Neptune Digital earns $6.21M in quarter ended Aug. 31
2021-12-30 09:40 ET - News Release
Mr. Cale Moodie reports
NEPTUNE DIGITAL ASSETS ANNOUNCES A RECORD 950% INCREASE IN COMPREHENSIVE ANNUAL INCOME AND 1,400% GROWTH IN NET ASSET VALUE
Neptune Digital Assets Corp. has released its Aug. 31, 2021, annual audited consolidated financial statements and management, discussion and analysis.
Below are a number of financial highlights pertaining to the Aug. 31, 2021, year-end and for the period subsequent to year-end up to the date of this news release:
- Neptune ended the year on Aug. 31, 2021, with $55-million in assets and no debt. As of the date of this news release, the company held approximately $70-million in total assets and no debt;
- Neptune earned a total of $2,259,088 through bitcoin mining and other income-generating activities during the year;
- Cash operating costs for the year totalled $1,056,635 or $88,000 per month;
- Neptune mined $358,701 worth of bitcoin up to Aug. 31, 2021. Subsequent to year-end and up to the date of this release, Neptune earned another 31 bitcoin, bringing the total bitcoin balance to 141;
- 530 bitcoin mining rigs equating to 53 petahash are expected to come on-line in the first calendar quarter of 2022 adding to existing revenue streams;
- Neptune's two largest digital asset holdings as of the date of this release are 141 BTC and 150,000 ATOM. The company also holds positions in ETH (ethereum), FTM, Tshare, TIME, LTC and a number of other tokens, as well as an investment in the Protocol Crypto Quant Fund valued at $7.6-million (U.S.) at the end of October and a current cash balance of $23.2-million for strategic acquisitions, bitcoin mining rig purchases and operations.
"Two thousand twenty-one has been a fantastic year for Neptune. Not only have we grown our balance sheet by 1,400 per cent, but we have also grown our earnings and diversified revenue streams to millions of dollars annually while maintaining very low operating costs," stated Cale Moodie, Neptune chief executive officer. "We expect our earnings to grow as we bring more bitcoin miners on-line and take advantage of the unique opportunities provided in the Defi [decentralized finance] space. We are extremely excited about 2022 and want to thank our shareholders for their steadfast support throughout the year."