Neptune Technologies (NEPT) Reports Q3 Revenues of $6.4M

Neptune Technologies (NASDAQ: NEPT) reported Q3 revenue for the quarter came in at $6.54 million, versus $7.32 million reported last year.

"We are excited to have achieved licencing by Health Canada to process cannabis. Cannabis inventories are in-house and production is now ramping up!" stated Jim Hamilton, President and Chief Executive Officer of Neptune. "Our Phase II investments to expand our plant's capacity to 200,000 kg are on track for completion by the end of this fiscal year with start-up expected early in the next fiscal year, subject to obtaining the necessary regulatory approvals. Additionally, based on customer feedback and market developments, we have increased our projected processing sales volumes for the first year of commercialization to between 30 and 50 metric tons. We have also initiated planning for our Phase III expansion toward 6,000 MT (6 million kg) of processing capability. We therefore continue to expect volumes to cover our cannabis business operation costs and to achieve positive EBITDA and operational cash flow next fiscal year."

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

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Grainger (GWW) Tops Q1 EPS by 2c, provides guidance
• Tractor Supply (TSCO) Tops Q1 EPS by 12c ; Offers Guidance