LONDON - Argo Blockchain (LON:ARB) 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 decrease in Bitcoin production and revenue, alongside a significant reduction in net debt and non-mining operating costs.
The company mined a total of 755 Bitcoins in 2024, down from 1,760 in the previous year. This reduction is partly attributed to the Bitcoin halving event in April 2024, which affected the mining reward. Despite a 7% decline in revenue to $47.1 million, Argo Blockchain managed to decrease its non-mining operating expenses by 34%.
The mining margin fell to 33% from 43% in 2023, again influenced by the halving. Adjusted EBITDA for the year was reported at $5.7 million, a decrease from $7.7 million in 2023. The company also reported a net loss of $55.1 million, which included a $31.5 million asset impairment charge, $15.0 million in amortization, and $6.8 million in interest expenses.
A notable achievement for Argo was the full repayment of its Galaxy debt, which resulted in a 41% reduction in interest expenses. The company’s net debt was also reduced by $24.1 million, from $55.1 million at the end of 2023 to $31.0 million at the end of 2024.
Post-period activities saw Argo Blockchain sign hosting agreements with Merkle Standard LLC for its mining equipment. The company also sold approximately 8,000 mining units after March 31, 2025, for cash proceeds of around $2.0 million, leaving a projected future hashrate of 1.7 exahash.
CEO Justin Nolan commented on the company’s financial performance, highlighting the repayment of the Galaxy debt and the successful refurbishment and rehosting of the Helios mining fleet as key achievements. He also mentioned ongoing efforts to strengthen the balance sheet and explore strategic options.
Following these results, Argo Blockchain has requested that the suspension of the company’s listing be lifted by the Financial Conduct Authority, aiming for the resumption of trading of its shares.
This news article is based on a press release statement from Argo Blockchain PLC.
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