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Argo Blockchain plc Announces 2021 Full Year Results

Mat Goldman by Mat Goldman
April 27, 2022
in Blockchain
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GBC Research publishes initial coverage with target price of 23.32 EUR
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LONDON, UK / ACCESSWIRE / April 27, 2022 / Argo Blockchain plc, a world chief in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is happy to announce its audited outcomes for the yr ended 31 December 2021.

Monetaryhighlights

  • Income elevated by 291% to £74.2 million [$100.1 million] (2020: £19.0 million [$25.6 million]), pushed by a big enhance in Argo’s hashrate, the non permanent drop in problem on the Bitcoin community, and better Bitcoin costs in 2021

  • Mining margin* was 84% (2020: 41%); this was pushed largely by a rise within the value of Bitcoin all through 2021 and the drop in world hashrate following the Chinese language ban on Bitcoin mining in Could 2021

  • Achieved EBITDA* of £52.9 million [$71.4 million] in 2021 in contrast with EBITDA* of £7.6 million [$10.3 million] in 2020, a 594% enhance

  • Delivered internet revenue of £30.8m [$41.5 million], a 2,033% enhance over the prior yr (2020: £1.4 million [$1.9 million])

  • Money and digital property held as at 31 December 2021 amounted to £92.6 million [$124.9 million] primarily based on the Bitcoin value at the moment

  • Whole variety of Bitcoin mined was 2,045 in 2021, 17% decrease than in 2020; this lower is basically attributable to the halving occasion that occurred in Could 2020 which decreased the block award from 12.5 to six.25 Bitcoin per block

  • As at 31 March 2022, the Group held 2,700 Bitcoin and Bitcoin Equivalents valued at £93.6 million [$122.9 million] primarily based on the Bitcoin value at the moment

*See Non-IFRS reconciliation.

Working highlights

  • Acquired the Helios challenge in Dickens County, Texas, which has an interconnection settlement for as much as 800MW of energy capability; Part 1 (preliminary 200MW), anticipated to be operational in Could 2022

  • Acquired two knowledge centres in Quebec (Mirabel and Baie Comeau) from GPUone with a mixed whole of 20MW of energy capability

  • Bought 20,000 Bitmain S19J Professional mining machines with supply and set up anticipated to happen in batches from Could to October 2022

  • Expanded Bitcoin mining capability from 0.6 Exahash per second (“EH/s”) to 1.6 EH/s

Financing highlights

  • In Q1, raised £49.2 million [$66.4 million] in new fairness by way of personal placement for funding in mining rigs, Texas growth, blockchain/fintech ventures together with a big fairness funding in Pluto Digital Belongings plc, and dealing capital

  • In Q3, raised £94.8 million [$127.9 million] in new fairness by way of a public providing on the Nasdaq World Choose Market, which considerably expanded our investor attain by increasing entry to the US capital markets

  • In This autumn, raised £29.6 million [$40.0 million] in unsecured debt by the issuance of senior notes traded on the Nasdaq World Choose Market

Put up stability sheet occasions

  • Signed a provide settlement with Intel Company (“Intel”) to buy ASIC Blockscale chips

  • Launched Argo Labs, our in-house innovation arm centered on strategic diversification and community participation within the broader web3 ecosystem

  • Raised £19.8 million [$26.7 million] in debt from New York Digital Funding Group which is secured by electrical infrastructure tools at Helios

  • Executed an settlement to swap roughly 10,000 S19 machines being hosted at Core Scientific amenities for the equal hashrate of brand name new S19J Professional machines to be delivered to the Helios facility in Texas. Upon completion of this swap, Argo will not have any machines hosted at third social gathering amenities

Outlook for 2022 and Past

  • Mining operations scheduled to start at Helios in Could 2022

  • Anticipate to realize 5.5 EH/s of hashrate capability by the top of 2022. This enhance is pushed by the set up of the Bitmain S19J Professional machines and the deployment of custom-designed mining machines using Intel’s state-of-the-art ASIC Blockscale chips

  • Further capital spending to finish Helios Part 1 is anticipated to be within the vary of £93 million to £100 million ($125 million to $135 million), which will probably be financed primarily by debt and proceeds from promoting a portion of our Bitcoin mined every month (non-dilutive to current Argo shareholders)

  • Past 2022, hashrate is anticipated to develop considerably to greater than 20 EH/s over the following few years as the extra 600 MW of capability at Helios is absolutely developed

Commenting on the outcomes, Peter Wall, Argo CEO, mentioned: “2021 was really a yr of transformation for Argo as we achieved key milestones to strengthen the muse of the Group and place us for long-term success by the acquisition of the Helios challenge and our twin itemizing on Nasdaq.

“The acquisition of Helios offered us with the chance to construct a best-in-class, vertically-integrated facility with entry to low-cost and sustainable electrical energy, which is unmatched by our friends. With our mining operations at Helios anticipated to begin in Could, together with the event of {custom} mining machines utilizing Intel’s next-generation Blockscale ASIC chips, Argo is well-positioned to proceed its development with a deal with delivering for our shareholders. Onwards and upwards.”

For additional data please contact:

Argo Blockchain

Peter Wall
Chief Government

by way of Tancredi +44 203 434 2334

finnCap Ltd

Company Finance
Jonny Franklin-Adams
Tim Harper
Joint Company Dealer
Sunila de Silva

+44 207 220 0500

Tennyson Securities

Joint Company Dealer
Peter Krens

+44 207 186 9030

OTC Markets

Jonathan Dickson
jonathan@otcmarkets.com

+44 204 526 4581
+44 7731 815 896

Tancredi Clever Communication
UK & Europe Media Relations

Emma Valgimigli
Emma Hodges
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com

+44 7727 180 873
+44 7861 995 628
+44 7888 672 701
+44 7915 033 739

About Argo:

Argo Blockchain plc is a world chief in cryptocurrency mining with one of many largest and most effective operations powered by clear vitality. The corporate is headquartered in London, UK and its shares are listed on the Fundamental Market of the London Inventory Change below the ticker: ARB and on the Nasdaq World Choose Market in the USA below the ticker: ARBK.

www.argoblockchain.com

Click on on, or paste the next hyperlink into your net browser, to view the total announcement.

http://www.rns-pdf.londonstockexchange.com/rns/6089J_1-2022-4-27.pdf

This data is offered by RNS, the information service of the London Inventory Change. RNS is permitted by the Monetary Conduct Authority to behave as a Main Info Supplier in the UK. Phrases and situations regarding the use and distribution of this data could apply. For additional data, please contact rns@lseg.com or go to www.rns.com.

SOURCE: Argo Blockchain PLC

View supply model on accesswire.com:
https://www.accesswire.com/699171/Argo-Blockchain-plc-Announces-2021-Full-Year-Results



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