Greenidge Generation(US:GREE)2024-08-14 21:21Financial 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]