Argo 3rd Quarter Results
Argo Blockchain reported Q3 2024 financial results with revenue of $7.5 million, down from $10.4 million in Q3 2023. The company mined 123 BTC during the quarter (1.3 BTC per day). Mining margin decreased to 8% from 58% year-over-year. Net loss was $6.3 million, improving from $9.9 million loss in Q3 2023. The company ended Q3 with $2.5 million cash and 4 BTC, while reducing debt by $12.4 million. Post-quarter, a class action lawsuit was dismissed, and Argo entered discussions for HPC hosting expansion at Baie-Comeau facility. However, Galaxy informed non-renewal of hosting agreement at Helios beyond December 2024.
Argo Blockchain ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato di 7,5 milioni di dollari, in calo rispetto ai 10,4 milioni di dollari del terzo trimestre 2023. L'azienda ha estratto 123 BTC durante il trimestre (1,3 BTC al giorno). Il margine di mining è diminuito all'8% rispetto al 58% dell'anno precedente. La perdita netta è stata di 6,3 milioni di dollari, in miglioramento rispetto alla perdita di 9,9 milioni di dollari del terzo trimestre 2023. L’azienda ha concluso il terzo trimestre con 2,5 milioni di dollari in contante e 4 BTC, mentre ha ridotto il debito di 12,4 milioni di dollari. Dopo il trimestre, una causa collettiva è stata archiviata e Argo ha avviato discussioni per l’espansione dell’hosting HPC presso la struttura di Baie-Comeau. Tuttavia, Galaxy ha informato della non rinnovo dell'accordo di hosting presso Helios oltre dicembre 2024.
Argo Blockchain informó sobre los resultados financieros del tercer trimestre de 2024, con ingresos de 7.5 millones de dólares, en comparación con los 10.4 millones de dólares del tercer trimestre de 2023. La empresa extrajo 123 BTC durante el trimestre (1.3 BTC por día). El margen de minería disminuyó al 8% desde el 58% del año anterior. La pérdida neta fue de 6.3 millones de dólares, mejorando desde la pérdida de 9.9 millones de dólares en el tercer trimestre de 2023. La empresa cerró el tercer trimestre con 2.5 millones de dólares en efectivo y 4 BTC, mientras reducía su deuda en 12.4 millones de dólares. Después del trimestre, se desestimó una demanda colectiva y Argo inició discusiones para la expansión de hosting HPC en la instalación de Baie-Comeau. Sin embargo, Galaxy informó la no renovación del acuerdo de hosting en Helios más allá de diciembre de 2024.
아르고 블록체인은 2024년 3분기 재무 결과를 보고하며, 수익이 750만 달러로 2023년 3분기의 1,040만 달러에서 감소했다고 합니다. 이 회사는 분기 동안 123 BTC를 채굴했습니다(하루 1.3 BTC). 채굴 마진은 전년 동기 대비 58%에서 8%로 감소했습니다. 순손실은 630만 달러로, 2023년 3분기 990만 달러 손실에서 개선되었습니다. 이 회사는 3분기를 250만 달러의 현금과 4 BTC로 마감했으며, 1,240만 달러의 부채를 줄였습니다. 분기 후에는 집단 소송이 기각되었고, 아르고는 Baie-Comeau 시설에서 HPC 호스팅 확장에 대한 논의를 시작했습니다. 그러나 Galaxy는 2024년 12월 이후 Helios에서의 호스팅 계약 갱신을 하지 않겠다고 통보했습니다.
Argo Blockchain a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus de 7,5 millions de dollars, en baisse par rapport à 10,4 millions de dollars au troisième trimestre 2023. L'entreprise a miné 123 BTC au cours du trimestre (1,3 BTC par jour). La marge de minage a baissé à 8 % contre 58 % d'une année sur l'autre. La perte nette était de 6,3 millions de dollars, s'améliorant par rapport à une perte de 9,9 millions de dollars au troisième trimestre 2023. L'entreprise a terminé le troisième trimestre avec 2,5 millions de dollars en liquide et 4 BTC, tout en réduisant sa dette de 12,4 millions de dollars. Après le trimestre, un recours collectif a été rejeté et Argo a entamé des discussions pour l'expansion de l'hébergement HPC dans l'installation de Baie-Comeau. Cependant, Galaxy a informé de la non-renouvellement de l'accord d'hébergement à Helios au-delà de décembre 2024.
Argo Blockchain berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit einem Umsatz von 7,5 Millionen Dollar, ein Rückgang von 10,4 Millionen Dollar im dritten Quartal 2023. Das Unternehmen hat im Quartal 123 BTC abgebaut (1,3 BTC pro Tag). Die Mining-Marge sank im Jahresvergleich von 58 % auf 8 %. Der Nettoverlust betrug 6,3 Millionen Dollar, was eine Verbesserung gegenüber dem Verlust von 9,9 Millionen Dollar im dritten Quartal 2023 darstellt. Das Unternehmen schloss das dritte Quartal mit 2,5 Millionen Dollar in bar und 4 BTC ab und reduzierte seine Schulden um 12,4 Millionen Dollar. Nach dem Quartal wurde eine Sammelklage abgewiesen, und Argo begann Gespräche über eine Expansion des HPC-Hostings in der Einrichtung Baie-Comeau. Allerdings informierte Galaxy über die Nichtverlängerung des Hosting-Vertrags in Helios über Dezember 2024 hinaus.
- Reduced debt by $12.4 million including full repayment of Galaxy loan
- Class action lawsuit dismissed with prejudice
- Net loss improved to $6.3M from $9.9M year-over-year
- Potential expansion into HPC/AI computing market at Baie-Comeau facility
- Revenue declined 28% to $7.5M from $10.4M year-over-year
- Mining margin dropped to 8% from 58% year-over-year
- Adjusted EBITDA turned negative $2.1M vs positive $2.4M year-over-year
- Galaxy not renewing Helios hosting agreement after December 2024
- Low Bitcoin holdings of only 4 BTC
- cash position of $2.5M
Insights
A challenging quarter for Argo Blockchain reveals significant operational headwinds.
Key concerns include low Bitcoin production of just 1.3 BTC per day, minimal cash reserves of
The non-binding LOI with BE Global for High Performance Computing expansion represents a strategic pivot toward AI computational markets, potentially diversifying revenue streams beyond volatile crypto mining. However, the low daily Bitcoin production rate of 1.3 BTC indicates suboptimal mining efficiency compared to industry peers. The loss of Galaxy's hosting agreement creates operational challenges, requiring swift alternatives for mining infrastructure. This transition period could significantly impact near-term mining capabilities and operational costs.
LONDON, UNITED KINGDOM / ACCESSWIRE / November 20, 2024 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK), a global leader in cryptocurrency mining, announces its unaudited financial results for the quarter ended 30 September 2024. All $ amounts are in United States Dollars ("USD") unless otherwise stated
Q3 2024 Financial Highlights:
Revenue of
$7.5 million and$36.7 million for the three and nine months ended 30 September 2024, respectively, compared to$10.4 million and$34.4 million for the prior year periodsTotal Bitcoin ("BTC") mined in the quarter was 123, or 1.3 BTC per day
Mining margin percentage of
8% and33% for the three and nine months ended 30 September 2024, respectively, compared to58% and47% for the prior year periods. The prior year periods benefited from significant power credits due to economic curtailmentsNet loss of
$6.3 million and$39.2 million for the three and nine months ended 30 September 2024, respectively, compared to net loss of$9.9 million and$26.1 million for the prior year periods.Adjusted EBITDA of negative
$2.1 million and positive$3.9 for the three and nine months ended 30 September 2024, respectively, compared to positive EBITDA of$2.4 million and$5.2 million for the prior year periods.The Company ended the quarter with cash of
$2.5 million and held four BTC or BTC Equivalent.Reduced debt by
$12.4 million during the quarter, including the full repayment of the Galaxy loan.
Post-period Updates:
On 11 October 2024, the Company announced that the class action lawsuit, Murphy vs. Argo Blockchain plc et al, filed in the Eastern District of New York on 26 January 2023, and transferred to the Southern District of New York on 4 August 2023, was dismissed on 9 October 2024, with prejudice and without leave to amend.
On 7 November 2024, the Company announced that it has entered a non-binding letter of intent ("LOI") with BE Global Development Limited ("BE"), a specialist in High Performance Computing (HPC) solutions, to explore a significant expansion at the Company's owned and operated Baie-Comeau facility.
On 7 November 2024, despite ongoing discussions with Galaxy to renew the Company's current hosting agreement at Helios, the Company was informed by Galaxy that it did not intend to renew the contract beyond the current end date of 28 December 2024, as such we are currently in discussions regarding our miners located at Helios.
Management Commentary:
Thomas Chippas, Chief Executive Officer of Argo, said: "The third quarter was a difficult quarter for BTC miners, including Argo. It is positive that we have seen improvement in BTC mining economics in October, as noted in our October Operations Update, and that this has continued into November which has also been strong. The High Performance Computing hosting opportunity at our Baie Comeau facility is exciting and demonstrates our ability to diversify our capabilities beyond BTC into the growing AI computational market. At this juncture for the industry, we are keenly focused on growth opportunities that play to our deep expertise."
Earnings Conference Call
Argo will host a conference call to discuss its results at 10:00 ET / 15:00 GMT today, Wednesday 20 November 2024. The live webcast of the call can be accessed via the Investor Meet Company platform.
Investors can sign up to Investor Meet Company and add Argo Blockchain via the following link: https://www.investormeetcompany.com/argo-blockchain-plc/register-investor
Investors already following Argo Blockchain on the Investor Meet Company platform will be invited automatically.
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes 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. Statements which include the words "remains confident", "expects", "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 statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future, including the risk that the Company may receive the benefits contemplated by its transactions with Galaxy, 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. Forward-looking statements are not guarantees of future performance. Accordingly, 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 and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Annual Report on Form 20-F.
Non-IFRS Measures
Bitcoin and Bitcoin Equivalent Mining Margin and Adjusted EBITDA are financial measures not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent Mining Margin and Adjusted EBITDA have limitations as analytical tools. In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realized losses on the sale of digital assets, which affect our IFRS gross profit. Further, Adjusted EBITDA removes such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs that are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events. These measures should not be considered as an alternative to gross margin or net income/(loss), as applicable, determined in accordance with IFRS, or other IFRS measures. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these measures in isolation from, or as a substitute analysis for, our gross margin or net income/(loss), as applicable, as determined in accordance with IFRS.
GROUP STATEMENT OF COMPREHENSIVE INCOME
Figures in '000 except per share |
| Three Months Ended September 30, 2024 |
|
| Three Months Ended September 30, 2023 |
|
| Nine Months Ended September 30, 2024 |
|
| Nine Months Ended September 30, 2023 |
| ||||
| $ |
|
| $ |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Revenues |
|
| 7,458 |
|
|
| 10,407 |
|
|
| 36,713 |
|
|
| 34,403 |
|
Direct costs |
|
| (6,891 | ) |
|
| (4,344 | ) |
|
| (24,660 | ) |
|
| (18,153 | ) |
Mining margin |
|
| 567 |
|
|
| 6,063 |
|
|
| 12,053 |
|
|
| 16,250 |
|
Depreciation of mining equipment |
|
| (2,252 | ) |
|
| (6,181 | ) |
|
| (11,919 | ) |
|
| (18,228 | ) |
Change in fair value of digital currencies |
|
| (15 | ) |
|
| (635 | ) |
|
| (40 | ) |
|
| (146 | ) |
Gross profit (loss) |
|
| (1,700 | ) |
|
| (753 | ) |
|
| 94 |
|
|
| (2,124 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating costs and expenses |
|
| (2,871 | ) |
|
| (3,079 | ) |
|
| (8,680 | ) |
|
| (10,942 | ) |
Restructuring and transaction related fees |
|
| (291 | ) |
|
| (1,526 | ) |
|
| (1,409 | ) |
|
| (2,925 | ) |
Foreign exchange |
|
| (299 | ) |
|
| (144 | ) |
|
| (293 | ) |
|
| 1,259 |
|
Loss on hedging |
|
| (90 | ) |
|
| - |
|
|
| (487 | ) |
|
| - |
|
Depreciation/amortisation |
|
| (216 | ) |
|
| (528 | ) |
|
| (664 | ) |
|
| (1,179 | ) |
Share based compensation |
|
| 1,181 |
|
|
| (920 | ) |
|
| (2,413 | ) |
|
| (2,809 | ) |
Operating profit (loss) |
|
| (4,286 | ) |
|
| (6,950 | ) |
|
| (13,852 | ) |
|
| (18,720 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gain on sale of subsidiary (Mirabel) |
|
| - |
|
|
| - |
|
|
| 3,528 |
|
|
| - |
|
Gain on disposal of fixed assets |
|
| - |
|
|
| - |
|
|
| (429 | ) |
|
| - |
|
Finance costs |
|
| (1,444 | ) |
|
| (2,763 | ) |
|
| (5,741 | ) |
|
| (9,100 | ) |
Impairment of intangible assets |
|
| (288 | ) |
|
| - |
|
|
| (514 | ) |
|
| - |
|
Impairment of PPE |
|
| (438 | ) |
|
| - |
|
|
| (22,450 | ) |
|
| - |
|
Other income |
|
| 178 |
|
|
| 75 |
|
|
| 631 |
|
|
| 75 |
|
Equity accounted loss from associate |
|
| - |
|
|
| (259 | ) |
|
| - |
|
|
| (717 | ) |
Profit/(loss) before taxation |
|
| (6,278 | ) |
|
| (9,897 | ) |
|
| (38,827 | ) |
|
| (28,462 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Tax credit / (expense) |
|
| - |
|
|
| - |
|
|
| (340 | ) |
|
| 2,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Profit/(loss) after taxation |
|
| (6,278 | ) |
|
| (9,897 | ) |
|
| (39,167 | ) |
|
| (26,141 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items which may be subsequently reclassified to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation reserve |
|
| - |
|
|
| 699 |
|
|
| - |
|
|
| (863 | ) |
Total other comprehensive income (loss), net of tax |
|
| - |
|
|
| 699 |
|
|
| - |
|
|
| (863 | ) |
Total comprehensive loss attributable to the equity holders of the Company |
|
| (6,278 | ) |
|
| (9,198 | ) |
|
| (39,167 | ) |
|
| (27,004 | ) |
Earnings per share attributable to equity owners |
|
| 617,186 |
|
|
| 523,450 |
|
|
| 589,644 |
|
|
| 493,201 |
|
Basic loss per share |
|
| (0.01 | ) |
|
| (0.02 | ) |
|
| (0.07 | ) |
|
| (0.05 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The income statement has been prepared on the basis that all operations are continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
|
| As at September 30, 2024 |
|
| As at December 31, 2023 |
| ||
Figures in '000 |
| $ |
|
| $ |
| ||
|
|
|
|
|
|
|
| |
ASSETS |
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Investments at fair value through profit or loss |
|
| 394 |
|
|
| 400 |
|
Intangible fixed assets |
|
| 239 |
|
|
| 888 |
|
Property, plant and equipment |
|
| 23,324 |
|
|
| 59,728 |
|
Total non-current assets |
|
| 23,957 |
|
|
| 61,016 |
|
|
|
|
|
|
|
|
| |
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
| 2,524 |
|
|
| 7,443 |
|
Trade and other receivables |
|
| 2,970 |
|
|
| 3,835 |
|
Digital assets |
|
| 12 |
|
|
| 385 |
|
Assets held for sale |
|
| - |
|
|
| 3,261 |
|
Total current assets |
|
| 5,506 |
|
|
| 14,924 |
|
|
|
|
|
|
|
|
| |
Total assets |
|
| 29,463 |
|
|
| 75,940 |
|
|
|
|
|
|
|
|
| |
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Share Capital |
|
| 842 |
|
|
| 712 |
|
Share Premium |
|
| 224,189 |
|
|
| 209,779 |
|
Share based payment reserve |
|
| 13,497 |
|
|
| 12,166 |
|
Currency translation reserve |
|
| (31,507 | ) |
|
| (30,129 | ) |
RSU/PSU Reserve |
|
| 3,832 |
|
|
| - |
|
Accumulated surplus / (deficit) |
|
| (230,628 | ) |
|
| (192.370 | ) |
Total equity |
|
| (19,775 | ) |
|
| 158 |
|
|
|
|
|
|
|
|
| |
Current liabilities |
|
|
|
|
|
|
|
|
Trade and other payables |
|
| 8,963 |
|
|
| 11,175 |
|
Loans and borrowings |
|
| 1,219 |
|
|
| 14,320 |
|
Corporation Tax |
|
| 423 |
|
|
| - |
|
Liabilities held for sale |
|
| - |
|
|
| 2,090 |
|
Total current liabilities |
|
| 10,605 |
|
|
| 27,585 |
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Issued debt - bond |
|
| 38,633 |
|
|
| 38,170 |
|
Loans |
|
| - |
|
|
| 10,027 |
|
Total liabilities |
|
| 38,633 |
|
|
| 48,197 |
|
|
|
|
|
|
|
|
| |
Total equity and liabilities |
|
| 29,463 |
|
|
| 75,940 |
|
GROUP STATEMENT OF CASH FLOWS
|
| Nine Months Ended September 30, 2024 |
|
| Nine Months Ended September 30, 2023 |
| ||
Figures in '000 |
| $ |
|
|
| $ |
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Loss before tax |
|
| (38,671 | ) |
|
| (28,462 | ) |
Adjustments for: |
|
|
|
|
|
|
|
|
Depreciation/Amortisation |
|
| 12,582 |
|
|
| 19,407 |
|
Foreign exchange |
|
| 9 |
|
|
| (1,259 | ) |
Fair value change in digital assets through profit or loss |
|
| 40 |
|
|
| 635 |
|
Revenue from digital assets |
|
| (36,713 | ) |
|
| - |
|
Impairment of Intangible assets |
|
| 515 |
|
|
| - |
|
Impairment of Tangible assets |
|
| 22,450 |
|
|
| - |
|
Realised loss in digital assets |
|
| - |
|
|
| (489 | ) |
Loss on hedging |
|
| 397 |
|
|
| - |
|
Finance cost |
|
| 5,740 |
|
|
| 9,100 |
|
Proceeds from Sale of Digital Assets |
|
| 37,046 |
|
|
| - |
|
Interest Income |
|
| (308 | ) |
|
| - |
|
Share of equity accounted loss from associate |
|
| - |
|
|
| 717 |
|
Share based compensation |
|
| 2,414 |
|
|
| 2,809 |
|
Gain on Disposal of fixed assets |
|
| 429 |
|
|
|
|
|
Gain on sale of subsidiary |
|
| (3,397 | ) |
|
| - |
|
Cash flow from operating activities before working capital changes |
|
| 2,533 |
|
|
| 2,458 |
|
|
|
|
|
|
|
|
| |
Working capital changes: |
|
|
|
|
|
|
|
|
Increase in trade and other receivables |
|
| 457 |
|
|
| (4,532 | ) |
Decrease in trade and other payables |
|
| (2,013 | ) |
|
| (117 | ) |
Income taxes paid |
|
| - |
|
|
| 306 |
|
Net cash used in operating activities |
|
| 977 |
|
|
| (1,885 | ) |
|
|
|
|
|
|
|
| |
Investing activities |
|
|
|
|
|
|
|
|
Interest received |
|
| 308 |
|
|
| - |
|
Proceeds from sale of tangible fixed assets |
|
| 894 |
|
|
| (1,590 | ) |
Proceeds from sale of intangibles and investments |
|
| 6,119 |
|
|
| 989 |
|
Net cash used in investing activities |
|
| 7,321 |
|
|
| (601 | ) |
|
|
|
|
|
|
|
| |
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from borrowing |
|
| - |
|
|
| 811 |
|
Increase in loans |
|
| 1,026 |
|
|
| - |
|
Loan repayments |
|
| (26,393 | ) |
|
| (8,417 | ) |
Interest paid |
|
| (4,639 | ) |
|
| (8,015 | ) |
Proceeds from shares issued - net of issue costs |
|
| 17,677 |
|
|
| 7,518 |
|
Net cash generated used in financing activities |
|
| (12,329 | ) |
|
| (8,103 | ) |
|
|
|
|
|
|
|
| |
Net decrease in cash and cash equivalents |
|
| (4,031 | ) |
|
| (10,589 | ) |
Effect of foreign exchange on cash |
|
| (888 | ) |
|
| (1,516 | ) |
Cash and cash equivalents, beginning of period |
|
| 7,443 |
|
|
| 20,092 |
|
Cash and cash equivalents at end of period |
|
| 2,524 |
|
|
| 7,987 |
|
|
|
|
|
|
|
|
| |
The table below reconciles Adjusted EBITDA to net income/(loss), the most directly comparable IFRS measure, for the three months ended 30 September 2024 and three months ended 30 September 2023.
| Three Months Ended September 30, 2024 |
|
| Three Months Ended September 30, 2023 |
|
| Nine Months Ended September 30, 2024 |
|
| Nine Months Ended September 30, 2023 |
| |||||
Figures in '000 |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
| (6,278 | ) |
|
| (9,897 | ) |
|
| (39,167 | ) |
|
| (26,141 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expense |
|
| 1,444 |
|
|
| 2,763 |
|
|
| 5,741 |
|
|
| 9,100 |
|
Depreciation / amortisation |
|
| 2,468 |
|
|
| 6,709 |
|
|
| 12,583 |
|
|
| 19,407 |
|
Income |
|
| - |
|
|
| - |
|
|
| 340 |
|
|
| (2,321 | ) |
EBITDA |
|
| (2,366 | ) |
|
| (425 | ) |
|
| (20,503 | ) |
|
| 45 |
|
Restructuring and transaction related fees |
|
| 291 |
|
|
| 1,526 |
|
|
| 1,409 |
|
|
| 2,925 |
|
Foreign exchange gain |
|
| 299 |
|
|
| 144 |
|
|
| 293 |
|
|
| (1,259 | ) |
Share based payment charge |
|
| (1,181 | ) |
|
| 920 |
|
|
| 2,413 |
|
|
| 2,809 |
|
Impairment of intangible assets |
|
| 288 |
|
|
| - |
|
|
| 514 |
|
|
| - |
|
Impairment of PPE |
|
| 438 |
|
|
| - |
|
|
| 22,450 |
|
|
| - |
|
Loss on disposal of fixed assets |
|
| - |
|
|
| - |
|
|
| 429 |
|
|
| - |
|
Gain on sale of investment |
|
| - |
|
|
| - |
|
|
| (3,528 | ) |
|
| - |
|
Loss on hedging |
|
| 90 |
|
|
| - |
|
|
| 487 |
|
|
| - |
|
Equity accounted loss from associate |
|
| - |
|
|
| 259 |
|
|
| - |
|
|
| 717 |
|
Adjusted EBITDA |
|
| (2,141 | ) |
|
| 2,424 |
|
|
| 3,964 |
|
|
| 5,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact:
Argo Blockchain |
|
Investor Relations | ir@argoblockchain.com |
Tennyson Securities |
|
Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
|
Joint Broker Guy Wheatley, CFA | +44 74930989014 |
Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Argo Blockchain PLC
View the original press release on accesswire.com
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