Business
Greenidge Generation Reports First Quarter 2026 Results and Advances AI/HPC Infrastructure Expansion
Power and Capacity Revenue More than Doubles Year-Over-Year to $18.7 MillionReceipt of Proposed NYSEG Interconnection Agreement Expected to Advance 60MW
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Power and Capacity Revenue More than Doubles Year-Over-Year to $18.7 MillionReceipt of Proposed NYSEG Interconnection Agreement Expected to Advance 60MW Dresden AI/HPC Datacenter Development250MW Load Study Initiated at Mississippi Site, Supplementing 40MW Planned for Energization in Q1 2027Continued Debt Reduction and Strategic Asset Monetization Strengthen Balance Sheet and Support Long-Term Growth PITTSFORD, NY / ACCESS Newswire / May 18, 2026 / Greenidge Generation Holdings Inc. (Nasdaq:GREE) (\"Greenidge\" or the \"Company\"), a vertically integrated power generation company focused on datacenters and infrastructure development, announced financial and operating results for the first quarter ended March 31, 2026 and provided an update on the Company's growth prospects.Recent Highlights:Received a proposed Interconnection Agreement from NYSEG for the previously announced 60MW of non-curtailable power at the Dresden facility, which, if entered into, is expected to advance the Company's AI/HPC datacenter development plans;Submitted a request to the Tennessee Valley Authority for 250MW of additional power at the Company's Mississippi greenfield site, which would supplement the 40MW load that the Company anticipates being energized in Q1 2027;Engaged advisors to assist with marketing and development of the Company's Dresden and Mississippi properties in support of the Company's AI/HPC infrastructure strategy, including detailed site plan designs;Continued discussions with multiple parties regarding potential joint ventures, strategic partnerships and other potential transactions involving the Mississippi site, including a possible sale thereof;Signed agreement in April to sell a non-core asset in Mississippi for $1.08 million; andHeld 98 Bitcoin valued at $6.7 million as of March 31, 2026.First Quarter 2026 Financial Results:Total revenue of $20.8 million, an improvement of $1.6 million from Q1 2025;Power and capacity revenue of $18.7 million, an improvement of $9.5 million from Q1 2025;Net loss of $4.6 million, an improvement of $1.0 million from Q1 2025;EBITDA loss of $1.8 million, a reduction of $2.2 million from Q1 2025;Adjusted EBITDA loss of $1.0 million, a reduction of $1.9 million from Q1 2025;Net cash flow used for operating activities of $11.4 million, an increase of $5.7 million from Q1 2025;Adjusted Free Cash Flow lo...