Argo Blockchain PLC Announces 1st Quarter Results

Argo Blockchain PLC, a leader in cryptocurrency mining, has reported its unaudited financial results for Q1 2024. The company ended the quarter with cash worth $12.4 million and 11 Bitcoin or Bitcoin equivalent. The firm reduced its debt by $12.4 million, achieving a 19% decline from the balance on December 31, 2023.

The company's revenue rose by 4% compared to Q4 2023, reaching $16.8 million. During Q1 2024, Argo mined a total of 319 BTC, equating to 3.5 BTC per day. The mining margin for the quarter increased to 38%, up from 34% in Q4 2023. Additionally, the sale of the Mirabel facility yielded a gain of $3.0 million, net of tax.

Despite these positive developments, Argo reported a net loss of $3.2 million. However, the Adjusted EBITDA stood at $3.8 million. CEO Thomas Chippas praised the team's focus on financial discipline and operational excellence, citing improved revenue and earnings from Q4 2023. The company also reduced its operational scope in Quebec following the Mirabel sale.