Argo Blockchain Plc ( (ARBKF) ) has released its Q3 earnings. Here is a breakdown of the information Argo Blockchain Plc presented to its investors.
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Argo Blockchain Plc is a blockchain technology company, dual-listed on the LSE and NASDAQ, primarily engaged in large-scale cryptocurrency mining with a focus on sustainable operations powered by renewable energy.
In its latest earnings report for Q3 2024, Argo Blockchain reported a revenue of $7.5 million for the quarter, a decline from the $10.4 million in the same quarter last year. The company mined a total of 123 Bitcoin during this period, translating to a daily production rate of 1.3 BTC.
The company faced challenges with a net loss of $6.3 million for the quarter, which is a slight improvement from the $9.9 million loss in the previous year. Despite reducing its debt by $12.4 million, the mining margin shrank to 8% from last year’s 58%, influenced by the absence of power credits that benefited the previous year.
Looking ahead, Argo Blockchain is exploring a significant expansion at its Baie-Comeau facility through a partnership with BE Global Development Limited. Despite the challenges of the past quarter, the company remains focused on growth opportunities, emphasizing its entrance into the AI computational market and diversifying beyond Bitcoin mining.
