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LONDON - Argo Blockchain PLC (ARBK), a leader in cryptocurrency mining with a market capitalization of $22.6 million, has announced a delay in the publication of its annual financial report for the year ended December 31, 2024. The report, initially due by April 30, 2025, is now expected to be released around May 9, 2025. This postponement is attributed to the time and resources devoted to amending the company’s 2023 annual report following feedback from the U.S. Securities and Exchange Commission (SEC).
The SEC’s review of Argo’s Form 20-F for the year ended December 31, 2023, necessitated clarification of the accounting treatment for the company’s digital assets. Argo filed the restated accounts on April 22, 2025, with the SEC completing their review by April 25, 2025. The restatement resulted in a reduced net loss for 2023 and 2022 and a lowered net income for 2021, alongside a reclassification of cash flows between operating and investing activities. Importantly, there was no change to the reported revenue or cash.
Due to the delay, Argo has requested a temporary suspension of its ordinary shares from the Official List of the UK’s Financial Conduct Authority (FCA) and from trading on the London Stock Exchange’s Main Market, effective from 7:30 a.m. on May 1, 2025. The company plans to seek reinstatement of its share listing following the publication of the 2024 Financial Statements.
In the interim, Argo has provided unaudited preliminary financial highlights for 2024, which indicate a total revenue of $47.0 million, a net loss of $54.4 million, and an adjusted EBITDA of $5.6 million. The cash balance as of December 31, 2024, stood at $8.6 million. These preliminary figures are subject to change upon the completion of the audit. According to InvestingPro data, the company’s current ratio stands at 0.52, indicating short-term obligations exceed liquid assets. The company’s financial health score is rated as "FAIR" by InvestingPro analysts, who also anticipate continued sales decline in the current year.
Argo Blockchain is a dual-listed company on the London Stock Exchange and NASDAQ, with operations powered predominantly by renewable energy. It achieved the status of the first climate-positive cryptocurrency mining company in 2021.
This information, based on a press release statement, is subject to the completion of the full audit process and verification of the final financial results for the year 2024.
In other recent news, Argo Blockchain has appointed Justin Nolan as its new Chief Executive Officer. Nolan, who has previously contributed significantly to the company’s expansion, returns to Argo after his tenure as CEO at Arkon Energy. His appointment is accompanied by the granting of 22,250,000 performance share units tied to Argo’s ordinary shares, which will vest over three years based on specific performance targets. This strategic move is seen as a step towards driving innovation and enhancing operational efficiency within the company. Matthew Shaw, Argo’s chairman, has expressed confidence in Nolan’s ability to propel the company’s growth, particularly due to his past work on the Helios project. Nolan’s commitment to creating shareholder value aligns with Argo’s focus on sustainable practices and renewable energy sources in cryptocurrency mining. This executive change has been officially communicated as a notification of transactions by persons discharging managerial responsibilities. The developments come as Argo Blockchain continues to navigate the dynamic and evolving landscape of the cryptocurrency industry.
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