Bitcoins
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- Argo Blockchain has delayed its 2024 financial report due to Securities and Exchange Commission-mandated restatements
- The company has requested a temporary suspension of its shares on the London Stock Exchange starting May 1, 2025
- Preliminary results indicate a widened net loss of $54.4 million for 2024
UK Bitcoin mining firm Argo Blockchain has postponed the release of its 2024 financial statements, citing the need to restate previous reports following Securities and Exchange Commission (SEC) feedback. Consequently, the company has requested a temporary suspension of its shares on the London Stock Exchange, effective May 1, 2025. This move follows financial strife in late 2022 when its shares were also suspended pending an anticipated bankruptcy.
Bitcoins Financial Report Delayed
Argo Blockchain’s financial statements were originally due by April 30, 2025, but are now expected around May 9, with the postponement attributed to the time and resources needed to amend the company’s 2023 annual report following feedback from the SEC regarding the accounting treatment of digital assets. As a result of the delay, Argo has requested a temporary suspension of its ordinary shares from the Official List of the UK’s Financial Conduct Authority and from trading on the London Stock Exchange’s Main Market, effective from May 1, 2025. The company plans to seek reinstatement of its share listing following the publication of the 2024 financial statements.
The SEC’s review of Argo’s Form 20-F for the year ended December 31, 2023, necessitated clarification of the accounting treatment for the company’s digital assets. Argo filed the restated accounts on April 22, 2025, with the SEC completing its review by April 25, 2025. The restatement resulted in a reduced net loss for 2023 and 2022 and a lowered net income for 2021, alongside a reclassification of cash flows between operating and investing activities. Importantly, there was no change to the reported revenue or cash.
Bitcoins Preliminary Reports Show $54.4 Million Loss
2022 and 2023 were difficult years for Argo, with the dwindling Bitcoin price and increasing energy costs seeing it flirting with bankruptcy. As a result, trading of shares was suspended, with the company only surviving after selling off a newly opened U.S. arm.
In the interim, Argo has provided unaudited preliminary financial highlights for 2024, which indicate a total revenue of $47.0 million and a net loss of $54.4 million. The cash balance as of December 31, 2024, stood at $8.6 million.
Mark Hunter Read More