REG - Argo Blockchain PLC - Argo 2025 Interim Results
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RNS Number : 2898B Argo Blockchain PLC 30 September 2025
Press Release
30 September 2025
Argo Blockchain plc
("Argo" or "the Company")
Interim Half Year Results 2025
The Company announces its results for the six months ended 30 June 2025.
Highlights
● Revenues of $6.3 million for H1 2025 compared to $29.3 million for
H1 2024, the decrease driven primarily by the refurbishment and relocation of
machines in Q1. The total number of Bitcoin ("BTC") mined during H1 2025 was
65, a decrease from H1 2024 of 442.
● Mining margin of $1.2 million or 18% for H1 2025, compared to $11.5
million or 39% for H1 2024.
● On 30 June 2025, the Company entered into and announced a
Restructuring Support Agreement ("RSA") with Growler Mining, LLC n/k/a Growler
Mining Tuscaloosa, LLC ("Growler") which provides for implementation of a
recapitalization of Argo's financial indebtedness to be sanctioned by the High
Court of England and Wales under Part 26A of the UK Companies Act 2006
"(Recapitalization Plan").
● Net loss was $8.1 million for H1 2025, compared to a net loss of $38
million in H1 2024. Adjusted EBITDA was ($2.8) million for H1 2025 compared to
$5.7 million in H1 2024.
● The Company ended June 2025 with $1.7 million of cash and 2 Bitcoin
equivalent.
Management Commentary
Justin Nolan, CEO at Argo said: "Lower H1 2025 results reflect the impact of
machine refurbishment and relocation, but 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."
Non-IFRS Measures
The following table shows a reconciliation of mining margin percentage to gross margin, the most directly comparable IFRS measure, for the six month periods ended 30 June 2025 and 30 June 2024.
Period ended Period ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
$'000 $'000
Gross margin (356) 1,792
Gross margin percentage (6%) 6%
Depreciation of mining equipment 1,509 9,667
Change in fair value of digital currencies - 27
Mining margin 1,153 11,486
Mining margin percentage 18% 39%
The following table shows a reconciliation of Adjusted EBITDA to net (loss) /
income, the most directly comparable IFRS measure, for the six-month periods
ended 30 June 2025 and 30 June 2024.
Period ended Period ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
$'000 $'000
Net Loss (8,128) (37,541)
Interest expense 2,067 4,296
Income tax expense (412) 340
Depreciation and amortisation 1,873 10,115
Restructuring and transaction related fees 2,203 1,118
Foreign Exchange (609) (292)
Share based payment 780 3,594
Impairment of property, plant and equipment 87 22,012
(Gain)/Loss on sale of tangible assets (649) 429
Loss on assets held for sale - 1,409
Impairment of intangible assets 14 226
Adjusted EBITDA (2,774) 5,706
For further information please contact:
Argo Blockchain
Investor Relations ir@argoblockchain.com (mailto:ir@argoblockchain.com)
Tennyson Securities
Corporate Broker +44 207 186 9030
Peter Krens
Fortified Securities
Joint Broker +44 7493 989014
Guy Wheatley, CFA guy.wheatley@fortifiedsecurities.com
(mailto:guy.wheatley@fortifiedsecurities.com)
Tancredi Intelligent Communication argoblock@tancredigroup.com (mailto:argoblock@tancredigroup.com)
UK & Europe Media Relations
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain
technology company focused on large-scale cryptocurrency mining. With mining
facilities and operations in Quebec, mining operations in Texas, and offices
in the US, Canada, and the UK, Argo's global, sustainable operations are
predominantly powered by renewable energy. In 2021, Argo became the first
climate positive cryptocurrency mining company, and a signatory to the Crypto
Climate Accord. For more information, visit www.argoblockchain.com
(https://www.argoblockchain.com) .
Interim Management Report
Important Events
During the first six months of 2025, the Company continued to focus on
financial discipline, including addressing its legacy debt obligations,
principally its outstanding 8.75% Senior Notes due 2026.
The Company appointed Justin Nolan as Chief Executive Officer and Executive
Director on 22 March 2025, as announced on 24 March 2025.
On 30 June 2025, the Company entered into and announced a Restructuring
Support Agreement ("RSA") with Growler Mining, LLC n/k/a Growler Mining
Tuscaloosa, LLC ("Growler"), to implement a recapitalization through a
restructuring plan under Part 26A of the UK Companies Act 2006.
On 30 June 2025, the Company announced Matthew Shaw had resigned from his
position as Chairman and Director of the Company with effect from 27 June 2025
and that Maria Perrella was appointed Chair of the Board with immediate
effect.
On 22 August 2025 the Company announced that it did not make the scheduled
interest payment on its outstanding bonds that was due on 31 July 2025, which
was subject to a 30-day grace period ending on 30 August 2025, which has now
lapsed.
On 9 September 2025, the Company entered into a First Amended and Restated RSA
("Amended RSA") with Growler, as announced on 10 September 2025.
Concurrently, the Company executed a secured multi-draw term loan facility of
up to US$7.5 million with Growler ("Loan") to provide liquidity during the
Recapitalization Plan process. An initial draw of approximately US$3.26
million was made on 9 September 2025, with further draws available provided
that the Amended RSA remains in effect and customary conditions are satisfied.
As of the date of this report, approximately US$4.5 million has been drawn
under the Loan.
On 22 September 2025, the Company announced that it had appointed Charlotte
Proctor-Worrall to the position of Chief Financial Officer, effective
immediately.
Responsibility Statement
We confirm that to the best of our knowledge:
● the Interim Report has been prepared in accordance with
International Accounting Standard 34, Interim Financial Reporting;
● gives a true and fair view of the assets, liabilities, financial
position and profit/loss of the Group;
● the Interim Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure Guidance and Transparency Rules,
being an indication of important events that have occurred during the first
six months of the financial year and their impact on the set of interim
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year.
● the Interim Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure Guidance and Transparency Rules,
being the information required on related party transactions.
The Interim Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by:
Maria Perella
Chair of the Board
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
Period ended Period ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
Note $'000 $'000
Revenues 6,281 29,255
Power and hosting Costs (5,128) (19,189)
Power credits - 1,420
Mining margin 1,153 11,486
Depreciation - mining hardware (1,509) (9,667)
Gross profit (loss) (356) 1,792
Administrative expenses (4,128) (5,809)
Restructuring and transaction related fees (2,203) (1,118)
Foreign exchange gain 609 292
Depreciation (364) (448)
Loss on Hedging - (397)
Share based payment expense (780) (3,594)
Operating loss (7,222) (9,282)
Loss on sale of assets held for sale 14 - (1,409)
(Loss)/Gain on disposal of property, plant and equipment 649 (429)
Interest expense (2,067) (4,296)
Other income 201 453
Gain (loss) in fair value of intangible assets 9 - (27)
Impairment of tangible fixed assets 7 (87) (22,012)
Impairment of intangible assets 6 (14) (226)
Loss before taxation (8,540) (37,201)
Tax (expense) recovery 5 412 (340)
Loss after taxation (8,128) (37,541)
Other Comprehensive Loss
Items which may be subsequently reclassified to profit or loss:
- Currency Translation Reserve (638) (404)
Total other comprehensive loss, net of tax (638) (641)
Total comprehensive loss attributable to the equity holders of the company (8,766) (37,945)
Weighted average shares outstanding 000's 717,752 575,721
Basic/diluted loss per share (0.01) (0.07)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
30 June 2025 31 December 2024
(unaudited) (audited)
Note $'000 $'000
ASSETS
Non-current assets
Investments at fair value through income or loss 300 300
Intangible fixed assets non-current 6 102 176
Property, plant and equipment 7 3,660 7,071
Total non-current assets 4,062 7,547
Current assets
Trade and other receivables 8 540 2,451
Prepayments 2,629 628
Intangible fixed assets current 9 193 6
Cash and cash equivalents 1,654 8,626
Total current assets 5,016 11,711
Total assets 9,078 19,258
EQUITY AND LIABILITIES
Equity
Share capital 10 945 938
Share premium 10 233,037 232,257
Share based payment reserve 15,155 15,162
Foreign currency translation reserve (31,405) (30,766)
Accumulated deficit (255,204) (247,076)
Total equity (37,472) (29,485)
Current liabilities
Trade and other payables 11 6,294 8,184
Loans current 12 439 439
Corporation tax 5 - 398
Total current liabilities 6,732 9,439
Non - current liabilities
Issued debt - bond 12 39,598 39,304
Loan non-current 12 219 418
Total liabilities 46,550 48,743
Total equity and liabilities 9,078 19,258
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Currency translation reserve Share based payment reserve Accumulated deficit Total
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2025 938 232,257 (30,766) 15,162 (247,076) (29,485)
Loss for the period - - - - (8,128) (8,128)
Other comprehensive income - - (639) - - (639)
Stock based compensation charge - - - 780 - 780
Share RSUs vested 7 780 - (787) - -
Balance at 30 June 2025 945 233,037 (31,405) 15,155 (255,204) (37,472)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Currency translation reserve Share based payment reserve Accumulated surplus/ (deficit) Total
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2024 712 209,779 (30,525) 12,166 (191,174) 158
Loss for the period - - - - (37,541) (37,541)
Other comprehensive income - - (404) - - (404)
Share capital issued 48 9,300 - - - 9,348
Stock based compensation charge - - - 3,594 - 3,594
Share options/warrants exercised 4 556 - (560) - -
Balance at 30 June 2024 764 202,103 (30,929) 15,200 (229,515) (24,845)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Period ended Period ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
Note $'000 $'000
Cash flows from operating activities
Loss before tax (8,540) (37,201)
Adjustments for:
Depreciation and amortisation 1,873 10,114
Foreign exchange movements (609) (290)
Finance cost 2,067 4,296
Fair value change in intangible assets - 25
Digital assets earned (6,281) (29,255)
Loss on disposal of assets held for sale - 1,409
Impairment of intangible digital assets 14 226
Impairment of property, plant and equipment 87 22,012
Power costs paid with digital assets 3,013 -
Interest income - (273)
Loss on hedging - 397
Loss on sale of tangible assets (649) 429
Share based payment expense 780 3,594
Working capital changes:
Decrease/(increase) in trade and other receivables 8 17 1,341
Decrease in trade and other payables 11 (1,890) (2,782)
Net cash flow (used in)/from operating activities (10,119) (25,958)
Investing activities
Proceeds from sale of digital assets 3,155 29,443
Purchase of property, plant and equipment 7 (6) -
Proceeds from sale of property, plant and equipment 2,177 894
Proceeds from sale of subsidiary and investment - 6,119
Interest received - 273
Net cash used in investing activities 5,326 36,729
Financing activities
Loan repayments (199) (19,881)
Interest paid (1,775) (3,362)
Proceeds from common stock issued - net of issue costs - 9,349
Net cash from (used in)/from financing activities (1,974) (13,894)
Net decrease in cash and cash equivalents (6,766) (3,123)
Effect of foreign exchange changes in cash (206) (335)
Cash and cash equivalents, beginning of period 8,626 7,443
Cash and cash equivalents, end of period 1,654 3,985
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. COMPANY INFORMATION
Argo Blockchain plc ("the Company") is a public company, limited by shares,
and incorporated in England and Wales. The registered office is Eastcastle
House, 27/28 Eatcastle Street, London, England, W1W 8DH. The Company was
incorporated on 5 December 2017 as GoSun Blockchain Limited.
On 21 December 2017, the Company changed its name to Argo Blockchain Limited
and re-registered as a public company, Argo Blockchain plc.
On 12 January 2018, Argo Blockchain plc acquired a 100% subsidiary, Argo
Innovation Labs Inc. , incorporated in Canada.
On 22 November 2022, the Company formed Argo Holdings US Inc., a 100%
subsidiary incorporated in Delaware, United States, and Argo US Holdings Inc.
formed Argo US Operating LLC, a limited liability company incorporated in
Delaware, United States (together, the "Group")
On 21 December 2022, Argo Innovation Facilities (US) Inc became Galaxy Power
LLC. On 28 December 2022, the Group sold Galaxy Power LLC.
In March 2024, the Group sold 9366-5320 Quebec Inc.
The principal activity of the Group is Bitcoin mining.
The ordinary shares of the Company are listed under the trading symbol ARB on
the London Stock Exchange. The American Depositary Receipts of the Company
are listed under the trading symbol ARBK on Nasdaq. The Company bond is
listed on the Nasdaq Global Select Market under the trading symbol ARBKL.
2. BASIS OF PREPARATION
The condensed consolidated interim financial statements for the six months
ended 30 June 2025 have been prepared in accordance with IAS 34 'Interim
Financial Reporting' and presented in US dollars which is further described in
Note 3. They do not include all the information required in annual financial
statements in accordance with IFRS and should be read in conjunction with the
consolidated financial statements for the year ended 31 December 2025, which
have been prepared in accordance with UK-adopted International Financial
Reporting Standards as issued by the IASB. The report of the auditors on those
financial statements was unqualified.
The financial statements have been prepared under the historical cost
convention, except for the measurement to fair value certain financial and
digital assets and financial instruments.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from these
estimates. In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
the same as those that applied to the financial statements for the year ended
31 December 2023.
During the 2024 audit, an error was identified in the Group's 2024 interim
half year results. The Group had reported a gain of $3,397 on the disposal of
9366-5230 Quebec Inc.; however, the cost basis applied was incorrect. Applying
the correct cost basis, the transaction resulted in a loss of $1,409. There
was no impact on cash flows. Consequently, the net loss for the period ended
30 June 2024 increased by $4,807, from $32,734 to $37,541. Management has
evaluated the matter and concluded that the adjustment is not material and
does not require restatement of prior period financial statements
3. ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these
condensed consolidated interim financial statements are consistent with those
of the previous financial year, except the change in presentational currency
from British Pounds to US Dollars and recognition of power credits within
Mining Margin in the Statement of Comprehensive Income. The Group changed
its presentational currency to US Dollars with effect from 1 January 2023 due
to the fact its revenues, direct costs, capital expenditures and debt
obligations are now predominantly denominated in US Dollars.
In order to satisfy the requirements of IAS 8 and IAS 21 with respect to a
change in the presentation currency, the statutory financial information as
previously reported in the Group's Annual Reports have been restated from GBP
into US Dollars using the procedures outlined below:
● Assets and liabilities were translated to US Dollars at the
closing rates of exchange at each respective balance sheet date
● Share capital, share premium and other reserves were translated at
the historic rates prevailing at the dates of transactions
● Income and expenses were translated to US Dollars at an average
rate at each of the respective reporting years on a monthly basis. This has
been deemed to be a reasonable approximation to exchange rates at the date of
the transactions.
● Differences resulting from the retranslation were taken to
currency translation reserve within equity
● All exchange rates used were extracted from the Group's underlying
financial records
Power credits: The Group recognized power credits in relation to selling power
back to the power grid. The hosting facility sells some of the Group's power
back to the power grid when economically feasible.
Going Concern
The preparation of these condensed consolidated interim financial statements
requires an assessment of the appropriateness of the going concern basis of
accounting.
Since year-end, the Group has continued to experience liquidity pressure
driven by lower operating margins, refurbishment and re-hosting costs, and the
timing of cash inflows. On 30 June 2025 the Company announced a proposed
recapitalisation under a court-sanctioned restructuring plan pursuant to Part
26A of the UK Companies Act 2006 (Recapitalisation Plan).
The framework includes (i) a senior secured multi-draw term loan facility of
up to US$7.5 million from Growler Mining Tuscaloosa, LLC ("Growler") to
provide liquidity through the Recapitalisation Plan process; (ii) the
equitisation of the Company's c.US$40 million unsecured notes; and (iii)
Growler contributing assets and/or exit capital in exchange for new equity,
with Growler expected to own at least 80% of the Company post-implementation
and bondholders receiving equity, with existing shareholders retaining their
interests subject to substantial Dilution.
Subsequent to period end, on 9 September 2025 the Company entered into a First
Amended and Restated Restructuring Plan Support Agreement and executed the
associated secured multi-draw term loan with Growler. An initial draw of
approximately US$3.26 million was made at signing; further draws are subject
to customary conditions, including the amended agreement remaining in effect.
The Company continues to target a first Court hearing in late October 2025
and, if sanctioned, an effective date in early to mid-December 2025.
With respect to the Company's Nasdaq listing, the Company previously disclosed
receipt of a delisting notice for minimum bid-price non-compliance and its
intention to request a hearing; following the hearing, on 18 September 2025,
Argo was notified by Nasdaq that the Panel had granted Argo's request for
continued listing on The Nasdaq Global Select Market, subject to the condition
that Argo demonstrates compliance with all applicable listing rules on or
before 14 January 2026. The Panel considered Argo's recapitalization process
under Part 26A of the UK Companies Act and determined that Argo's continued
listing request should be granted so as to allow it to complete that process.
As at 30 June 2025, the Group had cash and cash equivalents of US$1,653,675.
Subsequent funding under the Growler facility was received after the period
end. The Group's financial performance and liquidity remain sensitive to
bitcoin price, network hashprice/difficulty and power costs; adverse movements
in these variables, particularly in combination, could reduce operating cash
generation.
The Directors have reviewed cash flow forecasts covering at least twelve
months from the date of approval of these interim financial statements. The
forecasts reflect management's estimates of bitcoin prices, network hashprice
and power costs, and assume (i) continued access to the Growler loan facility
in line with approved budgets and (ii) timely sanction and implementation of
the Recapitalisation Plan, including equitisation of the unsecured notes. The
Company previously disclosed that it did not make the scheduled 31 July 2025
interest payment on its outstanding notes (subject to a contractual grace
period that ended 30 August 2025); this is
intended to be addressed within the recapitalisation.
Material uncertainties
Notwithstanding the steps taken, the following material uncertainties exist
that may cast significant doubt on the Group's and Company's ability to
continue as a going concern and therefore, that the Group and Company may be
unable to realise their assets and discharge their liabilities in the normal
course of business:
· successful completion of the Court process for the Recapitalisation
Plan (including any required creditor and, where applicable, shareholder
approvals, Court sanction, and Takeover Panel consents/waivers) within the
expected timeframe
· continued availability of funding under the Growler loan facility and
the Company's ability to satisfy associated covenants, milestones and draw
conditions
· resolution of the missed notes interest payment and the equitisation
of the unsecured notes
· volatility in bitcoin price, network hashprice and power costs and
their impact on operating cash flows
Conclusion
Having considered the matters described above, the Board believes it is
appropriate to prepare these interim financial statements on a going concern
basis. However, the Directors note that successful execution of the
Recapitalisation Plan and continued access to the Growler loan facility,
together with the inherent volatility of the Group's operating environment,
represent material uncertainties that may cast significant doubt on the
Group's and Company's ability to continue as a going concern.
4. ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
The Group has adopted all recognition, measurement and disclosure requirements
of IFRS, including any new and revised standards and Interpretations of IFRS,
in effect for annual periods commencing on or after 1 January 2024. The
adoption of these standards and amendments did not have any material impact on
the financial results or position of the Group.
Standards which are in issue but not yet effective:
At the date of authorisation of these financial statements, the following
Standards and Interpretation, which have not yet been applied in these
financial statements, were in issue but not yet effective.
Standard or Interpretation Description Effective date for annual accounting period beginning on or after
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 7/9 (amendments) Amendments to the Classification and Measurement of Financial Instruments. 1 January 2026
Contracts referencing Nature-dependant Electricity.
IFRS 7 (amendments) Disclosures - Gain or Loss on Derecognition, Credit Risk. 1 January 2026
IFRS 10 Determination of a 'de-facto' agent 1 January 2026
IFRS 9 (amendments) Derecognition of Lease Liabilities 1 January 2026
The Group has not early adopted any of the above standards and intends to
adopt them when they become effective.
No deferred tax asset has been recognised in respect of tax losses carried
forward on the basis that there is insufficient certainty over the level of
future profits to utilise against this amount.
Income tax expense
The tax on the Group's profit before tax differs from the theoretical amount
that would arise using the weighted average tax rate applicable to profits of
the consolidated entities as follows:
5. TAXATION
Period ended Period ended
30 June 2025 (unaudited) 30 June 2024 (unaudited)
$'000 $'000
Taxation charge in the financial statements (412) 340
Period ended Period ended
30 June 2025 (unaudited) 30 June 2024 (unaudited)
$'000 $'000
Loss before taxation (8,540) (37,201)
(2,135) (9,300)
Expected tax recovery based on a weighted average of 25% (2023 - 25%) (UK, US
and Canada)
Effect of expenses not deductible in determining taxable profit (131) 6,326
Temporary differences 202 3,433
Other tax adjustments (8) 191
Capital gains tax (412) 340
Unutilised (utilised) tax losses carried forward 2,072 (650)
Taxation charge in the financial statements (412) 340
6. INTANGIBLE ASSETS NON-CURRENT
Group Goodwill Digital assets 2025 Total
$'000 $'000 $'000
Cost
At 1 January 2025 35 5,139 5,174
Foreign exchange movements - 270 270
At 30 June 2025 35 5,409 5,444
Amortisation and impairment
At 1 January - 4,998 4,998
Foreign exchange movements 261 261
Impairment - 83 83
At 30 June 2025 - 5,342 5,342
Balance at 1 January 2025 35 141 176
Balance At 30 June 2025 35 67 102
Intangible digital assets are cryptocurrencies owned but not mined by the
Group. The Intangible digital assets are recorded at cost on the day of
acquisition. Decreases in fair value are recorded in the fair value reserve in
other comprehensive income, if any, then recorded in comprehensive income.
Increases in fair value are recorded in comprehensive income up to prior
losses recorded. Increases in fair value over cost are recorded in the fair
value reserve in other comprehensive income.
The Intangible digital assets held are detailed in the table below:
As at 30 June 2025 Coins/tokens Fair value
Crypto asset name $'000
Polkadot - DOT 16.283 16
USDC 31,710 32
Other tokens N/A 19
At 30 June 2025 67
7. PROPERTY, PLANT AND EQUIPMENT
Group Mining and Computer Equipment Data Centres Equipment Total
$'000 $'000 $'000 $'000
Cost
At 1 January 2025 168,407 690 1,839 170,936
Foreign exchange movement - - 136 136
Additions 3 - - 3
Disposals (1,590) - - (1,590)
At 30 June 2025 166,820 690 1,976 169,485
Depreciation and impairment
At 1 January 2025 (162,450) (690) (725) (163,865)
Foreign exchange movement - - - -
Impairment in asset - - (87) (87)
Depreciation charged during the period (1,509) - (364) (1,873)
At 30 June 2025 (163,959) (690) (1,176) (165,825)
Carrying amount
At 1 January 2025 5,957 - 1,114 7,071
At 30 June 2025 2,861 - 800 3,660
8. TRADE AND OTHER RECEIVABLES
As at As at 31 December 2024 (audited)
30 June 2025 (unaudited)
$'000 $'000
Trade and other receivables 410 140
Other taxation and social security 130 2,311
Total trade and other receivables 540 2,451
The directors consider that the carrying amount of trade and other receivables
is equal to their fair value.
9. INTANGIBLE FIXED ASSETS CURRENT
Group Period ended Year ended
30 June 2025 31 December 2024
(unaudited) (audited)
$'000 $'000
Opening Balance 6 385
Additions
Crypto assets mined 6,285 47,017
Total additions 6,285 47,017
Disposals
Crypto assets transferred (3,013) -
Crypto assets sold (3,155) (47,302)
Total disposals (6,168) (47,302)
Fair value movements
Gain/(loss) on crypto asset sales 70 (94)
Total fair value movements 70 (94)
Closing Balance 193 6
The Group mined crypto assets during the period, which are recorded at fair
value on the day of acquisition. Movements in fair value are recorded in
change in fair value of digital currencies on the statement of comprehensive
loss.
10. ORDINARY SHARES ('000)
The Group had 720,371 Ordinary shares outstanding at 30 June 2025 and 714,875
at 31 December 2024.
The Group has in issue 63,499 warrants and options at 30 June 2025 and 63,549
at 31 December 2024.
The Group has in issue 27,876 restricted stock units at 30 June 2025 and 9,089
at 31 December 2024.
In March 2025, the Group granted 22,250 performance stock units ("PSUs") to
the Chief Executive Officer ("CEO"). The PSUs vest annually over a
three-year period subject to continued employment of the CEO and satisfaction
of the performance conditions. If the performance conditions are not
satisfied at particular vesting dates, but are subsequently satisfied, the
relevant fraction of PSUs will vest.
11. TRADE AND OTHER PAYABLES
As at As at
30 June 2025 (unaudited) 31 December 2024 (audited)
$'000 $'000
Trade payables 1,646 1,663
Accruals and other payables 4,648 3,619
Other taxation and social security - 2,902
Total trade and other creditors 6,294 8,184
The directors consider that the carrying value of trade and other payables is
equal to their fair value.
12. LOANS AND BORROWINGS
Non-current liabilities As at As at
30 June 2025 (unaudited) 31 December 2024 (audited)
$'000 $'000
Issued debt - bond 39,598 39,304
Mortgage 219 418
Total 39,817 39,372
Current liabilities
Mortgages 439 419
Other loans - 20
Total 439 439
The mortgage is secured against the building at Baie Comeau and is repayable
over periods of 18 months at an interest rate of lender prime +
0.5%.
13. FINANCIAL INSTRUMENTS
As at As at
30 June 2025 (unaudited) 31 December 2024 (audited)
$'000 $'000
Carrying amount of financial assets
Measured at amortised cost
- Trade and other receivables 409 141
- Cash and cash equivalents 1,654 8,626
Measured at fair value - Digital Assets 300 300
Total carrying amount of financial assets 2,363 9,067
Carrying amount of financial liabilities
Measured at amortised cost
- Trade and other payables 5,403 8,184
- Short term loans - 20
- Long term loans 658 837
- Issued Debt - bonds
39,598 39,304
Total carrying amount of financial liabilities 45,659 48,345
Fair Value Estimation
Fair value measurements are disclosed according to the following fair value
measurement hierarchy:
- Quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1)
- Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices),
or indirectly (that is, derived from prices) (Level 2)
- Inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs) (Level 3). This is the case for
unlisted equity securities.
The following table presents the Group's assets and liabilities that are
measured at fair value at 30 June 2025 and 31 December 2024.
Level 1 Level 2 Level 3 Total
Assets $'000 $'000 $'000 $'000
Financial assets at fair value through profit or loss
Equity holdings - - 300 300
Intangible fixed assets - crypto assets - 193 - 193
Total at 30 June 2025 - 193 300 493
Level 1 Level 2 Level 3 Total
Assets $'000 $'000 $'000 $'000
Financial assets at fair value through profit or loss
Equity holdings - - 300 300
Intangible fixed assets - crypto assets - 6 - 6
Total at 31 December 2024 - 6 300 306
All financial assets are in listed/unlisted securities and digital assets.
There were no transfers between levels during the period.
The Group recognises the fair value of financial assets at fair value through
profit or loss relating to unlisted investments at the cost of investment
unless:
- There has been a specific change in the circumstances which, in the
Group's opinion, has permanently impaired the value of the financial asset.
The asset will be written down to the impaired value;
- There has been a significant change in the performance of the
investee compared with budgets, plans or milestones;
- There has been a change in expectation that the investee's technical
product milestones will be achieved or a change in the economic environment in
which the investee operates;
- There has been an equity transaction, subsequent to the Group's
investment, which crystallises a valuation for the financial asset which is
different to the valuation at which the Group invested. The asset's value will
be adjusted to reflect this revised valuation; or
- An independently prepared valuation report exists for the investee
within close proximity to the reporting date.
14. COMMITMENTS
The Group's material contractual commitments relate to the hosting services
agreement with Merkle Standard LLC, which provides hosting, power and support
services at Merkle's facilities. The agreement for the Tennessee facility
expires at the end of March 2026, and the agreement for the Washington
facility expires at the end of April 2026. It is impracticable to determine
monthly commitments due to large fluctuations in power usage and as such a
commitment over the contract life has not been determined. The agreement is
for services with no identifiable assets, therefore, there is no right of use
asset associated with the agreement.
15. RELATED PARTY TRANSACTIONS
Key management compensation - all amounts in $000's
Key management includes Directors (executive and non-executive) and senior
management. The compensation paid to related parties in respect of key
management for employee services during the period was made only from Argo
Blockchain PLC, amounting to:
● $47 (2024 - $68) to Webslinger Advisors Inc. in respect of fees of
Matthew Shaw (Non-executive director)
● $73 (2024 - $63) in respect of fees for Maria Perrella
(Non-executive director)
● $77 (2024 - $68) in respect of fees for Raghav Chopra (Non-executive
director)
Total director fees and remuneration, paid directly and indirectly, totalled
$470 (2024: $541).
16. SUBSEQUENT EVENTS
In September 2025, the Group entered into a First Amended and Restated
Restructuring Plan Support Agreement with Growler Mining, LLC n/k/a Growler
Mining Tuscaloosa, LLC and entered into a secured multi-draw term loan
facility of up to US$7.5 million with Growler (to provide liquidity through
the Recapitalization Plan process and has also entered into the Security
Agreements. Upon signing the term loan facility, the Group made an initial
draw of approximately US $3.26 million, with subsequent draws to be
conditioned on customary closing conditions, including that the Amended RSA
remain in full force and effect without having been terminated by either
party.
In September 2025, Charlotte Proctor-Worrall was promoted to Chief Financial
Officer.
In August 2025, Raghav Chopra resigned as a Director of the Group.
In July 2025, the Group received a letter from Nasdaq Market LLC ("Nasdaq")
notifying that the Group's American Depositary Shares would be delisted from
The Nasdaq Global Select Market. In August 2025, the Group requested for
continued listing on the The Nasdaq Global Select Market. In September 2025,
Nasdaq granted the Group's request for continued listing on The Nasdaq Global
Select Market, subject to the condition that the Group demonstrates compliance
with all applicable listing rules on or before 14 January 2026.
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