Neptune Technologies (NEPT) Reports Q4 Revenues of $7M

Neptune Technologies (NASDAQ: NEPT) reported Q4 revenue for the quarter came in at $7 million.

"During the fourth quarter, we sustained an intense pace of activity in developing the cannabis business opportunity, meeting with potential suppliers and partners while continuing to move forward with the regulatory licensing process. As of today, having committed more than 90% of our $5 million approved capital plan to work on site security, license compliance and CO2 extraction, we remain on track and on budget to complete the first Phase of our cannabis commercialization strategy in the middle of 2018. Simultaneously, we began work on Phase II and successfully completed solvent lab scale trials. As a consequence, we are very excited that the Board approved the $4.8 million investment for Phase 2 capacity expansion," said Jim Hamilton, President and Chief Executive Officer of Neptune

"Fourth quarter revenue from our Solutions Business was the best quarter ever and grew 14.9% year-over-year when using the comparable 3-month periods. As we move into fiscal 2019, we are keenly focused on executing our strategy to establish Neptune as an innovative health and wellness products company focused on the extraction, purification and formulation of cannabis oil ingredients and differentiated products to serve customers globally. With a healthy cash balance of $26.7 million at year-end derived from exiting the krill oil manufacturing business, we have the financial strength to fund our cannabis business opportunity through commercialization based on our current timeline of developments," concluded Mr. Hamilton.

Nutraceutical and Cannabis Business Results

As previously announced, Neptune transitioned to a new fiscal year-end as at March 31, 2017. As a result, the comparative periods covers the four and thirteen-month periods ended March 31, 2017 and may not be directly comparable to the figures of the 2018 fiscal year.

Fourth Quarter Financial Results

• Revenues were $7.0 million for the three-month period ended March 31, 2018, versus $11.8 million for the four-month period ended March 31, 2017.
• Net loss was $4.8 million for the current quarter, versus a net income of $0.3 million for the four-month period ended March 31, 2017.
• Non-IFRS operating loss1 was $1.8 million for the current quarter, compared to an Adjusted EBITDA1 of $0.9 million for the four-month period ended March 31, 2017.

For earnings history and earnings-related data on Neptune Technologies (NEPT) click here.

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