Neptune Technologies (NEPT) Reports Q2 Revenues of $7.07M

Neptune Technologies (NASDAQ: NEPT) reported Q2 EPS of $, versus ($0.02) reported last year. Revenue for the quarter came in at $7.07 million.

"We are progressing through the cannabis licensing process with Health Canada, having submitted our Evidence Package. We are at the final stages of this process, and our Sherbrooke facility will begin operations shortly following the receipt of our Producers Licence pursuant to Cannabis Regulation (CR)," stated Jim Hamilton, President and Chief Executive Officer. "Our Phase II capacity expansion is moving ahead on time and is expected to be completed by March 2019, significantly raising our production capability to 200,000 kg of dried cannabis using advanced extraction techniques."

"In the nutraceutical business, we continued to deliver revenue growth during the second quarter, while advancing toward our goal of commercializing our B2B cannabis extraction operations. We remain in a solid financial position with over $20 million in cash and, with supply agreements booked and projected opportunities, our plan remains for our cannabis operations to achieve positive EBITDA within our first year of production," concluded Mr. Hamilton.

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

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