Company: ARBK
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001104659-25-049311
Chunk: 8

Company: Argo Blockchain Plc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 8
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 was made possible by using cash flow generated from operations, cash generated from equity raises and cash generated through the sale of non-core assets without any meaningful impact to Argo’s hash rate. At December 31, 2024, the Company had a $0.8 million mortgage remaining on its Baie Comeau facility and the $40 million unsecured bonds which will mature in November 2026.

Operational capabilities

After selling the Mirabel facility in March 2024, Argo continues to own and operate its data center in Baie Comeau, Quebec. The Baie Comeau site is over 40,000 square feet and has 15 MW of 99% renewable power capacity sourced from the nearby Baie Comeau hydroelectric dam.

Additionally, the Company has the ability to expand its capacity at Baie Comeau from 15 MW to 23 MW. The local municipality has approved the expansion, and the Company is in the evaluation phase of this project.

Growth and strategic partnerships

The Company continues to explore opportunities where mining can be paired with stranded or wasted energy. There is tremendous potential for energy generators to utilize mining as a balancing and optimization tool, particularly in the energy transition where limitations currently exist in the ability to store renewable energy.

Since inception, we have mined more than 10,511 Bitcoin for our own account through December 31, 2024. In 2024 and 2023, our treasury management strategy was to sell our mined Bitcoin on a weekly basis in order to fund our operating expenses and for working capital needs. Our total revenue for the year ended December 31, 2024 was $47 million, a decrease of 7% compared to total revenue of $50.6 million for the year ended December 31, 2023. We generated a net loss of $55.1 million and $35.0 million in the year ended December 31, 2024 and December 31, 2023, respectively. We generated Adjusted EBITDA of $5.6 million and $7.7 million in the year ended December 31, 2024 and December 31, 2023, respectively. Adjusted EBITDA is a financial measure not defined by IFRS. For a definition of Adjusted EBITDA, an explanation of our management’s use of this measure and a reconciliation of Adjusted EBITDA to net income/(loss), see Item 5. A “ Key Indicators of Performance and Financial Condition and Non