Bitcoin mining group Argo Blockchain has requested a return of its London listing following the delayed release of its 2024 results despite the company warning of “significant doubt” over its continued operations.
Shares in the company were suspended from the London Stock Exchange last week as it was unable to release its audited results before the deadline.
The release of its results on Friday, which has allowed it to request the restoration of its shares, revealed concern over how long it could continue to operate.
Though the company reported it should have adequate working capital to meet its obligations over the next 12 months, it warned that “debt service requirements, lower operating margins, and the volatile economic and industry environment, indicate the existence of material uncertainties that may cast significant doubt regarding the applicability of the going concern assumption.”
Argo Blockchain’s losses grew by almost 60% in 2024, reaching $55.1m (£41.5m), while revenue declined 7% from 2023, falling to $47.1m (£35.5m).
The company also reported a decline in the number of Bitcoins mined in the period, falling from 1,760 in 2023 to 755 last year. This was in part due to the Bitcoin halving of 2024, a pre-programmed event that occurs roughly every four years which halves the amount of Bitcoins received from the successful mining of blocks.
Argo Blockchain has been looking to slash expenses in its non-mining operating expenses, which has included a headcount reduction expected to continue into 2025.
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