Neptune Wellness Solutions Inc (NEPT)

[DS CPA]

I see it a bit differently. They have stated that their 200,000 kg capacity was contracted, and they also know what they currently have contracted via existing SugarLeaf deals. The amounts would not be insignificant nor boastful to disclose in my opinion.

Early on before they had received licensing from Health Canada, it made more sense why they would shy away because they couldn’t guarantee any realization beyond the 30,000 kg they were approved on. But now that time has passed and they have a clearer picture of what the current baseline may be. Sure, they may not know how much or what price they will sell related to the excess capacity not yet finalized or approved via Health Canada, but they could at least provide some insight into earnings potential.

To this point, all they’ve disclosed is the very vague “$450m at 50% capacity sometime in the future” figure which to me is more boastful than providing transparent insight into what they currently have on deck. Hopefully this will change with the next earnings call. But again, I think the lack of visibility into their revenue/profit horizon is what makes this company look poor upon a quick look. People see the current period earnings (which are nothing) and have no documented guidance for future periods. Those that don’t carefully research and read between the lines will miss the value.