Argo Blockchain Plc Stock Price, News & Analysis

Argo Blockchain announces a delay in publishing its 2024 annual financial report, originally due April 30, 2025. The delay stems from resources being directed toward restating the 2023 20-F following an SEC comment letter regarding digital assets accounting treatment.

The company has requested a temporary suspension of its shares from the London Stock Exchange effective May 1, 2025, with expected report publication around May 9, 2025. The SEC review was completed on April 25, 2025, resulting in decreased net losses for 2022-2023 and decreased net income for 2021.

Preliminary unaudited 2024 results show:

• Revenue: $47.0 million (down from $50.6 million in 2023)
• Net loss: $54.4 million (increased from $34.6 million)
• Adjusted EBITDA: $5.6 million (decreased from $7.7 million)
• Cash balance: $8.6 million (up from $7.4 million)

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has appointed Justin Nolan as Chief Executive Officer and Director, effective March 22, 2025. Nolan, who previously served as CEO at Arkon Energy and Chief Growth Officer at Argo, brings significant industry experience to the role.

During his earlier tenure at Argo, Nolan was instrumental in expanding operations, particularly in developing the Helios project. He co-founded DPN , which initially developed Helios before Argo's acquisition in March 2021.

As part of his compensation package, Nolan has been awarded 22,250,000 performance share units (PSUs) that vest over three years, subject to performance conditions and continued employment. The PSUs vest in three equal tranches at 12, 24, and 36 months from the grant date.

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced significant updates to its hosting arrangements. The company has expanded its hosting agreement with Merkle Standard , increasing the number of S19J Pro miners at Merkle's Memphis, Tennessee location to 9,315 units, up from the previously reported 8,113 in February 2025.

Additionally, 4,000 S19J Pro miners will be hosted at Merkle's Washington State facility, while 2,500 units will be installed at Argo's Baie Comeau, Quebec facility. The company has also agreed to sell 2,000 S19J Pro miners for approximately $550,000.

By the end of April 2025, Argo expects 69% of the roughly 23,000 miners previously hosted at Helios to be operational. The company will evaluate market conditions to determine whether to sell or rehost the remaining approximately 5,000 S19J Pro miners.

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has expanded its hosting arrangement with Merkle Standard , increasing the number of S19J Pro miners to be hosted at Merkle's Memphis, Tennessee location from 5,293 to 8,113 miners. The deployment will occur during February and March 2025 for a minimum one-year term.

Additionally, 2,500 S19J Pro miners will be hosted at Argo's Baie Comeau, Quebec facility where capacity is available. By the end of March, approximately 46% of the 23,000 miners previously hosted at Helios will be operational. The company expects its hashrate to steadily increase during February and March as the refurbishment process continues.

Argo is currently in discussions regarding hosting arrangements for the remaining miners and will provide updates as progress is made.

Argo Blockchain PLC has released its six-monthly block listing return for the period from August 16, 2024, to February 14, 2025. The report details the status of warrants under their block listing scheme. The balance of unallotted securities from the previous return was 31,406,429. During this period, there were no new increases to the block scheme and no securities were issued or allotted. As a result, the balance of securities not yet issued/allotted at the end of the period remains unchanged at 31,406,429.

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced significant insider buying activity by Jim MacCallum, the company's Interim Chief Executive Officer and Chief Financial Officer. Between January 29-30, 2025, MacCallum purchased a total of 75,000 American Depositary Receipts (ADRs) in three separate transactions:

- 25,000 ADRs at US $0.4550 per ADR
- 25,000 ADRs at US $0.4600 per ADR
- 25,000 ADRs at US $0.4700 per ADR

The aggregate weighted average price was US $0.4617 per ADR, representing a total investment of approximately US $34,627.50.

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has secured a hosting arrangement with Merkle Standard to host 5,293 S19J Pro miners at their Memphis, Tennessee location, with deployment scheduled for February under a minimum one-year term. Additionally, 2,500 S19J Pro miners will be hosted at Argo's Baie Comeau, Quebec facility.

The miners, previously hosted at Helios, are being refurbished and converted from immersion-based to air-cooled systems, with completion expected by March end. February shipments are planned to both Merkle and Baie Comeau locations. Once these deployments are complete by February end, approximately one-third of the 23,000 miners previously at Helios will be operational.

The company expects its hashrate to gradually increase during February as the refurbishment process continues. Discussions are ongoing with Merkle for potential expansion and with other parties for hosting the remaining miners.

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced that CEO Thomas Chippas will step down from his positions as Chief Executive Officer and Director, effective February 28, 2025. The company plans to engage an executive search firm to select a new CEO and will provide market updates accordingly.

In the interim period, current Chief Financial Officer Jim MacCallum has been appointed as interim-CEO. Board Chairman Matthew Shaw acknowledged Chippas's significant contributions to Argo, particularly highlighting his role in the early repayment of the Galaxy loan and improvements to the company's balance sheet.

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement, as its American Depositary Shares (ADS) traded below $1.00 for 30 consecutive business days.

The company has until July 15, 2025, to regain compliance with this requirement. Compliance can be achieved if the ADS bid price closes at or above $1.00 for a minimum of 10 consecutive business days before the deadline. During this period, Argo's ADSs will continue trading on the Nasdaq Global Select Market.

The notification does not affect Argo's business operations or its listing on the London Stock Exchange. The company will monitor its ADS bid price and evaluate options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1).