Business
Greenidge Generation Reports Financial and Operating Results for the Second Quarter 2024
Reports SG&A reductions of $6.4 million in the first six months of 2024 vs. 2023 Expects a significant boost in earnings in subsequent quarters due to
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"\nReports SG&A reductions of $6.4 million in the first six months of 2024 vs. 2023\n\n\nExpects a significant boost in earnings in subsequent quarters due to ongoing cost savings and introduction of new offerings\n\n\n DRESDEN, N.Y.--(BUSINESS WIRE)--\nGreenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”) or (the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, announced financial and operating results for the second quarter 2024 and provided an update on the actions the Company has taken to continue the transformation of the business.\n\n\nSecond Quarter 2024 Financial Results:\n\n\n\nTotal revenue of $13.1 million;\n\n\n\nNet loss from continuing operations of $5.5 million;\n\n\n\nEBITDA loss of $0.4 million;\n\n\n\nAdjusted EBITDA loss of $0.1 million;\n\n\n\nCryptocurrency datacenter self-mining revenue of $4.8 million;\n\n\n\nCryptocurrency datacenter hosting revenue of $6.6 million; and\n\n\n\nPower and capacity revenue of $1.5 million.\n\n\n\nYear to Date 2024 Financial Results:\n\n\n\nTotal revenue of $32.4 million;\n\n\n\nNet loss from continuing operations of $9.5 million;\n\n\n\nEBITDA of $0.6 million;\n\n\n\nAdjusted EBITDA of $2.5 million;\n\n\n\nCryptocurrency datacenter self-mining revenue of $11.8 million;\n\n\n\nCryptocurrency datacenter hosting revenue of $15.8 million; and\n\n\n\nPower and capacity revenue of $4.5 million.\n\n\n\n2024 Highlights:\n\n\n\nSG&A year to date decreased by $6.4 million in 2024 vs. 2023, from $16.1 million to $9.7 million\n\n\n\nRetention of 41 Bitcoin as of August 13, 2024.\n\n\n\nReduction in go-forward operating costs for Bitcoin mining operations as a result of relocating owned miners to facilities managed by Greenidge in Mississippi and North Dakota.\n\n\n\nSignificant expansion of power capacity, with the addition of 100 MW of low-cost power capacity:\n\n\nSecured access to 60 MW in South Carolina for development of datacenter;\n\n\n\nCommenced 7.5 MW of mining at acquired site in Mississippi with additional 25 MW of mining capacity;\n\n\n\nCommenced 7.5 MW of mining at leased site in North Dakota;\n\n\n\n\n\n\nLaunch of Greenidge Pod X, a best-in-class crypto mining infrastructure solution;\n\n\n\nLaunch of new self-mined bitcoin retention strategy to further drive growth;\n\n\n\nCommencement of GPU datacenter pilot program;...