Greenidge Generation Reports First Quarter 2023
- Total revenue for Q1 2023 was $15.2 million.
- Cryptocurrency datacenter hosting revenue was $6.9 million.
- Cryptocurrency datacenter self-mining revenue was $6.5 million.
- Net loss from continuing operations was $8.8 million.
- Adjusted EBITDA loss from continuing operations was $1.1 million.
- 698 bitcoins were produced in the first quarter.
- Cash as of March 31, 2023, was $17.0 million.
- None.
First Quarter 2023 Highlights
- Results in line with guidance provided on April 21, 2023
- Total revenue was
$15.2 million - Cryptocurrency datacenter hosting revenue was
$6.9 million $6.5 million - GAAP net loss from continuing operations was
$8.8 million - Adjusted EBITDA loss from continuing operations of
$1.1 million - Cryptocurrency datacenter operations produced 698 bitcoins in the first quarter; 393 bitcoins produced for colocation and 305 bitcoins were produced for self-mining
- Operated active mining capacity of approximately 2.5 EH/s from 24,700 miners as of March 31, 2023
- Cash of
$17.0 million
Adjusted EBITDA loss continuing operations is a non-GAAP measure. See the table attached to this press release for a reconciliation from GAAP to non-GAAP measures and "Use of Non-GAAP Information" below for more details.
"Our results for the first quarter of 2023 are consistent with the estimates we released in April," said Dave Anderson, Chief Executive Officer of Greenidge. "During the first quarter of 2023, we have effectively transitioned our business to a lower risk profile, which has allowed us to continue to participate in the upside of increases to bitcoin prices enabling us to significantly reduce our Adjusted EBITDA loss from continuing operations when comparing to the fourth quarter of 2022 and improving liquidity due to significantly reduced debt service."
First Quarter 2023 Financial Results
Greenidge's revenue for the first quarter was
As of March 31, 2023, Greenidge operated approximately 24,700 active miners with an aggregate hash rate capacity of approximately 2.5 EH/s.
Net loss from continuing operations was
As of March 31, 2023, Greenidge had cash of
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company.
Use of Non-GAAP Information
To provide investors and others with additional information regarding Greenidge's financial results, Greenidge has disclosed in this press release a certain non-GAAP operating performance measure of Adjusted EBITDA (loss) from continuing operations. Adjusted EBITDA (loss) from continuing operations is defined as (loss) income from continuing operations before taxes plus interest and depreciation and amortization, which is then adjusted for stock-based compensation, other special items determined by management, including, but not limited to business expansion costs, impairments of long-lived assets, remeasurement of environmental liabilities, restructuring, debt extinguishment and costs to restructure debt. This non-GAAP financial measure is a supplement to and not a substitute for or superior to, the Company's results presented in accordance with
Forward-Looking Statements
This press release includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as "anticipate," "believe," "continue," "foresee," "expect," "intend," "plan," "may," "will," "would," "could," and "should," and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. "Risk Factors" of Greenidge's Annual Report on Form 10-K, Part II, Item 1A. "Risk Factors" of Greenidge's Quarterly Report on Form-10-Q, and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
For further information, please contact:
Investor Relations
investorrelations@greenidge.com
MediaInquiries
media@greenidge.com
Greenidge Generation Holdings Inc. and Subsidiaries | ||||
Consolidated Statements of Operations | ||||
For the Three Months Ended March 31, 2023 and 2022 | ||||
Amounts denoted in thousands | ||||
Three Months Ended March 31, | ||||
2023 | 2022 | |||
REVENUE: | ||||
Datacenter hosting | $ 6,944 | $ - | ||
Cryptocurrency mining | 6,451 | 23,232 | ||
Power and capacity | 1,762 | 5,923 | ||
Total revenue | 15,157 | 29,155 | ||
OPERATING COSTS AND EXPENSES: | ||||
Cost of revenue - hosting services (exclusive of | 4,671 | - | ||
Cost of revenue - self mining (exclusive of depreciation | 3,248 | 8,456 | ||
Cost of revenue - power and capacity (exclusive of | 1,816 | 4,023 | ||
Selling, general and administrative | 9,013 | 11,809 | ||
Depreciation and amortization | 3,820 | 3,653 | ||
Gain on sale of assets | (1,744) | - | ||
Total operating costs and expenses | 20,824 | 27,941 | ||
(Loss) income from operations | (5,667) | 1,214 | ||
Other income (expense), net: | ||||
Interest expense, net | (3,573) | (3,353) | ||
Gain (loss) on sale of digital assets | 398 | (5) | ||
Other income, net | - | 16 | ||
Total other expense, net | (3,175) | (3,342) | ||
Loss from continuing operations before taxes | (8,842) | (2,128) | ||
Benefit for income taxes | - | (381) | ||
Net loss from continuing operations | (8,842) | (1,747) | ||
Loss from discontinued operations, net of tax | 671 | 1,318 | ||
Net loss | $ (8,171) | $ (429) | ||
Reconciliation of Net loss from continuing operations to Adjusted EBITDA (loss) from Continuing Operations: | ||||
Net loss from continuing operations | $ (8,842) | $ (1,747) | ||
Benefit for income taxes | - | (381) | ||
Interest expense, net | 3,573 | 3,353 | ||
Depreciation and amortization | 3,820 | 3,653 | ||
EBITDA (loss) from continuing operations | $ (1,449) | $ 4,878 | ||
Stock-based compensation | 481 | 362 | ||
Gain on sale of assets | (1,744) | - | ||
Debt restructuring costs | 1,617 | - | ||
Expansion costs | - | 2,104 | ||
Adjusted EBITDA (loss) from continuing operations | $ (1,095) | $ 7,344 | ||
Greenidge Generation Holdings Inc. and Subsidiaries | ||||
Consolidated Balance Sheets | ||||
March 31, 2023 and December 31, 2022 | ||||
Amounts denoted in thousands | ||||
March 31, 2023 (Unaudited) | December 31, 2022 | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 17,046 | $ 15,217 | ||
Digital assets | 19 | 348 | ||
Accounts receivable | 42 | 2,696 | ||
Prepaid expenses | 4,846 | 6,266 | ||
Emissions and carbon offset credits | 960 | 1,260 | ||
Income tax receivable | - | 798 | ||
Current assets held for sale | 1,833 | 6,473 | ||
Total current assets | 24,746 | 33,058 | ||
LONG-TERM ASSETS: | ||||
Property and equipment, net | 69,800 | 130,417 | ||
Other long-term assets | 448 | 292 | ||
Total assets | $ 94,994 | $ 163,767 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Accounts payable | $ 4,935 | $ 9,608 | ||
Accrued emissions expense | 5,081 | 6,052 | ||
Accrued expenses | 5,546 | 11,327 | ||
Short-term environmental liability | 1,100 | 600 | ||
Long-term debt, current portion | 5,358 | 67,161 | ||
Current liabilties held for sale | 2,154 | 3,974 | ||
Total current liabilities | 24,174 | 98,722 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net of current portion and deferred financing fees | 85,949 | 84,585 | ||
Environmental liability | 26,900 | 27,400 | ||
Other long-term liabilities | 3,595 | 107 | ||
Total liabilities | 140,618 | 210,814 | ||
STOCKHOLDERS' EQUITY: | (45,624) | (47,047) | ||
Total liabilities and stockholders' equity | $ 94,994 | $ 163,767 | ||
View original content:https://www.prnewswire.com/news-releases/greenidge-generation-reports-first-quarter-2023-301825033.html
SOURCE Greenidge Generation Holdings Inc.
FAQ
What was Greenidge Generation Holdings Inc.'s total revenue for Q1 2023?
What was the revenue from cryptocurrency datacenter hosting in Q1 2023?
What was the revenue from cryptocurrency datacenter self-mining in Q1 2023?
What was the net loss from continuing operations in Q1 2023?
What was the adjusted EBITDA loss from continuing operations in Q1 2023?
How many bitcoins were produced in the first quarter?
What was Greenidge's cash balance as of March 31, 2023?
