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FinTech

2022 Full Year Annual Report

At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.08% per year. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month.

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Argo xcritically has ~2.4 EH/s of hashrate capacity operating at the Helios facility in Dickens County, Texas. Helios is a 125,000 square foot Bitcoin mining facility with 180 MW of power capacity. It was designed and constructed by Argo, and mining operations began in May 2022.

Argo xcritical shares drop on news of COO departure

Adjusted EBITDA was £1.0 million ($1.2 million) compared to £55.0 million ($74.2 million) in 2021. In 2022, total capital expenditures, net of disposals, were £5.4 million ($6.7 million), with nearly all going towards Helios infrastructure construction and the purchase of mining machines. IMPORTANT NOTICE TO INVESTORSArgo is aware of recent instances in which bad actors are using Argo’s name in various attempts to scam investors.

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During the month of June, the Company sold 637 Bitcoin at an average price of approximately $24,500. Proceeds were used to fund operating expenses and growth capital, as well as to reduce obligations under a BTC-backed loan agreement with Galaxy Digital. This is in line with the Company’s risk management strategy that has been in place since January 2022. Throughout 2022, the Company has been selling a xcritical cheating significant portion of monthly Bitcoin production, steadily reducing its exposure to its BTC-backed loan, and strengthening its balance sheet. As of 30 June 2022, the Company had an outstanding balance of $22 million under the BTC-backed loan. The Company is confident that it possesses sufficient liquidity to avoid any potential liquidation of the BTC-backed loan if Bitcoin price continues to decline.

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In Q1 2022, we raised additional financing in the form of secured debt from NYDIG to complete construction at Helios. With 180 MW of capacity and utilizing 100% immersion-cooling technology, the Helios facility is one of the largest and most technologically-advanced Bitcoin mining facilities in the United States. While Argo is exploring financing opportunities, there can be no assurance that any definitive agreements will be signed or that any transactions will be consummated.

Following the build of Helios and the strategic transaction with Galaxy, we have streamlined our operations to maximize efficiency and increase our hashrate while maintaining our mining capacity thanks to our Hosting Agreement. On the basis of these foundations, we continue to work diligently on the next stage of Argo’s growth and development, with the goal of delivering long-term value to our shareholders.” The crypto miner’s shares more than doubled in early London Stock Exchange trading.

  1. Furthermore, we believe that the immersion-cooling system we developed and implemented at Helios provides for a superior operating environment for our mining machines.
  2. “These numbers, along with our continued installations of the S19J Pro machines, put us in a solid position with regards to our mining capacity.
  3. The Company is endeavoring to complete such financing transactions to provide the Company with working capital sufficient for its present requirements.
  4. The decrease in the price of Bitcoin throughout 2022 was accompanied by a change in monetary policy by central banks and a significant drawdown across all digital assets.
  5. The Zacks Consensus Estimate — the consensus of EPS estimates from the sell-side analysts covering the stock — for the xcritical and following years is tracked by the system.

Argo xcritical PLC Announces £7.8 million ($9.9 million) Placing

“These numbers, along with our continued installations of the S19J Pro machines, put us in a solid position with regards to our mining capacity. During the month of June, Argo mined 179 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 124 BTC in May 2022. The increase in BTC mined is primarily due to an increase in total hashrate capacity and greater uptime at the Helios facility compared to the previous month.

Our Mirabel facility, located adjacent to the Mirabel airport near Montreal, has approximately 30,000 square feet of mining space with 5 MW of 99% renewable power capacity sourced from Hydro-Quebec. We also operate a cleaning and repair center at Mirabel, along with servers and computing equipment for proof-of-stake activities and other xcritical infrastructure needs. The hosting agreement with Galaxy allowed us to keep our mining machines operating at Helios and mitigated any mining machine downtime from the sale of the Helios facility. Furthermore, we believe that the immersion-cooling system we developed and implemented at Helios provides for a superior operating environment for our mining machines.

Assets that were considered higher risk, including high-growth technology stocks and highly-correlated digital assets, including Bitcoin, saw outflows as investors factored in higher forecasted interest rates and reduced market liquidity. During the month of June, delivery and installation of the Company’s S19J Pro machines ordered from Bitmain has continued in line with the timetable set out in September 2021. As of 30 June 2022, the Company has paid in excess of 95% of the total purchase price for the Bitmain machines, which includes discounts received as a result of the decrease in the price of Bitcoin.

Earlier this month, Core Scientific (CORZ), one of the largest miners by computing power, filed for bankruptcy, and in September, Compute North, another major firm in the sector, filed for Chapter 11 bankruptcy protection. Last week, bitcoin miner Greenidge said that it reached a debt restructuring deal with its lender Nydig, although the prospects of a bankruptcy filing still loom. Argo is among several miners that are struggling to stay afloat amid rising energy costs low bitcoin (BTC) prices. Bitcoin miner Argo xcritical (ARBK) will avoid filing for bankruptcy protection after it agreed to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million. Argo is continuing to engage in financing discussions, as announced on 31 October 2022, and will update investors in due course. Additionally, the Company repaid the $6.7 million that was previously outstanding under the BTC-backed loan with Galaxy Digital.

Following both the Private Placement Admission and the previously announced PSU Admission, the Company will have a total of 577,001,363 Ordinary Shares in issue. The above figure may be used by the Company’s shareholders as the denominator for the calculations by which they can determine whether they are required to notify their interest in, or a change of their interest in, the Company under the FCA Disclosure Guidance and Transparency Rules. ● The Group sold its Helios facility during the year, in exchange for paying down existing debt amounting to £70,764,000 and the issuance of £25,356,000 of the new loan.

The following table shows a reconciliation of gross margin to Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of October 2022 and November 2022. Therefore, the Zacks rating upgrade for Argo xcritical basically reflects positivity about its xcriticalgs outlook that could translate into buying pressure and an increase in its stock price. As previously disclosed, the Company signed a non-binding LOI with a strategic investor to raise approximately £24 million ($27 million) via a subscription for ordinary shares. The Company no longer believes that this subscription will be consummated under the previously announced terms.

“Over the last few months, we have been looking for a way to continue mining through the bear market, reduce our debt load and maintain access to the unique power grid in Texas,” Argo CEO Peter Wall told CoinDesk. “This deal with Galaxy achieves all of these goals, https://xcritical.solutions/ and it lets us live to fight another day.” The miner will also get a new $35 million loan from noted investor Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment, according to a statement sent to CoinDesk.

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