Argo Blockchain plc Announces Delay in Publication of Annual Financial Report

Strategic Insights -

Argo Blockchain plc has announced that there will be a delay to the publication of its annual financial report for the year ended 31 December 2024, citing the need to complete the restatement of its annual report on Form 20-F for the year ended 31 December 2023 in response to a comment letter from the Securities and Exchange Commission (SEC). The delay is due to management time and auditor resources being directed toward the restatement. The Company has announced that it will request a temporary suspension of the listing of its ordinary shares from the Official List of the FCA and from trading on the Main Market of the London Stock Exchange pending publication of the 2024 Financial Statements.

Key Takeaways:

  • Argo Blockchain plc has announced a delay in the publication of its annual financial report for the year ended 31 December 2024 due to the need to complete the restatement of its annual report on Form 20-F for the year ended 31 December 2023.
  • The delay is attributed to the requirement to direct management time and auditor resources toward the restatement in response to a comment letter received from the SEC.
  • The Company has announced that it will request a temporary suspension of the listing of its ordinary shares from the Official List of the FCA and from trading on the Main Market of the London Stock Exchange pending publication of the 2024 Financial Statements.
  • The Company is working diligently with its auditors, PKF Littlejohn LLP, to complete the audit of the 2024 Financial Statements and expects to publish them on or around 9 May 2025.
  • The Company has provided preliminary unaudited financial highlights for the year ended 31 December 2024, which include:

+ Total revenue: $47.0 million

+ Net loss: $54.4 million

+ Adjusted EBITDA: $5.6 million

+ Cash balance at 31 December 2024: $8.6 million

Statistics:

  • The delay in the publication of the annual financial report is expected to be around 5-6 weeks, with the new publication date on or around 9 May 2025.
  • The Company's auditor, PKF Littlejohn LLP, has advised the Company that the audit process is near completion, but will not be finalised by the deadline.
  • The SEC received a comment letter in connection with its review of the 2023 20-F to clarify the accounting treatment of Argo's digital assets.
  • The restatement of the 2023 20-F resulted in a decrease to the net loss in 2023 and 2022, and a decrease to net income in 2021.
  • The Company has a cash balance of $8.6 million at 31 December 2024.

Sources:

  • Argo Blockchain plc
  • ACCESS Newswire
  • London Stock Exchange
  • Securities and Exchange Commission (SEC)
  • PKF Littlejohn LLP