Business
Greenidge Generation Announces Favorable Preliminary Financial and Operating Results for the Fourth Quarter 2023
Select Results Include Q4 Net Income of $1.4 million to $2.4 million, Adjusted EBITDA of $1.6 million to $2.6 million, and Earnings Per Share of $0.18 to
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"\nSelect Results Include Q4 Net Income of $1.4 million to $2.4 million, Adjusted EBITDA of $1.6 million to $2.6 million, and Earnings Per Share of $0.18 to $0.32\n\n\nCompany Reports First Profitable Quarter in Two Years As Ongoing Transformation of Business Continues\n\n\nComplete Fourth Quarter and Full-Year 2023 Financial Results to be Announced on March 27, 2024\n\n\n DRESDEN, N.Y.--(BUSINESS WIRE)--\nGreenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated cryptocurrency datacenter and power generation company, today announced favorable preliminary financial and operating results for the fourth quarter of 2023.\n\n\nPreliminary Fourth Quarter 2023 Financial Results1:\n\n\n\nRevenue of approximately $19.7 million;\n\n\n\nNet income from continuing operations of approximately $1.4 million to $2.4 million;\n\n\n\nAdjusted EBITDA of approximately $1.6 to approximately $2.6 million;\n\n\n\nEarnings per share of $0.18 to $0.322;\n\n\n\nCryptocurrency datacenter self-mining revenue of $7.3 million;\n\n\n\nCryptocurrency datacenter hosting revenue of $10.7 million; and\n\n\n\nPower and capacity revenue of $1.7 million;\n\n\n\nFourth Quarter 2023 Highlights:\n\n\nOur cryptocurrency datacenter operations produced approximately 710 bitcoin during the fourth quarter of 2023, of which 506 bitcoin were produced for colocation and 203 bitcoin were produced for self-mining. The average closing price of Bitcoin during the fourth quarter of 2023 was $36,276.79.\n\n\nAs of December 31, 2023, Greenidge datacenter operations consisted of approximately 29,700 miners with approximately 3.1 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 19,000 miners, or 1.9 EH/s, is associated with datacenter hosting and 10,700 miners, or 1.2 EH/s, is associated with Greenidge's cryptocurrency mining.\n\n\nGreenidge ended the quarter with approximately $13.6 million of cash and approximately $68.7 million of debt. In aggregate, Greenidge reduced its debt by $85.3 million in 2023, representing over 54% of its total debt.\n\n\nGreenidge CEO Jordan Kovler commented: “We had a strong year on many fronts, including significantly reducing our debt load and making the necessary changes to alter the trajectory of the business, culminating in our first profitable quarter in two years. We continue t...