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olivLaw · US equity research

Argo Blockchain plc ARBK

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

1.57USD−0.32% · 1 dayClose 04 Nov 2026

Argo Blockchain plc is a company that mines Bitcoin and other crypto assets using purpose-built machines and inexpensive North American power. In fiscal 2025 it mined 150 Bitcoin, compared with 1,760 in 2023, and its total revenue fell to 15.5 mn USD, showing the pressure the April 2024 halving and the 2025 restructuring have placed on the business.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Argo Blockchain plc (ARBK) stock was 1.57 USD (−0.32% on the day), with market capitalisation 45.2 bn USD, beta 1.82, 52-week range 1.50–75.60 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
45.2 bn USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.09 · TTM to 31 Dec 2024
E/P (TTM)
-5.75%
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
1.82
Volatility (1y) 173%
52-week range
1.5075.60

Price history

Loading chart…

Technical reading

RSI (14)
30.3
weak (30–45)
Bollinger (20, 2)
1.35 – 2.09
in the lower half of the band · %B 0.29 · band width 43.0%
SMA 50 / 200
2.28 / 3.03
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.21 / -0.23
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−31.7%−2.0%−29.7 pp—
3 months−44.7%−2.2%−42.5 pp—
6 months−58.7%+4.3%−63.0 pp—
Year to date−54.1%+10.6%−64.7 pp—
1 year−97.7%+10.5%−108.2 pp−52.3%
3 years−99.4%+73.7%−173.1 pp−66.7%
5 years−100.0%+61.7%−161.7 pp—
Max drawdown (1y)
−98.0%
05 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−100.0%
09 Nov 2021 → 02 Nov 2026
Compound annual growth (5y)
−78.9%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20202021202220232024
Revenueunavailable98.7 m58.6 m50.6 m47.0 m
Revenue YoYunavailableunavailable−40.7%−13.7%−7.0%
Net incomeunavailable39.1 m-229.0 m-34.6 m-55.1 m
Net income YoYunavailableunavailable−686.0%unavailableunavailable
Diluted EPSunavailable0.10-0.48-0.07-0.09
Diluted EPS YoYunavailableunavailable−580.0%unavailableunavailable
net %unavailable39.6%-390.8%-68.5%-117.2%
Free cash flowunavailable-142.1 m-209.3 m-49.1 munavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
8.6 m USD
Financial debt
39.3 m USD
Net debt
30.7 m USD
Equity
-29.5 m USD
Total assets
19.3 m USD
Debt / equity
unavailable
Current ratio
1.24x
ROE
unavailable
ROA
-115.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2022
58.6 m
2023
50.6 m
2024
47.0 m

SEC (XBRL)· 15 May 2025verified

Cost of revenue
2022
38.2 m
2023
—
2024
—

SEC (XBRL)· 02 May 2023verified

Gross profit
2022
11.4 m
2023
3.1 m
2024
1.5 m

SEC (XBRL)· 15 May 2025verified

Research & development
2022
11.0 k
2023
—
2024
—

SEC (XBRL)· 30 Apr 2024verified

Operating income
2022
-26.7 m
2023
-19.7 m
2024
-15.3 m

SEC (XBRL)· 15 May 2025verified

Depreciation & amortisation
2022
8.5 m
2023
1.5 m
2024
738.0 k

SEC (XBRL)· 15 May 2025verified

EBITDA
2022
-18.2 m ≈
2023
-18.3 m ≈
2024
-14.6 m ≈

SEC (XBRL)· 15 May 2025derived

Interest expense
2022
22.7 m
2023
11.6 m
2024
6.8 m

SEC (XBRL)· 15 May 2025verified

Pre-tax income
2022
-240.7 m
2023
-34.6 m
2024
-54.8 m

SEC (XBRL)· 15 May 2025verified

Income tax
2022
-11.7 m
2023
—
2024
340.0 k

SEC (XBRL)· 15 May 2025verified

Net income
2022
-229.0 m
2023
-34.6 m
2024
-55.1 m

SEC (XBRL)· 15 May 2025verified

Diluted EPS
2022
-0.48
2023
-0.07
2024
-0.09

SEC (XBRL)· 15 May 2025verified

Weighted average diluted shares
2022
473.9 m
2023
503.9 m
2024
—

SEC (XBRL)· 30 Apr 2024verified

Balance sheet · USD

Cash
2022
20.1 m
2023
7.4 m
2024
8.6 m

SEC (XBRL)· 15 May 2025verified

Receivables
2022
823.0 k
2023
2.5 m
2024
2.5 m

SEC (XBRL)· 15 May 2025verified

Current assets
2022
27.3 m
2023
14.9 m
2024
11.7 m

SEC (XBRL)· 15 May 2025verified

Property, plant & equipment, net
2022
77.0 m
2023
59.7 m
2024
7.1 m

SEC (XBRL)· 15 May 2025verified

Goodwill
2022
—
2023
—
2024
—

SEC (XBRL)· 02 May 2022verified

Intangibles (excl. goodwill)
2022
1.7 m
2023
—
2024
—

SEC (XBRL)· 02 May 2023verified

Total assets
2022
110.2 m
2023
75.9 m
2024
19.3 m

SEC (XBRL)· 15 May 2025verified

Accounts payable
2022
9.8 m
2023
11.2 m
2024
8.2 m

SEC (XBRL)· 15 May 2025verified

Short-term debt
2022
9.6 m
2023
—
2024
—

SEC (XBRL)· 02 May 2023verified

Long-term debt
2022
59.6 m
2023
48.2 m
2024
39.3 m

SEC (XBRL)· 15 May 2025verified

Current liabilities
2022
21.4 m
2023
27.6 m
2024
9.4 m

SEC (XBRL)· 15 May 2025verified

Total liabilities
2022
85.7 m
2023
75.8 m
2024
48.7 m

SEC (XBRL)· 15 May 2025verified

Equity
2022
24.6 m
2023
158.0 k
2024
-29.5 m

SEC (XBRL)· 15 May 2025verified

Shares outstanding at year end
2022
477.8 m
2023
537.0 m
2024
638.0 m

SEC (XBRL)· 15 May 2025verified

Cash flow · USD

Operating cash flow
2022
-101.2 m
2023
-48.0 m
2024
-44.8 m

SEC (XBRL)· 15 May 2025verified

Capex
2022
108.0 m
2023
1.1 m
2024
—

SEC (XBRL)· 30 Apr 2024verified

Free cash flow
2022
-209.3 m ≈
2023
-49.1 m ≈
2024
—

SEC (XBRL)· 22 Apr 2025derived

Investing cash flow
2022
17.3 m
2023
50.8 m
2024
55.0 m

SEC (XBRL)· 15 May 2025verified

Financing cash flow
2022
84.2 m
2023
-15.8 m
2024
-9.3 m

SEC (XBRL)· 15 May 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-7.0%
computed by olivLawFY 2024
Revenue CAGR 3Y
-21.9%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
3.1%
computed by olivLawFY 2024
EBITDA margin
-31.0%
computed by olivLawFY 2024
EBIT margin
-32.6%
computed by olivLawFY 2024
Net margin
-117.2%
computed by olivLawFY 2024
FCF margin
-97.6%
computed by olivLawFY 2024

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-115.8%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
-156.1%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
30.7 m USD
computed by olivLawbalance sheet at 31 Dec 2024
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
-2.3x
computed by olivLawFY 2024

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
unavailable
input data missing
Cash ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
-44.8 m USD
computed by olivLawFY 2024
Capital expenditure
1.1 m USD
computed by olivLawFY 2023
Free cash flow
-45.9 m USD
computed by olivLawFY 2024
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
19 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
45.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
45.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2024
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-5.8%
computed by olivLawFY 2024
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
960.6x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
961.2x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.1%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.57 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 45.2 bn USD

Key indicators

Market capitalisation
45.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
insufficient data
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-117.2%
computed by olivLawFY 2024
Revenue growth (YoY)
-7.0%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 30 Apr 2026
verified 123

The data is older than the freshness threshold.

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-117.2%45 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-21.9%0 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-2.3x0 (on a fixed band)19%
Current ratio · Balance sheet1.2x37 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-0.1%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet15/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial45/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ARGO BLOCKCHAIN PLC (ARBK). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 47.0 m USD in 2024; YoY growth -7.0%; net margin -117.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Revenue CAGR 3Y: -21.9%
  • Interest coverage: -2.3x
  • FCF yield: -0.1%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 12.8x
EV/EBITDA
—
vertical median —
P/S
960.6x
vertical median 3.3x
above median (+29,155.6%)
P/B
—
vertical median 1.1x
ROE
—
vertical median -14.1%
Net margin
-117.2%
vertical median -81.1%
below median
EBIT margin
-32.6%
vertical median -148.1%
above median
Revenue YoY
-7.0%
vertical median 11.1%
below median (−163.2%)
Net debt/EBITDA
—
vertical median -0.4x
Dividend yield
—
vertical median 1.8%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co218.3 bn18.335.9%27.9%+6.4%−11% / +91%
ARBKArgo Blockchain PLC45.2 bn——-117.2%−7.0%−98% / −99%
COINCoinbase Global, Inc.38.5 bn—-4.7%-12.5%+9.4%−47% / +17%
SOFISoFi Technologies, Inc.21.7 bn35.07.1%104.3%+23.1%−44% / +130%
KLARKlarna Group plc5.2 bn—-11.9%-7.8%+24.8%−56% / unavailable
GPGIGPGI, Inc.3.7 bn—-20.6%—−85.8%−36% / +208%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−47% / unavailable
CIFRCipher Digital Inc.3.0 bn—-156.8%-742.3%+48.0%−68% / +135%
MARAMara Holdings, Inc.2.7 bn—-107.2%-430.2%+38.2%−42% / −43%
WDWalker & Dunlop, Inc.1.3 bn34.42.2%3.0%+9.0%−41% / −54%
KEELKeel Infrastructure Corp.1.3 bn—-87.6%-230.6%+72.0%−40% / +47%
XYFX Financial1.2 bn5.920.2%19.2%+35.8%−28% / +15%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
GDOTGreen Dot Corp727.1 m—-2.8%-1.1%+20.7%+2% / +59%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
CANGCango Inc.272.7 m—-130.8%-90.4%+524.3%−92% / −76%
BKKTBakkt, Inc.215.0 m—-15.9%-1.3%−32.1%−70% / −87%
ZSQRZ Squared Inc.192.4 m—-25.9%-642.0%unavailable−81% / −84%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
GHIGreystone Housing Impact Investors LP111.0 m——-5.1%−6.4%−33% / −72%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
YRDYiren Digital Ltd.68.9 m8.80.6%1.0%−85.9%−91% / −86%
BTCSBTCS Inc.54.6 m—-354.8%-746.3%+304.8%−67% / +6%
ZSTKZeroStack Corp.47.4 m—-1,993.6%-444.2%−0.5%−67% / −94%

1- and 3-year price returns: for ARBK from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (03 Sept 2026).

    In brief

    Argo Blockchain plc is a company that mines Bitcoin and other crypto assets using purpose-built machines and inexpensive North American power. In fiscal 2025 it mined 150 Bitcoin, compared with 1,760 in 2023, and its total revenue fell to 15.5 mn USD, showing the pressure the April 2024 halving and the 2025 restructuring have placed on the business.

    SWOT

    Strengths

    • The company owns infrastructure at Baie Comeau with renewable power, and a cost base controlled after several years of reductions 1.
    • The December 2025 restructuring reorganised the balance sheet, and support from the controlling shareholder improves the liquidity management reports 1.
    • The balance between owned facilities and hosted sites gives flexibility in adapting operations 1.

    Weaknesses

    • Revenue and cash flow depend almost entirely on the Bitcoin price and volume mined, which makes results volatile 1.
    • A limited operating history and losses in prior years make future prospects hard to evaluate 1.
    • The total cost per Bitcoin mined has risen well above earlier levels and margins have fallen sharply 1.

    Opportunities

    • Using stranded or wasted energy could open new mining business models 1.
    • Expanding Baie Comeau capacity could raise operating volume if the local authority awards the contract 1.
    • Diversifying into energy, finance and technology could reduce dependence on a single crypto asset 1.

    Threats

    • Future halvings and higher network difficulty could further reduce mining economics 1.
    • Crypto regulation and tax regimes in Canada, the UK and the United States could add costs 1.
    • Competition from AI and HPC data centres could reduce the availability of suitable sites and power 1.

    Risks

    • Dependence on the Bitcoin pricehigh

      Revenue and asset values depend on the Bitcoin price, and a fall in price or in volume mined would directly affect financial results 1.

    • Liquidity and financinghigh

      The company went through a restructuring in 2025 and continuity depends on controlling-shareholder support. Obtaining additional capital could be difficult or dilutive to shareholders 1.

    • Tax disputesmedium

      Tax authorities could challenge the company's tax positions, and Canadian assessments under appeal could create significant liabilities 1.

    • Equipment obsolescencemedium

      Mining machines lose value quickly, and access to new equipment depends on the supply chain, which could reduce competitiveness 1.

    • Cyber security and custodymedium

      Cyberattacks or a compromise of the third-party custodian holding digital assets could lead to the loss of assets 1.

    Investment thesis

    What would need to be true (bull case)

    • If the Bitcoin price rises, revenue could recover quickly, since the company has reduced costs and debt in recent years 1.
    • The renewable infrastructure at Baie Comeau and a possible expansion could support a competitive position over the long term 1.
    • Support from the controlling shareholder after the restructuring could provide financial stability in a difficult period for the sector 1.

    What would break the thesis

    • Margins have compressed sharply, and the total cost per Bitcoin mined rose well above the reward value in the latest reporting year 1.
    • Mined volume fell sharply after the halving and the reduction in the fleet, which could limit a recovery in revenue 1.
    • Total profit in 2025 came mainly from gains linked to the restructuring rather than from operating performance 1.

    What to watch

    • Trend in the mining margin and the cost per Bitcoinnext 10-K
    • Outcome of the Canadian tax appeals2027
    • Decision on the Baie Comeau expansion2027
    • Use of the subscription facility provided by Growler2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (03 Sept 2026).

    The business

    Argo Blockchain plc is the parent of a group focused on mining Bitcoin and other crypto assets. Its mining machines solve cryptographic algorithms and earn rewards and fees in the native currency of the network. As of December 31, 2025 the fleet numbered about 22,600 machines, with computing power of up to 2.4 exahash per second 1. The company operates a data centre in Baie Comeau, Quebec, with 15 MW of capacity, 99% of it renewable 1. Argo changed its operating model after selling the Helios facility in December 2022 and now uses a mix of owned facilities and third-party hosting 1.

    Segments

    Own-account Bitcoin mining

    The core activity is mining Bitcoin for the company's own account, so revenue depends almost entirely on the market value of the Bitcoin received. The company sold mined Bitcoin weekly to fund operating expenses 1. The Mining Profit Margin fell to 19% in fiscal 2025 from 33% in 2024, driven by the April 2024 halving and the reduction in operational machines 1.

    Hosting and owned infrastructure

    Argo has adopted a balance between owned sites and third-party sites with cheap, renewable power. Baie Comeau is the only facility it owns and operates after the March 2024 sale of Mirabel, and expansion from 15 MW to 23 MW depends on a contract with the local municipality 1. In 2025 the group signed hosting agreements with Merkle Standard LLC, most of which ended in March and April 2026 1.

    Market context

    Bitcoin mining is dominated by industrial operators with access to capital and cheap power, and smaller miners are under increasing pressure. The company notes that network difficulty keeps rising and that machine prices and capital requirements are increasing 1. The average total cost per Bitcoin mined rose to about 101,560 USD in 2025 from 60,372 USD in 2024, indicating pressure on margins 1.

    Trends

    • Bitcoin halvingheadwind

      The block reward was halved in April 2024, directly reducing the volume of Bitcoin mined and margins. The next halving is expected in 2028 1. If the Bitcoin price does not offset the lower reward, mining economics could remain under pressure.

    • Competition from AI and HPCmixed

      AI and high-performance computing data centres compete with mining for power and sites, and some facilities could be redirected to these uses. This dynamic could slow growth in mining capacity and accelerate consolidation 1.

    • Sector consolidationmixed

      Operators with capital, scale and cheap power appear better placed, while smaller or under-capitalised miners face greater pressure. The company expects the trend to continue as network difficulty rises 1.

    • Support from the controlling shareholdertailwind

      The restructuring completed in December 2025 and the financial support from controlling shareholder Growler could support liquidity if the subscription facility is used, but continuity depends on this support 1.

    Competitive position

    Argo competes with large private miners, publicly listed mining companies and, in some jurisdictions, state-sponsored operations. Competitors contest power, equipment, capital and suitable sites 1. The company says it maintains its advantage through operational efficiency, hashrate and cheap renewable power 1.

    • Large-scale industrial mining operators

      Companies with industrial facilities and long-term power contracts, described in the source as main competitors.

    • Large private miners

      Private operators that dominate network hashrate and benefit from substantial capital.

    • AI and HPC data centres

      Competitors for the same sites and power, with margins considered higher than Bitcoin mining.

    • Proof-of-stake networks

      Alternatives that need no intensive computation, which could reduce the cost advantages of proof-of-work miners.

    News & filings

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.