LAVAL, QC - Neptune Wellness Solutions Inc. ('Neptune' or the 'Company') (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, announced its financial and operating results for the three-month and twelve-month periods ending March 31, 2022.

Statement from Neptune Management and Board of Directors:

'Neptune made significant progress on our path to become a pure play CPG company, with growth year-over-year and positive momentum in our key focus areas of Sprout and Biodroga during the fourth quarter. We expect this trend to continue into our fiscal 2023, with both Sprout and Biodroga continuing to expand their existing popular product offerings, as well as releasing new product lines that cater to different customer groups.'

'Neptune's management and Board have made several strategic decisions recently that we believe are in the best interest of the company and its shareholders. In particular, significant cost saving initiatives, the planned divestiture of our cannabis business, and a refocusing of resources on our renewed mission of becoming a leading CPG company. In addition, we have continued our strategic review to help identify further synergies and cost savings. We are looking forward to the next phase for Neptune as we seek to capitalize on our large target addressable markets of personal care & beauty and organic food & beverages, which we believe have the most exciting growth potential. We remain steadfast in our goal to deliver on profitability and shareholder value.'

Fourth Quarter and Full Year Financial Highlights:

Fiscal fourth quarter revenue totaled $11.5 million, an increase of 147% as compared to $4.7 million for the same period the year prior.

Fiscal year 2022 revenue totaled $48.8 million, an increase of 37.8% as compared to $35.4 million for the same period the year prior.

Reported fiscal year 2022 gross profit loss of $7.5 million compared to a gross profit loss of $27.4 million for the fiscal year 2021. Gross margin of (15.4%) compares to (77.3%) in the year-ago period.

Reported fourth quarter net loss of $36.2 million compared to a reported net loss of $43.5 million in the comparable period in fiscal 2021 and reported fiscal year 2022 net loss of $84.4 million compared to a net loss of $124.3 million for the fiscal year 2021.

Adjusted EBITDA (non-GAAP)1 loss for fiscal year 2022 was $43.8 million compared to an Adjusted EBITDA (non-GAAP)1 loss of $39.4 million for the fiscal year 2021.

Fourth Quarter Business Highlights:

Announced further reductions of corporate overheads by expanding in-house legal capabilities.

Announced the appointment of Julie Phillips as Chair of Neptune's Board of Directors.

Launched and expanded a first of its kind co-branded product line with 'CoComelon' across North America.

Received a 180 calendar day extension from Nasdaq's Listing Qualification Department to meet Nasdaq's minimum bid requirement.

Launched Forest Remedies Multi-Omega 3-6-9 Supplements in 340+ Sprouts Farmers Market stores across the U.S.

Announced a US$8,000,000 Registered Direct Offering.

Subsequent Events and Business Updates:

Launched new CPG-focused strategic plan to profitability.

Announced appointment of Raymond Silcock as Chief Financial Officer.

Announced the appointment of Philip Sanford as Audit Chair of Neptune's Board of Directors.

Launched new line of CoComelon co-branded organic snack bars.

Announced completion of share consolidation from approximately 198 million Common Shares to approximately 5.7 million.

Announced a US$5,000,000 Registered Direct Offering Priced At-the-Market Under Nasdaq Rules.

Conference Call Details:

The Company will host a conference call at 11:00 a.m. (Eastern Time) on Monday, July 11, 2022, to discuss these results. The conference call will be webcast live and can be accessed by registering on the Events and Presentations portion of Neptune's Investor Relations website at www.investors.neptunewellness.com. The webcast will be archived for approximately 90 days.

About Neptune Wellness Solutions Inc.

Headquartered in Laval, Quebec, Neptune is a diversified health and wellness company with a mission to redefine health and wellness. Neptune is focused on building a portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled to quickly adapt to consumer demand and bring new products to market through its mass retail partners and e-commerce channels. For additional information, please visit: https://neptunewellness.com/.

Disclaimer - Safe Harbor Forward-Looking Statements

This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to the Company's strategic review, expected cost savings, projected growth of Sprout and Biodroga, the success of the Company's action plan, including the divestiture of the Company's cannabis business, future increased revenues, expectations regarding expenses, cash needs, cash flow, liquidity and sources of funding, future expansion plans, initiatives and strategies of the Company, and the Company's performance, growth initiatives, profitability, future product launches and plans and gain in market share, as well as the timing for the filing of the Restated Filings.

These forward-looking statements are based on assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the ability of the Company to successfully implement its strategic initiatives; implications of the COVID-19 pandemic on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; changing consumer habits; the ability of the Company to successfully achieve its business objectives and cost cutting plans; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; the ability of the Company to obtain financing on acceptable terms, the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); the ability of the Company to obtain financing on acceptable terms, expectations regarding the resolution of litigation and other legal and regulatory proceedings, reviews and investigations; employee relations; and the presence of laws and regulations that may impose restrictions in the markets where the Company operates. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Contact:

Email: investors@neptunecorp.com

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