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Neptune Wellness Solutions Inc. (NASDAQ: NEPT) has announced the extension of a $13 million secured promissory note's maturity, originally set for February 1, 2024, now extended to December 31, 2024. This note, secured by its subsidiary Sprout Foods, Inc., will initially carry a 15% interest rate until December 31, 2023, after which the rate will adjust to 10% payable in kind and 5% in cash. The extension allows Sprout additional time to pursue its growth strategy in the organic baby food sector. Neptune emphasizes its commitment to sustainable, plant-based products and holds a maximum aggregate loan capability of $37.5 million established in July 2022.
Neptune Wellness Solutions (NASDAQ: NEPT) reported third-quarter 2023 net sales of $12.2 million, a decrease of $2.5 million from the prior year, primarily due to a $3.5 million drop in cannabis sales following the divestiture of its cannabis assets in November 2022. Year-to-date net sales reached $40.5 million, an increase of 8.6%. Despite the sales decline, the gross profit improved to $1.9 million with a gross margin of 15.4%, up from 11.3%. SG&A expenses were significantly reduced by 52% to $8.7 million. The company also reported a net loss of $497,000, an improvement from a loss of $16.8 million in the same quarter last year.