Argo Blockchain H1 Revenue $29.3M Up From $24M YoY, Net loss $32.7M Down From $18.6M YoY
Portfolio Pulse from Benzinga Newsdesk
Argo Blockchain reported H1 2024 revenue of $29.3M, an 18% increase YoY, despite a 46% decrease in Bitcoin mined. The net loss widened to $32.7M from $18.6M YoY. The company raised funds through share issuance and reduced its Galaxy loan significantly. It also recorded a $22M impairment on mining machines.
August 28, 2024 | 6:20 am
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Argo Blockchain's H1 2024 revenue increased by 18% to $29.3M, driven by higher Bitcoin prices, despite a 46% decrease in Bitcoin mined. The net loss increased to $32.7M due to a $22M impairment on mining machines. The company reduced its Galaxy loan and raised funds through share issuance.
The increase in revenue is positive, but the significant net loss and impairment on mining machines are concerning. The reduction in the Galaxy loan and successful fundraising are positive steps. Overall, the mixed results suggest a neutral short-term impact on the stock price.
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IMPORTANCE 80
RELEVANCE 100