Argo Blockchain Q1 gross profit plunges on lower bitcoin prices; shares dip

U.K.-based Argo Blockchain (NASDAQ:ARBK) stock is falling nearly 6% in Wednesday afternoon trading, as its Q1 revenue growth was offset by a decline in the price of bitcoin (BTC-USD). Specifically, revenue of $19.52M in Q1 increased from $17.84M in the year-ago period, primarily due to the crypto miner's hash rate growth throughout 2021. Q1 gross profit was $1.92M vs. $27.13M in Q1 2021. Operating profit of $1.8M in the first quarter also tumbled from $25.59M in Q1 a year ago. Mining profit of $14.92M in Q1 rose slightly from $14.84M in Q1 of last year. Digital assets held on its balance sheet was $104.84M as of March 31, compared with $106M as of Dec. 2021. Adjusted EBITDA of $19.1M in Q1 vs. $15.34M in Q1 2021. Furthermore, "we improved our access to capital by establishing a financing relationship with NYDIG and strengthened our access to miners through our supply agreement with Intel