ORIGINAL: Neptune Announces a Record Nine Months Comprehensive Net Income of $24.8 Million
2024-07-30 07:01 ET - News Release
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).