The company's financial stability is increasingly fragile, with retained earnings reaching a deficit of $275.0M and a total debt-to-equity ratio of 0.27 as of 2025Q4.
| Total Current Assets | 4.08M | 11.71M | 14.92M | 27.34M | 210.36M | 12.08M | 4.31M | 23.56M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 2.31M | 4.61M | 5.99M | 32.32M | 1.25M | 996.1K | 2.77M |
| Total Non-Current Assets | 18.65M | 7.55M | 61.02M | 82.9M | 177.79M | 32.41M | 28.11M | 3.9M |
| Property, Plant & Equipment | 13.21M | 7.07M | 59.73M | 77.52M | 151.04M | 24.4M | 20.19M | 3.12M |
| Fixed Asset Turnover | 1.17x | 6.86x | 0.97x | 0.76x | 0.65x | 1.06x | 0.56x | 0.25x |
| Goodwill | 37K | 35K | 112K | 79.41K | 80K | 0 | 0 | 0 |
| Intangible Assets | 5.4M | 141K | 776K | 1.66M | 5.52M | 501.52K | 631.9K | 786.09K |
| Long-Term Investments | 0 | 299.8K | 400K | 2.67M | 14.28M | 5.53M | 5.73M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - |
| Total Assets | 22.73M | 19.26M | 75.94M | 110.23M | 388.15M | 44.49M | 32.42M | 27.47M |
| Asset Turnover | 0.68x | 2.52x | 0.76x | 0.53x | 0.25x | 0.58x | 0.35x | 0.03x |
| Asset Growth % | 18.03% | -74.64% | -31.11% | -71.6% | 772.5% | 37.23% | 18.02% | - |
| Total Current Liabilities | 8.06M | 9.44M | 27.59M | 21.39M | 73.77M | 6M | 5.23M | 277.34K |
| Accounts Payable | 3.81M | 1.66M | 11.18M | 9.78M | 20.57M | 746.83K | 3.23M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 1.73M | 857K | 14.32M | 11.61M | 31.56M | 158.09K | 1.42M | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 2.09M | 0 | 11.28M | 369.33K | 569.53K | 277.34K |
| Current Ratio | 0.51x | 1.24x | 0.54x | 1.28x | 2.85x | 2.01x | 0.82x | 84.96x |
| Quick Ratio | 0.51x | 1.24x | 0.54x | 1.28x | 2.85x | 2.01x | 0.82x | 84.96x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.77M | 39.3M | 48.2M | 64.27M | 42.11M | 5.33M | 0 | 0 |
| Long-Term Debt | 0 | 39.3M | 48.2M | 63.73M | 40.88M | 0 | 0 | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - |
| Total Liabilities | 9.83M | 48.74M | 75.78M | 85.66M | 115.88M | 11.33M | 5.23M | 277.34K |
| Total Debt | 3.5M | 40.16M | 62.52M | 75.88M | 72.94M | 10.22M | 1.42M | 0 |
| Net Debt | 1.3M | 31.54M | 55.07M | 55.78M | 61.14M | 7.42M | 1.26M | -20.8M |
| Debt / Equity | 0.27x | - | 395.68x | 3.09x | 0.27x | 0.31x | 0.05x | - |
| Debt / EBITDA | - | - | 160.71x | - | 1.04x | 1.04x | 0.78x | - |
| Net Debt / EBITDA | - | - | 141.58x | - | 0.87x | 0.76x | 0.69x | - |
| Interest Coverage | 2.11x | -7.04x | -2.00x | -1.36x | 18.17x | -0.88x | -20.27x | - |
| Total Equity | 12.9M | -29.48M | 158K | 24.58M | 272.27M | 33.15M | 27.19M | 27.19M |
| Equity Growth % | 143.75% | -18761.39% | -99.36% | -90.97% | 721.25% | 21.93% | -0% | - |
| Book Value per Share | 38.82 | -103.19 | 0.68 | 112.02 | 1416.45 | 207.79 | 199.94 | 199.94 |
| Total Shareholders' Equity | 12.9M | -29.48M | 158K | 24.58M | 272.27M | 24.33M | 27.19M | 27.19M |
| Common Stock | 38.63M | 938K | 712K | 634K | 622K | 303K | 385.15K | 372.74K |
| Retained Earnings | -275.04M | -247.08M | -191.97M | -157.34M | 69.76M | 21.96M | -6.54M | -5.22M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -31.26M | -30.77M | -18.36M | -29.35M | 0 | 518K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial filings, Argo's total assets have plummeted from $368.3M in 2022Q2 to just $22.7M by 2025Q4, signaling a profound structural downsizing that reflects the divestment of core mining infrastructure and a significant reduction in the company's overall operational footprint.
The dramatic decline in total assets suggests that the company has been forced to liquidate key productive capacity to manage its financial obligations. This trajectory indicates a business model that is currently in a state of retrenchment rather than growth, raising questions about the long-term viability of its remaining operations.
Based on the 2025Q4 balance sheet, Argo maintains a cash position of only $2.2M against a current ratio of 0.51, which, according to historical data, highlights a severe lack of liquidity buffer to navigate the inherent volatility of the digital asset mining sector.
A current ratio consistently below 1.0 suggests that the company may struggle to meet its short-term liabilities without further external financing or asset sales. Investors should monitor this liquidity profile closely, as the current cash reserves appear insufficient to support sustained operational scaling or fleet modernization.
According to the latest quarterly data, net property, plant, and equipment has fallen to $13.2M from a peak of $191.8M in 2022Q2, illustrating a significant reduction in the company's physical mining capacity and a shift toward a more asset-light, yet potentially less scalable, operational model.
The sharp reduction in PPE reflects the divestment of major mining facilities, which fundamentally alters the company's competitive positioning. This shift may limit the firm's ability to benefit from economies of scale, potentially leaving it more exposed to fluctuations in network difficulty and electricity costs.
As indicated by the company's financial statements, retained earnings have reached a deficit of $275.0M, a trend that underscores years of operational losses and capital allocation decisions that have significantly impaired the company's equity base over the observed ten-quarter period.
The persistent accumulation of negative retained earnings suggests that the company has struggled to generate sustainable returns on invested capital. This erosion of equity warrants further investigation into whether future capital raises will be required to stabilize the balance sheet and support ongoing corporate overhead.
Quick answers to the most common questions about buying ARBK stock.
As of 2025, Argo Blockchain plc (ARBK) had total assets of $22.7M including $4.1M in current assets.
Argo Blockchain plc (ARBK) carries total debt of $3.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Argo Blockchain plc (ARBK) has total shareholders' equity (book value) of $12.9M ($38.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Argo Blockchain plc (ARBK) reported a current ratio of 0.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.