Business
Greenidge Generation Reports First Quarter 2022 Results and Provides April 2022 Operational Update
First Quarter 2022 Highlights Results in line with guidance provided on April 21, 2022Total Revenue increased to $37.7 million, up 240%
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"First Quarter 2022 Highlights\nResults in line with guidance provided on April 21, 2022Total Revenue increased to $37.7 million, up 240% year-over-yearCryptocurrency datacenter revenue increased to $23.2 million, up 158% year-over-yearGAAP net loss was $0.4 millionAdjusted EBITDA of $9.2 millionLTM Adjusted EBITDA of $57.9 millionProduced approximately 561 bitcoin during the first quarterMining capacity of approximately 1.6 EH/s from approximately 19,400 miners at March 31, 2022Approximately $126 million of liquidity as of March 31, 2022 consisting of approximately $98 million in cash and fair value of cryptocurrency holdings and approximately $28 million in undrawn financing commitmentsApproximately $135 million of additional cash on deposit with Bitmain as of March 31, 2022100% of miners scheduled for delivery to date have been deployedApril 2022 Operational Update\nProduced approximately 197 bitcoin in April 2022Approximately 1.6 EH/s of mining capacity from approximately 19,600 miners as of April 30, 202222% of hash rate capacity located at Spartanburg, SC facilityFAIRFIELD, Conn., May 16, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\"), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the first quarter of 2022 and also provided an operational update for the month of April 2022.\n\"Consistent with the estimates we released on April 21, Greenidge demonstrated another strong quarter of significant revenue growth and substantial Adjusted EBITDA generation,\" said Jeff Kirt, Chief Executive Officer of Greenidge. \"In addition to announcing our quarterly results today, we have begun reporting monthly operational statistics. Our April results were highlighted by production of 197 bitcoin from 1.6 EH/s of hashrate capacity as we continue to expand capacity at our South Carolina facility.\"\nFirst Quarter 2022 Financial Results\n$ in thousands, except Adjusted EBITDA margin\nQ1 2022\nQ1 2021\nVariance\nTotal Revenue\n$\n37,655\n$\n11,063\n240.4\n%\nCryptocurrency datacenter revenue\n$\n23,232\n$\n8,997\n158.2\n%\nPower and capacity revenue\n$\n5,923\n$\n2,066\n186.7\n%\nAdjusted EBITDA\n$\n9,213\n$\n4,221\n118.3\n%\nAdjusted EBITDA margin\n24.5\n%\n38.2\n%\nGreenidge's revenue for the first quarter was $37.7 mill...