Argo Blockchain Plc Files 2024 Interim Results

TL;DR

Argo Blockchain dropped its 2024 interim results, check it for crypto mining biz update.

AI Summary

Argo Blockchain plc filed its 2024 Interim Results on August 28, 2024. The report, submitted as a Form 6-K, provides an update on the company's performance for the interim period of 2024. Argo Blockchain plc is incorporated in England and its principal executive office is located in London.

Why It Matters

This filing provides investors with an update on Argo Blockchain's financial and operational performance during the first half of 2024, which is crucial for assessing the company's current standing and future prospects in the cryptocurrency mining sector.

Risk Assessment

Risk Level: medium — Cryptocurrency mining is a volatile industry subject to significant price fluctuations and regulatory changes, posing inherent risks to companies like Argo Blockchain.

Key Players & Entities

• Argo Blockchain plc (company) — Registrant
• August 28, 2024 (date) — Filing Date
• London (location) — Principal Executive Office

FAQ

Key Financial Figures

• $29.3 million — ●    Revenues of $29.3 million for H1 2024 compared to $24.0 million f
• $24.0 million — f $29.3 million for H1 2024 compared to $24.0 million for H1 2023, an 18% increase, driven pr
• $11.5 million — 5CF;    Mining margin of $11.5 million or 39% for H1 2024, compared to $10.2 m
• $10.2 million — million or 39% for H1 2024, compared to $10.2 million or 42% for H1 2023. ● &#x
• $9.9 million — ary 2024, Argo raised gross proceeds of $9.9 million through the issue of 38,064,000 ordinar
• $6.1 million — abel, Quebec for total consideration of $6.1 million. The Company relocated the mining machi
• $0.7 million — ce its non-mining operating expenses by $0.7 million per year. ●   
• $18.2 million —    Reduced the Galaxy loan by $18.2 million from $23.5 million at 1 January 2024 to
• $23.5 million — d the Galaxy loan by $18.2 million from $23.5 million at 1 January 2024 to $5.3 million at 30
• $5.3 million — from $23.5 million at 1 January 2024 to $5.3 million at 30 June 2024. In August 2024, the Ga
• $22 million — ●    Recorded a $22 million impairment on its mining machines refle
• $32.7 million — ●    Net loss was $32.7 million for H1 2024, compared to a net loss of
• $18.6 million — for H1 2024, compared to a net loss of $18.6 million in H1 2023. Adjusted EBITDA was $5.7 mi
• $5.7 million — million in H1 2023. Adjusted EBITDA was $5.7 million for H1 2024 compared to $2.8 million in
• $2.8 million — as $5.7 million for H1 2024 compared to $2.8 million in H1 2023. ●  &#xA0

Filing Documents

• a8901b.htm (6-K) — 382KB
• 0001654954-24-011158.txt ( ) — 383KB

forward-looking statements which reflect the Company's current

forward-looking statements which reflect the Company's current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking because they relate to events that may or may not occur in the future, the Company may be unable to secure sufficient additional financing to meet its operating needs, and the Company may not generate sufficient working capital to fund its operations for the next twelve months as contemplated in note 3 below. Forward-looking there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company's actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure Guidance and Transparency Rules and except as required by the United Kingdom Financial Conduct Authority ("FCA"), the London Stock Exchange, the City

financial statements to reflect current

financial statements to reflect current conditions.    Operational Excellence   The sale of the Mirabel facility was completed with no meaningful loss to Argo's hash rate.  The significant reduction in operating expenses in the first half of 2024 compared to 2022 and 2023, and the strong mining margin percentage despite the Bitcoin halving are indications of Argo's strong performance.   The Mirabel sale enabled the Company to de-lever the balance sheet with minimal impact to the Company's hash rate. Following the sale, Argo relocated the majority of the mining machines at Mirabel to its Baie Comeau facility and sold certain prior generation machines representing approximately 140 PH/s. The sale allowed the Company to streamline its operations by locating all self-mining machines at its Baie Comeau facility. Additionally, the sale of Mirabel reduces the Company's non-mining operating expenses by $0.7 million annually.   Argo has taken aggressive action on its cost structure and non-mining operating expenses. As compared to the second half of fiscal 2022, the Company has reduced its operating expenses by over 70% to $5.8 million. As compared to the first half of 2023, the Company has reduced its operating expenses by over 25%.   Despite the Bitcoin halving and the lower hash price realised since then, the Company has maintained strong mining margins and its mining margin percentage has remained consistent with the first half of 2023. Lower mining margin and a lower mining margin percentage are expected for the second half of 2024 as Bitcoin economics have deteriorated since the Bitcoin halving in April 2024.   Growth and strategic partnerships   The strengthened balance sheet and repayment of the Galaxy debt gives Argo more flexibility to pursue strategic opportunities moving forward. The Company continues to explore opportunities where mining can be paired with stranded or wasted energy. There i

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View this 6-K filing on SEC EDGAR