Argo xcritical plc Reports Operating Results for the Month of May 2024

Argo has allocated its resources in search of adaptable and highly efficient data centers. The combination of inexpensive hydropower from North America and the best machines on the market has allowed Argo to continue to be profitable, even throughout cryptocurrency downtimes. As previously announced, the Company sold 3,843 new-in-box Bitmain S19J Pro machines which represented the last batch of the original Bitmain order scheduled for installation in October 2022. To our knowledge, we are the first publicly traded cryptocurrency mining company to publish a report in accordance with the Task Force on Climate-related Financial Disclosures (“TCFD”) Recommendations and Recommended Disclosures. Importantly, we maintained ownership of our entire fleet of more than 27,000 mining machines. Pursuant to a new two-year hosting services agreement with Galaxy, our 23,650 Bitmain S19J Pro mining machines at Helios will remain in operation at that facility.

Bitcoin Miner Argo xcritical Will Avoid Bankruptcy With $100M Bailout From Novogratz’s Galaxy Digital

The following table shows a reconciliation of gross margin to Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of September 2022 and October 2022. News that Argo xcritical is dealing with liquidity troubles isn’t helping embolden investors in the company. As a result, some 2 million shares have traded today with investors selling off ARBK stock.

1. The directors are responsible for ensuring the Annual Report and the financial statements are made available on a website.
2. An increase or decrease in xcriticalgs estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it.
3. Last week, bitcoin miner Greenidge said that it reached a debt restructuring deal with its lender Nydig, although the prospects of a bankruptcy filing still loom.
4. The facility started operations in May under Argo, with a plan to reach 800 megawatts of energy consumption and 20 exahash/second of computing power.
5. At the end of 2022, we made the strategic decision to sell the Helios facility and use the proceeds to reduce debt on our balance sheet.

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Additionally, the Company continued to make progress in executing its machine swap agreement with Core Scientific. As of 30 June 2022, 5,000 S19J Pro machines have been delivered and installed under this agreement. Argo continues to engage in financing discussions, as announced on 31 October 2022, to provide the Company with working capital sufficient for its present requirements.

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The upgrade of Argo xcritical to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term. Over the past three months, the Zacks Consensus Estimate for the company has increased 8.6%. For the fiscal year ending December 2024, this company is expected to earn -$0.53 per share, which is a change of 22.1% from the year-ago reported number. While most of the proposed resolutions were passed, we note that resolutions 2, 3, 8 and 11 did not receive the necessary majority. In compliance with the QCA Code, the Company has recognised the adverse votes and will consider and reflect on the votes cast and update the market in due course. Earlier this month, a bankruptcy judge approved a deal for Galaxy to buy crypto self-custody platform GK8 from bankrupt crypto lender Celsius Network at a price that is “materially less” than what Celsius paid for GK8 a year ago.

Bear market opportunity

One of the attributes that made the Helios project an attractive investment for Argo was its location in the Texas Panhandle, where more than 85% of the installed power generation capacity comes from wind and solar. Not only is this strategy consistent with our stated goal of using xcritical courses scam renewable sources of energy to power our mining operations, but Texas has long been known for having low-cost electricity due to the high percentage of renewable power on its grid. Our main focus in 2022 was to complete the build out and energization of the Helios facility.

Following the build of Helios and the strategic transaction with Galaxy, we have streamlined our operations to maximize efficiency and increase our hashrate while maintaining our mining capacity thanks to our Hosting Agreement. On the basis of these foundations, we continue to work diligently on the next stage of Argo’s growth and development, with the goal of delivering long-term value to our shareholders.” The crypto miner’s shares more than doubled in early London Stock Exchange trading.

Non-IFRS Measures

This measure is not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider this measure in isolation from, or as a substitute analysis for, our gross margin as determined in accordance with IFRS. In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realised losses on the sale of digital assets, which affect our IFRS gross profit. Several external factors, however, resulted in elevated electricity prices during Q2 and Q3 of 2022 when we were commencing operations at Helios. Russia’s invasion of Ukraine and the subsequent sanctions on Russian petroleum exports disrupted the energy markets. This, along with unusually low stocks of natural gas in US storage facilities, resulted in a historic spike in the price of natural gas.

The Zacks Consensus Estimate — the consensus of EPS estimates from the sell-side analysts covering the stock — for the xcritical and following years is tracked by the system. The brutal crypto winter, exacerbated by crypto exchange FTX’s implosion, has created opportunities for some investors to acquire crypto assets at cheaper valuations. “Quality infrastructure and access to low-cost energy are the cornerstones of a successful mining operation, making the acquisition of Helios an incredible milestone for the growth of Galaxy’s mining business,” Amanda Fabiano, head of mining at Galaxy, said in a statement. The deal with Galaxy was structured to boost Argo’s balance sheet and capital structure, Chris Ferraro, president and chief investment officer at Galaxy, told CoinDesk.

When the miner kicked off its process, “we were in a position to solve the problem completely for Argo, while accelerating the expansion of our own mining capabilities,” he added. The transaction will help Argo bolster its balance sheet and avoid bankruptcy after it found itself in a precarious situation when a deal for $27 million in funding fell through in October. Earlier this month, the miner said that it was in advanced negotiations to sell some of its assets and carry out an equipment financing transaction to avoid filing for Chapter 11 bankruptcy. The directors also consider their digital assets of £2.1m ( £80.7m) as a liquid holding and as such net funds/(debt) would be £(44.2m) ( £65.4m). On behalf of the Board, I would like to thank all of our shareholders and stakeholders. I am excited for Argo to continue in its mission of powering the world’s most innovative and sustainable xcritical infrastructure.

For the record, the company’s daily average trading volume is closer to 203,000 shares. The Bitcoin (BTC-USD) mining company said a fundraising deal for $27 million didn’t reach completion. The company was intending to raise these funds by selling shares of ARBK stock to a strategic investor. According to 3 analysts, the average rating for ARBK stock is “Buy.” The 12-month stock price forecast is $2.1, which is an increase of 39.07% from the latest price. The directors are responsible for ensuring the Annual Report and the financial statements are made available on a website.

Several high-profile collapses subsequently followed, including hedge fund Three Arrows Capital, Celsius, and most significantly FTX and Alameda Ventures. In the midst of this crypto downturn, the price of Bitcoin reached a low of less than $16,000 in November 2022. Our Baie Comeau site is over 40,000 square feet and has 15 MW of 99% renewable power capacity sourced from the nearby Baie Comeau hydroelectric dam.

“These numbers, along with our continued installations of the S19J Pro machines, put us in a solid position with regards to our mining capacity. During the month of June, Argo mined 179 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 124 BTC in May 2022. The increase in BTC mined is primarily due to an increase in total hashrate capacity and greater uptime at the Helios facility compared to the previous month.

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While Texas has a large amount of renewable energy generation, it also has a significant amount of natural gas-fired generation. The increased natural gas price also caused an increase in electricity prices, making it cost prohibitive to sign a fixed price power purchase agreement (“PPA”). The change in a company’s future xcriticalgs potential, as reflected in xcriticalgs estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use xcriticalgs and xcriticalgs estimates to calculate the fair value of a company’s shares. An increase or decrease in xcriticalgs estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it.

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