Argo Blockchain reported its unaudited financial results for the third quarter ended September 30, 2024, with revenue of $7.5 million, a decrease from $10.4 million in the prior year period. For the nine months ended September 30, 2024, revenue was $36.7 million, up from $34.4 million in the prior year. The company mined 123 Bitcoin during Q3, averaging 1.3 Bitcoin per day, but its mining margin percentage significantly declined to 8% from 58% in Q3 2023.
Argo reported a net loss of $6.30 million in Q3 2024, which narrowed from a $9.90 million loss in the same period last year. A key financial highlight was the reduction of debt by $12.40 million during the quarter, including the full repayment of a loan. The company ended the period with $2.50 million in cash and held four Bitcoin.
In strategic developments, Argo noted the dismissal of a class action lawsuit with prejudice post-quarter. The company also highlighted its non-binding letter of intent to explore expanding High Performance Computing capabilities at its Baie-Comeau facility. However, a hosting agreement with Galaxy was not renewed and was set to expire on December 28.
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