Argo Blockchain PLC Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Bitcoin Production: Mined 123 BTC in Q3 2024 (~1.3 BTC/day), down from ~156 BTC in Q2 2024.
  • Revenue: $7.5 million in Q3 2024 compared to $12.4 million in Q2 2024 and $10.4 million in Q3 2023. YTD revenue at $36.7 million vs $34.4 million for the same period in 2023.
  • Mining Margin: Declined to 8% in Q3 2024 from 41% in Q2 2024 and 58% in Q3 2023 due to lower BTC prices and higher energy costs.
  • Adjusted EBITDA: Q3 2024 negative $2.1 million compared to +$2.6 million in Q2 2024. YTD adjusted EBITDA positive $4.0 million vs. $5.2 million in 2023 YTD.
  • Net Loss: $6.3 million in Q3; $39.2 million YTD.
  • Debt Repayment: Repaid $12.4 million, including full repayment of the Galaxy loan, four months ahead of schedule. Elimination of $1.1 million/month amortization enhances cash flow.
  • Cash & Holdings: $2.5 million cash and 4 Bitcoin equivalents held at quarter-end.
  • Legal Update: Murphy vs. Argo Blockchain class action lawsuit dismissed with prejudice in October.
  • Helios Update: Galaxy will not renew hosting agreement past December 2024 (2.4 exahash fleet affected). Argo is exploring alternative arrangements or potential asset sales.

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Operator: Good afternoon, ladies and gentlemen, and welcome to the Argo Blockchain plc Q3 Results Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. [Operator Instructions] I'd now like to hand over to Markella, Financial Communications Representative of Argo Blockchain. Markella Zarifi: Thank you, Mark. Before we begin, I would 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. And with us today for our discussion of Q3 2024 results are Thomas Chippas, Argo's Chief Executive Officer and Jim MacCallum, Argo's Chief Financial Officer. And now I'll turn it over to Thomas for some introductory remarks. Thomas Chippas: Thank you, Markela, and thank you to everyone for joining us today as we talk about our progress so far this quarter and this year. Argo remains focused on our three key pillars, financial discipline, operational excellence and growth through strategic partnerships. By maintaining this focus, we're steadily positioning the company to seize new opportunities for growth and development as well as whether some of the sector headwinds we'll talk about. We're committed to creating long-term shareholder value and we continue to make positive steps both for debt repayment and growth. First a few comments on the macro environment. In Q3 2024, the macroeconomic environme

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