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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Argo Blockchain PLC (PK) | USOTC:ARBKF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1465 | 0.1465 | 0.1465 | 0.00 | 01:00:00 |
Exhibit
No.
1
|
Description
Q3 2023
Results dated 14 November 2023
|
|
Three months ended 30 Sept 2023
(unaudited)
|
Three months ended 30 Sept 2022
(unaudited)
|
Nine months ended 30 Sept 2023
(unaudited)
|
Nine months ended 30 Sept 2022
(unaudited)
|
|
$USD
|
$'000
|
$'000
|
$'000
|
$'000
|
|
|
|
|
|
|
|
Revenues
|
10,407
|
13,097
|
34,403
|
47,741
|
|
Direct costs
|
(8,770)
|
(7,852)
|
(23,863)
|
(18,055)
|
|
Power credits
|
4,426
|
118
|
5,710
|
118
|
|
Mining margin
|
6,063
|
5,363
|
16,250
|
29,804
|
|
|
|
|
|
|
|
Depreciation of mining equipment
|
(6,181)
|
(763)
|
(18,228)
|
(14,844)
|
|
Change in fair value of digital currencies
|
(635)
|
(2,491)
|
(146)
|
(57,502)
|
|
Gross margin
|
(753)
|
2,109
|
(2,124)
|
(42,542)
|
|
|
|
|
|
|
|
Operating costs and expenses
|
(3,079)
|
(11,541)
|
(10,942)
|
(23,195)
|
|
Restructuring and one-time items
|
(1,526)
|
-
|
(2,925)
|
-
|
|
Foreign exchange
|
(144)
|
2,232
|
1,259
|
15,551
|
|
Depreciation and amortisation
|
(528)
|
(4,729)
|
(1,179)
|
(5,852)
|
|
Share based payment
|
(920)
|
(2,754)
|
(2,809)
|
(6,408)
|
|
Operating loss
|
(6,950)
|
(14,683)
|
(18,720)
|
(62,446)
|
|
|
|
|
|
|
|
Finance cost
|
(2,763)
|
(2,560)
|
(9,100)
|
(7,071)
|
|
Other income
|
75
|
(798)
|
75
|
(994)
|
|
Equity accounted loss from associate
|
(259)
|
-
|
(717)
|
(636)
|
|
Revalue of contingent consideration
|
-
|
-
|
-
|
5,239
|
|
Loss before taxation
|
(9,897)
|
(18,041)
|
(28,462)
|
(65,908)
|
|
|
|
|
|
|
|
Tax recovery
|
-
|
-
|
2,321
|
8,286
|
|
Net loss
|
(9,897)
|
(18,041)
|
(26,141)
|
(57,622)
|
|
Currency translation reserve
|
699
|
(30,792)
|
(863)
|
(36,518)
|
|
Equity accounted OCI from associate
|
-
|
173
|
-
|
(10,620)
|
|
Fair value loss on intangible digital assets
|
-
|
537
|
-
|
-
|
|
Total other comprehensive income (loss)
|
699
|
(30,082)
|
(863)
|
(47,138)
|
|
|
|
|
|
|
|
Total comprehensive loss
|
(9,198)
|
(48,123)
|
(27,004)
|
(104,760)
|
|
|
|
|
|
|
|
Weighted Average Shares outstanding '000
|
523,450
|
477,825
|
493,201
|
472,174
|
|
Basic earnings per share*
|
$(0.02)
|
$(0.04)
|
$(0.05)
|
$(0.12)
|
|
|
As at
|
As at
|
|
30 September 2023
(unaudited)
|
31 December
2022
(unaudited)
|
$USD
|
$'000
|
$'000
|
ASSETS
|
|
|
Non-current assets
|
|
|
Investments at fair value through income and loss
|
426
|
414
|
Investments accounted for using the equity method
|
2,198
|
2,863
|
Intangible assets
|
785
|
2,103
|
Property, plant and equipment
|
63,923
|
76,992
|
Right of use assets
|
526
|
525
|
Total non-current assets
|
67,858
|
82,897
|
Current assets
|
|
|
Trade and other receivables
|
8,033
|
6,802
|
Digital assets
|
139
|
443
|
Cash and cash equivalents
|
7,987
|
20,092
|
Total current assets
|
16,159
|
27,337
|
|
|
|
Total assets
|
84,017
|
110,234
|
EQUITY AND LIABILITIES
|
|
|
Equity
|
|
|
Share capital
|
710
|
634
|
Share premium
|
209,545
|
202,103
|
Share based payment reserve
|
11,321
|
8,528
|
Foreign currency translation reserve
|
(29,758)
|
(28,895)
|
Accumulated surplus (deficit)
|
(194,764)
|
(168,623)
|
Total equity
|
(2,946)
|
13,747
|
Current liabilities
|
|
|
Trade and other payables
|
9,802
|
10,028
|
Loans and borrowings
|
13,735
|
11,605
|
Deferred tax
|
3,820
|
2,648
|
Total current liabilities
|
27,357
|
24,281
|
Non - current liabilities
|
|
|
Deferred tax
|
4,806
|
7,941
|
Issued debt - bond
|
38,077
|
37,809
|
Loans and borrowings
|
16,180
|
25,916
|
Lease liability
|
543
|
540
|
Total non-current liabilities
|
59,606
|
72,206
|
|
|
|
Total equity and liabilities
|
84,017
|
110,234
|
|
Nine months ended
|
||
|
30 September 2023
(unaudited)
|
||
$USD
|
$'000
|
||
Cash flows from operating activities
|
|
||
Loss before tax
|
(28,462)
|
||
Adjustments for:
|
|
||
Depreciation and amortisation
|
19,407
|
||
Foreign exchange movements
|
(1,259)
|
||
Finance cost
|
9,100
|
||
Fair value change in digital assets
|
635
|
||
Realised loss in digital assets
|
(489)
|
||
Share of equity accounted loss from associate
|
717
|
||
Share based payment expense
|
2,809
|
||
Working capital changes:
|
|
||
Increase in trade and other receivables
|
(4,532)
|
||
Decrease in trade and other payables
|
(117)
|
||
Decrease in digital assets
|
306
|
||
Net cash flow (used in)/from operating activities
|
(1,885)
|
||
Investing activities
|
|
||
Proceeds from sale of intangibles/investments
|
989
|
||
Purchase of tangible fixed assets
|
(1,590)
|
||
Net cash used in investing activities
|
(601)
|
||
Financing activities
|
|
||
Proceeds from borrowings
|
811
|
||
Loan repayments
|
(8,417)
|
||
Interest paid
|
(8,015)
|
||
Proceeds from shares issued
|
7,518
|
||
Net cash from (used in)/from financing activities
|
(8,103)
|
||
Net decrease in cash and cash equivalents
|
(10,589)
|
||
Effect of foreign exchange changes in cash
|
(1,516)
|
||
Cash and cash equivalents, beginning of period
|
20,092
|
||
Cash and cash equivalents, end of period
|
7,987
|
||
|
|
|
|
Three months ended
|
Three months ended
|
Nine months
ended
|
Nine months ended
|
|
30 September 2023
|
30 September 2022
|
30 September 2023
|
30 September 2022
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
$USD
|
$'000
|
$'000
|
$'000
|
$'000
|
|
|
|
|
|
Gross margin
|
(753)
|
2,109
|
(2,124)
|
(42,542)
|
Gross margin percentage
|
(7%)
|
16%
|
(6%)
|
(89%)
|
Depreciation of mining equipment
|
6,181
|
763
|
18,228
|
14,844
|
Change in fair value of digital currencies
|
635
|
2,491
|
146
|
57,502
|
|
|
|
|
|
Mining margin
|
6,063
|
5,363
|
16,250
|
29,804
|
Mining margin percentage
|
58%
|
41%
|
47%
|
62%
|
|
Three months ended
|
Three months ended
|
Nine months
ended
|
Nine months ended
|
|
30 September 2023
|
30 September 2022
|
30 September 2023
|
30 September 2022
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
$USD
|
$'000
|
$'000
|
$'000
|
$'000
|
Net loss
|
(9,897)
|
(18,041)
|
(26,141)
|
(57,622)
|
Interest expense
|
2,763
|
2,560
|
9,100
|
7,071
|
Depreciation and amortisation
|
6,709
|
5,492
|
19,407
|
20,696
|
Income tax
|
-
|
-
|
(2,321)
|
(8,286)
|
Restructuring and one-time items
|
1,526
|
-
|
2,925
|
-
|
Foreign exchange
|
144
|
(2,232)
|
(1,259)
|
(15,551)
|
Share based payment
|
920
|
2,754
|
2,809
|
6,408
|
Change in fair value of digital currencies
|
635
|
2,491
|
146
|
57,502
|
Equity accounting loss from associate
|
259
|
-
|
717
|
636
|
Adjusted EBITDA
|
3,059
|
(6,976)
|
5,383
|
10,854
|
Argo Blockchain
|
|
Investor Relations
|
ir@argoblockchain.com
|
Tennyson Securities
|
|
Corporate
Broker
Peter Krens
|
+44 207 186 9030
|
Fortified Securities
|
|
Joint
Broker
Guy Wheatley, CFA
|
+44 7493 989014
guy.wheatley@fortifiedsecurities.com
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
argoblock@tancredigroup.com
|
Date:
14 November,2023
|
ARGO BLOCKCHAIN PLC
By:
/s/ Jim
MacCallum
Name:
Jim MacCallum
Title:
Chief Financial Officer
|
1 Year Argo Blockchain (PK) Chart |
1 Month Argo Blockchain (PK) Chart |
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