- Argo Blockchain (ARBK, Financial) reports a 7% revenue decline to $47.1 million in 2024.
- Net loss widens to $55.1 million due to asset impairment and reduced mining margins.
- Company fully repays Galaxy debt and requests listing restoration with the Financial Conduct Authority.
Argo Blockchain Plc (NASDAQ: ARBK) has announced its 2024 financial results, highlighting a challenging year with mixed performance. The company reported a revenue drop of 7% from 2023, totaling $47.1 million. This decline was largely attributed to the Bitcoin halving in April 2024, which significantly impacted mining margins, now at 33%, down from 43% the previous year.
The company mined 755 Bitcoin in 2024, averaging 2.1 Bitcoins per day, compared to 1,760 or 4.8 per day in 2023. Despite operational challenges, Argo achieved a significant reduction in its net debt by $24.1 million, bringing it down to $31.0 million, and successfully repaid the Galaxy debt during the year.
Argo's financial health appears strained, with a reported net loss of $55.1 million, primarily driven by a $31.5 million asset impairment, $15.0 million in amortization, and $6.8 million in interest expenses. Additionally, the company's cash reserves saw a sharp decline, from $8.6 million in December 2024 to $2.4 million by March 2025.
Post-2024, Argo Blockchain signed hosting agreements with Merkle Standard LLC and sold approximately 8,000 mining units, reducing their expected hashrate to 1.7 exahash. The company aims to strengthen its operations by strategically deploying miners across the United States.
Argo has requested from the Financial Conduct Authority the restoration of its listing to resume the trading of its shares, which indicates previous regulatory suspensions. Despite the financial setbacks, management remains committed to pursuing strategic options for future growth.
