Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 3

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 3
---
 from equity raises and cash generated through the sale of non-core assets without any meaningful impact to Argo’s hash rate. Repaying the Galaxy loan was a significant milestone for Argo. With the unsecured bonds maturing in November 2026, Argo will turn its attention to either refinancing, restructuring or buying back these bonds.

Revenue in 2024 was $47 million, compared to $50.6 million in 2023. Non-mining operating expenses were $13 million, a decrease from $19 million in 2023. Adjusted EBITDA was $5.6 million, compared to $7.7 million in 2023. Loss attributable to shareholders totalled $44.3 million. Our cash balance at December 31, 2024 was $8.6 million.

Operational Excellence

2024 saw the end of Argo’s relationship with the Helios facility. After constructing and energizing the facility in 2021 and 2022, selling the facility to Galaxy in late 2022 with a two year hosting agreement, Argo has now exited the facility. We are pleased with the new hosting arrangements we have announced with Merkle, in both Tennessee and Washington State during the early part of 2025. And we have utilized additional capacity at our owned site in Baie Comeau, Quebec. We took the opportunity to improve our liquidity by selling some of the refurbished machines subsequent to year end.

Highlights in 2024 included the sale of the Mirabel facility which was completed with no meaningful loss to Argo’s hash rate. The significant reduction in operating expenses in the first half of 2024 compared to 2022 and 2023, and the strong mining margin percentage despite the Bitcoin halving are indications of Argo’s strong performance.

The Mirabel sale enabled the Company to de-lever the balance sheet with minimal impact to the Company's hash rate. Following the sale, Argo relocated the majority of the mining machines at Mirabel to its Baie Comeau facility and sold certain prior generation machines representing approximately 140 PH/s. The sale allowed the Company to streamline its operations by locating all self-mining machines at its Baie Comeau facility. Additionally, the sale of Mirabel reduces the Company's non-mining operating expenses by $0.7 million annually.

Argo has taken aggressive action on its cost structure and non-mining operating expenses. As compared to the second half of fiscal 2022, the Company has reduced its operating expenses by over