Financial Performance and Risks - The company experienced recurring operating losses in prior years, with net losses reported in both 2023 and 2022[143]. - The company faces significant uncertainty regarding its ability to continue as a going concern due to financial condition doubts[132]. - Future capital raises may not be obtainable on favorable terms, potentially impairing growth and operations[134]. - The profitability of the company's hosting arrangement with NYDIG is critical to its financial performance[138]. - The company's revenues from cryptocurrency datacenter operations are significantly dependent on the price of bitcoin, which has historically been volatile[176]. - The company has a coal combustion residual liability of $17.3 million and an environmental liability of $12.9 million as of December 31, 2023, which could impact financial condition[163]. - The company may incur significant costs to comply with evolving environmental regulations, which could adversely affect results of operations[164]. - The company may face challenges in acquiring additional cryptocurrency datacenter companies due to increased competition and regulatory changes[151]. - The company may need to raise additional capital to respond to competitive pressures and meet operational needs[133]. - The company has never declared or paid cash dividends on its Class A common stock and does not anticipate doing so in the foreseeable future[293]. Market and Competitive Environment - The price of bitcoin has recovered significantly in Q4 2023 and Q1 2024, but future price volatility remains uncertain[132]. - The next bitcoin halving is scheduled for April 2024, which may reduce mining rewards and impact revenue[148]. - The company is substantially dependent on a single hosting services customer, exposing it to significant counterparty nonperformance risk[140]. - The company faces significant competition in the bitcoin industry from well-established competitors with greater financial resources, impacting its ability to expand and improve operations[173]. - The approval of spot bitcoin exchange-traded products by the SEC in January 2024 has led to billions of dollars in inflows, increasing competition for the company[174]. - Geopolitical events and economic crises may lead to increased volatility in bitcoin prices, impacting the company's financial results[241]. - The emergence of alternative cryptocurrencies could reduce bitcoin's market share and value, negatively affecting the company's revenue from bitcoin mining[254]. Operational Challenges - The company has a limited operating history, having begun bitcoin mining in May 2019, and is subject to the risks of a new business[141]. - The company is developing new datacenter sites and expanding existing locations, but any disruption may delay hosting services and adversely affect financial performance[150]. - The company relies on a single natural gas power generation facility in New York, which supports the majority of its operations, making it vulnerable to disruptions[170]. - The company relies on third-party facilities for hosting bitcoin miners, exposing it to risks related to operational control and security[182]. - The company may face challenges in acquiring new bitcoin mining hardware due to global supply chain issues and rising costs, impacting its expansion plans[184]. - Operational disruptions may lead to increased costs and negatively impact the cryptocurrency datacenter operations due to reduced power supply[197]. - Maintenance and unexpected outages at power generation facilities pose significant risks, potentially resulting in reduced profitability and increased capital expenditures[195]. Regulatory and Compliance Issues - The regulatory environment is evolving, with potential new laws affecting cryptocurrency mining and energy regulations that could impact operations[203]. - The company may face increased scrutiny regarding its ESG policies, which could hinder access to capital and affect its reputation[212]. - The company may incur significant costs due to compliance with new emissions control requirements from the EPA, impacting its financial performance[209]. - Regulatory scrutiny from U.S. agencies may result in new compliance costs and operational changes for the company[238]. - The SEC currently does not classify bitcoin as an investment security, but changes in regulations could require the company to register as an investment company if bitcoin holdings exceed 40% of total assets[220]. Management and Governance - The company has experienced significant turnover in its senior management team, which may create instability and affect operations[156]. - The company has established anti-takeover provisions that may delay or prevent changes in control or management[294]. - The dual class structure of common stock concentrates voting power with Atlas, potentially depressing the market value of Class A common stock[275]. - As of April 5, 2024, Atlas and its affiliates control 78.0% of the voting power, qualifying the Company as a "controlled company" under Nasdaq's corporate governance standards[273]. Stock and Market Dynamics - The Class A common stock was subject to Nasdaq delisting proceedings due to a bid price below $1.00 per share, but compliance was regained through a 1-for-10 reverse stock split effective May 16, 2023[268]. - The market price of Class A common stock has historically tracked the price of bitcoin, which has seen increased inflows due to new spot bitcoin exchange-traded products[286]. - The issuance of additional shares could dilute existing shareholders and negatively affect the stock price[279]. - The market price of Class A common stock may be volatile and influenced by factors beyond the Company's control, including overall market sentiment towards cryptocurrency[287]. - The company’s stock may experience less active trading or more price volatility due to ongoing public reporting requirements that are less rigorous than those for larger public companies[292]. Environmental and Cybersecurity Risks - Cybersecurity threats, including phishing and ransomware attacks, pose risks to the company's operations and financial condition[160]. - The company faces substantial environmental regulatory compliance costs, which could materially affect its financial condition[207]. - Changes in environmental regulations may require significant capital investments for compliance, impacting operational costs and profitability[209]. - The physical risks of climate change could disrupt operations and increase costs related to materials and energy supply[214].

Cryptocurrency Operations - Greenidge's cryptocurrency datacenter operations consist of approximately 42,300 miners with a combined capacity of 4.6 EH/s, which will reduce to approximately 27,900 miners and 2.9 EH/s following the sale of the South Carolina Facility[122][124]. - The company generated revenue from three primary sources: datacenter hosting, cryptocurrency mining, and power and capacity[120]. - Greenidge's hosting agreements include a contract with Conifex Timber Inc. to host 750 miners and an agreement with Core Scientific, Inc. to host approximately 6,900 miners[128]. - The company has classified the Support.com business as held for sale and discontinued operations to focus on cryptocurrency datacenter and power generation operations[133]. Financial Performance - Datacenter hosting revenue for Q3 2023 was $12.1 million, a significant increase from $0 in Q3 2022[141]. - Cryptocurrency mining revenue decreased by $11.7 million, or 64%, to $6.6 million, primarily due to increased mining difficulty and the transition to hosting[142]. - Total revenue for Q3 2023 was $20.9 million, down 5% from $21.9 million in Q3 2022[137]. - Total operating costs and expenses decreased by $9.5 million, or 23%, to $31 million in Q3 2023 compared to $40.5 million in Q3 2022[145]. - Operating loss for Q3 2023 was $10.1 million, an improvement of $8.5 million from the operating loss of $18.6 million in Q3 2022[149]. - Adjusted net loss from continuing operations was $6.9 million, a reduction of 70% compared to $23 million in Q3 2022[146]. - Net loss from continuing operations was $13.2 million for Q3 2023, a 45% improvement compared to a net loss of $23.9 million in Q3 2022[153]. - Total revenue decreased by $23.2 million, or 31%, to $50.7 million compared to $73.9 million in the prior year[165]. - Net loss from continuing operations was $31.8 million, a reduction of $102.9 million, or 76%, compared to a loss of $134.7 million in the previous year[165]. Debt and Cash Flow - The sale of the South Carolina Facility to NYDIG was completed on November 9, 2023, for total consideration of approximately $28 million[124]. - Following the sale, Greenidge expects a cash inflow of $3.5 million from the return of its security deposit held by the local utility[125]. - The restructuring of NYDIG debt reduced the principal and accrued interest from $75.8 million to $17.3 million, achieving an aggregate debt reduction of $58.5 million[129]. - The Senior Secured Loan with NYDIG requires only $2.0 million in interest payments for 2023, significantly lower than the $62.7 million that would have been required under previous agreements[130]. - The company anticipates cash resources will be depleted by the end of Q1 2024, requiring additional capital to fund expenses and support working capital needs[202]. - Cash, restricted cash, and cash equivalents totaled $10.7 million as of September 30, 2023[191]. Operational Efficiency - Greenidge's New York Facility benefits from lower natural gas prices due to access to the Millennium Gas Pipeline price hub, enhancing operational efficiency[121]. - Average bitcoin price increased by 32% to $28,086 in Q3 2023 compared to $21,269 in Q3 2022[142]. - Average active hash rate for company-owned miners decreased by 50% to 1,069,816 EH/s compared to 2,149,893 EH/s in the prior period[137]. - The adjusted operating margin improved to -18.4% in Q3 2023 from -80.7% in Q3 2022[161]. Environmental Liabilities - As of September 30, 2023, the company recorded environmental liabilities of $29.4 million for remediation of coal ash pond and landfill sites[227]. - The company has recorded environmental liabilities that are both probable and estimable, with costs subject to change based on various factors[227]. - During the nine months ended September 30, 2023, the company recognized a charge of $1.6 million for the remeasurement of an environmental liability[227]. Impairment and Valuation - The company recognized a noncash impairment charge of $176.3 million for the year ended December 31, 2022, due to the carrying value exceeding the fair value of long-lived assets[223]. - An impairment charge of $4 million was recorded for the three-month period ending September 30, 2023, related to the remaining value of a building classified as Held for Sale[226]. - The fair value of the asset group was estimated to be within an approximate 15% to 20% range based on different valuation approaches[224]. Future Outlook - The company is evaluating future uses of remaining real estate assets in South Carolina, including land and a building not used for cryptocurrency mining[225]. - The company installed approximately 1,500 additional company-owned miners at existing facilities, which is expected to improve profits and liquidity for the remainder of 2023[196]. - The company completed an electrical upgrade at its South Carolina facility, increasing capacity to 44 MW, and amended NYDIG Hosting Agreements to increase the number of miners hosted[197].

Operations and Capacity - Greenidge operates cryptocurrency datacenter facilities in New York and South Carolina, with a combined capacity of approximately 106 MW[109]. - The company has approximately 38,700 miners with a total capacity of 4.1 EH/s, including 28,500 miners for datacenter hosting and 10,200 miners for cryptocurrency mining[111]. - An electrical upgrade at the South Carolina facility increased capacity to 44 MW, supporting approximately 8,500 additional miners[118]. - The hosting agreements with NYDIG affiliates allow Greenidge to operate as a hosting facility, covering most of its current mining capacity[117]. - The company installed approximately 1,500 additional miners at existing facilities, which is expected to enhance profits and liquidity in 2023 and beyond[185]. Financial Performance - Total revenue decreased by $8.22 million, or 36%, to $14.71 million in Q2 2023 compared to $22.93 million in Q2 2022[125]. - Cryptocurrency mining revenue fell by $16.09 million, or 80%, to $3.98 million, attributed to a 67% increase in global bitcoin mining difficulty and a 64% decrease in average hash rate[130]. - Power and capacity revenue decreased by $1.79 million, or 63%, to $1.07 million, impacted by a 56% lower price per MWh sold and a 15% decrease in volume[132]. - Datacenter hosting revenue for Q2 2023 was $9.66 million, with no revenue in the same period of 2022, representing a significant transition to hosting operations[129]. - Total revenue for the six months ended June 30, 2023, was $29.9 million, down $22.2 million, or 43%, from $52.1 million in 2022[152]. Debt and Liquidity - A debt reduction of $58.5 million was achieved, lowering the secured debt with NYDIG from $75.8 million to $17.3 million[113]. - The restructuring of NYDIG debt is expected to improve liquidity, with 2023 interest payments reduced to $2.0 million compared to $62.7 million previously required[115]. - The company anticipates receiving approximately $4.9 million in cash upon closing a transaction with NYDIG, along with potential bonus payments of up to $2.6 million[121]. - The minimum cash requirement was reduced from $10 million to $6 million under a Limited Waiver, contingent on the sale of the South Carolina facility by December 29, 2023[189]. Operating Costs and Losses - Total operating costs and expenses dropped by $88.30 million, or 81%, to $21.35 million, primarily due to the absence of impairment charges from long-lived assets[125]. - Net loss from continuing operations improved to $9.75 million in Q2 2023, compared to a loss of $109.04 million in Q2 2022, reflecting a reduction of $99.28 million, or 91%[125]. - Adjusted operating loss from continuing operations was $6.10 million, an increase of $1.45 million, or 31%, compared to the prior year[125]. - EBITDA loss from continuing operations improved to $3.48 million, a reduction of $78.69 million, or 96%, from the previous year[125]. - The operating loss from continuing operations was $12.3 million for the six months ended June 30, 2023, an improvement of $73.2 million compared to an operating loss of $85.5 million in the same period in 2022[166]. Market Conditions and Challenges - Average bitcoin price decreased by 14% to $28,038 in Q2 2023, while total bitcoins produced increased by 8% to 670[125]. - The average active hash rate for company-owned miners decreased by 64% to 577,090 EH/s, reflecting the sale of miners and transition to hosting services[128]. - Cryptocurrency mining revenue decreased by $32.9 million, or 76%, to $10.4 million, attributed to a 59% increase in bitcoin mining difficulty and a 31% decrease in average bitcoin price[158]. Discontinued Operations - The company has classified the Support.com business as discontinued operations, focusing solely on cryptocurrency datacenter and power generation[120]. - Income from discontinued operations decreased by $1.3 million, or 114%, resulting in a loss of $0.3 million for the three months ended June 30, 2023[142]. - Income from discontinued operations decreased by $2.1 million, or 85%, to $0.4 million for the six months ended June 30, 2023, primarily due to lower operating income from the loss of the largest customer[173]. Tax and Regulatory Matters - The effective tax rate for the three months ended June 30, 2023 was 0%, lower than the statutory rate of 21% due to a full valuation allowance on deferred tax assets[139]. - The effective tax rate for the six months ended June 30, 2023, was 0%, lower than the statutory rate of 21%, due to a full valuation allowance on deferred tax assets[170]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to rely on exemptions from certain disclosure requirements[209]. - The company has elected to take advantage of the extended transition period for complying with new or revised accounting standards, which may affect comparability with other companies[211].

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, 2023 OR Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Class A Common Stock, $0.0001 par value | GR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number 001-40808 ________________________________ Washington, D.C. 20549 ________________________________ Greenidge Generation Holdings Inc. FORM 10-K ________________________________ (Exact name of Registrant as specified in its Charter) ________________________________ (Mark One) Delaware 86-1746728 (State or other jurisdiction of x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended ...

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 September 30, 2022 Delaware 86-1746728 (I.R.S. Employer Identification No.) Registrant's telephone number, including area code: (203) 718-5960 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Greenidge Generation Holdings Inc. (NASDAQ:GREE) Q2 2022 Earnings Conference Call August 15, 2022 5:00 PM ET Company Participants Tom Champion - VP of Investor Relations and Business Development Jeff Kirt - Chief Executive Officer Bob Loughran - Chief Financial Officer Terence Burke - General Counsel Operator Good afternoon. I'm Tom Champion from Greenidg Generation Investor Relations, and thank you for joining us. Today, the company issued a press release announcing our second quarter 2022 financial result ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR 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 Greenidge Generation Holdings Inc. (Exact Name of Registrant as Specified in its C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) OR 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 Greenidge Generation Holdings Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) 135 Rennell Drive, 3rd Floor Fairfield, CT 06890 Delaware 86-1 ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the fiscal year ended December 31, 2021 OR ☐ 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 Greenidge Generation Holdings Inc. (Exact name of Registrant as specified in its Charter) Delaware 86-1746728 (State or other j ...