ARGO INFO/Could applied to all miners/Next quarter could bet FYI, GLTA Could applied to all miners / Next quarter could look better.
(Alliance News) - Argo Blockchain PLC on Wednesday said its revenue fell in a "difficult" third quarter, while its loss widened in the year to date.
London-based Argo is a blockchain technology company focused on cryptocurrency mining with operations in the US and Canada.
Pretax loss in the three months to September 30 narrowed to USD6.3 million from USD9.9 million year-on-year. In the financial year to date, pretax loss widened to USD38.8 million from USD24.5 million.
Revenue decreased by 28% in the third quarter to USD7.5 million from USD10.4 million. Revenue has grown in the year to date by 6.7% year-on-year to USD36.7 million from USD34.4 million.
The mining margin percentage for the period was 8%, down from 58% last year. Argo said the prior year period "benefited from significant power credits due to economic curtailments".
Adjusted earnings before interest, tax, depreciation and amortisation swung to a loss of USD2.1 million in the third quarter from a positive USD2.4 million last year. Adjusted Ebitda for the financial year so far fell 25% to USD3.9 million from USD5.2 million.
Argo Chief Executive Officer Thomas Chippas said: "The third quarter was a difficult quarter for bitcoin miners, including Argo. It is positive that we have seen improvement in bitcoin mining economics in October... and that this has continued into November which has also been strong... At this juncture for the industry, we are keenly focused on growth opportunities that play to our deep expertise."
The price of bitcoin has risen by 39% to USD94,238 from USD67,814 on November 5, the day Donald Trump was elected as the next president of the United States. President-elect Trump advocated for the promotion and deregulation of cryptocurrency during the election campaign.
The chief executive officer of financial advisor deVere Group Nigel Green on Wednesday predicted bitcoin could reach USD120,000 in the first quarter of 2025 in the wake of Trump's victory.
Argo shares were down 1.9% to 8.50 pence in London on Wednesday afternoon.