The company's solvency is under significant pressure, characterized by a negative equity position of -$29.5M and a total debt burden of $40.2M as of 2024Q4.
| Total Current Assets | 11.71M | 14.92M | 27.42M | 210.77M | 12.12M | 4.36M | 23.65M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 2.32M | 3.65M | 17.2K | -11.3M | -464.7K | -256.1K | 0 |
| Total Non-Current Assets | 7.55M | 61.02M | 83.14M | 178.14M | 32.51M | 28.4M | 3.92M |
| Property, Plant & Equipment | 7.07M | 59.73M | 77.75M | 151.34M | 24.47M | 20.4M | 3.13M |
| Fixed Asset Turnover | 6.65x | 0.85x | 0.74x | 0.65x | 1.06x | 0.56x | 0.31x |
| Goodwill | 35K | 112K | 96.75K | 108.14K | 0 | 0 | 0 |
| Intangible Assets | 141K | 776K | 2.01M | 7.47M | 503.25K | 638.42K | 789.75K |
| Long-Term Investments | 300K | 400K | 3.29M | 19.22M | 7.53M | 7.36M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - |
| Total Assets | 19.26M | 75.94M | 110.56M | 388.91M | 44.62M | 32.75M | 27.57M |
| Asset Turnover | 2.44x | 0.67x | 0.52x | 0.25x | 0.58x | 0.35x | 0.04x |
| Asset Growth % | -74.64% | -31.31% | -71.57% | 771.58% | 36.23% | 18.8% | - |
| Total Current Liabilities | 9.44M | 27.59M | 21.45M | 73.92M | 6.02M | 5.28M | 278.37K |
| Accounts Payable | 1.66M | 2.34M | 3.08M | 13.87M | 749.4K | 3.26M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 857K | 14.32M | 11.64M | 31.63M | 158.63K | 1.44M | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - |
| Other Current Liabilities | 398K | 2.07M | 23.23K | 10.89M | -2.07K | 6.63K | 6.11K |
| Current Ratio | 1.24x | 0.54x | 1.28x | 2.85x | 2.01x | 0.82x | 84.96x |
| Quick Ratio | 1.24x | 0.54x | 1.28x | 2.85x | 2.01x | 0.82x | 84.96x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 39.3M | 48.2M | 64.46M | 42.19M | 5.34M | 0 | 0 |
| Long-Term Debt | 39.3M | 48.2M | 63.91M | 40.96M | 0 | 0 | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - |
| Total Liabilities | 48.74M | 75.78M | 85.91M | 116.1M | 11.37M | 5.28M | 278.37K |
| Total Debt | 40.16M | 62.52M | 76.1M | 73.09M | 10.25M | 1.44M | 0 |
| Net Debt | 31.54M | 55.08M | 55.95M | 57.13M | 7.44M | 1.22M | -20.87M |
| Debt / Equity | - | 395.68x | 3.09x | 0.27x | 0.31x | 0.05x | - |
| Debt / EBITDA | - | 9.65x | 37.40x | 1.01x | 1.31x | 0.46x | - |
| Net Debt / EBITDA | - | 8.50x | 27.49x | 0.79x | 0.95x | 0.39x | - |
| Interest Coverage | -2.18x | -1.63x | -1.19x | 19.05x | 11.88x | -17.18x | - |
| Total Equity | -29.48M | 158K | 24.65M | 272.81M | 33.25M | 27.47M | 27.29M |
| Equity Growth % | -18761.39% | -99.36% | -90.96% | 720.38% | 21.04% | 0.66% | - |
| Book Value per Share | -0.05 | 0.00 | 0.05 | 0.66 | 0.10 | 0.09 | 0.15 |
| Total Shareholders' Equity | -29.48M | 158K | 24.65M | 272.81M | 33.25M | 27.47M | 27.29M |
| Common Stock | 938K | 710.99K | 578.09K | 622K | 414.78K | 389.14K | 374.12K |
| Retained Earnings | -247.08M | -192.37M | -159.97M | 71.43M | 30.02M | -6.61M | -5.24M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -25.6K |
| Accumulated OCI | -15.6M | -17.96M | -20.82M | 12.06M | 708.2K | 236.12K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insolvency and liquidity constraints
As reported in recent financial statements, ARBKL's total assets have plummeted from $110.6M in 2022Q4 to just $19.3M by 2024Q4, signaling a rapid contraction of the balance sheet that reflects both asset divestitures and persistent operational losses that have pushed equity into negative territory.
The consistent decline in total assets suggests that the company is liquidating its resource base to fund ongoing operational deficits. This trajectory indicates a business model struggling to maintain scale, as the reduction in asset value outpaces the company's ability to generate self-sustaining returns.
Based on 2024Q4 filings, the company maintains a cash balance of only $8.6M against $48.7M in total liabilities, resulting in a current ratio of 1.24 that appears insufficient to cover near-term obligations given the high-burn nature of the mining industry.
The marginal improvement in the current ratio from 0.52 in 2024Q3 to 1.24 in 2024Q4 may be misleading, as it likely reflects the liquidation of assets rather than improved operational cash flow. Investors should monitor this narrow liquidity buffer, as it leaves little room for error in the event of further Bitcoin price volatility.
According to quarterly data, ARBKL's equity position has deteriorated into negative territory, reaching -$29.5M in 2024Q4, which highlights the severe impact of accumulated losses and the potential for future dilutive financing to address the company's precarious capital structure.
The shift to negative equity suggests that the company has exhausted its retained earnings, leaving shareholders with a claim on a balance sheet that is effectively insolvent. This condition warrants further investigation into the company's ability to continue as a going concern without significant external capital injections.
As indicated by the 2024Q4 balance sheet, net PPE has declined to $7.1M from a peak of $77.7M in 2022Q4, illustrating a significant reduction in the company's physical mining infrastructure and a pivot toward a more asset-light, yet potentially less competitive, operational model.
The sharp reduction in PPE suggests that the company has offloaded critical hardware to manage debt, which may limit its future production capacity and competitive standing. This trend implies that the firm is increasingly reliant on third-party hosting, which may introduce higher variable costs and reduced control over mining efficiency.
Quick answers to the most common questions about buying ARBKL stock.
As of 2024, Argo Blockchain plc 8.75% Senior Notes due 2026 (ARBKL) had total assets of $19.3M including $11.7M in current assets.
Argo Blockchain plc 8.75% Senior Notes due 2026 (ARBKL) carries total debt of $40.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Argo Blockchain plc 8.75% Senior Notes due 2026 (ARBKL) has total shareholders' equity (book value) of $-29.5M ($-0.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Argo Blockchain plc 8.75% Senior Notes due 2026 (ARBKL) reported a current ratio of 1.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.