Business
Greenidge Generation Announces Selected Preliminary Financial and Operating Results for the Third Quarter 2023
FAIRFIELD, Conn., Oct. 25, 2023 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge"), a vertically integrated cryptocurrency
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"FAIRFIELD, Conn., Oct. 25, 2023 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\"), a vertically integrated cryptocurrency datacenter and power generation company, today announced selected preliminary financial and operating results for the third quarter of 2023.\n\n \n \n \n \n \n \n\n \nFor the three months ended September 30, 2023, Greenidge expects to report revenue of approximately $21 million, net loss from continuing operations in a range of approximately $7 million to $8 million and Adjusted EBITDA in a range of approximately zero to approximately $1 million. Adjusted EBITDA is a non-GAAP measure. See the table attached to this press release for a reconciliation from GAAP to non-GAAP measures and \"Use of Non-GAAP Information\" below for more details. Cryptocurrency datacenter hosting revenue is expected to be approximately $12.5 million, Cryptocurrency datacenter self-mining revenue is expected to be approximately $6.5 million and Power and capacity revenue is expected to be approximately $2 million for the third quarter of 2023. Our cryptocurrency datacenter operations produced approximately 871 bitcoin during the third quarter of 2023, of which 636 bitcoin were produced for colocation and 235 bitcoin were produced for self-mining. As of September 30, 2023, Greenidge datacenter operations consisted of approximately 42,300 miners with approximately 4.6 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 32,100 miners, or 3.4 EH/s, is associated with datacenter hosting and 10,200 miners, or 1.2 EH/s, is associated with Greenidge's cryptocurrency mining.\nGreenidge ended the quarter with approximately $10.7 million of cash and approximately $89.5 million of debt.\nPreliminary Financial and Operating ResultsThe preliminary financial and operating results set forth above for the three months ended September 30, 2023, reflect preliminary estimates with respect to such results based solely on currently available information, which is subject to change. Readers are cautioned not to place undue reliance on such preliminary results which are unaudited and constitute forward-looking statements. Greenidge has not completed its standard closing process, including the completion of all of its controls procedures, which could identify adjustments causing the actual ...