Revenue volatility remains a primary concern as the company struggles with thin gross margins of 11.0% in 2025Q4, failing to consistently cover operational costs.
| Sales/Revenue | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 287K | 1.46M | 3.1M | 11.36M | 69.22M | 5.34M | 3.57M | -64.27K |
| Gross Margin % | 1.85% | 3% | 5.37% | 19.38% | 70.1% | 20.68% | 31.6% | -8.41% |
| Gross Profit Growth % | -80.3% | -53.02% | -72.69% | -83.6% | 1195.45% | 49.66% | 5655.29% | - |
| Operating Expenses | 10.06M | 16.78M | 22.84M | 38.06M | 14.32M | 3.16M | 4.66M | 3.28M |
| OpEx % of Revenue | 64.82% | 34.59% | 39.57% | 64.96% | 14.5% | 12.25% | 41.28% | 428.5% |
| Selling, General & Admin | 9.36M | 3.81M | 5.39M | 17.38M | 7.11M | 1.98M | 3.13M | 2.25M |
| SG&A % of Revenue | 60.27% | 7.84% | 9.34% | 29.67% | 7.2% | 7.65% | 27.72% | 294.84% |
| Research & Development | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - |
| Operating Income | -9.77M | -15.32M | -19.74M | -38.17M | 54.9M | 1.6M | -1.09M | -3.34M |
| Operating Margin % | -62.97% | -31.59% | -34.2% | -65.16% | 55.6% | 6.19% | -9.68% | -436.9% |
| Operating Income Growth % | 36.22% | 22.37% | 48.28% | -169.52% | 3333.52% | 246.26% | 67.27% | - |
| EBITDA | -6.63M | -416K | 389K | -9.17M | 70.22M | 9.81M | 1.82M | -2.85M |
| EBITDA Margin % | -42.7% | -0.86% | 0.67% | -15.65% | 71.11% | 37.98% | 16.1% | -373.12% |
| EBITDA Growth % | -1493.27% | -206.94% | 104.24% | -113.05% | 615.6% | 439.43% | 163.77% | - |
| D&A (Non-Cash Add-back) | 3.15M | 14.91M | 20.13M | 29M | 15.32M | 8.21M | 2.91M | 487.7K |
| EBIT | 8.87M | -47.95M | -23.08M | -30.85M | 53.33M | -189.03K | -1.09M | -4.12M |
| Net Interest Income | -4.2M | -6.81M | -11.56M | -22.66M | -2.94M | -212.07K | -46.2K | 37.83K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 1.89K | 7.36K | 37.83K |
| Interest Expense | 4.2M | 6.81M | 11.56M | 22.66M | 2.94M | 213.96K | 53.56K | 0 |
| Other Income/Expense | - | - | - | - | - | - | - | - |
| Pretax Income | 4.67M | -54.76M | -34.64M | -240.69M | 50.39M | 1.97M | -1.14M | -4.12M |
| Pretax Margin % | 30.1% | -112.88% | -60.01% | -410.86% | 51.03% | 7.61% | -10.09% | -538.52% |
| Income Tax | -412K | 340K | 0 | -11.73M | 11.32M | 0 | 0 | 0 |
| Effective Tax Rate % | -8.82% | -0.62% | 0% | 4.87% | 22.46% | 0% | 0% | 0% |
| Net Income | 5.08M | -55.1M | -34.64M | -228.96M | 39.07M | 1.97M | -863.61K | -4.12M |
| Net Margin % | 32.76% | -113.58% | -60.01% | -390.83% | 39.57% | 7.61% | -7.64% | -538.52% |
| Net Income Growth % | 109.23% | -59.08% | 84.87% | -685.97% | 1888.3% | 327.56% | 79.02% | - |
| Net Income (Continuing) | 5.08M | -55.1M | -34.64M | -228.96M | 39.07M | 1.44M | -863.61K | -4.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 15.30 | -192.90 | -149.00 | -850.10 | 163.20 | 8.90 | -6.40 | -30.20 |
| EPS Growth % | 107.93% | -29.46% | 82.47% | -620.89% | 1733.71% | 239.06% | 78.81% | - |
| EPS (Basic) | 15.30 | -192.90 | -149.00 | -850.10 | 170.40 | 9.70 | -6.40 | -30.20 |
| Diluted Shares Outstanding | 332.29K | 285.73K | 233.29K | 219.41K | 192.22K | 159.56K | 136K | 136K |
| Basic Shares Outstanding | 332.29K | 285.73K | 233.29K | 219.41K | 184.03K | 140.48K | 136K | 136K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Operational scale and liquidity
As indicated by the most recent quarterly filings, ARBK's revenue has experienced significant volatility, with the latest $9.2M figure representing a substantial decline from historical peaks, reflecting the company's diminished operational footprint following the strategic divestment of its primary mining infrastructure and core assets.
The revenue trajectory appears heavily influenced by the loss of self-mining capacity, forcing a reliance on smaller-scale hosting arrangements. This trend suggests that without a significant expansion of its hashrate, the company may struggle to achieve the top-line growth necessary to offset the inherent cyclicality of Bitcoin mining rewards.
Based on reported financial statements, Argo's gross margin has fluctuated significantly, reaching a thin 11.0% in 2025Q4, which highlights the company's ongoing difficulty in maintaining cost-efficient mining operations relative to the rising global network difficulty and the inherent volatility of digital asset prices.
The inability to consistently maintain double-digit gross margins suggests that the company's current fleet efficiency may be lagging behind industry peers. Investors should monitor whether future capital expenditures can improve the Joules-per-Terahash profile, as current margins appear insufficient to cover the company's fixed corporate overhead.
According to recent SEC filings, the reported net income of $13.2M in 2025Q4 stands in stark contrast to the negative operating income of $4.1M, indicating that the bottom line is currently being bolstered by non-recurring financial gains rather than sustainable, core mining profitability.
This divergence warrants caution, as it suggests that the company's reported earnings are heavily influenced by accounting adjustments or asset disposals. Analysts should strip out these non-operating items to assess the true cash-generating capability of the mining operations, which currently appear to be in a state of structural deficit.
While management has pivoted toward an asset-light hosting strategy, the company's historical financial data suggests that this model may lack the necessary scale to amortize fixed costs, leaving the firm uniquely exposed to operational headwinds and potential liquidity constraints in a competitive mining environment.
Short-sellers may focus on the company's limited cash reserves and the persistent gap between operating expenses and mining revenue. The reliance on external hosting partners may provide flexibility, but it also appears to limit the company's ability to capture the full upside of mining rewards compared to vertically integrated competitors.
Quick answers to the most common questions about buying ARBK stock.
Argo Blockchain plc (ARBK) is profitable, generating $5.1M in net income for the fiscal year ending 2025 with a net profit margin of 32.8%.
Argo Blockchain plc (ARBK) reported an operating income of $-9.8M, resulting in an operating profit margin of -63.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Argo Blockchain plc (ARBK) generated $0.3M in gross profit for the year, representing a gross profit margin of 1.8%. This demonstrates the company's core pricing power and production efficiency.