily driven by Duos Energy beginning to execute against the Asset Management Agreement (“AMA”) with New APR that was signed on December 31, 2024. Under the AMA, Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. The decrease in technology systems revenues was primarily attributed to delays outside of the Company’s control with deployment of our two high-speed Railcar Inspection Portals. Although these systems remain largely ready for deployment, customer delays at the deployment site continue to prevent the Company from entering the installation phase. In spite of the timing delays that continue to impact the quarterly results, management remains confident in the long-term potential of the RIP product.

Cost of revenues for Q1 2025 increased 273% to $3.64 million compared to $0.98 million for Q1 2024. The significant increase in cost of revenues was primarily due to supporting the AMA with New APR, where Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. An additional contributing factor to the increase in cost of revenues on services and consulting is $548,121 in amortization expense of the intangible asset related to a nonmonetary transaction, which was not present in the corresponding period of 2024. The cost of revenues on technology systems decreased compared to the equivalent period in 2024. This reduction is primarily driven by our ability in Q1 2025 to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the ramp-down of manufacturing ahead of field installation of our two high-speed Railcar Inspection Portals, which has been further delayed and further reduced cost of revenues while we await customer readiness for site deployment.

Gross margin for Q1 2025 increased 1,288% to $1.31 million compared to $0.09 million for Q1 2024. Gross margin improved primarily due to Duos Energy beginning performance of the AMA with New APR. This includes $904,125 in revenue recognized during the three months ended March 31, 2025, related to the Company’s 5% non-voting equity interest in the ultimate parent of New APR, which carried no associated costs and therefore contributed at a 100% margin. These revenues and the associated margin contribution were not present in the prior year period.

Operating expenses for Q1 2025 increased 9% to $3.10 million compared to $2.86 million for Q1 2024. The increase in expenses is largely attributed to non-cash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule. Sales and marketing costs declined as resources were allocated to costs of service and consulting revenues in support of the AMA with New APR. Conversely, research and development expenses rose 11%, reflecting new engineering hires dedicated to supporting the AMA. The Company continues to focus on stabilizing operating expenses while meeting the increased needs of our customers.

Net operating loss for Q1 2025 totaled $1.79 million compared to net operating loss of $2.76 million for Q1 2024. The decrease in loss from operations was primarily the result of increased revenues during the quarter, driven by revenue generated by Duos Energy through the AMA with New APR.

Net loss for Q1 2025 totaled $2.08 million compared to net loss of $2.75 million for Q1 2024. The 24% decrease in net loss was mostly attributed to the increase in revenues generated by Duos Energy through the AMA with New APR as described above.

Cash and cash equivalents at March 31, 2025 totaled $3.80 million compared to $6.27 million at December 31, 2024. In addition, the Company had over $2.68 million in receivables and contract assets for a total of approximately $6.48 million in cash and expected short-term liquidity.

Financial Outlook
At the end of the first quarter, the Company’s contracts in backlog represented approximately $45.4 million in revenue, of which approximately $17.4 million is expected to be recognized in calendar 2025 not including an estimated $7.0 – $8.0 million in expected near-term awards and renewals. The remaining contract backlog consists of multi-year service and software agreements, along with project revenues extending beyond 2025, related to Duos, Duos Edge AI, and Duos Energy.

Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2025, the Company is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2025. The Company expects total revenue for 2025 to range between $28 million and $30 million, representing an increase of 285% to 312% from 2024. Duos expects this improvement in operating results to be reflected over the course of the full year in 2025.

Management Commentary
“I am delighted with the progress we have made in the first quarter and am very impressed at the speed at which the Duos team has adapted to the new opportunities in the Data Center and Power business,” said Chuck Ferry, Duos CEO. “While our Q1 results were anticipated, my expectation is that we will deliver growth, particularly in the second half, as the results of all our initiatives become booked revenues as indicated by the increase in backlog.”

Conference Call
The Company’s management will host a conference call today, May 15, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.

Date: Thursday, May 15, 2025
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in: 877-407-3088
International dial-in: 201-389-0927
Confirmation: 13753649

Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

If you have any difficulty connecting with the conference call, please contact DUOT@duostech.com.

The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.

About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com , www.duosedge.ai and www.duosenergycorp.com.

Forward- Looking Statements
This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.


DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

		For the Three Months Ended
		March 31,
			2025			2024

REVENUES:
	Technology systems	$	64,684		$	269,855
	Services and consulting		972,751			800,825
	Services and consulting – related parties		3,914,750			–

	Total Revenues		4,952,185			1,070,680

COST OF REVENUES:
	Technology systems		232,264			583,437
	Services and consulting		748,194			392,611
	Services and consulting – related parties		2,658,068			–

	Total Cost of Revenues		3,638,526			976,048

GROSS MARGIN			1,313,659			94,632

OPERATING EXPENSES:
	Sales and marketing		294,975			553,486
	Research and development		424,431			382,142
	General and administration		2,383,881			1,920,050

	Total Operating Expenses		3,103,287			2,855,678

LOSS FROM OPERATIONS			(1,789,628	)		(2,761,046	)

OTHER INCOME (EXPENSES):
Interest expense			(322,577	)		(445	)
Other income, net			32,542			9,182

	Total Other Income (Expenses), net		(290,035	)		8,737

NET LOSS		$	(2,079,663	)	$	(2,752,309	)


Basic and Diluted Net Loss Per Share		$	(0.18	)	$	(0.38	)


Weighted Average Shares-Basic and Diluted			11,390,016			7,306,949

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

		March 31,			December 31,
			2025			2024
		(Unaudited)
ASSETS
CURRENT ASSETS:
	Cash	$	3,799,281		$	6,266,296
	Accounts receivable, net		215,060			109,007
	Accounts receivable, net – related parties		1,760,625			294,434
	Contract assets		700,458			635,774
	Inventory		520,122			605,356
	Prepaid expenses and other current assets		468,252			176,338
	Note receivable, net		–			–

	Total Current Assets		7,463,798			8,087,205

	Inventory – non current		196,315			196,315
	Property and equipment, net		3,300,754			2,771,779
	Operating lease right of use asset – Office Lease		3,937,256			4,028,397
	Financing lease right of use asset – Edge Data Centers		1,943,547			2,019,180
	Security deposit		500,000			500,000

OTHER ASSETS:
	Equity Method Investment – Sawgrass APR Holdings LLC		7,233,000			7,233,000
	Intangible Asset, net		9,043,996			9,592,118
	Patents and trademarks, net		133,714			127,300
	Software development costs, net		334,960			403,383
	Total Other Assets		16,745,670			17,355,801

TOTAL ASSETS		$	34,087,340		$	34,958,677

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
	Accounts payable	$	698,518		$	969,822
	Notes payable – financing agreements		129,914			17,072
	Accrued expenses		451,130			373,251
	Operating lease obligation – Office Lease -current portion		803,536			798,556
	Financing lease obligations – Edge Data Centers – current portion		487,695			367,451
	Notes payable, net of discount – related parties		1,027,707			1,758,396
	Contract liabilities, current		3,001,352			3,188,518
	Contract liabilities, current – related parties		7,366,500			8,616,500

	Total Current Liabilities		13,966,352			16,089,566

	Contract liabilities, less current portion		6,851,513			7,399,634
	Contract liabilities, less current portion – related parties		2,712,375			3,616,500
	Operating lease obligation – Office Lease, less current portion		3,767,106			3,867,042
	Financing lease obligations – Edge Data Centers, less current portion		1,638,040			1,724,604

	Total Liabilities		28,935,386			32,697,346

Commitments and Contingencies (Note 8)

STOCKHOLDERS’ EQUITY:
	Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated
	Series A redeemable convertible preferred stock, $10 stated value per share,		–			–
	500,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025 and December 31, 2024, respectively,
	convertible into common stock at $6.30 per share
	Series B convertible preferred stock, $1,000 stated value per share,		–			–
	15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025
	and December 31, 2024, respectively, convertible into common stock at $7 per share
	Series C convertible preferred stock, $1,000 stated value per share,		–			–
	5,000 shares designated; 0 and 0 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,
	convertible into common stock at $5.50 per share
	Series D convertible preferred stock, $1,000 stated value per share,		1			1
	4,000 shares designated; 999 and 1,299 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,
	convertible into common stock at $3.00 per share
	Series E convertible preferred stock, $1,000 stated value per share,
	30,000 shares designated; 13,500 and 13,500 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,		14			14
	convertible into common stock at $2.61 per share
	Series F convertible preferred stock, $1,000 stated value per share,
	5,000 shares designated; 0 and 0 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,		–			–
	convertible into common stock at $6.20 per share

	Common stock: $0.001 par value; 500,000,000 shares authorized,
	11,655,229 and 8,922,576 shares issued, 11,653,905 and 8,921,252		11,654			8,921
	shares outstanding at March 31, 2025 and December 31, 2024, respectively
	Additional paid-in-capital		81,745,409			76,777,856
	Accumulated deficit		(76,447,672	)		(74,368,009	)
	Sub-total		5,309,406			2,418,783
	Less: Treasury stock (1,324 shares of common stock
	at March 31, 2025 and December 31, 2024)		(157,452	)		(157,452	)
Total Stockholders’ Equity			5,151,954			2,261,331

Total Liabilities and Stockholders’ Equity		$	34,087,340		$	34,958,677

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	For the Three Months Ended
	March 31,
		2025			2024

Cash from operating activities:
Net loss	$	(2,079,663	)	$	(2,752,309	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		712,388			158,208
Inventory write-off		25,000			–
Stock based compensation		995,647			159,320
Stock issued for services		50,000			37,500
Amortization of debt discount related to warrant liabilities		269,311			–
Amortization of operating lease right of use asset – Office Lease		91,142			83,348
Amortization of lease right of use asset – Edge Data Centers		75,633			–
Changes in assets and liabilities:
Accounts receivable		(106,053	)		866,373
Accounts receivable-related parties		(1,466,191	)		–
Note receivable		–			(1,875	)
Contract assets		(64,684	)		(270,099	)
Inventory		10,624			23,828
Prepaid expenses and other current assets		(42,467	)		57,944
Accounts payable		(271,304	)		(415,718	)
Accrued expenses		77,879			76,370
Operating lease obligation – Office Lease		(94,956	)		(82,306	)
Lease obligations – Edge Data Centers		33,680			–
Contract liabilities		(2,889,411	)		26,697

Net cash used in operating activities		(4,673,425	)		(2,032,719	)

Cash flows from investing activities:
Purchase of patents/trademarks		(9,264	)		(980	)
Purchase of fixed assets		(572,359	)		(8,830	)

Net cash used in investing activities		(581,623	)		(9,810	)

Cash flows from financing activities:
Repayments on financing agreements		(136,606	)		(130,535	)
Repayments of notes payable, related parties		(1,000,000	)		–
Proceeds from common stock issued		3,954,940			–
Proceeds from excercise of stock options		107,925			–
Stock issuance cost		(138,226	)		(36,188	)
Proceeds from preferred stock issued		–			2,745,002

Net cash provided by financing activities		2,788,033			2,578,279

Net increase (decrease) in cash		(2,467,015	)		535,750
Cash, beginning of period		6,266,296			2,441,842
Cash, end of period	$	3,799,281		$	2,977,592

Supplemental Disclosure of Cash Flow Information:
Interest paid	$	3,865		$	–
Taxes paid	$	15,945		$	–

Supplemental Non-Cash Investing and Financing Activities:
Notes issued for financing of insurance premiums	$	249,448		$	272,322
Transfer of inventory to fixed assets	$	49,609		$	–

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b5abe56-f21b-4ee5-9a09-7f9852d9bd2b

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

The MIL Network –

May 16, 2025

MIL-OSI: Fluent Announces First Quarter 2025 Financial Results; Strategic Pivot Accelerates with Growth of Commerce Media Solutions

Source: GlobeNewswire (MIL-OSI)

Revenue of $55.2 million for Q1 2025
Q1 2025 Commerce Media Solutions revenue grew 99% to $12.7 million representing 23% of consolidated revenue from $6.4 million or 10% of consolidated revenue in Q1 2024 with gross profit margin (exclusive of depreciation and amortization) of 22% in Q1 2025 compared to 21% for the consolidated business
Commerce Media Solutions annual revenue run rate now exceeds $65 million, reflecting an 8% quarter-over-quarter increase and strong momentum in executing the Company’s strategic pivot to this higher growth market
Subsequent to the first quarter, the Company announced a strategic partnership with Rebuy Engine to launch Rebuy Ads powered by Fluent, providing post-purchase advertising for Shopify merchants

NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions provider, today reported unaudited financial results for the first quarter ended March 31, 2025.

Don Patrick, Fluent’s Chief Executive Officer, commented, “Our first quarter results showed the fifth consecutive quarter of strong year-over-year growth in our Commerce Media Solutions business. As we continue to execute on our strategic pivot to focus on what we see as a core, long-term growth opportunity in the commerce media marketplace, this segment has been the foundational driver of our evolving model, achieving nearly triple-digit year-over-year growth since its launch in early 2023. Underscoring our growth are the impressive partnerships with top-tier media partners and advertisers across a diverse range of market verticals. After the close of the first quarter we announced a breakthrough partnership with Rebuy Engine, a leading ecommerce personalization platform for Shopify brands. With the combined expertise of both companies, Rebuy Ads powered by Fluent is set to redefine how Shopify merchants engage with performance-driven advertising.”

Mr. Patrick continued, “While Commerce Media Solutions is performing exceptionally well, we experienced some additional attrition in our Owned and Operated business primarily due to a reduction in media supply, particularly from social media. This trend has continued into the second quarter. To address this, we’re actively expanding our supply channels to mitigate long-term impacts. Importantly, as we continue efforts to stabilize this cash-flow positive Owned and Operated business, it remains a productive driver of our Commerce Media Solutions growth strategy. With the growth of our Commerce Media Solutions business and shifting revenue mix, we anticipate consolidated second quarter revenue to remain in line with the first quarter of 2025.”

“Overall, we’re encouraged by our progress in the quarter, and with our visibility today, we expect to continue driving meaningful growth in our Commerce Media Solutions business through 2025 as we build a more predictable and valuable business for our shareholders,” Mr. Patrick concluded.

First Quarter Financial Highlights

Revenue of $55.2 million, a decrease of 16%, compared to $66.0 million in Q1 2024
- Owned and Operated revenue decreased 30% to $31.1 million compared to $44.7 million in Q1 2024 as the Company continued its shift in focus and revenue mix to higher margin Commerce Media Solutions
- Commerce Media Solutions revenue increased 99% to $12.7 million compared to $6.4 million in Q1 2024
Net loss of $8.3 million, or $0.39 per share, compared to a net loss of $6.3 million, or $0.45 per share, for Q1 2024.
Gross profit (exclusive of depreciation and amortization) of $11.4 million, a decrease of 39% over Q1 2024 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $2.8 million, an increase of 54% over Q1 2024 and representing 22% of revenue for Q1 2025.
Media margin of $13.7 million, a decrease of 38% over Q1 2024 and representing 24.9% of revenue. The Company’s growing Commerce Media Solutions business reported media margin of $3.1 million, an increase of 56% over Q1 2024 and representing 24.6% for if revenue for Q1 2025.
Adjusted EBITDA of negative $3.1 million, a decrease of $3.7 million compared to Q1 2024 and representing 5.6% of revenue
Adjusted net loss of $6.7 million, or $0.31 per share, compared to $4.2 million, or $0.30 per share, for Q1 2024

Business Outlook & Goals

Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high-volume market verticals.
Drive revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

Conference Call

Fluent, Inc. will host a conference call on Thursday, May 15, 2025, at 4:30 PM ET to discuss its 2025 first quarter financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BI2c18ceec43da4e809374edc6b958fefe. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/qsf7a838. The replay will be available for one year, via the Fluent website https://investors.fluentco.com.

About Fluent, Inc.

Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

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

The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

	•	Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
	•	Ability to operate in a competitive, rapidly changing and highly regulated industry, which makes it difficult to evaluate our business and prospects
	•	Dependence on the gaming industry;
	•	Unfavorable publicity and negative public perception about the digital marketing industry or us;
	•	A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields;
	•	Credit risk from certain clients
	•	Our relative inexperience in the post-transaction commerce media business, which is currently dominated by a major player;
	•	Our need to continue investing in technology for our Commerce Media Solutions business;
	•	Our competitive disadvantage because we are more selective in our traffic sources;
	•	A decline in the supply of media available to us through third parties or an increase in the price of such media;
	•	Ability to remain competitive with the shift to mobile applications and our use of CRM;
	•	Our increasing reliance upon inbound calls, particularly in the health plan vertical, which we may be unable to obtain cost effectively obtain in the future;
	•	Difficulty managing any future growth or scaling our infrastructure and products quickly enough to meet the needs of our business while maintaining profitability;
	•	Global economic or political instability, including the potential impact of tariffs on our business;
	•	Challenges managing the growth of our operations, including international expansion and the integration of acquired business units or personnel;
	•	Strategic alternatives that could complicate operations or divert management’s attention;
	•	Dependence on our key personnel and ability to attract or retain employees;
	•	Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;
	•	Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, email marketing, text messaging, privacy, and data protection;
	•	The outcome of litigation, inquiries, investigations, examinations, or other legal proceedings in which we are or may become involved, or in which our clients or competitors are involved;
	•	Potential sales and use taxes and other taxes on our business;
	•	Our actual or perceived failure to safeguard any personal information or user privacy;
	•	Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
	•	Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;
	•	Our need to raise capital to fund our operations;
	•	Our ability to maintain listing of our securities on The Nasdaq Capital Market;
	•	The volatility of our stock price and concentration of stock ownership;
	•	Potential dilutive effect of any future issuances of shares of our common stock;
	•	Lack of cash dividends for the foreseeable future;
	•	Status of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements; and
	•	Uncertainty in the acceptance by Shopify merchants of Rebuy Ads powered by Fluent.

These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

FLUENT, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) (unaudited)

	March 31, 2025			December 31, 2024
ASSETS:
Cash and cash equivalents	$	4,828		$	9,439
Accounts receivable, net of allowance for credit losses of $483 and $487, respectively		37,019			46,532
Prepaid expenses and other current assets		8,126			8,729
Restricted cash		1,255			1,255
Total current assets		51,228			65,955
Property and equipment, net		233			304
Operating lease right-of-use assets		1,118			1,570
Intangible assets, net		20,986			21,797
Other non-current assets		3,929			3,991
Total assets	$	77,494		$	93,617
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Accounts payable	$	8,513		$	8,776
Accrued expenses and other current liabilities		19,694			21,905
Deferred revenue		341			556
Current portion of long-term debt		21,801			31,609
Current portion of operating lease liability		1,310			1,836
Total current liabilities		51,659			64,682
Long-term debt, net		—			250
Convertible Notes, at fair value with related parties		3,800			3,720
Operating lease liability, net		—			9
Other non-current liabilities		—			1
Total liabilities		55,459			68,662
Contingencies
Shareholders’ equity:
Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods		—			—
Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 21,412,255 and 20,791,431, respectively; and Shares outstanding — 20,643,660 and 20,022,836, respectively		47			47
Treasury stock, at cost — 768,595 and 768,595 Shares, respectively		(11,407	)		(11,407	)
Additional paid-in capital		452,459			447,110
Accumulated deficit		(419,064	)		(410,795	)
Total shareholders’ equity		22,035			24,955
Total liabilities and shareholders’ equity	$	77,494		$	93,617

FLUENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share data) (unaudited)

	Three Months Ended March 31,
	2025			2024
Revenue	$	55,210		$	65,983
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)		43,775			47,348
Sales and marketing		4,070			4,812
Product development		3,398			4,840
General and administrative		8,582			10,365
Depreciation and amortization		2,461			2,571
Total costs and expenses		62,286			69,936
Loss from operations		(7,076	)		(3,953	)
Interest expense, net		(880	)		(1,415	)
Fair value adjustment of Convertible Notes with related parties		(80	)		—
Loss before income taxes		(8,036	)		(5,368	)
Income tax expense		(233	)		(908	)
Net loss	$	(8,269	)	$	(6,276	)

Basic and diluted loss per share:
Basic	$	(0.39	)	$	(0.45	)
Diluted	$	(0.39	)	$	(0.45	)

Weighted average number of shares outstanding:
Basic		21,211,439			13,902,165
Diluted		21,211,439			13,902,165

FLUENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (unaudited)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(8,269	)	$	(6,276	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		2,461			2,571
Non-cash loan amortization expense		176			711
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Allowance for credit losses		(4	)		82
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable		9,517			3,028
Prepaid expenses and other current assets		603			(266	)
Other non-current assets		106			100
Operating lease assets and liabilities, net		(83	)		(85	)
Accounts payable		(263	)		(2,125	)
Accrued expenses and other current liabilities		(2,331	)		2,344
Deferred revenue		(215	)		131
Other		(1	)		(947	)
Net cash provided by (used in) operating activities		2,112			(132	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized costs included in intangible assets		(1,570	)		(1,796	)
Net cash used in investing activities		(1,570	)		(1,796	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt, net of debt financing costs		21,841			—
Repayments of long-term debt		(31,869	)		(1,250	)
Debt financing costs		(125	)		(968	)
Proceeds from issuance of pre-funded warrants		5,000			—
Net cash used in financing activities		(5,153	)		(2,218	)
Net decrease in cash, cash equivalents, and restricted cash		(4,611	)		(4,146	)
Cash, cash equivalents, and restricted cash at beginning of period		10,694			15,804
Cash, cash equivalents, and restricted cash at end of period	$	6,083		$	11,658

Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

The following non-GAAP measures are used in this release:

Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for put/call consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

Adjusted net income is defined as net income (loss) excluding (1) share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for put/call consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands, except percentages)	2025			2024
Revenue	$	55,210		$	65,983
Less: Cost of revenue (exclusive of depreciation and amortization)		43,775			47,348
Gross profit (exclusive of depreciation and amortization)	$	11,435		$	18,635
Gross profit (exclusive of depreciation and amortization) % of revenue		21	%		28	%
Non-media cost of revenue ⁽¹⁾		2,296			3,504
Media margin	$	13,731		$	22,139
Media margin % of revenue		24.9	%		33.6	%

(1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

	Three Months Ended March 31,
(In thousands, except percentages)	2025			2024
Revenue	$	12,660		$	6,376
Less: Cost of revenue (exclusive of depreciation and amortization)		9,847			4,553
Gross profit (exclusive of depreciation and amortization)	$	2,813		$	1,823
Gross profit (exclusive of depreciation and amortization) % of revenue		22	%		29	%
Non-media cost of revenue ⁽¹⁾		298			175
Media margin	$	3,111		$	1,998
Media margin % of revenue		24.6	%		31.3	%

(1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

Below is a reconciliation of adjusted EBITDA from net loss, which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands)	2025			2024
Net loss	$	(8,269	)	$	(6,276	)
Income tax expense		233			908
Interest expense, net		880			1,415
Depreciation and amortization		2,461			2,571
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Acquisition-related costs⁽¹⁾		(119	)		782
Restructuring and other severance costs		1,315			665
Adjusted EBITDA	$	(3,084	)	$	665

(1	)	Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.

Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

	Three Months Ended March 31,
(In thousands, except share and per share data)	2025			2024
Net loss	$	(8,269	)	$	(6,276	)
Share-based compensation expense		335			600
Fair value adjustment of Convertible Notes with related parties		80			—
Acquisition-related costs⁽¹⁾		(119	)		782
Restructuring and other severance costs		1,315			665
Adjusted net loss	$	(6,658	)	$	(4,229	)
Adjusted net loss per share:
Basic	$	(0.31	)	$	(0.30	)
Diluted	$	(0.31	)	$	(0.30	)
Weighted average number of shares outstanding:
Basic		21,211,439			13,902,165
Diluted		21,211,439			13,902,165

(1	)	Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.

We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

Annual Revenue Run Rate

Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

Contact Information:
Investor Relations
Fluent, Inc.
InvestorRelations@fluentco.com

The MIL Network –

May 16, 2025

MIL-OSI: BIO-key Reports Q1’25 Revenue of $1.6M and Improved Cash Position of $3.1M; Hosts Investor Call Tomorrow, Friday May 16th at 10am ET

Source: GlobeNewswire (MIL-OSI)

HOLMDEL, N.J., May 15, 2025 (GLOBE NEWSWIRE) — BIO-key ® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and tokenless Identity-Bound Biometric (IBB) authentication, announced results for its first quarter (Q1’25). BIO-key will host an investor call tomorrow, Friday, May 16th at 10:00am ET (details below).

BIO-key CEO, Mike DePasquale commented, “Our revenue rose approximately 10% sequentially vs. Q4’24, as we continue our transition to selling high-margin BIO-key branded products in Europe, the Middle East and Africa (EMEA). Year-over-year revenue decreased 25% due to a $1.2M two-year contract with a long-term financial services customer we closed in Q1’24, as compared to $690k recorded in Q1’25 from the customer’s addition of incremental biometric capabilities. We expect revenue from this customer to increase significantly in the next two-year period commencing in 2026, due to their expanding deployment and the addition of our one-to-many fingerprint-only biometric ID system that requires no card or account number for client Identification.

“Our gross margin remained healthy in Q1 at 83%, and we reduced our selling, general and administrative expense by 23% year-over-year. Our cash position increased substantially to $3.1M reflecting proceeds from warrant exercises early in Q1’25. Since December 31, we have also reduced the principal balance on our outstanding note payable. These balance sheet improvements provide solid footing for BIO-key as we pursue new growth opportunities.”

Q1 Highlights

Mr. DePasquale continued, “Moving forward, we are seeing growing traction for our identity bound biometric solutions in defense/security and financial services applications that require the highest levels of security. In these use cases, our customers are drawn to our unique ability to authenticate the individual seeking data or network access rather than alternate factors that are far more prone to being compromised. We now support secure biometric authentication for a number of national and international defense and police organizations and are working to leverage these powerful endorsements in our business development efforts.

“We continue to build our base of government and government related customers who appreciate the flexibility, ease of use and ability to support multiple authentication factors that create a compelling return on investment profile. We see growing interest in our unique passwordless, phoneless and tokenless authentication solutions, which meet the most pressing security and usability challenges.

“We have built a solid presence in state, local and educational (SLED) markets domestically, as we now serve over 100 institutions with over 4M end users. In Q1’25 the Wyoming Department of Education deployed PortalGuard IDaaS, adding up to 20,000 SaaS end users. Additionally, many existing higher ed customers are migrating from our on-premises solution to PortalGuard IDaaS, further expanding our base of recurring revenue.

“Building on this, we executed a strategic partnership and Joint Purchase Agreement in Q1’25 with California’s Education Technology Joint Powers Authority (Ed Tech JPA), resulting in PortalGuard becoming an approved solution for the alliance’s 195 K-12 schools and districts, servicing over 2.6M students. Importantly, BIO-key solutions are uniquely positioned to comply with California’s Phone-Free Schools Act (AB-1326) policies limiting or prohibiting smartphone use in schools by July 2026. Most competing solutions rely on phone authenticators or hardware security keys, neither of which are practical solutions for schools.

“From a strategic standpoint, we are excited about the revenue and margin potential in EMEA now that we have refocused our efforts on BIO-key solutions in those markets. Our transition away from Swivel Secure licensed solutions beginning in the second half of 2024 resulted in some challenging year-over-year revenue comparisons but we fully expect to return our EMEA performance to growth and enhanced margins over the remainder of 2025.

“Based on the security, flexibility, ease of deployment and compelling ROI provided by our solutions, we feel well positioned to deliver improved top- and bottom-line results in 2025. However, given the timing of large customer orders or renewals, our financial performance is likely to fluctuate on a quarter-to-quarter basis. Given increasing interest in our biometric solutions, growing adoption of passwordless, phoneless and tokenless IAM solutions, our improved balance sheet, strong margin profile, and revenue traction in EMEA markets, we are very optimistic about our growth outlook. We also continue to seek opportunities to reduce costs and lower our breakeven level to support our path to positive cash flow and profitability.”

Financial Results

Total revenues decreased to $1,607,159 in Q1’25 from $2,181,203, mainly due to the impact of $1.2M in Q1’24 revenue from a 2-year renewal contract with a long-term financial services customer vs. $690k from this customer in Q1’25. License fee revenue decreased to $1,098,758 in Q1’25 from $1,950,434 a year ago, reflecting the variance in revenue from the long-term financial services customer, as well as the impact on revenue of transitioning from selling third-party Swivel Secure products and services to BIO-key products, in the EMEA region.

Service revenues increased to $272,598 in Q1’25 from $213,122 in Q1’24, including approximately $265,000 and $193,000, respectively, of recurring maintenance and support revenue, and $8,000 and $20,000, respectively, of non-recurring custom services revenue. The recurring revenue increase of $72,000 or 37% was due to incremental support services for a large customer service agreement. Non-recurring custom services decreased due to the removal of a large Swivel Secure customer.

Hardware sales increased to $235,803 in Q1’25 from $17,647 in Q1’24, due largely to increased purchases of fingerprint biometric scanners in support of certain customers’ expanded deployments in Q1’25.

Gross profit decreased to $1,327,661 in Q1’25 from $1,881,560 in Q1’24, reflecting gross margins of 82.6% and 86.3%, respectively. The gross profit decline is due primarily to lower revenue in Q1’25 as well as the impact of higher levels of lower margin hardware revenue.

BIO-key reduced its Q1’25 operating expenses by $422,195 to $1,968,299 from $2,390,494 in Q1’24, due to reductions of $410,449 in SG&A and $11,746 in research, development and engineering. Q1’25 SG&A expenses decreased 23% to $1,372,524 from $1,782,973 in Q1’24, reflecting reductions in administration, sales personnel costs, and professional service fees. The RD&E decrease was due primarily to lower rent costs.

Reflecting lower revenues which was partially offset by lower operating costs, BIO-key’s Q1’25 net loss increased to $736,545, or ($0.16) per share, as compared to $510,285, or ($0.32) per share, in Q1’24.

Balance Sheet

As of March 31, 2025, BIO-key’s total current assets improved to $4.6M, including $3.1M of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and approximately $358,000 of inventory. This compares to total current assets of $1.9M at December 31, 2024, including approximately $438,000 of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and $378,000 of inventory.

Conference Call Details

Date / Time:	Friday, May 16th at 10 a.m. ET
Call Dial In #:	1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay:	Webcast & Replay Link – Available for 3 months.
Audio Replay:	1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 6501265

About BIO-key International, Inc. (www.BIO-key.com)

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology and identity access management industries; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to migrate Swivel Secure customers to BIO-key and Portal Guard offerings; our ability to execute definitive agreements with Fiber Food Systems and/or its customers to utilize our access management solutions; our ability to integrate our solutions into any of Fiber Food System’s offerings; fluctuations in foreign currency exchange rates; the duration and extent of continued hostilities in Ukraine and its impact on our European customers; the impact of tariffs and other trade barriers which may make it more costly for us to import inventory from China and Hong Kong and certain product components from South Korea; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence of the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to continue to maintain effective internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key

Investor Contacts

William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com or 212-924-9800

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)

	Three Months Ended
	March 31,
	2025			2024
Revenues
Services	$	272,598		$	213,122
License fees		1,098,758			1,950,434
Hardware		235,803			17,647
Total revenues		1,607,159			2,181,203
Costs and other expenses
Cost of services		98,144			138,849
Cost of license fees		72,885			148,221
Cost of hardware		108,469			12,573
Total costs and other expenses		279,498			299,643
Gross profit		1,327,661			1,881,560

Operating Expenses
Selling, general and administrative		1,372,524			1,782,973
Research, development and engineering		595,775			607,521
Total Operating Expenses		1,968,299			2,390,494
Operating loss		(640,638	)		(508,934	)
Other income (expense)
Interest income		3			5
Loan fee amortization		(60,000	)		–
Interest expense		(35,910	)		(1,356	)
Total other income (expense), net		(95,907	)		(1,351	)

Loss before provision for income tax		(736,545	)		(510,285	)

Provision for (income tax) tax benefit		–			–

Net loss	$	(736,545	)	$	(510,285	)

Comprehensive loss:
Net loss	$	(736,545	)	$	(510,285	)
Other comprehensive income (loss) – Foreign currency translation adjustment		6,803			(62,275	)
Comprehensive loss	$	(729,742	)	$	(572,560	)

Basic and Diluted Loss per Common Share	$	(0.16	)	$	(0.32	)

Weighted Average Common Shares Outstanding:
Basic and diluted		4,702,421			1,615,323

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2025			2024
	(Unaudited)
ASSETS
Cash and cash equivalents	$	3,133,752		$	437,604
Accounts receivable, net		803,277			718,229
Due from factor		40,450			74,170
Inventory		357,842			378,307
Prepaid expenses and other		254,285			278,648
Total current assets		4,589,606			1,886,958
Equipment and leasehold improvements, net		122,986			140,198
Capitalized contract costs, net		375,705			409,426
Deposits and other assets		7,976			7,976
Operating lease right-of-use assets		67,142			73,372
Investments		5,000,000			5,000,000
Intangible assets, net		1,020,261			1,097,630
Total non-current assets		6,594,070			6,728,602
TOTAL ASSETS	$	11,183,676		$	8,615,560

LIABILITIES
Accounts payable	$	568,836		$	818,187
Accrued liabilities		1,042,411			1,278,732
Note payable		762,151			1,525,977
Government loan – BBVA Bank, current portion		138,667			132,731
Deferred revenue, current		928,291			773,267
Operating lease liabilities, current portion		25,260			24,642
Total current liabilities		3,465,616			4,553,536
Deferred revenue, long term		136,931			196,237
Government loan – BBVA Bank – net of current portion		11,666			44,762
Operating lease liabilities, net of current portion		42,410			48,994
Total non-current liabilities		191,007			289,993
TOTAL LIABILITIES		3,656,623			4,843,529

Commitments and Contingencies

STOCKHOLDERS’ EQUITY

Common stock — authorized, 170,000,000 shares; issued and outstanding; 5,814,041 and 3,715,483 of $.0001 par value at March 31, 2025 and December 31, 2024, respectively		582			372
Additional paid-in capital		137,514,825			133,030,271
Accumulated other comprehensive loss		56,093			49,290
Accumulated deficit		(130,044,447	)		(129,307,902	)
TOTAL STOCKHOLDERS’ EQUITY		7,527,053			3,772,031
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	11,183,676		$	8,615,560

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
	2025			2024

CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$	(736,545	)	$	(510,285	)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation		21,782			23,808
Amortization of intangible assets		76,245			78,005
Amortization of capitalized contract costs		46,545			38,665
Amortization of Note Payable		60,000			–
Interest payable on Note		35,173			–
Operating leases right-of-use assets		6,230			13,686
Share and warrant-based compensation for employees and consultants		52,488			47,790
Stock based directors’ fees		9,002			9,003
Bad debts		15,000			100,000
Change in assets and liabilities:
Accounts receivable		(85,048	)		399,749
Due from factor		33,720			91,070
Capitalized contract costs		(12,824	)		(158,005	)
Inventory		20,465			5,545
Prepaid expenses and other		24,363			(63,513	)
Accounts payable		(259,571	)		(116,012	)
Accrued liabilities		(236,321	)		(104,257	)
Deferred revenue		95,718			455,868
Operating lease liabilities		(1,734	)		(14,033	)
Net cash used in operating activities		(835,312	)		297,084
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(4,570	)		(1,869	)
Net cash used in investing activities		(4,570	)		(1,869	)
CASH FLOW FROM FINANCING ACTIVITIES:
Offering costs		(248,783	)		(13,470	)
Proceeds for exercise of warrants		3,813,057			1,400
Receipt of cash from Employee stock purchase plan		–			–
Repayment of government loan		(35,047	)		(41,821	)
Net cash used in financing activities		3,529,227			(53,891	)

Effect of exchange rate changes		6,803			(62,275	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,696,148			179,049
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		437,604			511,400
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	3,133,752		$	690,449

The MIL Network –

May 16, 2025

MIL-OSI: Caliber Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

SCOTTSDALE, Ariz., May 15, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the first quarter ended on March 31, 2025.

First Quarter 2025 Platform Financial Highlights (compared to First Quarter 2024)

Platform revenue of $3.5 million, compared to $4.7 million
- Asset management revenue of $3.5 million drove the stated results
- No significant performance allocations were earned, compared to prior period
Platform net loss of $4.1 million, or $3.59 per diluted share, compared to Platform net loss of $3.6 million, or $3.30 per diluted share
Platform Adjusted EBITDA loss of $1.4 million, compared to Platform Adjusted EBITDA loss of $1.7 million

Management Commentary

“Building on the narrowed strategy we outlined earlier this year, Caliber is now actively executing with a focus in hospitality, multifamily, and multi-tenant industrial real estate,” said Chris Loeffler, CEO of Caliber. “While our Q1 results reflect some of the transitional costs associated with this shift, our recent business developments set the stage for success.

“Our recently announced partnership with Hyatt is a tremendous win for Caliber. The announcement is also a vote of confidence from an industry leader that provides a strategic advantage in building our Caliber Hospitality portfolio.

“Our strategy is to continue focusing on fee-generating, income-producing assets while reducing our exposure to long-duration development projects. We have also strengthened our liquidity through new equity offerings, strengthened our balance sheet through financing, and improved our operating efficiency.”

Business Update

The following are key milestones completed both during and subsequent to the first quarter ended March 31, 2025.

On March 17, 2025, Caliber announced an offering of Series AA Cumulative Redeemable Preferred Stock had been qualified by the U.S. Securities and Exchange Commission (“SEC”) and that the Company is seeking to raise up to $20 million through the offering.
On March 27, 2025, Caliber announced the launch of its 1031 Exchange Program, a tax-deferral strategy that allows real estate investors to sell a property and reinvest all of the proceeds into a like-kind property while deferring capital gains taxes.
On April 22, 2025, Caliber announced the recent Phoenix City Council’s unanimous approval of the Company’s Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives.
On May 8, 2025, Caliber announced that Caliber Hospitality Development (“CHD”) has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation (NYSE: H) to exclusively develop 15 new Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana.
On May 9, 2025, Caliber announced it closed a $22.5 million refinance on the Doubletree by Hilton Hotel in Tuscon, AZ, which is a holding of a Caliber-managed opportunity zone fund. The new $22.5 million loan was refinanced with a unit of Citibank at a fixed rate of 7.43% maturing in June 2030. Proceeds will be utilized for reinvestment across the Fund’s portfolio.

First Quarter 2025 Consolidated Financial Results (compared to First Quarter 2024)

Total consolidated revenue of $7.3 million, compared to $23.0 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC (“CFIF III”) in 2024.
Consolidated net loss attributable to Caliber of $4.4 million, or $3.85 per diluted share, compared to net loss attributable to Caliber of $3.8 million or $3.53 per diluted share
Consolidated Adjusted EBITDA loss of $0.1 million, compared to Consolidated Adjusted EBITDA of $2.2 million

Conference Call Information

Caliber will host a conference call today, Thursday, May 15, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its first quarter 2025 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

Platform Financial Highlights

Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.

While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.

Consolidated Financial Results

Caliber’s GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities’ assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities’ third-party debt. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.

About Caliber (CaliberCos Inc.) (NASDAQ: CWD)

With more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

CONTACTS:

Caliber Investor Relations:
Ilya Grozovsky
+1 480-214-1915
Ilya@caliberco.com

NON-GAAP RECONCILIATIONS

The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.

ASSET MANAGEMENT PLATFORM⁽¹⁾ (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)

	Three Months Ended March 31, 2025
	Platform			Impact of Consolidated Fund and Eliminations			Consolidated
Revenues
Asset management	$	3,542		$	(346	)	$	3,196
Performance allocations		7			(6	)		1
Consolidated funds – hospitality revenue		—			3,919			3,919
Consolidated funds – other revenue		—			145			145
Total revenues		3,549			3,712			7,261
Expenses
Operating costs		4,168			(124	)		4,044
General and administrative		1,592			(11	)		1,581
Marketing and advertising		165			—			165
Depreciation and amortization		162			(5	)		157
Consolidated funds – hospitality expenses		—			3,465			3,465
Consolidated funds – other expenses		—			458			458
Total expenses		6,087			3,783			9,870

Other income (loss), net		6			(372	)		(366	)
Interest income		33			(1	)		32
Interest expense		(1,611	)		—			(1,611	)
Net loss before income taxes	$	(4,110	)	$	(444	)	$	(4,554	)
Provision for income taxes		—			—			—
Net loss		(4,110	)		(444	)		(4,554	)
Net loss attributable to noncontrolling interests		—			(147	)		(147	)
Net (loss) income attributable to CaliberCos Inc.	$	(4,110	)	$	(297	)	$	(4,407	)
Basic and Diluted Platform loss per share	$	(3.59	)				$	(3.85	)
Weighted average common shares outstanding:
Basic and Diluted		1,146						1,146

	Three Months Ended March 31, 2024
	Platform			Impact of Consolidated Fund and Eliminations			Consolidated
Revenues
Asset management	$	4,555		$	(1,385	)	$	3,170
Performance allocations		171			(5	)		166
Consolidated funds – hospitality revenue		—			18,145			18,145
Consolidated funds – other revenue		—			1,470			1,470
Total revenues		4,726			18,225			22,951
Expenses
Operating costs		5,484			(222	)		5,262
General and administrative		1,949			(9	)		1,940
Marketing and advertising		106			—			106
Depreciation and amortization		183			(37	)		146
Consolidated funds – hospitality expenses		—			16,782			16,782
Consolidated funds – other expenses		—			3,072			3,072
Total expenses		7,722			19,586			27,308

Other income (loss), net		452			(180	)		272
Interest income		285			(168	)		117
Interest expense		(1,295	)		1			(1,294	)
Net loss before income taxes	$	(3,554	)	$	(1,708	)	$	(5,262	)
Provision for income taxes		—			—			—
Net loss		(3,554	)		(1,708	)		(5,262	)
Net loss attributable to noncontrolling interests		—			(1,457	)		(1,457	)
Net loss attributable to CaliberCos Inc.	$	(3,554	)	$	(251	)	$	(3,805	)
Basic and Diluted Platform loss per share	$	(3.30	)				$	(3.53	)
Weighted average common shares outstanding:
Basic and diluted		1,077						1,077

____________________

(1)	Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.


PLATFORM REVENUE⁽¹⁾ (AMOUNTS IN THOUSANDS) (UNAUDITED)
	Three Months Ended March 31,
		2025		2024
Fund management fees		2,744		2,569
Financing fees		74		73
Development and construction fees		528		1,654
Brokerage fees		196		259
Total asset management		3,542		4,555
Performance allocations		7		171
Total revenue	$	3,549	$	4,726

____________________

(1)	Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.

FV AUM and Managed Capital (UNAUDITED)

The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.

FV AUM (AMOUNTS IN THOUSANDS) (UNAUDITED)

Balances as of December 31, 2024	$	794,923
Assets acquired⁽¹⁾		10,300
Construction and net market appreciation		25,800
Credit⁽²⁾		379
Other⁽³⁾		(644	)
Balances as of March 31, 2025	$	830,758

FV AUM, by asset class (AMOUNTS IN THOUSANDS) (UNAUDITED)

	March 31, 2025		December 31, 2024
Real Estate
Hospitality	$	68,400	$	68,500
Caliber Hospitality Trust		244,900		236,800
Residential		173,100		161,700
Commercial		266,300		249,600
Total Real Estate		752,700		716,600
Credit⁽¹⁾		72,730		72,351
Other⁽²⁾		5,328		5,972
Total	$	830,758	$	794,923

____________________

(1)	Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
(2)	Other FV AUM represents undeployed capital held in our diversified funds.

MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED)

Balance as of December 31, 2024			$	492,542
Originations				2,990
Return of capital				(315	)
Balance as of March 31, 2025			$	495,217


	March 31, 2025		December 31, 2024
Real Estate
Hospitality	$	49,260	$	49,260
Caliber Hospitality Trust⁽¹⁾		97,157		97,414
Residential		98,617		96,687
Commercial		172,125		170,858
Total Real Estate⁽²⁾		417,159		414,219
Credit⁽³⁾		72,730		72,351
Other⁽⁴⁾		5,328		5,972
Total	$	495,217	$	492,542

____________________

(1)	The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
(2)	Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of March 31, 2025 and December 31, 2024, the Company had invested $15.9 million and $20.4 million, respectively, in our funds.
(3)	Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of March 31, 2025 and December 31, 2024, the Company had loaned $0.4 million to our funds.
(4)	Other managed capital represents unemployed capital held in our diversified funds.

Consolidated GAAP Results

The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.

CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

	Three Months Ended March 31,
		2025			2024
	(unaudited)
Revenues
Asset management revenues	$	3,196		$	3,170
Performance allocations		1			166
Consolidated funds – hospitality revenues		3,919			18,145
Consolidated funds – other revenues		145			1,470
Total revenues		7,261			22,951

Expenses
Operating costs		4,044			5,262
General and administrative		1,581			1,940
Marketing and advertising		165			106
Depreciation and amortization		157			146
Consolidated funds – hospitality expenses		3,465			16,782
Consolidated funds – other expenses		458			3,072
Total expenses		9,870			27,308

Other (loss) income, net		(366	)		272
Interest income		32			117
Interest expense		(1,611	)		(1,294	)
Net loss before income taxes		(4,554	)		(5,262	)
Benefit from income taxes		—			—
Net loss		(4,554	)		(5,262	)
Net loss attributable to noncontrolling interests		(147	)		(1,457	)
Net loss attributable to CaliberCos Inc.	$	(4,407	)	$	(3,805	)
Basic and diluted net loss per share attributable to common stockholders	$	(3.85	)	$	(3.53	)
Weighted average common shares outstanding:
Basic and diluted		1,146			1,077

CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)

	March 31, 2025		December 31, 2024
	(unaudited)
Assets
Cash	$	845	$	1,766
Restricted cash		2,518		2,582
Real estate investments, net		21,514		21,572
Notes receivable – related parties, allowance of $236 and zero, respectively		385		105
Due from related parties, allowance of $3,985		7,366		6,965
Investments in unconsolidated entities		15,523		15,643
Operating lease – right of use assets		135		147
Prepaid and other assets		2,664		3,501
Assets of consolidated funds
Cash		723		549
Restricted cash		274		—
Real estate investments, net		44,102		45,090
Accounts receivable, net		181		163
Notes receivable – related parties		6,475		6,848
Due from related parties, allowance of $28		514		320
Prepaid and other assets		424		284
Total assets	$	103,643	$	105,535

Liabilities and Stockholders’ Equity
Notes payable	$	51,555	$	50,450
Accounts payable and accrued expenses		9,421		9,532
Due to related parties		443		313
Operating lease liabilities		86		93
Other liabilities		1,317		750
Liabilities of consolidated funds
Notes payable, net		29,444		29,172
Notes payable – related parties		2,114		2,047
Accounts payable and accrued expenses		1,123		1,207
Due to related parties		16		79
Other liabilities		766		639
Total liabilities		96,285		94,282

Commitments and Contingencies (Note 11)

CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)

	March 31, 2025			December 31, 2024
Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, and 5,875 and 5,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 795,285 and 759,370 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		1			1
Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as March 31, 2025 and December 31, 2024		—			—
Paid-in capital		45,205			44,017
Accumulated deficit		(61,014	)		(56,607	)
Stockholders’ deficit attributable to CaliberCos Inc.		(15,808	)		(12,589	)
Stockholders’ equity attributable to noncontrolling interests		23,166			23,842
Total stockholders’ equity		7,358			11,253
Total liabilities and stockholders’ equity	$	103,643		$	105,535

Definitions

Assets Under Management

AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:

Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.
Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.

Non-GAAP Measures

We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

Asset Management Platform or Platform

Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.

Fee-Related Earnings and Related Components

Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

Distributable Earnings

Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.

Platform Earnings

Platform Earnings represents the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.

Platform Earnings per Share

Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.

Platform Adjusted EBITDA

Platform Adjusted EBITDA represents the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the CaliberCos Inc. Platform and is consistent with performance models and analysis used by management.

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.

NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED)

	Three Months Ended March 31,
		2025			2024
Net loss attributable to CaliberCos Inc.	$	(4,407	)	$	(3,805	)
Net loss attributable to noncontrolling interests		(147	)		(1,457	)
Net loss		(4,554	)		(5,262	)
Provision for income taxes		—			—
Net loss before income taxes		(4,554	)		(5,262	)
Depreciation and amortization		162			183
Consolidated funds’ impact on fee-related earnings		71			1,361
Stock-based compensation		661			400
Severance		51			7
Performance allocations		(1	)		(166	)
Other income, net		366			(272	)
Investments impairment		279			—
Bad debt expense		3			—
Interest expense, net		1,578			1,010
Fee-related earnings		(1,384	)		(2,739	)
Performance allocations		1			166
Interest expense, net		(1,578	)		(1,010	)
Provision for income taxes		—			—
Distributable earnings		(2,961	)		(3,583	)
Interest expense		1,611			1,294
Other income, net		(366	)		272
Provision for income taxes		—			—
Consolidated funds’ impact on Platform adjusted EBITDA		364			348
Platform adjusted EBITDA		(1,352	)		(1,669	)
Consolidated funds’ EBITDA adjustments		1,210			3,856
Consolidated adjusted EBITDA	$	(142	)	$	2,187

The MIL Network –

May 16, 2025

MIL-OSI: Airship AI Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Net Revenues of $5.5 Million, Gross Profit of $2.2 Million and Gross Margin of 40%

Increased Investments In Our People And Digital Transformation Will Enable Us To Stay Resilient and Ready In A Rapidly Changing Marketplace

New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond

REDMOND, Wash., May 15, 2025 (GLOBE NEWSWIRE) — Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the first quarter ended March 31, 2025.

Q1 2025 Financial Highlights

Net revenues for the quarter ended March 31, 2025 were $5.5 million.
Gross profits for the quarter ended March 31, 2025 were $2.2 million.
Gross margin percentage was 40% for the quarter ended March 31, 2025. The margins reflected increased solution sales with more third-party hardware than Airship AI software.
Operating loss was $1.7 million for the quarter ended March 31, 2025 reflected in increased stock based compensation and increased investments in sales and marketing related expenditures which should increase future sales.
Other income for the quarter ended March 31, 2025 was $25.4 million, primarily due to a gain from a change in the fair value of earnout liability of $9.8 million, and a change in fair value of warrant liability of $15.5 million.
Net income for the quarter ended March 31, 2025 was $23.7 million, or $0.75 per basic share, primarily related to noncash income of $25.4 million.
Net cash used in operating activities was $2.1 million in the quarter ended March 31, 2025.
Cash and cash equivalents were $8.8 million as of March 31, 2025.

Q1 2025 & Subsequent Operational Highlights

Backlog as of March 31, 2025 was $2.0 million, representing firm fixed price contracts awarded in the fourth quarter of 2024 or first quarter of 2025 that will be shipped and invoiced through the remainder of calendar year 2025. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.
Our total validated pipeline at the end of the quarter was approximately $135 million, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. Our pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months.
Due to the sensitive nature of many of our customers and deployment use cases, we are often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most of our awards are executed on closed or restricted contract vehicles which further limits the sharing of information that might be otherwise available.
We grew our internal sales and sales engineering force, adding seasoned sales professionals with deep industry expertise, partner relationships, and customer knowledge that will allow us to ramp up quickly.
We participated in multiple customer facing tradeshows during the quarter including brand new industry wide and vertically focused shows where we had a significantly increased level of participation and or visibility as compared to historical participation.
As part of our transition to a partner driven sales model, we participated in several partner shows and events, including those sponsored by integrators and dealers, and those by manufacturers of hardware sensors and or solutions that we integrate with and manage for our customers.
We hosted our invite only government focused customer event outside Austin, TX, demonstrating and training on the latest in Airship AI developed and or supported solutions. This year’s focus was on solutions supporting challenges along the southern border and was well attended by agencies across the federal government.
On April 23, 2025, we entered into an At the Market Offering Agreement with Roth Capital Partners, LLC, as sales agent, pursuant to which we may, from time to time, offer and sell shares of our common stock up to a maximum of $25 million, which shares are registered on a registration statement that we filed with the U.S. Securities and Exchange Commission (the “SEC”), using a “shelf” registration process. Under this shelf registration process, we may offer to sell any of the securities, or any combination of the securities, described in this prospectus, in each case, in one or more offerings, up to $50 million.
On March 21, 2025, our shelf registration statement on Form S-3 for the sale of up to $50 million of our securities was declared effective by the SEC.

2025 Outlook

30% revenue growth and positive cash flow for calendar year 2025 supported by a strong and validated pipeline of ~$135 million, improving gross profit margins, and a strong recurring revenue model.
Make tactical and strategic investments across our sales and business development organizations through organic cash flow from business operations and the potential cash exercise of public warrants.
Release new Outpost AI product offerings as well as expand custom trained AI models supporting emerging edge analytic workflows.
Continue innovation across our core Acropolis software platform supporting new workflows for cloud-based deployments in highly secure operational environments.
Develop and execute expansionary opportunities in the commercial and retail markets, particularly around those companies involved in combating organized retail crime.
Improve sourcing, supply chain management and production-based process efficiencies to help drive continued margin expansion.
Focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.

Management Commentary

“The first quarter of 2025 was largely overshadowed by the actions of the new administration as they worked to finalize the approval and release of budgets and special appropriations,” said Paul Allen, President of Airship AI. “In the face of these headwinds, our team was able to generate solid revenues for the quarter of $5.5 million at a gross margin percentage of 40%, while increasing our investments in our people and customers.

“As we worked to successfully execute awarded contracts in our current backlog, we dedicated significant time and resources to advancing pipeline opportunities. These efforts are positioning us to move quickly once budgets are approved and released. Based on current forecasts, we anticipate meaningful activity beginning mid-second quarter, with continued growth expected through the end of Q2 and into Q3.

“Simultaneously, many of our federal customers are projecting increased funding through supplemental appropriations. This has initiated a wave of market research discussions focused on potential solutions to address emerging mission needs. We anticipate that many of these conversations will evolve into tangible opportunities extending across the current and upcoming fiscal years.

“In the commercial segment, our strategic push into new market verticals, driven by partnerships with integrators and business collaborators, has been met with strong interest. Several early wins confirm both the market’s appetite for differentiated solutions and the soundness of our strategic investment in people and partners. This validation further supports continued investment to build on our momentum and drive sustained growth.

“These collected efforts have also affirmed that we are on the right track with our digital transformation strategy, focused squarely on how AI at the far and near edge can solve for our customers’ existing and emerging threats in the public safety and security space. Building on our existing investments in the AI Factory, we expect to launch several new products in 2025, including advanced computer vision analytics powered by machine learning and a Generative AI application that will transform how customers access and interact with their data.

“Finally, amid broader macroeconomic conditions, we are closely monitoring tariff developments. As a U.S.-based software company, we do not expect these tariffs to significantly impact our core business. In areas where we provide hardware solutions, such as our Outpost AI edge appliance, we work proactively with global suppliers to maintain optimal inventory levels. This approach helps us manage costs effectively and ensure timely, competitively priced delivery of our products and services.

“The combination of our strong existing pipeline focused on leveraging existing budgets, increased business development opportunities leveraging supplemental appropriations, and the investments in people and customers already made leaves us confident in our ability to execute against our stated objectives of 30% YoY revenue growth and achieving cash flow positive operations,” concluded Mr. Allen.

About Airship AI Holdings, Inc.

Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

For more information, visit https://airship.ai.

Forward-Looking Statements

The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Investor Contact:

Chris Tyson/Larry Holub
MZ North America
949-491-8235
AISP@mzgroup.us


AIRSHIP AI HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2025 and December 31, 2024

	March 31, 2025			December 31, 2024 (1)
ASSETS	Unaudited

CURRENT ASSETS:
Cash and cash equivalents	$	8,812,178		$	11,414,830
Accounts receivable, net of allowance for credit losses of $0		2,782,650			1,226,757
Prepaid expenses and other		67,311			17,883
Total current assets		11,662,139			12,659,470

OTHER ASSETS
Other assets		165,960			165,960
Operating lease right of use asset		1,102,967			882,024

TOTAL ASSETS	$	12,931,066		$	13,707,454

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES:
Accounts payable – trade	$	2,179,847		$	759,480
Advances from founders		700,000			1,300,000
Accrued expenses		60,551			51,649
Current portion of operating lease liability		405,916			305,178
Deferred revenue- current portion		2,948,695			3,238,483
Total current liabilities		6,295,009			5,654,790

NON-CURRENT LIABILITIES:
Operating lease liability, net of current portion		758,376			638,525
Warrant liability		18,659,435			34,180,618
Earnout liability		8,199,079			23,304,808
Deferred revenue- non-current		2,528,716			2,951,850
Total liabilities		36,440,615			66,730,591

COMMITMENTS AND CONTINGENCIES (Note 9)

STOCKHOLDERS’ DEFICIT:
Preferred stock – no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024		–			–
Common stock – $0.0001 par value, 200,000,000 shares authorized, 31,844,471 and 30,588,413 shares issued and outstanding as of March 31, 2025 and December 31, 2024		3,182			3,056
Additional paid in capital		27,731,753			21,918,867
Accumulated deficit		(51,233,605	)		(74,941,590	)
Accumulated other comprehensive loss		(10,879	)		(3,470	)
Total stockholders’ deficit		(23,509,549	)		(53,023,137	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	12,931,066		$	13,707,454


AIRSHIP AI HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended March 31, 2025 and 2024 (Unaudited)

	Three Months Ended
	March 31, 2025			March 31, 2024
	Unaudited			Unaudited
NET REVENUES:
Product	$	4,497,240		$	9,398,776
Post contract support		998,051			1,176,239
Other services		7,737			–
		5,503,028			10,575,015
COST OF NET REVENUES:
Cost of Sales		2,923,087			7,789,409
Post contract support		312,021			157,479
Other services		32,916			–
		3,268,024			7,946,888
GROSS PROFIT		2,235,004			2,628,127
RESEARCH AND DEVELOPMENT EXPENSES		719,382			695,366
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		3,229,979			3,335,294
TOTAL OPERATING EXPENSES		3,949,361			4,030,660
OPERATING LOSS		(1,714,357	)		(1,402,533	)
OTHER INCOME (EXPENSE) :
Gain (loss) from change in fair value of earnout liability		9,823,605			(21,484,850	)
Gain (loss) from change in fair value of warrant liability		15,521,183			(6,847,091	)
Loss from change in fair value of convertible debt		–			(2,039,377	)
Loss on note conversion		–			(158,794	)
Interest income (expense), net		77,554			(31,824	)
Total other income (expense), net		25,422,342			(30,561,936	)

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES		23,707,985			(31,964,469	)

Provision for income taxes		–			–

NET INCOME (LOSS)		23,707,985			(31,964,469	)

OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation (loss) income, net		(7,409	)		3,239

TOTAL COMPREHENSIVE INCOME (LOSS)	$	23,700,576		$	(31,961,230	)

NET INCOME (LOSS) PER SHARE:
Basic	$	0.75		$	(1.40	)
Diluted	$	0.61		$	(1.40	)

Weighted average shares of common stock outstanding
Basic		31,704,117			22,898,487
Diluted		38,820,839			22,898,487


AIRSHIP AI HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31, 2025 and 2024 (Unaudited)

	Three Months Ended
	March 31, 2025			March 31, 2024
	Unaudited			Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	23,707,985		$	(31,964,469	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization		–			1,861
Stock-based compensation		428,286			268,989
Amortization of operating lease right of use asset		83,396			80,291
(Gain) loss from change in fair value of warrant liability		(15,521,183	)		6,847,091
(Gain) loss from change in fair value of earnout liability		(9,823,605	)		21,484,850
Loss from change in fair value of convertible note		–			2,039,377
Loss on note conversion		–			158,794
Changes in operating assets and liabilities:
Accounts receivable		(1,555,893	)		(55,525	)
Prepaid expenses and other		(49,428	)		2,010
Other assets		–			1,901
Operating lease liability		(83,750	)		(67,211	)
Payroll and income tax receivable		–			(2,410	)
Accounts payable – trade and accrued expenses		1,429,270			433,415
Deferred revenue		(712,922	)		(924,048	)
NET CASH USED IN OPERATING ACTIVITIES		(2,097,844	)		(1,695,084	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from warrant exercise, net		59,400			293,249
Repayment of advances from founders		(600,000	)		–
Proceeds from stock option exercises		43,201			–

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(497,399	)		293,249

NET DECREASE IN CASH AND CASH EQUIVALENTS		(2,595,243	)		(1,401,835	)

Effect from exchange rate on cash		(7,409	)		3,239

CASH AND CASH EQUIVALENTS, beginning of period		11,414,830			3,124,413

CASH AND CASH EQUIVALENTS, end of period	$	8,812,178		$	1,725,817

Supplemental disclosures of cash flow information:
Interest paid	$	–		$	–
Taxes paid	$	–		$	2,410

Noncash investing and financing
Issuance of common stock for debt conversion	$	–		$	835,610
Issuance of common stock for earnout shares	$	5,282,125		$	–
Recognition of operating right-of-use asset	$	304,339		$	–
Recognition of operating lease liability	$	304,339		$	–

The MIL Network –

May 16, 2025

MIL-OSI: AleAnna, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 and Recent Company Highlights:

AleAnna reported basic and diluted net loss per common share of ($0.05) for the quarter ended March 31, 2025, compared with ($3.41) for the same period in 2024.
AleAnna ended the quarter with cash and cash equivalents of approximately $27.8 million

DALLAS, May 15, 2025 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or “the Company”) (NASDAQ: ANNA) today announced financial results for the first quarter of 2025. While revenue from Longanesi field production was not recognized during the quarter, in May 2025 AleAnna achieved first sales and the Company expects to report revenue from the Longanesi field as a part of second quarter results.

For the first quarter 2025, AleAnna reported net loss of $2.0 million. This amounts to a basic and diluted net loss per common share of ($0.05), compared with ($3.41) net loss per common share recorded by the Company in the first quarter 2024.

As of March 31, 2025, AleAnna had cash and cash equivalents of $27.8 million, providing the necessary liquidity to support development activities and pursue strategic opportunities.

Management Commentary

Marco Brun, Chief Executive Officer, remarked on AleAnna’s recent accomplishments: “We continue to execute on our business strategy and are encouraged by the initial performance at the Longanesi field. Although first quarter results did not include revenue from Longanesi, with the onset of sales in early May 2025 we expect to report revenue in our second quarter results. With a healthy balance sheet and growing operational momentum, we’re focused on delivering long-term value to our shareholders.”

About AleAnna

AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and with a potential of up to fourteen new natural gas exploration projects that could be initiated this decade, our goal is to play a pivotal role in Italy’s energy transition. Italy’s extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna’s commitment to sustainability. AleAnna’s RNG projects’ portfolio includes three plants under development and almost 100 potential projects that would represent up to a €1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.

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. All statements, other than statements of present or historical fact included in this press release, regarding AleAnna’s expectations and future financial performance, the Company’s strategy, future operations, financial position, prospective plans, goals, and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “plan,” “potential,” “goal,” “focus,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances or guarantees of future performance. Instead, they are based only on AleAnna’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna’s control. As a result, these factors could cause AleAnna’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under “Risk Factors” in AleAnna’s Form 10-K filed with the SEC on March 31, 2025, as well as general economic conditions; AleAnna’s need for additional capital and ability to obtain any required capital; political, general economic, financial and legal conditions; changes in domestic and foreign markets; risks associated with the implementation of AleAnna’s business strategy and the ability to execute on AleAnna’s business strategy; timing of any business milestones; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna’s expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

Investor Relations Contact
Bill Dirks
wkdirks@aleannagroup.com

Website
https://www.aleannainc.com/

Source: AleAnna, Inc.

ALEANNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

	For the Three Months Ended March 31,
	2025			2024

Revenues	$	644,600		$	–

Operating expenses:
Cost of revenues	$	838,395		$	–
General and administrative		3,324,845			2,018,524
Depreciation		73,106			–
Accretion of asset retirement obligation		33,505			33,311
Total operating expenses		4,269,850			2,051,835

Operating loss		(3,625,250	)		(2,051,835	)

Other income:
Interest and other income		237,605			289,337
Change in fair value of derivative liability		–			173,177
Total other income		237,605			462,514

Loss before income taxes		(3,387,646	)		(1,589,321	)
Income tax benefit		48,276			–
Net loss		(3,339,370	)		(1,589,321	)
Deemed dividend to Class 1 Preferred Units redemption value		–			(112,673,176	)
Net loss attributable to noncontrolling interests		1,333,231			–
Net loss attributable to Class A Common stockholders or holders of Common Member Units	$	(2,006,139	)	$	(114,262,497	)

Other comprehensive loss
Currency translation adjustment		1,139,303			113,872
Comprehensive loss		(2,200,067	)		(1,475,449	)
Comprehensive loss attributable to noncontrolling interests		1,333,231			–
Total comprehensive loss attributable to Class A Common stockholders or holders of Common Member Units	$	(866,836	)	$	(1,475,449	)

Weighted average shares of Class A Common Stock outstanding, basic and diluted		40,564,475			33,467,205
Net loss per share of Class A Common Stock, basic and diluted	$	(0.05	)	$	(3.41	)

ALEANNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 (unaudited) AND DECMBER 31, 2024

	March 31, 2025			December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	27,810,160		$	28,330,159
Accounts receivable		402,874			1,225,297
Prepaid expenses and other assets		987,414			1,666,155
Total Current Assets		29,200,448			31,221,611

Non-current assets:
Natural gas and other properties, successful efforts method		34,794,734			33,979,014
Renewable natural gas properties, net of accumulated depreciation of $209,009 and $132,094, respectively		9,592,268			9,296,039
Value-added tax refund receivable		6,578,604			6,845,030
Operating lease right-of-use assets		1,777,356			1,744,897
Deferred tax assets		48,276			–
Total Non-current Assets		52,791,238			51,864,980
Total Assets	$	81,991,686		$	83,086,591

LIABILITIES AND STOCKOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	1,980,897		$	2,204,208
Lease liability, short-term		174,127			163,865
Total Current Liabilities		2,155,024			2,368,073

Non-current Liabilities:
Asset retirement obligation		4,409,230			4,375,919
Lease liability, long-term		1,601,573			1,579,443
Contingent consideration liability, long-term		25,980,832			24,994,315
Total Non-current Liabilities		31,991,635			30,949,677
Total Liabilities		34,146,659			33,317,750

Commitments and Contingencies (Note 6)

Stockholders’ Equity:
Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,584,455 and 40,560,433 shares issued and outstanding as of March 31, 2025 and December 31, 2024		4,058			4,056
Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of March 31, 2025 and December 31, 2024		2,599			2,599
Additional paid-in capital		226,998,675			226,722,424
Accumulated other comprehensive loss		(5,109,054	)		(5,803,378	)
Accumulated deficit		(193,054,092	)		(191,047,953	)
Noncontrolling interest		19,002,841			19,891,093
Total Stockholders’ Equity		47,845,027			49,768,841
Total Liabilities and Stockholders’ Equity	$	81,991,686		$	83,086,591

The MIL Network –

May 16, 2025

MIL-OSI USA: NASA Satellite Images Could Provide Early Volcano Warnings

Source: NASA

Scientists know that changing tree leaves can indicate when a nearby volcano is becoming more active and might erupt. In a new collaboration between NASA and the Smithsonian Institution, scientists now believe they can detect these changes from space.
As volcanic magma ascends through the Earth’s crust, it releases carbon dioxide and other gases which rise to the surface. Trees that take up the carbon dioxide become greener and more lush. These changes are visible in images from NASA satellites such as Landsat 8, along with airborne instruments flown as part of the Airborne Validation Unified Experiment: Land to Ocean (AVUELO).
Ten percent of the world’s population lives in areas susceptible to volcanic hazards. People who live or work within a few miles of an eruption face dangers that include ejected rock, dust, and surges of hot, toxic gases. Further away, people and property are susceptible to mudslides, ashfalls, and tsunamis that can follow volcanic blasts. There’s no way to prevent volcanic eruptions, which makes the early signs of volcanic activity crucial for public safety. According to the U.S. Geological Survey, NASA’s Landsat mission partner, the United States is one of the world’s most volcanically active countries.

When magma rises underground before an eruption, it releases gases, including carbon dioxide and sulfur dioxide. The sulfur compounds are readily detectable from orbit. But the volcanic carbon dioxide emissions that precede sulfur dioxide emissions – and provide one of the earliest indications that a volcano is no longer dormant – are difficult to distinguish from space.
The remote detection of carbon dioxide greening of vegetation potentially gives scientists another tool — along with seismic waves and changes in ground height—to get a clear idea of what’s going on underneath the volcano. “Volcano early warning systems exist,” said volcanologist Florian Schwandner, chief of the Earth Science Division at NASA’s Ames Research Center in California’s Silicon Valley, who had teamed up with Fisher and Bogue a decade ago. “The aim here is to make them better and make them earlier.”
“Volcanoes emit a lot of carbon dioxide,” said volcanologist Robert Bogue of McGill University in Montreal, but there’s so much existing carbon dioxide in the atmosphere that it’s often hard to measure the volcanic carbon dioxide specifically. While major eruptions can expel enough carbon dioxide to be measurable from space with sensors like NASA’s Orbiting Carbon Observatory 2, detecting these much fainter advanced warning signals has remained elusive. “A volcano emitting the modest amounts of carbon dioxide that might presage an eruption isn’t going to show up in satellite imagery,” he added.

Because of this, scientists must trek to volcanoes to measure carbon dioxide directly. However, many of the roughly 1,350 potentially active volcanoes worldwide are in remote locations or challenging mountainous terrain. That makes monitoring carbon dioxide at these sites labor-intensive, expensive, and sometimes dangerous.
Volcanologists like Bogue have joined forces with botanists and climate scientists to look at trees to monitor volcanic activity. “The whole idea is to find something that we could measure instead of carbon dioxide directly,” Bogue said, “to give us a proxy to detect changes in volcano emissions.”
“There are plenty of satellites we can use to do this kind of analysis,” said volcanologist Nicole Guinn of the University of Houston. She has compared images collected with Landsat 8, NASA’s Terra satellite, ESA’s (European Space Agency) Sentinel-2, and other Earth-observing satellites to monitor trees around the Mount Etna volcano on the coast of Sicily. Guinn’s study is the first to show a strong correlation between tree leaf color and magma-generated carbon dioxide.
Confirming accuracy on the ground that validates the satellite imagery is a challenge that climate scientist Josh Fisher of Chapman University is tackling with surveys of trees around volcanoes. During the March 2025 Airborne Validation Unified Experiment: Land to Ocean mission with NASA and the Smithsonian Institution scientists deployed a spectrometer on a research plane to analyze the colors of plant life in Panama and Costa Rica.

Fisher directed a group of investigators who collected leaf samples from trees near the active Rincon de la Vieja volcano in Costa Rica while also measuring carbon dioxide levels. “Our research is a two-way interdisciplinary intersection between ecology and volcanology,” Fisher said. “We’re interested not only in tree responses to volcanic carbon dioxide as an early warning of eruption, but also in how much the trees are able to take up, as a window into the future of the Earth when all of Earth’s trees are exposed to high levels of carbon dioxide.”
Relying on trees as proxies for volcanic carbon dioxide has its limitations. Many volcanoes feature climates that don’t support enough trees for satellites to image. In some forested environments, trees that respond differently to changing carbon dioxide levels. And fires, changing weather conditions, and plant diseases can complicate the interpretation of satellite data on volcanic gases.

Still, Schwandner has witnessed the potential benefits of volcanic carbon dioxide observations first-hand. He led a team that upgraded the monitoring network at Mayon volcano in the Philippines to include carbon dioxide and sulfur dioxide sensors. In December 2017, government researchers in the Philippines used this system to detect signs of an impending eruption and advocated for mass evacuations of the area around the volcano. Over 56,000 people were safely evacuated before a massive eruption began on January 23, 2018. As a result of the early warnings, there were no casualties.
Using satellites to monitor trees around volcanoes would give scientists earlier insights into more volcanoes and offer earlier warnings of future eruptions. “There’s not one signal from volcanoes that’s a silver bullet,” Schwandner said. “And tracking the effects of volcanic carbon dioxide on trees will not be a silver bullet. But it will be something that could change the game.”
By James RiordonNASA’s Earth Science News Team
Media contact: Elizabeth VlockNASA Headquarters

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Let’s Bake a Cosmic Cake!

Source: NASA

To celebrate what would have been the 100th birthday of Dr. Nancy Grace Roman — NASA’s first chief astronomer and the namesake for the agency’s nearly complete Nancy Grace Roman Space Telescope — we’re baking a birthday cake! This isn’t your ordinary birthday treat — this cosmic cake represents the contents of our universe and everything the Roman telescope will uncover.

The outside of our cosmic cake depicts the sky as we see it from Earth—inky black and dotted with sparkling stars. The inside represents the universe as Roman will see it. This three-layer cake charts the mysterious contents of our universe — mostly dark energy, then dark matter, and finally just five percent normal matter. As you cut into our universe cake, out spills a candy explosion symbolizing the wealth of cosmic objects Roman will see.
Ingredients:

Two boxes of vanilla cake mix and required ingredients
Food coloring in three colors
Black frosting
Edible glitter

Yellow sprinkles
Nonpareil sprinkle mix
Chocolate nonpareil candies
Popping candy
Miniature creme sandwich cookies
Granulated sugar
Sour candies
Dark chocolate chips
Jawbreakers

To make our cosmic cake, we first need to account for the universe’s building blocks — normal matter, dark matter, and dark energy. Comprising about five percent of the universe, normal matter is the stuff we see around us every day, from apples to stars in the sky. Outnumbering normal matter by five times, dark matter is an invisible mass that makes up about 25 percent of the universe. Finally, dark energy — a mysterious something accelerating our universe’s expansion — makes up about 68 percent of the cosmos.
No one knows what dark matter and dark energy truly are, but we know they exist due to their effects on the universe. Roman will provide clues to these puzzles by 3D mapping matter alongside the expansion of the universe through time.
To depict the universe’s building blocks in our cosmic cake, mix the cake batter according to your chosen recipe. Pour one-fourth of the batter into one bowl for the dark matter layer, a little less than three-fourths into another bowl for dark energy, and the remainder into a separate bowl for normal matter. This will give you the quantities of batter for dark energy and dark matter, respectively. Use the remainder to represent normal matter. Color each bowl of batter differently using food coloring, then pour them into three separate cake pans and bake. The different sized layers will have different baking times, so watch them carefully to ensure proper cooking.
While our cake bakes, we’ll create the cosmic candy mix — the core of our cake that represents the universe’s objects that Roman will uncover.
First, pour yellow sprinkles into a bowl to symbolize the billions of stars Roman will see, including once-hidden stars on the far side of the Milky Way thanks to its ability to see starlight through gas and dust.
Roman’s data will also allow scientists to map gas and dust for the most complete picture yet of the Milky Way’s structure and how it births new stars. Add some granulated sugar to the candy mix as gas and dust.
Next, add nonpareil sprinkles and chocolate nonpareil candies to symbolize galaxies and galaxy clusters. Roman will capture hundreds of millions of galaxies, precisely measuring their positions, shapes, sizes, and distances. By studying the properties of so many galaxies, scientists will be able to chart dark matter and dark energy’s effects more accurately than ever before.
Now, add popping candies as explosive star deaths. Roman will witness tens of thousands of a special kind called type Ia supernovae. By studying how fast type Ia supernovae recede from us at different distances, scientists will trace cosmic expansion to better understand whether and how dark energy has changed throughout time.
Supernovae aren’t the only stellar remnants that Roman will see. To represent neutron stars and black holes, add in jawbreakers and dark chocolate chips. Neutron stars are the remnants of massive stars that collapsed to the size of a city, making them the densest things we can directly observe.
The densest things we can’t directly observe are black holes. Most black holes are formed when massive stars collapse even further to a theoretical singular point of infinite density. Sometimes, black holes form when neutron stars merge—an epic event that Roman will witness.
Roman is also equipped to spot star-sized black holes in the Milky Way and supermassive black holes in other galaxies. Some supermassive black holes lie at the center of active galaxies—the hearts of which emit excessive energy compared to the rest of the galaxy. For these active cores, also spotted by Roman, add sour candies to the mix.
Finally, add both whole and crushed miniature creme sandwich cookies to represent distant planets and planets-to-be. Peering into the center of our galaxy, Roman will scan for warped space-time indicating the presence of other worlds. The same set of observations could also reveal more than 100,000 more planets passing in front of other stars. Additionally, the Coronagraph Instrument will directly image both worlds and dusty disks around stars that can eventually form planets.
After baking, remove the cake layers from the oven to cool. Cut a hole in the center of the thicker dark matter and dark energy layers. Then, stack these two layers using frosting to secure them. Pour the cosmic candy mix into the cake’s core. Then, place the thin normal matter layer on top, securing it with frosting. Frost the whole cake in black and dust it with edible glitter.
Congratulations — your Roman Cosmic Cake is complete! As you look at the cake’s exterior, think of the night sky. As you slice the cake, imagine Roman’s deeper inspection to unveil billions of cosmic objects and clues about our universe’s mysterious building blocks.
By Laine HavensNASA’s Goddard Space Flight Center

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: NASA Selects Student Teams for Drone Hurricane Response and Cybersecurity Research

Source: NASA

NASA has selected two more university student teams to help address real-world aviation challenges, through projects aimed at using drones for hurricane relief and improved protection of air traffic systems from cyber threats.
The research awards were made through NASA’s University Student Research Challenge (USRC), which provides student-led teams with opportunities to contribute their novel ideas to advance NASA’s Aeronautics research priorities.
As part of USRC, students participate in real-world aspects of innovative aeronautics research both in and out of the laboratory.
“USRC continues to be a way for students to push the boundary on exploring the possibilities of tomorrow’s aviation industry.” said Steven Holz, who manages the USRC award process. “For some, this is their first opportunity to engage with NASA. For others, they may be taking their ideas from our Gateways to Blue Skies competition and bringing them closer to reality.”
In the case of one of the new awardees, North Carolina State University in Raleigh applied for their USRC award after refining a concept that made them a finalist in NASA’s 2024 Gateways to Blue Skies competition.
Each team of students selected for a USRC award receives a NASA grant up to $80,000 and is tasked with raising additional funds through student-led crowdfunding. This process helps students develop skills in entrepreneurship and public communication.
The new university teams and research topics are:
North Carolina State University in Raleigh
“Reconnaissance and Emergency Aircraft for Critical Hurricane Relief” will develop and deploy advanced Unmanned Aircraft Systems (UAS) designed to locate, communicate with, and deliver critical supplies to stranded individuals in the wake of natural disasters.
The team includes Tobias Hullette (team lead), Jose Vizcarrondo, Rishi Ghosh, Caleb Gobel, Lucas Nicol, Ajay Pandya, Paul Randolph, and Hadie Sabbah, with faculty mentor Felix Ewere.
Texas A&M University, in College Station
“Context-Aware Cybersecurity for UAS Traffic Management” will develop, test, and pursue the implementation of an aviation-context-aware network authentication system for the holistic management of cybersecurity threats to enable future drone traffic control systems.
The team includes Vishwam Raval (team lead), Nick Truong, Oscar Leon, Kevin Lei, Garett Haynes, Michael Ades, Sarah Lee, and Aidan Spira, with faculty mentor Sandip Roy.
Complete details on USRC awardees and solicitations, such as what to include in a proposal and how to submit it, are available on the NASA Aeronautics Research Mission Directorate solicitation page.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Kentucky Homeowners With Privately-Owned Road and Bridge Damage May Be Eligible for FEMA Assistance

Source: US Federal Emergency Management Agency 2

strong>FRANKFORT, Ky. – If you had a privately-owned road or bridge damaged or destroyed by the April severe storms, FEMA or the U.S. Small Business Administration (SBA) may provide financial assistance for replacement or repairs.
FEMA Assistance
FEMA may provide funds to repair privately-owned access roads and bridges that were damaged by the storms. To qualify, you must be the owner, and the home must serve as your primary residence.
A FEMA inspection is needed to determine if repairs are necessary for a vehicle to access the property. In addition, you must meet the following conditions:

A FEMA inspection determines repairs are necessary to provide drivable access to the primary residence.
The applicant is responsible, or shares responsibility with other homeowners, for maintaining the privately-owned access route to their primary residence.
The privately-owned access route is the only access to the applicant’s primary residence, and repair or replacement is necessary for the safety of occupants, allowing access for emergency vehicles or equipment.

When multiple households share a privately-owned access route, assistance is shared among applicants, requiring additional coordination and documentation between FEMA and each applicant. Applicants may be eligible for funds to repair a private road or bridge damaged in the disaster, even if their primary residence did not sustain damage.
U.S. Small Business Administration (SBA) Disaster Loans
The U.S. Small Business Administration (SBA), FEMA’s federal partner in disaster recovery, may also be able to help. Homeowners who share private access roads and bridges with other homeowners may be eligible for SBA disaster loans.
Agricultural property is not eligible, but a private access road to the farmer’s residence, the residence itself and personal contents may be eligible under disaster home loan criteria.
Please contact your Kentucky Farm Service Agency (USDA Service Center Locator).
For more information, call the SBA’s Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba.gov.
For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: NASA, French SWOT Satellite Offers Big View of Small Ocean Features

Source: NASA

The international mission collects two-dimensional views of smaller waves and currents that are bringing into focus the ocean’s role in supporting life on Earth.
Small things matter, at least when it comes to ocean features like waves and eddies. A recent NASA-led analysis using data from the SWOT (Surface Water and Ocean Topography) satellite found that ocean features as small as a mile across potentially have a larger impact on the movement of nutrients and heat in marine ecosystems than previously thought.
Too small to see well with previous satellites but too large to see in their entirety with ship-based instruments, these relatively small ocean features fall into a category known as the submesoscale. The SWOT satellite, a joint effort between NASA and the French space agency CNES (Centre National d’Études Spatiales), can observe these features and is demonstrating just how important they are, driving much of the vertical transport of things like nutrients, carbon, energy, and heat within the ocean. They also influence the exchange of gases and energy between the ocean and atmosphere.
“The role that submesoscale features play in ocean dynamics is what makes them important,” said Matthew Archer, an oceanographer at NASA’s Jet Propulsion Laboratory in Southern California. Some of these features are called out in the animation below, which was created using SWOT sea surface height data.

[embedded content]
This animation shows small ocean features — including internal waves and eddies — derived from SWOT observations in the Indian, Atlantic, and Pacific oceans, as well as the Mediterranean Sea. White and lighter blue represent higher ocean surface heights compared to darker blue areas. The purple colors shown in one location represent ocean current speeds.NASA’s Scientific Visualization Studio

“Vertical currents move heat between the atmosphere and ocean, and in submesoscale eddies, can actually bring up heat from the deep ocean to the surface, warming the atmosphere,” added Archer, who is a coauthor on the submesoscale analysis published in April in the journal Nature. Vertical circulation can also bring up nutrients from the deep sea, supplying marine food webs in surface waters like a steady stream of food trucks supplying festivalgoers.
“Not only can we see the surface of the ocean at 10 times the resolution of before, we can also infer how water and materials are moving at depth,” said Nadya Vinogradova Shiffer, SWOT program scientist at NASA Headquarters in Washington.
Fundamental Force
Researchers have known about these smaller eddies, or circular currents, and waves for decades. From space, Apollo astronauts first spotted sunlight glinting off small-scale eddies about 50 years ago. And through the years, satellites have captured images of submesoscale ocean features, providing limited information such as their presence and size. Ship-based sensors or instruments dropped into the ocean have yielded a more detailed view of submesoscale features, but only for relatively small areas of the ocean and for short periods of time.
The SWOT satellite measures the height of water on nearly all of Earth’s surface, including the ocean and freshwater bodies, at least once every 21 days. The satellite gives researchers a multidimensional view of water levels, which they can use to calculate, for instance, the slope of a wave or eddy. This in turn yields information on the amount of pressure, or force, being applied to the water in the feature. From there, researchers can figure out how fast a current is moving, what’s driving it and —combined with other types of information — how much energy, heat, or nutrients those currents are transporting.
“Force is the fundamental quantity driving fluid motion,” said study coauthor Jinbo Wang, an oceanographer at Texas A&M University in College Station. Once that quantity is known, a researcher can better understand how the ocean interacts with the atmosphere, as well as how changes in one affect the other.
Prime Numbers
Not only was SWOT able to spot a submesoscale eddy in an offshoot of the Kuroshio Current — a major current in the western Pacific Ocean that flows past the southeast coast of Japan — but researchers were also able to estimate the speed of the vertical circulation within that eddy. When SWOT observed the feature, the vertical circulation was likely 20 to 45 feet (6 to 14 meters) per day.
This is a comparatively small amount for vertical transport. However, the ability to make those calculations for eddies around the world, made possible by SWOT, will improve researchers’ understanding of how much energy, heat, and nutrients move between surface waters and the deep sea.
Researchers can do similar calculations for such submesoscale features as an internal solitary wave — a wave driven by forces like the tide sloshing over an underwater plateau. The SWOT satellite spotted an internal wave in the Andaman Sea, located in the northeastern part of the Indian Ocean off Myanmar. Archer and colleagues calculated that the energy contained in that solitary wave was at least twice the amount of energy in a typical internal tide in that region.
This kind of information from SWOT helps researchers refine their models of ocean circulation. A lot of ocean models were trained to show large features, like eddies hundreds of miles across, said Lee Fu, SWOT project scientist at JPL and a study coauthor. “Now they have to learn to model these smaller scale features. That’s what SWOT data is helping with.”
Researchers have already started to incorporate SWOT ocean data into some models, including NASA’s ECCO (Estimating the Circulation and Climate of the Ocean). It may take some time until SWOT data is fully a part of models like ECCO. But once it is, the information will help researchers better understand how the ocean ecosystem will react to a changing world.
More About SWOT
The SWOT satellite was jointly developed by NASA and CNES, with contributions from the Canadian Space Agency (CSA) and the UK Space Agency. Managed for NASA by Caltech in Pasadena, California, JPL leads the U.S. component of the project. For the flight system payload, NASA provided the Ka-band radar interferometer (KaRIn) instrument, a GPS science receiver, a laser retroreflector, a two-beam microwave radiometer, and NASA instrument operations. The Doppler Orbitography and Radioposition Integrated by Satellite system, the dual frequency Poseidon altimeter (developed by Thales Alenia Space), the KaRIn radio-frequency subsystem (together with Thales Alenia Space and with support from the UK Space Agency), the satellite platform, and ground operations were provided by CNES. The KaRIn high-power transmitter assembly was provided by CSA.
To learn more about SWOT, visit:
https://swot.jpl.nasa.gov
News Media Contacts
Jane J. Lee / Andrew WangJet Propulsion Laboratory, Pasadena, Calif.626-491-1943 / 626-379-6874jane.j.lee@jpl.nasa.gov / andrew.wang@jpl.nasa.gov
2025-070

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: NEWS: Sanders, Murray, Baldwin, Scott, DeLauro Decry Trump Administration’s Illegal Firings, Cuts at AmeriCorps

US Senate News:

Source: United States Senator for Vermont – Bernie Sanders
WASHINGTON, May 15 – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, alongside Sen. Patty Murray (D-Wash.), Vice Chair of the Senate Appropriations Committee, Sen. Tammy Baldwin (D-Wis.), Ranking Member of the Subcommittee on Labor, Health and Human Services, Education and Related Agencies on the Senate Appropriations Committee, Rep. Robert C. “Bobby” Scott (D-Va.), Ranking Member of the House Committee on Education and Workforce, and Rep. Rosa DeLauro (D-Conn.), Ranking Member of the House Appropriations Committee, today sent a letter to the Interim Agency Head of AmeriCorps calling for the immediate reversal of layoffs and grant terminations that have debilitated the agency’s core functions and run counter to its longstanding, bipartisan support in Congress.
“While a recent court order instituted a 14 day temporary restraining order on staff reductions at AmeriCorps, the damage of firing staff and eliminating $400 million in grants has already been felt across the country,” wrote Sanders, Murray, Baldwin, Scott and DeLauro. “The grant terminations and potential issues awarding fiscal year 2025 grant funding will have a catastrophic impact on the ability of AmeriCorps members to carry out work in communities all over the country — responding to natural disasters, serving as classroom teachers, providing tutoring services, and helping build housing in rural communities.”
Late last month, President Trump and Elon Musk’s DOGE illegally terminated over a thousand AmeriCorps grants to states, nonprofits, and faith-based organizations across the country – totaling nearly $400 million, or roughly 41% of the agency’s grant funding. Grantees were not given statutorily required notices before these grants were terminated. The cuts are already seriously impacting communities where AmeriCorps projects were ongoing as well as their selfless members and volunteers.
Last year, nearly 200,000 AmeriCorps volunteers prepared today’s students for tomorrow’s jobs, connected veterans to services, fought the opioid epidemic, helped seniors live independently, rebuilt communities after disasters and led conservation efforts nationwide.
“We urge the swift reversal of the termination of NCCC members’ service terms so that they can get back to helping communities,” concluded the lawmakers. “These illegal grant terminations attempt to supersede congressional intent at the expense of communities in need of crucial services. More than 1,000 programs will be forced to close and over 32,000 AmeriCorps members and AmeriCorps Seniors volunteers will be released from their service terms early… Further, by laying off nearly the entire agency staff, AmeriCorps is violating the law.”
Read the full letter here.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Welch Denounces Republicans’ Proposed Cuts to Health CareTax Credits

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
Access to health care at risk for Vermonters as Republicans advance legislation that will gut the Affordable Care Act
WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.) today urged Congressional Republicans to abandon their disastrous proposed budget plan which would limit Affordable Care Act (ACA) Premium Tax Credits. These credits help low- and moderate-income Vermonters access health coverage.
In 2024, nearly 27,000 Vermonters received ACA Premium Tax Credits to pay for plans provided through the Affordable Care Act marketplace. Without Congressional action, these tax credits will expire on December 31, 2025, resulting in rate increases and pushing affordable health care out of reach for thousands of Vermonters.
“We need to do everything possible to remove barriers that prevent Vermonters from accessing affordable health coverage, but that’s the opposite of what Republicans have proposed in their disastrous budget blueprint. These Republican cuts would slash Medicaid and Affordable Care Act Premium Tax Credits, making it incredibly challenging to access affordable health care and devastating our state’s already strained health care system,” said Senator Welch. “We should be extending these tax credits—not getting rid of them them.”
This week, the Green Mountain Care Board (GMCB) of Vermont received the 2026 individual and small group health insurance premium rate filings from BlueCross and BlueShield of Vermont and MVP Health Plan. The average rate increases being requested can be found here.
Final decisions are expected to be issued in August.
Vermonters are encouraged to attend GMCB’s Public Comment Forum on Thursday, July 24, to share their perspectives on how these cuts would impact their ability to access health care. Additional information on these events will be posted to the GMCB website.
Senator Welch has championed bipartisan initiatives to protect Medicaid and lower prescription drug prices for Vermonters. Today, he joined Leader Chuck Schumer (D-N.Y.), Senators Amy Klobuchar (D-Vt.), Tammy Baldwin (D-Wis.), Tina Smith (D-Minn.), Angela Alsobrooks (D-Md.) and Protect Our Care for an event slamming House Republicans for advancing a budget that will hike health care costs, close rural hospitals, and threaten access to care for millions of seniors, children, and people living with disabilities.
Earlier this week, Senator Welch joined Senate Democratic Leader Chuck Schumer (D-N.Y.), Finance Committee Ranking Member Ron Wyden (D-Ore.), and Senator Maggie Hassan (D-N.H.) for a press conference condemning the Republican budget and cuts to Medicaid.
Additionally, Republicans are raising premiums and out-of-pocket costs for tens of millions of people who buy coverage on their own.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Rosen, Young, Stevens, Hill Introduce Bipartisan, Bicameral Resolution Demanding Safe Release of Hostages Still Held by Hamas

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)
WASHINGTON, DC – U.S. Senators Jacky Rosen (D-NV) and Todd Young (R-IN), and Representatives Haley Stevens (D-MI-11) and French Hill (R-AR-02) led a group of Senate and House colleagues in a bicameral, bipartisan resolution celebrating the release of Israeli-American Edan Alexander, demanding that Hamas release all remaining 58 hostages, and calling on the White House to take all possible steps to make this a reality. This resolution is co-sponsored by Democratic Leader Chuck Schumer (D-NY), and Senators Cory Booker (D-NJ), Susan Collins (R-ME), Bill Cassidy (R-LA), Tammy Duckworth (D-IL), Jeanne Shaheen (D-NH), Andy Kim (D-NJ), and Chris Coons (D-DE).
“The remaining Israeli hostages have been inhumanely held by Hamas for almost 600 days,” said Senator Rosen. “While I’m overjoyed about Edan’s release, we cannot stop pushing until Hamas releases every single remaining hostage. I’m introducing this bipartisan, bicameral resolution to show that we are united and urge the White House to continue its leadership on this issue.”
“As part of its terrorist attacks on Israel, Hamas took innocent Americans and Israelis hostage. Since that day, we have grieved the lives of those murdered in captivity by Hamas, gladly welcomed home those who have been freed, and continued to demand the safe release of the remaining hostages,” said Senator Young. “I’m glad to join this bipartisan resolution that reaffirms the United States will not give up until all hostages are free.”
“I am relieved and grateful that after 583 days in captivity, my constituent Edan Alexander was finally able to come home to his family,” said Senator Booker. “Hamas must immediately release every other remaining hostage, living or dead, so families can be reunited with their loved ones or finally lay to rest those they have lost. I remain committed to working with my colleagues in Congress to end this war, bring the hostages home, get humanitarian aid to innocent Palestinian civilians in Gaza, and start the work of achieving a lasting peace in the region that ensures the security, freedom, and prosperity of Israelis and Palestinians through a two-state solution.”
“The release of Israeli hostages such as Abigail Edan and Edan Alexander is a great relief, but we must not forget the many innocent people still held captive by Hamas,” said Senator Collins. “This bipartisan resolution reaffirms the Senate’s demand for the immediate release of all remaining hostages. We stand with our ally Israel and the families of those still being held, and we will continue pressing for the safe return of every hostage.”
“Every day that hostages stay in captivity, and that families are denied closure, is a day too long,” said Leader Schumer. “Since October 7th, I have fought for the safe and timely return of all hostages brutally kidnapped by Hamas,” said Leader Schumer. “Now, we are nearly at Day 600 of this vicious captivity. But for the families of the hostages—including those of American hostages Omer Neutra, Itay Chen, Judi Weinstein and Gad Haggai– it has felt like nothing short of an eternity. We cannot stop the fight. We cannot abandon these precious souls. President Trump, the administration, and all parties at the table must use this momentum, do all they can, and finally, finally negotiate a deal to bring all hostages home.”
“For over a year and half, Hamas has forced their hostages to live in horrific, unspeakable conditions, without medical care or sufficient food, leaving their families scared and wondering if they will ever see their loved ones again. While we are thrilled with the recent release of Edan Alexander, Hamas’ terror continues on for the remaining hostages and throughout the world,” said Rep. Haley Stevens, Co-Chair of the Congressional Hostage Task Force. “I’m honored to be leading this resolution with a strong group of bipartisan legislators from both chambers, and look forward to once again passing this resolution with unanimous support.”
“Hamas’s brutal, premeditated attack on Israel and its ongoing captivity of innocent civilians must be condemned in the strongest possible terms. This bipartisan, bicameral resolution reflects our unwavering commitment to securing the freedom of all hostages, standing with their families, and honoring the victims of Hamas’s atrocities,” said Rep. French Hill, Co-Chair of the Congressional Hostage Task Force. “As Co-Chair of the Hostage Task Force, I am proud to co-lead this effort and stand alongside my colleagues in the House and Senate in sending a clear and united message: America will never relent in the pursuit of justice and accountability for those who harm our citizens.”
The full text of the resolution can be found HERE.
Senator Rosen has been a leader in the fight to support Israel and ensure the remaining hostages are freed by Hamas. Following the October 7 terrorist attack on Israel, Senator Rosen traveled to Israel as part of a bipartisan Congressional delegation and met with the families of the innocent people who were taken hostage. Since then, she has repeatedly called on Hamas to release the hostages. Senator Rosen also sent a bipartisan letter calling on President Biden to leverage the U.S. relationship with Qatar to secure the immediate release of the remaining hostages held in Gaza by Hamas.

MIL OSI USA News –

May 16, 2025
MIL-OSI Security: Thirty Gang Members and Associates Indicted on Racketeering, Murder, Drug Trafficking, Fraud, and Firearm Charges

Source: United States Department of Justice Criminal Division

An eight-count indictment was unsealed in the Southern District of Georgia charging 30 defendants – all alleged Sex Money Murder (SMM) gang members and associates – with crimes including racketeering (RICO) conspiracy, murder in aid of racketeering, conspiracy to commit murder in aid of racketeering, conspiracy to commit wire fraud, and related firearm and drug trafficking crimes.

According to court documents and statements in court, SMM members and associates engaged in extreme violence to retaliate against fellow members for perceived violations of gang rules. For example, SMM members killed one member who wanted to leave the gang and attempted to kill another by repeatedly stabbing him for alleged homosexual activities while in jail. SMM members profited from trafficking large amounts of deadly drugs, including methamphetamine, cocaine, and heroin, throughout the Savannah metropolitan area. They also made money participating in sophisticated fraud schemes targeting federal COVID-19 relief and unemployment benefit programs that resulted in intended losses of over $850,000.

“As alleged, the Sex Money Murder gang, a derivative of the nationally known Bloods gang, brutally enforced its purported rules, killing a 19-year-old member, and engaged in rampant drug trafficking and federal program fraud to enrich themselves,” said Matthew Galeotti, Head of the Justice Department’s Criminal Division. “We will not rest until every criminal organization like SMM that wreaks havoc on our streets and prison systems and exploits programs meant to support vulnerable populations are dismantled. Thank you to every federal, state, and local law enforcement agency that came together to dismantle this criminal enterprise.”

“Today’s indictment is an important step in ending gang violence on our streets and in our prisons,” said Acting U.S. Attorney Tara M. Lyons for the Southern District of Georgia. “My office will continuously work with our law enforcement partners to ensure public safety.”

“The violence and crime this gang committed across our region contributed to an epidemic in our nation.” said Special Agent in Charge Paul Brown of the FBI Atlanta Field Office. “Our hearts go out to the victims and their families who suffer because of this gangs’ activities. The FBI works with our law enforcement partners every day to crush violent crime in Georgia and our nation.”

“This case demonstrates the relentless coordination and commitment among our law enforcement partners to dismantle violent criminal enterprises like Sex Money Murder,” said Assistant Special Agent in Charge Beau Kolodka of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). “ATF is proud to have played a critical role in targeting the illegal firearms and narcotics trafficking that fueled this gang’s deadly reach both inside and outside prison walls.”

“This indictment represents a significant step forward in our continued efforts to dismantle violent criminal enterprises operating within Georgia communities and correctional facilities,” said Director Chris Hosey of the Georgia Bureau of Investigation (GBI). “The GBI remains committed to working alongside our federal, state, and local partners to hold gang members accountable and protect the safety and wellbeing of all Georgians.”

“The use of contraband cell phones as a tool to carry out gang activity and other crimes from behind prison walls will not be tolerated and we are proud of our Agents for their role in assisting our law enforcement partners in stopping these individuals from jeopardizing the safety of the public and the operations of our facilities,” said Commissioner Tyrone Oliver of the Georgia Department of Corrections. “This indictment is a great example of partnerships at every level, ensuring the job of public safety remains paramount.”

According to court documents, on Feb. 24, 2020, Byron Hopkins and other SMM members intercepted a young victim a few hours after he stepped off his school bus. They drove him to a rural residential neighborhood where Hopkins shot him to death. The victim had reportedly expressed a desire to leave the gang after accusing Hopkins of having sexual relations with a minor female who became pregnant. To lure the victim, his, “big brother” in the gang – a person he trusted – sent him a text message claiming there was an important gang meeting he needed to attend. Believing this, the victim willingly got into the vehicle, unaware he was being taken to the site of his execution. This is just one example of SMM’s deadly violence against a member that questioned authority or violated gang rules.

According to court documents and statements made in court, SMM is a subset of The Bloods gang, which originated in Los Angeles in the early 1970s. The SMM subset has spread from the Bronx and New York to areas across the East Coast, including Georgia, where it operates inside and outside prisons and jails. The indictment alleges an extensive criminal enterprise in which SMM members, including inmates within the Georgia Department of Corrections (GDOC), orchestrated numerous crimes, including murders, attempted murders, attempted robberies, drug trafficking within and outside of GDOC facilities, and wire and bank fraud. Seven of the defendants allegedly committed or ordered the charged crimes from prison.

If convicted, the defendants face penalties including up to life in prison or death for the murder in aid of racketeering and using a firearm in the commission of a murder; up to life in prison for the racketeering conspiracy and drug conspiracy; up to 30 years for the wire fraud conspiracy; and up to 20 years for the conspiracy to commit murder in aid of racketeering.

The Federal Bureau of Investigation, Bureau of Alcohol, Tobacco, Firearms and Explosives, U.S. Department of Labor, U.S. Army Criminal Investigation Division, Georgia Bureau of Investigation, and Georgia Department of Corrections are investigating the case, with valuable assistance from the U.S. Postal Inspection Service, Federal Bureau of Prisons, the Georgia Department of Community Supervision, the Georgia State Patrol, Hinesville Police Department, Liberty County Sheriff’s Office, Dodge County Sheriff’s Office, Chatham County Police Department, Chatham Couty Counternarcotics Team, Savannah Police Department, McRae-Helena Police Department, Police Department, DeKalb Police Department, Brunswick Police Department, and Richmond Hill Police Department.

Trial Attorney Lisa M. Thelwell of the Criminal Division’s Violent Crime and Racketeering Section (VCRS) and Assistant U.S. Attorney Frank M. Pennington III for the Southern District of Georgia are prosecuting the case.

The indictment is a result of Organized Crime Drug Enforcement Task Forces (OCDETF) investigations. The OCDETF mission is to identify, disrupt, and dismantle the highest-level criminal organizations that threaten the United States, using a prosecutor-led, intelligence-driven, multi-agency task force approach. OCDETF synchronizes and incentivizes prosecutors and agents to lead smart, creative investigations targeting the command-and-control networks of organized criminal groups and the illicit financiers that support them. Additional information about the OCDETF Program may be found at www.justice.gov/OCDETF.

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

MIL Security OSI –

May 16, 2025
MIL-OSI USA: Senator Marshall Joins Colleagues to Introduce Legislation to Reinstate Fairness and Due Process in Health Care

US Senate News:

Source: United States Senator for Kansas Roger Marshall
Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) joined U.S. Senator Elizabeth Warren (D-Massachusetts) and U.S. Representatives Raul Ruiz, M.D. (D-California-25) and John Joyce, M.D. (R-Pennsylvania-13) to introduce the Physician and Patient Safety Act, legislation that would restore due process rights for physicians.
Federal law has not been updated to reflect changes in the medical industry, and due process rights are not guaranteed to physicians who are contracted but not directly employed by hospitals. This bill would address this oversight and ensure due process rights for physicians who are employed by third-party contractors or physician staffing companies. By keeping integrity front and center, this legislation ensures physicians are able to uphold their commitment to practice medicine ethically and put their patients’ health first.
“Due process rights allow physicians to confidently advocate for their patients without the concern of facing termination,” said Senator Marshall. “Over time, these protections have gradually diminished across various departments, posing risks to patient safety. The Physician and Patient Safety Act aims to address this issue by closing loopholes and enabling all physicians to uphold the integrity of the health care system.”
“The evidence is clear – when private equity comes into health care, quality of care goes down,” said Senator Warren. “Doctors shouldn’t have to worry that sounding the alarm on patient safety will cost them their jobs. Doctors take an oath to protect patients, not corporate profits. We need to shield them from corporate greed so that they can provide the best care possible and keep patients safe.”
Congressmen Ruiz and Joyce introduced the House companion bill.
“As an emergency medicine physician, I’ve always made the safety and well-being of our communities my top priority,” said Congressman Ruiz. “That same dedication drives my work in Congress, where I’m committed to bipartisan, commonsense solutions. That’s why I introduced the Physician and Patient Safety Act—because no doctor should ever have to choose between doing what’s right for their patients and keeping their job. By extending due process protections to all physicians, this bill safeguards the integrity of our health care system and ensures that doctors can focus on what matters most: delivering high-quality, compassionate care to every patient they serve.”
“American physicians should not face losing their jobs just for advocating on their patients’ behalf,” said Congressman Joyce, M.D. “The Physician and Patient Safety Act will alleviate this issue by providing all physicians with the same due process rights. This legislation will ensure that all physicians can uphold their oath to ‘First do no harm’ without the threat of losing their jobs, protecting patients and physicians alike.”
The Physician and Patient Safety Act is supported by the American Academy of Emergency Medicine, The Kansas Chapter of the American College of Emergency Physicians, the American College of Emergency Physicians, the American College of Surgeons, the American Society of Anesthesiologists, and Free2Care.
“The American Academy of Emergency Medicine is proud to support Senators Marshall and Warren and Representatives Ruiz and Joyce in their introduction of legislation to ensure emergency physicians and all physicians have medical staff due process rights,” said Robert Frolichstein, MD FAAEM FCCM, President of the American Academy of Emergency Medicine. “There is no greater policy imperative for patient safety and quality care than enacting this due process legislation, which is a driving force of our organization’s mission statement.”
“The Kansas Chapter of the American College of Emergency Physicians strongly supports the Physician and Patient Safety Act,” said Howard Chang, MD, Immediate Past President, Kansas Chapter of the American College of Emergency Physicians. “Physicians cannot care for patients without a guarantee of due process. Emergency physicians serve on the front lines of our health care system, often working under intense pressure and making critical decisions that directly affect patient lives. It is essential that they be able to advocate for patient safety, raise concerns about clinical operations, and exercise their professional judgment without fear of unjust or abrupt termination. The absence of due process protections puts both physicians and patients at risk—undermining trust, morale, and the overall quality of care.”
“Growing threats to physician autonomy are one of the most significant stressors facing emergency physicians today, and a lack of due process protections is a significant part of the problem,” said Alison J. Haddock, MD, FACEP, President of ACEP. “These essential protections ensure fairness and allow emergency physicians to fully advocate for our patients without fear of retaliation or termination. The bipartisan ‘Physician and Patient Safety Act’ is an essential, commonsense effort that guarantees due process and ensures that emergency physicians have the same rights on the job as other physicians in the hospital. ACEP thanks Senators Marshall and Warren and Representatives Ruiz and Joyce for their continued leadership on this critical legislation.”
The full text of the legislation can be found HERE.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: SCHUMER REVEALS: TUCKED AWAY IN TRUMP’S TAX BILL IS SECTION TO RIP AWAY $100+ MILLION GRANT FROM BUFFALO FOR BAILEY AVENUE TRANSFORMATION; SCHUMER SAYS ‘HELL NO!’ TO TAKING $$ FROM BUFFALO TO PAY FOR…

US Senate News:

Source: United States Senator for New York Charles E Schumer
Under-The-Radar Section Of Trump’s New Bill With Tax Breaks For Billionaires & Corporations, Being Rushed By House Republicans Right Now, Includes Section To Claw Back Funding From Grant Program That Provided Whopping $100+ Million To Buffalo’s Bailey Avenue To Overhaul One Of Cities Busiest Bus Routes, Improve Safety, Reduce Traffic, And Build New More Walkable, Bikeable Streets
Senator Says Funding, Which Comes From Inflation Reduction Act He Championed, Was Set To Be Game Changer For Buffalo, But Now Trump Wants To Rip That All Away To Pay For His Tax Cuts For Billionaires, And Schumer Is Demanding Western NY House Republicans Block This Bill From Advancing
Schumer: Trump Wants His Billionaire Tax Breaks Paid For With Money For Worthy Projects Like Buffalo’s Bailey Avenue Overhaul? Hell No! Every Western NY Republican Should Demand This Be Reversed Now
As House Republicans rush to try to pass Trump’s devastating plan to give tax breaks to billionaires and corporations while slashing programs like Medicaid & SNAP, U.S. Senator Chuck Schumer today revealed that tucked away in an under-the-radar provision in the transportation section of the bill is a proposal to claw back grants from the Neighborhood Access and Equity program, which would include the $100+ million award for Buffalo’s Bailey Avenue transformation project. Schumer said this is outrageous and is demanding Western NY House Republicans join him and stand up to Trump and block this plan from going forward.
“If Trump and House Republicans thought they could quietly rip away over $100 million in funding for Buffalo’s transportation, they are in for a rude awakening. This project creates jobs, increases traffic flow and safety and boosts the local economy; it makes zero sense to defund it. Right now, Trump and House Republicans want their tax breaks for billionaires & corporations paid for by stealing money out of Buffalo’s pockets meant to fix Bailey Avenue. I say hell no, and everyone in Western NY should be outraged at this backwards proposal,” said Senator Schumer. “Bailey Avenue is the spine of the East Side and one of Buffalo’s busiest corridors. Everyone in Buffalo knows how badly it needs to be upgraded to improve safety and fix traffic. Instead of trying to bring back Bailey Avenue, House Republicans are proposing to throw up a giant and unwelcome roadblock. The community was thrilled and I was so proud to deliver this funding for Buffalo last year, and now House Republicans are pulling the rug out from Western NY.”
Schumer added, “Trump would rather billionaires get more money in their bank account than safer streets in Buffalo. We need Western NY’s House Republicans to join us and stand up and block this plan to claw back these grants is reversed. Billionaire tax breaks should not be paid for on the backs of Buffalonians.”
“Bailey Avenue is one of Buffalo’s busiest main roads, spanning the length of the city from north to south, and it is in dire need of improvement,” said Congressman Kennedy. “During my time in the New York State Senate, I secured $3 million to fund the planning process for Bailey Bus Rapid Transit, and that helped unlock more than $100 million in federal funds. I refuse to stand by idly and watch this transformational investment be ripped away from our community to pay for tax cuts for the ultra-wealthy. This money was rightfully awarded, and we will hold the administration to account.”
“This funding matters beyond just a bus line. This project is not just about convenience, but it’s about ensuring that everyone, regardless of income or background, has fair access to the jobs, education, healthcare, and resources that transit can unlock. This project amplifies the voice of the community to bring to the forefront the development needs of the surrounding neighborhood. This project is paramount in fostering inclusive growth and community well-being on the East Side. We thank Senator Schumer for his unprecedented efforts and commitment to the East Side. Enough is enough,” said Essence Sweat, Executive Director, East Buffalo Development Corp.
Earlier this month, the House Republican-led Transportation and Infrastructure Committee passed their section of the tax plan, which included repealing billions for projects through the Neighborhood Access and Equity program created in the historic Inflation Reduction Act Schumer led to passage in the Senate. If this bill were to pass as written, it would claw back nearly the entire grant for Buffalo, imperiling the future of the project which was expecting this substantial federal investment that Buffalo competed for and was awarded.
Last year, Schumer delivered over $100 million in federal funding through this program to modernize Bailey Avenue with new safer streets for all commuters, increasing walkability and bike ability, while also improving traffic flow along the corridor by establishing a new low-no emission Bus Rapid Transit line with dedicated bus lanes.
The Bailey Avenue Bus Rapid Transit project is intended to help overhaul one of the Niagara Frontier Transportation Authority’s (NFTA) busiest bus routes, with new modern safer streets and better transportation infrastructure to help reconnect communities and businesses along the corridor. Bailey Avenue has some of the NFTA’s strongest ridership with 2,600+ riders every weekday, but it is in desperate need of upgrades to its bus stop infrastructure, road striping, pedestrian crosswalks and road safety features. According to an NFTA study, in the past 5 years on Bailey Avenue there have been over 2,500 collisions. While the community has long expressed a strong desire for increased affordable transportation along Bailey Avenue, without robust federal funding the project likely could not have happened.
The $100+ million grant that House Republicans put on the chopping block would support the design and construction of a Bus Rapid Transit line and fund the safety improvements along the entire 7.5 mile length of Bailey Avenue from Main Street to South Park. This funding will help to improve and modernize bus service on Bailey Avenue to include features such as dedicated bus lanes, transit signal priority, increased pedestrian and bike safety features, as well as an estimated thirteen stations to provide more comfortable waiting areas to transit riders and facilitate connections to east-west bus routes and other transportation modes.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Finance Committee Advances HHS Nominations

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–The U.S. Senate Finance Committee today advanced the nominations of James O’Neill to be Deputy Secretary of the U.S. Department of Health and Human Services (HHS) by a vote of 14-13 and Gary Andres to be an Assistant Secretary of HHS by a vote of 19-8. Following the vote, Chairman Mike Crapo (R-Idaho) issued the statement below:
“Each of the nominees advanced by the Committee today will bring vital experience to HHS. Having previously served at HHS, Mr. O’Neill understands the multifaceted nature of the Department and can effectively navigate ways to make our health care system more proactive. As a veteran of Capitol Hill, Mr. Andres understands how to implement a successful legislative agenda and will be a valuable asset as we seek input on legislation and updates on departmental actions. I look forward to working with each of them once confirmed by the full Senate.”
Executive session information can be found here.
Read Chairman Crapo’s full statement at the nomination hearing here, and his statement at the executive session here.

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Crapo Statement at Executive Session to Consider HHS Nominations

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at an executive session to consider the nominations of James O’Neill to be Deputy Secretary of the Department of Health and Human Services (HHS) and Gary Andres to be an Assistant Secretary of HHS.
As prepared for delivery:
“We meet today to consider favorably reporting the nominations of Jim O’Neill, who is nominated to serve as Deputy Secretary of the U.S. Department of Health and Human Services (HHS), and Gary Andres, who is nominated to serve as the Assistant Secretary for Legislation at HHS.
“The meeting this morning will provide members with the opportunity to make remarks on the nominees. We will notify members of a time and location later today to conduct the vote.
“During his hearing, Mr. O’Neill discussed his plan to work closely with Secretary Kennedy to improve America’s health care system. Given his previous service at the Department and depth of management experience in the private sector, he is uniquely qualified to enact positive change at HHS. If confirmed as Deputy Secretary, Mr. O’Neill will have the opportunity to implement reforms in each division of the Department.
“As a veteran of Capitol Hill, Mr. Andres knows how to implement a successful legislative agenda and will be a valuable partner to Congress at HHS. I was also encouraged to hear Mr. Andres’ commitment to prioritizing timeliness in responding to questions from members.
“I will be voting in favor of both nominations and I encourage all of my colleagues on the Committee to do the same.”

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: From Caregiver to Patient: UConn Physical Therapist Shares Personal Stroke Journey to Raise Awareness
Source: US State of Connecticut

For years, Scott Flanagan has cared for patients recovering from stroke helping them regain movement, confidence, and independence as a dedicated physical therapist at UConn John Dempsey Hospital. In 2023, he took his passion for stroke recovery a step further and joined UConn Health’s multidisciplinary Stroke Committee, working to enhance education and care for patients facing the life-altering effects of stroke.

He never imagined he would become one of them.

“I’ve worked with stroke patients for a long time, so I thought I had a good understanding,” Flanagan said. “But nothing prepares you for waking up one morning and suddenly not being able to see straight.”

It was a morning in August when Scott, who lives in Springfield, Massachusetts, bent over to pick up his phone and noticed something was wrong.

“I was seeing double. My right eye couldn’t move. I just knew something wasn’t right,” he recalled.

His symptoms were unusual but serious: his right eye was paralyzed, and he experienced persistent double vision.

Despite being in good health, having recently come off blood pressure and diabetes medications after improving his numbers through diet and exercise, Flanagan trusted his instincts.

Flanagan asked his son to drive him directly to UConn John Dempsey Hospital bypassing closer hospitals because he knew where he’d get the best care.

“I trusted the team here,” he said. “I’ve seen what they do, and I knew I’d be in good hands.”

In the Emergency Department (ED), a stroke alert was immediately activated. Neurologist, Dr. Gracia Mui and the ED team quickly assessed his symptoms, and imaging confirmed a small ischemic stroke caused by a blocked artery reducing blood flow to part of the brain.

Flanagan received TPA (tissue plasminogen activator), a medication used to dissolve clots and restore blood flow. Over the next few weeks, the treatment gradually began to reverse his symptoms.

He was referred to UConn Health’s neuro-ophthalmologist, Dr. Carolyne A. Riehle, who played a key role in his rehabilitation and adaptation by guiding him through therapy and the use of visual aids. Since more than 66% of all strokes result in vision loss, neuro-optometric rehabilitation therapy—also known as vision therapy—helps retrain the brain and eyes to work together through targeted visual exercises.

Flanagan also followed up with Dr. Priya Narwal, a board-certified vascular neurologist who leads UConn health’s stroke program. ” While acute stroke management in the hospital focuses on emergent treatment using medication and/or invasive procedures to optimize functional outcome, outpatient stroke care focuses on identifying and managing stroke risk factors which includes both medical conditions and lifestyle habits, ensuring that patients are on the right medications for stroke prevention and if any barriers exist to access appropriate medical resources ,or social / emotional support, those can be swiftly identified and addressed,” explained Narwal.

Today, Scott is fully recovered—with no lasting deficits.

“I had a really good outcome,” he said. “But I know that’s because I got to the right place, fast.”

UConn Health’s stroke care team is nationally recognized, earning the American Heart Association’s “Get With The Guidelines® – Stroke” Gold Award for seven consecutive years. The hospital’s Joint Commission certification ensures the highest standards for stroke treatment, rehabilitation, and education.

A stroke occurs when blood flow to a part of the brain is interrupted—either by a clot (ischemic stroke) or by bleeding in the brain (hemorrhagic stroke). Without oxygen-rich blood, brain cells begin to die within minutes.

Strokes are one of the leading causes of disability and the fifth leading cause of death in the U.S., according to the American Stroke Association.

Know the Signs: BE FAST

Time is critical when someone is having a stroke. The acronym BE FAST is a simple way to remember the warning signs:
- Balance – Sudden loss of balance or coordination
- Eyes – Sudden trouble seeing in one or both eyes
- Face – Facial drooping on one side
- Arms – Arm weakness or numbness, especially on one side
- Speech – Slurred speech or difficulty speaking
- Time – Time to call 9-1-1 immediately
Other symptoms to watch for include:
- Sudden numbness or weakness in the face, arm, or leg—especially on one side
- Confusion, trouble speaking, or understanding speech
- Trouble walking, dizziness, or loss of balance
- Severe headache with no known cause
If you or someone you know experiences any of these symptoms—call 911 immediately.

While some risk factors are out of your control—like age, family history, or previous stroke—many can be managed through lifestyle changes and medication:
- Control high blood pressure and cholesterol
- Manage diabetes
- Avoid smoking
- Exercise regularly
- Eat a healthy diet
- Limit alcohol use
Even healthy people like Scott, who had been eating well, exercising, and reducing his medications, can be affected. That’s why awareness and quick action are so critical.

Now back at work and feeling well, Scott remains on the stroke committee, more motivated than ever.

“I joined the stroke committee because I wanted to help educated stroke patients,” he said. “But now I am even more passionate because I can speak not just as a clinician, but as someone who’s lived it.”

His message this Stroke Awareness Month is simple but urgent: Know the signs. Trust your gut. Act fast. And get to the right place for care.

MIL OSI USA News –
May 16, 2025
MIL-OSI USA: ‘Doctors Academy’ Graduates Win College Scholarships

Source: US State of Connecticut

Nineteen Senior Doctor Academy graduates in the Class of 2025 on May 14 received their honorary white coats and diplomas from the Health Career Opportunity Programs (HCOP) at UConn Health.

The event’s keynote speaker was City of Hartford’s Ebony Jackson-Shaheed, MPH, director of Health & Human Services (Photo by John Atashian).

At this year’s Academic Year Closing and Annual Recognition Ceremony the keynote speaker was City of Hartford’s Ebony Jackson-Shaheed, MPH, director of Health & Human Services.

Also, the Hartford Foundation for Public Giving generously presented a grant of $15,000 in support of the HCOP programs.

The Doctors Academy is part of the highly successful Health Career Opportunity Programs (HCOP) founded over two decades ago by physician-scientist Dr. Marja Hurley, where middle school and high school students of all backgrounds receive in-depth education in the health sciences and career path mentorship on Saturdays and in the summer. The Doctors Academy is one of 14 Health Career Opportunity Programs that are part of the Aetna Health Professions Partnership Initiative (HPPI).

Senior Doctors Academy graduates accepted their diplomas from keynote speaker the City of Hartford’s Ebony Jackson-Shaheed, MPH and Dr. Marja Hurley (Photo by John Atashian).

Meet the Doctors Academy Graduates

“I am looking forward to pursuing a career in genetics and surgery,” says Class of 2025 Doctors Academy graduate Javel Stewart, 18, of Hartford who has been part of HCOP since the 8^th grade.

“The idea of being able to help people fight illness and disease inspired me to enter medicine. I became interested in HCOP’s great explorations program after a school guidance counselor recommended it to me as she knew I was interested in medicine,” recalls Stewart.

Javel Stewart is headed to UConn this fall. She graduated from the Senior Doctors Academy of HCOP on May 14.

“My favorite part of HCOP was being able to meet and connect with like-minded peers.”

After graduating from Classical Magnet School this spring, Stewart looks forward to attending UConn.

“I am very excited to go to UConn this fall, and I’m looking forward to all the new knowledge I will gain,” Stewart exclaims.

(Photo by John Atashian).

Stewart is the winner of a large Hartford Promise Scholarship, also the newly established UConn Freedman Award established by UConn Health Board of Director Joel Freedman, and the Friends of the Department of Health Career Opportunity Programs – Boake L. Plessy, Ph.D., Scholarship.

“I am very excited to have received scholarships to UConn in addition to the Hartford Promise Scholarship,” she happily shares.

(Photo by John Atashian).

And Stewart’s words of wisdom for other young people wishing to follow in her footsteps to also pursue future careers in medicine: “Some advice to the CT youth is to never give up. You might not see the results right away, but trust the process. Keep asking questions, keep showing up for yourself, and don’t be afraid to aim high.”

“One of the most meaningful communities I’m a part of is the Health Careers Opportunity Program (HCOP),” heartwarmingly shared Class of 2025 Doctors Academy graduate Jeneika Lugg, 18, of Hartford who is originally from Jamaica.

Jeneika Lugg is UConn Hartford bound. She graduated from HCOP’s Senior Doctors Academy on May 14, 2025.

Now a senior at Achievement First Hartford Academy, she joined the Doctors Academy back in the 9^th grade. “This community is especially meaningful to me because it feels like a family. It is a welcoming environment where no one feels excluded, and everyone is respected for who they are.”

Lugg will be attending UConn Hartford in the fall. She is enrolled in the special Verto Huskies Pathway, a program that provides high achieving students the opportunity to study abroad with Verto Education, and then seamlessly transfer to UConn for the remainder of their college experience.

“This fall I’m very excited to go to UConn and I’m happy to be given the opportunity to go study abroad for my first semester in Spain through Verto Education. This is very exciting for me since I’m being introduced to a new culture, language, food, and people,” says Lugg.

HCOP program graduates of the Senior Doctors Academy (Photo by John Atashian).

At UConn, Lugg hopes to study biological sciences or areas of neuroscience, and also explore her longtime interest in art.

Lugg is also an excited recipient of the large Hartford Promise Scholarship, as well as a Jacob L. and Lewis Fox Scholarship.

“I was awarded the Hartford Promise Scholarship and Fox Scholarship. I was excited for this because it allowed a better affordability for school,” says very thankful Lugg.

Lugg also applauds the HCOP program for her great educational experience.

Senior Doctors Academy graduates (Photo by John Atashian).

“When I first heard about HCOP, I was eager to join, especially with my interest in the medical field. The program has not only expanded my academic knowledge but also provided a deeper understanding of medicine in the real world. It has equipped me with valuable skills in public speaking, research, and medical practices, while offering opportunities to learn from doctors and their personal journeys,” says Lugg.

She added, “What I love most about this program is how it consistently encourages us to pursue our dreams. The staff fosters an open-minded approach, urging us to reach for the stars and beyond. They are like a supportive family, cheering for our growth and success, always wanting the best for us. The students, too, contribute to this sense of community, as we all share similar goals and support one another, making it feel more like a team than a competition.”

Lugg’s advice to other Connecticut youth like her: “Keep striving, keep pushing and know that no dream is too big to not reach. It might seem a lot or impossible but in the end you will be amazed by the great results and accomplishments.”

Class of 2025 Graduates of the Senior Doctors Academy celebrating at HCOP’s annual Closing Ceremony (Photo by John Atashian).

Like Stewart and Lugg all the successful Senior Doctors Academy graduates in the Class of 2025 are following in the footsteps of hundreds and hundreds of successful HCOP graduates.

Dr. Marja Hurley and her very dedicated HCOP team are very proud of all the graduating students and share a special thank you to the parents who get the students up on Saturdays to get to the program.

“I am so proud of this year’s graduating class, and thankful for all the support of their parents. We also are especially grateful of the Hartford Foundation, the City of Hartford, and for all the generous scholarships bestowed on our amazing students this year,” says Hurley. “Congratulations to all our talented students.”

Dr. Marja Hurley sharing her congratulations with the students and parents attending HCOP’s annual Closing Ceremony on May 14, 2025 (Photo by John Atashian).

UConn School of Medicine Dean Dr. Bruce T. Liang shared during the event, “A special thanks to the amazing leadership of Dr. Marja Hurley, along with her talented HCOP team, for making the Doctors Academy and all the successful HCOP Programs of the Aetna Health Professions Partnership Initiative possible. Your hard work is keeping these programs thriving to new heights and always inspiring the next generation of youth and future doctors.”

(Photo by John Atashian).

Liang added, “I wanted to share a heartwarming congratulations with all our graduates, and with your supportive families. We are all so proud of your inspiring academic success, and tireless commitment and determination that you have demonstrated. Whether you are dreaming of becoming a future physician, dentist, or scientist — you are well on your way! And UConn is so grateful to be part of your journey! Make sure to come back and join our health care workforce.”

Congratulations to the Class of 2025 graduates of the Great Explorations, Jumpstart, and Junior and Senior Doctors Academy!

(Photo by John Atashian).

Other scholarship recipients this year of the John & Valerie Rowe Scholarship are Senior Doctors Academy graduates Valeria Buzzigoli and Anousha Hashim.

Also, Friends of the Department of Health Career Opportunity Programs – Boake L. Plessy, Ph.D., Scholarship recipients include Maham Chaudhary, Alec-Raive Gordon, and Javel Stewart.

The Class of 2025 Senior Doctors Academy graduated 19 Connecticut high school students at its Closing Ceremony on the evening of May 14, 2025. Graduates are pictured here with keynote speaker Ebony Jackson-Shaheed, MPH and Dr. Marja Hurley (Photo by John Atashian).

The Class of 2025 Senior Doctors Academy graduates include:

Sunita Amiri

Safia Ali

Gabrielle Bridgewater

Valeria Buzzigoli

Maham Chaudhary

Sabra Dewar

Alec Gordon

Anousha Hashim

Meera Kannan

Jeneika Lugg

Elissa Matthews

Tyler McGraw

Marko Paxi

Xavier Rosario

Genesis Rowe

Genessis Sanclemente

Javel Stewart

Sama Thapa

Kaelyn Williams

MIL OSI USA News –

May 16, 2025
MIL-OSI USA: Disaster Response: Master and Apprentice

Source: US State of Connecticut

Two UConn Health emergency medicine physicians are back from a medical mission in central Myanmar, which was devastated by a magnitude 7.7 earthquake March 28.

Drs. Rob Fuller and Caroline Lloyd are back at UConn Health after being part of the International Medical Corps response to an earthquake that devastated Myanmar March 2025. (Photo by Chris DeFrancesco)

The earthquake and aftershocks are blamed for more than 3,700 dead and 5,000 injured, compounding the humanitarian crisis in a country already dealing with political unrest and an overwhelmed health care system.

“Suffice it to say that the external reporting is a 10x underestimate of the actual impact and fatalities,” Dr. Rob Fuller reported from the capital, Nay Pyi Taw, more than 150 miles from the epicenter. “There is much political difficulty in entering and moving here.”

Fuller, who is UConn Health’s chair of emergency medicine, and Dr. Caroline Lloyd, in her second year in UConn’s International Disaster Emergency Medicine Fellowship, were part of an International Medical Corps response team. The IMC’s response got off to a slow start, largely due to a reluctance by the Myanmar government to embrace assistance from foreign organizations.

“There had been a smaller team from IMC trying for several weeks to open the door to allow us to come in and form those relationships, and assure the government we weren’t going to do anything they didn’t want us do to,” Lloyd says.

Myanmar is located in Southeast Asia’s Indochinese Peninsula.

“[IMC] flew into Bangkok right after the earthquake, and it took days to get permission to enter the country,” Fuller says. “Then after they got into the country, they tried to get the ear of the minister of health to say, ‘We’re an aid-providing organization and we’d like to collaborate with your responders,’ and it took a long time to get those OKs. And then the minister of security and the minister of foreign affairs had to approve. By the time all those barriers were out of the way, we were one of only two foreign non-government organizations allowed in to provide some health care.”

Lloyd and Fuller didn’t arrive until April 19, and by then the mission was to run a tent clinic in place of a key piece of health care infrastructure in Nay Pyi Taw that was lost to the quake.

“We were working at the site of a destroyed 300-bed hospital,” Fuller says. “We were seeing about 100 patients per day. The patients were seeking care for acute and chronic conditions as well as injuries related to the earthquake.”

Dr. Rob Fuller, UConn Health’s chair of emergency medicine, helps staff a tent clinic that replaced an earthquake-damaged hospital in Nay Pyi Taw, Myanmar. (International Medical Corps photo)

“It was primarily handling outpatient care that they normally would have handled, with a smattering of patients sometimes popping in due to displacement or injuries that happened during the earthquake,” Lloyd says. “Every once in a while you’d get someone displaced by the additional conflict going on within the country, who had recently gotten out of that area and into this more-controlled governmental area. But overall, it was primarily outpatient. Lots of aches and pains.”

Lloyd served as a medical lead, overseeing clinic design, patient flow, and quality of care. Fuller says she was looking inward, to manage the clinic, while his role, as medical coordinator, was outward-looking, toward the community and other responding agencies.

“I didn’t have to do a lot of it, because there weren’t a lot of agencies to coordinate with, it was so controlled and closed,” Fuller says. “So I just did what Caroline told me, and saw patients under her guidance.”

Lloyd was there for a week, Fuller for two. They say the temperature was mostly in the triple digits.

Fuller was part of a team from UConn Health that responded to Ground Zero on Sept. 11, 2001. Since then, he has been part of IMC responses to disasters all over the world, including a tsunami in Indonesia, an earthquake in Haiti, a hurricane in St. Lucia and a typhoon in the Philippines.

This was Lloyd’s first overseas disaster response.

“I was in charge of staffing, the flow of how our tents worked, troubleshooting and changing things,” she says. “If we were in an enclosed area, we can’t have people who are coughing or have an infectious disease, how do we change our flow? They’re putting them in a different area, but then no one’s telling us that’s happening, so let’s have a discussion and fix that. Kind of the logistics of how it worked.”

Dr. Caroline Lloyd (left) and Dr. Rob Fuller (center) from UConn Health are among the American physicians who were part of the International Medical Corps response to the Spring 2025 earthquake in Myanmar. (International Medical Corps photo)

Lloyd says a physician who had done work with the IMC in Gaza told her this response was more complicated because of the controlling nature of Myanmar’s government.

“It’s one of those experiences where, now that you’re kind of removed and you can look back on it, you’re like, ‘If this is how this worked in probably one of the most difficult situations I think you could imagine, man, what’s it going to be like to do it in an atmosphere where someone actually legitimately wants you there?’ IMC has pallets and pallets of things that they have ready to come in; we couldn’t get any of those,” Lloyd says. “The government just didn’t let them in.”

The experience comes as Lloyd nears completion of her disaster emergency medicine fellowship and her Master of Public Health studies. But she won’t be gone from UConn Health for long; in August she’s returning as a faculty physician.

“This was an opportunity for Caroline to be able to go into a disaster,” Fuller says. “Every disaster’s got its own problems and its own flavors. This is just one, but this very controlled political environment was probably the weirdest part about this one. We were controlled where we can go, and what we can do, and how we operate was very managed by the political entities that we were working with. But even so, we set up tents in what was a field, we used car-park areas with tarps around them to deliver care for a couple days. Caroline was in charge of the campus, so she designed how the patients moved from place to place and how we cared for them and where things were. So it was a great experience for her.”

MIL OSI USA News –

May 16, 2025
MIL-OSI Security: Maryland Man Pleads Guilty to Wire Fraud for Defrauding United States Department of Veterans Affairs and Social Security Administration

Source: Office of United States Attorneys

Greenbelt, Maryland – Marvin Deboulet, 51, of Catonsville, Maryland, pled guilty to wire fraud in connection with a scheme to fraudulently obtain Veterans Affairs and Social Security Administration (SSA) benefits in federal court.

Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the plea with Special Agent in Charge Nate Landkrammer, U.S. Department of Veteran Affairs, Office of the Inspector General (VA-OIG), and Special Agent in Charge Colleen Lawlor, Social Security Administration, Office of the Inspector General (SSA-OIG) – Philadelphia Field Division.

According to the guilty plea, Deboulet enlisted in the U.S. Army in February 2010, and officially entered duty for basic training, on May 5, 2010. Then on December 2, 2010, Deboulet went absent without official leave of duty (AWOL) from military service.

On June 6, 2011, Deboulet was charged by summary court martial with a period of desertion ending on March 22, 2011. The U.S. Army formally discharged Deboulet “under conditions other than honorable” on November 18, 2011. Prior to and after 2010, Deboulet never served in any branch of the U.S. military.

In June 2012, Deboulet sought care from a U.S. Department of Veterans Affairs (VA) medical center in Loma Linda, California. On his application for treatment, Deboulet indicated that he was discharged honorably and checked a box stating that he was a purple heart recipient.

Additionally, Deboulet submitted documents falsely claiming that he served in the U.S. Marine Corps and suffered combat-related mental and physical injuries during military service from 2003 and 2005. Deboulet also falsely stated that he was the sole survivor of a Humvee bombing in Kosovo. As a result of Deboulet’s misrepresentations, the VA provided Deboulet with medical care and associated costs that he was not entitled to.

Then, in October 2014, Deboulet sought SSA benefits in Hagerstown, Maryland. Deboulet again provided false information, specifically that he served in the U.S. Marine Corps from February 26, 1994, until November 23, 2005. Based on its rules as of June 2012, the SSA determined Deboulet was disabled based on information he provided, and a pending claim that he referenced with a VA medical facility.

As a result of its findings, the SSA awarded Deboulet and his son benefits. Deboulet fraudulently received $143,128.27 in benefit funds that he was not entitled to.

Deboulet faces a maximum sentence of 20 years for wire fraud. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.

U.S. Attorney Hayes commended the VA-OIG and SSA-OIG for their work in the investigation. Ms. Hayes also thanked Special Assistant U.S. Attorney Kertisha Dixon who is prosecuting the case.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

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MIL Security OSI –

May 16, 2025
MIL-OSI Security: California man appears on drug charges

Source: Office of United States Attorneys

BILLINGS – A California man accused of possessing methamphetamine and cocaine appeared today for arraignment, U.S. Attorney Kurt Alme said.

The defendant, Heriberto Eddie Garcia, 45, pleaded not guilty to an indictment charging him with one count of conspiracy to possess with the intent to distribute controlled substances and one count of possession with intent to distribute controlled substances. If convicted of the most serious charge contained in the indictment, Garcia faces a mandatory minimum term of imprisonment of 10 years and a maximum term of life, a $10,000,000 fine, and at least 5 years of supervised release.

U.S. Magistrate Judge Tim Cavan presided. Garcia was released pending further proceedings.

Count one of the indictment alleges that in May 2023 and continuing until January 2024, Garcia knowing and unlawfully conspired with others to possess with the intent to distribute 50 grams or more of actual methamphetamine and 500 grams or more of cocaine.

Count two of the indictment charges that on January 22, 2024, Garcia knowingly and unlawfully possessed, with the intent to distribute, 50 grams or more of actual methamphetamine and 500 grams or more of cocaine.

The U.S. Attorney’s Office is prosecuting the case. The DEA, Montana Highway Patrol and Laurel Police Department conducted the investigation.

The charging documents are merely accusations and defendants are presumed innocent until proven guilty beyond a reasonable doubt.

This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

PACER case reference. 25-16.

The progress of cases may be monitored through the U.S. District Court Calendar and the PACER system. To establish a PACER account, which provides electronic access to review documents filed in a case, please visit http://www.pacer.gov/register.html. To access the District Court’s calendar, please visit https://ecf.mtd.uscourts.gov/cgi-bin/PublicCalendar.pl.

MIL Security OSI –

May 16, 2025
MIL-OSI Security: Texas, Virginia, And Florida Residents Charged In Drug Trafficking Conspiracy

Source: Office of United States Attorneys

Tampa, Florida – United States Attorney Gregory W. Kehoe announces the unsealing of an indictment charging Esequiel Maldonado (46, Texas), Martin DeJesus Maldonado, Jr. (46, Fort Myers), Ron Ramirez, Jr. (23, Texas), and Schuyler Jordan Thompson (31, Virginia) with conspiracy, distribution of 500 grams or more of cocaine, and use of communication facilities in the commission of drug trafficking crimes. If convicted on all counts,Esequiel Maldonado and Martin DeJesus Maldonado, Jr., because of their prior convictions for serious drug felonies, face a minimum penalty of 10 years, up to life, in federal prison. Ramirez and Thompson each face a minimum penalty of 5 years, up to 44 years, in federal prison.

According to court documents, each of the charged individuals played a distinct and critical role in the conspiracy. Esequiel Maldonado was the Texas-based leader of the drug trafficking organization (DTO). He authorized sales of kilogram-quantities of cocaine, served as the DTO’s broker, and set cocaine prices. Ramirez handled logistics and communications. On behalf of Esequiel Maldonado, Ramirez recruited and paid a courier, Thompson. Ramirez arranged for Thompson to fly to Florida and get cocaine supplied by (according to Martin DeJesus Maldonado, Jr.) Los Chapitos, known to law enforcement as a faction of the Sinaloa Cartel, and to deliver it to Martin DeJesus Maldonado, Jr. The cocaine was then distributed by Martin DeJesus Maldonado, Jr. in the Middle District of Florida. Martin DeJesus Maldonado, Jr. also arranged for drug proceeds to be paid back to Esequiel Maldonado.

An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

This case was investigated by the Federal Bureau of Investigation and the Manatee County Sheriff’s Office, with assistance from the Drug Enforcement Administration, the Lee County Sheriff’s Office, and the Virginia State Police. It will be prosecuted by Assistant United States Attorney Christopher F. Murray.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

MIL Security OSI –

May 16, 2025
MIL-OSI Video: Secretary Rubio meets with the press in Antalya, Türkiye

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

Secretary of State Marco A. Rubio meets with the press in Antalya, Türkiye, on May 15, 2025.

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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.

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https://www.youtube.com/watch?v=8IgMqsxoYkQ

MIL OSI Video –

May 16, 2025