Neptune Announces a Record Nine Months Comprehensive Net Income of $24.8 Million
VANCOUVER, British Columbia – July 30, 2024 – Neptune Digital Assets Corp. (TSX-V: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.”
About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. (TSX-V: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
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.
