Argo Blockchain PLC Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Argo Blockchain Q3 2023 Earnings Summary

  • Bitcoin Mined: 370 BTC in Q3 2023.
  • Total Revenue: $10.4 million, a decrease of 17% compared to Q2 2023 ($12.5 million).
  • Reason for Revenue Decline: Economic curtailment at the Helios site during peak power price periods in August and September.
  • Offsetting Power Credits: $4.4 million earned via power trading activities during curtailment under the hosting agreement at Helios.
  • Mining Margin: 58% in Q3 2023, up from 36% in Q2 2023.
  • Average Direct Cost per Bitcoin: $11,736.
  • Adjusted EBITDA: $3.1 million in Q3, an increase from $1.1 million in Q2.
  • Cash Balance: $8 million at September 30, 2023, compared to $9.1 million (inclusive of power receivables) at June 30.
  • Debt Reduction: $5 million paid down in Galaxy debt; total debt reduced to $70 million from $75 million.
  • Non-Mining Operating Expense Reduction: Down 11% in Q3 compared to Q2; overall reduction of >70% since H2 2022.
  • Hashrate Capacity: Increased to 2.8 EH/s after deploying 2,700 ePIC BlockMiners in Quebec, adding 300 PH/s.

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Operator: Good afternoon, and welcome to the Argo Blockchain plc Q3 Update Investor Presentation. Throughout this recorded presentation investors will be in listen-only mode. Questions are encouraged, can be submitted at any time by the Q&A tab situated on the right-hand corner of your screen, click Q&A scroll to the bottom type your question and press send. Given the large attendance on today's call, the Company will not be in a position to answer every question received during the meeting itself. However, the Company will review all questions submitted today, will publish responses where it's appropriate to do so. Before we begin, I would like to submit the following poll. I'd now like to hand you over to Tom Divine, Vice President of Investor Relations. Good afternoon. Tom Divine: Thank you, Paul. Before we begin, I'd like to remind everyone that today's presentation and remarks may contain forward-looking statements. For our full risk factors, please see our Form 20-F filed with the Securities and Exchange Commission for the year 2022. With us today for our discussion of Q3 2023 results are Seif El-Bakly, Argo's Interim Chief Executive Officer; and Jim MacCallum, Argo's Chief Financial Officer. And now I'll turn it over to Seif. Seif El-Bakly: Thanks, Tom. Hi, everyone. Thanks for joining us today to discuss our Q3 results. It was a strong quarter for us, and I'm excited to dive into the numbers. Just a quick reminder for everyone of our three key priorities that helped g

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