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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