Neptune Reports Record Year with Comprehensive Net Income of $22.8 Million and Releases Its Annual Audited Consolidated Financial Statements

Executive Summary

• Neptune Digital Assets Corp. released its audited consolidated financial statements and Management Discussion & Analysis for the fiscal year ended August 31, 2025.
• Total assets increased 75% to $87.2 million, driven by a rise in digital‑currency holdings (BTC up to ~416 BTC, valued ≈$50 M).
• Revenue fell to $2.2 million from $3.1 million YoY due to post‑halving mining headwinds, while comprehensive income rose to $22.75 million on strong revaluation gains in digital assets.

Key Details

• Asset Growth: Total assets $87.2 M (up 75% YoY); digital currency holdings grew from $31.3 M to $70.2 M.
• Bitcoin Holdings: ~416 BTC valued at ≈$50 M; average cost $34,250 per BTC.
• Other Digital Assets:
• Solana (SOL) – 36,300 units (avg. cost $64).
• Cosmos ATOM – 230,600 units.
• Additional positions in Ethereum, Dogecoin, Polkadot, Sonic, Dash, Graph, Ocean.
• Strategic Equity Investments:
• SpaceX – 32,126 shares valued ≈$18.8 M.
• New position in xAI (share count not disclosed).
• Revenue: $2.2 M for FY2025 (down from $3.1 M FY2024).
• Mining revenue: $844,871 (FY2025) vs. $1,759,107 (FY2024).
• Staking revenue: $936,749 vs. $649,015.
• Expenses & Costs:
• Direct mining expenses (pre‑depr.): $(815,858) vs. $(1,425,866).
• General expenses increased to $3.62 M from $2.36 M.
• Finance costs: $363,476 (FY2025).
• Non‑Cash Items: Depreciation $184,487; Stock‑based compensation $0 (vs. $234,894 FY2024).
• Gains & Revaluations:
• Realized gain on settlements/sales: $1.18 M.
• Revaluation gain on digital currencies: $25.66 M (up from $14.04 M).
• Unrealized equity investment gain: $3.20 M.
• Comprehensive Income: $22.75 M for FY2025 (vs. $16.24 M FY2024).
• Balance Sheet Highlights (CAD):
• Cash & short‑term assets: $978,178 (down from $6.40 M).
• Total digital assets: $70.18 M.
• Total liabilities: $15.52 M (up from $0.81 M).
• Shareholders’ equity: $71.65 M.
• Working capital: $(178,143) (negative).
• Liquidity: Revolving line of credit with Sygnum Bank – $25.0 M total, $8.8 M drawn.

Notable Quotes

“Bitcoin's wild ride this year brought exhilarating highs and dramatic swings in sentiment, a landscape where Neptune thrived… With robust capital, diversified strategies, and a bold approach to innovation, Neptune is positioned to capture explosive growth ahead.” – Cale Moodie, President & CEO

Materiality Assessment: Material – Positive** (the release provides comprehensive audited financial results, significant asset growth, and strategic investment updates that are material to investors).