Neptune Wellness Solutions Inc. Reports Net Loss of $88.8 Million for the Fiscal Year Ending March 31, 2023

Neptune Wellness Solutions Inc.(NEPT) Releases Fiscal Year 2023 Financial Re sults: Net Loss of $88.8 Million Amidst $52.6 Million in Revenue. Neptune Wellness Solutions Inc., a leading wellness products company, has recently released its consolidated financial statements for the fiscal year ending March 31, 2023. The company reported a significant net loss of $88.8 million for the year. Despite the challenging financial results, Neptune also announced its total revenue for the fiscal year, which reached $52.6 million.

Revenue and Net Income/Loss

The company's revenue for the fiscal year 2023 was comprised of $51.7 million from sales (net of excise taxes) and $818,584 from royalty revenues, along with $51,937 from other revenues. This brought the total revenue to $52.6 million.

On the other hand, Neptune Wellness Solutions Inc. faced considerable financial challenges resulting in a net loss of $88.8 million for the fiscal year 2023. The net loss was attributed to various factors, including impairment losses on goodwill, intangible assets, and assets held for sale, as well as significant research and development expenses.