Business
Greenidge Generation Announces Selected Preliminary Operating Results for Third Quarter 2021
Expects Revenue of $33 to $37 million, Net Loss of $(19) to $(16) million, and Adjusted EBITDA¹ of $18 to $22 million Mined 729 bitcoin during the quarter
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Expects Revenue of $33 to $37 million, Net Loss of $(19) to $(16) million, and Adjusted EBITDA¹ of $18 to $22 million\n Mined 729 bitcoin during the quarter\n Operating approximately 15,300 miners and 1.2 EH/s of capacity as of September 30, 2021\n Ends quarter with $52 million of cash and fair market value of cryptocurrency holdings\n\n\nDRESDEN, N.Y., Oct. 4, 2021 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\") today announced selected preliminary financial and operating results for the three months ended September 30, 2021.\nFor the three months ended September 30, 2021, Greenidge expects to report revenues in a range of $33 million to $37 million, net loss in a range of $(19) million to $(16) million, and Adjusted EBITDA in a range of $18 million to $22 million. The expected net loss is driven by approximately $30 million of charges associated with the merger with Support.com, Inc. (\"Support.com\") (including approximately $27 million of noncash charges associated with the issuance of shares and warrants that were contingent upon closing of the merger, and other public company filing related costs). \nGreenidge mined 729 bitcoin during the third quarter and as of September 30, 2021 had approximately 15,300 miners in operation with 1.2 EH/s of combined capacity. Greenidge ended the quarter with $52 million of cash and fair market value of cryptocurrency holdings. \nPreliminary Operating ResultsThe preliminary financial results set forth above for the three months ended September 30, 2021 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 operating results, which 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 results to be different from the expectations presented in this release. Additionally, Greenidge has not completed its analysis of purchase accounting associated with the acquisition of Support.com, including the finalization of the valuation of the associated assets and liabilities of Support.com and also needs to complete its review of the tax implications of the merger and ...