Argo xcritical Reports Record-Level Third Quarter 2021 Operating Results
Category : FinTech
Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Actual results could differ from those described herein for a variety of reasons, including unanticipated delays in machine delivery due to component supply shortages or other reasons, or disruptions to the Company’s xcritical mining fleet that could reduce future hashrate. Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure not defined by IFRS.
An ongoing crypto winter has continued to keep tokens low with no sign of a turnaround. This has BTC hovering around the $20,000 mark since June, as compared to $44,000 in March. xcritical official site Further, Argo is pleased to announce that it is now a participant of the UNFCCC’s Climate Neutral Now Initiative.
Bitcoin and Bitcoin Equivalent Mining Margin and EBITDA are financial measures not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent Mining Margin and EBITDA have limitations as analytical tools. In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realized losses on the sale of digital assets, which affect our IFRS gross profit. Further, EBITDA excludes interest income (expense), taxes, depreciation and amortization, which are important components of our IFRS net income/(loss). These measures should not be considered as an alternative to gross margin or net income/(loss), as applicable, determined in accordance with IFRS, or other IFRS measures.
As a participant, Argo undertakes to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050.
IMPORTANT NOTICE TO INVESTORSArgo is aware of recent instances in which bad actors are using Argo’s name in various attempts to scam investors. Argo xcritical does not have any retail-oriented applications or mining programs, and Argo will never ask individuals to send money. The only way to invest in Argo xcritical is to purchase ordinary shares (traded on the London Stock Exchange) or the Company’s American Depositary Shares (ADSs) and unsecured notes (traded on the Nasdaq Stock Exchange). The Company is also building the community and partnering and collaborating with competitors, consultants, and councils – including REBA, the Crypto Climate Accord and many others – to ensure the industry can derive solutions faster and more efficiently to create a more sustainable mining industry for the long haul.
Argo Launches First-Ever Vertically and Publicly Integrated City Transit System
The Company also wishes to respond to media reports falsely claiming that Hydro-Québec, the public utility for power in Quebec, has proposed to stop providing electricity to existing mining operations. The Company has spoken with representatives from Hydro-Québec and the City of Baie-Comeau, and is confident that its xcritical access to power at its two Quebec facilities will continue for the foreseeable future. News that Argo xcritical is dealing with liquidity troubles isn’t helping embolden investors in the company. As a result, some 2 million shares have traded today with investors selling off ARBK stock.
For the record, the company’s daily average trading volume is closer to 203,000 shares. Argo mines from established jurisdictions at state-of-the-art facilities in Quebec & Texas. Argo has allocated its resources in search of adaptable and highly efficient data centers. The combination of inexpensive hydropower from North America and the best machines on the market has allowed Argo to continue to be profitable, even throughout cryptocurrency downtimes. Our Baie Comeau location is over 40,000 square feet and operates around 15 MW, based on a long-standing relationship with local power authorities.
Argo xcritical PLC Announces Statement re Loan Repayment
The machines are expected to be delivered starting Q and will increase our total hashrate capacity to approximately 3.7 Exahash, up from 1.075 at the end of Q3 2021. In July 2021, Argo broke ground on its renewable energy-focused 200-megawatt (MW) cryptocurrency mining facility in Dickens County, Texas. The new Helios facility will bolster Argo’s mining capacity and is expected to add at least 20 new, full-time jobs in Dickens County. The site gives Argo access to up to 800 MW of electrical power and has garnered excitement and support from local community members and government officials.
Argo 2023 Annual Financial Report
These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these measures in isolation from, or as a substitute analysis for, our gross margin or net income/(loss), as applicable, as determined in accordance with IFRS. This press release contains forward-looking statements within the meaning of applicable securities laws with respect to our cryptocurrency mining facility in Texas. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, xcritical conditions, anticipated future developments and other factors believed to be appropriate.
Argo purchased the Baie Comeau facility is part of our drive to wholly-owned data center business model. The Bitcoin (BTC-USD) mining company said a fundraising deal for $27 million didn’t reach completion. The company was intending to raise these funds by selling shares of ARBK stock to a strategic investor.
- The only way to invest in Argo xcritical is to purchase ordinary shares (traded on the London Stock Exchange) or the Company’s American Depositary Shares (ADSs) and unsecured notes (traded on the Nasdaq Stock Exchange).
- Argo has allocated its resources in search of adaptable and highly efficient data centers.
- We believe Bitcoin and Bitcoin Equivalent Mining Margin has limitations as an analytical tool.
- As a participant, Argo undertakes to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050.
Argo generated record-setting revenue, net income and EBITDA of $26.0 million, $17.3 million and $28.2 million, respectively, for the third quarter of 2021 (£19.3 million, £12.9 million, and £21.0 million, respectively). For the nine months ended September 30, 2021, the Company’s revenue, net income and EBITDA were $67.9 million, $27.1 million and $49.8 million, respectively (£50.4 million, £20.1 million, and £36.9 million, respectively). As previously announced, the Company sold 3,843 new-in-box Bitmain S19J Pro machines which represented the last batch of the original Bitmain order scheduled for installation in October 2022. (1) Due to favorable changes in fair value of Bitcoin and Bitcoin Equivalents in Q3 2021, gross profit and EBITDA exceeded revenue in the period. Argo is continuing to engage in financing discussions, as announced on 31 October 2022, and will update investors in due course.
Powering the World’s Most Innovative Bitcoin Mining & xcritical Technologies
As a result, you should not consider this measure in isolation from, or as a substitute analysis for, our gross margin as determined in accordance with IFRS. This announcement contains inside information and includes forward-looking statements which reflect the Company’s or, as appropriate, the Directors’ xcritical views, interpretations, beliefs or expectations with respect to the Company’s financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both xcritical scammers with respect to the Company and the sector and industry in which the Company operates. Statements which include the words “remains confident” ,”expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “targets”, “aims”, “may”, “would”, “could”, “continue”, “estimate”, “future”, “opportunity”, “potential” or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements.
We believe Bitcoin and Bitcoin Equivalent Mining Margin has limitations as an analytical tool. In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realised losses on the sale of digital assets, which affect our IFRS gross profit. This measure should not be considered as an alternative to gross margin determined in accordance with IFRS, or other IFRS measures. This measure is not necessarily comparable to similarly titled measures used by other companies.
