Argo Blockchain lifts quarterly revenue to $11.4m

Mining company Argo Blockchain posted first-quarter revenue of $11.4 million, up 15% on the prior period.

New RNS: Argo released its Q1 2023 earnings today:

+Cash of $14m at the end of March
+Q1 revenue of $11m (up 15% from Q4’22)
+Mining margin of 49% (up from 35% in Q4’22)
+Reduced opex by 70% from H2’22
+BlockMiners to add 300 PH/s

RNS: https://t.co/OjBHf7KGyq#ARB $ARBK #BTC

— Argo (@ArgoBlockchain) June 6, 2023

The firm ended the first quarter with a net loss of $8.7 million.

During the quarter, Argo mined 491 BTC. Mining margin stood at 49%, up from 35% in the previous quarter.

As of March 31, the company had $14.2 million in cash on hand and cryptocurrency reserves of 85 BTC.

Interim CEO Seif El-Bakli noted that the company had cut operating expenses for the quarter by roughly 70%. After the completion of the sale of the $65 million flagship Helios data centre in Texas, the Galaxy Digital-hosted equipment fleet there gained access to cheaper electricity.

During the quarter, Argo received and installed a batch of BlockMiner miners from ePIC on Intel chips, delivering a total hashrate of 300 PH/s. The company expects that completing deliveries and deploying the full ordered volume of devices will raise its compute capacity to around 2.8 EH/s.

Argo ended 2022 with a net loss of $240 million. In January the firm avoided delisting on Nasdaq, where has traded since 2021.