One of twelve zeros for 2025, unless it goes bust before Christmas!

As part of our ShareProphets Christmas offering, the plan is to serve up a Christmas day special – Twelve turkeys; a dozen stocks to go to zero in 2025. Some will be shortable, some not but those are there to further illustrate a point of interest about spotting companies that are in a terminal condition for whatever reason. Ultimately all companies that go bust, be they frauds or just bad companies, do so for the same reason: they run out of other people’s cash. It is how they get into that pickle and why that interests me.

Argo Blockchain End Game: the bond markets tell you that the shares are worth 0p, big moves in the past few days

As ever, bond markets are always more accurate a guide to equity markets than vice versa and the market in Argo Blockchain (ARB) is a case study and tells you that the shares are going to 0p. The chart below tells an explicit tale.

Argo Blockchain (#ARB) – “November Operational Update”, bottom-line financial information dare not speak its name (natch!)

BREAKING EXPOSE: Argo Blockchain rejects more money at higher price for stinking subscription that still leaves it insolvent

I am struggling to get my head around this. As of last week, I am reliably double sourced to reveal that Argo Blockchain (ARB) had been offered c£5 million at 6p per share in a placing by a UK broker. Today it has turned that down to raise £4.2 million at just 5.5p with an unnamed institution but it is still insolvent! This is insane and stinks. Why take less money at a lower price?

Argo Blockchain (#ARB) – £4.2m subscription at 5.5p per share

Argo Blockchain (#ARB) – Q3 net loss $6.3m, still vast debt against gross cash of $2.5m

Argo Blockchain: No it really is a zero, a 'fess up and an AI spoof, 0p here we come

Following my expose c/o Evil Banksta yesterday morning, late in the afternoon Argo Blockchain (AB( issued a semi confession but also a spoof. At the time I was having an instrument inserted where the sun dont shine so Steve offered comment instead. It is, however, Argo’s shareholders who will be taking it up the arse. The shares have already slumped to 7.125p but they are still shortable and the target here is 0p.

BREAKING: Argo Blockchain ‘fess up – delayed to an attempted no one watching o’clock and even then attempted obfuscation!

Evil Banksta relayed HERE, hours before a 3:55pm announcement today from Argo Blockchain (ARB), that an agreement had been signed which would result in Argo being kicked out of its mining facility. The company has eventually deemed investors worthy of notification, but even then refuses to do so transparently in an announcement titled “Baie Comeau and Helios Updates”.

BREAKING: Argo Blockchain a zero: Evil Banksta has news

Liverpool’s greatest numbers man since Ken Dodd has been in touch to point out that in saying that shares in Argo Blockchain (ARB) will collapse I am, as ever, being far too generous. They are a zero and Argo needs to ‘fess up as to why ASAP.

Argo Blockchain (#ARB) – “October Operational Update”, notes “mining revenue” up to $3m but bottom-line financials dare not speak their name

Argo Blockchain (#ARB) – class action lawsuit, Murphy vs. Argo Blockchain plc et al, dismissed “without prejudice and without leave to amend”

Argo Blockchain (#ARB) – “September Operational Update”, production again impacted by economic curtailments and low hash price

Argo Blockchain (#ARB) – “August Operational Update”, ‘mining revenue’ down and no bottom-line financials (natch!)

Heroic and utterly vindicated Boatman Capital on Argo Blockchain

As Boatman and I have pointed out ad nauseam, the problem with Argo Blockchain (ARB) is not only that it never generates cash from operations but also that it needs to spend a fortune on capex to keep its mining machines up to date. This it has hid with accounting tomfoolery but today that caught up with it. Boatman, the hero of the bear community in calling this one out first notes:

Evil Banksta: short Argo Blockchain, a zero by Christmas

Today’s interims from Argo Blockchain (ARB) really are piss poor and a wholesale vindication of long term bears like yours truly. But it is not to late to go short. Liverpool’s greatest numbers man since Ken Dodd is short and explains why the shares, now 9.7 5p, still a £ 60 million market cap, will be a zero by Christmas. The great man opines:

Argo Blockchain (#ARB) – H1 increased loss and significant net debt

Argo Blockchain (#ARB) – “early repayment” of its loan from Galaxy Digital, but what about the overall balance sheet now?

Argo Blockchain July update: maybe I was wrong after all?

As you are probably aware, my greatest weakness in life is just being too much of a nice guy and following July’s trading update from Argo Blockchain (ARB) I think that this weakness means that I have let myself down again and got it wrong and that Boatman Capital is right. I apologise.

Argo Blockchain (#ARB) – “July Ops Update”, notes “lower hash price” but no bottom-line detail (natch!)

Argo Blockchain: Ooops it did it again

Once again a surging bitcoin price has lead folks to the erroneous conclusion that Argo Blockchain (ARB) must at long last be generating pots of free cashflow. It cannot be said too often that this is not the case. Whatever the bitcoin price, the high maintenance capex high variable cost business model of the sub scale bitcoin miner leaves it struggling to generate any free cashflow at all.