Argo Blockchain (ARB) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was $6.3 million, down from $29.3 million in H1 2024, mainly due to machine refurbishment and relocation.

• Net loss narrowed to $8.1 million in H1 2025 from $38 million in H1 2024; adjusted EBITDA was negative $2.8 million versus positive $5.7 million a year earlier.

• 65 Bitcoin mined in H1 2025, a significant decrease from 442 in H1 2024.

• Entered a Restructuring Support Agreement (RSA) with Growler Mining to recapitalize financial indebtedness, including a multi-draw term loan facility and planned equitization of unsecured notes.

• Ended June 2025 with $1.7 million in cash and 2 Bitcoin equivalent.

Financial highlights

• Mining margin was $1.2 million (18%) in H1 2025, down from $11.5 million (39%) in H1 2024.

• Gross margin for H1 2025 was negative $0.4 million (-6%), compared to $1.8 million (6%) in H1 2024.

• Cash and cash equivalents at period end were $1.7 million, down from $8.6 million at the end of 2024.

• Total assets decreased to $9.1 million from $19.3 million at year-end 2024.

• Weighted average shares outstanding increased to 717.8 million from 575.7 million year-over-year.

Outlook and guidance

• Management expects the RSA and recapitalization plan to strengthen the company’s financial position and enable future growth opportunities.

• The company’s liquidity and performance remain highly sensitive to bitcoin price, network hashprice/difficulty, and power costs.