Business
Greenidge Generation Highlights Historic Agreement with State of New York on New Air Permit and Reports Strong Financial and Operating Results for Third Quarter 2025
Recent Announcement by Company, NYSDEC Provides Pathway for the Issuance of a New Five-Year Permit for Dresden Power Plant Highlights 83% Quarterly Increase
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"\nRecent Announcement by Company, NYSDEC Provides Pathway for the Issuance of a New Five-Year Permit for Dresden Power Plant\n\n\nHighlights 83% Quarterly Increase in Power and Capacity Revenue to $4.7 Million, Reflecting Company’s Steadfast Commitment to Providing Power to the Grid\n\n\nReports Total Revenue of $15.2 Million; Net Income of $12.0 Million; EBITDA of $15.2 Million; Adjusted EBITDA of $1.7 Million; Net Cash Flow Provided by Operating Activities of $0.1 Million; and Adjusted Free Cash Flow of $4.3 Million\n\n\nAnnounces Significant Reduction in Unsecured 2026 Debt Obligations by 47.2% to Date to $38 Million Following Third Tender/Exchange Offer and Halt on New Self-Tender Offers of Cash for Debt\n\n\n PITTSFORD, N.Y.--(BUSINESS WIRE)--\nGreenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the third quarter ended September 30, 2025 and provided an update on the Company’s growth prospects.\n\n\nRecent Highlights:\n\n\n\nAnnounced a landmark agreement with the New York State Department of Environmental Conservation (“NYSDEC”) providing a pathway for the issuance of a new five-year Title V Air Permit, subject to a public comment period in accordance with NYSDEC regulations and a 45-day review period by the U.S. Environmental Protection Agency, which is expected to resolve ongoing administrative and legal proceedings related thereto and ensure that the Company’s Dresden facility, which provides significant power to the local energy grid each year, will continue to do so while also serving as a model datacenter operation;\n\n\n\nReduced senior unsecured debt due October 2026 to $38.0 million through privately negotiated exchanges and three public tender/exchange offers, representing a 47.2% reduction to date of the original $72.2 million in aggregate principal amount and a 35% reduction to date of the $58.3 million in aggregate principal amount outstanding at the end of the second quarter;\n\n\n\nImproved efficiency of Greenidge’s current active miner fleet by 10% to 21.3 J/TH from 23.7 J/TH at the end of the second quarter;\n\n\n\nClosed on $3.9 million sale of the Company’s 7.5MW Mississippi mining facility;\n\n\n\nActively exploring the sale or development of t...