Argo Blockchain PLC
NASDAQ:ARBK
Argo Blockchain PLC
Argo Blockchain Plc operates as a blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. Argo is a mining-as-a-software (MaaS) service provider that makes it easy for clients to mine Bitcoin Gold, Ethereum, and other alternative coins (altcoins) through the cloud. The Company’s mining infrastructure is located at multiple sites in Quebec, Canada and comprise approximately 18,000 mining machines.
Argo Blockchain Plc operates as a blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. Argo is a mining-as-a-software (MaaS) service provider that makes it easy for clients to mine Bitcoin Gold, Ethereum, and other alternative coins (altcoins) through the cloud. The Company’s mining infrastructure is located at multiple sites in Quebec, Canada and comprise approximately 18,000 mining machines.
Revenue Growth: Q1 revenue was approximately $17 million, up 4% from Q4 2023, driven by elevated hash price.
Stronger Balance Sheet: Cash in hand increased to $12.4 million, up from $7.4 million at year-end 2023, reflecting an equity raise and asset sale.
Debt Reduction: The company reduced its debt by over $12 million in Q1, including proceeds from the Mirabel facility sale.
Improved Margins: Mining margin rose to 38% in Q1, up from 34% in Q4 2023, aided by economic curtailment and lower direct costs per bitcoin mined.
Operational Streamlining: Consolidation of Quebec operations reduced operating expenses by about $700,000 annually with minimal impact on revenue.
Post-Halving Strategy: Management expects hash rate growth to be restrained in the near term due to compressed mining margins and summer power conditions.
Growth Outlook: Company is shifting back to a growth mindset, exploring small site acquisitions and fleet upgrades while maintaining fiscal discipline.
