Business
Greenidge Generation Announces Leadership Transition, Board Changes and Selected Preliminary Financial and Operating Results for Third Quarter 2022
Leadership Transition Jeffrey Kirt to resign from his roles as CEO and Director, effective October 7, 2022David Anderson appointed as CEO and Director,
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Leadership Transition\nJeffrey Kirt to resign from his roles as CEO and Director, effective October 7, 2022David Anderson appointed as CEO and Director, effective October 8, 2022Scott MacKenzie appointed as Chief Strategy Officer, effective October 8, 2022Third Quarter 2022 Highlights\nExpects Revenue of approximately $29 million for the third quarter of 2022Expects GAAP net loss in a range of approximately $(22) million to $(20) million for the quarterExpects Adjusted EBITDA of approximately $(3) million to approximately $(1) million for the quarterExpects LTM Adjusted EBITDA of $28 million to $30 millionProduced approximately 866 bitcoin during the third quarter, of which approximately 278 were produced in September 2022Power plant uptime of 100.0% in third quarter, 99.9% YTD, and 98.4% LTM, including downtime for scheduled maintenance outagesMining capacity of approximately 2.4 EH/s from approximately 24,500 miners in service as of September 30, 2022Approximately $39 million in cash and fair value of cryptocurrency holdings at September 30, 2022.Adjusted EBITDA 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., Oct. 7, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\"), a vertically integrated cryptocurrency datacenter and power generation company, today announced its Board of Directors appointed David Anderson to the position of Chief Executive Officer and Scott MacKenzie to the position of Chief Strategy Officer, each effective starting October 8, 2022. Upon assuming the role, Mr. Anderson will also join Greenidge's Board of Directors. As a material inducement to their employment with Greenidge, each of Messrs. Anderson and MacKenzie will receive an equity award that aligns Messrs. Anderson and MacKenzie with Greenidge's stockholders by making a meaningful portion of their compensation tied to the upward trajectory of Greenidge's stock price. These grants are made in accordance with Nasdaq Listing Rules as described below. Greenidge also announced the mutual agreement between Greenidge and Jeffrey Kirt, Greenidge's current CEO, that Mr. Kirt will resign from his roles as CEO and Director, effec...