The following is a summary of the Argo Blockchain Plc (ARBK) Q4 & FY 2023 Results Earnings Call Transcript:

Financial Performance:

• Argo Blockchain generated revenue of over $50 million in 2023, a decrease of 14% from 2022 due to increased global hash rate and network difficulty.

• 1,760 Bitcoins were mined during 2023, contributing to the company's revenue.

• 'Economic curtailment' practices during high power price periods led to $7.2 million power credits during the year, reducing costs and resulting in a mining margin of 43%.

• The average all-in power and hosting costs for 2023 was under $0.05 per kilowatt hour across all three sites.

• Adjusted EBITDA reached $8.3 million, significantly higher than 2022's negative $47 million.

• The company reduced debt by $12 million and ended the year with $7.4 million cash, raised nearly $10 million through share placement in Q1 2024, and sold the Mirabel facility for $6.1 million.

• Q4 saw much higher revenue than Q3 due to increased Bitcoin prices, and an equity raise in Q1 2024 resulted in gross proceeds of $9.9 million.

Business Progress:

• Argo Blockchain emphasized financial discipline, deleveraging, operational excellence, and growth strategies, including strategic partnerships for a sustainable future.

• Through 'economic curtailment', the company was able to shut down operations and sell electricity during high power price periods, leading to significant mining margins.

• The company plans to accelerate investment in infrastructure and machines for growth, and is in discussions with energy generators to leverage Bitcoin mining's flexibility.

More details: Argo Blockchain IR

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