Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 1

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 1
---
 concern assumption, and the auditors have made reference to this in their audit report and additional information is included in Note 3 to the financial statements.

#### Highlights
●

Total number of Bitcoin mined during 2024 was 755, or 2.1 Bitcoin per day (2023: 1,760, or 4.8 Bitcoin per day).

●

Revenues of $47.1 million (2023: $50.6 million), a decrease of 7% from 2023, driven primarily by the reduced hashprice resulting from the Bitcoin halving.

●

Mining margin of 33%, down from 43% in 2023. Similar to revenue, this decrease was largely attributable to the reduced hashprice resulting from the Bitcoin halving in April 2024.

●

Reduced non-mining operating costs by 34% in 2024 compared to the prior year.

●

Adjusted EBITDA of $5.7 million, compared to $7.7 million in 2023.

●

Net loss of $55.1 million, compared to a net loss of $34.6 million in 2023. The net loss was primarily the result of a $31.5 million asset impairment, $15.0 million of amortization and $6.8 million of interest expense.

●

Reduced interest expense by 41%, as a result of fully repaying the Galaxy debt during 2024.

●

Net debt (cash less debt obligations) was reduced by $24.1 million from $55.1 million at 31 December 2023 to $31.0 million at 31 December 2024.

As at 31 December 2024, the Company had $8.6 million of cash, compared to $7.4 million at 31 December 2023. As at 31 March 2025, the Company had a cash balance of $2.4 million. The decrease from December reflects the costs required for refurbishing machines, Helios power payment for December 2024, significantly reduced mining margins, and hosting deposits.

#### Post-period highlights
The Group signed hosting agreements with Merkle Standard LLC to host 9,315 miners at Merkle’s Memphis, Tennessee location and up to 4,000 machines at its Washington State location. Approximately 1,232 units were sent to the Group’s Baie Comeau facility. A further approximately 8,000 units (6,000 were sold after 31 March