Business
Greenidge Generation Reports Preliminary Financial and Operating Results for the Fourth Quarter and Full Year 2024
Improvement on All Operational Metrics from Q3 2024 Reduced SG&A Expenses by $8.9 million in 2024 Seeking to Acquire Over 200MW of Energy Assets and
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"\nImprovement on All Operational Metrics from Q3 2024\n\nReduced SG&A Expenses by $8.9 million in 2024\n\nSeeking to Acquire Over 200MW of Energy Assets and Significantly Reduce Debt in 2025 to Implement Growth Strategies\n\n PITTSFORD, 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 fourth quarter and fiscal year ended December 31, 2024 and provided an update on the Company’s growth prospects.\n\nFourth Quarter 2024 Preliminary Financial Results:\n\n\nTotal revenue of $14.8 million, an improvement of $2.4 million from Q3 2024;\n\n\nNet loss from continuing operations of $3.3 to $4.3 million, an improvement of $2.0 to $3.0 million from Q3 2024;\n\n\nAdjusted EBITDA of $2.6 to $3.6 million, an improvement of $2.7 to $3.7 million from Q3 2024;\n\n\nCryptocurrency datacenter self-mining revenue of $4.0 million, an improvement of $0.7 million from Q3 2024;\n\n\nCryptocurrency datacenter hosting revenue of $7.3 million, an improvement of $0.8 million from Q3 2024; and\n\n\nPower and capacity revenue of $3.5 million, an improvement of $0.9 million from Q3 2024.\n\n\nFull Year 2024 Preliminary Financial Results & Highlights:\n\n\nTotal revenue of $59.5 million;\n\n\nSG&A expenses of $17.2 million, a reduction of $8.9 million from FY 2023;\n\n\nDiversified revenue stream through hosting arrangements;\n\n\nNet loss from continuing operations of $19.2 to $20.2 million, including $15.7 million in depreciation and stock-based compensation, an improvement of $8.8 to $9.8 million from FY 2023;\n\n\nAdjusted EBITDA of $5.0 to $6.0 million, an improvement of $4.8 to $5.8 million from FY 2023;\n\n\nCompleted successful buildouts of 15MW of mining in Mississippi and North Dakota, further diversifying Greenidge’s geographic profile;\n\n\nSecured Dresden facility’s ability to continue operating while vigorously advocating for renewal of its Title V Air Permit;\n\n\nAnnounced it entered into a definitive agreement to sell its South Carolina property for $12.1 million and 8% profit participation interest; and\n\n\nUpgraded fleet efficiency through purchase of over 1,000 S21 Pro and S19XP miners, which replaced less efficient S19 miners.\n\n\nRecent First Quarter 20...