The following is a summary of the Argo Blockchain Plc (ARBKF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Argo Blockchain reported a Q1 2024 revenue of $17 million, marking a 4% increase from Q4 2023, propelled by a higher hash price.

• The company witnessed an increase in cash reserves, ending Q1 2024 with $12.4 million, up from $7.4 million at the end of 2023.

• Argo generated cash through a $10 million equity raise and sale of their Mirabel facility, contributing to significant debt reduction.

• The mining margin rose to 38% from 34%, generating a revenue of $16.8 million.

• They produced 319 Bitcoins in the first quarter, maintaining an average direct cost per Bitcoin of approximately $32,000.

Business Progress:

• The company showed resilience to the Bitcoin halving event by focusing on financial discipline, deleveraging, operational excellence, and strategic actions for growth.

• Focused on sustainability, Argo is discussing integration plans with energy companies to facilitate cleaner energy sources through blockchain infrastructure.

• The sale of their Mirabel facility streamlined the operations with minimal impact on revenue.

• Argo plans to use economic curtailment to navigate power price fluctuations and may overclock machines during favorable conditions.

• With a growth-oriented approach, Argo is targeting smaller sites for integration into their portfolio, leveraging strategic partnerships while maintaining fiscal responsibility.

More details: ARGO BLOCKCHAIN PLC IR

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