Argo Blockchain PLC (ARBKF) Q3 2024 Earnings Highlights: Overcoming Challenges…

• profit: $7.5 million in the third quarter of 2024; US$36.7 million for the nine months ending September 30, 2024.

• Mined Bitcoin: 123 BTC in the third quarter of 2024, which is approximately 1.3 BTC per day.

• Mining Margin: 8% in the third quarter of 2024; 33% for the nine months ending September 30, 2024.

• Net loss: $6.3 million for the third quarter of 2024; US$39.2 million for the nine months ending September 30, 2024.

• Adjusted EBITDA: negative $2.1 million for Q3 2024; Positive $3.9 million for the nine months ending September 30, 2024.

• Debt reduction: Reduced by $12.4 million in Q3 2024, including full repayment of the Galaxy loan.

• Cash and Bitcoin Collectibles: $2.5 million in cash and four bitcoin equivalents at the end of the third quarter of 2024.

• Non-mining operating expenses: It decreased by about 12% year-on-year.

Release date: November 20, 2024

For the full text of the earnings call, please refer to Full transcript of earnings call.

• Argo Blockchain plc (ARBKF) successfully reduced its debt by $12.4 million during the quarter, including the full repayment of its Galaxy loan, strengthening its balance sheet.

• The company achieved revenues of $36.7 million for the nine months ending September 30, 2024, reflecting growth compared to the same period last year.

• Argo Blockchain plc (ARBKF) is exploring expanding high-performance computing (HPC) at Baie-Comeau, which could diversify revenue streams and tap into high-growth markets such as artificial intelligence.

• The company reported a decline in non-mining operating expenses of approximately 12% year-on-year, indicating a focus on cost discipline and streamlining operations.

• The class action lawsuit, Murphy vs Argo Blockchain, was dismissed with prejudice and without leave to amend, removing the company’s legal burden.

• Argo Blockchain plc (ARBKF) reported a net loss of $6.3 million for the quarter and $39.2 million for the nine months ended September 30, 2024.

• The company’s mining margin in the third quarter was just 8%, a significant decline from 58% in the same period last year, due to falling Bitcoin prices and rising energy costs.

• Third-quarter revenues declined to $7.5 million from $12.4 million in Q2 2024 and $10.4 million in Q3 2023, primarily due to lower Bitcoin production and retail prices.

• Helios’ hosting agreement will not be renewed after December 2024, impacting the hosted fleet of 23,000 S19J Pro miners, and the company is exploring alternative arrangements.

• Q3 adjusted EBITDA was negative $2.1 million, reflecting difficult mining conditions and down from $2.6 million in Q2 2024.

The story continues