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LONDON - Argo Blockchain (LON:ARB) PLC, a cryptocurrency mining company, announced a delay in publishing its annual financial report for the year ended December 31, 2024, and is seeking a temporary suspension of its shares on the London Stock Exchange (LON:LSEG). The delay stems from additional time required to restate the company’s 2023 annual report following a comment letter from the U.S. Securities and Exchange Commission (SEC) regarding the accounting treatment of its digital assets.
The restatement, which was filed with the SEC on April 22, 2025, led to a decrease in the reported net loss for 2023 and 2022 and a decrease in net income for 2021, along with a reclassification of cash flows between operating and investing activities. However, there was no change to revenue or cash balances for the periods reported.
Due to the delay, Argo has requested the suspension of trading of its ordinary shares starting 7:30 a.m. on May 1, 2025, until the 2024 Financial Statements are published, which is expected to be on or around May 9, 2025. The company plans to request a restoration of trading following the publication.
Argo has provided unaudited preliminary financial highlights for 2024, showing total revenue of $47.0 million, a net loss of $54.4 million, adjusted EBITDA of $5.6 million, and a cash balance of $8.6 million at the end of the year. These figures compare to a total revenue of $50.6 million, a net loss of $34.6 million, adjusted EBITDA of $7.7 million, and a cash balance of $7.4 million in 2023.
The company is working closely with its auditors, PKF Littlejohn LLP, to finalize the audit of the 2024 Financial Statements. The preliminary results are subject to change upon completion of the audit process. This announcement contains inside information, and the information is based on a press release statement from Argo Blockchain PLC.
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