Argo Blockchain PLC Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights

  • Revenue: $17 million, an increase of 4% from Q4 2023 ($16.2 million), driven by elevated hash price in early Q1.
  • Bitcoin Mined: 319 BTC in Q1 2024.
  • Mining Margin: 38%, up from 34% in Q4 2023. Improved due to economic curtailment and cost optimization.
  • Cash Position: $12.4 million at March 31, 2024, up from $7.4 million at Dec 31, 2023.
  • Adjusted EBITDA: $3.8 million in Q1 2024 (~2x increase YoY).
  • Debt Reduction: Decreased debt by over $12 million during Q1. Galaxy debt stands at $12.8 million, down from $35 million a year ago.

Operational Highlights

  • Facility Optimization: Sold Mirabel facility for $6.1M (approx. $1.2M/MW). Consolidated Quebec operations to Baie-Comeau with minimal impact on revenue.
  • Ongoing Strategy: Focus on deleveraging, operational excellence, and strategic growth partnerships.
  • Hash Rate:
    • Total: 2.7 EH/s (dropped from 2.8 EH/s due to decommissioning older machines).
    • Helios, TX: 2.4 EH/s (S19j Pro miners, 30–35 J/TH efficiency).
    • Baie-Comeau, QC: ~300 PH/s (ePIC BlockMiners, 30–35 J/TH).

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Operator: Good afternoon, and welcome to the Argo Blockchain plc Q1 update. Throughout this recorded meeting, investors will be in listen-only mode. [Operator Instructions] The company may not be in a position to answer every question received during the meeting itself, though the company can view all questions submitted today and publish responses where it's appropriate to do so. Before we go, we'd like to submit the following poll. I'd now like to hand over to Markella Zarifi, Argo's Financial Communications Representative. Good afternoon. Markella Zarifi : Thank you, Paul. Before we begin, I'd like to remind everyone that today's presentation and remarks may contain forward-looking statements. Please see our Form 20-F filed with the Securities and Exchange Commission for our full risk disclosures. With us today for our discussion of Q1 2024 results are Thomas Chippas, Argo's Chief Executive Officer; and Jim MacCallum, Argo's Chief Financial Officer. And now I'll turn now over to Thomas for some introductory remarks. Thomas Chippas: Thank you, Markella, and thank you, everyone, for joining us today. We recently shared our 2023 full year results, and I'm excited to update you on our progress since then for this quarter. As everyone is aware, the fourth bitcoin halving occurred just over a month ago, and Argo exited halving with a stronger balance sheet and leaner operations. As seen here, financial discipline, including deleveraging; operational excellence; and certainly, gr

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