Argo Blockchain PLC (LSE:ARB; NASDAQ:ARBK), a cryptocurrency mining company, has released its audited financial results for the year ending December 31, 2024. The report indicates a decline in Bitcoin production and revenues, alongside a significant reduction in net debt and non-mining operating costs.
The company mined a total of 755 Bitcoin in 2024, down from 1,760 in the previous year. This decline is partly attributed to the Bitcoin halving in April 2024, which affected the mining reward. Despite a 7% decrease in revenue to $47.1 million, Argo Blockchain was able to reduce its non-mining operating expenses by 34%.
The mining margin decreased to 33%, down from 43% in 2023, also affected by the halving. Adjusted EBITDA for this year was reported at $5.7 million, down from $7.7 million in 2023. The company also reported a net loss of $55.1 million, which included asset impairment charges of $31.5 million, $15 million in depreciation, and $6.8 million in interest costs.
A notable achievement for Argo was the full repayment of its Galaxy debt, resulting in a 41% decrease in interest charges. The company's net debt was also reduced by $24.1 million, from $55.1 million at the end of 2023 to $31 million at the end of 2024.
Post-period activities saw Argo Blockchain signing hosting agreements with Merkle Standard LLC for its mining equipment. The company also sold approximately 8,000 mining units after March 31, 2025, for a cash product of approximately $2.0 million, leaving an expected future hash rate of 1.7 exahash.
CEO Justin Nolan commented on the company's financial performance, highlighting the repayment of Galaxy debts and the successful renewal and re-hosting of the Helios mining fleet as key achievements. He also noted ongoing efforts to strengthen the balance sheet and explore public policy options.
After these results, Argo Blockchain requested the Financial Conduct Authority to lift the company's listing suspension, aiming to resume trading in its shares.$BTC
