Greenidge Generation Reports Preliminary Financial and Operating Results for the Fourth Quarter and Full Year 2024
Greenidge Generation (NASDAQ: GREE) reported preliminary Q4 2024 results with total revenue of $14.8M, up $2.4M from Q3, and a reduced net loss of $3.3-4.3M. The company's Q4 revenue streams included: cryptocurrency datacenter self-mining ($4.0M), hosting ($7.3M), and power/capacity ($3.5M).
For full-year 2024, Greenidge achieved $59.5M in revenue and reduced SG&A expenses by $8.9M compared to 2023. The company completed 15MW mining buildouts in Mississippi and North Dakota, improving fleet efficiency to 23.8 J/TH. Currently operating 119MW across New York, Mississippi, and North Dakota facilities, with plans to reach 146.5MW capacity by end of 2025.
The company holds over 85 Bitcoin, reduced debt by $5.2M through debt-for-equity exchanges, and is exploring acquisition of new sites with over 200MW of power assets. Management indicates future growth strategy may require converting substantial outstanding notes to equity at below par value.
Greenidge Generation (NASDAQ: GREE) ha riportato risultati preliminari per il quarto trimestre 2024 con un fatturato totale di $14,8 milioni, in aumento di $2,4 milioni rispetto al terzo trimestre, e una perdita netta ridotta di $3,3-4,3 milioni. Le fonti di reddito del quarto trimestre dell'azienda includevano: mining autonomo di datacenter per criptovalute ($4,0 milioni), hosting ($7,3 milioni) e potenza/capacità ($3,5 milioni).
Per l'intero anno 2024, Greenidge ha raggiunto un fatturato di $59,5 milioni e ha ridotto le spese SG&A di $8,9 milioni rispetto al 2023. L'azienda ha completato costruzioni di mining da 15MW in Mississippi e North Dakota, migliorando l'efficienza della flotta a 23,8 J/TH. Attualmente opera con 119MW nelle strutture di New York, Mississippi e North Dakota, con piani per raggiungere una capacità di 146,5MW entro la fine del 2025.
L'azienda detiene oltre 85 Bitcoin, ha ridotto il debito di $5,2 milioni attraverso scambi di debito per capitale, ed è alla ricerca di acquisizioni di nuovi siti con oltre 200MW di asset energetici. La direzione indica che la strategia di crescita futura potrebbe richiedere la conversione di note outstanding sostanziali in capitale a un valore inferiore al valore nominale.
Greenidge Generation (NASDAQ: GREE) reportó resultados preliminares para el cuarto trimestre de 2024 con ingresos totales de $14.8 millones, un aumento de $2.4 millones respecto al tercer trimestre, y una pérdida neta reducida de $3.3-4.3 millones. Las fuentes de ingresos del cuarto trimestre de la compañía incluyeron: minería autónoma de centros de datos de criptomonedas ($4.0 millones), hosting ($7.3 millones) y potencia/capacidad ($3.5 millones).
Para el año completo 2024, Greenidge logró $59.5 millones en ingresos y redujo los gastos SG&A en $8.9 millones en comparación con 2023. La compañía completó construcciones de minería de 15MW en Mississippi y Dakota del Norte, mejorando la eficiencia de la flota a 23.8 J/TH. Actualmente opera 119MW en las instalaciones de Nueva York, Mississippi y Dakota del Norte, con planes de alcanzar una capacidad de 146.5MW para finales de 2025.
La empresa posee más de 85 Bitcoin, redujo la deuda en $5.2 millones a través de intercambios de deuda por capital, y está explorando la adquisición de nuevos sitios con más de 200MW de activos energéticos. La dirección indica que la estrategia de crecimiento futuro podría requerir convertir notas pendientes sustanciales en capital a un valor inferior al valor nominal.
그린디지 제너레이션 (NASDAQ: GREE)는 2024년 4분기 예비 실적을 발표하며 총 수익이 1,480만 달러로 3분기 대비 240만 달러 증가했으며, 순손실은 330만~430만 달러로 줄어들었다고 보고했습니다. 회사의 4분기 수익원에는 암호화폐 데이터센터 자가 채굴(400만 달러), 호스팅(730만 달러), 전력/용량(350만 달러)이 포함되었습니다.
2024년 전체 연도 동안 그린디지는 5,950만 달러의 수익을 달성했으며, 2023년 대비 SG&A 비용을 890만 달러 줄였습니다. 회사는 미시시피와 노스다코타에서 15MW의 채굴 시설을 완공하였고, 플릿 효율성을 23.8 J/TH로 개선했습니다. 현재 뉴욕, 미시시피, 노스다코타 시설에서 119MW를 운영하고 있으며, 2025년 말까지 146.5MW 용량에 도달할 계획입니다.
회사는 85개 이상의 비트코인을 보유하고 있으며, 자산 교환을 통해 520만 달러의 부채를 줄였고, 200MW 이상의 전력 자산을 가진 새로운 사이트의 인수를 탐색하고 있습니다. 경영진은 향후 성장 전략이 상당한 미결제 채권을 액면가 이하로 자본으로 전환해야 할 수도 있다고 언급하고 있습니다.
Greenidge Generation (NASDAQ: GREE) a rapporté des résultats préliminaires pour le quatrième trimestre 2024 avec un chiffre d'affaires total de 14,8 millions de dollars, en hausse de 2,4 millions de dollars par rapport au troisième trimestre, et une perte nette réduite de 3,3 à 4,3 millions de dollars. Les sources de revenus du quatrième trimestre de l'entreprise comprenaient : le minage autonome de centres de données de cryptomonnaies (4,0 millions de dollars), l'hébergement (7,3 millions de dollars) et la puissance/capacité (3,5 millions de dollars).
Pour l'année complète 2024, Greenidge a réalisé un chiffre d'affaires de 59,5 millions de dollars et a réduit ses frais SG&A de 8,9 millions de dollars par rapport à 2023. L'entreprise a achevé des constructions de minage de 15 MW dans le Mississippi et le Dakota du Nord, améliorant l'efficacité de la flotte à 23,8 J/TH. Elle exploite actuellement 119 MW dans ses installations de New York, du Mississippi et du Dakota du Nord, avec des projets d'atteindre une capacité de 146,5 MW d'ici la fin de 2025.
L'entreprise détient plus de 85 Bitcoin, a réduit sa dette de 5,2 millions de dollars grâce à des échanges de dettes contre des capitaux propres, et explore l'acquisition de nouveaux sites avec plus de 200 MW d'actifs énergétiques. La direction indique que la stratégie de croissance future pourrait nécessiter la conversion de notes en circulation substantielles en capitaux propres en dessous de la valeur nominale.
Greenidge Generation (NASDAQ: GREE) hat vorläufige Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem Gesamtumsatz von 14,8 Millionen US-Dollar, was einem Anstieg von 2,4 Millionen US-Dollar im Vergleich zum dritten Quartal entspricht, und einem reduzierten Nettoverlust von 3,3-4,3 Millionen US-Dollar. Die Umsatzströme des Unternehmens im vierten Quartal umfassten: eigenständiges Mining von Kryptowährungs-Datencentern (4,0 Millionen US-Dollar), Hosting (7,3 Millionen US-Dollar) und Strom/Kapazität (3,5 Millionen US-Dollar).
Für das Gesamtjahr 2024 erzielte Greenidge einen Umsatz von 59,5 Millionen US-Dollar und reduzierte die SG&A-Kosten um 8,9 Millionen US-Dollar im Vergleich zu 2023. Das Unternehmen hat 15 MW Mining-Ausbauprojekte in Mississippi und North Dakota abgeschlossen und die Flotteneffizienz auf 23,8 J/TH verbessert. Aktuell betreibt es 119 MW in den Einrichtungen in New York, Mississippi und North Dakota, mit dem Ziel, bis Ende 2025 eine Kapazität von 146,5 MW zu erreichen.
Das Unternehmen hält über 85 Bitcoin, reduzierte die Schulden um 5,2 Millionen US-Dollar durch Schulden-gegen-Eigenkapital-Austausch und prüft den Erwerb neuer Standorte mit über 200 MW an Energieanlagen. Das Management deutet darauf hin, dass die zukünftige Wachstumsstrategie möglicherweise die Umwandlung erheblicher ausstehender Schulden in Eigenkapital unter dem Nennwert erfordert.
- Revenue increased $2.4M QoQ to $14.8M in Q4
- Reduced SG&A expenses by $8.9M in 2024
- Improved mining fleet efficiency to 23.8 J/TH
- Reduced debt by $5.2M through debt-equity exchanges
- Completed 15MW mining buildouts in Mississippi and North Dakota
- Net loss of $3.3-4.3M in Q4 2024
- Full year net loss of $19.2-20.2M
- Significant debt remains at $68.5M
- May require substantial debt-to-equity conversion below par value
- Cash position only $8.6M at Q4 end
Insights
Greenidge Generation's Q4 and full-year 2024 results show sequential operational improvements but highlight ongoing financial challenges. The company reported Q4 revenue of
The company's diversified revenue streams from cryptocurrency mining (
Most concerning is management's explicit statement about needing to convert "a substantial amount of outstanding notes into equity at a meaningful discount to par value." This signals significant potential shareholder dilution ahead. While the company has already reduced debt by
The planned acquisition of 200MW+ energy assets represents an ambitious pivot that could transform Greenidge's scale, but financing such expansion with the current balance sheet seems challenging without substantial equity issuance. The
Greenidge's operational expansion across three states represents a strategic geographic diversification away from sole dependence on its Dresden, NY facility. Adding 15MW of mining capacity in Mississippi and North Dakota reduces regulatory concentration risk, especially important given the ongoing Title V Air Permit challenges at Dresden.
The company's infrastructure improvements have yielded tangible efficiency gains, with mining fleet efficiency improving to 23.8 J/TH from 27.1 J/TH in just one quarter. This
The planned capacity expansion to 146.5MW by year-end 2025 shows a measured growth approach, but the potential 200MW+ energy asset acquisition represents a step-change in scale. However, such significant infrastructure expansion requires substantial capital investment for acquisition, connection, and operationalization - capital that appears constrained given the current balance sheet.
Interestingly, Greenidge highlighted its contribution to the grid during extreme cold weather in the Northeast, suggesting the company can opportunistically generate revenue through grid services during peak demand periods. This dual-use capability - mining when crypto economics are favorable and selling power to the grid when electricity prices spike - creates operational flexibility that pure-play miners lack.
Improvement on All Operational Metrics from Q3 2024
Reduced SG&A Expenses by
Seeking to Acquire Over 200MW of Energy Assets and Significantly Reduce Debt in 2025 to Implement Growth Strategies
Fourth Quarter 2024 Preliminary Financial Results:
-
Total revenue of
$14.8 million $2.4 million -
Net loss from continuing operations of
$3.3 $4.3 million $2.0 $3.0 million -
Adjusted EBITDA of
$2.6 $3.6 million $2.7 $3.7 million -
Cryptocurrency datacenter self-mining revenue of
$4.0 million $0.7 million -
Cryptocurrency datacenter hosting revenue of
$7.3 million $0.8 million -
Power and capacity revenue of
$3.5 million $0.9 million
Full Year 2024 Preliminary Financial Results & Highlights:
-
Total revenue of
$59.5 million -
SG&A expenses of
$17.2 million $8.9 million - Diversified revenue stream through hosting arrangements;
-
Net loss from continuing operations of
$19.2 $20.2 million $15.7 million $8.8 $9.8 million -
Adjusted EBITDA of
$5.0 $6.0 million $4.8 $5.8 million -
Completed successful buildouts of 15MW of mining in
Mississippi andNorth Dakota , further diversifying Greenidge’s geographic profile; -
Secured
Dresden facility’s ability to continue operating while vigorously advocating for renewal of its Title V Air Permit; -
Announced it entered into a definitive agreement to sell its
South Carolina property for$12.1 million 8% profit participation interest; and - Upgraded fleet efficiency through purchase of over 1,000 S21 Pro and S19XP miners, which replaced less efficient S19 miners.
Recent First Quarter 2025 Highlights:
- Holds over 85 Bitcoin currently;
-
Reduced debt by over
$5.2 million $3.7 million - Improved efficiency of Greenidge’s current active fleet miner to 23.8 J/TH as a result of strategic purchases of more efficient miners, from the Company’s miner fleet efficiency of 27.1 J/TH as of September 30, 2024;
-
Proceeding toward a closing on the
South Carolina property; -
Exploring acquisition of new site in
Mississippi , with access to at least 25MW of additional power in Q4 2025; -
Added 2.5MW of planned mining capacity at existing
Mississippi site; -
Exploring subdivision and sale of warehouse at existing
Mississippi site; - Provided significant power to the grid in January and February during periods of extreme cold in Northeast;
- Continued exploration of accretive business combinations; and
- Evaluated future sites with significant low-cost power capacity.
Greenidge currently has 119MW of active self-mining, hosting and power generation across sites in
Greenidge ended the fourth quarter with
Greenidge CEO Jordan Kovler commented: “Throughout 2024, we took significant steps to further right-size the business and stabilize our operations, reducing SG&A expenses by almost
Kovler added: “In 2025, we will continue to execute on our long-term growth plan to identify and monetize value-accretive properties for either bitcoin mining or high-performance computing. Among the strategic opportunities we are actively exploring is the potential acquisition of a property with over 200MW of low-cost power assets. However, successfully executing on a transaction of this scale will require us to strengthen our capital structure to maximize its potential and drive long-term value for stockholders.
After having successfully reduced the aggregate principal amount of our debt by nearly
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.
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 for the year ended December 31, 2023, as may be amended from time to time, its subsequently filed Quarterly Reports 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.
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 the non-GAAP operating performance measures of Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to, business expansion costs, impairments of long-lived assets, gains or losses from the sales of long-lived assets, remeasurement of environmental liabilities, restructuring and loss on extinguishment of debt. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, Greenidge’s results presented in accordance with
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Greenidge compensates for these limitations by relying primarily on its GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis.
|
Three Months Ended |
||||||
Amounts denoted in millions |
December 31, 2024 |
||||||
|
Low |
|
High |
||||
|
|
|
|
||||
Net loss from continuing operations |
$ |
4.3 |
|
|
$ |
3.3 |
|
Interest expense, net |
|
1.6 |
|
|
|
1.6 |
|
Benefit from income tax |
|
— |
|
|
|
— |
|
Depreciation |
|
3.6 |
|
|
|
3.6 |
|
EBITDA from continuing operations |
|
0.9 |
|
|
|
1.9 |
|
Stock based compensation |
|
0.4 |
|
|
|
0.4 |
|
Change in fair value of warrant asset |
|
0.1 |
|
|
|
0.1 |
|
Loss on sale of assets |
|
— |
|
|
|
— |
|
Remeasurement of environmental liability |
|
0.5 |
|
|
|
0.5 |
|
Impairment of equity securities |
|
0.9 |
|
|
|
0.9 |
|
Impairment of long-lived assets |
|
— |
|
|
|
— |
|
Adjusted EBITDA from continuing operations |
$ |
2.6 |
|
|
$ |
3.6 |
|
|
|
|
|
||||
|
Year Ended |
||||||
Amounts denoted in millions |
December 31, 2024 |
||||||
|
Low |
|
High |
||||
|
|
|
|
||||
Net loss from continuing operations |
$ |
20.2 |
|
|
$ |
19.2 |
|
Interest expense, net |
|
7.1 |
|
|
|
7.1 |
|
Benefit from income tax |
|
(0.1 |
) |
|
|
(0.1 |
) |
Depreciation |
|
13.5 |
|
|
|
13.5 |
|
EBITDA from continuing operations |
|
0.2 |
|
|
|
1.2 |
|
Stock based compensation |
|
2.2 |
|
|
|
2.2 |
|
Change in fair value of warrant asset |
|
0.5 |
|
|
|
0.5 |
|
Loss on sale of assets |
|
0.6 |
|
|
|
0.6 |
|
Remeasurement of environmental liability |
|
0.5 |
|
|
|
0.5 |
|
Impairment of equity securities |
|
0.9 |
|
|
|
0.9 |
|
Impairment of long-lived assets |
|
0.2 |
|
|
|
0.2 |
|
Adjusted EBITDA from continuing operations |
$ |
5.0 |
|
|
$ |
6.0 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306845562/en/
Investors
Nick Ratti
315-536-2359
nratti@greenidge.com
investorrelations@greenidge.com
Media
Longacre Square Partners
Kate Sylvester / Liz Shoemaker
646-386-0091
greenidge@longacresquare.com
Source: Greenidge Generation Holdings Inc.
FAQ
What were Greenidge Generation's (GREE) Q4 2024 revenue streams?
How much did Greenidge (GREE) reduce its SG&A expenses in 2024?
What is Greenidge's (GREE) current mining capacity and 2025 target?
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What is Greenidge's (GREE) current Bitcoin holdings and mining efficiency?
