Argo
Blockchain, a publicly-listed cryptocurrency mining company, announced its
unaudited financial results for the first quarter of 2024, which showed an
improvement compared to the same period last year. The company reported a
revenue of $16.8 million, a 4% increase from the previous quarter, and a
threefold reduction in net loss to $3.2 million. Compared to last year, revenues grew by almost 50%.
The company
successfully increased its mining margin to $6.4 million from the $5.2 million
reported the previous year, resulting in a gross profit of $1.9 million
compared to a loss in Q1 2023.
Argo mined
a total of 319 Bitcoin (BTC) during the quarter, averaging 3.5 BTC per day,
with the adjusted EBITDA for the quarter standing at $3.8 million.
However,
the company did not achieve an operating profit or net income, although
reported losses were significantly reduced. In the first three months of the
previous year, the firm incurred losses of over $9.1 million, but in 2024, this
was reduced to nearly $3.2 million, a threefold decrease.
Despite the ongoing market volatility, Argo Blockchain also managed to reduce its debt by $12.4 million during the quarter, representing a 19% reduction from the balance at the end of 2023.
“We exited
the Bitcoin halving with cash of over $12 million, Q1 debt reduction of over
$12 million and streamlined Quebec operations resulting from the sale of
Mirabel,” commented Thomas Chippas, the Chief Executive Officer of Argo, said. “We
are enthusiastic about Argo’s future growth and development and are dedicated
to delivering value to our shareholders.”
Argo Reduced Losses in
2023
Last month,
the company reported its full-year results for 2023, revealing a year of
strategic adjustments amid industry challenges. Although it achieved a modest
gross profit, the net income remained negative for another year. However, the
company was able to reduce its losses by 85%.
During the
same period, it announced the sale of its data center in Mirabel, Canada.
In March, the firm entered into an agreement to sell its Mirabel, Quebec data center for $6.1 million. It also released its monthly mining output figures, which indicated a 21% month-on-month decrease in daily Bitcoin production. The company’s London branch finalized this transaction a few weeks later while
simultaneously issuing over 460,000 new ordinary shares.
Argo is a
dual-listed company with shares available on the London Stock Exchange (LSE)
under the ticker ARB and NASDAQ under the ticker ARBK.
Argo
Blockchain, a publicly-listed cryptocurrency mining company, announced its
unaudited financial results for the first quarter of 2024, which showed an
improvement compared to the same period last year. The company reported a
revenue of $16.8 million, a 4% increase from the previous quarter, and a
threefold reduction in net loss to $3.2 million. Compared to last year, revenues grew by almost 50%.
The company
successfully increased its mining margin to $6.4 million from the $5.2 million
reported the previous year, resulting in a gross profit of $1.9 million
compared to a loss in Q1 2023.
Argo mined
a total of 319 Bitcoin (BTC) during the quarter, averaging 3.5 BTC per day,
with the adjusted EBITDA for the quarter standing at $3.8 million.
However,
the company did not achieve an operating profit or net income, although
reported losses were significantly reduced. In the first three months of the
previous year, the firm incurred losses of over $9.1 million, but in 2024, this
was reduced to nearly $3.2 million, a threefold decrease.
Despite the ongoing market volatility, Argo Blockchain also managed to reduce its debt by $12.4 million during the quarter, representing a 19% reduction from the balance at the end of 2023.
“We exited
the Bitcoin halving with cash of over $12 million, Q1 debt reduction of over
$12 million and streamlined Quebec operations resulting from the sale of
Mirabel,” commented Thomas Chippas, the Chief Executive Officer of Argo, said. “We
are enthusiastic about Argo’s future growth and development and are dedicated
to delivering value to our shareholders.”
Argo Reduced Losses in
2023
Last month,
the company reported its full-year results for 2023, revealing a year of
strategic adjustments amid industry challenges. Although it achieved a modest
gross profit, the net income remained negative for another year. However, the
company was able to reduce its losses by 85%.
During the
same period, it announced the sale of its data center in Mirabel, Canada.
In March, the firm entered into an agreement to sell its Mirabel, Quebec data center for $6.1 million. It also released its monthly mining output figures, which indicated a 21% month-on-month decrease in daily Bitcoin production. The company’s London branch finalized this transaction a few weeks later while
simultaneously issuing over 460,000 new ordinary shares.
Argo is a
dual-listed company with shares available on the London Stock Exchange (LSE)
under the ticker ARB and NASDAQ under the ticker ARBK.
Bitcoin 
Ethereum 
XRP 
Tether 
BNB 
Solana 
USDC 
Dogecoin 
Lido Staked Ether 
Cardano 
TRON 
Wrapped stETH 
Chainlink 
Wrapped Beacon ETH 
Hyperliquid 
Wrapped Bitcoin 
Avalanche 
Ethena USDe 
Sui 
Figure Heloc 
Stellar 
Bitcoin Cash 
Wrapped eETH 
WETH 
Hedera 
Litecoin 
LEO Token 
Cronos 
Toncoin 
USDS 
Shiba Inu 
Polkadot 
Coinbase Wrapped BTC 
Binance Bridged USDT (BNB Smart Chain) 
WhiteBIT Coin 
Ethena Staked USDe 
World Liberty Financial 
Mantle 
Uniswap 
Monero 
Bitget Token 
Ethena 
Aave 
Pepe 
Dai 
MemeCore 
OKB 
NEAR Protocol 
Jito Staked SOL 
Bittensor 