Business
Greenidge Generation Reports Fourth Quarter and Full Year 2022
Fourth Quarter 2022 Highlights Total revenue was $16.0 million, compared to January 2023 guidance of ~$15 millionCryptocurrency datacenter revenue was $12.2
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Fourth Quarter 2022 Highlights\nTotal revenue was $16.0 million, compared to January 2023 guidance of ~$15 millionCryptocurrency datacenter revenue was $12.2 million, in line with January 2023 guidanceProduced 683 bitcoins in the fourth quarterGAAP net loss from continuing operations of $135.0 million for the fourth quarter, including a $104.8 million noncash impairment charge and a $5.6 million charge for the remeasurement of environmental liabilitiesAdjusted EBITDA loss of $4.9 million, in line with January 2023 guidance of a loss of $4 million to $6 millionAdjusted net loss from continuing operations of $25.7 millionActive Mining capacity of approximately 2.4 EH/s from 24,200 miners as of December 31, 2022Cash, short term investments and cryptocurrency holdings of $15.7 million as of December 31, 2022Full Year 2022 Highlights\nTotal revenue was $90.0 millionCryptocurrency datacenter revenue of $73.8 millionProduced 2,731 bitcoins in 2022GAAP net loss from continuing operations of $269.7 million, including $176.3 million of noncash impairment charges and $16.7 million charge for the remeasurement of environmental liabilitiesAdjusted EBITDA loss of $1.1 millionAdjusted net loss from continuing operations of $60.4 millionFirst Quarter 2023 Actions\nRestructured secured debt with NYDIG, reducing debt and accrued interest obligations from $75.8 million to $17.3 millionRestructured promissory note with B. Riley, reducing debt and accrued interest obligations from $10.6 million to $8.7 millionEntered into hosting arrangement with NYDIG affiliates with gross profit-sharing component that allows Greenidge to participate in bitcoin price appreciationAtlas and B. Riley each invested $1 million through purchases of class A common sharesRaised additional $6.3 million of cash from net proceeds from sales of equity under the ATM programCompleted sale of a portion of the Support.com business for $2.6 millionExpect to end the first quarter with ~$17 million of cashExecuted an agreement for Conifex to host 750 of Greenidge's owned minersContinuing to evaluate options for deployment of Greenidge's over 9,000 remaining minersActively pursuing sale of excess real estateAdjusted net (loss) income from continuing operations and adjusted EBITDA (loss) from continuing operations are non-GAAP measures. See the tables attached to this press release for...