Neptune Announces a Record Nine Months Comprehensive Net Income of $24.8 Million

Rhea-AI Summary

Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) has reported a record nine-month comprehensive net income of $24.8 million for the period ended May 31, 2024. The company's assets increased by 76% since year-end to $57.9 million, with no debt. Neptune earned total revenues of $2.5 million through various activities, including Bitcoin mining ($1.5 million).

As of the release date, Neptune holds 345 Bitcoin in cold storage, along with significant positions in other cryptocurrencies. The company also maintains a $6 million cash and short-term investments balance. Neptune's CEO, Cale Moodie, highlighted the success of their conservative asset management approach and expressed optimism for the cryptocurrency market in late 2024 and into 2025.

Positive

• Record nine-month comprehensive net income of $24.8 million
• 76% increase in assets since year-end, reaching $57.9 million
• No debt on the balance sheet
• Total revenues of $2.5 million from various crypto activities
• $1.5 million earned from Bitcoin mining
• Significant cryptocurrency holdings, including 345 Bitcoin in cold storage
• $6 million in cash and short-term investments

Negative

• Slight decrease in mining revenue compared to the same period last year ($1,539,179 vs $1,782,433)
• Decrease in staking revenue compared to the previous year ($419,003 vs $466,390)

Vancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE: 1NW) ("Neptune" or the "Company"), one of the first publicly traded blockchain companies in Canada, is pleased to announce the release of its quarterly condensed consolidated interim financial statements and management discussion and analysis for the nine months ended May 31, 2024.

The financial highlights for the nine months ended May 31, 2024 and the period subsequent to quarter-end up to the date of this news release are as follows.

• Neptune ended the quarter on May 31, 2024 with $57.9 million in assets, an increase of 12% over prior quarter and 76% increase since year-end. The Company has no debt.
  
  
• Neptune earned total revenues and other income of $2.5 million through Bitcoin mining, staking, DeFi and other income-generating activities during the nine-month period ended May 31, 2024.
  
  
• Neptune mined $1.5 million of Bitcoin during the nine-month period ended May 31, 2024. As of the date of this release, Neptune has a total balance of 345 Bitcoin in cold storage. Neptune presently retains all its Bitcoin in cold storage and does not engage in active selling or trading.
  
  
• Neptune's three largest digital asset holdings as of the date of this release are 345 BTC, 31,727 SOLANA and 185,000 ATOM. The Company also holds positions in ETH, DOT, FTM, DASH , GRT, OCEAN and a number of other tokens, as well as an investment in SpaceX valued at approximately $4.1 million.
  
  
• Neptune currently maintains a cash and short-term investments balance of $6 million held with tier 1 Canadian banks.

"Neptune has again shown that our conservative approach to asset management in a volatile space is paying off. Our investments in both SpaceX and discounted Solana tokens have proven to be extremely accretive to the balance sheet, while our staking and proof-of-work mining operations continuously grow our bitcoin focused asset base," stated Cale Moodie, Neptune's CEO. "We look forward to an exciting fall of 2024 and a cryptocurrency resurgence into 2025."

Operating and Financial Overview
($CAD)
		For the nine-month period ended		May 31, 2024			May 31, 2023
		Mining revenue		1,539,179			1,782,433
		Staking revenue		419,003			466,390
		DeFi revenue		-			22,017
		Direct Mining expenses (not incl depreciation)		(1,175,078)			(1,483,673)
		Other income*		513,392			649,844
		Total earnings		1,296,496			1,437,011
		Depreciation**		215,386			389,161
		Stock based compensation**		234,894			443,069
		General expenses		1,244,186			1,696,175
		Impairments		-			(183,168)
		Realized gain on settlements and sales		153,914			575,842
		Revaluation gain on digital currencies***		20,619,885			3,197,584
		Unrealized gain related to lending activities and investments		4,442,156			1,930
		Comprehensive income for the period		24,817,985			2,500,794
Financial Position
($CAD)
		As at		May 31, 2024			August 31, 2023
		Cash and receivables		7,100,824			12,118,891
		Total digital assets		36,484,533			12,946,322
		Total other assets		14,290,877			7,870,310
		Total liabilities		241,915			654,475
		Total shareholders equity		57,634,319			32,281,048
		Working capital****		16,701,996			14,538,573
		* All non-Bitcoin mining, and non-Staking revenue and non-DeFi revenue generating activities
		** Non-cash items, including depreciation of mining rigs
		*** Revaluation is calculated as the change in value (gain or loss) on digital currencies. When digital currencies are sold, the net difference between the proceeds received and the cost of the digital currencies determined on a First-in, First-out basis, is recorded as a gain (loss) on the sale of digital currencies
		**** Current assets less current liabilities

 

About Neptune Digital Assets Corp.

Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE: 1NW) is one of the first publicly traded blockchain companies in Canada and is at the forefront of the cryptocurrency and blockchain landscape. Neptune engages in operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated cutting-edge technology. Our unwavering commitment to innovation and strategic growth enables us to continually explore new opportunities and maximize value for our shareholders. For more information about Neptune Digital Assets Corp., please visit our website at www.neptunedigitalassets.com or follow us on X (@NeptuneDAC).

ON BEHALF OF THE BOARD

Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
www.neptunedigitalassets.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX ‎Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-Looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "proposes" or similar terminology. Forward-Looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the auditors completing the remining auditing items with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.

The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218189

FAQ

What was Neptune Digital Assets' (NPPTF) comprehensive net income for the nine months ended May 31, 2024?

Neptune Digital Assets (NPPTF) reported a record comprehensive net income of $24.8 million for the nine months ended May 31, 2024.

How much did Neptune Digital Assets (NPPTF) earn from Bitcoin mining in the nine-month period ended May 31, 2024?

Neptune Digital Assets (NPPTF) earned $1.5 million from Bitcoin mining during the nine-month period ended May 31, 2024.

What is the total asset value of Neptune Digital Assets (NPPTF) as of May 31, 2024?

Neptune Digital Assets (NPPTF) reported total assets of $57.9 million as of May 31, 2024, representing a 76% increase since the year-end.

How many Bitcoin does Neptune Digital Assets (NPPTF) hold in cold storage as of July 30, 2024?

As of July 30, 2024, Neptune Digital Assets (NPPTF) holds a total of 345 Bitcoin in cold storage.