Argo Blockchain Reports 50% Revenue Growth Year-over-Year in Q1 2024
Argo Blockchain has announced its unaudited financial results for Q1 2024. The results indicate a significant improvement compared to the same period last year. Argo reported a revenue of $16.8 million, up 4% from the previous quarter, and a net loss reduction to $3.2 million, a threefold decrease from the previous year’s loss. Notably, revenues grew by almost 50% year-on-year, according to Financemagnates.
During Q1 2024, Argo mined 319 Bitcoins (BTC), averaging 3.5 BTC per day. This mining activity increased the company’s mining margin to $6.4 million from the previous year’s $5.2 million, resulting in a gross profit of $1.9 million compared to a loss in Q1 2023. Although the company did not achieve an operating profit or net income, the reported losses were significantly reduced. In the first three months of the previous year, Argo incurred losses of over $9.1 million, but this was reduced to nearly $3.2 million in 2024, marking a substantial improvement.
Despite ongoing market volatility, Argo Blockchain managed to reduce its debt by $12.4 million during the quarter, representing a 19% reduction from the balance at the end of 2023. Thomas Chippas, the Chief Executive Officer of Argo, expressed optimism about the company’s future, stating, “We exited the Bitcoin halving with cash of over $12 million, Q1 debt reduction of over $12 million and streamlined Quebec operations resulting from the sale of Mirabel. We are enthusiastic about Argo’s future growth and development and are dedicated to delivering value to our shareholders.”
Last month, Argo reported its full-year results for 2023, revealing a year of strategic adjustments amid industry challenges. While the company achieved a modest gross profit, net income remained negative. However, the company reduced its losses by 85%. During this period, Argo announced the sale of its data center in Mirabel, Canada, for $6.1 million and released its monthly mining output figures, indicating a 21% month-on-month decrease in daily Bitcoin production.
Argo is a dual-listed company with shares available on the London Stock Exchange (LSE) under the ticker ARB and NASDAQ under the ticker ARBK.
