Exhibit No.
1
|
Description
Q3 2023 Results dated 14 November 2023
|
Three months ended 30 Sept 2023
(unaudited)
|
Three months ended 30 Sept 2022
(unaudited)
|
Nine months ended 30 Sept 2023
(unaudited)
|
Nine months ended 30 Sept 2022
(unaudited)
| ||
$USD
|
$'000
|
$'000
|
$'000
|
$'000
| |
Revenues
|
10,407
|
13,097
|
34,403
|
47,741
| |
Direct costs
|
(8,770)
|
(7,852)
|
(23,863)
|
(18,055)
| |
Power credits
|
4,426
|
118
|
5,710
|
118
| |
Mining margin
|
6,063
|
5,363
|
16,250
|
29,804
| |
Depreciation of mining equipment
|
(6,181)
|
(763)
|
(18,228)
|
(14,844)
| |
Change in fair value of digital currencies
|
(635)
|
(2,491)
|
(146)
|
(57,502)
| |
Gross margin
|
(753)
|
2,109
|
(2,124)
|
(42,542)
| |
Operating costs and expenses
|
(3,079)
|
(11,541)
|
(10,942)
|
(23,195)
| |
Restructuring and one-time items
|
(1,526)
|
-
|
(2,925)
|
-
| |
Foreign exchange
|
(144)
|
2,232
|
1,259
|
15,551
| |
Depreciation and amortisation
|
(528)
|
(4,729)
|
(1,179)
|
(5,852)
| |
Share based payment
|
(920)
|
(2,754)
|
(2,809)
|
(6,408)
| |
Operating loss
|
(6,950)
|
(14,683)
|
(18,720)
|
(62,446)
| |
Finance cost
|
(2,763)
|
(2,560)
|
(9,100)
|
(7,071)
| |
Other income
|
75
|
(798)
|
75
|
(994)
| |
Equity accounted loss from associate
|
(259)
|
-
|
(717)
|
(636)
| |
Revalue of contingent consideration
|
-
|
-
|
-
|
5,239
| |
Loss before taxation
|
(9,897)
|
(18,041)
|
(28,462)
|
(65,908)
| |
Tax recovery
|
-
|
-
|
2,321
|
8,286
| |
Net loss
|
(9,897)
|
(18,041)
|
(26,141)
|
(57,622)
| |
Currency translation reserve
|
699
|
(30,792)
|
(863)
|
(36,518)
| |
Equity accounted OCI from associate
|
-
|
173
|
-
|
(10,620)
| |
Fair value loss on intangible digital assets
|
-
|
537
|
-
|
-
| |
Total other comprehensive income (loss)
|
699
|
(30,082)
|
(863)
|
(47,138)
| |
Total comprehensive loss
|
(9,198)
|
(48,123)
|
(27,004)
|
(104,760)
| |
Weighted Average Shares outstanding '000
|
523,450
|
477,825
|
493,201
|
472,174
| |
Basic earnings per share*
|
$(0.02)
|
$(0.04)
|
$(0.05)
|
$(0.12)
|
As at
|
As at
| |
30 September 2023
(unaudited)
|
31 December
2022
(unaudited)
| |
$USD
|
$'000
|
$'000
|
ASSETS
| ||
Non-current assets
| ||
Investments at fair value through income and loss
|
426
|
414
|
Investments accounted for using the equity method
|
2,198
|
2,863
|
Intangible assets
|
785
|
2,103
|
Property, plant and equipment
|
63,923
|
76,992
|
Right of use assets
|
526
|
525
|
Total non-current assets
|
67,858
|
82,897
|
Current assets
| ||
Trade and other receivables
|
8,033
|
6,802
|
Digital assets
|
139
|
443
|
Cash and cash equivalents
|
7,987
|
20,092
|
Total current assets
|
16,159
|
27,337
|
Total assets
|
84,017
|
110,234
|
EQUITY AND LIABILITIES
| ||
Equity
| ||
Share capital
|
710
|
634
|
Share premium
|
209,545
|
202,103
|
Share based payment reserve
|
11,321
|
8,528
|
Foreign currency translation reserve
|
(29,758)
|
(28,895)
|
Accumulated surplus (deficit)
|
(194,764)
|
(168,623)
|
Total equity
|
(2,946)
|
13,747
|
Current liabilities
| ||
Trade and other payables
|
9,802
|
10,028
|
Loans and borrowings
|
13,735
|
11,605
|
Deferred tax
|
3,820
|
2,648
|
Total current liabilities
|
27,357
|
24,281
|
Non - current liabilities
| ||
Deferred tax
|
4,806
|
7,941
|
Issued debt - bond
|
38,077
|
37,809
|
Loans and borrowings
|
16,180
|
25,916
|
Lease liability
|
543
|
540
|
Total non-current liabilities
|
59,606
|
72,206
|
Total equity and liabilities
|
84,017
|
110,234
|
Nine months ended
| ||
30 September 2023
(unaudited)
| ||
$USD
|
$'000
| |
Cash flows from operating activities
| ||
Loss before tax
|
(28,462)
| |
Adjustments for:
| ||
Depreciation and amortisation
|
19,407
| |
Foreign exchange movements
|
(1,259)
| |
Finance cost
|
9,100
| |
Fair value change in digital assets
|
635
| |
Realised loss in digital assets
|
(489)
| |
Share of equity accounted loss from associate
|
717
| |
Share based payment expense
|
2,809
| |
Working capital changes:
| ||
Increase in trade and other receivables
|
(4,532)
| |
Decrease in trade and other payables
|
(117)
| |
Decrease in digital assets
|
306
| |
Net cash flow (used in)/from operating activities
|
(1,885)
| |
Investing activities
| ||
Proceeds from sale of intangibles/investments
|
989
| |
Purchase of tangible fixed assets
|
(1,590)
| |
Net cash used in investing activities
|
(601)
| |
Financing activities
| ||
Proceeds from borrowings
|
811
| |
Loan repayments
|
(8,417)
| |
Interest paid
|
(8,015)
| |
Proceeds from shares issued
|
7,518
| |
Net cash from (used in)/from financing activities
|
(8,103)
| |
Net decrease in cash and cash equivalents
|
(10,589)
| |
Effect of foreign exchange changes in cash
|
(1,516)
| |
Cash and cash equivalents, beginning of period
|
20,092
| |
Cash and cash equivalents, end of period
|
7,987
| |
Three months ended
|
Three months ended
|
Nine months
ended
|
Nine months ended
| |
30 September 2023
|
30 September 2022
|
30 September 2023
|
30 September 2022
| |
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
| |
$USD
|
$'000
|
$'000
|
$'000
|
$'000
|
Gross margin
|
(753)
|
2,109
|
(2,124)
|
(42,542)
|
Gross margin percentage
|
(7%)
|
16%
|
(6%)
|
(89%)
|
Depreciation of mining equipment
|
6,181
|
763
|
18,228
|
14,844
|
Change in fair value of digital currencies
|
635
|
2,491
|
146
|
57,502
|
Mining margin
|
6,063
|
5,363
|
16,250
|
29,804
|
Mining margin percentage
|
58%
|
41%
|
47%
|
62%
|
Three months ended
|
Three months ended
|
Nine months
ended
|
Nine months ended
| |
30 September 2023
|
30 September 2022
|
30 September 2023
|
30 September 2022
| |
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
| |
$USD
|
$'000
|
$'000
|
$'000
|
$'000
|
Net loss
|
(9,897)
|
(18,041)
|
(26,141)
|
(57,622)
|
Interest expense
|
2,763
|
2,560
|
9,100
|
7,071
|
Depreciation and amortisation
|
6,709
|
5,492
|
19,407
|
20,696
|
Income tax
|
-
|
-
|
(2,321)
|
(8,286)
|
Restructuring and one-time items
|
1,526
|
-
|
2,925
|
-
|
Foreign exchange
|
144
|
(2,232)
|
(1,259)
|
(15,551)
|
Share based payment
|
920
|
2,754
|
2,809
|
6,408
|
Change in fair value of digital currencies
|
635
|
2,491
|
146
|
57,502
|
Equity accounting loss from associate
|
259
|
-
|
717
|
636
|
Adjusted EBITDA
|
3,059
|
(6,976)
|
5,383
|
10,854
|
Argo Blockchain
| |
Investor Relations
|
ir@argoblockchain.com
|
Tennyson Securities
| |
Corporate Broker
Peter Krens
|
+44 207 186 9030
|
Fortified Securities
| |
Joint Broker
Guy Wheatley, CFA
|
+44 7493 989014
guy.wheatley@fortifiedsecurities.com
|
Tancredi Intelligent Communication
UK & Europe Media Relations
|
argoblock@tancredigroup.com
|
Date: 14 November,2023
|
ARGO BLOCKCHAIN PLC
By: /s/ Jim MacCallum
Name: Jim MacCallum
Title: Chief Financial Officer
|
Attachments
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Disclaimer
Argo Blockchain plc published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 11:34:28 UTC.