Agro Blockchain PLC (ARBK)

[SmokyStock]

Argo Blockchain Trims Debt & Costs, But Revenue Suffers!

Argo Blockchain, a leading cryptocurrency miner, has reduced its debt to $75 million in the first half of 2023, compared to $143 million at the end of June 2022. The company also reduced operating costs and expenses by 33%, while non-mining costs and expenses fell by 21% in Q2. However, revenue in H1 was significantly lower than in the first half of last year, with a pre-tax loss of $18.6 million. The company attributed this downturn to bitcoin's falling USD valuation and increased global hash rate.

Argo Blockchain will focus on strengthening its balance sheet and growing the business, emphasizing financial discipline and operational excellence.