Argo Blockchain PLC Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights
  • Bitcoin Production: 1,760 BTC mined in 2023, an 18% decrease from 2022 due to a 71% YoY increase in network difficulty.
  • Revenue: $50.6 million in 2023, down 14% from $59 million in 2022, mainly due to lower BTC production.
  • Mining Margin: 43% for 2023, down from 54% in 2022, attributed to increased network competition.
  • Cost Management: Direct cost per BTC mined in 2023 was $16,363. All-in average power and hosting costs were just under $0.05/kWh.
  • Adjusted EBITDA: Positive $8.3 million for 2023, compared to a loss of $47 million in 2022.
  • Debt Reduction: $24 million debt paid down during 2023 and Q1 2024, bringing total debt to $54 million at end of Q1 2024.
  • Cash Position: $12 million cash on hand at March 31, 2024, up from $7.4 million at 2023 year-end.
  • Q4 2023 Performance:
    • 443 BTC mined, a 20% increase over Q3 2023 due to reduced economic curtailment in Texas.
    • Q4 adjusted EBITDA was $3.6 million, continuing sequential quarterly growth.
    • Bitcoin price realized: $36,500 (up 30% from $28,100 in Q3).
    • Non-mining OpEx down 12% QoQ to $3.1 million.
    • Economic curtailment revenue: $7.2 million for 2023.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good afternoon, and welcome to the Argo Blockchain plc Investor Presentation. Throughout this recorded presentation investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every questioner received during the meeting itself. However, the company can review all questions submitted today and will publish those 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 management team from Argo Blockchain plc. Tom, good afternoon, sir. Tom Divine: Thanks, Lilly. 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 Q4 and full year 2023 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: Thanks, Tom, and thank you to everyone for joining us today. I am excited to be speaking with you and certainly it's been a busy few months since I stated and I'm eager to fill you in on what we've been working on. This is my first earnings call since joining Argo back

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional