Argo Blockchain PLC, a global leader in cryptocurrency mining, has released its unaudited financial results for the quarter ended 31 March 2024. The company ended the quarter with $12.4 million in cash and 11 Bitcoin or Bitcoin Equivalent. They reduced their debt by $12.4 million, representing a 19% reduction from the previous quarter. The revenue for Q1 2024 was $16.8 million, marking a 4% increase compared to Q4 2023. The total BTC mined in the quarter was 319, with a mining margin percentage of 38%, an increase from the previous quarter's 34%. The net loss for the quarter was $3.2 million, with an adjusted EBITDA of $3.8 million.
Thomas Chippas, the Chief Executive Officer of Argo, expressed satisfaction with the results, stating, "Q1 was strong in terms of revenue and earnings, both of which increased compared to Q4 2023." He highlighted the company's financial discipline, operational excellence, and the streamlined Quebec operations resulting from the sale of Mirabel. Chippas also emphasized the company's enthusiasm about future growth and development, as well as their dedication to delivering value to shareholders.
Argo will host a conference call to discuss its results on Thursday, 23 May 2024. The company's announcement contains forward-looking statements, reflecting its current views, interpretations, beliefs, or expectations regarding financial performance, business strategy, and future operations. The announcement also includes non-IFRS measures, such as Bitcoin and Bitcoin Equivalent Mining Margin and Adjusted EBITDA, which the company believes have limitations as analytical tools.
The company's forward-looking statements address risks and uncertainties, and there are important factors that could cause the company's actual results, prospects, and performance to differ materially from those indicated in the statements. Argo Blockchain PLC undertakes no obligation publicly to update or review any forward-looking statement, except as required by applicable law and regulations. For a more complete discussion of factors that could cause actual results to differ, the company advises referring to its filings with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Annual Report on Form 20-F.