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ARBKL

Argo Blockchain plc 8.75% Senior Notes due 2026

ARBKL

Argo Blockchain plc 8.75% Senior Notes due 2026 • NASDAQ
$1.12 ▼ -10.40% (-0.13)
Market Cap $626.68 M
52w High $8.94
52w Low $1.05
Dividend Yield 2.19%
P/E 0
Volume 4.18K
Outstanding Shares 559.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $10.304M ▲ $5.048M ▲ $-15.935M ▼ -154.649% ▼ $-0.021 ▼ $-848K ▲
Q3-2024 $7.458M ▼ $4.853M ▼ $-6.278M ▲ -84.178% ▲ $-0.011 ▲ $-1.138M ▼
Q2-2024 $12.415M ▼ $10.167M ▼ $-29.579M ▼ -238.252% ▼ $-0.068 ▼ $424K ▼
Q1-2024 $16.84M ▼ $10.601M ▲ $-3.155M ▲ -18.735% ▲ $-0.01 ▲ $1.631M ▲
Q4-2023 $18.068M $4.444M $-9.124M -50.5% $-0.017 $-2.076M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $8.626M ▲ $19.258M ▼ $48.743M ▼ $-29.485M ▼
Q3-2024 $2.524M ▼ $29.463M ▼ $49.238M ▼ $-19.775M ▲
Q2-2024 $3.985M ▼ $33.331M ▼ $53.607M ▼ $-20.276M ▼
Q1-2024 $12.444M ▲ $70.683M ▼ $62.945M ▼ $7.738M ▲
Q4-2023 $7.817M $75.833M $75.675M $157.776K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-15.935M ▼ $-45.775M ▼ $47.746M ▲ $3.005M ▲ $6.102M ▲ $-45.775M ▼
Q3-2024 $-6.278M ▲ $-2.51M ▼ $35K ▼ $1.565M ▲ $-1.461M ▲ $-2.51M ▼
Q2-2024 $-29.579M ▼ $208K ▼ $147K ▼ $-8.66M ▼ $-8.459M ▼ $208K ▼
Q1-2024 $-3.155M ▲ $3.279M ▲ $7.139M ▼ $-5.234M ▲ $5.001M ▲ $3.279M ▼
Q4-2023 $-8.496M $-46.071M $51.405M $-7.675M $-544K $3.965M

Five-Year Company Overview

Income Statement

Income Statement The business behind these notes has moved from modest profitability a few years ago to consistent losses more recently. Revenue is small and has shrunk from its earlier peak, and while there is still some gross profit, it is not enough to cover operating costs. The worst loss appears to have been in the middle of the period, and although losses have since narrowed, the company remains in the red. Overall, the income statement shows a company under earnings pressure, very sensitive to the crypto cycle, and not currently generating sustainable profits.

Balance Sheet

Balance Sheet The balance sheet has weakened materially over time. The asset base has shrunk dramatically from earlier levels, while borrowings remain meaningful relative to the company’s size. Shareholder equity has slipped from clearly positive into slightly negative territory, which signals accumulated losses and a thinner financial cushion. Cash on hand is modest and has not grown, so the company appears more financially constrained than it was in the past and more exposed if market conditions worsen.

Cash Flow

Cash Flow Cash generation is a key concern. Day‑to‑day operations have swung from positive to flat and then into negative territory, meaning the core business has not been consistently self‑funding. Historically, the company invested heavily in equipment and facilities, which pushed free cash flow further into negative territory. More recently, capital spending has been cut back sharply, which reduces cash burn but also limits growth and modernization. Overall, cash flow trends point to a need for careful liquidity management and dependence on external funding or improving crypto economics.

Competitive Edge

Competitive Edge Argo’s main strengths lie in its focus on low‑cost, renewable power and efficient mining technology, which can give it a cost edge when electricity prices or Bitcoin prices move against the industry. Its public listings add transparency and access to capital compared with many private miners. However, crypto mining remains extremely competitive, with larger, better‑capitalized rivals and continual pressure to upgrade hardware. Argo’s smaller scale and weakened balance sheet may limit how aggressively it can expand or refresh its fleet, which could erode its cost advantage if not managed carefully.

Innovation and R&D

Innovation and R&D The company has been forward‑leaning on sustainability and technology. It has built facilities around renewable energy, explored advanced cooling systems, and created Argo Labs to pursue newer areas like Web3, DeFi, and GameFi. It is also looking to diversify into high‑performance computing so it is not entirely dependent on Bitcoin mining. These efforts show strategic creativity and a willingness to adapt. The main question is execution: turning these ideas into stable, profitable revenue streams while financial resources are tight and the core business is volatile.

Summary

Overall, the credit story behind these notes is mixed. On one hand, Argo has clear strategic strengths in green mining, operational know‑how, and a visible, regulated public platform. On the other, its financial profile has deteriorated: revenues are small, profitability has turned to losses, the asset base has shrunk, equity has slipped negative, and cash flow is uneven. The company is trying to innovate and diversify at the same time it is managing financial strain and a very cyclical industry. That combination offers upside if conditions improve and its strategy works, but it also brings elevated risk if crypto markets or access to capital turn against it.