Blockchain
The Crypto Miner Argo strategy will pay off in the first quarter of 2024 with reduced losses
Argo Blockchain, a publicly traded cryptocurrency mining company, announced its unaudited financial results for the first quarter of 2024, which showed improvement compared to the same period last year. The company reported revenue of $16.8 million, a 4% increase from the previous quarter and a three-fold reduction in net loss to $3.2 million. Compared to last year, revenues grew by almost 50%.
The company successfully increased its mining margin to $6.4 million from the $5.2 million reported the previous year, resulting in a gross profit of $1.9 million compared to the first quarter 2023 loss .
Argo extracted a total of 319 Bitcoin (BTC) during the quarter, averaging 3.5 BTC per day, resulting in adjusted EBITDA for the quarter of $3.8 million.
However, the company did not earn an operating profit or net profit, although reported losses were significantly reduced. In the first three months of the previous year, the company suffered losses of more than $9.1 million, but by 2024 these had shrunk to almost $3.2 million, a three-fold decrease.
Despite continued market volatility, Argo Blockchain also managed to reduce its debt by $12.4 million during the quarter, which is a 19% reduction from its end-2023 balance.
“We have exited Bitcoin halving with liquidity of more than $12 million, first quarter debt reduction of more than $12 million and streamlined operations in Quebec resulting from the sale of Mirabel,” commented Thomas Chippas, the CEO of Argo, She said. “We are excited about Argo’s future growth and development and are committed to providing value to our shareholders.”
Argo cut losses in 2023
Last month, the company reported full-year results for 2023, revealing a year of strategic adjustments amid industry challenges. Although it made a modest gross profit, net profit remained negative for another year. However, the company managed to reduce losses by 85%.
Around the same time, he announced the sale of its data center to MirabelCanada.
In March the company entered into an agreement sell its Mirabel, Quebec data center for $6.1 million. It also released monthly mining production data, which indicates a 21% month-over-month decrease in daily Bitcoin production. The company’s London branch finalized the deal a a few weeks later simultaneously issuing over 460,000 new ordinary shares.
Argo is a dual-listed company with shares available on the London Stock Exchange (LSE) under the ticker ARB and on the NASDAQ under the ticker ARBK.
Argo Blockchain, a publicly traded cryptocurrency mining company, announced its unaudited financial results for the first quarter of 2024, which showed improvement compared to the same period last year. The company reported revenue of $16.8 million, a 4% increase from the previous quarter and a three-fold reduction in net loss to $3.2 million. Compared to last year, revenues grew by almost 50%.
The company successfully increased its mining margin to $6.4 million from the $5.2 million reported the previous year, resulting in a gross profit of $1.9 million compared to the first quarter 2023 loss .
Argo extracted a total of 319 Bitcoin (BTC) during the quarter, averaging 3.5 BTC per day, resulting in adjusted EBITDA for the quarter of $3.8 million.
However, the company did not earn an operating profit or net profit, although reported losses were significantly reduced. In the first three months of the previous year, the company suffered losses of more than $9.1 million, but by 2024 these had shrunk to almost $3.2 million, a three-fold decrease.
Despite continued market volatility, Argo Blockchain also managed to reduce its debt by $12.4 million during the quarter, which is a 19% reduction from its end-2023 balance.
“We have exited Bitcoin halving with liquidity of more than $12 million, first quarter debt reduction of more than $12 million and streamlined operations in Quebec resulting from the sale of Mirabel,” commented Thomas Chippas, the CEO of Argo, She said. “We are excited about Argo’s future growth and development and are committed to providing value to our shareholders.”
Argo cut losses in 2023
Last month, the company reported full-year results for 2023, revealing a year of strategic adjustments amid industry challenges. Although it made a modest gross profit, net profit remained negative for another year. However, the company managed to reduce losses by 85%.
Around the same time, he announced the sale of its data center to MirabelCanada.
In March the company entered into an agreement sell its Mirabel, Quebec data center for $6.1 million. It also released monthly mining production data, which indicates a 21% month-over-month decrease in daily Bitcoin production. The company’s London branch finalized the deal a a few weeks later simultaneously issuing over 460,000 new ordinary shares.
Argo is a dual-listed company with shares available on the London Stock Exchange (LSE) under the ticker ARB and on the NASDAQ under the ticker ARBK.