on Argo Blockchain PLC (LON:ARB)
Argo Blockchain Reports 2024 Financial Results and Plans to Resume Trading
Argo Blockchain PLC has published its audited financial results for 2024, alongside plans to restore its listing. During the year, Argo mined a total of 755 Bitcoins, a significant decrease from 1,760 in 2023, attributed to the Bitcoin halving event. Revenue fell by 7% to $47.1 million, with mining margins declining from 43% to 33% due to lower hash prices.
The company reported a net loss of $55.1 million, exacerbated by asset impairments and high amortization costs. Nevertheless, Argo achieved a notable 41% reduction in interest expenses by repaying its Galaxy debt in full. Cash reserves decreased from $8.6 million in December 2024 to $2.4 million by March 2025.
Post-2024, Argo signed hosting agreements for thousands of miners across the U.S. and relocated units to various facilities. Looking ahead, CEO Justin Nolan expressed optimism in improving the balance sheet and maintaining strategic actions. The company awaits approval to resume trading on exchanges.
R. H.
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