Argo Blockchain Plc Adr ( (ARBK) ) has released its Q3 earnings. Here is a breakdown of the information Argo Blockchain Plc Adr presented to its investors.
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Argo Blockchain plc is a dual-listed blockchain technology company specializing in large-scale cryptocurrency mining, with operations primarily powered by renewable energy in Quebec and Texas. In its third quarter of 2024, Argo Blockchain reported a revenue of $7.5 million, down from $10.4 million in the same period of the previous year, and a net loss of $6.3 million, compared to a $9.9 million loss in the prior year. Despite the decrease in revenue, Argo managed to reduce its debt by $12.4 million, which included full repayment of a loan from Galaxy, and ended the quarter with $2.5 million in cash and four Bitcoin or Bitcoin equivalents. The company’s mining margin took a hit, dropping significantly to 8% from 58% in the same quarter last year, largely due to the expiration of power credits received previously. In a strategic move, Argo Blockchain has entered into a non-binding letter of intent with BE Global Development Limited to explore expansion opportunities at its Baie-Comeau facility, potentially venturing into the high-performance computing sector. Looking forward, Argo Blockchain remains focused on growth opportunities, with CEO Thomas Chippas emphasizing the potential in the AI computational market and the company’s ability to diversify beyond Bitcoin mining, while navigating ongoing discussions regarding its hosting agreement with Galaxy.
