Argo Blockchain Plc
ARBK · Finance Services · EDGAR filings ↗
Grade
F38Distressed Bitcoin miner with collapsing revenue, a prior going-concern doubt and survival dependent on its controlling shareholder after a 2025 restructuring.
Strengths
- 2025 restructuring and controlling-shareholder support (Growler) materially improved the balance sheet and removed the immediate going-concern flag
- FY2025 swung to a comprehensive profit — though driven by restructuring gains, not operations
Risks
- Revenue fell from $50.6M to $15.5M with only 150 BTC mined; FY2024 carried a going-concern explanatory paragraph and ~$8.6M cash
- The 95.8th-pct ROE is a negative-equity artifact, not real returns; deep operating losses, Bitcoin/halving exposure and shareholder dependence
Notable findings
- No interest coverageInterest coverage -2.25 (cannot cover interest)
- Going concernFor the year ended December 31, 2024, management identified conditions that raised substantial doubt about the Company ’ s ability to continue as a going concern, and our independent registered public
- Net lossNet loss (net margin -117.2%)
Key metrics
Gross margin
3.1%
Operating margin
-32.6%
Net margin
-117.2%
Return on equity
186.9%
Return on assets
-286.1%
Revenue growth (QoQ)
-7.0%
Interest coverage
-2.3×
Current ratio
1.2×
Tangible book value
-$29M
Cash & investments
$9M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001104659-26-051793 ↗ |
| 20-F | 2025-05-15 | 2024-12-31 | 0001104659-25-049311 ↗ |
| 20-F | 2024-04-30 | 2023-12-31 | 0001104659-24-054859 ↗ |
| 20-F | 2023-05-02 | 2022-12-31 | 0001104659-23-055071 ↗ |
| 20-F | 2022-05-02 | 2021-12-31 | 0001104659-22-054625 ↗ |