The earnings call presented a mixed outlook for Argo Blockchain. While the company made significant strides in reducing debt and exploring new revenue streams through high-performance computing, it faced notable challenges in its core Bitcoin mining business, including decreased revenues, negative profitability metrics, and operational uncertainties at Helios.

Company Guidance

In the Q3 2024 earnings call, Argo Blockchain provided detailed guidance on its financial performance and strategic initiatives. The company reported mining 123 Bitcoin, generating $7.5 million in revenue for the quarter, and $36.7 million for the nine months ending September 30, 2024. The mining margin significantly decreased to 8% from 58% in the prior year due to lower Bitcoin prices and higher energy costs. Argo posted a net loss of $6.3 million for Q3 and $39.2 million for the first nine months of 2024, with adjusted EBITDA at negative $2.1 million for the quarter. The company successfully reduced its debt by $12.4 million, fully repaying the Galaxy loan. Looking ahead, Argo plans to diversify revenue streams by exploring a High Performance Computing (HPC) expansion at Baie-Comeau, which could add up to 23 megawatts of capacity. This strategic pivot aims to mitigate volatility in Bitcoin mining by tapping into growing markets like AI. Argo's capital allocation strategy will prioritize growth opportunities while maintaining financial discipline.

Debt Reduction Achievements

Argo reduced its debt by $12.4 million during the quarter, including full repayment of the Galaxy loan. This early repayment came four months ahead of schedule, improving cash flow and strengthening the balance sheet.

Exploration of High Performance Computing (HPC) Expansion

Argo entered into a non-binding letter of intent with the BE Group to explore an HPC expansion at Baie-Comeau. A feasibility study confirms potential for 23 megawatts of capacity, marking a strategic move to diversify revenue streams.

Dismissal of Class Action Lawsuit

The class action lawsuit, Murphy versus Argo Blockchain, was dismissed with prejudice and without leave to amend, removing a legal hurdle for the company.

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Argo Blockchain (ARBK) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ARBK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 07, 2018	2018 (Q2)	- / >-0.01	―	―	―	―
Apr 17, 2019	2018 (Q4)	- / -0.01	―	―	―	―
Sep 17, 2019	2019 (Q2)	- / 0.04	-0.054	177.78% (+0.10)	―	―
Apr 29, 2020	2019 (Q4)	- / -0.08	-0.131	40.46% (+0.05)	―	―
Sep 09, 2020	2020 (Q2)	- / 0.02	0.042	-47.62% (-0.02)	―	―
Apr 29, 2021	2020 (Q4)	- / 0.00	-0.078	―	―	―
Aug 09, 2021	2021 (Q2)	0.28 / 0.25	0.022	1031.82% (+0.23)	―	―
Nov 01, 2021	2021 (Q3)	0.56 / 0.41	0.022	1754.55% (+0.39)	―	―
Apr 27, 2022	2021 (Q4)	0.06 / 0.00	0	―	―	―
May 18, 2022	2022 (Q1)	- / -	0	―	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ARBK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 20, 2024	$1.17	$1.12	-4.27%
Aug 28, 2024	$1.35	$1.26	-6.67%
May 23, 2024	$1.45	$1.37	-5.52%
Apr 25, 2024	$1.51	$1.52	+0.66%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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