Vancouver, British Columbia – Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE: 1NW), a pioneering blockchain company listed on the Toronto Stock Venture Exchange, announces the release of its audited financial statements for the year ending August 31, 2023. The financial report reveals robust figures, showcasing a 56% increase in mining revenues and a 42% surge in digital currency balances compared to the prior year.
Neptune closed the fiscal year on August 31, 2023, with an impressive financial position, boasting $33.0 million in assets and no debt.
The company achieved total revenues and other income of $3.6 million during the year through diversified income streams, including Bitcoin mining, staking, DeFi, and other lucrative activities.
Despite a net comprehensive loss of $3.4 million for the year, the entirety of the loss is attributed to the one-time sale of the Genesis debt to a third party, coupled with the associated loss on the sale. Offsetting factors include gains in revaluations of digital currencies throughout the year.
Neptune’s Bitcoin mining operations demonstrated exceptional growth, contributing to $2.3 million in mined Bitcoin up to August 31, 2023, marking a significant 56% increase over the previous year. As of the current date, Neptune boasts a substantial balance of 321 Bitcoin in cold storage, with the company opting not to liquidate its Bitcoin holdings.
Key digital asset holdings as of the announcement date include 321 BTC and 179,000 ATOM. Neptune also holds positions in various tokens, such as DOT, SOL, ETH, GRT, DASH, Lif3, Ocean, and others.
In a strategic move, Neptune invested US$248,851 in a second US private entity dedicated to SpaceX investment, resulting in the acquisition of 26,721 SpaceX shares valued at approximately $3.4 million as of the release date—a remarkable 50% increase over August 31, 2022.
Neptune’s digital asset balances exhibited a notable 42% increase from August 31, 2022, to August 31, 2023, reflecting the company’s adept management of its cryptocurrency portfolio.
Additionally, the company expanded its proof-of-stake operations, signaling a commitment to diversifying and strengthening its operations.
Closing the fiscal year with a robust financial position, Neptune holds a current cash balance of $11.0 million with a tier 1 Canadian bank.
Cale Moodie, Neptune CEO, expressed satisfaction with the financial results, stating, “Despite much of 2023 being a rather quiet consolidation year, we are satisfied with our financial results in the context of the greater digital currency market. We have preserved our cash balances, increased our BTC revenues over the prior year, increased proof-of-stake operations, and invested in some very profitable new tokens and businesses. We continue to grow the business into what looks like a promising 2024. We appreciate all our shareholders’ support over the years, and we look forward to a profitable first quarter and beyond.”
