ARBK

Argo Blockchain Plc: Form 6-K Summary (Period Ended June 30, 2025)

Business Context and Reporting Period

This Form 6-K, filed on September 30, 2025, reports the interim results for Argo Blockchain Plc for the six months ended June 30, 2025. Argo is a dual-listed (LSE: ARB; NASDAQ: ARBK) cryptocurrency mining company operating facilities in Quebec and Texas. The reporting period was characterized by operational disruptions due to machine refurbishment and relocation, alongside significant corporate restructuring efforts to address legacy debt.

Key Financial Metrics

Material Changes vs. Prior Period

• Revenue Decline: Revenue dropped 78% year-over-year, primarily driven by the refurbishment and relocation of mining machines in Q1 2025, which significantly reduced operational capacity.
• Production Drop: Bitcoin mined decreased from 442 BTC in H1 2024 to 65 BTC in H1 2025.
• Margin Compression: Mining margin percentage fell from 39% to 18%, and the company moved from a positive Adjusted EBITDA of $5.7 million to a negative $2.8 million.
• Reduced Net Loss: Despite lower revenues, the net loss improved significantly from $37.5 million to $8.1 million, largely due to the absence of the $22.0 million impairment of property, plant, and equipment recorded in H1 2024.
• Liquidity Pressure: Cash and cash equivalents decreased by approximately $7.0 million during the period, ending at $1.7 million.

Guidance, Outlook, Risks, and Unusual Items

Restructuring and Recapitalization: On June 30, 2025, and subsequently amended on September 9, 2025, Argo entered into a Restructuring Support Agreement (RSA) with Growler Mining, LLC. This plan involves a court-sanctioned recapitalization under Part 26A of the UK Companies Act 2006. Key components include the equitisation of approximately $40 million in unsecured notes and a new secured multi-draw term loan facility of up to $7.5 million from Growler. As of the filing date, approximately $4.5 million had been drawn under this facility.

Debt Default: The company failed to make the scheduled interest payment on its 8.75% Senior Notes due July 31, 2025. The 30-day grace period expired on August 30, 2025. This default is intended to be addressed within the ongoing recapitalization process.

Listing Status: Argo received a delisting notice from Nasdaq regarding minimum bid-price non-compliance. However, on September 18, 2025, Nasdaq granted a request for continued listing, conditional on demonstrating compliance with all rules by January 14, 2026.

Going Concern: The Board has prepared the financial statements on a going concern basis, contingent upon the successful completion of the court-sanctioned restructuring plan and continued access to the Growler loan facility. Material uncertainties remain regarding the timing of the court process, funding availability, and volatility in Bitcoin prices and network difficulty.

Management Changes: Justin Nolan was appointed CEO in March 2025. Matthew Shaw resigned as Chairman in June 2025, replaced by Maria Perrella. Charlotte Proctor-Worrall was appointed CFO in September 2025.

Investor Verification Checklist

• Restructuring Timeline: Verify the status of the High Court of England and Wales hearing for the Recapitalization Plan, targeted for late October 2025.
• Liquidity Runway: Confirm the remaining availability under the $7.5 million Growler loan facility and the conditions required for further draws.
• Debt Resolution: Monitor the resolution of the defaulted interest payment on the 8.75% Senior Notes and the terms of the proposed equitisation.
• Nasdaq Compliance: Track the company's ability to meet Nasdaq listing requirements by the January 14, 2026 deadline.
• Operational Recovery: Assess the timeline for the full return of mining machines to operational status and the resulting impact on Bitcoin production volumes.