The following is a summary of the Argo Blockchain Plc (ARBK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Argo Blockchain reported Q1 2024 revenue of approximately $17 million, marking a 4% increase primarily attributed to a rise in hash price.

• Cash balance at the end of Q1 2024 stood at $12.4 million.

• Significantly reduced debt due to an equity raise of nearly $10 million in January 2024 and the sale of the Mirabel facility.

• 319 bitcoins were mined during Q1 2024.

• Mining margin increased to 38% during the first quarter, up from 34% in Q4 2023.

• Adjusted EBITDA for Q1 2024 was $3.8 million.

Business Progress:

• Reduced overhead and operational costs by selling the Mirabel facility for $6.1 million.

• Operations were consolidated to the Baie-Comeau facility with minimal impact on revenue.

• Decreased total hash rate from 2.8 to 2.7 exahash by decommissioning and selling some older-generation machines.

• Company is optimistic about ongoing growth and is actively pursuing fitting opportunities.

• Company is committed to contributing to the clean energy transition within the bitcoin mining industry.

• In terms of growth strategy, continue to prioritize bitcoin mining operations while searching for other lucrative opportunities.

More details: Argo Blockchain IR

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