Argo Blockchain PLC Announces Q3 2021 Results and Conference Call

LONDON, UK / ACCESSWIRE / November 1, 2021 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK), (“Argo” or the “Firm”), a worldwide chief in sustainable cryptocurrency mining and blockchain, right this moment introduced its monetary outcomes for the quarter ended September 30, 2021. All $ quantities are in United States {Dollars} (“USD”) and all £ quantities are in British Kilos (“GBP”), except in any other case said.

• Generated report income of $26.0 million (£19.3 million)

• Document $17.3 million of web revenue and $28.2 million of EBITDA (£12.9 million of web revenue and £21.0 million of EBITDA)¹

• Mined 597 Bitcoin and Bitcoin Equivalents in Q3 2021

• Accomplished ADR itemizing on Nasdaq

• Development of Helios mining facility in Dickens County, Texas underway

Argo generated record-setting income, web revenue and EBITDA of $26.0 million, $17.3 million and $28.2 million, respectively, for the third quarter of 2021 (£19.3 million, £12.9 million, and £21.0 million, respectively). For the 9 months ended September 30, 2021, the Firm’s income, web revenue and EBITDA have been $67.9 million, $27.1 million and $49.8 million, respectively (£50.4 million, £20.1 million, and £36.9 million, respectively).

“From breaking floor on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public itemizing on Nasdaq in america, this quarter has been pivotal as Argo continues to scale,” said Peter Wall, Chief Govt Officer of Argo Blockchain. “I’m happy with the expansion we skilled in the course of the quarter and consider Argo is strategically positioned to proceed this momentum as we construct out our Helios facility in Texas.”

Texas Mining Facility Replace
In July 2021, Argo broke floor on its renewable energy-focused 200-megawatt (MW) cryptocurrency mining facility in Dickens County, Texas. The brand new Helios facility will bolster Argo’s mining capability and is predicted so as to add not less than 20 new, full-time jobs in Dickens County. The positioning provides Argo entry to as much as 800 MW {of electrical} energy and has garnered pleasure and help from area people members and authorities officers.

Story continues

Bitcoin Mining
Throughout the third quarter, Argo mined 597 Bitcoin and Bitcoin Equal (collectively, BTC), bringing Argo’s BTC holding to 1,836 as of September 30, 2021. Argo has been capable of obtain these outcomes whereas sustaining a gross margin of 120% and an industry-leading mining margin of 85% with a mean direct price per BTC mined of $6,293 (£4,673). On September 30, 2021, Argo executed a purchase order settlement for 20,000 Bitmain Antminer S19J Professional machines for the mining facility it’s constructing in Texas. The machines are anticipated to be delivered beginning Q2 2022 and can improve our whole hashrate capability to roughly 3.7 Exahash, up from 1.075 on the finish of Q3 2021.

(1) On account of favorable adjustments in honest worth of Bitcoin and Bitcoin Equivalents in Q3 2021, gross revenue and EBITDA exceeded income within the interval.

United States Public Itemizing on Nasdaq
Among the many many milestones skilled all through the quarter, Argo accomplished its ADR itemizing on Nasdaq on September 23, 2021. The Firm has been publicly listed on the London Inventory Alternate since August 2018 and is now listed in each jurisdictions.

Earnings Convention Name

Argo will host a convention name to debate its outcomes at 08:00 ET/12:00 GMT tomorrow, Tuesday, November 2, 2021. The dwell webcast of the decision might be accessed by way of the Investor Meet Firm platform.

Buyers can signal as much as Investor Meet Firm totally free and add Argo Blockchain by way of the next hyperlink: https://www.investormeetcompany.com/argo-blockchain-plc/register-investor

Buyers already following Argo Blockchain on the Investor Meet Firm platform will likely be invited routinely.

Ahead-Wanting Info
This press launch comprises forward-looking statements throughout the that means of relevant securities legal guidelines with respect to our cryptocurrency mining facility in Texas. All statements, aside from statements of historic info, included on this press launch that tackle actions, occasions or developments that the Firm expects, believes or anticipates will or might happen sooner or later are forward-looking statements. With out limiting the generality of the foregoing, forward-looking statements contained on this press launch particularly embrace the expectations of plans, methods, targets, and anticipated monetary and working outcomes of the Firm, together with hash charges, the Firm’s mining program, supply schedules, future hashrates and different steerage included on this press launch. These statements are based mostly on sure assumptions made by the Firm based mostly on administration’s expertise and notion of historic developments, present circumstances, anticipated future developments and different components believed to be applicable. Such statements are topic to quite a few assumptions, dangers and uncertainties, lots of that are past the management of the Firm, which can trigger precise outcomes to vary materially from these implied or expressed by the forward-looking statements. Precise outcomes might differ from these described herein for a wide range of causes, together with unanticipated delays in machine supply as a result of element provide shortages or different causes, or disruptions to the Firm’s present mining fleet that would cut back future hashrate. For a extra full dialogue of things that would trigger our precise outcomes to vary from these described on this announcement, please consult with the filings that Firm makes every now and then with america Securities and Alternate Fee and the UK Monetary Conduct Authority, together with the part entitled “Danger Components” within the Firm’s Registration Assertion on Type F-1.

Non-IFRS Measures
Bitcoin and Bitcoin Equal Mining Margin and EBITDA are monetary measures not outlined by IFRS. We consider Bitcoin and Bitcoin Equal Mining Margin and EBITDA have limitations as analytical instruments. Specifically, Bitcoin and Bitcoin Equal Mining Margin excludes the depreciation of mining tools and so doesn’t replicate the total price of our mining operations, and it additionally excludes the results of fluctuations within the worth of digital currencies and realized losses on the sale of digital belongings, which have an effect on our IFRS gross revenue. Additional, EBITDA excludes curiosity revenue (expense), taxes, depreciation and amortization, that are vital elements of our IFRS web revenue/(loss). These measures shouldn’t be thought-about as a substitute for gross margin or web revenue/(loss), as relevant, decided in accordance with IFRS, or different IFRS measures. These measures will not be essentially similar to equally titled measures utilized by different firms. Consequently, you shouldn’t contemplate these measures in isolation from, or in its place evaluation for, our gross margin or web revenue/(loss), as relevant, as decided in accordance with IFRS.

Working and Monetary Overview

The next desk exhibits a reconciliation of Bitcoin and Bitcoin Equal Mining Margin to gross margin, essentially the most straight comparable IFRS measure, for the three months ended September 30, 2021 and the 9 months ended September 30, 2021.

The next desk exhibits a reconciliation of EBITDA to web revenue, essentially the most straight comparable IFRS measure, for the three months ended September 30, 2021 and the 9 months ended September 30, 2021.

⁽¹⁾ On account of favorable adjustments in honest worth of Bitcoin and Bitcoin Equivalents in Q3 2021, gross revenue and EBITDA exceeded income within the interval.

*Greenback values translated from pound sterling into U.S. {dollars} on the price of £1.00 to $1.347, which was the midday shopping for price of the Federal Reserve Financial institution of New York on September 30, 2021.

This launch comprises inside data.

For additional data, please contact:

About Argo:

Argo Blockchain plc is a worldwide chief in cryptocurrency mining with one of many largest and most effective operations powered by clear vitality. The Firm is headquartered in London, UK and its shares are listed on the Essential Market of the London Inventory Alternate below the ticker: ARB and on the Nasdaq International Choose Market in america below the ticker: ARBK.

This data is offered by RNS, the information service of the London Inventory Alternate. RNS is accepted by the Monetary Conduct Authority to behave as a Major Info Supplier in the UK. Phrases and circumstances referring to the use and distribution of this data might apply. For additional data, please contact rns@lseg.com or go to www.rns.com.

SOURCE: Argo Blockchain plc

View supply model on accesswire.com:
https://www.accesswire.com/670623/Argo-Blockchain-PLC-Announces-Q3-2021-Results-and-Conference-Call