Neptune Digital Assets Corp (NDA) Q3 2024 earnings summary

Executive summary

• Achieved record comprehensive net income of $24.8 million for the nine months ended May 31, 2024, driven by gains in digital asset valuations and diversified revenue streams.

• Asset base grew to $57.9 million, up 12% from the prior quarter and 76% since year-end, with no debt.

Financial highlights

• Total revenues and other income reached $2.5 million from Bitcoin mining, staking, DeFi, and other activities for the nine-month period.

• Mined $1.5 million in Bitcoin and retained 345 BTC in cold storage as of the release date.

• Cash and short-term investments totaled $6 million, held with tier 1 Canadian banks.

• Largest digital asset holdings include 345 BTC, 31,727 SOLANA, 185,000 ATOM, and a $4.1 million investment in SpaceX.

Segment performance

• Mining revenue was $1.54 million, staking revenue $419,003, and DeFi revenue $1.3 million for the nine months ended May 31, 2024.

• Direct mining expenses (excluding depreciation) were $1.18 million.