Argo
Blockchain (LSE: ARB; NASDAQ: ARBK), a major cryptocurrency mining company,
recently shared its unaudited financial results for Q1 2023. Although the
report showed notable improvements in revenue, cash reserves, and cost
reductions, the company could not achieve a positive net result.
Argo Blockchain Boosts
Revenues in Q1 2023
Argo
Blockchain ended the first quarter with a substantial balance of $14.2 million
in cash and 85 Bitcoin or Bitcoin Equivalents (BTC) in its reserves. The
company reported a revenue increase of 15% from Q4 2022, totaling $11.4
million. Despite a net loss of $8.7 million, Argo Blockchain demonstrated
resilience by achieving an adjusted EBITDA of $1.6 million.
Throughout
the quarter, Argo Blockchain displayed consistent mining performance, mining an
average of 5.3 BTC per day, totaling 491 BTC. Mining margins for the quarter
improved significantly to 49%, up from 35% in Q4 2022.
New RNS: Argo released its Q1 2023 earnings today:
+Cash of $14m at the end of March
+Q1 revenue of $11m (up 15% from Q4’22)
+Mining margin of 49% (up from 35% in Q4’22)
+Reduced opex by 70% from H2’22
+BlockMiners to add 300 PH/sRNS: https://t.co/OjBHf7KGyq#ARB$ARBK#BTC
— Argo (@ArgoBlockchain) June 6, 2023
“The Argo
team is moving ahead with a focus on financial discipline, operational
excellence, and growth and strategic partnerships,” Seif El-Bakly, the
Interim Chief Executive Officer of Argo, said. “To…
