UK-based Argo Blockchain (NASDAQ: ARBK) the stock is almost falling 6% on Wednesday afternoon, as its revenue growth in the first quarter was offset by a drop in the price of bitcoin (BTC-USD).
Specifically, revenue of $19.52M in the first quarter increased from $17.84M in the period a year ago, mainly due to the growth of the crypto-miner’s hash rate throughout 2021.
Q1 gross profit was $1.92M compared to $27.13M in Q1 2021.
Operating profit of $1.8 million in the first quarter also fell from $25.59 million in Q1 a year ago.
Mining profit of $14.92 million in the first quarter was up slightly from $14.84 million in the first quarter of last year.
Digital assets held on its balance sheet were $104.84 million as of March 31, up from $106 million in December 2021.
Adjusted EBITDA of $19.1M in Q1 versus $15.34M in Q1 2021.
Additionally, “we improved our access to capital by establishing a funding relationship with NYDIG and strengthened our access to miners through our supply agreement with Intel for their new Blockscale ASIC chips,” said Chief Executive Peter Wall. “This will allow us to build custom-designed mining machines specifically to Argo’s specifications and designed for use in immersion cooling technology,” he added.
Additionally, ARBK stocks are facing intraday selling pressure as bitcoin (BTC-USD -3.4%) falls back below its key $30,000 level, recently changing hands at $29,010.
Take a look at Argo Blockchain’s first quarter earnings call presentation.