Neptune Closes Strategic Investment in xAI and Releases First Quarter 2026 Financials

Executive Summary

• Neptune Digital Assets Corp. released its condensed consolidated interim financial statements and MD&A for the three months ended November 30, 2025.
• The company completed its previously announced strategic equity investment in xAI, deploying approximately US$300,000 for 3,601 shares.
• Key financial metrics show total assets of $74.6 million (down from prior quarter) and a comprehensive loss of C$10.78 million for the period.

Key Details

• Total Assets: $74.6 million as of November 30, 2025 (down from August 31, 2025).
• Digital Asset Holdings: 417 BTC (~US$50 M), ~36,500 SOL, and other assets including ATOM, ETH, DOT, DOGE, etc.
• Equity Investments:
• SpaceX – 32,126 shares valued at ≈ C$18.8 million.
• xAI – Completed investment of US$300,000 for 3,601 shares.
• Revenues: Gross revenue $0.4 M (down from $0.5 M YoY) derived from Bitcoin mining, staking, and other activities.
• Operating Metrics (CAD):
• Mining revenue: 146,758 vs. 224,761 prior year.
• Staking revenue: 243,997 vs. 227,642 prior year.
• Direct mining expenses: (152,614) vs. (245,757).
• Total earnings: 238,141 vs. 385,982.
• Comprehensive Income: Loss of C$10,777,854 versus a gain of C$26,002,884 in the prior year period.
• Balance Sheet Highlights (CAD):
• Cash & equivalents: 920,491 (down from 978,178).
• Total digital assets: 58,934,837 (down from 70,177,330).
• Liabilities: 13,505,959 (down from 15,520,772).
• Shareholders’ equity: 61,138,418 (down from 71,648,422).
• Liquidity: US$25.0 million revolving line of credit with Sygnum Bank; US$8.5 million drawn at quarter‑end.
• Non‑cash Items:
• Depreciation: C$34,222.
• Finance costs: C$217,956.
• Deferred income tax recovery: (C$3,498,631).
• Revaluation loss on digital currencies: (C$13,019,996).
• Strategic Commentary: CEO Cale Moodie highlighted the xAI investment as a milestone expanding exposure to frontier technology sectors.

Notable Quotes

“Successfully closing this investment in xAI represents an important milestone in Neptune's evolution,” said Cale Moodie, President and CEO. “This investment provides shareholders with exposure to a leading private artificial intelligence company, complementing our existing holdings in SpaceX and our core digital asset strategy.”