Business
Greenidge Generation Reports Financial and Operating Results for the First Quarter 2025
Highlights Recent Board Refreshment and Appointments of Kenneth Fearn and Christopher Krug as Independent Directors Notes Recent Purchase of New Mississippi
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"\nHighlights Recent Board Refreshment and Appointments of Kenneth Fearn and Christopher Krug as Independent Directors\n\nNotes Recent Purchase of New Mississippi Site and Progress Toward Closing on Sale of South Carolina Property\n\nContinues to Explore Various Options to Grow Mining Operations Amid Surging Institutional and Sovereign Demand for Bitcoin\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 first quarter ended March 31, 2025 and provided an update on the Company’s growth prospects.\n\nFirst Quarter 2025 Financial Results:\n\n\nTotal revenue of $19.2 million;\n\n\nNet loss from operations of $5.6 million;\n\n\nEBITDA of $0.4 million;\n\n\nAdjusted EBITDA of $1.0 million;\n\n\nCryptocurrency mining revenue of $4.2 million;\n\n\nDatacenter hosting revenue of $5.8 million;\n\n\nPower and capacity revenue of $9.2 million; and\n\n\nTotal bitcoin production of 112 BTC.\n\n\nRecent Highlights:\n\n\nReduced debt to $60.2 million through privately negotiated exchanges, representing a 16.6% reduction to date of the original $72.2 million aggregate principal amount of Greenidge’s senior unsecured debt;\n\n\nAnnounced board refreshment, appointing Kenneth Fearn and Christopher Krug as independent directors who bring additional expertise in capital markets, real estate and M&A and bolster the Company’s strategic focus on value-maximizing transactions;\n\n\nReported no equity sales under the Company’s equity line of credit (“ELOC”) during the first quarter and no current plans to utilize the ELOC to sell shares at a price below $2.73 per share;\n\n\nImproved efficiency of Greenidge’s current active fleet miner to 23.8 J/TH as a result of strategic purchases of more efficient miners compared to the aggregate fleet efficiency of 26.6 J/TH as of March 31, 2025;\n\n\nEntered into an agreement to purchase 37-acre site in Mississippi, with access to 40 MW of additional low-cost power by July 2026;\n\n\nAdded 2.5MW of planned mining capacity at existing Mississippi site;\n\n\nProgressing toward the closing of the sale of the Company’s South Carolina property; and\n\n\nEvaluating future sites with significant low-cost power capacity.\n...