The ARB share price gains on record Q3 results, but drops back
Q3 figures are in from Argo Blockchain (LSE:ARB). They include record revenue in the quarter, of $26m (£19.3m). The ARB share price briefly climbed 5.7% in early trading, but quickly fell back. As I write, it’s around half a percentage point ahead.
ARB share price multibagger
Despite falling from their February peak, ARB shares are still up 1,800% over the past 12 months. The cryptocurrency miner reported record net income of $17.3m (£12.9m), with record EBITDA of $28.2m (£21m). For the nine months to 30 September, revenue reached $67.9m, with $27.1m net income, and $49.8m EBITDA.
During Q3, the firm mined 597 Bitcoin and Bitcoin equivalent (BTC). That was with an average direct cost per coin of $6,293 (£4,673). That’s significantly ahead of the current Bitcoin price, a little over $61,500 (£45,100) at the time of writing.
Current holdings, as of 30 September, stood at 1,836 BTC. That’s worth approximately $113m (£83m).
Argo tells us that the purchase of new machines for its new Texas facility should lift its total hashrate capacity to approximately 3.7 Exahash, up from 1.075 at the end of the quarter. Whatever an Exahash is, that’s a big rise.
New mining facility
The Q3 report also updated us on a couple of key, non-financial, events. Chief executive Peter Wall summed them up: “From breaking ground on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on Nasdaq in the United States, this quarter has been pivotal as Argo continues to scale.”
The new ADR listing on Nasdaq was completed on on 23 September. And Argo says the new Texas facility will provide up to 800 MW of electrical power.
Alan Oscroft has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.
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