LONDON: Argo Blockchain plc reported a net loss of $8.1 million for the first half of 2025, down from $38 million in the same period last year, as the cryptocurrency miner grappled with machine refurbishment and relocation efforts.
Revenue fell sharply to $6.3 million from $29.3 million in H1 2024, with Bitcoin production dropping to 65 BTC from 442 BTC year-over-year. The company cited operational disruptions in Q1 as the primary driver of the decline.
Mining margin also contracted, totaling $1.2 million or 18%, compared to $11.5 million or 39% in the prior-year period. Adjusted EBITDA came in at negative $2.8 million, reversing a $5.7 million gain in H1 2024.
On June 30, Argo entered into a Restructuring Support Agreement with Growler Mining Tuscaloosa, LLC, aimed at recapitalizing its financial obligations. The plan is subject to approval by the High Court of England and Wales under Part 26A of the UK Companies Act 2006.
CEO Justin Nolan said the company’s performance reflects short-term operational headwinds but emphasized the strategic importance of the recapitalization. “With the RSA and the Recapitalization Plan Argo is pursuing with Growler, the Company expects to strengthen its foundations in order to position itself to capture future opportunities,” Nolan said.
Argo ended the period with $1.7 million in cash and 2 Bitcoin equivalent.