Greenidge Generation Reports Financial and Operating Results for the First Quarter 2025 Highlights Recent Board Refreshment and Appointments of Kenneth Fearn and Christopher Krug as Independent Directors Notes Recent Purchase of New Mississippi Site and Progress Toward Closing on Sale of South Carolina Property Continues to Explore Various Options to Grow Mining Operations Amid Surging Institutional and Sovereign Demand for Bitcoin Pittsford, NY – May 15, 2025 – Greenidge Generation Holdings Inc. (Nasdaq: G ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ FORM 10-Q ________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________ to _____________________ Commission File Number: 001-40808 ___________ ...

Financial Performance and Operations - The company has not experienced any loss or access issues with its bitcoin custodied with the Custodian, and there have been no reports of excessive redemptions or withdrawals[66]. - The company has not been impacted by recent bankruptcies in the crypto industry, maintaining access to its bitcoin assets[65]. - The company has 35 employees as of December 31, 2024, with plans to negotiate a collective bargaining agreement following a recent unionization vote[84][85]. - The power plant in Torrey, New York, has a total generation capacity of approximately 106 MW after its conversion from coal to natural gas in May 2017[124]. - Cryptocurrency datacenter operations commenced in January 2020 following a successful pilot program in 2019[125]. - The corporate restructuring completed in January 2021 resulted in GGH becoming a wholly owned subsidiary of Greenidge Generation Holdings Inc[126]. - The acquisition of Support.com on September 14, 2021, led to it operating as a wholly owned subsidiary of the company[127]. Environmental Commitment and Compliance - The company has invested over $6 million in environmental improvements, including the installation of cylindrical wedge wire screens at its New York Facility[81]. - The company is committed to environmental standards and has participated in the Regional Greenhouse Gas Initiative since 2017, covering 100% of its CO2 emissions from power generation[80]. - The company has accrued environmental liabilities of $17.3 million as of December 31, 2024, related to the closure of a coal ash pond[122]. - A letter of credit amounting to approximately $5.0 million was maintained to cover landfill liability as of December 31, 2024[121]. - Greenidge Generation is currently in compliance with the CCR requirements applicable to CCR landfills and is not required to close the landfill[122]. - The company completed the installation of Best Technology Available for cooling water intake structures in January 2023[117]. - Greenidge Generation is subject to ongoing regulatory scrutiny from both NYSDEC and EPA, which may impose additional environmental controls[112]. - The company is involved in a Consent Agreement with the EPA, requiring a civil fine of $105,000 and compliance with the CCR Rule[120]. - In the year ended December 31, 2024, the company recognized a charge of $0.5 million for the remeasurement of environmental liabilities related to CCR liabilities[123]. Regulatory Environment - The company is subject to evolving regulations regarding cryptocurrency datacenter operations, including a recent New York State law prohibiting new permits for certain mining operations[91]. - Greenidge Generation has permission from the PSC to issue up to $50 million in indebtedness without prior approval, provided power-generating assets are not pledged as security[98]. - The PSC allows a third party to purchase up to 10% of ownership interests in an electric corporation without requiring approval[99]. - Greenidge Generation is subject to FERC regulations, which require prior authorization for the sale or lease of facilities valued over $10 million[101]. - Greenidge Generation holds various NYSDEC permits, including Clean Air Act Title IV and Title V permits, which regulate air emissions from operations[114]. Competitive Advantage - The company benefits from low power costs due to access to the Millennium Pipeline price hub, allowing it to produce energy at competitive rates[75]. - The company has a competitive advantage in cryptocurrency datacenter operations due to vertical integration and self-reliance on power generation[75]. - The company is exploring potential patents for its Pod X portable bitcoin mining infrastructure solution in the future[78].

Financial Performance - Total revenue for Q4 2024 was $14.8 million, an improvement of $2.4 million from Q3 2024[4] - Full year 2024 total revenue reached $59.5 million, with SG&A expenses reduced by $8.9 million from FY 2023[4] - Net loss from continuing operations for Q4 2024 was between $3.3 million and $4.3 million, an improvement of $2.0 million to $3.0 million from Q3 2024[4] - Adjusted EBITDA for Q4 2024 was between $2.6 million and $3.6 million, an improvement of $2.7 million to $3.7 million from Q3 2024[4] Cash and Debt Management - The company ended Q4 2024 with $8.6 million in cash and $68.5 million in aggregate principal amount of debt[7] - The company reduced its debt by over $5.2 million through privately negotiated debt-for-equity exchanges, including approximately $3.7 million completed in 2024[8] Growth and Expansion Plans - Greenidge plans to acquire over 200MW of energy assets and significantly reduce debt in 2025[1] - Greenidge is exploring the acquisition of a new site in Mississippi with access to at least 25MW of additional power by Q4 2025[8] - The company successfully built out 15MW of mining capacity in Mississippi and North Dakota during 2024[8] - Greenidge's active datacenter operations consist of approximately 2.9 EH/s of hosting and mining, with a planned increase to 146.5MW by the end of 2025[6]

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $12.351 million, a decrease of 41% compared to $20.879 million for the same period in 2023[134]. - Datacenter hosting revenue decreased by 47% to $6.490 million from $12.136 million year-over-year[134]. - Cryptocurrency mining revenue fell by 51% to $3.267 million compared to $6.602 million in the prior year[134]. - Total revenue for the three months ended September 30, 2024, was $12.35 million, a decrease of $8.53 million or 41% compared to $20.88 million in the same period of 2023[1]. - Datacenter hosting revenue decreased by $5.65 million or 47% to $6.49 million, while cryptocurrency mining revenue fell by $3.34 million or 51% to $3.27 million[1]. - Total revenue for the nine months ended September 30, 2024, was $44.741 million, a decrease of $6.005 million or 12% compared to $50.746 million in the same period of 2023[166]. - Datacenter hosting revenue decreased by $6.493 million or 23% to $22.247 million, while cryptocurrency mining revenue decreased by $1.992 million or 12% to $15.041 million[166]. Operating Costs and Expenses - Overall operating costs and expenses decreased by 45% to $16.961 million from $31.000 million in the same quarter of 2023[134]. - Total operating costs and expenses were $54.867 million, down $18.304 million or 25% from $73.171 million in the prior year[166]. - Total cost of revenue (exclusive of depreciation) decreased by $6.05 million or 39% to $9.30 million, with a cost of revenue as a percentage of total revenue increasing to 75.3%[1][2]. - Selling, general and administrative expenses were reduced by $2.932 million, totaling $3.730 million compared to $6.662 million in the same quarter of 2023[134]. - Selling, general and administrative expenses decreased by $9.3 million, or 41%, to $13.4 million for the nine months ended September 30, 2024, due to reductions in payroll, professional fees, and insurance expenses[179][180]. Net Loss and Adjusted Metrics - The net loss from continuing operations for the three months ended September 30, 2024, was $6.324 million, a reduction of 52% from $13.161 million in the prior year[134]. - Adjusted net loss for Q3 2024 was $5.6 million, compared to $6.9 million in the same period in 2023, reflecting an 18% improvement[158]. - Net loss from continuing operations for Q3 2024 was $6.3 million, down 52% from a net loss of $13.2 million in Q3 2023[157]. - The operating loss improved to $10.126 million, a reduction of $12.299 million or 55% compared to an operating loss of $22.425 million in the previous year[166]. - Adjusted EBITDA from continuing operations was $2.411 million, compared to a loss of $3.453 million in the prior year, reflecting an improvement of $5.864 million[166]. - Adjusted EBITDA loss from continuing operations was $(0.11) million in Q3 2024, compared to a gain of $0.013 million in Q3 2023, reflecting a significant decline[164]. Mining Operations and Performance - The average bitcoin price increased by 117% to $61,023, while the average cost to mine one bitcoin was $49,038, representing 79.6% of its value[1][2]. - The total bitcoins produced decreased by 81% to 166 bitcoins, with datacenter hosting producing 113 bitcoins and cryptocurrency mining producing 53 bitcoins[1][2]. - The average active hash rate for company-owned miners decreased by 26% to 791,533 EH/s, while hosted miners decreased by 41% to 1,663,884 EH/s[1]. - The average difficulty of bitcoin mining increased by 72% compared to the prior year, contributing to the decline in cryptocurrency mining revenue[171]. - The average cost to mine one bitcoin for the nine months ended September 30, 2024, was $36,414, representing 63.2% of the bitcoin's value of $57,628 mined during the same period[173]. Liquidity and Financing - Cash and cash equivalents as of September 30, 2024, were $7.6 million, with ongoing reliance on debt and equity financing to support operations[195]. - Debt restructuring reduced the balance with NYDIG from $75.8 million to $17.3 million, significantly improving liquidity[195]. - The company expects to generate proceeds from the sale of approximately 153 acres of land in South Carolina, which is classified as held for sale, to further enhance liquidity within the next twelve months[195]. - The company entered into an Equity Exchange Agreement with Infinite Reality, issuing 180,000 shares valued at approximately $1.5 million and a warrant for 180,000 shares at an exercise price of $7.00[195]. - Total contractual obligations and commitments as of September 30, 2024, amounted to $127,806 thousand, with debt payments totaling $86,008 thousand[197]. Other Financial Metrics - Total other expense decreased by $1.2 million, or 40%, to $1.8 million in Q3 2024, attributed to reduced interest expenses[154]. - The effective tax rate for Q3 2024 was a 2% benefit, lower than the statutory rate of 21%, due to a full valuation allowance on deferred tax assets[155]. - Loss from discontinued operations decreased by $1.0 million, or 96%, to $0.0 million in Q3 2024, primarily due to the closure of operations[159]. - The company recognized a gain on digital assets of $0.2 million for the three months ended September 30, 2024, due to fair value measurement[1]. - A loss on the sale of assets was recorded at $0.7 million for the three months ended September 30, 2024, with no such loss in the prior year[1].

Financial Results - Greenidge Generation Holdings Inc. reported preliminary financial results for the fiscal quarter ended September 30, 2024, but the specific figures are not disclosed in the provided documents[2]. - The financial information provided is preliminary and unaudited, indicating that it may not fully represent the company's financial condition as of September 30, 2024[3]. Compliance and Listing Status - The company received a notice from Nasdaq indicating it no longer meets the Minimum Market Value of Publicly Held Shares (MVPHS) requirement of $15 million, as it failed to maintain this for 30 consecutive business days[4]. - The company has a compliance period of 180 calendar days to regain compliance with the MVPHS requirement, which must be met by achieving a closing MVPHS of at least $15 million for ten consecutive business days prior to April 14, 2025[5]. - There is no immediate effect on the listing of the company's common stock on Nasdaq, but failure to regain compliance may lead to delisting[5]. - The company intends to monitor its MVPHS and may consider options to regain compliance, although there is no assurance of success[5]. Forward-Looking Statements - Forward-looking statements in the report highlight uncertainties that could significantly affect the company's financial or operating results[6]. - The company does not assume any duty to update or revise forward-looking statements unless required by law[7]. Company Classification - The company is classified as an emerging growth company under the Securities Exchange Act[1]. Additional Information - The press release regarding the financial results is included as Exhibit 99.1 to the report[2].

Revenue Performance - Total revenue for the three months ended June 30, 2024, was $13.057 million, a decrease of 11% compared to $14.710 million for the same period in 2023[106]. - Total revenue decreased by $1.7 million, or 11%, to $13.1 million for the three months ended June 30, 2024[1]. - Total revenue for the six months ended June 30, 2024, was $32,390 million, an increase of 8% from $29,867 million in the same period of 2023[134]. Datacenter Hosting Revenue - Datacenter hosting revenue decreased by 31% to $6.645 million from $9.660 million year-over-year[106]. - Datacenter hosting revenue decreased by $3.0 million, or 31%, to $6.6 million for the three months ended June 30, 2024, primarily due to the sale of the South Carolina Facility[115]. - Datacenter hosting revenue for the first six months of 2024 was $15.8 million, a decrease from $16.6 million in the same period of 2023, primarily due to the sale of the South Carolina facility[143]. Cryptocurrency Mining Revenue - Cryptocurrency mining revenue increased by 20% to $4.775 million compared to $3.980 million in the prior year[106]. - Cryptocurrency mining revenue increased by $0.8 million, or 20%, to $4.8 million, with approximately 69% of the increase attributed to the rise in average bitcoin price[112]. - Cryptocurrency mining revenue increased by $1,343 million, or 13%, reaching $11,774 million, primarily due to a 134% increase in the average bitcoin price[140]. Operating Loss and Expenses - Operating loss improved to $(3.700) million, a 44% reduction from $(6.637) million in the prior year[106]. - Selling, general, and administrative expenses were reduced by $2.872 million, a 41% decrease from $7.049 million in the same quarter of 2023[106]. - Selling, general and administrative expenses decreased by $2.9 million, or 41%, to $4.2 million, mainly due to reductions in payroll and restructuring costs[119]. - Operating loss for Q2 2024 was $3.7 million, an improvement of $2.9 million or 44% compared to a loss of $6.6 million in Q2 2023[122]. - Adjusted net loss for Q2 2024 was $5.5 million, a decrease of $4.2 million or 44% from a net loss of $9.8 million in Q2 2023[125]. - Other expenses decreased by $1.3 million or 42% to $1.8 million in Q2 2024, primarily due to reduced interest expenses[123]. EBITDA and Adjusted EBITDA - Adjusted EBITDA loss from continuing operations improved to $(136) thousand, a significant reduction from $(2.371) million in the same quarter of 2023[106]. - EBITDA loss from continuing operations improved to $(415) thousand in Q2 2024 from $(3.5) million in Q2 2023, a positive variance of $3.1 million or 88%[131]. - Adjusted EBITDA (loss) from continuing operations improved to $2.5 million for the six months ended June 30, 2024, compared to a loss of $3.5 million in the prior year[155]. Bitcoin Mining Metrics - Average bitcoin price increased by 135% to $65,773, while bitcoin mining difficulty rose by 71% compared to the prior year[112]. - The cost to mine one bitcoin was $44,301, representing 67.7% of the value of each bitcoin mined, which was $65,411[114]. - The average efficiency of the miner fleet was 28.7 J/TH as of June 30, 2024, with no scheduled downtime reported[142]. - The total number of bitcoins produced decreased by 742, or 54%, to 626 bitcoins compared to 1,368 bitcoins in the previous year[140]. - As of June 30, 2024, the average cost to mine one bitcoin was $33,357, while the value of each bitcoin mined was $56,879, resulting in a cost-to-value ratio of 58.6%[142]. Cash Flow and Debt Management - As of June 30, 2024, the company had cash and cash equivalents of $10.3 million, down from $15.4 million at the beginning of the year[160]. - The company reduced its debt with NYDIG from $75.8 million to $17.3 million through a debt restructuring agreement[156]. - Net cash used for operating activities was $6.4 million for the six months ended June 30, 2024, compared to $2.8 million for the same period in 2023[162]. - The company generated net cash provided by financing activities of $7.0 million for the six months ended June 30, 2024, an increase from $5.9 million in the prior year[164]. Future Outlook and Strategic Initiatives - The company is actively pursuing acquisitions of properties with low-cost power to expand its AI/GPU data centers and bitcoin mining facilities[101]. - The company plans to migrate miners from third-party hosting to its own facilities, which is expected to enhance profitability[156]. - The company expects to require additional capital to fund expenses and support working capital needs, exploring options such as equity issuances and asset sales[156]. - The recent bitcoin halving in April 2024 reduced the mining reward from 6.25 bitcoin to 3.125 bitcoin, potentially impacting future profitability[157].

Financial Performance - Total revenue for Q2 2024 was $13.1 million, with a net loss from continuing operations of $5.5 million[2] - Year-to-date total revenue for 2024 reached $32.4 million, with a net loss from continuing operations of $9.5 million[3] - Adjusted EBITDA for Q2 2024 showed a loss of $0.1 million, while year-to-date adjusted EBITDA was $2.5 million[12] Cost Management - SG&A expenses decreased by $6.4 million year-to-date in 2024 compared to 2023, from $16.1 million to $9.7 million[4] - The company anticipates a significant boost in earnings in subsequent quarters due to ongoing cost savings and operational improvements[6] Revenue Streams - Cryptocurrency datacenter self-mining revenue for Q2 2024 was $4.8 million, while hosting revenue was $6.6 million[2] Asset Management - Greenidge has expanded its power capacity by adding 100 MW of low-cost power, including 60 MW in South Carolina and 7.5 MW in Mississippi and North Dakota[4] - The company retained 41 Bitcoin as of August 13, 2024, and has implemented a new self-mined bitcoin retention strategy[4] Strategic Initiatives - The launch of Greenidge Pod X and the commencement of a GPU datacenter pilot program are part of the company's strategy to enhance its offerings[4] - Greenidge ended Q2 2024 with $10.3 million in cash and $69.2 million in debt at book value[5]

Revenue Performance - Total revenue for the three months ended March 31, 2024, was $19.3 million, a 28% increase from $15.2 million in the same period in 2023[114] - Datacenter hosting revenue increased by 31% to $9.1 million, up from $6.9 million year-over-year[114] - Cryptocurrency mining revenue rose by 9% to $7.0 million compared to $6.5 million in the prior year[114] - Power and capacity revenue surged by 72% to $3.0 million, up from $1.8 million in the previous year[114] - Datacenter hosting revenue increased by $2.2 million, or 31%, to $9.1 million for the three months ended March 31, 2024, compared to $6.9 million in the same period of 2023[123] - Cryptocurrency mining revenue rose by $0.5 million, or 9%, to $7.0 million, with approximately 69% of the increase attributed to the rise in average bitcoin price, which was 133% higher year-over-year[118] - Power and capacity revenue increased by $1.3 million, or 72%, to $3.0 million, driven by higher sales volume and average prices[125] - Total revenue for the three months ended March 31, 2024, was $19.3 million, a 28% increase from $15.2 million in the prior year[126] Financial Losses and Improvements - The operating loss decreased by 67% to $1.9 million from $5.7 million in the same quarter of 2023[114] - Net loss from continuing operations improved by 54% to $4.0 million compared to $8.8 million in the prior year[114] - Adjusted EBITDA from continuing operations was $2.7 million, a significant improvement from a loss of $1.1 million in the same quarter of 2023[114] - The company reported an operating loss of $1.9 million for the three months ended March 31, 2024, an improvement of $3.8 million compared to the operating loss of $5.7 million in the same period of 2023[130] - Net loss from continuing operations was $4.0 million for the three months ended March 31, 2024, compared to a net loss of $8.8 million in the prior year[134] - Adjusted operating loss from continuing operations improved to $(1,286) million in Q1 2024 from $(5,794) million in Q1 2023, a 78% increase[140] - Net loss from continuing operations decreased to $(4,038) million in Q1 2024, down 54% from $(8,842) million in Q1 2023[140] - Adjusted EBITDA from continuing operations was $2,657 million in Q1 2024, compared to $(1,095) million in Q1 2023, representing a 343% increase[140] Cash Flow and Financing - Cash and cash equivalents stood at $14.3 million as of March 31, 2024, with ongoing reliance on debt and equity financing[141] - Debt restructuring reduced the balance with NYDIG from $75.8 million to $17.3 million[143] - The company received approximately $28 million from the sale of upgraded mining facilities and land to NYDIG, closing on November 9, 2023[147] - A securities purchase agreement with Armistice Capital generated gross proceeds of $6.0 million in February 2024[152] - Management anticipates needing additional capital to support ongoing expenses and debt servicing requirements[153] - Net cash used for operating activities was $4.99 million for the three months ended March 31, 2024, compared to $0.607 million for the same period in 2023, primarily due to the purchase of additional Regional Greenhouse Gas Initiative credits[159] - Net cash used in investing activities decreased to $0.952 million for the three months ended March 31, 2024, from $5.867 million in the same period of 2023, attributed to lower purchases of property and equipment[160] - Net cash provided by financing activities increased to $7.038 million for the three months ended March 31, 2024, compared to $4.813 million in 2023, driven by a $6 million increase from the issuance of common stock[161] Operational Metrics - The company operated approximately 28,800 miners with a combined capacity of 3.0 EH/s as of March 31, 2024[101] - The average active hash rate for company-owned miners decreased by 15% to 846,840 EH/s, while hosted miners increased by 22% to 1,736,730 EH/s[118] - Total bitcoins produced decreased by 289, or 41%, to 409 bitcoins for the three months ended March 31, 2024, compared to 698 bitcoins in the same period of 2023[118] - The average cost to mine one bitcoin was $27,396, representing 52.5% of the value of each bitcoin mined, which was $52,231[120] Environmental and Regulatory Matters - Environmental liabilities recognized as of March 31, 2024, totaled $30.229 million, with no charges for remeasurement during the three months ended March 31, 2024[182] - The company has recorded a total environmental liability of $30.2 million for remediation of coal ash pond and landfill sites inherited from legacy operations[182] - An impairment charge of $4 million was recorded for the year ended December 31, 2023, related to the remaining value of a building in South Carolina deemed no longer recoverable[181] - The company recognized a noncash impairment charge of $176.3 million for the year ended December 31, 2022, due to declines in bitcoin prices and increased energy costs[179] Company Status and Growth - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to rely on certain disclosure exemptions[185] - The company can delay the adoption of new or revised accounting standards until they apply to private companies[187] - The company will remain an "emerging growth company" for up to five years or until total annual gross revenues exceed $1.235 billion[188] - The company will also cease to be an emerging growth company if the market value of its Class A common stock held by non-affiliates exceeds $700 million[188] - The company has not issued more than $1 billion in non-convertible debt during the preceding three-year period, allowing it to maintain its status[188] - The company is not required to provide quantitative and qualitative disclosures about market risk as a smaller reporting company[189] Future Plans and Developments - The company closed a land purchase in Columbus, Mississippi, for $1.45 million, providing access to 32.5 MW of additional power capacity[106] - The company is actively pursuing acquisitions of properties for AI/GPU data centers and bitcoin mining facilities to leverage low-cost power[108] - The company is evaluating future uses of remaining real estate assets in South Carolina, including potential development or sale arrangements[155]

Financial Results - Greenidge Generation Holdings Inc. reported preliminary financial results for the fiscal quarter ended March 31, 2024[6]. - The financial results are unaudited and preliminary, lacking comprehensive details on the company's financial condition[7]. - The company has not disclosed specific financial figures in this report[6]. Company Classification - The company is classified as an emerging growth company under the Securities Exchange Act[4]. Investor Presentation - The investor presentation for the Planet MicroCap Showcase: Vegas 2024 will be available online, highlighting key financial metrics[8]. - The press release and investor presentation are filed as exhibits to the current report[12]. Forward-Looking Statements - The report includes forward-looking statements regarding the company's future performance and potential risks[10]. Operational Considerations - The company emphasizes the importance of maintaining power and hosting arrangements on acceptable terms for its operations[10]. - The company is focused on expanding its business and integrating acquired assets effectively[10]. Risk Factors - Fluctuations in the price of bitcoin and other cryptocurrencies are noted as a significant risk factor affecting the company's profitability[10].