Neptune Announces Record Comprehensive Net Income of $18.6 Million for the Six Months Ended February 29, 2024

Vancouver, British Columbia–(Newsfile Corp. – April 2, 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.

The financial highlights for the six months ended February 29, 2024 and the period subsequent to quarter-end up to the date of this news release are as follows:

  • Neptune ended the quarter with $51.6 million in assets, an increase of 32% over prior quarter and 57% over six months.

  • Neptune earned gross mining revenue and other income of $1.8 million through Bitcoin mining, staking, interest and other income-generating activities during the six-month period ended February 29, 2024 based on prevailing crypto prices during the period.

  • General administrative expenses fell by 38% over the comparable period of 2023 and as of the date of this release the Company has cash reserves of $7 million held with tier 1 Canadian banks.

  • Neptune mined $1 million worth of Bitcoin during the six-month period ended February 29, 2024. As of the date of this release, Neptune has a total balance of 341 Bitcoin in cold storage. Neptune presently retains all its Bitcoin in cold storage and does not engage in active selling or trading of Bitcoin holdings.

  • Neptune’s three largest dollar value digital asset holdings as of the date of this release are 341 BTC, 31,185 SOLANA and 176,500 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 $3.5 million.

“As a pivotal Bitcoin halving approaches and more institutions get behind the crypto market, Neptune’s foundation is stronger than ever. Our focus on proof-of-stake, proof-of-work and using rewards to grow our asset base has paid off, reflected as substantial growth in our balance sheet. Given our assets seem to be growing faster than our market cap, we will take advantage of this disconnect and have initiated a share buyback program. The recent strategic acquisition of Solana should drive proof-of-stake revenues even higher into subsequent quarters marking a new phase of growth for Neptune.”, stated Cale Moodie, Neptune CEO.

Operating and Financial Overview          
For the six-month period ended February 29, 2024   February 28, 2023  
Mining revenue 1,030,152 1,106,951
Staking revenue 273,746 301,971
DeFi revenue 19,636
Direct Mining expenses (not incl depreciation) (825,493 ) (972,601 )
Other income*   462,868   512,517  
Total earnings 941,273 968,474
Depreciation** 146,048 259,399
Stock based compensation** 443,069
General expenses  797,756 1,278,209
Impairments (183,168 )
Realized gain on settlements and sales 153,914 601,952
Revaluation gain on digital currencies*** 17,908,915 2,208,468
Unrealized gain related to lending activities and investments   581,839   690  
Comprehensive income (loss) for the period 18,642,137 1,615,739
Financial Position            
As at   February 29, 2024   August 31, 2023  
Cash and receivables 10,284,509 12,118,891
Total digital assets 33,124,709 12,946,322
Total other assets 8,173,124 7,870,310
Total liabilities 204,782 654,475
Total shareholders equity 51,377,560 32,281,048
Working capital**** 13,735,723 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 or follow us on X (@NeptuneDAC).


Cale Moodie, President and CEO
Neptune Digital Assets Corp.

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 remaining 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.

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