Argo Blockchain halts trading amid delayed financials and deepening losses

London-listed crypto mining firm Argo Blockchain has frustrated investors after halting trading of its shares on the London Stock Exchange. Effective May 1, the suspension comes as the firm missed the April 30 deadline for unveiling its audited financial records for 2024. Bitcoin Mining Stock @miningstockinfo · Follow JUST IN: 📈 @ArgoBlockchain delays its 2024 financial report to around May 9 due to audit workload. PKF Littlejohn LLP near completion of audit. Trading suspended on LSE from May 1. Preliminary 2024 unaudited highlights: $47M revenue, $54.4M net loss. $ARBK 11:48 am · 30 Apr 2025 0 Reply Copy link Read more on Twitter PKF Littlejohn LLP is conducting the audit. Despite confirming that the process was near completion, it announced that it could not finalize before the regulatory deadline. That meant violating UK listing regulations, and Argo Blockchain had to request a temporary suspension of its public listing until they published the financial statements. Shareholders counted more losses following the move as Argo shares lost over 20% on Wednesday to a 2.34 pc low. Financials highlight struggle While Argo Blockchain failed to finalize the full audited accounts, it unveiled preliminary unaudited numbers, which confirmed the company’s deteriorating financial well-being. The firm saw $47 million in revenue in 2024, an approximately 7% dip from 2023. However, the net loss grabbed attention as it skyrocketed by over 50% YoY to $54.4 million. The massive losses underscored broader challenges within the crypto mining industry, including BTC price struggles in 2024, intensified competition, and soaring energy costs. Nonetheless, Argo Blockchain’s condition appears more severe than some of its competitors. For instance, MARA Holdings’ stock price lost 1.84 points in the past twelve months. The unaudited monetary figures have confirmed investors’ fear that the firm’s financial structure is weakening and the current leadership does not have an immediate solution. Argo Blockchain’s leadership woes The trading suspension is part of the struggle experienced in the past months. The firm’s CEO, Thomas Chippas, resigned in January after holding the position for over one year. The lack of explanation following the CEO’s sudden departure triggered investor worries about Argo’s governance issues and internal stability. Meanwhile, critics and most investors are demanding accountability. The mining firm witnessed significant endorsement from executives, influencers, and media voices in the past few years. These promoters endorsed Argo Blockchain as a profitable venture poised for impressive growth. As one X user stated: Those responsible for spreading this company’s bull**** are long gone into the sunset with their pockets full. TheBoatmanCapital @BoatmanCapital · Follow So @ArgoBlockchain finally suspends its shares leaving many investors with big losses. Meanwhile, those responsible for spreading this company’s bullshit are long gone into the sunset with their pockets full. 4:28 pm · 30 Apr 2025 0 Reply Copy link Read more on Twitter Such statements indicate a sense of betrayal among investors. Shareholders will wait for PKF Littlejohn LLP to complete the audit and Argo Blockchain to publish the full financial details. Only then can the firm’s shares resume trading. Nevertheless, the mining firm has an uphill battle with deteriorating financials and dented investor confidence. Argo Blockchain requires a significant shift in leadership and operations to avoid becoming another cautionary tale in the cryptocurrency mining industry. The post Argo Blockchain halts trading amid delayed financials and deepening losses appeared first on Invezz

Source: Invezz