Financial Performance - Greenidge Generation Holdings Inc. reported financial results for the fiscal quarter ended June 30, 2025, with a focus on operational performance[6]. - The press release detailing financial and operational results was issued on August 13, 2025[6][15]. Board of Directors - The company has increased its Board of Directors from 10 to 11 members, electing Charles M. Zeynel, who has over 40 years of experience in petrochemicals and sustainability[8][9]. - Mr. Zeynel will receive an annual retainer of $40,000 and an equity award valued at $100,000, vesting over three years[10]. - No family relationships or transactions requiring disclosure were reported regarding Mr. Zeynel[11]. Company Classification and Strategy - The company is classified as an emerging growth company under the Securities Exchange Act[4]. - The company’s strategic focus includes enhancing operational capabilities and expanding its market presence[12]. Forward-Looking Statements - Forward-looking statements in the report highlight potential risks and uncertainties affecting future performance[12][13]. - The company emphasizes the importance of not relying solely on forward-looking statements due to inherent uncertainties[13]. - The report includes a cautionary note regarding the potential for actual results to differ from forward-looking statements[12].

[Company Announcement & Overview](index=1&type=section&id=Company%20Announcement%20%26%20Overview) Greenidge Generation announced Q1 2025 financial and operational results, highlighting significant debt reduction, strategic board appointments, and progress on site acquisitions and sales, while exploring growth opportunities amid surging institutional and sovereign Bitcoin demand [Introduction & Key Highlights](index=1&type=section&id=Introduction%20%26%20Key%20Highlights) Greenidge Generation Holdings Inc. reported Q1 2025 financial and operational results, detailing debt reduction, strategic board appointments, and site development initiatives - Greenidge Generation Holdings Inc. reported Q1 2025 financial and operational results as of March 31, 2025, providing updates on the company's growth outlook[1](index=1&type=chunk) - Through privately negotiated transactions, the company reduced senior unsecured debt to **$60.2 million**, a **16.6% reduction** from the original **$72.2 million** total[3](index=3&type=chunk) - The board was reconstituted with the appointment of Kenneth Fearn and Christopher Krug as independent directors, bringing expertise in capital markets, real estate, and M&A to enhance strategic focus on value-maximizing transactions[9](index=9&type=chunk) - Greenidge entered an agreement to purchase a **37-acre site** in Mississippi, projected to provide **40 MW** of additional low-cost power by July 2026[9](index=9&type=chunk) Q1 2025 Financial and Operational Metrics | Metric | Q1 2025 Value | | :-------------------------- | :------------------- | | Total Revenue | $19.2 million | | Net Operating Loss | $5.6 million | | EBITDA | $0.4 million | | Adjusted EBITDA | $1.0 million | | Total Bitcoin Production | 112 BTC | [First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) This section details Greenidge's Q1 2025 financial performance, including revenue composition, operating loss, EBITDA, and key balance sheet items [Summary of Financial Performance](index=1&type=section&id=Summary%20of%20Financial%20Performance) In Q1 2025, Greenidge reported total revenue of **$19.2 million** and a net operating loss of **$5.6 million**, with revenue derived from cryptocurrency mining, data center hosting, and power and capacity sales Q1 2025 Revenue Breakdown | Revenue Category | Q1 2025 Value | | :-------------------------- | :------------------- | | Total Revenue | $19.2 million | | Cryptocurrency Mining Revenue | $4.2 million | | Data Center Hosting Revenue | $5.8 million | | Power and Capacity Revenue | $9.2 million | Q1 2025 Key Financial Metrics | Metric | Q1 2025 Value | | :-------------------------- | :------------------- | | Net Operating Loss | $5.6 million | | EBITDA | $0.4 million | | Adjusted EBITDA | $1.0 million | [Financial Position](index=2&type=section&id=Financial%20Position) As of March 31, 2025, Greenidge held **$4.9 million** in cash and **$8.4 million** in Bitcoin, with total debt principal amounting to **$66.7 million** Balance Sheet Items (as of March 31, 2025) | Balance Sheet Item (as of March 31, 2025) | Value | | :---------------------------------------- | :------------------- | | Cash | $4.9 million | | Bitcoin | $8.4 million | | Total Debt Principal | $66.7 million | [Adjusted EBITDA Reconciliation](index=4&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q1 2025 was **$1.0 million**, down from **$2.8 million** in Q1 2024, after non-GAAP adjustments for stock-based compensation, loss on asset sales, and insurance recovery gains Adjusted EBITDA Reconciliation (Millions of USD) | Amount (Millions of USD) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------- | :-------------------------- | | Net Operating Loss | $5.6 | $3.9 | | Interest Expense, Net | $2.9 | $1.8 | | Depreciation | $3.1 | $3.2 | | **EBITDA** | **$0.4** | **$1.1** | | Stock-Based Compensation | $0.5 | $1.1 | | Loss on Sale of Assets | $0.1 | — | | Insurance Recovery Gain | $(0.4) | — | | Loss on Subsidiary Liquidation | $0.3 | — | | Change in Fair Value of Warrant Assets | — | $0.4 | | Impairment of Long-Lived Assets | — | $0.2 | | **Adjusted EBITDA** | **$1.0** | **$2.8** | [Operational & Strategic Developments](index=1&type=section&id=Operational%20%26%20Strategic%20Developments) This section outlines Greenidge's operational progress and future strategic direction, including CEO commentary, capacity expansion plans, and recent key strategic initiatives [CEO Commentary & Business Outlook](index=2&type=section&id=CEO%20Commentary%20%26%20Business%20Outlook) CEO Jordan Kovler emphasized rigorous execution and prudent financial management, highlighting significant debt reduction and ongoing efforts to optimize capital structure and expand mining operations amid surging institutional Bitcoin demand, with substantial capacity increases planned - CEO Jordan Kovler noted substantial progress in debt reduction and ongoing exploration of strategic transactions to align capital structure and expand mining operations[6](index=6&type=chunk) - Greenidge anticipates adding **2.5 MW** of mining capacity in Q2 or Q3 2025, and at least **40 MW** by Q2 2026, targeting a total near-term mining capacity of **161.5 MW**[6](index=6&type=chunk) Operational Metrics and Plans | Operational Metric | Current | Planned | | :-------------------------------- | :---------------- | :---------------- | | Active Self-Mining, Hosting, and Power Generation | 119 MW | | | Planned Mining Capacity (Q2/Q3 2025) | | +2.5 MW | | Planned Mining Capacity (by Q2 2026) | | +40 MW | | Total Near-Term Mining Capacity (excluding future transactions) | | 161.5 MW | | Active Data Center Operations | 3.3 EH/s | | | Data Center Hosting (part of 3.3 EH/s) | 1.8 EH/s | | | Cryptocurrency Mining (part of 3.3 EH/s) | 1.5 EH/s | | [Recent Strategic Initiatives](index=1&type=section&id=Recent%20Strategic%20Initiatives) Greenidge undertook several strategic initiatives, including board reconstitution with new independent directors, prudent management of the Equity Line of Credit (ELOC), enhanced miner efficiency, acquisition of a new Mississippi site, and progress on the South Carolina property sale - The company announced board reconstitution, appointing Kenneth Fearn and Christopher Krug as independent directors to strengthen strategic focus on value-maximizing transactions[9](index=9&type=chunk) - No equity sales were made through the Equity Line of Credit (ELOC) in Q1, with no current plans to utilize the ELOC below **$2.73 per share**[9](index=9&type=chunk) - Due to strategic purchases of more efficient miners, Greenidge's current active miner fleet efficiency improved to **23.8 J/TH**, while the total fleet efficiency as of March 31, 2025, was **26.6 J/TH**[9](index=9&type=chunk) - Greenidge is progressing with the sale of its South Carolina property and evaluating future sites with significant low-cost power capacity[9](index=9&type=chunk) [About Greenidge Generation Holdings Inc.](index=2&type=section&id=About%20Greenidge%20Generation%20Holdings%20Inc.) This section describes Greenidge Generation Holdings Inc. as a vertically integrated power generation company, with core businesses spanning cryptocurrency mining and related infrastructure services [Company Description](index=2&type=section&id=Company%20Description) Greenidge Generation Holdings Inc. is a vertically integrated power generation company focused on cryptocurrency mining, infrastructure development, and operational services - Greenidge Generation Holdings Inc. is a vertically integrated power generation company[7](index=7&type=chunk) - The company focuses on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, site operations, and maintenance[7](index=7&type=chunk) [Important Disclosures](index=2&type=section&id=Important%20Disclosures) This section includes disclaimers regarding forward-looking statements and the use of non-GAAP financial information, emphasizing potential risks and supplementary reporting principles [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section serves as a disclaimer, noting that the press release contains forward-looking statements subject to risks and uncertainties, where actual results may differ materially from expectations, and the company undertakes no obligation to update these statements - This press release contains certain statements that constitute "forward-looking statements" concerning Greenidge's future business plans, strategies, and operations[8](index=8&type=chunk)[10](index=10&type=chunk) - These forward-looking statements involve uncertainties that could significantly impact Greenidge's financial or operational results, and actual results may differ materially from expectations[8](index=8&type=chunk)[10](index=10&type=chunk) - Greenidge undertakes no obligation to update or revise any forward-looking statements subsequent to the date of this press release[10](index=10&type=chunk) [Use of Non-GAAP Information](index=3&type=section&id=Use%20of%20Non-GAAP%20Information) Greenidge uses Adjusted EBITDA as a non-GAAP metric to provide additional insight into its financial performance, defined as EBITDA adjusted for stock-based compensation and other special items, emphasizing that non-GAAP measures are supplementary and not substitutes for GAAP results - Greenidge discloses the non-GAAP operating performance measure, Adjusted EBITDA, in this press release to provide investors with additional information[11](index=11&type=chunk) - Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for stock-based compensation and other special items identified by management[11](index=11&type=chunk) - These non-GAAP financial measures are supplemental to, and not a substitute for or superior to, results presented in accordance with U.S. GAAP and should not be considered in isolation[11](index=11&type=chunk)[12](index=12&type=chunk) [Contacts](index=4&type=section&id=Contacts) This section provides contact information for Greenidge Generation Holdings Inc.'s investor relations and media inquiries [Investor and Media Relations](index=4&type=section&id=Investor%20and%20Media%20Relations) Contact details for Greenidge Generation Holdings Inc.'s investor relations and media inquiries are provided - Investor Contact: Nick Ratti (315-536-2359, nratti@greenidge.com, investorrelations@greenidge.com)[14](index=14&type=chunk) - Media Contact: Longacre Square Partners (Kate Sylvester / Liz Shoemaker, 646-386-0091, greenidge@longacresquare.com)[14](index=14&type=chunk)

Revenue Performance - For the three months ended March 31, 2025, total revenue was $19.24 million, a slight decrease of 0.5% compared to $19.33 million in the same period in 2024[126]. - Datacenter hosting revenue decreased by 36% to $5.83 million from $9.11 million, while cryptocurrency mining revenue fell by 40% to $4.23 million from $6.99 million[126]. - Power and capacity revenue increased significantly by 203% to $9.19 million from $3.04 million, representing 48% of total revenue[126][129]. - Datacenter hosting revenue decreased by $3.3 million, or 36%, to $5.8 million for the three months ended March 31, 2025, primarily due to a 44% increase in average mining difficulty and a 23% decrease in hosting MWhs[136]. - Power and capacity revenue surged by $6.2 million, or 203%, to $9.2 million during the same period, driven by increased demand and higher average power prices[137]. Mining Operations - The company operated approximately 30,100 miners with a combined capacity of 3.3 EH/s, including 18,200 miners for datacenter hosting and 11,900 miners for cryptocurrency mining[121][130]. - The average cost to mine one bitcoin increased to $68,489 for the three months ended March 31, 2025, compared to $27,396 in the same period of 2024, representing a 149% increase[134]. - The average bitcoin price increased by 76% to $93,516 compared to $53,260 in the previous year[129]. - Cryptocurrency mining revenue decreased by $2.8 million, or 40%, primarily due to a 44% increase in global bitcoin mining difficulty and the bitcoin halving in April 2024[131][132]. - The value of each bitcoin mined rose to $93,911 in Q1 2025, up from $52,231 in Q1 2024, indicating an increase of 79%[134]. Financial Performance - The company reported a net loss from operations of $5.56 million for the quarter, an increase of 41% compared to a net loss of $3.94 million in the same quarter of 2024[126]. - Operating costs increased by 3% to $21.63 million, with cost of revenue (exclusive of depreciation) rising by 22% to $14.99 million[126]. - The company reported an operating loss of $2.4 million for the three months ended March 31, 2025, compared to an operating loss of $1.7 million in the same period of 2024[145]. - The net loss increased to $5.6 million for the three months ended March 31, 2025, compared to a net loss of $3.9 million for the same period in 2024, reflecting a 43% increase[149]. - Selling, general and administrative expenses decreased by $2.6 million, or 49%, to $2.8 million for the three months ended March 31, 2025, due to reductions in insurance and payroll costs[140]. Cash Flow and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $4.9 million and digital assets valued at $8.4 million[155]. - The company anticipates that existing cash, digital assets, and proceeds from asset sales will be sufficient to fund operations for the next 12 months, contingent on bitcoin mining economics remaining stable[156]. - Operating cash flow for Q1 2025 was a net outflow of $5.7 million, compared to a net outflow of $5.1 million in Q1 2024, primarily due to environmental obligations and emissions liability settlements[163]. - Net cash provided by investing activities was $2.0 million for Q1 2025, a significant improvement from a net cash outflow of $1.0 million in Q1 2024, driven by bitcoin sales and insurance proceeds[164][165]. - Cash, cash equivalents, and restricted cash decreased to $4.9 million at the end of Q1 2025 from $8.6 million at the beginning of the year[162]. Future Plans and Strategic Moves - The company plans to acquire a 37.4-acre property in Columbus, Mississippi for $243,100, with an estimated project cost of $2.5 million for a substation to deliver 40 MW of power[122]. - The company appointed Christopher Krug and Kenneth Fearn to its Board of Directors, enhancing its expertise in public markets and real estate development[122]. - Total contractual obligations as of March 31, 2025, amounted to $133.3 million, with debt payments of $76.6 million due[160]. - The company anticipates liquidity challenges due to reliance on bitcoin mining economics, including hashprice and energy costs, which are difficult to predict[158]. - The company has not engaged in any financing activities that resulted in cash inflows or outflows during Q1 2025, contrasting with $7.0 million in financing activities in Q1 2024[166]. Environmental and Regulatory Considerations - Environmental obligations are estimated at $30.7 million, subject to various assumptions and potential adjustments[160]. - The company remains classified as an "emerging growth company," allowing it to rely on certain exemptions from disclosure requirements[171]. - The company has no off-balance sheet arrangements[170].

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]