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Neptune Digital Assets : Announces Quarterly Results and Total Earnings of $6.6M for the Nine Months Ended May 31, 2022

Neptune Digital Assets : Announces Quarterly Results and Total Earnings of $6.6M for the Nine Months Ended May 31, 2022

VANCOUVER, British Columbia – August 3, 2022 – Neptune Digital Assets Corp. (TSX-V:NDA) (OTC:NPPTF) (FSE:1NW) (“Neptune” or the “Company“), a blockchain technology and cryptocurrency leader in Canada, is pleased to announce that it has released its quarterly consolidated financial statements and management, discussion and analysis for the three and nine months ended May 31, 2022.

Below are a number of financial highlights pertaining to the third quarter ended May 31, 2022 and for the period subsequent to quarter end up to the date of this news release.

Neptune earned $6,616,479 through Bitcoin mining and other income-generating activities during the nine-month period ended May 31, 2022. This represents an increase of 755% over the same period of the prior year.
Neptune ended the quarter on May 31, 2022 with $47 million in assets and no debt. This equates to a $7 million decrease from the year-ended August 31, 2021 due to cryptocurrency values decreasing over the period. Neptune did not convert any cryptocurrency tokens into fiat currency.
Total expenses for the nine-month period were $2,362,684, including non-cash values of $684,000 in depreciation and $56,000 in foreign exchange loss.
Neptune’s two largest digital asset holdings as of the date of this release are 241 Bitcoin and 160,500 ATOM.
The Company also holds positions in a number of tokens totaling $11.5million, as well as an investment in the Protocol Crypto Quant Fund valued at $638,162 and a current cash/USD-loans balance of $23million for strategic acquisitions, Bitcoin mining rig purchases and operations.

“We are seeing a tough bear market impacting cryptocurrency operations for all digital asset companies across the board and equal struggles in the general worldwide equity and asset markets. We believe we have positioned Neptune to do well in these types of environments where cash can be used to acquire assets at a discount. When markets eventually recover, we expect this strategy to greatly benefit our shareholders,” stated Cale Moodie, Neptune CEO.

Certain information provided in this news release is extracted from auditor reviewed financial statements and ‎management, discussion and analysis for the third quarter ended May 31, 2022 that are filed under the ‎Company’s profile on SEDAR and ‎should be read in conjunction with them. It is only in the context of ‎the information and disclosures ‎contained therein that an investor can properly analyze this ‎‎information. ‎

About Neptune Digital Assets Corp.

Neptune Digital Assets (TSX-V:NDA) is one of the first publicly-traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.

ON BEHALF OF THE BOARD

Cale Moodie, President and CEO

Neptune Digital Assets Corp.

1-800-545-0941

www.neptunedigitalassets.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX ‎Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, Company’s operations and sustainable future profitability; potential further improvements to the profitability and efficiency across operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment; continued adoption of cryptocurrency. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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Disclaimer
All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.

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Ballard Reports Q2 2022 Results

Ballard Reports Q2 2022 Results

Published: 2022-08-10

VANCOUVER, CANADA – Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 2022. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

“We continue to see policy momentum across the globe to support our vision of decreasing our planet’s emissions. We believe our product offering will make a meaningful impact on the energy transition by enabling our customers with zero emission solutions. This vision is at the forefront of our continued innovation and investment in our business and product offering”, said Mr. Randy MacEwen, President and CEO.

Mr. MacEwen remarked, “In the second quarter, our revenue was $20.9 million, and we secured new orders totaling $12.3 million, driven primarily by stationary power generation and repeat bus customers. We saw continued gross margin compression in the quarter and anticipate continued pressure throughout 2022, but we are confident in our plan to expand margins in the mid- to long-term as we transition to commercial scale production. We ended the quarter with a strong cash balance of $1 billion, which continues to support our technology development programs and other strategic growth initiatives.”

“We are encouraged by our continued progress with platform customers as they advance commercialization of zero-emissions fuel cell solutions in a variety of attractive applications and markets. The European bus market is an example of the growing scale of fuel-cell solutions, with public transport operators in Cologne, Germany and West Midlands, UK announcing plans to deploy additional hydrogen fuel cell bus fleets of 100 and over 120, respectively.”

“Given the challenging macro-economic outlook, we have decreased our planned investments in 2022. As a result, we are revising our total operating expense and capital expenditure guidance downwards from $140 to $160 million to $130 to $150 million, and $40 to $60 million to $30 to $50 million, respectively,” Mr. MacEwen stated. “Notwithstanding the current macro-economic context, we remain confident on the long-term opportunities for hydrogen and fuel cells. We see converging trends driving the energy transition, including net-zero ambitions, low-cost renewable energy, and energy security. At Ballard, we are well positioned with leading fuel cell technology, strong customer and partner relationships, and a solid balance sheet.”

Q2 2022 Financial Highlights

(all comparisons are to Q2 2021 unless otherwise noted)

Total revenue was $20.9 million in the quarter, down 16% year-over-year.
- Power Products revenue of $13.5 million decreased 14%, driven by lower shipments of fuel cell products.
  - Heavy-Duty revenues of $10.7 million decreased by a nominal amount.
  - Stationary Power Generation revenues of $2.0 million decreased 28% as a result of lower sales of stationary power generation fuel cell modules, stacks, products and service revenues.
  - Material Handling revenues of $0.8 million decreased 58%, primarily as a result of lower shipments to Plug Power.
- Technology Solutions revenue of $7.4 million decreased 20% due primarily to decreased amounts earned on the Weichai Ballard JV and Audi programs.
Gross margin was (11)% in the quarter, a decrease of 26-points, driven by a combination of a shift to lower overall product margin and service revenue mix including the impacts of pricing strategy, higher fixed overhead costs, higher warranty provisions and adjustments, increase in supply costs, and inventory adjustments.
Total Operating Expenses and Cash Operating Costs³ were $38.5 million and $32.1 million in the quarter, respectively, an increase of 58% and 59%, respectively. Increases were driven primarily by higher expenditure on research, technology and product development activities. Costs were also higher as a result of increased general and administrative expenses.
Adjusted EBITDA³ was ($35.0) million, compared to ($19.7) million in Q2 2021, primarily a result of the decrease in gross margin and increase in Cash Operating Costs.
Ballard received approximately $12.3 million of new orders in Q2, and delivered orders valued at $20.9 million, resulting in an Order Backlog of approximately $91.2 million at end-Q2.
The 12-month Order Book was $61.4 million at end-Q2, a decrease of $4.3 million from the end of Q1 2022.

Order Backlog ($M)	Order Backlog at End-Q1 2022	Orders Received in Q2 2022	Orders Delivered in Q2 2022	Order Backlog at End-Q2 2022
Total Fuel Cell Products & Services	$99.8	$12.3	$20.9	$91.2

2022 Outlook

Ballard is revising its 2022 Total Operating Expense⁴ and Capital Expenditure⁵ guidance downwards as follows:

2022	Previous Guidance	Revised Guidance
Total Operating Expense⁴	$140 – $160 million	$130 – $150 million
Capital Expenditure⁵	$40 – $60 million	$30 – $50 million

Q2 2022 Financial Summary

For a more detailed discussion of Ballard Power Systems’ second quarter 2022 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call

Ballard will hold a conference call on Wednesday, August 10, 2022 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review second quarter 2022 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the ‘Earnings, Interviews & Presentations’ area of the ‘Investors’ section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems

Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.

Important Cautions Regarding Forward-Looking Statements

This release contains forward-looking statements concerning the hydrogen economy and markets for our products and the effects of governmental regulations on such markets, expected revenues, operating expenses, capital expenditures, corporate development activities, impacts of investments in manufacturing and R&D capabilities and market growth, and our carbon emissions goals. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.

Further Information

Kate Charlton +1.604.453.3939, or

Endnotes

¹We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.

² The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for 2020 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as income from discontinued operations.

³ Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard’s operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated Financial Statements, please refer to the tables below.

Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss from continuing operations excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, the impact of unrealized gains or losses on foreign exchange contracts, and acquisition related costs.

⁴ Total Operating Expenses refer to the measure reported in accordance with IFRS.

⁵ Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows

Disclaimer
This document contains forward-looking statements which are based on the current estimates and assumptions made by the assembly team of SiLLC. Forward-looking statements are characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate, forecast and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by SiLLC and its affiliated groups depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside SiLLC‘s control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. SiLLC neither plans nor undertakes to update forward-looking statements.

All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed.Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC International.

Strongest operating half-year in company history

Strongest operating half-year in company history

According to the final, unaudited half-year figures, the Deutsche Rohstoff Group generated sales of EUR 72.2 million, EBITDA of EUR 64.0 million and consolidated net income of EUR 32.5 million in the first half of the year.

Net profit EUR 32.5 million/Equity up by EUR 44.6 million/Operating cash flow at EUR 62,6 million

Mannheim. According to the final, unaudited half-year figures, the Deutsche Rohstoff Group generated sales of EUR 72.2 million (previous year EUR 38.8 million), EBITDA of EUR 64.0 million (previous year EUR 39.9 million) and consolidated net income of EUR 32.5 million (previous year EUR 17.5 million) in the first half of the year. Operating cash flow from oil production in the USA and income from the investment portfolio amounted to EUR 62,6 million (previous year EUR 36.8 million).

The very good half-year result also has a positive impact on the Group’s balance sheet. Cash and cash equivalents* increased to around EUR 79.8 million as of 30 June 2022. Net debt** has fallen to EUR 54.5 million. At the end of 2021, it had still amounted to EUR 84.1 million. Equity of EUR 124.7 million is EUR 44.6 million higher than equity at 31 December 2021. The equity ratio at the half-year point was 36.9 percent (31 December 2021: 30.2 percent).

Assuming an average oil price of USD 92 per barrel from April to December 2022, the company expects sales of around EUR 140 to 150 million and EBITDA of EUR 120 to 130 million as part of this increased price scenario. If the oil price averages around USD 85 during this period, revenues of EUR 130 to 140 million and EBITDA of around EUR 110 to 120 million are expected. The full guidance is available at https://rohstoff.de/en/guidance/.

The four US-subsidiaries produced an average of 9,386 BOE per day in the first half of the year (previous year 7,801 BOE per day), for a total production of 1,689,532 BOE (previous year 1,412,019 BOE). Crude oil accounted for 930,658 barrels (previous year 660,682 barrels), with natural gas and condensates accounting for the remainder. All volumes represent the Group’s net share. Cub Creek plans to commence a drilling program in Wyoming in the fourth quarter, and in addition, the production start of the Oxy Joint Venture in Wyoming will be another operational highlight.

The share and bond portfolio, in particular the sale of a portion of Northern Oil & Gas shares, also had a positive impact on consolidated net income of EUR 6.2 million. Further income of EUR 2.2 million resulted from the development of the EUR/USD exchange rate in the first half of the year.

The half-year report of Deutsche Rohstoff will be available shortly here.

The Management Board of Deutsche Rohstoff AG will hold a Web-Call (in German) on the first half-year results on Thursday, 11 August 2022 at 10:30 a.m. Interested investors can register for the call here.

Mannheim, 10 August 2022

* The definition of “cash and cash equivalents” was expanded to include trade receivables and payables: Cash, securities held as fixed and current assets and trade receivables, less trade payables.

** Net debt: Bond and bank liabilities less cash and cash equivalents.

Deutsche Rohstoff identifies, develops and disposes of attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten round off the portfolio. Further information at www.rohstoff.de

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