Business
Greenidge Generation Reports Fourth Quarter and Full Year 2021 Results and Provides First Quarter 2022 Update
Fourth Quarter 2021 Highlights Total revenue increased to $44.3 million, up 617% year-over-yearCryptocurrency datacenter revenue increased to $33.7 million,
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Fourth Quarter 2021 Highlights\nTotal revenue increased to $44.3 million, up 617% year-over-yearCryptocurrency datacenter revenue increased to $33.7 million, up 676% year-over-yearGAAP net loss was $41.4 million for the fourth quarter, including a $42.3 million noncash goodwill impairment charge related to the Support.com business, as compared to a net loss of $0.8 million in the prior yearAdjusted EBITDA of $19.1 million – in line with February 2022 guidance of $18 million to $20 millionAdjusted EBITDA margin of 43.2%, compared to 19.2% in the prior yearProduced 609 bitcoins in the fourth quarterMining capacity of approximately 1.4 EH/s from 17,300 miners as of December 31, 2021Adjusted net income of $7.6 millionCompleted acquisition of Spartanburg, SC site and commenced operations at the facility within one weekCash, short term investments and cryptocurrency holdings of $84.4 million as of December 31, 2021Full Year 2021 Highlights\nTotal revenue increased to $107.3 million, up 433% year-over-yearCryptocurrency datacenter revenue increased to $87.9 million, up 575% year-over-yearGAAP Net Loss of $44.5 million, including the $42.3 million noncash goodwill impairment charge, as compared to a net loss of $3.3 million in the prior yearAdjusted EBITDA of $52.9 million – consistent with $52 million estimate provided in March of 2021Adjusted net income of $26.8 millionProduced 1,866 bitcoins during 2021First Quarter 2022 Highlights\nMining fleet as of March 31, 2022 consists of approximately 19,400 miners with approximately 1.6 EH/s of capacity17% of hash rate capacity located at Spartanburg, SC less than four months after operations commenced at facility29,600 additional miners contracted for delivery during the balance of 2022 from Bitmain representing approximately 3.1 EH/s of additional capacityReceived and deployed approximately 11,800 miners in last twelve months with 97% deployed as scheduledOver $115 million of liquidity as of March 31, 2022 consisting of over $90 million in cash and fair value of crypto holdings and over $25 million in undrawn financing commitmentsOver $135 million of cash on deposit with Bitmain as of March 31, 2022FAIRFIELD, Conn., March 31, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\"), a vertically integrated cryptocurrency datacenter and power generation company,...