Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK) chief executive Thomas Chippas told investors that management is keenly focused on growth opportunities that play to its deep expertise.
It comes as the cryptocurrency miner and financial technology developer reported its financial results for the third quarter of 2024, with revenue of $7.50 million for the quarter and $36.70 million for the nine months ended September 30.
Argo said it mined 123 Bitcoin (BTC) during the period, averaging 1.3 BTC per day albeit the firm’s mining margin declined substantially year-on-year.
The firm reported a net loss of $6.30 million in Q3, narrowing from the $9.90 million loss recorded a year ago.
Nonetheless, the company reduced its debt by $12.40 million during the quarter, including full repayment of a loan, and it ended the period with $2.50 million of cash plus at that time it held four BTC.
Post-quarter, the company noted that a class action lawsuit was dismissed with prejudice.
Additionally, Argo highlighted that it had entered a non-binding letter of intent to explore expanding High Performance Computing (HPC) capabilities at its Baie-Comeau facility.
However, the company noted (as previously announced earlier this month) that a hosting agreement with Galaxy will not be renewed, and is now set to expire on December 28.
A backdrop of Bitcoin’s rampant rally following Donald Trump’s recent election victory has meanwhile provided some relief on the economic rewards to Bitcoin mining ventures – with the BTC price rising to record levels above $90,000 per unit.
"The third quarter was a difficult quarter for BTC miners, including Argo,” Chippas said in today’s statement. “It is positive that we have seen improvement in BTC mining economics in October, as noted in our October operations update, and that this has continued into November which has also been strong.
“The High Performance Computing hosting opportunity at our Baie Comeau facility is exciting and demonstrates our ability to diversify our capabilities beyond BTC into the growing AI computational market.
“At this juncture for the industry, we are keenly focused on growth opportunities that play to our deep expertise."