Business
Greenidge Generation Reports Third Quarter 2021 Results
Delivers Record Revenue, Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA at High End of October Guidance DRESDEN, N.Y., Nov. 15, 2021 /PRNewswire/
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Delivers Record Revenue, Adjusted EBITDA and Adjusted EBITDA Margin\n Adjusted EBITDA at High End of October Guidance\n\n\nDRESDEN, N.Y., Nov. 15, 2021 /PRNewswire/ --\nFinancial Highlights\nTotal revenue increased to $35.8 million, up 484% year-over-year, and up 121% compared to the second quarter 2021 Cryptocurrency Mining revenue increased to $31.2 million, up 924% year-over-year, and up 122% compared to the second quarter 2021 Net loss was $7.9 million for the third quarter as compared to a loss of $0.3 million in the prior year and net income of $3.5 million in the second quarter of 2021 Adjusted EBITDA of $21.2 million, compared to $0.8 million in the prior year, and $8.1 million in the second quarter of 2021 – at the high end of October guidance of $18 million to $22 million Adjusted EBITDA margin of 59.2%, compared to 12.7% in the prior year, and 49.9% in the second quarter of 2021 Adjusted net income of $12.2 million Cash, short term investments and bitcoin holdings of $53.0 million as of September 30, 2021 and approximately $105 million as of November 14, 2021 Cryptocurrency Mining Highlights\nMined 729 bitcoins, compared to 246 bitcoins in the third quarter of the prior year and 315 bitcoins in the second quarter of 2021 Approximately 15,300 miners deployed with 1.2 EH/s capacity as of September 30, 2021 Ordered additional miners after September 30, 2021 bringing total committed capacity to approximately 49,000 miners and 4.7 EH/s of capacity, including Greenidge's launch order for Bitmain's new ANTMINER S19 XPCorporate Highlights\nAppointed Robert Loughran as Chief Financial Officer Raised $101.2 million in net proceeds through combined debt and equity sales since September 30, 2021Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\"), a vertically integrated bitcoin mining and power generation company committed to 100% carbon-neutrality, announced results for the third quarter ended September 30, 2021.\n\"Greenidge achieved several important milestones in the third quarter of 2021, laying a foundation for robust future growth and solidifying our position as a leading vertically integrated and carbon-neutral bitcoin miner,\" said Jeff Kirt, Chief Executive Officer. \"The quarter's results are a testament to the hard work and dedication of our team. Since the end of the quarter, we have fortified our liqui...