Business
Greenidge Generation Announces Financial and Operating Results for Third Quarter 2022 and Provides Operational Update for October 2022
Third Quarter 2022 Revenue of $29.4 million for the third quarter of 2022Produced approximately 866 bitcoin during the third quarterPower plant uptime of
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Third Quarter 2022 \nRevenue of $29.4 million for the third quarter of 2022Produced approximately 866 bitcoin during the third quarterPower plant uptime of 100.0% in third quarter, 99.9% YTD through September 30, 2022, and 98.3% LTM, including downtime for scheduled maintenance outagesMining capacity of approximately 2.4 EH/s from approximately 24,500 miners in service at September 30, 2022$39 million in cash and fair value of cryptocurrency holdings at September 30, 2022GAAP net loss of $(23.1) million for the quarterAdjusted EBITDA loss of $(2.3) million for the quarterLTM Adjusted EBITDA of $28.4 millionOctober 2022 Operational Update\nProduced approximately 269 bitcoin in October 2022Approximately 2.5 EH/s of mining capacity from approximately 24,500 miners in service as of October 31, 2022Power plant uptime of 97.8%, as a scheduled annual maintenance period began at end of OctoberAdjusted net (loss) income, Adjusted EBITDA, Adjusted EBITDA margin and last twelve months (\"LTM\") Adjusted EBITDA are non-GAAP measures. See the tables attached to this press release for a reconciliation from GAAP to non-GAAP measures and \"Use of Non-GAAP Information\" below for more details.\nFAIRFIELD, Conn., Nov. 14, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\"), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the third quarter of 2022 and provided an operational update for the month ended October 31, 2022.\n\"Our third quarter results demonstrated our consistently strong operational performance, as we increased our bitcoin production by 39% over the second quarter's production due to our focus on miner uptime, coupled with the reliability of controlling our own power afforded by our vertical integration,\" said Dave Anderson, Chief Executive Officer of Greenidge. \"The prolonged crypto winter that has impacted our industry has caused us to reassess our expansion plans while we work to improve our liquidity.\"\nThird Quarter 2022 Financial Results\n$ in thousands, except Adjusted EBITDA margin\nQ3 2022\nQ3 2021\nVariance\nTotal Revenue\n$ 29,359\n$ 35,754\n(18) %\nCryptocurrency datacenter revenue\n$ 18,272\n$ 31,156\n(41) %\nPower and capacity revenue\n$ 3,613\n$ 3,077\n17 %\nAdjusted EBITDA (loss)\n$ (2,288)\n$ 21,17...