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ARBK

Argo Blockchain plc

ARBK

Argo Blockchain plc • NASDAQ
$0.23 ▼ -5.43% (-0.01)
Market Cap $15.80 M
52w High $1.12
52w Low $0.15
Dividend Yield 0%
P/E -0.77
Volume 1.61M
Outstanding Shares 68.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $19.26M ▲ $5.422M ▲ $-22.213M ▼ -115.332% ▼ $-0.36 ▼ $-14.905M ▼
Q3-2024 $7.458M ▼ $2.586M ▼ $-6.278M ▲ -84.178% ▲ $-0.1 ▲ $-2.366M ▲
Q2-2024 $30.648M ▲ $11.074M ▲ $-32.734M ▼ -106.806% ▼ $-0.57 ▼ $-17.984M ▼
Q1-2024 $16.84M ▲ $5.295M ▼ $-3.155M ▲ -18.735% ▲ $-0.058 ▲ $4.567M ▲
Q4-2023 $10.407M $6.197M $-9.897M -95.099% $-0.19 $-425K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $8.632M ▲ $19.258M ▼ $48.743M ▼ $-29.485M ▼
Q3-2024 $2.524M ▼ $29.463M ▼ $49.238M ▼ $-19.775M ▲
Q2-2024 $4.155M ▼ $33.331M ▼ $53.607M ▼ $-20.276M ▼
Q1-2024 $12.444M ▲ $70.683M ▼ $62.945M ▼ $7.738M ▲
Q4-2023 $7.828M $75.94M $75.782M $158K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-22.368M ▼ $-48.285M ▼ $47.781M ▲ $4.57M ▲ $6.102M ▲ $-48.285M ▼
Q3-2024 $-6.277M ▲ $-2.51M ▼ $35K ▼ $1.565M ▲ $-1.461M ▲ $-2.51M ▼
Q2-2024 $-32.394M ▼ $3.487M ▲ $7.286M ▲ $-13.894M ▼ $-8.459M ▼ $3.487M ▲
Q1-2024 $-2.815M ▲ $3.279M ▲ $7.139M ▲ $-5.234M ▼ $5.001M ▲ $3.279M ▲
Q4-2023 $-9.899M $-1.388M $-289K $-286K $-1.161M $-1.677M

Five-Year Company Overview

Income Statement

Income Statement Argo’s income statement shows a business that has shrunk from its peak and is still struggling to get back to profitability. Revenue is now a fraction of what it was during the last crypto boom, and recent years have brought very thin or even negative gross margins. Operating results and EBITDA have been negative for several years, which means the core business has not been generating economic profit. Losses were particularly heavy in the earlier downturn and, while somewhat smaller more recently, the company is still loss‑making and highly sensitive to crypto prices and mining economics.

Balance Sheet

Balance Sheet The balance sheet looks stressed. Total assets have fallen sharply from earlier expansion years, while debt has remained relatively high. Equity has eroded over time and has recently turned negative, a sign of balance sheet strain and prior accumulated losses. Cash on hand is modest relative to obligations, leaving limited cushion to absorb further shocks. Overall, the company appears highly leveraged and reliant on successful restructuring and new capital or asset optimization to restore financial flexibility.

Cash Flow

Cash Flow Cash flow has been consistently weak. Operating cash flow has generally been negative, indicating that the business has struggled to fund itself from day‑to‑day operations. In the build‑out phase, heavy investment spending led to deeply negative free cash flow. Investment has recently been cut back, but with operations still not generating steady positive cash, free cash flow remains under pressure. This pattern suggests dependence on external funding, asset sales, or restructuring to support ongoing activities and any strategic pivot.

Competitive Edge

Competitive Edge Argo’s competitive position rests on two main pillars: its “green” mining profile and its experience running large‑scale computing infrastructure. The company was an early mover in sustainable Bitcoin mining, using mostly renewable energy and co‑founding a clean‑energy mining pool, which aligns well with rising ESG scrutiny. However, Bitcoin mining remains a brutally competitive, commodity‑like industry where scale, power costs, hardware efficiency, and balance sheet strength matter as much as ESG credentials. After asset sales and restructuring, Argo is smaller and more financially constrained than many peers, which weakens its relative position even though its sustainability brand remains a differentiating feature. Its move toward high‑performance computing could broaden its market, but that pits it against established data center and cloud players as well as better‑capitalized miners making similar pivots.

Innovation and R&D

Innovation and R&D Innovation at Argo has focused less on pure research spending and more on applied technology and business model shifts. The company has been a visible proponent of renewable‑powered, climate‑positive mining and has used technologies like immersion cooling to improve hardware efficiency and energy usage. It previously experimented with “mining‑as‑a‑service” offerings, but that appears to have been de‑emphasized. The key current innovation is the strategic pivot toward high‑performance computing at its Quebec site, targeting workloads such as data processing and potentially AI. This leverages its operational know‑how but requires new partnerships, customer relationships, and capital. Execution risk is high: the HPC initiative is still early, not yet proven at scale, and will have to compete with much larger, well‑funded players.

Summary

Argo Blockchain is in the middle of a difficult transition. The company rode the last crypto cycle up, invested heavily in infrastructure, then was hit hard by the subsequent downturn. The result is a smaller revenue base, recurring losses, a stretched balance sheet, and historically negative cash flow. At the same time, Argo has carved out a reputation for environmentally focused mining and is trying to reposition itself by expanding into high‑performance computing, seeking a more diversified and potentially steadier business model. Going forward, the story hinges on whether Argo can stabilize its finances, successfully execute the HPC pivot, and maintain efficient, low‑cost mining operations in an industry that remains volatile, capital‑intensive, and fiercely competitive.