Argo Blockchain PLC Faces Financial Report Delay and Trading Suspension

Argo Blockchain PLC announced a delay in publishing its annual financial report for 2024, originally due by April 30, due to restating its 2023 annual report under SEC guidance. The restatement led to a decrease in net loss for 2023 and 2022, but a decrease in net income for 2021, with no effect on revenue or cash.

Consequently, the company requested a suspension of its shares from the London Stock Exchange effective May 1, 2025, pending the report's release expected around May 9, 2025. In anticipation, Argo shared unaudited 2024 financial highlights: a revenue of $47 million, net loss of $54.4 million, and a $8.6 million cash balance as of December 31, 2024.

The audit, nearly complete, was delayed as management focused on 2023 restatement prompted by SEC comments on digital asset accounting. Argo aims to resume trading post-report publication.