Greenidge Generation Reports Financial and Operating Results for the First Quarter 2025
Highlights Recent Board Refreshment and Appointments of
Notes Recent Purchase of New Mississippi Site and Progress Toward Closing on Sale of South Carolina Property
Continues to Explore Various Options to Grow Mining Operations Amid Surging Institutional and Sovereign Demand for Bitcoin
First Quarter 2025 Financial Results:
-
Total revenue of
$19.2 million ; -
Net loss from operations of
$5.6 million ; -
EBITDA of
$0.4 million ; -
Adjusted EBITDA of
$1.0 million ; -
Cryptocurrency mining revenue of
$4.2 million ; -
Datacenter hosting revenue of
$5.8 million ; -
Power and capacity revenue of
$9.2 million ; and - Total bitcoin production of 112 BTC.
Recent Highlights:
-
Reduced debt to
$60.2 million through privately negotiated exchanges, representing a 16.6% reduction to date of the original$72.2 million aggregate principal amount of Greenidge’s senior unsecured debt; -
Announced board refreshment, appointing
Kenneth Fearn andChristopher Krug as independent directors who bring additional expertise in capital markets, real estate and M&A and bolster the Company’s strategic focus on value-maximizing transactions; -
Reported no equity sales under the Company’s equity line of credit (“ELOC”) during the first quarter and no current plans to utilize the ELOC to sell shares at a price below
$2.73 per share; -
Improved efficiency of Greenidge’s current active fleet miner to 23.8 J/TH as a result of strategic purchases of more efficient miners compared to the aggregate fleet efficiency of 26.6 J/TH as of
March 31, 2025 ; -
Entered into an agreement to purchase 37-acre site in
Mississippi , with access to 40 MW of additional low-cost power byJuly 2026 ; -
Added 2.5MW of planned mining capacity at existing
Mississippi site; -
Progressing toward the closing of the sale of the Company’s
South Carolina property; and - Evaluating future sites with significant low-cost power capacity.
Greenidge ended the first quarter with
Greenidge CEO
Greenidge currently has 119MW of active self-mining, hosting and power generation across sites in
About
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended
Use of Non-GAAP Information
To provide investors and others with additional information regarding Greenidge’s financial results, Greenidge has disclosed in this press release the non-GAAP operating performance measures of Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to, gains or losses from the sales of assets, insurance proceeds and the impact of subsidiary deconsolidation. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, Greenidge’s results presented in accordance with
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Greenidge compensates for these limitations by relying primarily on its GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis.
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Three Months Ended |
|
Three Months Ended |
|||
Amounts denoted in millions |
|
|
|
|||
|
|
|
|
|||
Net loss from operations |
$ |
5.6 |
|
|
$ |
3.9 |
Benefit from income taxes |
|
— |
|
|
|
— |
Interest expense, net |
|
2.9 |
|
|
|
1.8 |
Depreciation |
|
3.1 |
|
|
|
3.2 |
EBITDA |
|
0.4 |
|
|
|
1.1 |
Stock-based compensation |
|
0.5 |
|
|
|
1.1 |
Loss on sale of assets |
|
0.1 |
|
|
|
— |
Gain on insurance proceeds |
|
(0.4 |
) |
|
|
— |
Loss on liquidation of subsidiary |
|
0.3 |
|
|
|
— |
Change in fair value of warrant asset |
|
— |
|
|
|
0.4 |
Impairment of long-lived assets |
|
— |
|
|
|
0.2 |
Adjusted EBITDA |
$ |
1.0 |
|
|
$ |
2.8 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250515589531/en/
Investors
315-536-2359
nratti@greenidge.com
investorrelations@greenidge.com
Media
646-386-0091
greenidge@longacresquare.com
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